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 BlackRock Fund Advisors

400 Howard Street, San Francisco, CA	94105
(Address of principal executive offices)	(Zip code)

 The Corporation Trust Company

 1209 Orange Street, Wilmington, DE 19801

(Name and address of agent for service)

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

Date of fiscal year end:	August 31, 2023
Date of reporting period:	August 31, 2023

Item 1. Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

AUGUST 31, 2023

       2023 Annual Report  

iShares Trust

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

· iShares MSCI China ETF | MCHI | NASDAQ

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

· iShares MSCI Indonesia ETF | EIDO | NYSE Arca

· iShares MSCI Peru and Global Exposure ETF | EPU | NYSE Arca

· iShares MSCI Philippines ETF | EPHE | NYSE Arca

· iShares MSCI Poland ETF | EPOL | NYSE Arca

· iShares MSCI Qatar ETF | QAT | NASDAQ

· iShares MSCI Saudi Arabia ETF | KSA | NYSE Arca

· iShares MSCI UAE ETF | UAE | NASDAQ

The Markets in Review

Dear Shareholder,

Despite an uncertain economic landscape during the 12-month reporting period ended August 31, 2023, the resilience of the U.S. economy in the face of ever tighter financial conditions provided an encouraging backdrop for investors. While inflation was near multi-decade highs at the beginning of the period, it declined precipitously as commodity prices dropped. Labor shortages also moderated, although wages continued to grow and unemployment rates reached the lowest levels in decades. This robust labor market powered further growth in consumer spending, backstopping the economy.

Equity returns were solid, as the durability of consumer sentiment eased investors’ concerns about the economy’s trajectory. The U.S. economy resumed growth in the third quarter of 2022 and continued to expand thereafter. Most major classes of equities rose, as large-capitalization U.S. stocks and developed market equities advanced strongly. However, small-capitalization U.S. stocks and emerging market equities posted more modest gains.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market also faced inflationary headwinds, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates seven times during the 12-month period. Furthermore, the Fed wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity. However, the Fed declined to raise interest rates at its June 2023 meeting, the first time it paused its tightening in the current cycle, before again raising rates in July 2023.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has decelerated the pace of interest rate hikes and recently opted for two pauses, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period to keep inflation under control. Furthermore, ongoing structural changes may mean that the Fed will be hesitant to cut interest rates in the event of faltering economic activity lest inflation accelerate again. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt.

While we favor an overweight position to developed market equities in the long term, we prefer an underweight stance in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with macroeconomic constraints. Nevertheless, we are overweight on emerging market stocks in the near term as growth trends for emerging markets appear brighter. We also believe that stocks with an AI tilt should benefit from an investment cycle that is set to support revenues and margins. In credit, there are selective opportunities in the near term despite tightening credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries, U.S. inflation-linked bonds, U.S. mortgage-backed securities, and hard-currency emerging market bonds.

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

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of August 31, 2023
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	14.50%	15.94%
U.S. small cap equities (Russell 2000® Index)	0.99	4.65
International equities (MSCI Europe, Australasia, Far East Index)	4.75	17.92
Emerging market equities (MSCI Emerging Markets Index)	3.62	1.25
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	2.47	4.25
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	0.11	(4.71)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	0.95	(1.19)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	1.04	1.70
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	4.55	7.19
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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

Table of Contents

	Page
The Markets in Review		2
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		25
Disclosure of Expenses		25
Schedules of Investments		26
Financial Statements
Statements of Assets and Liabilities		66
Statements of Operations		69
Statements of Changes in Net Assets		72
Financial Highlights		77
Notes to Financial Statements		87
Report of Independent Registered Public Accounting Firm		98
Important Tax Information		99
Board Review and Approval of Investment Advisory Contract		100
Supplemental Information		111
Trustee and Officer Information		113
General Information		116
Glossary of Terms Used in this Report		117

Market Overview

iShares Trust

Global Market Overview

Global equity markets advanced during the 12 months ended August 31, 2023 (“reporting period”), supported by continued economic growth and moderating inflation. The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned 13.95% in U.S. dollar terms for the reporting period. Despite concerns about the impact of higher interest rates and rising prices, the global economy continued to grow, albeit at a slower pace than during the initial post-coronavirus pandemic recovery. Inflation began to subside in most regions of the world, and lower energy prices reduced pressure on consumers, leading consumer and business sentiment to improve. While the Russian invasion of Ukraine continued to disrupt trade in Europe and elsewhere, market adaptation lessened the economic impact of the ongoing war. The prices of several key commodities, including oil, natural gas, and wheat, either stabilized or declined during the reporting period, easing pressure on the world’s economies.

The U.S. Federal Reserve (“Fed”) tightened monetary policy rapidly, raising short-term interest rates seven times over the course of the reporting period. The pace of tightening decelerated as the Fed twice lowered the increment of increase before pausing entirely in June 2023, the first time it declined to take action since the tightening cycle began. However, the Fed then raised interest rates again at its July 2023 meeting and stated that it would continue to monitor economic data. The Fed also continued to decrease the size of its balance sheet by reducing the store of U.S. Treasuries it had accumulated to stabilize markets in the early phases of the pandemic.

Despite the tightening financial conditions, the U.S. economy demonstrated continued strength, and U.S. equities advanced. The economy returned to growth in the third quarter of 2022 and showed robust, if slightly slower, growth thereafter. Consumers powered the economy, increasing their spending in both nominal and inflation-adjusted terms. A strong labor market bolstered spending, as unemployment remained low, and the number of employed persons reached an all-time high. Tightness in the labor market drove higher wages, although wage growth slowed as the reporting period continued.

European stocks outpaced their counterparts in most other regions of the globe, advancing strongly for the reporting period despite modest economic growth. European stocks benefited from a solid recovery following the early phases of the war in Ukraine. While the conflict disrupted critical natural gas supplies, new sources were secured and prices declined, while a warm winter helped moderate consumption. The European Central Bank (“ECB”) responded to the highest inflation since the introduction of the euro by raising interest rates eight times and beginning to reduce the size of its debt holdings.

Stocks in the Asia-Pacific region gained, albeit at a slower pace than other regions of the world. Japan returned to growth in the fourth quarter of 2022 and first half of 2023, as strong business investment and exports helped boost the economy and support Japanese equities. However, Chinese stocks were negatively impacted by slowing economic growth. While investors were initially optimistic following China’s lifting of several pandemic-related lockdowns in December 2022, subsequent performance disappointed, and tensions with the U.S. increased. Emerging market stocks advanced modestly, as the resilient global economic environment reassured investors. The declining value of the U.S. dollar relative to many other currencies and the slowing pace of the Fed’s interest rate increases also supported emerging market stocks.

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

Fund Summary as of August 31, 2023   iShares^® MSCI Brazil Small-Cap ETF

Investment Objective

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

Performance

	Average Annual Total Returns										Cumulative Total Returns
	1 Year			5 Years			10 Years				1 Year			5 Years			10 Years
Fund NAV		5.95	%		6.35	%		(0.40	)%			5.95	%		36.06	%		(3.94	)%
Fund Market		7.31			6.21			(0.27	)			7.31			35.16			(2.67	)
Index		6.30			7.11			0.19				6.30			41.01			1.91

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (03/01/23)	Ending Account Value (08/31/23)	Expenses Paid During the Period	(a)	Beginning Account Value (03/01/23)	Ending Account Value (08/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$   1,000.00	$   1,222.10	$    3.30		$   1,000.00	$   1,022.20	$     3.01		0.59	%

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

F U N D  S U M M A R Y 5

Fund Summary as of August 31, 2023 (continued) iShares^® MSCI Brazil Small-Cap ETF

Portfolio Management Commentary

Small-capitalization Brazilian stocks advanced during the reporting period. After contracting in the fourth quarter of 2022, Brazil’s economy grew faster than anticipated in the first quarter of 2023, driven by a surge in agricultural output. The Brazilian real strengthened notably against the U.S. dollar, and low unemployment combined with an easing in the inflation rate paved the way for Brazil’s central bank to lower interest rates for the first time in three years.

The industrials sector contributed the most to the Index’s performance, led by the capital goods industry. Higher-than-expected totals for deliveries and new orders of airplanes supported aerospace and defense companies. Robust revenues in executive and commercial aviation also benefited the industry. In addition, indications of easing in supply-chain issues led manufacturers of airplanes to issue more optimistic forward guidance. Also within the capital goods industry, machinery companies contributed, as strong sales of buses, trailer trucks, and auto parts drove higher revenues for construction machinery and heavy transportation equipment companies.

The real estate sector also contributed to the Index’s performance, as companies involved in building and managing shopping malls drove gains in the real estate management and development industry. Following years of coronavirus pandemic-related lockdowns that kept consumers at home or buying online, Brazilian shoppers began returning to brick-and-mortar stores, boosting profits for mall operators.

On the downside, the information technology sector detracted from the Index’s return. Margins for companies in the IT services industry that process credit card payments came under pressure due to increased competition and lower cost efficiency. An analyst downgrade reflecting concerns over a slowdown in the volume of payments processed further weighed on the industry.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of   Total Investments(a)
Industrials		22.0%
Consumer Discretionary		20.8
Consumer Staples		11.7
Utilities		10.2
Materials		9.6
Real Estate		8.5
Health Care		5.6
Financials		5.1
Energy		4.8
Information Technology		1.7

TEN LARGEST HOLDINGS
Security	Percent of   Total Investments(a)
Embraer SA		4.9%
Aliansce Sonae Shopping Centers SA		3.5
Metalurgica Gerdau SA (Preferred)		2.8
3R Petroleum Oleo E Gas SA		2.8
BRF SA		2.7
Multiplan Empreendimentos Imobiliarios SA		2.5
Transmissora Alianca de Energia Eletrica SA		2.4
Cyrela Brazil Realty SA Empreendimentos e Participacoes		2.2
GPS Participacoes e Empreendimentos SA		2.2
Sao Martinho SA		2.0

^(a)  Excludes money market funds.

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

Fund Summary as of August 31, 2023   iShares^® MSCI China ETF

Investment Objective

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

Performance

	Average Annual Total Returns										Cumulative Total Returns
	1 Year			5 Years			10 Years				1 Year			5 Years			10 Years
Fund NAV		(7.39	)%		(4.40	)%		1.96	%			(7.39	)%		(20.13	)%		21.37	%
Fund Market		(7.41	)		(4.42	)		1.97				(7.41	)		(20.23	)		21.56
Index		(7.53	)		(3.89	)		2.48				(7.53	)		(18.01	)		27.72

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual						Hypothetical 5% Return
	Beginning Account Value (03/01/23)	Ending Account Value (08/31/23	)	Expenses Paid During the Period	(a)	Beginning Account Value (03/01/23)	Ending Account Value (08/31/23	)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$  1,000.00	$    949.30		$   2.90		$   1,000.00	$   1,022.20		$    3.01		0.59	%

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

F U N D  S U M M A R Y 7

Fund Summary as of August 31, 2023 (continued) iShares^® MSCI China ETF

Portfolio Management Commentary

Chinese equities declined during the reporting period, negatively impacted by slowing economic growth. While investors were initially optimistic following China’s lifting of several coronavirus pandemic-related lockdowns in December 2022, subsequent economic performance disappointed.

The consumer discretionary sector detracted the most from the Index’s return, driven by the internet and direct marketing retail industry. The reopening of China’s economy dented the profit margins of food delivery service providers, as the end of pandemic-related lockdowns led to reduced demand. In addition, increased competition in the food delivery space, including from one of China’s largest technology firms, weighed on the industry. Some Chinese e-commerce platforms reduced prices during the reporting period with the goal of gaining market share. Investors grew concerned about the impact of lowered prices on profitability, which further pressured the stocks of internet and direct marketing retail companies.

China’s healthcare sector detracted notably from the Index’s return. Life sciences tools and services companies were pressured by a U.S. executive order introducing a national biotechnology and biomanufacturing initiative. Given the program’s stated goal of reducing American reliance on China, stocks of Chinese companies engaged in contract drug research declined.

The consumer staples sector also detracted, driven by the packaged foods and meats industry. A major supplier of flavorings drew scrutiny for its use of additives in products sold domestically. In addition, the profits of pork producers were dampened by the confluence of decreasing pork prices, an oversupply of the meat, and lower consumer demand.

On the upside, interactive media and services companies, in the communication services sector, contributed to the Index’s return. The Chinese government’s easing stance on the regulation of internet firms toward the end of 2022 buoyed investor sentiment, supporting the industry.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of   Total Investments(a)
Consumer Discretionary		31.2%
Communication Services		20.4
Financials		14.9
Information Technology		5.9
Consumer Staples		5.5
Health Care		5.4
Industrials		5.3
Materials		3.3
Real Estate		3.0
Energy		2.9
Utilities		2.2

TEN LARGEST HOLDINGS
Security	Percent of   Total Investments(a)
Tencent Holdings Ltd.		13.8%
Alibaba Group Holding Ltd.		9.4
Meituan, Class B		4.2
Pinduoduo Inc.		2.9
China Construction Bank Corp., Class H		2.6
Baidu Inc.		2.0
NetEase Inc.		2.0
Ping An Insurance Group Co. of China Ltd., Class H		2.0
JD.com Inc., Class A		1.9
BYD Co. Ltd., Class H		1.6

^(a)  Excludes money market funds.

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

Fund Summary as of August 31, 2023   iShares^® MSCI China Small-Cap ETF

Investment Objective

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

Performance

	Average Annual Total Returns										Cumulative Total Returns
	1 Year			5 Years			10 Years				1 Year			5 Years			10 Years
Fund NAV		(16.74	)%		(6.16	)%		(0.39	)%			(16.74	)%		(27.24	)%		(3.85	)%
Fund Market		(15.81	)		(6.14	)		(0.28	)			(15.81	)		(27.15	)		(2.76	)
Index		(18.45	)		(8.16	)		(2.02	)			(18.45	)		(34.68	)		(18.42	)

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual						Hypothetical 5% Return
	Beginning Account Value (03/01/23)	Ending Account Value (08/31/23	)	Expenses Paid During the Period	(a)	Beginning Account Value (03/01/23)	Ending  Account Value (08/31/23	)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$  1,000.00	$    787.90		$   2.66		$  1,000.00	$  1,022.20		$    3.01		0.59	%

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

F U N D  S U M M A R Y 9

Fund Summary as of August 31, 2023 (continued) iShares^® MSCI China Small-Cap ETF

Portfolio Management Commentary

Small-capitalization Chinese equities declined sharply during the reporting period, negatively impacted by slowing economic growth and increased tensions between China and the U.S. While investors were initially optimistic following China’s lifting of several coronavirus pandemic-related lockdowns in December 2022, subsequent economic performance disappointed. Significant outflows of foreign investment from Chinese equities and the advancement of an economic decoupling from other countries as the Chinese government aims for greater supply chain independence also weighed on Chinese markets.

The real estate sector detracted the most from the Index’s return, as lower demand from home buyers continued to depress China’s housing market. Despite support from the Chinese government through guarantees of repayment for onshore bonds, the real estate management and development industry declined as high debt levels and difficulties in accessing capital pressured several companies. Investors reacted negatively to reports that property developers facing a cash-flow shortfall suspended payment of offshore debt obligations.

The consumer discretionary sector detracted significantly from the Index’s performance amid consumer pessimism, declining spending, and a slowdown in retail sales growth. In the specialty retail industry, competition from online sellers and continuing COVID-19 outbreaks pressured brick-and-mortar retailers. The challenging economic environment also pressured companies in the consumer durables industry, including sellers of home electronics and power tools.

The information technology sector also detracted, as investor concerns about oversupply of solar panels and related technology pressured the semiconductors and semiconductor equipment industry. Also within the sector, technology hardware and equipment companies focused on producing LCD screens for cars declined amid a reduction in demand for Chinese automobiles. The industrials sector also detracted meaningfully from the Index’s performance, notably among providers of industrial waste treatment in the commercial services and supplies industry.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of   Total Investments(a)
Health Care		21.6%
Consumer Discretionary		12.6
Real Estate		12.5
Industrials		11.3
Information Technology		10.7
Communication Services		9.2
Materials		7.8
Financials		5.3
Utilities		3.9
Consumer Staples		3.9
Energy		1.2

TEN LARGEST HOLDINGS
Security	Percent of   Total Investments(a)
HUTCHMED China Ltd.		1.8%
JinkoSolar Holding Co. Ltd.		1.7
Lifetech Scientific Corp.		1.5
Hello Group Inc.		1.4
Chindata Group Holdings Ltd.		1.4
Weimob Inc.		1.4
Keymed Biosciences Inc.		1.4
Fu Shou Yuan International Group Ltd.		1.2
MMG Ltd.		1.2
China Education Group Holdings Ltd.		1.2

^(a)  Excludes money market funds.

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

Fund Summary as of August 31, 2023  iShares^® MSCI Indonesia ETF

Investment Objective

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

Performance

	Average Annual Total Returns										Cumulative Total Returns
	1 Year			5 Years			10 Years				1 Year			5 Years			10 Years
Fund NAV		(0.66	)%		1.50	%		1.00	%			(0.66	)%		7.74	%		10.48	%
Fund Market		(0.11	)		1.63			1.73				(0.11	)		8.43			18.74
Index		(0.68	)		2.03			1.53				(0.68	)		10.59			16.35

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

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

Expense Example

Actual						Hypothetical 5% Return
	Beginning Account Value (03/01/23)	Ending Account Value (08/31/23	)	Expenses Paid During the Period	(a)	Beginning Account Value (03/01/23)	Ending Account Value (08/31/23	)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$  1,000.00	$   1,027.70		$   3.02		$   1,000.00	$  1,022.20		$    3.01		0.59	%

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

F U N D  S U M M A R Y 11

Fund Summary as of August 31,  2023 (continued) iShares^® MSCI Indonesia ETF

Portfolio Management Commentary

Stocks in Indonesia declined slightly during the reporting period as the country’s central bank raised its benchmark interest rate five times to address persistent inflation. Inflation moderated to within the central bank’s 2-4% annual target. Despite the increases, the country’s economy grew at a steady rate, driven by moderate growth in consumer spending and an expansion in manufacturing. In particular, orders for new goods rose at their fastest rate in more than two years, and unemployment fell amid the strong demand. However, exports, which account for about a quarter of Indonesia’s economic output, declined from all-time highs in mid-2022 despite the government’s effort to strengthen trade partnerships.

The communication sector detracted the most from the Index’s return. The stock price of a large operator of cellular towers declined, reflecting recognition of substantial investment losses in an online provider of e-commerce and financial services. The consumer discretionary sector also detracted, led by the same online e-commerce provider. The materials sector also detracted from the Index’s return, as declining copper prices weighed on the metals and mining industry, while a construction materials stock went to zero after a trading suspension on the Indonesian exchange.

The financials sector contributed the most to the Index’s return. Diversified banks, including those specializing in the growing microfinancing market focused on rural and small-business loans, benefited from rising interest rates. Net interest income margins expanded as higher loan yields outpaced more modest growth in deposit costs, and loan growth helped further boost overall bank industry earnings. Credit agencies also upgraded their ratings on key banks based on their government support.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of   Total Investments(a)
Financials		51.2%
Materials		9.6
Consumer Staples		9.5
Communication Services		6.7
Industrials		5.7
Energy		5.7
Consumer Discretionary		5.5
Health Care		2.6
Real Estate		2.5
Other (each representing less than 1%)		1.0

TEN LARGEST HOLDINGS
Security	Percent of   Total Investments(a)
Bank Central Asia Tbk PT		20.9%
Bank Rakyat Indonesia Persero Tbk PT		15.4
Bank Mandiri Persero Tbk PT		8.6
Telkom Indonesia Persero Tbk PT		4.4
Astra International Tbk PT		4.1
Bank Negara Indonesia Persero Tbk PT		3.1
GoTo Gojek Tokopedia Tbk PT		3.0
Sumber Alfaria Trijaya Tbk PT		2.1
Adaro Energy Indonesia Tbk PT		1.9
Charoen Pokphand Indonesia Tbk PT		1.9

^(a)  Excludes money market funds.

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

Fund Summary as of August 31, 2023  iShares^® MSCI Peru and Global Exposure ETF

Investment Objective

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

On March 29, 2023, the Board approved a proposal to change the Fund’s name and investment objective. These changes became effective on April 10, 2023.

Performance

	Average Annual Total Returns										Cumulative Total Returns
	1 Year			5 Years			10 Years				1 Year			5 Years			10 Years
Fund NAV		32.09	%		0.34	%		2.08	%			32.09	%		1.70	%		22.91	%
Fund Market		31.17			0.38			1.95				31.17			1.91			21.28
Index		32.63			0.67			2.58				32.63			3.39			28.97

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual						Hypothetical 5% Return
	Beginning Account Value (03/01/23)	Ending Account Value (08/31/23	)	Expenses Paid During the Period	(a)	Beginning Account Value (03/01/23)	Ending Account Value (08/31/23	)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$  1,000.00	$   1,128.80		$   3.17		$   1,000.00	$  1,022.20		$    3.01		0.59	%

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

F U N D  S U M M A R Y 13

Fund Summary as of August 31,  2023 (continued) iShares^® MSCI Peru and Global Exposure ETF

Portfolio Management Commentary

Stocks in companies with exposure to Peru increased substantially for the reporting period. Early in the reporting period, increased exports and domestic demand drove solid economic growth and boosted the country’s equity market. As the world’s second-largest copper producer, Peru further benefited from a rebound in global copper prices. After a yearlong series of interest rate increases halted in January 2023, persistent inflation moderated but remained higher than Peru’s central bank’s target. As the reporting period progressed, poor weather dramatically reduced production in the nation’s fishing and agriculture industries, limiting economic output. The country’s government, beset with political turmoil and social unrest as it removed its president in an impeachment trial, lowered its calendar-year growth forecasts through 2024. Yet Peru’s equity market remained relatively resilient, retaining most of its earlier gains.

Stocks in Peru, which represented approximately 74% of the Index on average for the reporting period, contributed the most to the Index’s return, led by the materials sector. Mining accounts for 10% of Peru’s economic output and 60% of its exports. In the metals and mining industry, large copper producers benefited from rising prices, primarily early in the reporting period, though these prices remained lower than the previous year. Nonetheless, higher sales volumes, increased production, and reduced operating costs helped earnings exceed expectations and boosted returns on equity, even after prices moderated. Substantial investment in mines for future production persisted, some for projects not slated to commence until the early 2030s.

Materials stocks in Canada and the U.K. also contributed to the Index’s performance. Metals and mining companies in both countries operate precious metals mines in Peru, and their stocks increased alongside rising silver and gold prices.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of   Total Investments(a)
Materials		48.4%
Financials		26.3
Consumer Staples		8.6
Consumer Discretionary		5.2
Industrials		3.8
Energy		3.1
Real Estate		2.4
Utilities		2.2

TEN LARGEST HOLDINGS
Security	Percent of  Total Investments(a)
Southern Copper Corp.		22.7%
Credicorp Ltd.		22.2
Cia. de Minas Buenaventura SAA		4.7
Alicorp SAA		4.6
Sociedad Minera Cerro Verde SAA		3.5
Ferreycorp SAA		3.1
PetroTal Corp.		3.1
Hochschild Mining PLC		3.0
InRetail Peru Corp.		2.8
Laureate Education Inc., Class A		2.8

^(a)  Excludes money market funds.

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

Fund Summary as of August 31, 2023  iShares^® MSCI Philippines ETF

Investment Objective

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

Performance

	Average Annual Total Returns										Cumulative Total Returns
	1 Year			5 Years			10 Years				1 Year			5 Years			10 Years
Fund NAV		(6.16	)%		(4.79	)%		(1.74	)%			(6.16	)%		(21.75	)%		(16.08	)%
Fund Market		(5.54	)		(4.79	)		(1.55	)			(5.54	)		(21.76	)		(14.49	)
Index		(5.70	)		(4.07	)		(1.03	)			(5.70	)		(18.75	)		(9.86	)

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

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

Expense Example

Actual						Hypothetical 5% Return
	Beginning Account Value (03/01/23)	Ending Account Value (08/31/23	)	Expenses Paid During the Period	(a)	Beginning Account Value (03/01/23)	Ending Account Value (08/31/23	)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$  1,000.00	$    931.20		$   2.87		$   1,000.00	$  1,022.20		$    3.01		0.59	%

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

F U N D  S U M M A R Y 15

Fund Summary as of August 31, 2023 (continued) iShares^® MSCI Philippines ETF

Portfolio Management Commentary

Stocks in the Philippines declined for the reporting period. The Philippine central bank raised interest rates repeatedly to curb the inflation that accompanied the country’s most rapid economic growth in more than four decades. Five increases pushed the bank’s policy rate to its highest level since 2008. The tighter monetary policy helped curb surging food prices, which drove inflation to a 14-year high in January 2023. Inflation eventually moderated but remained higher than the central bank’s 2-4% annual target. Meanwhile, manufacturing output waned as interest rates increased, contracting for the first time in two years. The reduced activity contributed to slower-than-expected economic growth, and the country’s stock market declined sharply toward the end of the reporting period.

The real estate sector detracted the most from the Index’s return. Real estate management and development companies, including a large mall operator and residential builder, reported considerably higher net income. Rental fees on retail leases increased along with rising demand at cinema and other entertainment venues, reflecting higher consumer spending. Nevertheless, the industry’s stocks fell along with the broader market as the reporting period ended. The communication services sector also detracted from performance. Stock in the country’s largest wireless telecommunication services company dropped sharply amid an investigation into equipment cost overruns. In the integrated telecommunication services industry, higher interest rates increased financing costs for providing broadband services.

On the upside, the financials sector, led by banks, contributed to the Index’s return. The country’s robust economic growth supported improved business in the Philippine banking industry, strengthening banks’ capital position. Net interest margins—the difference between the interest banks pay on customer deposits and interest they charge for loans — rose amid higher interest rates, and growth in loan volume for large lenders significantly increased profitability.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of   Total Investments(a)
Industrials		28.5%
Financials		25.9
Real Estate		18.3
Consumer Discretionary		8.0
Consumer Staples		6.2
Utilities		6.1
Communication Services		4.6
Energy		1.5
Materials		0.9

TEN LARGEST HOLDINGS

Security	Percent of   Total Investments(a)
BDO Unibank Inc.		10.9%
SM Prime Holdings Inc.		9.7
Bank of the Philippine Islands		6.9
SM Investments Corp.		6.4
Ayala Land Inc.		5.7
Ayala Corp.		5.2
International Container Terminal Services Inc.		4.4
Jollibee Foods Corp.		4.3
Metropolitan Bank & Trust Co.		4.0
Manila Electric Co.		4.0

^(a)  Excludes money market funds.

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

Fund Summary as of August 31, 2023  iShares^® MSCI Poland ETF

Investment Objective

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

Performance

	Average Annual Total Returns										Cumulative Total Returns
	1 Year			5 Years			10 Years				1 Year			5 Years			10 Years
Fund NAV		55.04	%		(2.81	)%		(1.30	)%			55.04	%		(13.28	)%		(12.30	)%
Fund Market		55.27			(2.73	)		(1.32	)			55.27			(12.92	)		(12.40	)
Index		55.34			(2.67	)		(1.12	)			55.34			(12.67	)		(10.62	)

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Certain sectors and markets performed exceptionally well based on market conditions during the one-year 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 (03/01/23)	Ending Account Value (08/31/23)	Expenses Paid During the Period	(a)	Beginning Account Value (03/01/23)	Ending Account Value (08/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$  1,000.00	$   1,214.90	$   3.29		$   1,000.00	$  1,022.20	$   3.01		0.59	%

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

F U N D  S U M M A R Y 17

Fund Summary as of August 31, 2023 (continued) iShares^® MSCI Poland ETF

Portfolio Management Commentary

Stocks in Poland rose for the reporting period as declining inflation rates, climbing wages, and increased consumer confidence led to stronger consumer spending. Although interest rates remained at elevated levels, the Polish central bank announced a possible interest rate cut in September. Amid a tight housing market, the Polish government offered first-time homebuyers subsidies to offset high mortgage rates, among the most expensive in Europe. The housing subsidies and revived mortgage-lending activity, which had been on track for the weakest levels since 2005. The value of Polish stocks in U.S. dollar terms also increased, as the Polish zloty strengthened relative to the U.S. dollar, boosted by a record trade surplus, declining oil prices, and a recovery in the euro.

The financials sector contributed the most to the Index’s performance, led by the banking industry. Banks posted record profits, mainly from increased interest income as higher interest rates increased the gap between the rates the banks charge for loans and the rates they pay for deposits. The improved economic outlook kept loan defaults at low levels, decreasing costs for credit risk. However, banks also made provisions for legal costs arising from foreign currency mortgage loans after the top EU court ruled against them. Many Poles took out mortgage loans in Swiss francs, attracted by Switzerland’s lower interest rates, but sued the banks after weakening in the Polish zloty raised payment levels.

The consumer discretionary sector also contributed to the Index’s strong performance, led by the textiles and apparel industry. Fashion retailers with value-oriented brands benefited from budget-conscious consumers shopping for more affordable clothing and growing demand in markets in southern Europe.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of   Total Investments(a)
Financials		39.6%
Consumer Discretionary		13.6
Energy		12.5
Materials		8.9
Communication Services		7.3
Consumer Staples		6.8
Utilities		6.1
Information Technology		2.9
Industrials		2.3

TEN LARGEST HOLDINGS

Security	Percent of   Total Investments(a)
Polski Koncern Naftowy ORLEN SA		12.5%
Powszechna Kasa Oszczednosci Bank Polski SA		10.9
Powszechny Zaklad Ubezpieczen SA		8.3
Bank Polska Kasa Opieki SA		6.4
Dino Polska SA		6.0
LPP SA		4.9
KGHM Polska Miedz SA		4.7
Santander Bank Polska SA		4.4
Allegro.eu SA		4.4
CD Projekt SA		3.8

^(a)  Excludes money market funds.

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

Fund Summary as of August 31, 2023   iShares^® MSCI Qatar ETF

Investment Objective

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

Performance

	Average Annual Total Returns								Cumulative Total Returns
	1 Year			5 Years			Since   Inception		1 Year			5 Years			Since Inception
Fund NAV		(18.16	)%		3.41	%	0.17%			(18.16	)%		18.25	%		1.62	%
Fund Market		(16.95	)		3.54		0.34			(16.95	)		19.01			3.25
Index		(18.43	)		4.01		0.78			(18.43	)		21.74			7.53

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSETVALUE)

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

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (03/01/23)	Ending Account Value (08/31/23)	Expenses Paid During the Period	(a)	Beginning Account Value (03/01/23)	Ending Account Value (08/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$  1,000.00	$    1,003.40	$   2.98		$   1,000.00	$  1,022.20	$    3.01		0.59	%

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

F U N D  S U M M A R Y 19

Fund Summary as of August 31, 2023 (continued) iShares^® MSCI Qatar ETF

Portfolio Management Commentary

Stocks in Qatar declined considerably for the reporting period, as exports, which accounted for more than a third of the nation’s economic output in 2022, fell substantially and the economy weakened. Prices for liquefied natural gas (“LNG”), Qatar’s largest export product, dropped by more than two thirds, as global markets adjusted to supply disruptions caused by Russia’s invasion of Ukraine in early 2022. LNG shipments to Europe decreased markedly in 2023. The value of the country’s crude oil exports also declined. Combined, the lower values for oil and LNG reduced Qatar’s trade surplus. The country’s economy stalled after it hosted the 2022 FIFA World Cup soccer tournament, which had prompted a dramatic increase in construction. Meanwhile, the central bank raised its benchmark interest rate significantly to reduce inflation, and price gains moderated. As it did so, however, economic activity unrelated to oil and gas production contracted.

The financials sector detracted the most from the Index’s return. Bank stocks declined, reflecting banks’ significant loan exposure to oil and gas businesses faced with lower prices. Although rising interest rates often benefit banks, Qatari banks’ net interest income—the difference between the interest banks pay on customer deposits and what they charge for loans—declined as overall deposits dropped and non-performing loans increased. Government deposits at the nation’s banks decreased considerably in response to the government’s debt reduction plan. In addition, hyperinflation in Turkey reduced earnings for Qatari lenders with operations there.

In the industrials sector, industrial conglomerates also detracted from performance, as their earnings fell following the World Cup amid waning construction demand. The materials sector also detracted amid sharp profit declines in the chemicals industry related to falling commodities prices.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of   Total Investments(a)
Financials		55.0%
Industrials		11.5
Energy		9.2
Materials		7.1
Communication Services		5.6
Real Estate		5.3
Utilities		3.6
Consumer Staples		1.9
Health Care		0.8

TEN LARGEST HOLDINGS
Security	Percent of   Total Investments(a)
Qatar National Bank QPSC		22.5%
Qatar Islamic Bank SAQ		11.0
Industries Qatar QSC		5.9
Commercial Bank PSQC (The)		5.5
Masraf Al Rayan QSC		4.5
Qatar Gas Transport Co. Ltd.		4.1
Ooredoo QPSC		3.9
Qatar International Islamic Bank QSC		3.7
Mesaieed Petrochemical Holding Co.		3.6
Qatar Fuel QSC		3.6

^(a)  Excludes money market funds.

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

Fund Summary as of August 31, 2023 iShares^® MSCI Saudi Arabia ETF

Investment Objective

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

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(6.20	)%		8.76	%		8.67	%		(6.20	)%		52.19	%		93.90	%
Fund Market		(5.66	)		8.95			8.69			(5.66	)		53.51			94.10
Index		(5.62	)		9.54			9.51			(5.62	)		57.68			106.06

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSETVALUE)

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

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

Expense Example

Actual						Hypothetical 5% Return
	Beginning Account Value (03/01/23)	Ending Account Value (08/31/23	)	Expenses Paid During the Period	(a)	Beginning Account Value (03/01/23)	Ending Account Value (08/31/23	)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$  1,000.00	$  1,134.80		$   3.98		$  1,000.00	$  1,021.50		$   3.77		0.74	%

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

F U N D  S U M M A R Y 21

Fund Summary as of August 31, 2023   (continued) iShares^® MSCI Saudi Arabia ETF

Portfolio Management Commentary

Stocks in Saudi Arabia declined during the reporting period, as lower crude oil prices and rising interest rates constricted economic growth. The world’s largest oil exporter, Saudi Arabia derives the majority of its government and export revenue from that commodity. As global prices declined, the Saudi government reduced production in an attempt to stabilize the market. The cuts, however, substantially reduced economic output even as non-oil activities exhibited strength. Saudi Arabia pegs its currency to the U.S. dollar, so as the Fed raised interest rates to contain inflation, the Saudi Central Bank followed suit, raising borrowing costs to their highest level since 2001. That further constrained growth for an economy that grew fastest of all the Group of 20 large economies in 2022.

The financials sector detracted the most from the Index’s return, led by banks. Bank stocks declined amid fallout from the global banking crisis. The nation’s largest lender incurred a substantial loss from its investment in a large Swiss bank forced into a takeover by a key rival. In addition, lower oil prices and their impact on the broader economy weighed on bank stocks. As the economy slowed and interest rates rose, investors grew concerned about tighter liquidity, declining deposits, and an increase in the percentage of non-performing loans.

The materials sector also detracted from performance. Profits in the chemicals industry declined sharply, mirroring falling prices and weaker demand for petrochemicals, polymers, and other products.

Conversely, sectors that bolstered the Index’s return included healthcare, consumer staples, and information technology. Revenue and profit increased among healthcare facilities operators, packaged foods and meats producers, and in the IT consulting and other services industry.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of   Total Investments(a)
Financials		39.8%
Materials		20.4
Communication Services		9.1
Energy		8.8
Health Care		4.8
Consumer Staples		4.7
Consumer Discretionary		3.3
Utilities		3.1
Industrials		2.3
Real Estate		2.3
Information Technology		1.4

TEN LARGEST HOLDINGS
Security	Percent of   Total Investments(a)
Al Rajhi Bank		11.8%
Saudi National Bank (The)		8.7
Saudi Arabian Oil Co.		7.7
Saudi Basic Industries Corp.		6.6
Saudi Telecom Co.		6.1
Saudi Arabian Mining Co.		3.9
Riyad Bank		3.7
Alinma Bank		3.1
Saudi Awwal Bank		2.9
SABIC Agri-Nutrients Co.		2.2

^(a)  Excludes money market funds.

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

Fund Summary as of August 31, 2023 iShares^® MSCI UAE ETF

Investment Objective

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

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(4.17	)%		3.23	%		(1.43	)%		(4.17	)%		17.24	%		(12.61	)%
Fund Market		(5.19	)		3.36			(1.44	)		(5.19	)		18.00			(12.63	)
Index		(3.46	)		4.18			(0.68	)		(3.46	)		22.73			(6.14	)

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSETVALUE)

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

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

Expense Example

Actual						Hypothetical 5% Return
	Beginning Account Value (03/01/23)	Ending Account Value (08/31/23	)	Expenses Paid During the Period	(a)	Beginning Account Value (03/01/23)	Ending Account Value (08/31/23	)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$  1,000.00	$  1,055.40		$   3.06		$  1,000.00	$  1,022.20		$    3.01		0.59	%

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

F U N D  S U M M A R Y 23

Fund Summary as of August 31, 2023   (continued) iShares^® MSCI UAE ETF

Portfolio Management Commentary

Stocks in the United Arab Emirates (“U.A.E.”) declined for the reporting period. Prices and production of crude oil and natural gas, which account for about 30% of the nation’s economic output, declined. At the same time, interest rates increased along with corresponding concerns about the health of global banks, pressuring equity prices. The Central Bank of the U.A.E. anchors its base policy rate to the Fed’s interest rate policy decisions and followed its interest rate increases during the reporting period. As interest rates rose, inflation fell by more than half. Nonetheless, the nation’s economy grew at a robust pace. Manufacturing expanded at the highest rate in four years, and strong domestic demand, aided by falling prices, boosted business activity. Overall, U.A.E. economic output grew at one of the highest rates globally, almost doubling in 2022.

The communication services sector detracted the most from the Index’s return, driven by the diversified telecommunication services industry. Sales in the industry remained relatively flat amid declining subscriber growth and significant exchange rate volatility in several Middle Eastern markets. Meanwhile, a state-owned mobile network operator’s stake in a foreign mobile services company weighed on the industry amid continued operating challenges and the falling equity values of that investment. The financials sector also detracted, as profits in the banking industry declined amid impaired loans and provisions set aside to cover potential loan losses.

On the upside, the real estate sector contributed the most to the Index’s return. The real estate management and development industry advanced as real estate owners benefited from rising property values and new construction projects, fed by Dubai’s post-coronavirus pandemic recovery.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of   Total Investments(a)
Financials		38.4%
Real Estate		19.3
Communication Services		18.4
Industrials		11.8
Consumer Discretionary		7.1
Utilities		2.5
Energy		1.6
Other (each representing less than 1%)		0.9

TEN LARGEST HOLDINGS
Security	Percent of   Total Investments(a)
Emirates Telecommunications Group Co. PJSC		17.3%
First Abu Dhabi Bank PJSC		15.1
Emaar Properties PJSC		11.5
Abu Dhabi Commercial Bank PJSC		4.5
Aldar Properties PJSC		4.4
Dubai Islamic Bank PJSC		4.3
Emirates NBD Bank PJSC		4.3
Abu Dhabi Islamic Bank PJSC		4.1
Multiply Group		3.9
Abu Dhabi National Oil Co. for Distribution PJSC		3.5

^(a)  Excludes money market funds.

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

About Fund Performance

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

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

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

Disclosure of Expenses

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

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

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

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

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

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

Security	Shares		Value
Common Stocks
Aerospace & Defense — 4.8%
Embraer SA(a)		2,543,873	$	10,012,032
Automobile Components — 1.0%
Fras-Le SA		244,117		677,329
Mahle-Metal Leve SA		139,202		1,347,311
				2,024,640
Biotechnology — 0.2%
Blau Farmaceutica SA(a)		131,209		468,182
Commercial Services & Supplies — 3.1%
Ambipar Participacoes e Empreendimentos SA		163,365		689,808
GPS Participacoes e Empreendimentos SA(b)		1,215,393		4,533,135
Orizon Valorizacao de Residuos SA(a)		179,986		1,272,101
				6,495,044
Communications Equipment — 0.8%
Intelbras SA Industria de Telecomunicacao Eletronica Brasileira		355,424		1,571,113
Consumer Staples Distribution & Retail — 1.3%
Grupo Mateus SA(a)		1,997,428		2,714,571
Diversified Consumer Services — 3.8%
Cogna Educacao(a)		6,786,416		4,001,643
YDUQS Participacoes SA		950,101		3,908,191
				7,909,834
Electric Utilities — 3.9%
Alupar Investimento SA		551,053		3,148,048
Transmissora Alianca de Energia Eletrica SA		706,777		4,881,165
				8,029,213
Financial Services — 1.6%
Cielo SA		4,421,198		3,321,222
Food Products — 10.3%
BrasilAgro - Co. Brasileira de Propriedades Agricolas		185,114		889,301
BRF SA(a)		3,042,184		5,553,527
Camil Alimentos SA		379,714		651,764
Jalles Machado SA		374,597		636,173
M. Dias Branco SA		245,187		1,841,855
Marfrig Global Foods SA		1,075,787		1,609,754
Minerva SA		988,260		1,676,353
Sao Martinho SA		576,099		4,203,200
SLC Agricola SA		368,862		2,995,856
Tres Tentos Agroindustrial SA		450,501		1,209,936
				21,267,719
Ground Transportation — 3.5%
Movida Participacoes SA		458,571		1,149,194
SIMPAR SA		1,212,782		2,387,824
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA		1,597,438		3,777,425
				7,314,443
Health Care Providers & Services — 5.4%
Alliar Medicos A Frente SA(a)		14,730		23,826
CM Hospitalar SA		583,712		2,249,013
Diagnosticos da America SA		544,474		1,211,641
Fleury SA		890,460		2,654,091
Hospital Mater Dei SA		414,789		808,294
Odontoprev SA		999,002		2,085,940

Security	Shares		Value
Health Care Providers & Services (continued)
Oncoclinicas do Brasil Servicos Medicos SA(a)		858,395	$	2,097,430
				11,130,235
Hotels, Restaurants & Leisure — 1.9%
Smartfit Escola de Ginastica e Danca SA(a)		954,019		3,968,617
Household Durables — 6.2%
Cury Construtora e Incorporadora SA		474,982		1,564,394
Cyrela Brazil Realty SA Empreendimentos e Participacoes		1,011,920		4,585,471
Direcional Engenharia SA		407,831		1,667,709
Ez Tec Empreendimentos e Participacoes SA		399,584		1,778,421
MRV Engenharia e Participacoes SA		1,422,587		3,263,414
				12,859,409
Independent Power and Renewable Electricity Producers — 2.9%
AES Brasil Energia SA		761,867		1,698,491
Auren Energia SA		1,084,897		2,981,684
Omega Energia SA(a)		675,599		1,365,646
				6,045,821
Insurance — 0.9%
IRB Brasil Resseguros S/A(a)		223,118		1,935,592
IT Services — 0.9%
Locaweb Servicos de Internet SA(b)		1,292,686		1,845,557
Machinery — 1.3%
Iochpe Maxion SA		500,310		1,403,319
Tupy SA		260,696		1,366,113
				2,769,432
Marine Transportation — 0.8%
Hidrovias do Brasil SA(a)		2,199,832		1,750,253
Metals & Mining — 0.6%
Bradespar SA		124,754		535,590
Cia. Brasileira de Aluminio		754,154		651,807
				1,187,397
Oil, Gas & Consumable Fuels — 4.8%
3R Petroleum Oleo E Gas SA(a)		867,863		5,769,338
Enauta Participacoes SA		528,684		1,675,075
Petroreconcavo SA		530,157		2,479,465
				9,923,878
Paper & Forest Products — 1.2%
Dexco SA		1,483,717		2,384,949
Real Estate Management & Development — 8.4%
Aliansce Sonae Shopping Centers SA		1,556,656		7,157,653
Iguatemi SA		789,607		3,284,681
JHSF Participacoes SA		1,228,336		1,190,621
LOG Commercial Properties e Participacoes SA		166,248		631,145
Multiplan Empreendimentos Imobiliarios SA		1,021,948		5,105,561
				17,369,661
Specialty Retail — 1.5%
Grupo SBF SA		352,369		508,767
Pet Center Comercio e Participacoes SA		1,254,334		1,388,061
Via S/A(a)		4,624,356		1,185,960
				3,082,788
Textiles, Apparel & Luxury Goods — 5.6%
Arezzo Industria e Comercio SA		240,824		3,436,765
Grendene SA		1,141,876		1,570,294
Grupo De Moda Soma SA		1,844,636		2,790,021
Vivara Participacoes SA		427,084		2,344,109

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

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

Security	Shares		Value
Textiles, Apparel & Luxury Goods (continued)
Vulcabras Azaleia SA		355,725	$	1,419,437
				11,560,626
Trading Companies & Distributors — 1.0%
Armac Locacao Logistica E Servicos SA		375,392		961,970
Mills Estruturas e Servicos de Engenharia SA		400,830		1,023,919
				1,985,889
Transportation Infrastructure — 3.0%
EcoRodovias Infraestrutura e Logistica SA		881,360		1,343,740
Santos Brasil Participacoes SA		1,718,816		2,995,403
Wilson Sons Holdings Brasil SA, NVS		716,014		1,814,597
				6,153,740
Water Utilities — 2.3%
Cia. de Saneamento de Minas Gerais-COPASA		687,559		2,488,072
Cia. de Saneamento do Parana		516,232		2,361,175
				4,849,247
Total Common Stocks — 83.0% (Cost: $163,495,843)				171,931,104
Preferred Stocks
Aerospace & Defense — 0.3%
Taurus Armas SA, Preference Shares, NVS		231,992		696,156
Banks — 2.5%
Banco ABC Brasil SA, Preference Shares, NVS		319,843		1,198,888
Banco do Estado do Rio Grande do Sul SA, Class B, Preference Shares, NVS		732,438		1,810,370
Banco Pan SA, Preference Shares, NVS		1,224,492		2,163,610
				5,172,868
Chemicals — 1.3%
Unipar Carbocloro SA, Class B, Preference Shares, NVS		177,168		2,765,539
Electric Utilities — 0.2%
Cia. Energetica do Ceara, Class A, Preference Shares, NVS		51,149		457,981
Machinery — 1.9%
Marcopolo SA, Preference Shares, NVS		1,860,516		2,276,780
Randon SA Implementos e Participacoes, Preference Shares, NVS		654,167		1,581,240
				3,858,020

Security	Shares		Value
Metals & Mining — 6.5%
Bradespar SA, Preference Shares, NVS		922,567	$	4,191,750
Cia. Ferro Ligas da Bahia - FERBASA, Preference Shares, NVS		117,111		1,094,476
Metalurgica Gerdau SA, Preference Shares, NVS		2,418,343		5,772,319
Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A, Preference Shares, NVS		1,683,722		2,339,235
				13,397,780
Passenger Airlines — 1.9%
Azul SA, Preference Shares, NVS		1,031,665		3,018,715
Gol Linhas Aereas Inteligentes SA, Preference Shares, NVS		730,860		1,037,539
				4,056,254
Textiles, Apparel & Luxury Goods — 0.7%
Alpargatas SA, Preference Shares, NVS		807,556		1,371,462
Water Utilities — 0.7%
Cia. de Saneamento do Parana, Preference Shares, NVS		1,578,412		1,453,450
Total Preferred Stocks — 16.0% (Cost: $31,555,997)				33,229,510
Rights
Food Products — 0.0%
Jalles Machado SA (Expires 09/26/23, Strike Price BRL 6.47)(a)		11,710		6,148
Marfrig Global Foods SA (Expires 09/25/23, Strike Price BRL 7.21)(a)		503,983		12,213
				18,361
Total Rights — 0.0% (Cost: $0)				18,361
Total Investments — 99.0% (Cost: $195,051,840)				205,178,975
Other Assets Less Liabilities — 1.0%				2,113,831
Net Assets — 100.0%			$	207,292,806

^(a)  Non-income producing security.

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

Affiliates

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

Affiliated Issuer	Value at 08/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/23		Shares Held at 08/31/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares(a)		$ 40,000	$	—		$(40,000	)(b)	$	—	$	—	$	—		—	$	5,273	$	—

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

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

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

Schedule of Investments (continued) August 31, 2023 iShares^® MSCI Brazil Small-Cap ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Bclear MSCI Brazil Index		20		09/15/23	$	1,085	$	7,475

Derivative Financial Instruments Categorized by Risk Exposure

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

	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)	$	—	$	—	$	7,475	$	—	$	—	$	—	$	7,475

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

For the period ended August 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	$	—	$	—	$	239,699		$	—	$	—	$	—	$	239,699
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(19,580	)	$	—	$	—	$	—	$	(19,580	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	907,441

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	$	170,232,613	$	1,698,491	$	—	$	171,931,104
Preferred Stocks		33,229,510		—		—		33,229,510
Rights		18,361		—		—		18,361
	$	203,480,484	$	1,698,491	$	—	$	205,178,975

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

Schedule of Investments (continued) August 31, 2023 iShares^® MSCI Brazil Small-Cap ETF

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	7,475	$	—	$	—	$	7,475

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

See notes to financial statements.

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

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

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.1%
AECC Aero-Engine Control Co. Ltd., Class A		242,000	$	744,086
AECC Aviation Power Co. Ltd., Class A		668,876		3,604,395
AviChina Industry & Technology Co. Ltd., Class H		9,841,000		4,410,136
				8,758,617
Air Freight & Logistics — 0.8%
JD Logistics Inc.(a)(b)(c)		7,189,600		9,583,532
SF Holding Co. Ltd., Class A		1,086,883		6,491,047
YTO Express Group Co. Ltd., Class A		836,000		1,735,853
Yunda Holding Co. Ltd., Class A		669,357		905,247
ZTO Express Cayman Inc., ADR		1,569,925		39,467,914
				58,183,593
Automobile Components — 0.5%
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		83,695		1,699,809
Fuyao Glass Industry Group Co. Ltd., Class A		418,098		2,184,342
Fuyao Glass Industry Group Co. Ltd., Class H(a)		2,340,800		10,591,776
Huayu Automotive Systems Co. Ltd., Class A		836,072		2,158,586
Huizhou Desay Sv Automotive Co. Ltd., Class A		167,700		3,352,120
Minth Group Ltd.		3,344,000		9,926,832
Ningbo Tuopu Group Co. Ltd., Class A		250,800		2,688,152
Sailun Group Co. Ltd., Class A		826,361		1,403,461
Shandong Linglong Tyre Co. Ltd., Class A		418,028		1,250,157
				35,255,235
Automobiles — 5.1%
AIMA Technology Group Co. Ltd.		252,400		983,706
BYD Co. Ltd., Class A		432,969		14,849,995
BYD Co. Ltd., Class H		3,841,500		120,664,049
Chongqing Changan Automobile Co. Ltd., Class A		1,935,420		3,339,559
Dongfeng Motor Group Co. Ltd., Class H		10,726,000		3,934,512
Geely Automobile Holdings Ltd.		22,604,000		28,060,063
Great Wall Motor Co. Ltd., Class A		585,200		2,102,195
Great Wall Motor Co. Ltd., Class H		8,801,500		10,428,021
Guangzhou Automobile Group Co. Ltd., Class A		1,086,800		1,506,394
Guangzhou Automobile Group Co. Ltd., Class H		11,344,400		5,973,804
Li Auto Inc.(b)		4,169,080		86,799,560
NIO Inc., ADR(b)(c)		5,142,541		52,813,896
SAIC Motor Corp. Ltd., Class A		1,755,604		3,468,034
Seres Group Co. Ltd., NVS		337,600		1,674,778
XPeng Inc.(b)		3,871,672		34,796,502
Yadea Group Holdings Ltd.(a)		5,016,000		9,644,006
				381,039,074
Banks — 8.9%
Agricultural Bank of China Ltd., Class A		19,228,000		9,139,026
Agricultural Bank of China Ltd., Class H		107,501,000		36,846,455
Bank of Beijing Co. Ltd., Class A		5,023,799		3,084,991
Bank of Chengdu Co. Ltd., Class A		836,093		1,574,119
Bank of China Ltd., Class A		8,360,000		4,306,503
Bank of China Ltd., Class H		294,290,000		99,739,894
Bank of Communications Co. Ltd., Class A		9,325,522		7,115,109
Bank of Communications Co. Ltd., Class H		32,638,200		18,680,486
Bank of Hangzhou Co. Ltd., Class A		1,504,828		2,318,257
Bank of Jiangsu Co. Ltd., Class A		4,175,615		4,093,787
Bank of Nanjing Co. Ltd., Class A		2,642,404		2,875,933
Bank of Ningbo Co. Ltd., Class A		1,475,302		5,303,560
Bank of Shanghai Co. Ltd., Class A		3,929,210		3,212,324
China CITIC Bank Corp. Ltd., Class H		33,441,800		14,883,892
China Construction Bank Corp., Class A		2,136,314		1,762,084

Security	Shares		Value
Banks (continued)
China Construction Bank Corp., Class H		356,190,000	$	190,579,761
China Everbright Bank Co. Ltd., Class A		12,038,400		4,979,167
China Everbright Bank Co. Ltd., Class H		9,279,000		2,672,549
China Merchants Bank Co. Ltd., Class A		4,681,625		20,335,760
China Merchants Bank Co. Ltd., Class H(c)		14,227,150		56,336,929
China Minsheng Banking Corp. Ltd., Class A		9,112,470		4,730,849
China Minsheng Banking Corp. Ltd., Class H		22,234,160		7,141,258
China Zheshang Bank Co. Ltd., Class A		6,287,390		2,222,244
Chongqing Rural Commercial Bank Co. Ltd., Class A		2,388,600		1,234,609
CNPC Capital Co. Ltd., NVS		1,504,800		1,391,562
Huaxia Bank Co. Ltd., Class A		3,594,861		2,736,569
Industrial & Commercial Bank of China Ltd., Class A		14,546,400		9,233,712
Industrial & Commercial Bank of China Ltd., Class H		239,255,000		109,692,973
Industrial Bank Co. Ltd., Class A		4,548,210		9,886,025
Ping An Bank Co. Ltd., Class A		4,353,655		6,658,178
Postal Savings Bank of China Co. Ltd., Class A		6,604,400		4,412,045
Postal Savings Bank of China Co. Ltd., Class H(a)		29,282,000		14,442,767
Shanghai Pudong Development Bank Co. Ltd., Class A		6,855,224		6,579,985
Shanghai Rural Commercial Bank Co. Ltd.		2,556,900		2,045,495
				672,248,857
Beverages — 3.1%
Anhui Gujing Distillery Co. Ltd., Class A		94,396		3,733,545
Anhui Gujing Distillery Co. Ltd., Class B		334,780		5,569,172
Anhui Kouzi Distillery Co. Ltd., Class A		142,000		1,112,304
Anhui Yingjia Distillery Co. Ltd., Class A		146,800		1,546,534
Beijing Yanjing Brewery Co. Ltd., Class A		492,500		701,814
China Resources Beer Holdings Co. Ltd.		6,132,000		36,003,086
Chongqing Brewery Co. Ltd., Class A		83,600		1,049,787
Eastroc Beverage Group Co. Ltd.		83,600		2,254,942
Hebei Hengshui Laobaigan Liquor Co. Ltd.		86,000		278,464
Jiangsu King’s Luck Brewery JSC Ltd., Class A		334,403		2,751,788
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		334,476		6,162,156
JiuGui Liquor Co. Ltd., Class A		84,200		1,036,187
Kweichow Moutai Co. Ltd., Class A		284,055		72,207,957
Luzhou Laojiao Co. Ltd., Class A		354,900		11,334,003
Nongfu Spring Co. Ltd., Class H(a)		6,505,400		36,536,962
Shanghai Bairun Investment Holding Group Co. Ltd., Class A		285,397		1,257,436
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		285,686		9,506,837
Shede Spirits Co. Ltd.		84,400		1,564,735
Sichuan Swellfun Co. Ltd., Class A		105,352		959,231
Tsingtao Brewery Co. Ltd., Class A		167,263		2,091,512
Tsingtao Brewery Co. Ltd., Class H		2,332,000		19,392,066
Wuliangye Yibin Co. Ltd., Class A		839,277		17,980,367
				235,030,885
Biotechnology — 1.5%
3SBio Inc.(a)		7,040,500		5,887,763
Akeso Inc.(a)(b)(c)		1,801,000		7,910,306
BeiGene Ltd.(b)		2,601,934		41,739,948
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		188,745		1,297,850
BGI Genomics Co. Ltd., Class A		167,299		1,233,777
Bloomage Biotechnology Corp. Ltd.		119,900		1,527,572

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

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

Security	Shares		Value
Biotechnology (continued)
Chongqing Zhifei Biological Products Co. Ltd., Class A		544,360	$	3,301,505
Hualan Biological Engineering Inc., Class A		543,472		1,585,502
Imeik Technology Development Co. Ltd., Class A		49,944		3,010,749
Innovent Biologics Inc.(a)(b)		4,325,500		19,344,246
Legend Biotech Corp., ADR(b)(c)		219,942		15,255,177
Shanghai Junshi Biosciences Co. Ltd., Class A(b)		186,088		974,566
Shenzhen Kangtai Biological Products Co. Ltd., Class A(b)		347,188		1,328,008
Walvax Biotechnology Co. Ltd., Class A		418,097		1,356,928
Zai Lab Ltd.(b)(c)		3,478,560		9,058,530
				114,812,427
Broadline Retail — 14.6%
Alibaba Group Holding Ltd.(b)		60,900,468		706,819,078
JD.com Inc., Class A		8,707,596		144,616,646
MINISO Group Holding Ltd.(b)		358,079		9,274,246
Pinduoduo Inc., ADR(b)(c)		2,218,385		219,553,564
Vipshop Holdings Ltd., ADR(b)		1,268,528		20,030,057
				1,100,293,591
Building Products — 0.0%
Beijing New Building Materials PLC, Class A		501,670		2,061,658
Zhejiang Weixing New Building Materials Co. Ltd., Class A		456,100		1,266,307
				3,327,965
Capital Markets — 1.7%
BOC International China Co. Ltd., Class A		668,800		1,091,746
Caitong Securities Co. Ltd., Class A		1,155,600		1,272,084
Changjiang Securities Co. Ltd., Class A		2,424,436		1,991,911
China Cinda Asset Management Co. Ltd., Class H		36,595,000		3,588,670
China Galaxy Securities Co. Ltd., Class A		1,274,600		2,022,272
China Galaxy Securities Co. Ltd., Class H		11,729,000		6,309,780
China International Capital Corp. Ltd., Class A		335,202		1,797,066
China International Capital Corp. Ltd., Class H(a)		5,826,000		11,189,600
China Merchants Securities Co. Ltd., Class A		1,922,868		3,758,388
CITIC Securities Co. Ltd., Class A		2,843,831		8,690,355
CITIC Securities Co. Ltd., Class H(c)		6,328,800		12,357,759
CSC Financial Co. Ltd., Class A		1,003,299		3,557,063
Dongxing Securities Co. Ltd., Class A		919,611		1,047,929
East Money Information Co. Ltd., Class A		3,393,451		7,408,635
Everbright Securities Co. Ltd., Class A		1,086,899		2,563,547
First Capital Securities Co. Ltd., Class A		1,337,689		1,105,639
Founder Securities Co. Ltd., Class A		2,697,600		2,680,419
GF Securities Co. Ltd., Class A		1,202,199		2,487,180
GF Securities Co. Ltd., Class H		3,854,200		5,499,434
Guosen Securities Co. Ltd., Class A		2,006,433		2,559,367
Guotai Junan Securities Co. Ltd., Class A		1,975,359		3,955,523
Guoyuan Securities Co. Ltd., Class A		1,066,670		1,018,153
Haitong Securities Co. Ltd., Class A		2,424,459		3,277,258
Haitong Securities Co. Ltd., Class H		9,363,200		5,809,684
Hithink RoyalFlush Information Network Co. Ltd., Class A		115,387		2,655,390
Huatai Securities Co. Ltd., Class A		1,755,693		3,837,425
Huatai Securities Co. Ltd., Class H(a)		4,425,000		5,822,382
Huaxi Securities Co. Ltd., Class A		1,254,073		1,468,505
Industrial Securities Co. Ltd., Class A		2,356,592		2,077,811
Orient Securities Co. Ltd., Class A		1,809,721		2,481,402
SDIC Capital Co. Ltd., Class A		1,751,400		1,764,155
Shanxi Securities Co. Ltd., Class A		972,141		808,979
Shenwan Hongyuan Group Co. Ltd., Class A		6,230,979		3,733,217

Security	Shares		Value
Capital Markets (continued)
SooChow Securities Co. Ltd., Class A		1,375,035	$	1,546,652
Southwest Securities Co. Ltd., Class A		1,588,400		921,046
Western Securities Co. Ltd., Class A		1,588,430		1,473,373
Zhongtai Securities Co. Ltd.		1,922,800		1,931,948
				127,561,747
Chemicals — 1.1%
Asia - Potash International Investment Guangzhou Co. Ltd.(b)		250,800		963,893
CNGR Advanced Material Co. Ltd.		167,976		1,266,085
Do-Fluoride New Materials Co. Ltd., Class A		351,760		790,952
Dongyue Group Ltd.		6,345,000		5,444,616
Ganfeng Lithium Co. Ltd., Class H(a)(c)		1,448,600		6,919,402
Ganfeng Lithium Group Co. Ltd., Class A		463,341		3,020,025
Guangzhou Tinci Materials Technology Co. Ltd., Class A		502,400		2,264,744
Hengli Petrochemical Co. Ltd., Class A(b)		1,755,610		3,465,167
Hengyi Petrochemical Co. Ltd., Class A(b)		1,003,276		1,057,603
Hoshine Silicon Industry Co. Ltd., Class A		167,200		1,419,988
Huafon Chemical Co. Ltd., Class A		1,965,200		1,888,723
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		3,480,170		1,999,101
Jiangsu Eastern Shenghong Co. Ltd., Class A		1,506,500		2,378,492
Jiangsu Yangnong Chemical Co. Ltd., Class A		179,260		1,573,629
LB Group Co. Ltd., Class A		585,200		1,457,543
Ningbo Shanshan Co. Ltd.		724,191		1,354,276
Ningxia Baofeng Energy Group Co. Ltd., Class A		1,797,500		3,388,289
Qinghai Salt Lake Industry Co. Ltd., Class A(b)		1,254,000		3,082,170
Rongsheng Petrochemical Co. Ltd., Class A		2,424,892		4,015,840
Satellite Chemical Co. Ltd., Class A		989,643		2,079,086
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		585,200		2,660,121
Shanghai Putailai New Energy Technology Co. Ltd., Class A		487,440		2,192,072
Shenzhen Capchem Technology Co. Ltd., Class A		216,320		1,426,982
Shenzhen Dynanonic Co. Ltd.		67,360		869,214
Shenzhen Senior Technology Co. Ltd., Class A		390,997		754,819
Sichuan Yahua Industrial Group Co. Ltd., Class A		239,000		514,545
Sinoma Science & Technology Co. Ltd., Class A		501,600		1,511,067
Skshu Paint Co. Ltd., Class A(b)		142,120		1,473,805
SuZhou TA&A Ultra Clean Technology Co. Ltd., Class A		219,280		813,367
Tianqi Lithium Corp., Class A		334,400		2,642,852
Tongkun Group Co. Ltd., Class A(b)		668,864		1,362,535
Wanhua Chemical Group Co. Ltd., Class A		752,473		9,696,989
Weihai Guangwei Composites Co. Ltd., Class A		268,160		1,030,815
Yunnan Energy New Material Co. Ltd., Class A		218,004		1,990,137
Yunnan Yuntianhua Co. Ltd.		501,600		1,188,624
Zangge Mining Co. Ltd.		418,000		1,290,343
Zhejiang Juhua Co. Ltd., Class A		585,972		1,318,658
				82,566,569
Commercial Services & Supplies — 0.1%
China Everbright Environment Group Ltd.		14,212,148		5,176,951
Shanghai M&G Stationery Inc., Class A		250,800		1,297,760
Zhejiang Weiming Environment Protection Co. Ltd., Class A		576,400		1,417,660
				7,892,371
Communications Equipment — 0.5%
BYD Electronic International Co. Ltd.		2,932,500		13,581,882

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

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

Security	Shares		Value
Communications Equipment (continued)
Guangzhou Haige Communications Group Inc. Co., Class A		919,684	$	1,337,615
Hengtong Optic-Electric Co. Ltd., Class A		660,000		1,281,952
Suzhou TFC Optical Communication Co. Ltd.		83,600		970,211
Yealink Network Technology Corp. Ltd., Class A		274,731		1,397,245
Zhongji Innolight Co. Ltd., Class A		167,277		2,634,533
ZTE Corp., Class A		865,264		4,211,666
ZTE Corp., Class H		2,842,440		9,148,138
				34,563,242
Construction & Engineering — 0.7%
China Communications Services Corp. Ltd., Class H		9,856,800		4,437,636
China Conch Venture Holdings Ltd.		5,446,500		5,351,386
China Energy Engineering Corp. Ltd.		7,737,400		2,434,658
China National Chemical Engineering Co. Ltd., Class A		1,588,495		1,698,946
China Railway Group Ltd., Class A		4,683,698		4,317,846
China Railway Group Ltd., Class H		16,497,000		8,727,416
China State Construction Engineering Corp. Ltd., Class A		9,112,438		7,047,709
China State Construction International Holdings Ltd.		8,360,000		9,298,358
Metallurgical Corp. of China Ltd., Class A		4,765,200		2,383,090
Power Construction Corp. of China Ltd., Class A		4,096,497		2,899,122
Sichuan Road & Bridge Co. Ltd., Class A		1,873,360		2,290,701
				50,886,868
Construction Materials — 0.4%
Anhui Conch Cement Co. Ltd., Class A		951,391		3,360,443
Anhui Conch Cement Co. Ltd., Class H		4,598,000		12,802,922
China Jushi Co. Ltd., Class A		1,170,405		2,245,589
China National Building Material Co. Ltd., Class H		15,048,000		7,648,383
China Resources Cement Holdings Ltd.		10,032,000		3,322,945
				29,380,282
Consumer Finance — 0.1%
Lufax Holding Ltd., ADR		2,667,766		3,227,997
Qifu Technology Inc.		419,494		7,131,398
				10,359,395
Consumer Staples Distribution & Retail — 0.6%
Alibaba Health Information Technology Ltd.(b)(c)		19,640,000		11,595,320
DaShenLin Pharmaceutical Group Co. Ltd., Class A		334,786		1,225,841
JD Health International Inc.(a)(b)		4,038,350		21,773,413
Ping An Healthcare and Technology Co. Ltd.(a)(b)(c)		2,068,400		5,162,929
Yifeng Pharmacy Chain Co. Ltd., Class A		333,572		1,630,792
				41,388,295
Containers & Packaging — 0.0%
Shenzhen YUTO Packaging Technology Co. Ltd.		250,740		831,361
Distributors — 0.0%
Wuchan Zhongda Group Co. Ltd., Class A		1,755,603		1,121,993
Diversified Consumer Services — 0.7%
Koolearn Technology Holding Ltd.(a)(b)(c)		1,562,000		7,912,749
New Oriental Education & Technology Group Inc.(b)		5,601,290		30,388,433
Offcn Education Technology Co. Ltd., Class A(b)		1,772,500		1,039,200
TAL Education Group, ADR(b)		1,690,695		11,919,400
				51,259,782
Diversified Telecommunication Services — 0.2%
China Tower Corp. Ltd., Class H(a)		162,220,000		15,695,108

Security	Shares		Value
Electrical Equipment — 1.0%
Beijing Easpring Material Technology Co. Ltd., Class A		204,400	$	1,244,765
Contemporary Amperex Technology Co. Ltd., Class A		962,819		31,275,297
Dongfang Electric Corp. Ltd., Class A		752,400		1,733,912
Eve Energy Co. Ltd., Class A		510,036		3,461,228
Fangda Carbon New Material Co. Ltd., Class A(b)		1,337,647		1,071,568
Ginlong Technologies Co. Ltd., Class A		115,200		1,187,853
Goldwind Science & Technology Co Ltd., Class A		1,088,920		1,420,658
Gotion High-tech Co. Ltd., Class A(b)		455,892		1,516,511
Hongfa Technology Co. Ltd., Class A		250,891		1,211,361
Jiangsu GoodWe Power Supply Technology Co. Ltd., NVS		43,974		837,113
Jiangsu Zhongtian Technology Co. Ltd., Class A		836,000		1,673,787
Jiangxi Special Electric Motor Co. Ltd., NVS(b)		492,800		614,240
Ming Yang Smart Energy Group Ltd., Class A		501,752		1,028,861
NARI Technology Co. Ltd., Class A		1,839,854		6,015,649
Ningbo Orient Wires & Cables Co. Ltd.		230,331		1,170,547
Ningbo Ronbay New Energy Technology Co. Ltd.		110,180		771,520
Pylon Technologies Co. Ltd., NVS		44,710		849,513
Shanghai Electric Group Co. Ltd., Class A(b)		3,845,600		2,359,851
Shanghai Moons’ Electric Co. Ltd.		83,600		755,285
Sieyuan Electric Co. Ltd.		252,400		1,774,173
Sungrow Power Supply Co. Ltd., Class A		357,800		4,904,813
Sunwoda Electronic Co. Ltd., Class A		501,608		1,091,450
Suzhou Maxwell Technologies Co. Ltd., Class A		56,947		1,193,373
TBEA Co. Ltd., Class A		1,305,134		2,636,819
Zhejiang Chint Electrics Co. Ltd., Class A		585,221		1,991,914
				73,792,061
Electronic Equipment, Instruments & Components — 1.2%
AAC Technologies Holdings Inc.(c)		2,926,000		5,667,811
Avary Holding Shenzhen Co. Ltd., Class A		460,600		1,351,456
BOE Technology Group Co. Ltd., Class A		9,279,600		5,110,409
Chaozhou Three-Circle Group Co. Ltd., Class A		555,777		2,450,198
China Zhenhua Group Science & Technology Co. Ltd., Class A		139,500		1,756,833
Foxconn Industrial Internet Co. Ltd., Class A		2,257,286		6,785,637
GoerTek Inc., Class A		836,000		1,757,289
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		167,219		1,223,859
Hengdian Group DMEGC Magnetics Co. Ltd.		464,500		1,046,548
Huagong Tech Co. Ltd., Class A		253,200		1,090,575
Kingboard Holdings Ltd.		2,517,000		5,711,694
Kingboard Laminates Holdings Ltd.		3,725,000		3,095,776
Lens Technology Co. Ltd., Class A		1,337,642		2,259,079
Lingyi iTech Guangdong Co., Class A		2,341,013		1,931,600
Luxshare Precision Industry Co. Ltd., Class A		1,588,641		7,197,236
Maxscend Microelectronics Co. Ltd., Class A		130,652		2,225,506
Raytron Technology Co. Ltd., Class A		70,314		494,862
Shengyi Technology Co. Ltd., Class A		501,600		1,021,057
Shennan Circuits Co. Ltd., Class A		101,224		920,281
Shenzhen SED Industry Co. Ltd., NVS		253,200		953,798
Sunny Optical Technology Group Co. Ltd.		2,592,700		21,169,873
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		418,000		1,078,787
TCL Technology Group Corp., Class A(b)		4,909,560		2,763,682
Tianma Microelectronics Co. Ltd., Class A(b)		1,003,236		1,185,223
Unisplendour Corp. Ltd., Class A(b)		705,927		2,611,499
Westone Information Industry Inc., Class A		223,100		765,868
Wingtech Technology Co. Ltd., Class A(b)		334,400		2,119,391

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

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

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Wuhan Guide Infrared Co. Ltd., Class A		1,557,964	$	1,649,087
WUS Printed Circuit Kunshan Co. Ltd., Class A		419,618		1,216,310
Xiamen Faratronic Co. Ltd.		74,800		1,167,305
Zhejiang Dahua Technology Co. Ltd., Class A		755,600		2,241,709
Zhejiang Supcon Technology Co. Ltd.		198,469		1,374,240
				93,394,478
Energy Equipment & Services — 0.1%
China Oilfield Services Ltd., Class H		6,904,000		7,819,010
Offshore Oil Engineering Co. Ltd., Class A		1,288,198		1,032,170
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		334,492		1,313,582
				10,164,762
Entertainment — 2.9%
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		501,600		1,700,184
Beijing Enlight Media Co. Ltd., Class A		786,500		1,009,479
Bilibili Inc.(b)(c)		708,485		10,705,385
China Film Co. Ltd., Class A(b)		585,200		1,193,293
China Ruyi Holdings Ltd.(b)(c)		22,456,000		5,954,795
Giant Network Group Co. Ltd., Class A		590,000		1,183,624
iQIYI Inc., ADR(b)		1,671,092		8,422,304
Kingsoft Corp. Ltd.		3,513,400		14,004,195
Kunlun Tech Co. Ltd., Class A(b)		336,800		1,670,203
Mango Excellent Media Co. Ltd., Class A		501,680		2,037,581
NetEase Inc.		7,198,660		149,137,927
Perfect World Co. Ltd., Class A		522,000		990,631
Tencent Music Entertainment Group, ADR(b)(c)		2,679,598		18,274,858
Zhejiang Century Huatong Group Co. Ltd., Class A(b)		1,839,298		1,369,810
				217,654,269
Financial Services — 0.1%
AVIC Industry-Finance Holdings Co. Ltd., Class A		2,253,882		1,143,066
Far East Horizon Ltd.		5,472,000		3,738,305
				4,881,371
Food Products — 1.5%
Angel Yeast Co. Ltd., Class A		334,411		1,524,441
Anjoy Foods Group Co. Ltd., Class A		84,200		1,513,077
China Feihe Ltd.(a)		13,406,000		8,059,954
China Mengniu Dairy Co. Ltd.		12,103,000		40,695,933
Chongqing Fuling Zhacai Group Co. Ltd., Class A		435,109		951,431
Foshan Haitian Flavouring & Food Co. Ltd., Class A		1,002,545		5,396,887
Guangdong Haid Group Co. Ltd., Class A		452,097		2,995,427
Hebei Yangyuan Zhihui Beverage Co. Ltd., Class A		334,400		1,128,046
Henan Shuanghui Investment & Development Co. Ltd., Class A		760,108		2,805,328
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		1,421,223		5,081,640
Juewei Food Co. Ltd., Class A		152,885		749,451
Muyuan Foods Co. Ltd., Class A		1,226,268		6,832,964
New Hope Liuhe Co. Ltd., Class A(b)		1,337,699		2,144,034
Tingyi Cayman Islands Holding Corp.		6,688,000		9,819,978
Uni-President China Holdings Ltd.		4,942,000		3,654,976
Want Want China Holdings Ltd.		17,557,000		11,612,029
Wens Foodstuffs Group Co. Ltd., Class A		1,588,416		3,634,348
Yihai International Holding Ltd.		1,869,000		3,502,575
Yihai Kerry Arawana Holdings Co. Ltd., Class A		386,977		1,896,055
				113,998,574
Gas Utilities — 0.8%
Beijing Enterprises Holdings Ltd.		1,672,000		6,264,135

Security	Shares		Value
Gas Utilities (continued)
China Gas Holdings Ltd.		10,046,400	$	10,254,085
China Resources Gas Group Ltd.		3,523,600		9,892,047
ENN Energy Holdings Ltd.		2,928,200		22,973,524
ENN Natural Gas Co. Ltd., Class A		636,200		1,523,967
Kunlun Energy Co. Ltd.		15,070,000		11,032,512
				61,940,270
Ground Transportation — 0.1%
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		7,258,400		5,092,186
Daqin Railway Co. Ltd., Class A		3,645,300		3,570,301
				8,662,487
Health Care Equipment & Supplies — 0.4%
Autobio Diagnostics Co. Ltd., Class A		138,700		873,825
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A		353,500		1,643,725
Lepu Medical Technology Beijing Co. Ltd., Class A		559,951		1,245,815
Microport Scientific Corp.(b)		3,154,500		5,401,779
Ovctek China Inc., Class A		285,840		1,035,659
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		9,215,600		9,175,825
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		283,795		10,539,513
Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A		158,400		1,322,893
				31,239,034
Health Care Providers & Services — 0.5%
Aier Eye Hospital Group Co. Ltd., Class A		2,143,610		5,312,302
China Meheco Co. Ltd., Class A		422,000		726,636
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		501,695		2,132,221
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		117,794		967,946
Huadong Medicine Co. Ltd., Class A		501,680		2,617,333
Hygeia Healthcare Holdings Co. Ltd.(a)(c)		1,337,600		6,769,903
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A(b)		1,337,625		1,249,842
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		639,997		1,571,416
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		2,508,000		4,123,500
Sinopharm Group Co. Ltd., Class H		5,020,400		14,568,813
				40,039,912
Hotels, Restaurants & Leisure — 7.2%
H World Group Ltd., ADR(b)		752,418		30,307,397
Haidilao International Holding Ltd.(a)		5,852,000		15,916,355
Jiumaojiu International Holdings Ltd.(a)(c)		3,344,000		5,363,407
Meituan, Class B(a)(b)		18,830,040		311,621,162
Shanghai Jinjiang International Hotels Co. Ltd., Class A		250,800		1,331,226
Songcheng Performance Development Co. Ltd., Class A		752,477		1,283,693
Tongcheng Travel Holdings Ltd.(b)		4,592,400		10,291,826
TravelSky Technology Ltd., Class H		3,344,000		5,987,196
Trip.com Group Ltd.(b)		2,034,484		80,130,071
Yum China Holdings Inc.		1,551,061		83,276,465
				545,508,798
Household Durables — 0.6%
Ecovacs Robotics Co. Ltd., Class A		167,600		1,222,090
Gree Electric Appliances Inc. of Zhuhai, Class A		722,729		3,554,664

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

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

Security	Shares		Value
Household Durables (continued)
Haier Smart Home Co. Ltd., Class A		1,421,246	$	4,590,136
Haier Smart Home Co. Ltd., Class H		9,028,800		27,964,705
Jason Furniture Hangzhou Co. Ltd., Class A		233,350		1,335,637
Oppein Home Group Inc., Class A		167,220		2,250,602
Zhejiang Supor Co. Ltd., Class A		167,296		1,094,283
				42,012,117
Household Products — 0.1%
Vinda International Holdings Ltd.		1,672,000		3,868,764
Independent Power and Renewable Electricity Producers — 1.2%
CECEP Wind Power Corp, Class A		2,128,400		982,275
CGN Power Co. Ltd., Class H(a)		40,199,000		10,044,909
China Longyuan Power Group Corp. Ltd., Class H		11,952,000		9,461,140
China National Nuclear Power Co. Ltd., Class A		4,598,076		4,550,540
China Power International Development Ltd.		17,887,000		6,374,901
China Resources Power Holdings Co. Ltd.		6,688,000		13,094,011
China Three Gorges Renewables Group Co. Ltd., Class A		6,901,626		4,666,855
China Yangtze Power Co. Ltd., Class A		5,437,241		16,490,667
Datang International Power Generation Co. Ltd.		2,842,400		1,085,772
GD Power Development Co. Ltd., Class A		4,347,200		2,097,048
Huadian Power International Corp. Ltd., Class A		1,970,600		1,377,662
Huaneng Power International Inc., Class A(b)		2,003,252		2,243,376
Huaneng Power International Inc., Class H(b)		16,296,000		8,139,464
SDIC Power Holdings Co. Ltd., Class A		1,772,400		3,095,887
Shenzhen Energy Group Co. Ltd., Class A		2,090,080		1,860,702
Sichuan Chuantou Energy Co. Ltd., Class A		1,290,562		2,652,750
Zhejiang Zheneng Electric Power Co. Ltd., Class A(b)		2,869,600		1,736,722
				89,954,681
Industrial Conglomerates — 0.4%
CITIC Ltd.		21,747,000		21,581,720
Fosun International Ltd.		8,546,500		5,342,271
				26,923,991
Insurance — 4.0%
China Life Insurance Co. Ltd., Class A		668,805		3,279,621
China Life Insurance Co. Ltd., Class H		27,649,000		41,905,947
China Pacific Insurance Group Co. Ltd., Class A		1,672,047		6,376,225
China Pacific Insurance Group Co. Ltd., Class H		9,545,200		21,830,345
China Taiping Insurance Holdings Co. Ltd.		5,376,124		5,656,329
New China Life Insurance Co. Ltd., Class A		538,276		2,998,672
New China Life Insurance Co. Ltd., Class H		2,982,600		7,461,591
People’s Insurance Co. Group of China Ltd. (The), Class A		2,210,700		1,776,411
People’s Insurance Co. Group of China Ltd. (The), Class H		32,615,000		11,101,597
PICC Property & Casualty Co. Ltd., Class H		25,870,462		29,749,954
Ping An Insurance Group Co. of China Ltd., Class A		2,508,043		16,839,057
Ping An Insurance Group Co. of China Ltd., Class H		24,673,000		147,720,827
ZhongAn Online P&C Insurance Co. Ltd., Class H(a)(b)(c)		2,646,300		7,849,084
				304,545,660
Interactive Media & Services — 17.0%
Autohome Inc., ADR		256,112		7,401,637
Baidu Inc.(b)		8,360,856		149,318,508
JOYY Inc., ADR		159,175		5,462,886
Kanzhun Ltd., ADR(b)		809,159		11,975,553
Kuaishou Technology(a)(b)		8,588,200		70,302,323
Tencent Holdings Ltd.		24,912,800		1,032,394,742

Security	Shares		Value
Interactive Media & Services (continued)
Weibo Corp., ADR		265,549	$	3,425,582
				1,280,281,231
IT Services — 0.2%
Chinasoft International Ltd.(c)		9,608,000		6,368,100
DHC Software Co. Ltd., Class A		836,028		771,553
GDS Holdings Ltd., Class A(b)		3,395,620		5,041,550
				12,181,203
Life Sciences Tools & Services — 1.5%
Genscript Biotech Corp.(b)(c)		4,460,000		10,410,283
Hangzhou Tigermed Consulting Co. Ltd., Class A		83,637		763,621
Pharmaron Beijing Co. Ltd., Class A		377,825		1,544,470
WuXi AppTec Co. Ltd., Class A		602,917		6,768,167
WuXi AppTec Co. Ltd., Class H(a)(c)		1,337,681		14,658,637
Wuxi Biologics Cayman Inc.(a)(b)		14,212,000		80,121,567
				114,266,745
Machinery — 1.0%
China CSSC Holdings Ltd., Class A		1,086,800		4,239,268
CRRC Corp. Ltd., Class A		6,083,210		4,963,646
CRRC Corp. Ltd., Class H		15,835,000		7,796,697
Haitian International Holdings Ltd.		2,508,000		5,385,516
Jiangsu Hengli Hydraulic Co. Ltd., Class A		352,156		3,009,153
Ningbo Deye Technology Co. Ltd., NVS		83,820		1,061,896
North Industries Group Red Arrow Co. Ltd., Class A		418,000		876,173
Sany Heavy Equipment International Holdings Co. Ltd.		3,950,000		6,154,829
Sany Heavy Industry Co. Ltd., Class A		1,968,393		4,193,852
Shenzhen Inovance Technology Co. Ltd., Class A		334,430		3,140,050
Sinotruk Hong Kong Ltd.		2,345,500		4,352,768
Weichai Power Co. Ltd., Class A		1,588,468		2,571,299
Weichai Power Co. Ltd., Class H		7,535,000		9,760,993
XCMG Construction Machinery Co. Ltd., Class A		3,114,399		2,590,296
Zhejiang Dingli Machinery Co. Ltd., Class A		184,509		1,347,578
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		505,600		2,062,677
Zhuzhou CRRC Times Electric Co. Ltd., NVS		35,892		215,542
Zhuzhou CRRC Times Electric Co. Ltd.		2,177,200		7,587,828
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		2,090,016		1,856,342
				73,166,403
Marine Transportation — 0.3%
COSCO Shipping Holdings Co. Ltd., Class A		2,892,470		3,896,287
COSCO Shipping Holdings Co. Ltd., Class H		11,302,600		11,590,639
Orient Overseas International Ltd.		529,000		7,094,572
				22,581,498
Media — 0.1%
China Literature Ltd.(a)(b)		1,507,000		6,052,007
Focus Media Information Technology Co. Ltd., Class A		3,678,438		3,885,373
				9,937,380
Metals & Mining — 1.7%
Aluminum Corp. of China Ltd., Class A		3,176,800		2,579,553
Aluminum Corp. of China Ltd., Class H		15,048,000		7,259,689
Baoshan Iron & Steel Co. Ltd., Class A		5,319,493		4,429,177
China Hongqiao Group Ltd.(c)		8,794,000		8,753,767
China Minmetals Rare Earth Co. Ltd., Class A		296,250		1,162,913
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		919,600		2,788,566
CMOC Group Ltd., Class A		4,012,800		3,155,889

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

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

Security	Shares		Value
Metals & Mining (continued)
CMOC Group Ltd., Class H		13,758,000	$	8,207,540
Henan Shenhuo Coal & Power Co. Ltd.		492,800		1,074,391
Hunan Valin Steel Co. Ltd., Class A		2,048,300		1,665,492
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A(b)		12,289,292		3,023,674
Jiangxi Copper Co. Ltd., Class A		471,600		1,220,630
Jiangxi Copper Co. Ltd., Class H		4,180,000		6,510,360
Jinduicheng Molybdenum Co. Ltd., Class A		844,000		1,258,173
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A(b)		2,137,800		1,101,797
Shandong Gold Mining Co. Ltd., Class A		836,091		2,992,921
Shandong Gold Mining Co. Ltd., Class H(a)		2,805,500		5,649,428
Shandong Nanshan Aluminum Co. Ltd., Class A		4,681,600		2,005,725
Shanxi Meijin Energy Co. Ltd., Class A(b)		1,337,806		1,316,428
Shanxi Taigang Stainless Steel Co. Ltd., Class A		2,090,000		1,131,492
Shenghe Resources Holding Co. Ltd., Class A		586,358		890,524
Sinomine Resource Group Co. Ltd., Class A		185,120		946,332
Tianshan Aluminum Group Co. Ltd., Class A		1,254,000		1,086,276
Tongling Nonferrous Metals Group Co. Ltd., Class A		3,277,000		1,440,797
Western Superconducting Technologies Co. Ltd., Class A		194,964		1,271,561
Yintai Gold Co. Ltd., Class A		646,400		1,271,759
YongXing Special Materials Technology Co. Ltd., Class A		109,640		749,765
Yunnan Aluminium Co. Ltd., Class A		1,086,800		2,148,962
Yunnan Chihong Zinc&Germanium Co. Ltd.		1,755,600		1,266,466
Zhaojin Mining Industry Co. Ltd., Class H		4,847,500		6,785,496
Zhejiang Huayou Cobalt Co. Ltd., Class A		372,006		2,042,097
Zhongjin Gold Corp. Ltd., Class A		1,350,400		2,048,853
Zijin Mining Group Co. Ltd., Class A		4,244,717		7,162,043
Zijin Mining Group Co. Ltd., Class H		20,892,000		32,724,283
				129,122,819
Oil, Gas & Consumable Fuels — 2.8%
China Coal Energy Co. Ltd., Class H		8,148,000		5,558,384
China Merchants Energy Shipping Co. Ltd., Class A		1,949,800		1,574,081
China Petroleum & Chemical Corp., Class A		7,106,288		5,926,047
China Petroleum & Chemical Corp., Class H		91,533,000		53,519,893
China Shenhua Energy Co. Ltd., Class A		1,490,452		5,770,161
China Shenhua Energy Co. Ltd., Class H		12,545,500		36,513,864
COSCO SHIPPING Energy Transportation Co. Ltd., Class A		816,600		1,486,737
COSCO SHIPPING Energy Transportation Co. Ltd., Class H		5,016,000		5,240,165
Guanghui Energy Co. Ltd., Class A		1,655,945		1,497,370
Inner Mongolia Yitai Coal Co. Ltd., Class B(b)		3,979,800		5,302,180
PetroChina Co. Ltd., Class A		4,727,092		5,038,622
PetroChina Co. Ltd., Class H		78,606,000		56,703,679
Shaanxi Coal Industry Co. Ltd., Class A		2,090,189		4,778,769
Shan Xi Hua Yang Group New Energy Co. Ltd.		989,100		1,027,347
Shanxi Coking Coal Energy Group Co. Ltd., Class A		1,086,800		1,243,073
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		752,400		1,682,992
Yankuang Energy Group Co. Ltd., Class A		585,204		1,382,800
Yankuang Energy Group Co. Ltd., Class H(c)		9,303,000		14,604,667
				208,850,831
Paper & Forest Products — 0.0%
Nine Dragons Paper Holdings Ltd.(c)		6,688,000		3,711,225
Passenger Airlines — 0.3%
Air China Ltd., Class A(b)		2,591,614		3,083,969

Security	Shares		Value
Passenger Airlines (continued)
Air China Ltd., Class H(b)		6,710,000	$	4,966,849
China Eastern Airlines Corp. Ltd., Class A(b)		4,932,496		2,944,552
China Southern Airlines Co. Ltd., Class A(b)		2,926,034		2,545,244
China Southern Airlines Co. Ltd., Class H(b)		6,710,000		3,564,465
Hainan Airlines Holding Co. Ltd., Class A		10,125,522		2,173,527
Spring Airlines Co. Ltd., Class A(b)		253,200		2,041,507
				21,320,113
Personal Care Products — 0.1%
Hengan International Group Co. Ltd.		2,508,000		9,303,068
Yunnan Botanee Bio-Technology Group Co. Ltd.		83,679		1,170,614
				10,473,682
Pharmaceuticals — 1.4%
Asymchem Laboratories Tianjin Co. Ltd., Class A		52,220		953,655
Beijing Tongrentang Co. Ltd., Class A		325,588		2,515,735
Betta Pharmaceuticals Co. Ltd., Class A		117,798		800,132
Changchun High & New Technology Industry Group Inc., Class A		93,496		1,769,397
China Medical System Holdings Ltd.		5,027,000		7,240,190
China Resources Pharmaceutical Group Ltd.(a)		5,264,000		3,513,953
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		250,817		1,639,798
China Traditional Chinese Medicine Holdings Co. Ltd.(c)		11,768,000		4,600,143
Chongqing Taiji Industry Group Co. Ltd.(b)		167,200		993,875
CSPC Pharmaceutical Group Ltd.		33,462,400		25,150,599
Dong-E-E-Jiao Co. Ltd., Class A		251,179		1,791,483
Hansoh Pharmaceutical Group Co. Ltd.(a)		3,344,000		4,344,872
Humanwell Healthcare Group Co. Ltd., Class A		418,300		1,343,850
Jiangsu Hengrui Medicine Co. Ltd., Class A		1,421,280		8,171,027
Jiangsu Nhwa Pharmaceutical Co. Ltd., Class A		250,800		910,133
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		454,562		712,834
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A		545,455		887,256
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		585,284		2,244,615
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		1,688,000		3,962,942
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A		304,831		1,157,598
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		444,542		1,421,496
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		418,065		1,556,940
Sino Biopharmaceutical Ltd.		38,458,000		14,598,210
Yunnan Baiyao Group Co. Ltd., Class A		445,342		3,344,818
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		152,309		5,788,219
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		410,699		948,073
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A		230,400		861,324
Zhejiang NHU Co. Ltd., Class A		919,631		2,057,664
				105,280,831
Real Estate Management & Development — 3.0%
C&D International Investment Group Ltd.		2,384,000		6,058,434
China Jinmao Holdings Group Ltd.(c)		21,096,000		2,986,992
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		1,835,333		3,450,273
China Overseas Land & Investment Ltd.		14,217,500		29,971,730
China Overseas Property Holdings Ltd.		4,890,000		5,838,550
China Resources Land Ltd.		12,084,665		51,078,234

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

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

Security	Shares		Value
Real Estate Management & Development (continued)
China Resources Mixc Lifestyle Services Ltd.(a)		2,630,600	$	11,367,186
China Vanke Co. Ltd., Class A		2,484,828		4,659,671
China Vanke Co. Ltd., Class H		7,904,331		9,220,554
Country Garden Holdings Co. Ltd.(b)(c)		46,816,727		5,306,530
Country Garden Services Holdings Co. Ltd.(c)		8,190,000		9,515,495
Gemdale Corp., Class A		1,171,497		1,160,938
Greenland Holdings Corp. Ltd., Class A(b)		2,616,400		1,054,272
Greentown China Holdings Ltd.		3,762,000		4,467,672
Hainan Airport Infrastructure Co. Ltd., NVS		3,286,000		1,810,907
Hangzhou Binjiang Real Estate Group Co. Ltd.		668,800		964,008
KE Holdings Inc., ADR(b)		2,446,558		42,080,798
Longfor Group Holdings Ltd.(a)		6,926,500		14,619,072
Poly Developments and Holdings Group Co. Ltd., Class A		2,675,275		5,151,567
Seazen Holdings Co. Ltd., Class A(b)		414,064		828,289
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		1,353,478		555,703
Shenzhen Overseas Chinese Town Co. Ltd., Class A(b)		2,340,838		1,401,621
Yuexiu Property Co. Ltd.		6,226,600		7,714,598
Zhejiang China Commodities City Group Co. Ltd., Class A		1,181,600		1,331,719
				222,594,813
Semiconductors & Semiconductor Equipment — 1.7%
3peak Inc.		31,362		791,416
Advanced Micro-Fabrication Equipment Inc., Class A(b)		167,388		3,513,348
Amlogic Shanghai Co. Ltd.(b)		105,853		1,274,181
Cambricon Technologies Corp. Ltd.(b)		103,434		2,263,126
China Resources Microelectronics Ltd.		319,612		2,570,671
Daqo New Energy Corp., ADR(b)(c)		224,961		8,316,808
Flat Glass Group Co. Ltd., Class A		334,400		1,418,354
Flat Glass Group Co. Ltd., Class H		1,672,000		4,152,287
GalaxyCore Inc., NVS		426,362		889,100
GCL-Poly Energy Holdings Ltd.		77,464,000		13,417,209
GigaDevice Semiconductor Inc., Class A		177,287		2,287,486
Hangzhou Chang Chuan Technology Co. Ltd.		158,400		812,998
Hangzhou First Applied Material Co. Ltd., Class A		488,336		2,091,633
Hangzhou Lion Electronics Co. Ltd.		145,980		661,567
Hangzhou Silan Microelectronics Co. Ltd., Class A		334,400		1,163,580
Hoyuan Green Energy Co. Ltd., Class A		154,204		882,414
Hua Hong Semiconductor Ltd.(a)(b)		1,953,000		5,090,958
Ingenic Semiconductor Co. Ltd., Class A		84,000		851,527
JA Solar Technology Co. Ltd., Class A		738,296		2,822,441
JCET Group Co. Ltd., Class A		418,100		1,871,641
Jiangsu Pacific Quartz Co. Ltd., NVS		84,200		1,104,134
Jinko Solar Co. Ltd.		1,344,010		1,991,756
LONGi Green Energy Technology Co. Ltd., Class A		1,684,923		6,158,147
Montage Technology Co. Ltd., Class A		249,201		1,754,646
National Silicon Industry Group Co. Ltd., Class A(b)		675,200		1,887,531
NAURA Technology Group Co. Ltd., Class A		106,000		3,951,240
Risen Energy Co. Ltd.		253,200		698,614
Rockchip Electronics Co. Ltd.		84,400		759,736
Sanan Optoelectronics Co. Ltd., Class A		1,181,600		2,548,188
SG Micro Corp., Class A		167,230		1,777,596
Shanghai Aiko Solar Energy Co. Ltd.		426,260		1,300,398
Shanghai Fudan Microelectronics Group Co. Ltd.		134,234		974,119
Shenzhen SC New Energy Technology Corp., Class A		83,600		1,017,717
StarPower Semiconductor Ltd., Class A		22,000		598,817

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		773,872	$	2,722,987
Tianshui Huatian Technology Co. Ltd., Class A		919,629		1,135,024
TongFu Microelectronics Co. Ltd., Class A		373,696		1,046,056
Tongwei Co. Ltd., Class A		1,003,299		4,421,612
Trina Solar Co. Ltd.		490,913		2,296,057
Unigroup Guoxin Microelectronics Co. Ltd., Class A(b)		252,653		3,215,678
Verisilicon Microelectronics Shanghai Co. Ltd.(b)		125,846		1,155,619
Will Semiconductor Co. Ltd. Shanghai, Class A		265,545		3,360,513
Wuxi Autowell Technology Co. Ltd.		44,782		1,036,776
Xinjiang Daqo New Energy Co. Ltd.		458,250		2,614,437
Xinyi Solar Holdings Ltd.		18,392,000		15,346,243
Yangzhou Yangjie Electronic Technology Co. Ltd.		158,400		776,649
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		305,493		2,364,945
				125,157,980
Software — 0.6%
360 Security Technology Inc., Class A(b)		1,672,000		2,564,269
Beijing E-Hualu Information Technology Co. Ltd., Class A(b)		250,800		1,039,364
Beijing Kingsoft Office Software Inc., Class A		111,751		6,058,441
Beijing Shiji Information Technology Co. Ltd., Class A(b)		360,268		671,370
China National Software & Service Co. Ltd., Class A		285,235		1,691,392
Hundsun Technologies Inc., Class A		488,640		2,417,533
Iflytek Co. Ltd., Class A		539,262		4,057,967
Kingdee International Software Group Co. Ltd.(b)		10,032,000		15,500,579
NavInfo Co. Ltd., Class A(b)		752,418		1,065,471
Qi An Xin Technology Group Inc.(b)		178,276		1,312,553
Sangfor Technologies Inc., Class A(b)		95,000		1,425,476
Shanghai Baosight Software Co. Ltd., Class A		453,400		2,989,659
Shanghai Baosight Software Co. Ltd., Class B		2,201,366		5,000,720
Thunder Software Technology Co. Ltd., Class A		83,600		916,989
Yonyou Network Technology Co. Ltd., Class A		836,012		2,085,710
				48,797,493
Specialty Retail — 0.6%
China Meidong Auto Holdings Ltd.(c)		3,718,000		2,800,206
China Tourism Group Duty Free Corp. Ltd.(a)		322,000		4,324,161
China Tourism Group Duty Free Corp. Ltd., Class A		471,524		7,069,162
Chow Tai Fook Jewellery Group Ltd.		7,210,600		10,933,886
Pop Mart International Group Ltd.(a)		1,770,400		5,758,381
Topsports International Holdings Ltd.(a)		7,418,000		6,041,023
Zhongsheng Group Holdings Ltd.		2,926,000		8,915,017
				45,841,836
Technology Hardware, Storage & Peripherals — 1.7%
China Greatwall Technology Group Co. Ltd., Class A		668,800		1,000,020
Inspur Electronic Information Industry Co. Ltd., Class A		361,416		1,943,238
Lenovo Group Ltd.		26,774,000		30,263,345
Ninestar Corp., Class A		388,426		1,493,215
Shenzhen Transsion Holding Co. Ltd., Class A		187,491		3,784,424
Xiaomi Corp., Class B(a)(b)		56,795,400		89,533,264
				128,017,506
Textiles, Apparel & Luxury Goods — 1.8%
ANTA Sports Products Ltd.		4,637,000		52,273,839
Bosideng International Holdings Ltd.		14,302,000		5,612,296

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

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

Security	Shares		Value
Textiles, Apparel & Luxury Goods (continued)
Li Ning Co. Ltd.		8,899,500	$	42,061,751
Shenzhou International Group Holdings Ltd.		3,097,200		31,735,011
Xtep International Holdings Ltd.		5,680,000		5,618,831
				137,301,728
Tobacco — 0.1%
Smoore International Holdings Ltd.(a)(c)		6,706,000		6,774,894
Trading Companies & Distributors — 0.1%
Beijing United Information Technology Co. Ltd., Class A		284,087		1,409,687
BOC Aviation Ltd.(a)		753,500		5,651,539
Xiamen C & D Inc., Class A		726,988		1,086,248
				8,147,474
Transportation Infrastructure — 0.4%
Beijing Capital International Airport Co. Ltd., Class H(b)		6,512,000		3,409,841
China Merchants Port Holdings Co. Ltd.		5,038,000		6,026,903
COSCO SHIPPING Ports Ltd.		6,302,000		3,880,061
Guangzhou Baiyun International Airport Co. Ltd., Class A(b)		590,800		957,997
Jiangsu Expressway Co. Ltd., Class H		4,840,000		4,370,839
Shanghai International Airport Co. Ltd., Class A(b)		334,699		1,806,509
Shanghai International Port Group Co. Ltd., Class A		1,839,277		1,289,846
Shenzhen International Holdings Ltd.		5,434,000		3,862,664
Zhejiang Expressway Co. Ltd., Class H		6,264,000		4,677,533
				30,282,193
Water Utilities — 0.2%
Beijing Enterprises Water Group Ltd.		16,566,000		3,816,626
Guangdong Investment Ltd.		11,704,000		9,136,422
				12,953,048
Wireless Telecommunication Services — 0.1%
China United Network Communications Ltd., Class A		6,885,927		4,937,653
Total Common Stocks — 99.5% (Cost: $8,880,614,146)				7,493,019,065

Security	Shares		Value
Rights
Pharmaceuticals — 0.0%
Kangmei Pharmaceutical Co. Ltd. (Expires 12/31/49)(b)		82,699	$	—
Total Rights — 0.0% (Cost: $0)				—
Total Long-Term Investments — 99.5% (Cost: $8,880,614,146)				7,493,019,065
Short-Term Securities
Money Market Funds — 2.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.52%(d)(e)(f)		171,140,247		171,191,589
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(d)(e)		7,840,000		7,840,000
Total Short-Term Securities — 2.4% (Cost: $178,943,713)				179,031,589
Total Investments — 101.9% (Cost: $9,059,557,859)				7,672,050,654
Liabilities in Excess of Other Assets — (1.9)%				(143,798,980	)
Net Assets — 100.0%			$ 7,528,251,674

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

^(b)  Non-income producing security.

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

^(d)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 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 08/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 08/31/23		Shares Held at 08/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	211,036,965	$	—		$	(39,829,858	)(a)	$	39,232	$	(54,750	)	$	171,191,589		171,140,247	$	2,535,150	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		7,230,000		610,000	(a)		—			—		—			7,840,000		7,840,000		365,870			13
									$	39,232	$	(54,750	)	$	179,031,589			$	2,901,020		$	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.

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

Schedule of Investments (continued) August 31, 2023 iShares^® MSCI China 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		1,447		09/15/23	$	33,142	$	33,734

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)	$	—	$	—	$	33,734	$	—	$	—	$	—	$	33,734

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

For the period ended August 31, 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	$	—	$	—	$	(78,173	)	$	—	$	—	$	—	$	(78,173	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	1,192,348		$	—	$	—	$	—	$	1,192,348

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	30,955,557

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	$	628,197,664	$	6,864,821,401	$	—	$	7,493,019,065
Rights		—		—		—		—
Short-Term Securities
Money Market Funds		179,031,589		—		—		179,031,589
	$	807,229,253	$	6,864,821,401	$	—	$	7,672,050,654

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

Schedule of Investments (continued) August 31, 2023 iShares^® MSCI China ETF

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	33,734	$	—	$	33,734

^(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 39

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

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 0.2%
Hangzhou SF Intra-City Industrial Co. Ltd.(a)(b)		114,400	$	116,718
Automobile Components — 2.0%
Huazhong In-Vehicle Holdings Co. Ltd.(c)		352,000		105,478
Intron Technology Holdings Ltd.		264,000		116,960
Nexteer Automotive Group Ltd.		660,000		424,741
Tianneng Power International Ltd.(c)		490,000		521,993
Wuling Motors Holdings Ltd.(c)		990,000		81,913
				1,251,085
Beverages — 0.4%
China Foods Ltd.		616,000		228,293
China Huiyuan Juice Group Ltd.(d)		81,000		—
				228,293
Biotechnology — 5.2%
Alphamab Oncology(a)(b)(c)		308,000		337,825
Ascentage Pharma Group International(a)(b)		158,400		486,153
Brii Biosciences Ltd.(b)(c)		330,000		119,855
CARsgen Therapeutics Holdings Ltd., NVS(a)(b)		242,000		284,172
CStone Pharmaceuticals(a)(b)(c)		462,000		131,713
Everest Medicines Ltd.(a)(b)(c)		132,000		304,350
I-Mab, ADR(b)		10,400		19,760
Jacobio Pharmaceuticals Group Co. Ltd. (a)(b)(c)		237,600		114,803
Jiangsu Recbio Technology Co. Ltd.(a)		66,000		95,267
Keymed Biosciences Inc.(a)(b)		123,000		834,998
Kintor Pharmaceutical Ltd. (a)(b)		18,500		8,180
Lepu Biopharma Co. Ltd.(a)		396,000		264,594
Shanghai Haohai Biological Technology Co. Ltd., Class H(a)		22,000		124,155
Shanghai Henlius Biotech Inc.(a)(b)		52,800		80,300
Untrade Cteg(d)		600,000		1,791
				3,207,916
Building Products — 1.2%
China Lesso Group Holdings Ltd.		792,000		436,278
China State Construction Development Holdings Ltd.		528,000		162,769
Luoyang Glass Co. Ltd., Class H (b)(c)		176,000		117,698
				716,745
Capital Markets — 2.4%
Bairong Inc. (a)(b)		176,000		215,549
China Everbright Ltd.		672,000		391,987
China Renaissance Holdings Ltd.(a)(c)(d)		162,800		120,276
Noah Holdings Ltd., ADR(c)		28,028		389,869
Up Fintech Holding Ltd., ADR(b)(c)		71,236		349,769
				1,467,450
Chemicals — 3.2%
China BlueChemical Ltd., Class H		1,144,000		284,285
China XLX Fertiliser Ltd.		440,000		216,705
Fufeng Group Ltd.		1,012,600		537,881
Global New Material International Holdings Ltd.(b)(c)		440,000		252,339
Guizhou Zhongyida Co. Ltd.(b)		264,000		99,264
Huabao International Holdings Ltd.(c)		704,000		253,644
Shanghai Chlor-Alkali Chemical Co. Ltd., Class B		294,893		139,441
Sinofert Holdings Ltd.		1,584,000		193,792
Untradelumena Newmat, NVS(d)		21,700		—
				1,977,351
Commercial Services & Supplies — 1.0%
Binjiang Service Group Co. Ltd.		66,000		147,328
China Conch Environment Protection Holdings Ltd.(b)(c)		858,000		216,749

Security	Shares		Value
Commercial Services & Supplies (continued)
Dynagreen Environmental Protection Group Co. Ltd., Class H		264,000	$	83,156
Zonqing Environmental Ltd., NVS		58,000		190,071
				637,304
Communications Equipment — 0.1%
Eastern Communications Co. Ltd., Class B		220,000		85,549
Construction & Engineering — 1.3%
Greentown Management Holdings Co. Ltd.(a)		440,000		342,594
Sinopec Engineering Group Co. Ltd., Class H		1,056,000		488,709
				831,303
Construction Materials — 0.5%
Asia Cement China Holdings Corp.		330,000		128,892
MH Development Ltd.(d)		112,000		1,803
West China Cement Ltd.		1,584,000		157,391
				288,086
Consumer Finance — 1.2%
FinVolution Group, ADR		93,236		468,045
LexinFintech Holdings Ltd., ADR(b)		58,608		151,795
Yixin Group Ltd.(a)		1,188,000		121,099
				740,939
Consumer Staples Distribution & Retail — 0.6%
Dada Nexus Ltd., ADR(b)(c)		44,792		241,877
DingDong Cayman Ltd.(b)(c)		61,732		126,550
				368,427
Distributors — 0.3%
China Tobacco International HK Co. Ltd.(c)		146,000		210,765
Diversified Consumer Services — 4.2%
China Chunlai Education Group Co. Ltd.		176,000		144,753
China East Education Holdings Ltd.(a)		396,000		169,763
China Education Group Holdings Ltd.		836,000		710,404
China Maple Leaf Educational Systems Ltd.(b)(d)		1,088,000		28,772
China New Higher Education Group Ltd.(a)		616,000		195,326
Fu Shou Yuan International Group Ltd.		1,012,000		752,728
Hope Education Group Co. Ltd.(a)(b)		2,904,000		188,570
Tianli International Holdings Ltd.		924,000		299,369
Youdao Inc., ADR(b)(c)		23,320		90,948
				2,580,633
Diversified REITs — 0.5%
Yuexiu REIT(c)		1,760,000		329,926
Electrical Equipment — 1.2%
China Fiber Optic Network System Group Ltd.(d)		181,600		—
China High Speed Transmission Equipment Group Co. Ltd.(b)		352,000		114,339
Hangzhou Steam Turbine Power Group Co. Ltd., Class B		290,412		308,610
Harbin Electric Co. Ltd., Class H		440,000		134,439
Sun King Technology Group Ltd.(b)		880,000		178,253
Trony Solar Holdings Co. Ltd.(d)		216,000		—
				735,641
Electronic Equipment, Instruments & Components — 1.3%
Anxin-China Holdings Ltd.(d)		672,000		1
BOE Varitronix Ltd.		220,000		213,391
FIH Mobile Ltd. (b)		2,332,000		205,177
Q Technology Group Co. Ltd.(b)		352,000		130,784
Truly International Holdings Ltd.		1,144,000		126,677

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

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

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Wasion Holdings Ltd.		352,000	$	150,657
				826,687
Entertainment — 5.2%
Alibaba Pictures Group Ltd.(b)		8,800,000		582,990
Archosaur Games Inc.(a)(b)		176,000		81,282
Cloud Music Inc.(a)(b)		46,200		466,123
CMGE Technology Group Ltd.(b)		968,000		177,568
DouYu International Holdings Ltd., ADR(b)		97,724		99,678
Fire Rock Holdings Ltd.(b)(c)(d)		1,472,000		59,713
HUYA Inc., ADR(b)		65,032		174,286
iDreamSky Technology Holdings Ltd.(a)(b)		686,400		288,110
Maoyan Entertainment(a)(b)(c)		255,200		349,759
NetDragon Websoft Holdings Ltd.		198,000		383,761
Untrade SMI Holdings(d)		267,200		—
XD Inc.(b)		211,200		464,961
Zengame Technology Holding Ltd.		264,000		102,000
				3,230,231
Financial Services — 1.8%
CSSC Hong Kong Shipping Co. Ltd.		880,000		167,128
Genertec Universal Medical Group Co. Ltd.(a)		484,000		251,632
Haitong UniTrust International Leasing Co. Ltd., Class H(a)		1,056,000		117,149
International Alliance Financial Leasing Co. Ltd. (a)(b)		660,000		109,406
SY Holdings Group Ltd.(c)		330,000		210,400
Yeahka Ltd.(b)		114,400		227,312
				1,083,027
Food Products — 1.9%
Ausnutria Dairy Corp. Ltd.(c)		264,000		109,988
China Modern Dairy Holdings Ltd.(c)		2,288,000		215,660
China Youran Dairy Group Ltd.(a)(c)		528,000		98,260
COFCO Joycome Foods Ltd.(b)		2,024,000		468,983
Zhou Hei Ya International Holdings Co. Ltd.(a)(c)		792,000		279,681
				1,172,572
Gas Utilities — 0.7%
Tian Lun Gas Holdings Ltd.		176,000		90,568
Towngas Smart Energy Co. Ltd.		748,000		315,313
				405,881
Ground Transportation — 0.8%
ANE Cayman Inc.(b)		330,000		233,544
Canggang Railway Ltd., NVS		216,000		279,835
				513,379
Health Care Equipment & Supplies — 4.0%
AK Medical Holdings Ltd.(a)		404,000		324,646
Angelalign Technology Inc.(a)		30,400		202,578
Beijing Chunlizhengda Medical Instruments Co. Ltd., Class H		66,000		111,930
Kangji Medical Holdings Ltd.		220,000		193,948
Lifetech Scientific Corp. (b)(c)		2,904,000		902,908
Microport Cardioflow Medtech Corp.(a)(b)		792,000		188,263
Peijia Medical Ltd.(a)(b)		308,000		285,316
Untrade Hosa International Ltd.(d)		220,000		—
Venus MedTech Hangzhou Inc., Class H(a)(b)		176,000		125,572
Zylox-Tonbridge Medical Technology Co. Ltd.(a)(b)		132,000		142,819
				2,477,980
Health Care Providers & Services — 3.9%
Arrail Group Ltd., NVS(a)(b)		154,000		158,274
Chaoju Eye Care Holdings Ltd.		264,000		142,436
China Resources Medical Holdings Co. Ltd.		616,000		457,271

Security	Shares		Value
Health Care Providers & Services (continued)
Gushengtang Holdings Ltd.(b)(c)		105,600	$	562,014
Jinxin Fertility Group Ltd.(a)(b)(c)		1,386,000		693,149
New Horizon Health Ltd.(a)(b)		166,000		367,409
				2,380,553
Health Care Technology — 0.5%
Medlive Technology Co. Ltd.(a)		154,000		137,469
Yidu Tech Inc. (a)(b)		378,400		192,185
				329,654
Hotels, Restaurants & Leisure — 2.5%
China Travel International Investment Hong Kong Ltd.(b)		1,584,000		300,687
Haichang Ocean Park Holdings Ltd.(a)(b)(c)		2,376,000		308,870
Helens International Holdings Co. Ltd. (b)(c)		330,000		332,067
Huangshan Tourism Development Co. Ltd., Class B(b)		154,000		110,073
Nayuki Holdings Ltd.(b)(c)		374,000		229,315
Xiabuxiabu Catering Management China Holdings Co. Ltd.(a)		484,000		233,904
				1,514,916
Household Durables — 1.6%
Chervon Holdings Ltd.		92,400		305,158
Konka Group Co. Ltd., Class B(b)		506,000		91,566
Skyworth Group Ltd.		880,000		321,986
TCL Electronics Holdings Ltd.(c)		616,000		240,850
				959,560
Independent Power and Renewable Electricity Producers — 2.5%
Beijing Jingneng Clean Energy Co. Ltd., Class H		1,056,000		224,691
Canvest Environmental Protection Group Co. Ltd.(c)		352,000		188,515
CGN New Energy Holdings Co. Ltd.		968,000		260,436
China Datang Corp. Renewable Power Co. Ltd., Class H		1,716,000		426,758
China Everbright Greentech Ltd.(a)		356,000		38,998
Concord New Energy Group Ltd.		5,010,000		408,851
				1,548,249
Industrial Conglomerates — 0.8%
CITIC Resources Holdings Ltd.		2,024,000		95,452
Shanghai Industrial Holdings Ltd.		308,000		404,145
				499,597
Interactive Media & Services — 3.4%
Hello Group Inc., ADR		101,024		871,837
Meitu Inc.(a)(c)		1,628,000		625,434
Sohu.com Ltd., ADR(b)		15,928		168,200
Tongdao Liepin Group(b)		193,600		185,316
Zhihu Inc., NVS		118,800		245,220
				2,096,007
IT Services — 3.1%
Chindata Group Holdings Ltd., ADR(b)		103,664		867,668
Digital China Holdings Ltd.		440,000		142,434
INESA Intelligent Tech Inc., Class B		215,642		135,444
Kingsoft Cloud Holdings Ltd., ADR(b)(c)		83,248		473,681
National Agricultural Holdings Ltd., NVS(d)		108,900		—
Vnet Group Inc., ADR(b)		69,520		260,700
				1,879,927
Life Sciences Tools & Services — 0.3%
Viva Biotech Holdings(a)(b)		858,000		159,565
Machinery — 2.5%
CIMC Enric Holdings Ltd.		528,000		502,188
First Tractor Co. Ltd., Class H		264,000		134,548

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

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

Security	Shares		Value
Machinery (continued)
LK Technology Holdings Ltd.		397,500	$	381,230
Lonking Holdings Ltd.		1,408,000		251,078
Shanghai Highly Group Co. Ltd., Class B		193,684		60,522
Shanghai Mechanical and Electrical Industry Co. Ltd., Class B		158,405		156,656
Shanghai New Power Automotive Technology Co. Ltd., Class B(b)		108,865		25,210
				1,511,432
Media — 0.6%
Joy Spreader Group Inc.(b)		106,000		6,014
Mobvista Inc.(a)(b)		352,000		160,746
Xinhua Winshare Publishing and Media Co. Ltd., Class H		264,000		197,290
				364,050
Metals & Mining — 3.6%
China Metal Recycling Holdings Ltd.(d)		184,800		—
China Nonferrous Mining Corp Ltd.		968,000		523,668
China Oriental Group Co. Ltd.		792,000		121,019
China Zhongwang Holdings Ltd., NVS		63,560		—
Jinchuan Group International Resources Co. Ltd.		1,804,000		90,723
MMG Ltd.(b)(c)		2,192,000		727,370
Shougang Fushan Resources Group Ltd.		1,320,000		380,389
Tiangong International Co. Ltd.		1,056,000		356,773
Untrade Real Gold Mining(d)		126,000		—
Youyuan International Holdings Ltd.(d)		120,000		460
				2,200,402
Oil, Gas & Consumable Fuels — 1.2%
CGN Mining Co. Ltd.(b)(c)		1,760,000		206,281
Kinetic Development Group Ltd.		1,848,000		115,465
Productive Technologies Co. Ltd.(b)		1,936,000		119,729
Sinopec Kantons Holdings Ltd.		704,000		276,103
				717,578
Paper & Forest Products — 0.6%
China Forestry Holdings Co. Ltd.(d)		306,000		—
Lee & Man Paper Manufacturing Ltd.		924,000		271,838
Qunxing Paper Holdings Co. Ltd.(d)		148,000		—
Shandong Chenming Paper Holdings Ltd., Class B(b)		356,400		76,350
Superb Summit International Group Ltd.(d)		2,975		—
				348,188
Pharmaceuticals — 7.7%
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.		176,000		319,000
China Animal Healthcare Ltd.(d)		140,000		—
China Shineway Pharmaceutical Group Ltd.		220,000		217,261
Consun Pharmaceutical Group Ltd.		264,000		174,116
Grand Pharmaceutical Group Ltd., Class A		770,000		398,718
Hua Han Health Industry Holdings Ltd.(d)		505,580		1
Hua Medicine(a)(b)		45,500		9,760
HUTCHMED China Ltd.(b)		352,000		1,080,096
Luye Pharma Group Ltd. (a)(b)		1,518,000		557,435
Ocumension Therapeutics(a)(b)		220,000		231,117
SciClone Pharmaceuticals Holdings Ltd.(a)		176,000		211,890
Shandong Xinhua Pharmaceutical Co. Ltd., Class H(c)		138,000		100,601
Shanghai Haixin Group Co., Class B		321,263		97,932
Sihuan Pharmaceutical Holdings Group Ltd.		3,432,000		280,302
SSY Group Ltd.		968,000		515,272
Tong Ren Tang Technologies Co. Ltd., Class H		456,000		365,214

Security	Shares		Value
Pharmaceuticals (continued)
YiChang HEC ChangJiang Pharmaceutical Co. Ltd., Class H(a)(b)		193,600	$	156,652
				4,715,367
Real Estate Management & Development — 11.9%
Agile Group Holdings Ltd.(b)(c)		1,350,000		152,968
A-Living Smart City Services Co. Ltd., Class A(a)(b)		462,000		294,836
C&D Property Management Group Co. Ltd.		308,000		142,286
Central China New Life Ltd.		220,000		58,367
China Aoyuan Group Ltd.(b)(c)(d)		896,000		52,888
China Overseas Grand Oceans Group Ltd.		1,320,000		517,158
China South City Holdings Ltd.(b)		4,136,000		244,749
CIFI Ever Sunshine Services Group Ltd.(d)		646,000		176,221
CIFI Holdings Group Co. Ltd.(b)(c)(d)		3,432,000		233,284
Cosmopolitan International Holdings Ltd.(b)(c)		968,000		143,182
Excellence Commercial Property & Facilities Management Group Ltd.(c)		264,000		75,082
Gemdale Properties & Investment Corp. Ltd.		4,224,000		183,003
Greentown Service Group Co. Ltd.		1,056,000		492,832
Guangzhou R&F Properties Co. Ltd., Class H(b)(c)		1,214,400		185,458
Hopson Development Holdings Ltd.(b)(c)		756,840		463,786
Jinke Smart Services Group Co. Ltd.(b)		118,800		156,031
KWG Group Holdings Ltd.(b)(c)		1,254,000		145,276
LVGEM China Real Estate Investment Co. Ltd.(b)		968,000		203,663
Midea Real Estate Holding Ltd.(a)		202,400		189,945
Poly Property Group Co. Ltd.(c)		1,540,000		357,599
Powerlong Real Estate Holdings Ltd.(b)(c)		880,000		94,103
Radiance Holdings Group Co. Ltd.(b)(c)		572,000		264,033
Redco Properties Group Ltd.(a)(b)(c)(d)		704,000		85,741
SCE Intelligent Commercial Management Holdings Ltd.		440,000		63,995
Seazen Group Ltd.(b)(c)		1,778,000		346,787
Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class B		198,040		174,275
Shenzhen Investment Ltd.		1,884,000		332,000
Shimao Services Holdings Ltd.(a)(b)(c)		704,000		137,317
Shoucheng Holdings Ltd.		1,585,600		369,997
Shui On Land Ltd.		2,618,000		253,737
Sino-Ocean Group Holding Ltd.(b)(c)		2,222,000		103,348
SOHO China Ltd.(b)		1,518,000		176,139
Sunac Services Holdings Ltd.(a)(c)		768,000		239,678
Yuexiu Services Group Ltd., NVS		330,000		132,983
Zhuguang Holdings Group Co. Ltd.(b)		1,584,000		100,990
				7,343,737
Semiconductors & Semiconductor Equipment — 1.7%
JinkoSolar Holding Co. Ltd., ADR(b)(c)		31,372		1,051,903
Software — 4.1%
Agora Inc., ADR(b)		41,668		116,671
AsiaInfo Technologies Ltd.(a)		176,000		214,615
China Youzan Ltd.(b)(c)		11,440,000		195,520
Inspur Digital Enterprise Technology Ltd.		440,000		134,620
Linklogis Inc.(a)		594,000		133,911
Ming Yuan Cloud Group Holdings Ltd.(b)(c)		549,000		276,350
Qingdao Ainnovation Technology Group Co. Ltd.(a)(b)		123,200		327,545
Tuya Inc.(b)(c)		165,440		304,410
Weimob Inc.(a)(b)		1,628,000		849,324
				2,552,966
Specialty Retail — 0.0%
Boshiwa International Holding Ltd.(d)		67,000		—

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

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

Security	Shares		Value
Technology Hardware, Storage & Peripherals — 0.3%
Canaan Inc., ADR(b)(c)		107,624	$	216,324
Textiles, Apparel & Luxury Goods — 2.0%
361 Degrees International Ltd.		616,000		324,135
China Lilang Ltd.		308,000		151,598
China Longevity Group Co. Ltd.(b)(d)		96,000		—
Fuguiniao Co. Ltd.(d)		43,200		—
Golden Solar New Energy Technology Holdings Ltd. (b)(c)		665,200		574,270
JNBY Design Ltd.		154,000		158,622
				1,208,625
Tobacco — 1.0%
RLX Technology Inc., ADR(b)(c)		402,424		615,709
Trading Companies & Distributors — 0.4%
China Aircraft Leasing Group Holdings Ltd.		220,000		115,297
Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd.		145,200		103,685
				218,982
Transportation Infrastructure — 1.9%
Anhui Expressway Co. Ltd., Class H		302,000		295,899
COSCO SHIPPING International Hong Kong Co. Ltd.		264,000		111,426
Hainan Meilan International Airport Co. Ltd., Class H(b)		155,000		148,645
Sichuan Expressway Co. Ltd., Class H		528,000		156,766
Tianjin Port Development Holdings Ltd.		1,320,000		92,418
Yuexiu Transport Infrastructure Ltd.		704,000		363,958
				1,169,112
Water Utilities — 0.8%
China Water Affairs Group Ltd.		616,000		472,289
Total Long-Term Investments — 100.1% (Cost: $85,059,169)				61,558,580

Security	Shares		Value
Short-Term Securities
Money Market Funds — 19.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.52%(e)(f)(g)		11,768,704	$	11,772,234
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(e)(f)		80,000		80,000
Total Short-Term Securities — 19.3% (Cost: $11,848,960)				11,852,234
Total Investments — 119.4% (Cost: $96,908,129)				73,410,814
Liabilities in Excess of Other Assets — (19.4)%				(11,936,238	)
Net Assets — 100.0%			$	61,474,576

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

^(b)  Non-income producing security.

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

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

^(e)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 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 08/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 08/31/23		Shares Held at 08/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	9,612,515	$	2,158,367	(a)	$	—	$	3,855	$	(2,503	)	$	11,772,234		11,768,704	$	752,925	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		60,000		20,000	(a)		—		—		—			80,000		80,000		3,502			—
								$	3,855	$	(2,503	)	$	11,852,234			$	756,427		$	—

^(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 43

Schedule of Investments (continued) August 31, 2023 iShares^® MSCI China Small-Cap ETF

Derivative Financial Instruments Outstanding as of Period End

For the period ended August 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	$	—	$	—	$	(37,238	)	$	—	$	—	$	—	$	(37,238	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	16,870		$	—	$	—	$	—	$	16,870

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	183,289

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

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	11,416,644	$	49,380,985	$	760,951	$	61,558,580
Short-Term Securities
Money Market Funds		11,852,234		—		—		11,852,234
	$	23,268,878	$	49,380,985	$	760,951	$	73,410,814

A reconciliation of Level 3 financial instruments is presented when the Fund had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the year in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

Assets	Common Stocks
Opening balance, as of August 31, 2022			$	522,104
Transfers into Level 3(a)				582,603
Transfers out of Level 3				—
Accrued discounts/premiums				—
Net realized gain (loss)				(521,588	)
Net change in unrealized appreciation (depreciation)(b)(c)				14,287
Purchases				710,631
Sales				(547,086	)
Closing balance, as of August 31, 2023			$	760,951
Net change in unrealized appreciation (depreciation) on investments still held at August 31, 2023(c)			$	(662,261	)

(a) As of August 31, 2022, the Trust used observable inputs in determining the value of certain investments. As of August 31, 2023, the Trust used significant unobservable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 2 to Level 3 in the disclosure hierarchy.

(b) Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations.

(c) Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at August 31, 2023 is generally due to investments no longer held or categorized as Level 3 at period end.

The Fund’s financial instruments that are categorized as Level 3 were valued utilizing third-party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 financial investments.

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

Schedule of Investments (continued) August 31, 2023 iShares^® MSCI China Small-Cap ETF

The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) to determine the value of certain of the Fund’s Level 3 instruments as of period end. The table does not include Level 3 instruments with values based upon unadjusted third party pricing information in the amount of $2. A significant change in the third party information could result in a significantly lower or higher value of such Level 3 instruments.

	Value		Valuation Approach		Unobservable Inputs		Range of Unobservable Inputs Utilized(a)		Weighted Average of Unobservable    Inputs Based    on Fair Value
Assets:
Common Stocks	$	760,949		Market		Discount Rate		10% - 90%		14%

^(a)  A significant change in unobservable input would have resulted in a correlated (inverse) significant change to value.

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 45

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

Security	Shares		Value
Common Stocks
Automobile Components — 0.1%
Astra Otoparts Tbk PT		1,209,700	$	254,172
Selamat Sempurna Tbk PT		1,729,000		231,593
				485,765
Banks — 49.9%
Bank Aladin Syariah Tbk PT(a)		14,442,600		1,133,218
Bank BTPN Syariah Tbk PT		10,541,000		1,494,550
Bank Bukopin Tbk PT(a)		159,667,322		1,016,923
Bank Central Asia Tbk PT		172,411,790		103,792,812
Bank Mandiri Persero Tbk PT		108,648,620		42,963,771
Bank Negara Indonesia Persero Tbk PT		25,902,358		15,598,553
Bank Neo Commerce Tbk PT(a)		14,627,366		330,168
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		20,304,276		1,579,814
Bank Pembangunan Daerah Jawa Timur Tbk PT		29,549,100		1,270,825
Bank Rakyat Indonesia Persero Tbk PT		210,548,554		76,702,016
Bank Tabungan Negara Persero Tbk PT		32,464,426		2,674,385
				248,557,035
Broadline Retail — 4.5%
Bukalapak.com PT Tbk(a)		180,755,400		2,750,011
GoTo Gojek Tokopedia Tbk PT(a)		2,370,905,000		14,920,326
Matahari Department Store Tbk PT		715,700		122,181
Mitra Adiperkasa Tbk PT		38,046,500		4,833,879
				22,626,397
Capital Markets — 0.5%
Pacific Strategic Financial Tbk PT(a)		33,677,300		2,454,485
Pool Advista Indonesia Tbk PT(a)(b)		7,126,300		—
				2,454,485
Chemicals — 1.8%
Barito Pacific Tbk PT		114,630,652		8,052,638
Surya Esa Perkasa Tbk PT		23,831,100		946,672
				8,999,310
Construction & Engineering — 0.4%
PP Persero Tbk PT(a)		20,698,222		788,033
Waskita Karya Persero Tbk PT(a)(b)		61,414,619		733,104
Wijaya Karya Persero Tbk PT(a)		19,708,270		509,853
				2,030,990
Construction Materials — 2.1%
Berkah Beton Sadaya Tbk PT(a)		64,732,500		212,516
Indocement Tunggal Prakarsa Tbk PT		6,053,544		4,252,413
Semen Indonesia Persero Tbk PT		13,985,341		6,240,635
				10,705,564
Consumer Finance — 0.4%
BFI Finance Indonesia Tbk PT		22,285,400		1,755,353
Consumer Staples Distribution & Retail — 2.1%
Sumber Alfaria Trijaya Tbk PT		54,599,900		10,396,567
Diversified Telecommunication Services — 5.3%
Inovisi Infracom Tbk PT(b)		9,476,400		—
Sarana Menara Nusantara Tbk PT		66,107,900		4,470,351
Telkom Indonesia Persero Tbk PT		90,487,690		22,118,691
				26,589,042
Electronic Equipment, Instruments & Components — 0.1%
Metrodata Electronics Tbk PT		14,291,300		492,642
Food Products — 5.7%
Astra Agro Lestari Tbk PT		534,400		266,493

Security	Shares		Value
Food Products (continued)
Charoen Pokphand Indonesia Tbk PT(a)		27,444,925	$	9,323,074
Indofood CBP Sukses Makmur Tbk PT		9,234,854		6,791,226
Indofood Sukses Makmur Tbk PT		16,821,130		7,837,386
Inti Agri Resources Tbk PT(a)(b)		190,840,700		—
Japfa Comfeed Indonesia Tbk PT		22,712,700		1,922,626
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		21,712,500		1,453,759
Sawit Sumbermas Sarana Tbk PT		9,632,700		777,953
				28,372,517
Gas Utilities — 0.9%
Perusahaan Gas Negara Tbk PT		49,419,007		4,458,340
Health Care Providers & Services — 0.7%
Medikaloka Hermina Tbk PT		18,439,600		1,695,039
Metro Healthcare Indonesia TBK PT(a)		56,388,500		1,906,991
				3,602,030
Household Products — 1.4%
Unilever Indonesia Tbk PT		28,734,120		6,923,994
Industrial Conglomerates — 4.1%
Astra International Tbk PT		48,775,430		20,637,116
Insurance — 0.4%
Panin Financial Tbk PT		101,629,978		1,947,604
Marine Transportation — 0.4%
Transcoal Pacific Tbk PT		3,072,400		1,825,687
Media — 0.4%
Media Nusantara Citra Tbk PT		31,017,800		1,069,156
Surya Citra Media Tbk PT		114,325,900		1,110,815
				2,179,971
Metals & Mining — 3.8%
Aneka Tambang Tbk		37,016,554		4,829,276
Bumi Resources Minerals Tbk PT(a)		128,976,900		1,651,378
Merdeka Copper Gold Tbk PT(a)		39,752,806		8,811,302
Timah Tbk PT		6,946,000		414,733
Vale Indonesia Tbk PT		7,946,000		3,075,263
				18,781,952
Oil, Gas & Consumable Fuels — 5.6%
Adaro Energy Indonesia Tbk PT		53,922,839		9,446,565
AKR Corporindo Tbk PT		40,362,100		3,708,328
Bukit Asam Tbk PT		18,688,300		3,507,291
Bumi Resources Tbk PT(a)		211,946,000		1,920,456
Energi Mega Persada Tbk PT, NVS(a)		25,214,300		403,959
Harum Energy Tbk PT		7,509,900		768,709
Indika Energy Tbk PT		5,113,100		670,998
Indo Tambangraya Megah Tbk PT		2,040,100		3,872,548
Medco Energi Internasional Tbk PT		40,379,086		2,837,384
Petrindo Jaya Kreasi Tbk PT, NVS		479,700		71,498
Sekawan Intipratama Tbk PT(b)		30,572,100		—
Sugih Energy Tbk PT(a)(b)		39,886,700		—
Trada Alam Minera Tbk PT(a)(b)		163,879,000		—
United Tractors Tbk PT		527,296		899,735
				28,107,471
Paper & Forest Products — 1.9%
Indah Kiat Pulp & Paper Tbk PT		11,093,400		6,625,047
Pabrik Kertas Tjiwi Kimia Tbk PT		5,195,200		2,660,012
				9,285,059

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

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

Security	Shares		Value
Personal Care Products — 0.3%
Industri Jamu Dan Farmasi Sido Muncul Tbk PT		39,959,337	$	1,626,710
Pharmaceuticals — 1.8%
Kalbe Farma Tbk PT		76,149,285		9,059,578
Real Estate Management & Development — 2.5%
Bumi Serpong Damai Tbk PT(a)		36,868,022		2,747,551
Ciputra Development Tbk PT		47,659,713		3,567,438
Hanson International Tbk PT(a)(b)		372,896,535		—
Lippo Karawaci Tbk PT(a)		155,774,842		1,002,359
Pakuwon Jati Tbk PT		91,531,677		2,702,983
Rimo International Lestari Tbk PT(a)(b)		54,096,000		—
Summarecon Agung Tbk PT		54,882,186		2,432,402
				12,452,733
Specialty Retail — 0.9%
Ace Hardware Indonesia Tbk PT		35,619,579		1,706,823
Erajaya Swasembada Tbk PT		54,244,000		1,728,896
Map Aktif Adiperkasa PT		18,795,500		999,629
				4,435,348
Transportation Infrastructure — 0.8%
Astrindo Nusantara Infrastructure Tbk PT(a)		132,413,100		886,811
Jasa Marga Persero Tbk PT		11,263,808		3,178,628
				4,065,439
Wireless Telecommunication Services — 1.0%
Smartfren Telecom Tbk PT(a)		292,109,500		1,054,893

Security	Shares		Value
Wireless Telecommunication Services (continued)
XL Axiata Tbk PT		22,480,300	$	3,689,208
				4,744,101
Total Long-Term Investments — 99.8% (Cost: $580,117,442)				497,598,800
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(c)(d)		450,000		450,000
Total Short-Term Securities — 0.1% (Cost: $450,000)				450,000
Total Investments — 99.9% (Cost: $580,567,442)				498,048,800
Other Assets Less Liabilities — 0.1%				381,708
Net Assets — 100.0%			$	498,430,508

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

Affiliates

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

Affiliated Issuer	Value at 08/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/23		Shares Held at 08/31/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	260,000		$190,000	(a)	$	—	$	—	$	—	$	450,000		450,000	$	24,872	$	—

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets Index		22		09/15/23	$	1,077	$	(6,470	)

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

Schedule of Investments (continued) August 31, 2023 iShares^® MSCI Indonesia ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	6,470	$	—	$	—	$	—	$	6,470

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

For the period ended August 31, 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	$	—	$	—	$	151,192	$	—	$	—	$	—	$	151,192
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	288	$	—	$	—	$	—	$	288

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	744,356

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	$	54,910,329		$	441,955,367	$	733,104	$	497,598,800
Short-Term Securities
Money Market Funds		450,000			—		—		450,000
	$	55,360,329		$	441,955,367	$	733,104	$	498,048,800
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(6,470	)	$	—	$	—	$	(6,470	)

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

See notes to financial statements.

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

Schedule of Investments August 31, 2023 iShares^® MSCI Peru and Global Exposure ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Banks — 26.1%
Banco BBVA Peru SA		5,350,158	$	2,244,042
Banco de Credito del Peru S.A., Class C		336,641		235,939
Credicorp Ltd.		163,496		23,123,239
Intercorp Financial Services Inc.		76,956		1,795,384
				27,398,604
Broadline Retail — 2.4%
Falabella SA		1,025,584		2,526,293
Construction & Engineering — 0.7%
Aenza SAA(a)		4,680,745		696,643
Construction Materials — 1.9%
Cementos Pacasmayo SAA		1,892,394		1,961,295
Consumer Staples Distribution & Retail — 2.8%
InRetail Peru Corp.(b)		86,451		2,926,366
Diversified Consumer Services — 2.7%
Laureate Education Inc., Class A		207,224		2,886,630
Electric Utilities — 2.2%
Interconexion Electrica SA ESP		635,518		2,327,359
Food Products — 5.7%
Alicorp SAA		2,786,532		4,788,180
Casa Grande SAA		450,744		1,218,507
				6,006,687
Metals & Mining — 46.1%
Cia. de Minas Buenaventura SAA, ADR		568,672		4,856,459
Corp. Aceros Arequipa SA, NVS		2,579,911		767,945
Fortuna Silver Mines Inc.(a)		820,490		2,550,369
Hochschild Mining PLC		2,714,690		3,144,582
MMG Ltd.(a)		7,844,000		2,602,868
Pan American Silver Corp.		157,085		2,597,157
Sociedad Minera Cerro Verde SAA		119,358		3,700,098

Security	Shares		Value
Metals & Mining (continued)
Southern Copper Corp.		293,694	$	23,689,358
Volcan Cia. Minera SAA, Class B, NVS(a)		18,195,229		2,038,405
Wheaton Precious Metals Corp.		58,564		2,554,590
				48,501,831
Oil, Gas & Consumable Fuels — 3.1%
PetroTal Corp.		5,527,792		3,207,192
Real Estate Management & Development — 2.4%
Parque Arauco SA		1,715,141		2,544,854
Trading Companies & Distributors — 3.1%
Ferreycorp SAA		4,841,157		3,275,080
Total Long-Term Investments — 99.2% (Cost: $124,713,232)				104,258,834
Short-Term Securities
Money Market Funds — 0.4%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(c)(d)		450,000		450,000
Total Short-Term Securities — 0.4% (Cost: $450,000)				450,000
Total Investments — 99.6% (Cost: $125,163,232)				104,708,834
Other Assets Less Liabilities — 0.4%				394,136
Net Assets — 100.0%			$	105,102,970

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

Affiliates

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

Affiliated Issuer	Value at 08/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/23		Shares Held at 08/31/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	—		$450,000	(a)	$	—	$	—	$	—	$	450,000		450,000	$	11,571	$	—

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

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

Schedule of Investments (continued) August 31, 2023 iShares^® MSCI Peru and Global Exposure ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets Index		14		09/15/23	$	686	$	(10,487	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	10,487	$	—	$	—	$	—	$	10,487

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

For the period ended August 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	$	—	$	—	$	32,245		$	—	$	—	$	—	$	32,245
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(5,311	)	$	—	$	—	$	—	$	(5,311	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	953,471

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	$	98,511,384	$	5,747,450	$	—	$	104,258,834
Short-Term Securities
Money Market Funds		450,000		—		—		450,000
	$	98,961,384	$	5,747,450	$	—	$	104,708,834

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

Schedule of Investments (continued) August 31, 2023 iShares^® MSCI Peru and Global Exposure ETF

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2		Level 3		Total
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(10,487	)	$	—	$	—	$	(10,487	)

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

See notes to financial statements.

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

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

Security	Shares		Value
Common Stocks
Banks — 23.4%
Bank of the Philippine Islands		3,288,885	$	6,387,651
BDO Unibank Inc.		4,103,468		10,088,688
Metropolitan Bank & Trust Co.		3,844,514		3,746,649
Security Bank Corp.		1,111,350		1,579,677
				21,802,665
Chemicals — 1.0%
D&L Industries Inc.		7,408,600		872,755
Consumer Staples Distribution & Retail — 2.4%
Puregold Price Club Inc.		2,858,160		1,408,459
Robinsons Retail Holdings Inc.		982,300		858,775
				2,267,234
Diversified Telecommunication Services — 1.0%
Converge Information and Communications Technology Solutions Inc.(a)		6,828,900		936,468
Electric Utilities — 4.9%
Manila Electric Co.		611,710		3,712,179
Synergy Grid & Development Phils Inc.		5,959,600		842,000
				4,554,179
Financial Services — 2.4%
Metro Pacific Investments Corp.		24,628,050		2,195,412
Food Products — 3.7%
Century Pacific Food Inc.		3,428,400		1,637,906
Universal Robina Corp.		914,668		1,805,380
				3,443,286
Hotels, Restaurants & Leisure — 6.4%
Bloomberry Resorts Corp.(a)		9,797,065		1,913,912
Jollibee Foods Corp.		959,051		4,012,228
				5,926,140
Independent Power and Renewable Electricity Producers — 0.1%
ACEN Corp.		1,080,580		95,503
Industrial Conglomerates — 23.7%
Aboitiz Equity Ventures Inc.		3,677,727		3,052,864
Alliance Global Group Inc.		7,393,439		1,632,250
Ayala Corp.		442,638		4,811,998
DMCI Holdings Inc.		7,949,600		1,355,661
GT Capital Holdings Inc.		235,356		2,378,543
JG Summit Holdings Inc.		2,712,961		1,749,712
LT Group Inc.		7,183,000		1,157,168
SM Investments Corp.		404,016		5,939,050
				22,077,246

Security	Shares		Value
Office REITs — 1.3%
AREIT Inc.		480,100	$	281,938
MREIT Inc.		3,920,000		936,037
				1,217,975
Oil, Gas & Consumable Fuels — 1.5%
Semirara Mining & Power Corp., Class A		2,510,100		1,418,380
Passenger Airlines — 0.3%
Cebu Air Inc.(a)		398,640		254,045
Real Estate Management & Development — 16.9%
Ayala Land Inc.		11,040,250		5,290,365
Megaworld Corp.		34,771,960		1,221,798
Robinsons Land Corp.		978,006		252,367
SM Prime Holdings Inc.		17,391,235		8,967,633
				15,732,163
Specialty Retail — 1.6%
Wilcon Depot Inc.		3,805,200		1,491,972
Transportation Infrastructure — 4.4%
International Container Terminal Services Inc.		1,124,803		4,111,078
Water Utilities — 1.1%
Manila Water Co. Inc.		3,279,329		1,023,647
Wireless Telecommunication Services — 3.6%
PLDT Inc.		165,814		3,365,071
Total Long-Term Investments — 99.7% (Cost: $129,820,370)				92,785,219
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(b)(c)		60,000		60,000
Total Short-Term Securities — 0.1% (Cost: $60,000)				60,000
Total Investments — 99.8% (Cost: $129,880,370)				92,845,219
Other Assets Less Liabilities — 0.2%				229,129
Net Assets — 100.0%			$ 93,074,348

^(a)  Non-income producing security.

^(b)  Affiliate of the Fund.

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

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

Schedule of Investments (continued) August 31, 2023 iShares^® MSCI Philippines ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 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 08/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/23		Shares Held at 08/31/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	170,000	$	—	$	(110,000	)(a)	$	—	$	—	$	60,000		60,000	$	2,872	$	—

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets Index		5		09/15/23	$	245	$	(1,543	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts Unrealized depreciation on futures contracts(a)	$	—	$	—	$	1,543	$	—	$	—	$	—	$	1,543

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

For the period ended August 31, 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	$	—	$	—	$	13,857	$	—	$	—	$	—	$	13,857
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	2,617	$	—	$	—	$	—	$	2,617

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	218,353

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

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

Schedule of Investments (continued) August 31, 2023 iShares^® MSCI Philippines ETF

Fair Value Hierarchy as of Period End

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

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

	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	14,476,676		$	78,308,543	$	—	$	92,785,219
Short-Term Securities
Money Market Funds		60,000			—		—		60,000
	$	14,536,676		$	78,308,543	$	—	$	92,845,219
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(1,543	)	$	—	$	—	$	(1,543	)

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

See notes to financial statements.

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

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

Security	Shares		Value
Common Stocks
Banks — 27.0%
Alior Bank SA(a)		178,036	$	2,420,447
Bank Millennium SA(a)		2,532,518		3,728,027
Bank Polska Kasa Opieki SA		557,532		14,554,951
mBank SA(a)		56,687		5,887,333
Powszechna Kasa Oszczednosci Bank Polski SA		2,757,247		24,900,077
Santander Bank Polska SA(a)		111,923		10,069,525
				61,560,360
Broadline Retail — 6.7%
Allegro.eu SA (a)(b)		1,256,989		10,054,082
Pepco Group NV(a)		669,527		5,245,182
				15,299,264
Capital Markets — 1.5%
Warsaw Stock Exchange		174,001		1,548,452
XTB SA(b)		231,602		1,859,238
				3,407,690
Chemicals — 1.3%
Ciech SA		106,446		1,136,883
Grupa Azoty SA(a)		290,858		1,771,898
				2,908,781
Construction & Engineering — 2.3%
Budimex SA		48,886		5,318,580
Consumer Finance — 2.8%
KRUK SA(a)		65,339		6,331,686
Consumer Staples Distribution & Retail — 6.7%
Dino Polska SA(a)(b)		148,171		13,587,513
Eurocash SA		465,448		1,799,247
				15,386,760
Diversified Telecommunication Services — 2.0%
Orange Polska SA		2,622,826		4,549,127
Electric Utilities — 6.0%
Enea SA(a)		1,215,483		2,589,429
PGE Polska Grupa Energetyczna SA(a)		3,329,701		6,834,808
Tauron Polska Energia SA(a)		4,211,122		4,364,022
				13,788,259
Entertainment — 3.7%
CD Projekt SA		239,632		8,553,389
Hotels, Restaurants & Leisure — 1.1%
AmRest Holdings SE(a)		364,236		2,421,695
Insurance — 8.2%
Powszechny Zaklad Ubezpieczen SA		1,879,763		18,825,542

Security	Shares		Value
Media — 1.5%
Cyfrowy Polsat SA(c)		1,058,321	$	3,477,923
Metals & Mining — 7.6%
Grupa Kety SA		27,248		4,240,060
Jastrzebska Spolka Weglowa SA, Class S(a)		261,783		2,293,005
KGHM Polska Miedz SA		390,617		10,771,412
				17,304,477
Oil, Gas & Consumable Fuels — 12.4%
Polski Koncern Naftowy ORLEN SA		1,857,642		28,360,371
Software — 2.9%
Asseco Poland SA		219,957		3,907,316
LiveChat Software SA		81,968		2,656,017
				6,563,333
Textiles, Apparel & Luxury Goods — 5.8%
CCC SA(a)		203,219		2,193,563
LPP SA		3,286		11,054,519
				13,248,082
Total Long-Term Investments — 99.5% (Cost: $286,853,566)				227,305,319
Short-Term Securities
Money Market Funds — 1.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.52%(d)(e)(f)		55,805		55,822
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(d)(e)		2,780,000		2,780,000
Total Short-Term Securities — 1.3% (Cost: $2,835,822)				2,835,822
Total Investments — 100.8% (Cost: $289,689,388)				230,141,141
Liabilities in Excess of Other Assets — (0.8)%				(1,777,534	)
Net Assets — 100.0%			$	228,363,607

^(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 55

Schedule of Investments (continued) August 31, 2023 iShares^® MSCI Poland ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 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 08/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 08/31/23		Shares Held at 08/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	5,617,290	$	—		$	(5,561,673	)(a)	$	3,818	$	(3,613	)	$	55,822		55,805	$	92,444	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,140,000		1,640,000	(a)		—			—		—			2,780,000		2,780,000		99,846			3
									$	3,818	$	(3,613	)	$	2,835,822			$	192,290		$	3

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

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets Index		26		09/15/23	$	1,273	$	(38,476	)

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)	$	—	$	—	$	38,476	$	—	$	—	$	—	$	38,476

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

For the period ended August 31, 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	$	—	$	—	$	(13,557	)	$	—	$	—	$	—	$	(13,557	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(38,037	)	$	—	$	—	$	—	$	(38,037	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	691,249

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

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

Schedule of Investments (continued) August 31, 2023 iShares^® MSCI Poland ETF

Fair Value Hierarchy as of Period End

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

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

	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	1,859,238		$	225,446,081	$	—	$	227,305,319
Short-Term Securities
Money Market Funds		2,835,822			—		—		2,835,822
	$	4,695,060		$	225,446,081	$	—	$	230,141,141
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(38,476	)	$	—	$	—	$	(38,476	)

^(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 57

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

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 0.8%
Gulf Warehousing Co.		711,660	$	631,715
Banks — 51.4%
Commercial Bank PSQC (The)		2,795,968		4,355,137
Doha Bank QPSC		2,508,487		1,182,906
Dukhan Bank		1,937,683		2,220,333
Masraf Al Rayan QSC		5,753,198		3,500,774
Qatar International Islamic Bank QSC		1,084,063		2,939,062
Qatar Islamic Bank SAQ		1,624,725		8,604,666
Qatar National Bank QPSC		4,125,849		17,648,029
				40,450,907
Chemicals — 3.6%
Mesaieed Petrochemical Holding Co.		5,666,327		2,857,410
Construction & Engineering — 0.6%
Estithmar Holding QPSC(a)		779,120		476,938
Construction Materials — 1.6%
Qatar National Cement Co. QSC		695,156		667,411
Qatari Investors Group QSC		1,159,557		552,826
				1,220,237
Consumer Staples Distribution & Retail — 1.0%
Al Meera Consumer Goods Co. QSC		215,786		816,856
Diversified Telecommunication Services — 3.9%
Ooredoo QPSC		1,026,851		3,042,104
Energy Equipment & Services — 1.4%
Gulf International Services QSC		1,577,726		1,137,824
Financial Services — 0.7%
Salam International Investment Ltd. QSC(a)		2,917,200		564,123
Food Products — 0.8%
Baladna(a)		1,654,428		640,707
Health Care Providers & Services — 0.8%
Medicare Group		389,351		640,712
Industrial Conglomerates — 7.5%
Aamal Co.		3,775,083		872,781
Industries Qatar QSC		1,372,716		4,650,915
Mannai Corp. QSC		296,652		408,827
				5,932,523

Security	Shares		Value
Insurance — 2.0%
Qatar Insurance Co. SAQ(a)		2,419,103	$	1,556,186
Marine Transportation — 2.6%
Qatar Navigation QSC		773,433		2,028,500
Metals & Mining — 1.9%
Qatar Aluminum Manufacturing Co.		4,075,097		1,488,989
Multi-Utilities — 3.6%
Qatar Electricity & Water Co. QSC		572,910		2,809,041
Oil, Gas & Consumable Fuels — 7.7%
Qatar Fuel QSC		644,514		2,828,754
Qatar Gas Transport Co. Ltd.		3,175,515		3,227,074
				6,055,828
Real Estate Management & Development — 5.3%
Barwa Real Estate Co.		2,647,548		1,900,147
Ezdan Holding Group QSC(a)		2,883,129		820,630
Mazaya Real Estate Development QPSC(a)		2,440,527		504,707
United Development Co. QSC		3,121,771		957,652
				4,183,136
Wireless Telecommunication Services — 1.7%
Vodafone Qatar QSC		2,703,331		1,371,289
Total Common Stocks — 98.9% (Cost: $66,560,289)				77,905,025
Rights
Banks — 0.9%
Lesha Bank LLC )(a)		1,790,001		691,466
Total Rights — 0.9% (Cost: $448,731)				691,466
Total Investments — 99.8% (Cost: $67,009,020)				78,596,491
Other Assets Less Liabilities — 0.2%				154,973
Net Assets — 100.0%			$	78,751,464

^(a)  Non-income producing security.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 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 08/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/23		Shares Held at 08/31/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares(a)	$	50,000	$	—		$(50,000	)(b)	$	—	$	—	$	—		—	$	4,086	$	—

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

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

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

Schedule of Investments (continued) August 31, 2023 iShares^® MSCI Qatar ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets Index		3		09/15/23	$	147	$	(132	)

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)	$	—	$	—	$	132	$	—	$	—	$	—	$	132

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

For the period ended August 31, 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	$	—	$	—	$	(20,344	)	$	—	$	—	$	—	$	(20,344	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	543		$	—	$	—	$	—	$	543

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	145,295

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	$	8,404,664		$	69,500,361	$	—	$	77,905,025
Rights		—			691,466		—		691,466
	$	8,404,664		$	70,191,827	$	—	$	78,596,491

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 (continued) August 31, 2023 iShares^® MSCI Qatar ETF

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2		Level 3		Total
Derivative Financial Instruments(a)
Liabilities
Equity Contracts		$       (132	)	$	—	$	—	$	(132	)

^(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  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments August 31, 2023 iShares^® MSCI Saudi Arabia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Banks — 36.7%
Al Rajhi Bank		5,888,333	$	113,198,953
Alinma Bank		3,079,303		30,254,798
Arab National Bank		2,076,587		14,271,458
Bank AlBilad		1,597,511		18,243,378
Bank Al-Jazira		1,513,381		7,148,111
Banque Saudi Fransi		1,915,528		19,564,722
Riyad Bank		4,415,740		35,809,873
Saudi Awwal Bank		2,938,192		28,031,140
Saudi Investment Bank (The)		679,361		3,003,984
Saudi National Bank (The)		8,813,372		83,931,906
				353,458,323
Building Products — 0.2%
Bawan Co.		52,958		495,503
Saudi Ceramic Co.		222,835		1,724,512
				2,220,015
Capital Markets — 0.3%
Saudi Tadawul Group Holding Co.		49,313		2,599,670
Chemicals — 13.2%
Advanced Petrochemical Co.		508,132		5,761,060
Alujain Corp.		101,679		1,349,293
Methanol Chemicals Co.(a)		68,821		419,391
National Industrialization Co.(a)		1,374,747		4,662,081
SABIC Agri-Nutrients Co.		586,095		21,477,389
Sahara International Petrochemical Co.		1,225,042		11,891,808
Saudi Aramco Base Oil Co.		22,309		870,079
Saudi Basic Industries Corp.		2,689,123		63,331,930
Saudi Industrial Investment Group		1,041,851		7,161,325
Saudi Kayan Petrochemical Co.(a)		1,438,709		4,665,795
Yanbu National Petrochemical Co.		533,208		6,008,601
				127,598,752
Commercial Services & Supplies — 0.5%
Saudi Airlines Catering Co.		174,259		5,003,955
Construction Materials — 3.0%
Arabian Cement Co./Saudi Arabia		255,917		2,352,830
City Cement Co.		345,140		1,875,280
Eastern Province Cement Co.		219,761		2,488,993
Najran Cement Co.		497,508		1,656,570
Northern Region Cement Co.		561,843		1,696,281
Qassim Cement Co. (The)		198,888		3,542,244
Saudi Cement Co.		321,892		4,643,024
Southern Province Cement Co.		279,685		3,482,231
Yamama Cement Co.		454,542		3,999,277
Yanbu Cement Co.		349,984		3,393,583
				29,130,313
Consumer Finance — 0.0%
Nayifat Finance Co.(a)		103,395		425,583
Consumer Staples Distribution & Retail — 1.0%
Abdullah Al Othaim Markets Co.		1,697,426		6,585,628
Al-Dawaa Medical Services Co.		22,405		571,116
Almunajem Foods Co.		32,026		614,081
BinDawood Holding Co.		322,120		531,621
Nahdi Medical Co.		35,600		1,439,383
				9,741,829
Diversified Consumer Services — 0.2%
Ataa Educational Co.		43,322		879,869

Security	Shares		Value
Diversified Consumer Services (continued)
National Co. for Learning & Education Ltd.		43,322	$	1,338,578
				2,218,447
Diversified REITs — 0.2%
Jadwa REIT Saudi Fund		472,753		1,517,589
Riyad REIT Fund		189,656		457,624
				1,975,213
Diversified Telecommunication Services — 6.1%
Saudi Telecom Co.		5,506,367		58,430,196
Electric Utilities — 1.6%
Saudi Electricity Co.		2,752,289		15,182,149
Electrical Equipment — 0.1%
Electrical Industries Co.(a)		44,618		531,754
Riyadh Cables Group Co.		29,036		600,021
				1,131,775
Financial Services — 0.1%
Amlak International for Real Estate Finance Co.		116,957		447,923
SHL Finance Co.		86,129		436,117
				884,040
Food Products — 3.7%
Al Jouf Agricultural Development Co.		46,541		600,507
Almarai Co. JSC		828,830		13,997,799
Halwani Brothers Co.(a)		41,585		603,926
National Agriculture Development Co. (The)(a)		260,662		3,392,245
Saudi Fisheries Co.(a)		60,581		417,608
Saudia Dairy & Foodstuff Co.		64,392		5,493,832
Savola Group (The)		931,717		9,401,354
Sinad Holding Co.(a)		422,359		1,287,368
Tanmiah Food Co.		14,933		398,941
				35,593,580
Gas Utilities — 0.4%
National Gas & Industrialization Co.		199,667		3,401,314
Ground Transportation — 0.7%
Saudi Public Transport Co.(a)		375,998		1,801,575
Theeb Rent A Car Co.		36,761		700,130
United International Transportation Co.		190,736		3,736,804
				6,238,509
Health Care Providers & Services — 4.5%
Al Hammadi Holding		343,309		4,917,208
Dallah Healthcare Co.		139,408		5,203,663
Dr Sulaiman Al Habib Medical Services Group Co.		206,421		13,354,571
Middle East Healthcare Co.(a)		199,456		3,113,322
Mouwasat Medical Services Co.		342,209		10,024,033
National Medical Care Co.		111,303		3,614,495
Saudi Chemical Co. Holding		2,416,337		2,879,095
				43,106,387
Hotels, Restaurants & Leisure — 1.4%
Alamar Foods, NVS		13,431		446,190
Dur Hospitality Co.(a)		254,214		1,884,247
Herfy Food Services Co.		128,574		1,192,109
Jahez International Co., NVS		2,714		422,298
Leejam Sports Co. JSC		112,162		4,581,397
Seera Group Holding(a)		657,823		5,084,152
				13,610,393
Independent Power and Renewable Electricity Producers — 1.0%
ACWA Power Co.		185,154		9,517,699

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 (continued) August 31, 2023 iShares^® MSCI Saudi Arabia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Industrial Conglomerates — 0.2%
Astra Industrial Group		63,046	$	1,543,562
Insurance — 2.6%
Al Rajhi Co. for Co-operative Insurance(a)		83,434		3,572,581
Bupa Arabia for Cooperative Insurance Co.		250,668		13,473,576
Co. for Cooperative Insurance (The)		264,374		8,176,552
				25,222,709
IT Services — 1.4%
Al Moammar Information Systems Co.		26,675		1,183,601
Arabian Internet & Communications Services Co.		16,397		1,540,714
Elm Co.		45,385		10,269,315
Perfect Presentation For Commercial Services Co., NVS		86,493		558,994
				13,552,624
Media — 0.8%
Arabian Contracting Services Co.		21,972		1,227,320
Saudi Research & Media Group(a)		138,970		6,566,321
				7,793,641
Metals & Mining — 4.0%
Al Masane Al Kobra Mining Co.		29,915		428,248
East Pipes Integrated Co. for Industry, NVS		25,766		456,151
Saudi Arabian Mining Co.(a)		3,513,834		37,852,375
				38,736,774
Multi-Utilities — 0.0%
Power & Water Utility Co. for Jubail & Yanbu		22,846		433,085
Oil, Gas & Consumable Fuels — 8.8%
Aldrees Petroleum and Transport Services Co.		156,498		5,675,687
Rabigh Refining & Petrochemical Co.(a)		1,686,498		4,639,886
Saudi Arabia Refineries Co.		20,818		472,046
Saudi Arabian Oil Co.(b)		7,948,255		74,012,191
				84,799,810
Paper & Forest Products — 0.1%
Middle East Paper Co.		52,545		464,502
Pharmaceuticals — 0.3%
Saudi Pharmaceutical Industries & Medical Appliances Corp.(a)		288,882		2,889,931
Professional Services — 0.2%
Maharah Human Resources Co.		118,122		1,993,073

Security	Shares		Value
Real Estate Management & Development — 2.1%
Alandalus Property Co.		65,514	$	433,191
Arriyadh Development Co.		458,605		2,614,127
Dar Al Arkan Real Estate Development Co.(a)		1,876,439		9,304,165
Emaar Economic City(a)		1,755,581		3,934,639
Retal Urban Development Co., NVS		185,095		437,249
Saudi Real Estate Co.(a)		827,616		2,932,225
Sumou Real Estate Co.		32,352		481,604
				20,137,200
Specialty Retail — 1.6%
AlSaif Stores For Development & Investment Co.		191,080		433,157
Fawaz Abdulaziz Al Hokair & Co.(a)		206,398		1,164,143
Jarir Marketing Co.		2,130,612		8,384,635
Saudi Automotive Services Co.		69,491		1,241,226
Saudi Co. For Hardware CJSC(a)		108,776		930,355
United Electronics Co.		182,849		3,706,697
				15,860,213
Textiles, Apparel & Luxury Goods — 0.0%
Alaseel Co.		304,332		421,934
Transportation Infrastructure — 0.5%
Saudi Ground Services Co.(a)		407,980		3,616,080
Saudi Industrial Services Co.		119,823		876,928
				4,493,008
Water Utilities — 0.1%
AlKhorayef Water & Power Technologies Co.		25,834		1,052,370
Wireless Telecommunication Services — 2.2%
Etihad Etisalat Co.		1,250,383		15,052,002
Mobile Telecommunications Co.		1,751,588		6,304,624
				21,356,626
Total Investments — 99.8% (Cost: $704,796,704)				962,219,204
Other Assets Less Liabilities — 0.2%				1,568,238
Net Assets — 100.0%			$	963,787,442

^(a)  Non-income producing security.

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

Affiliates

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

Affiliated Issuer	Value at 08/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/23		Shares Held at 08/31/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares(a)	$	3,600,000	$	—	$	(3,600,000	)(b)	$	—	$	—	$	—		—	$	30,182	$	1

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

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

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

Schedule of Investments (continued) August 31, 2023 iShares^® MSCI Saudi Arabia ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets Index		28		09/15/23	$	1,371	$	(32,856	)

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)	$	—	$	—	$	32,856	$	—	$	—	$	—	$	32,856

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

For the period ended August 31, 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	$	—	$	—	$	(371,258	)	$	—	$	—	$	—	$	(371,258	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(43,455	)	$	—	$	—	$	—	$	(43,455	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,417,350

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	$	94,535,521		$	867,683,683	$	—	$	962,219,204
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(32,856	)	$	—	$	—	$	(32,856	)

^(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 63

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

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 1.0%
Abu Dhabi Aviation Co., NVS		19,890	$	39,531
Aramex PJSC		490,222		338,721
				378,252
Banks — 34.7%
Abu Dhabi Commercial Bank PJSC		708,814		1,665,414
Abu Dhabi Islamic Bank PJSC		534,430		1,516,134
Ajman Bank PJSC(a)		636,661		422,938
Dubai Islamic Bank PJSC		1,029,273		1,580,190
Emirates NBD Bank PJSC		352,358		1,567,910
First Abu Dhabi Bank PJSC		1,487,991		5,540,612
Sharjah Islamic Bank		698,503		477,170
				12,770,368
Building Products — 0.8%
Ras Al Khaimah Ceramics		408,590		281,441
Capital Markets — 1.5%
Dubai Financial Market PJSC		932,731		408,655
SHUAA Capital PSC(a)		1,248,376		133,523
				542,178
Construction & Engineering — 0.0%
Arabtec Holding PJSC(a)(b)		2,433,366		7
Drake & Scull International PJSC(a)(b)		2,972,998		8
				15
Diversified Consumer Services — 0.7%
Taaleem Holdings PJSC, NVS(a)		231,048		262,312
Diversified Telecommunication Services — 18.3%
Al Yah Satellite Communications Co.		576,964		395,755
Emirates Telecommunications Group Co. PJSC		1,176,880		6,357,011
				6,752,766
Financial Services — 2.2%
Al Waha Capital PJSC		719,443		328,940
Amanat Holdings PJSC		967,714		284,544
Amlak Finance PJSC(a)		835,562		198,236
Gulf General Investment Co.(a)(b)		7,295,803		11,819
				823,539
Food Products — 0.9%
Agthia Group PJSC		226,552		313,953
Health Care Providers & Services — 0.0%
NMC Health PLC, NVS(b)		112,588		1
Hotels, Restaurants & Leisure — 2.9%
Americana Restaurants International PLC		894,821		1,074,370
Industrial Conglomerates — 7.4%
Dubai Investments PJSC		971,261		655,793
Multiply Group(a)		1,386,806		1,437,788

Security	Shares		Value
Industrial Conglomerates (continued)
Q Holding PJSC(a)		634,790	$	640,883
				2,734,464
Marine Transportation — 0.3%
Gulf Navigation Holding PJSC(a)		66,362		129,544
Oil, Gas & Consumable Fuels — 1.6%
Dana Gas PJSC		2,283,647		574,403
Passenger Airlines — 2.2%
Air Arabia PJSC		1,002,566		805,219
Real Estate Management & Development — 19.3%
Aldar Properties PJSC		1,139,401		1,630,919
Deyaar Development PJSC(a)		313,184		60,156
Emaar Development PJSC		242,368		432,331
Emaar Properties PJSC		2,210,196		4,247,465
Eshraq Investments PJSC(a)		1,622,578		231,819
RAK Properties PJSC(a)		853,760		269,633
Union Properties PJSC(a)		2,206,980		243,580
				7,115,903
Specialty Retail — 3.5%
Abu Dhabi National Oil Co. for Distribution PJSC		1,245,522		1,291,979
Water Utilities — 2.5%
Emirates Central Cooling Systems Corp.		1,026,840		516,398
National Central Cooling Co. PJSC		404,754		405,525
				921,923
Total Long-Term Investments — 99.8% (Cost: $34,686,171)				36,772,630
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(c)(d)		30,000		30,000
Total Short-Term Securities — 0.1% (Cost: $30,000)				30,000
Total Investments — 99.9% (Cost: $34,716,171)				36,802,630
Other Assets Less Liabilities — 0.1%				37,645
Net Assets — 100.0%			$	36,840,275

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

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

Schedule of Investments (continued) August 31, 2023 iShares^® MSCI UAE ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 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 08/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/23		Shares Held at 08/31/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	80,000	$	—		$(50,000	)(a)	$	—	$	—	$	30,000		30,000	$	3,294	$	—

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

Derivative Financial Instruments Categorized by Risk Exposure

For the period ended August 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	$	—	$	—	$	(4,767	)	$	—	$	—	$	—	$	(4,767	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	2,635		$	—	$	—	$	—	$	2,635

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	12,281

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

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	15,775,341	$	20,985,454	$	11,835	$	36,772,630
Short-Term Securities
Money Market Funds		30,000		—		—		30,000
	$	15,805,341	$	20,985,454	$	11,835	$	36,802,630

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 65

Statements of Assets and Liabilities 

August 31, 2023

	iShares MSCI Brazil Small-Cap ETF			iShares MSCI China ETF			iShares MSCI China Small-Cap ETF			iShares MSCI Indonesia ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	205,178,975		$	7,493,019,065		$	61,558,580		$	497,598,800
Investments, at value — affiliated(c)		—			179,031,589			11,852,234			450,000
Cash		277,519			78,388			7,100			9,566
Cash pledged for futures contracts		123,000			5,194,000			23,000			6,000
Foreign currency, at value(d)		1,296,873			72,604,666			86,124			410,460
Receivables:
Investments sold		4,160,960			100,128,749			2,267,618			17,751,031
Securities lending income — affiliated		—			261,449			46,948			—
Capital shares sold		4,333,466			—			—			—
Dividends — unaffiliated		343,143			2,920,138			51,106			15,860
Dividends — affiliated		698			24,356			229			1,009
Total assets		215,714,634			7,853,262,400			75,892,939			516,242,726
LIABILITIES
Collateral on securities loaned, at value		—			170,991,160			11,776,747			—
Payables:
Investments purchased		8,299,482			149,778,341			2,607,767			17,550,733
Investment advisory fees		97,258			3,856,508			31,790			255,310
Variation margin on futures contracts		25,088			384,717			2,059			6,175
Total liabilities		8,421,828			325,010,726			14,418,363			17,812,218
Commitments and contingent liabilities
NET ASSETS	$	207,292,806		$	7,528,251,674		$	61,474,576		$	498,430,508
NET ASSETS CONSIST OF
Paid-in capital	$	277,123,090		$	10,573,867,560		$	117,686,596		$	802,938,206
Accumulated loss		(69,830,284	)		(3,045,615,886	)		(56,212,020	)		(304,507,698	)
NET ASSETS	$	207,292,806		$	7,528,251,674		$	61,474,576		$	498,430,508
NET ASSET VALUE
Shares outstanding		15,000,000			167,200,000			2,200,000			21,600,000
Net asset value	$	13.82		$	45.03		$	27.94		$	23.08
Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited
Par value		None			None			None			None
(a) Investments, at cost — unaffiliated	$	195,051,840		$	8,880,614,146		$	85,059,169		$	580,117,442
(b) Securities loaned, at value	$	—		$	150,086,311		$	9,855,301		$	—
(c)  Investments, at cost — affiliated	$	—		$	178,943,713		$	11,848,960		$	450,000
(d) Foreign currency, at cost	$	1,297,152		$	72,698,654		$	86,424		$	409,520

See notes to financial statements.

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

Statements of Assets and Liabilities (continued)

August 31, 2023

	iShares MSCI Peru and Global Exposure ETF			iShares MSCI Philippines ETF			iShares MSCI Poland ETF			iShares MSCI Qatar ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	104,258,834		$	92,785,219		$	227,305,319		$	78,596,491
Investments, at value — affiliated(c)		450,000			60,000			2,835,822			—
Cash		300			8,483			7,069			4,325
Cash pledged for futures contracts		14,000			6,000			82,000			—
Foreign currency, at value(d)		30,430			9,796			2,160,561			25,410
Receivables:
Investments sold		2,585,331			2,884,706			7,260,893			1,133,109
Securities lending income — affiliated		—			—			1,334			—
Capital shares sold		—			—			—			3,545,477
Dividends — unaffiliated		132,137			261,604			189,761			—
Dividends — affiliated		1,039			213			13,041			202
From custodian		113,879			—			—			—
Tax reclaims		—			—			468,477			—
Total assets		107,585,950			96,016,021			240,324,277			83,305,014
LIABILITIES
Collateral on securities loaned, at value		—			—			55,822			—
Payables:
Investments purchased		2,422,348			2,889,353			8,840,879			4,515,860
Investment advisory fees		54,593			49,293			123,258			37,562
IRS compliance fee for foreign withholding tax claims		—			—			2,906,275			—
Professional fees		—			—			4,706			—
Variation margin on futures contracts		6,039			3,027			29,730			128
Total liabilities		2,482,980			2,941,673			11,960,670			4,553,550
Commitments and contingent liabilities
NET ASSETS	$	105,102,970		$	93,074,348		$	228,363,607		$	78,751,464
NET ASSETS CONSIST OF
Paid-in capital	$	301,675,694		$	212,538,316		$	444,552,108		$	91,235,956
Accumulated loss		(196,572,724	)		(119,463,968	)		(216,188,501	)		(12,484,492	)
NET ASSETS	$	105,102,970		$	93,074,348		$	228,363,607		$	78,751,464
NET ASSET VALUE
Shares outstanding		3,250,000			3,800,000			11,900,000			4,450,000
Net asset value	$	32.34		$	24.49		$	19.19		$	17.70
Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited
Par value		None			None			None			None
(a) Investments, at cost — unaffiliated	$	124,713,232		$	129,820,370		$	286,853,566		$	67,009,020
(b) Securities loaned, at value	$	—		$	—		$	52,843		$	—
(c)  Investments, at cost — affiliated	$	450,000		$	60,000		$	2,835,822		$	—
(d) Foreign currency, at cost	$	32,668		$	9,796		$	2,159,287		$	25,417

See notes to financial statements.

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

Statements of Assets and Liabilities (continued)

August 31, 2023

	iShares MSCI Saudi Arabia ETF		iShares MSCI UAE ETF
ASSETS
Investments, at value — unaffiliated(a)	$	962,219,204	$	36,772,630
Investments, at value — affiliated(b)		—		30,000
Cash		—		2,292
Cash pledged for futures contracts		54,000		—
Foreign currency, at value(c)		8,909,102		13,735
Receivables:
Investments sold		8,813,453		1,912,750
Dividends — unaffiliated		357,858		—
Dividends — affiliated		—		189
Variation margin on futures contracts		—		9
Total assets		980,353,617		38,731,605
LIABILITIES
Bank overdraft		6,450,430		—
Payables:
Investments purchased		9,488,877		1,872,557
Investment advisory fees		604,623		18,773
Variation margin on futures contracts		22,245		—
Total liabilities		16,566,175		1,891,330
Commitments and contingent liabilities
NET ASSETS	$	963,787,442	$	36,840,275
NET ASSETS CONSIST OF
Paid-in capital	$	848,548,870	$	76,339,663
Accumulated earnings (loss)		115,238,572		(39,499,388	)
NET ASSETS	$	963,787,442	$	36,840,275
NET ASSET VALUE
Shares outstanding		23,600,000		2,450,000
Net asset value	$	40.84	$	15.04
Shares authorized		Unlimited		Unlimited
Par value		None		None
(a) Investments, at cost — unaffiliated	$	704,796,704	$	34,686,171
(b) Investments, at cost — affiliated	$	—	$	30,000
(c)  Foreign currency, at cost	$	8,908,348	$	13,729

See notes to financial statements.

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

Statements of Operations 

Year Ended August 31, 2023

	iShares MSCI Brazil Small-Cap ETF			iShares MSCI China ETF			iShares MSCI China Small-Cap ETF			iShares MSCI Indonesia ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	3,788,182		$	194,045,836		$	1,599,432		$	21,764,286
Dividends — affiliated		5,273			365,870			3,502			24,872
Interest — unaffiliated		9,147			—			—			—
Securities lending income — affiliated — net		—			2,535,150			752,925			—
Foreign taxes withheld		(237,213	)		(13,858,566	)		(27,858	)		(3,353,153	)
Total investment income		3,565,389			183,088,290			2,328,001			18,436,005
EXPENSES
Investment advisory		591,248			45,790,850			386,272			2,930,526
Commitment costs		1,140			49,961			—			—
Total expenses		592,388			45,840,811			386,272			2,930,526
Net investment income		2,973,001			137,247,479			1,941,729			15,505,479
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(8,893,384	)		(491,029,656	)		(13,244,274	)		(50,500,460	)
Investments — affiliated		—			39,232			3,855			—
Capital gain distributions from underlying funds — affiliated		—			13			—			—
Foreign currency transactions		(38,177	)		84,556			34			(9,459	)
Futures contracts		239,699			(78,173	)		(37,238	)		151,192
In-kind redemptions — unaffiliated(a)		—			87,408,771			989,703			18,057,426
		(8,691,862	)		(403,575,257	)		(12,287,920	)		(32,301,301	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		2,423,242			(460,711,916	)		(783,511	)		8,642,118
Investments — affiliated		—			(54,750	)		(2,503	)		—
Foreign currency translations		(48,251	)		(108,955	)		(180	)		463
Futures contracts		(19,580	)		1,192,348			16,870			288
		2,355,411			(459,683,273	)		(769,324	)		8,642,869
Net realized and unrealized loss		(6,336,451	)		(863,258,530	)		(13,057,244	)		(23,658,432	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(3,363,450	)	$	(726,011,051	)	$	(11,115,515	)	$	(8,152,953	)

^(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 69

Statements of Operations (continued)

Year Ended August 31, 2023

	iShares MSCI Peru and Global Exposure ETF			iShares MSCI Philippines ETF			iShares MSCI Poland ETF			iShares MSCI Qatar ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	5,748,275		$	3,335,564		$	6,719,070		$	3,109,606
Dividends — affiliated		11,571			2,872			99,846			4,086
Securities lending income — affiliated — net		—			—			92,444			—
Foreign taxes withheld		(205,735	)		(818,265	)		(1,007,996	)		(6,364	)
IRS compliance fee for foreign withholding tax claims		—			—			67,628			—
Other foreign taxes		(135	)		—			—			—
Total investment income		5,553,976			2,520,171			5,970,992			3,107,328
EXPENSES
Investment advisory		710,063			672,703			1,163,426			444,021
Commitment costs		—			—			—			932
Professional		—			—			5,498			—
Total expenses		710,063			672,703			1,168,924			444,953
Net investment income		4,843,913			1,847,468			4,802,068			2,662,375
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(10,464,511	)		(13,847,642	)		(19,960,754	)		1,559,631
Investments — affiliated		—			—			3,818			—
Capital gain distributions from underlying funds — affiliated		—			—			3			—
Foreign currency transactions		(22,503	)		(11,397	)		166,433			(6,475	)
Futures contracts		32,245			13,857			(13,557	)		(20,344	)
In-kind redemptions — unaffiliated(a)		801,946			1,713,946			21,728,938			—
		(9,652,823	)		(12,131,236	)		1,924,881			1,532,812
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		37,677,386			2,851,542			83,003,605			(20,734,282	)
Investments — affiliated		—			—			(3,613	)		—
Foreign currency translations		10,343			1,821			21,638			232
Futures contracts		(5,311	)		2,617			(38,037	)		543
		37,682,418			2,855,980			82,983,593			(20,733,507	)
Net realized and unrealized gain (loss)		28,029,595			(9,275,256	)		84,908,474			(19,200,695	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	32,873,508		$	(7,427,788	)	$	89,710,542		$	(16,538,320	)

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

See notes to financial statements.

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

Statements of Operations (continued)

Year Ended August 31, 2023

	iShares MSCI Saudi Arabia ETF				iShares MSCI UAE ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	29,768,956			$	1,430,401
Dividends — affiliated		30,182				3,294
Other income — unaffiliated		52				—
Foreign taxes withheld		(1,356,587	)			—
Total investment income		28,442,603				1,433,695
EXPENSES
Investment advisory		7,011,739				220,380
Commitment costs		11,781				453
Total expenses		7,023,520				220,833
Net investment income		21,419,083				1,212,862
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		1,308,753				(820,432	)
Capital gain distributions from underlying funds — affiliated		1				—
Foreign currency transactions		(77,254	)			(8,861	)
Futures contracts		(371,258	)			(4,767	)
		860,242				(834,060	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(98,944,084	)			(1,823,382	)
Foreign currency translations		(146	)			620
Futures contracts		(43,455	)			2,635
		(98,987,685	)			(1,820,127	)
Net realized and unrealized loss		(98,127,443	)			(2,654,187	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(76,708,360	)		$	(1,441,325	)

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 71

Statements of Changes in Net Assets

	iShares MSCI Brazil Small-Cap ETF								iShares MSCI China ETF
	Year Ended 08/31/23				Year Ended 08/31/22				Year Ended 08/31/23				Year Ended 08/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	2,973,001			$	3,157,710			$	137,247,479			$	115,877,719
Net realized loss		(8,691,862	)			(6,571,328	)			(403,575,257	)			(417,082,741	)
Net change in unrealized appreciation (depreciation)		2,355,411				(14,373,457	)			(459,683,273	)			(1,964,979,076	)
Net decrease in net assets resulting from operations		(3,363,450	)			(17,787,075	)			(726,011,051	)			(2,266,184,098	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(3,229,157	)			(3,944,573	)			(185,102,080	)			(86,873,082	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		131,020,321				(3,379,242	)			598,298,463				4,011,654,506
NET ASSETS
Total increase (decrease) in net assets		124,427,714				(25,110,890	)			(312,814,668	)			1,658,597,326
Beginning of year		82,865,092				107,975,982				7,841,066,342				6,182,469,016
End of year	$	207,292,806			$	82,865,092			$	7,528,251,674			$	7,841,066,342

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

See notes to financial statements.

72 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Statements of Changes in Net Assets(continued)

	iShares MSCI China Small-Cap ETF								iShares MSCI Indonesia ETF
	Year Ended 08/31/23				Year Ended 08/31/22				Year Ended 08/31/23				Year Ended 08/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	1,941,729			$	2,280,854			$	15,505,479			$	10,977,273
Net realized gain (loss)		(12,287,920	)			(13,987,668	)			(32,301,301	)			10,492,545
Net change in unrealized appreciation (depreciation)		(769,324	)			(15,130,649	)			8,642,869				24,816,440
Net increase (decrease) in net assets resulting from operations		(11,115,515	)			(26,837,463	)			(8,152,953	)			46,286,258
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(2,051,160	)			(3,772,602	)			(15,973,903	)			(9,891,151	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		19,303,725				(2,873,258	)			79,376,618				54,827,919
NET ASSETS
Total increase (decrease) in net assets		6,137,050				(33,483,323	)			55,249,762				91,223,026
Beginning of year		55,337,526				88,820,849				443,180,746				351,957,720
End of year	$	61,474,576			$	55,337,526			$	498,430,508			$	443,180,746

^(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 73

Statements of Changes in Net Assets(continued)

	iShares MSCI Peru and Global Exposure ETF										iShares MSCI Philippines ETF
	Year Ended 08/31/23					Year Ended 08/31/22				Year Ended 08/31/23				Year Ended 08/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income			$	4,843,913			$	6,822,237			$	1,847,468			$	1,572,524
Net realized loss				(9,652,823	)			(6,142,433	)			(12,131,236	)			(5,729,585	)
Net change in unrealized appreciation (depreciation)				37,682,418				(4,967,384	)			2,855,980				(12,137,215	)
Net increase (decrease) in net assets resulting from operations				32,873,508				(4,287,580	)			(7,427,788	)			(16,294,276	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders				(4,760,633	)			(8,147,129	)			(1,786,082	)			(1,785,174	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions				(50,539,908	)			44,102,942				(6,529,849	)			1,854,320
NET ASSETS
Total increase (decrease) in net assets				(22,427,033	)			31,668,233				(15,743,719	)			(16,225,130	)
Beginning of year				127,530,003				95,861,770				108,818,067				125,043,197
End of year			$	105,102,970			$	127,530,003			$	93,074,348			$	108,818,067

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

See notes to financial statements.

74 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Statements of Changes in Net Assets(continued)

	iShares MSCI Poland ETF								iShares MSCI Qatar ETF
	Year Ended 08/31/23				Year Ended 08/31/22				Year Ended 08/31/23				Year Ended 08/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	4,802,068			$	6,200,674			$	2,662,375			$	2,793,584
Net realized gain (loss)		1,924,881				(14,657,590	)			1,532,812				1,428,500
Net change in unrealized appreciation (depreciation)		82,983,593				(116,037,602	)			(20,733,507	)			12,484,743
Net increase (decrease) in net assets resulting from operations		89,710,542				(124,494,518	)			(16,538,320	)			16,706,827
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(3,006,382	)			(4,548,741	)			(3,190,299	)			(3,375,217	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		11,286,835				(24,730,364	)			2,327,031				(3,412,513	)
NET ASSETS
Total increase (decrease) in net assets		97,990,995				(153,773,623	)			(17,401,588	)			9,919,097
Beginning of year		130,372,612				284,146,235				96,153,052				86,233,955
End of year	$	228,363,607			$	130,372,612			$	78,751,464			$	96,153,052

^(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 75

Statements of Changes in Net Assets(continued)

	iShares MSCI Saudi Arabia ETF								iShares MSCI UAE ETF
	Year Ended 08/31/23				Year Ended 08/31/22				Year Ended 08/31/23				Year Ended 08/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	21,419,083			$	18,068,521			$	1,212,862			$	1,029,528
Net realized gain (loss)		860,242				(19,228,092	)			(834,060	)			(372,738	)
Net change in unrealized appreciation (depreciation)		(98,987,685	)			78,636,960				(1,820,127	)			1,412,106
Net increase (decrease) in net assets resulting from operations		(76,708,360	)			77,477,389				(1,441,325	)			2,068,896
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(20,626,572	)			(16,207,813	)			(1,124,629	)			(1,475,334	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(74,480,593	)			175,649,734				1,439,745				13,655,392
NET ASSETS
Total increase (decrease) in net assets		(171,815,525	)			236,919,310				(1,126,209	)			14,248,954
Beginning of year		1,135,602,967				898,683,657				37,966,484				23,717,530
End of year	$	963,787,442			$	1,135,602,967			$	36,840,275			$	37,966,484

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

See notes to financial statements.

76 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Financial Highlights

(For a share outstanding throughout each period)

		iShares MSCI Brazil Small-Cap ETF
	Year Ended 08/31/23				Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19
Net asset value, beginning of year		$	13.58			$	17.42			$	13.62			$	16.92			$	11.87
Net investment income(a)			0.39				0.46				0.37				0.23				0.50
Net realized and unrealized gain (loss)(b)			0.34				(3.71	)			3.79				(3.30	)			5.15
Net increase (decrease) from investment operations			0.73				(3.25	)			4.16				(3.07	)			5.65
Distributions from net investment income(c)			(0.49	)			(0.59	)			(0.36	)			(0.23	)			(0.60	)
Net asset value, end of year		$	13.82			$	13.58			$	17.42			$	13.62			$	16.92
Total Return(d)
Based on net asset value			5.95	%			(18.61	)%			30.34	%			(18.40	)%			48.35	%
Ratios to Average Net Assets(e)
Total expenses			0.59	%			0.58	%			0.57	%			0.59	%			0.59	%
Net investment income			2.97	%			3.18	%			2.26	%			1.51	%			3.26	%
Supplemental Data
Net assets, end of year (000)		$	207,293			$	82,865			$	107,976			$	97,375			$	106,588
Portfolio turnover rate(f)			50	%(g)			52	%(g)			40	%(g)			65	%(g)			47	%(g)
(a) Based on average shares outstanding. (b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. (c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations. (d) Where applicable, assumes the reinvestment of distributions. (e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. (f)  Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars (“cash creations”).
(g) Portfolio turnover rate excluding cash creations was as follows:			35	%			32	%			39	%			26	%			30	%

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 77

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI China ETF
	Year Ended 08/31/23			Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19
Net asset value, beginning of year	$	49.82		$	70.90		$	75.92		$	56.43		$	60.85
Net investment income(a)		0.83			1.01			0.74			0.90			0.95
Net realized and unrealized gain (loss)(b)		(4.48	)		(21.30	)		(4.98	)		19.40			(4.49	)
Net increase (decrease) from investment operations		(3.65	)		(20.29	)		(4.24	)		20.30			(3.54	)
Distributions from net investment income(c)		(1.14	)		(0.79	)		(0.78	)		(0.81	)		(0.88	)
Net asset value, end of year	$	45.03		$	49.82		$	70.90		$	75.92		$	56.43
Total Return(d)
Based on net asset value		(7.39	)%		(28.80	)%		(5.69	)%		36.29	%		(5.76	)%
Ratios to Average Net Assets(e)
Total expenses		0.59	%		0.58	%		0.57	%		0.59	%		0.59	%
Net investment income		1.77	%		1.75	%		0.93	%		1.43	%		1.63	%
Supplemental Data
Net assets, end of year (000)	$	7,528,252		$	7,841,066		$	6,182,469		$	6,118,904		$	3,588,927
Portfolio turnover rate(f)		13	%		8	%		18	%		16	%		14	%

^(a)  Based on average shares outstanding.

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

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

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

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

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

See notes to financial statements.

78 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI China Small-Cap ETF
	Year Ended 08/31/23					Year Ended 08/31/22					Year Ended 08/31/21					Year Ended 08/31/20					Year Ended 08/31/19
Net asset value, beginning of year			$	34.59				$	53.83				$	45.21				$	38.46				$	47.23
Net investment income(a)				0.97					1.44					1.50					1.46					1.39
Net realized and unrealized gain (loss)(b)				(6.62	)				(18.32	)				8.86					6.48					(7.78	)
Net increase (decrease) from investment operations				(5.65	)				(16.88	)				10.36					7.94					(6.39	)
Distributions from net investment income(c)				(1.00	)				(2.36	)				(1.74	)				(1.19	)				(2.38	)
Net asset value, end of year			$	27.94				$	34.59				$	53.83				$	45.21				$	38.46
Total Return(d)
Based on net asset value				(16.74	)%				(32.33	)%				23.33	%				21.21	%				(13.60	)%
Ratios to Average Net Assets(e)
Total expenses				0.59	%				0.58	%				0.57	%				0.59	%				0.59	%
Net investment income				2.96	%				3.31	%				2.82	%				3.70	%				3.26	%
Supplemental Data
Net assets, end of year (000)			$	61,475				$	55,338				$	88,821				$	51,989				$	19,230
Portfolio turnover rate(f)				37	%				64	%				51	%				39	%				38	%

^(a)  Based on average shares outstanding.

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

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

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

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

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

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 79

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Indonesia ETF
	Year Ended 08/31/23					Year Ended 08/31/22					Year Ended 08/31/21					Year Ended 08/31/20					Year Ended 08/31/19
Net asset value, beginning of year			$	23.96				$	21.33				$	19.69				$	25.22				$	23.57
Net investment income(a)				0.73					0.59					0.27					0.36					0.41
Net realized and unrealized gain (loss)(b)				(0.90	)				2.54					1.68					(5.66	)				1.70
Net increase (decrease) from investment operations				(0.17	)				3.13					1.95					(5.30	)				2.11
Distributions from net investment income(c)				(0.71	)				(0.50	)				(0.31	)				(0.23	)				(0.46	)
Net asset value, end of year			$	23.08				$	23.96				$	21.33				$	19.69				$	25.22
Total Return(d)
Based on net asset value				(0.66	)%				14.69	%				9.88	%				(21.04	)%				9.00	%
Ratios to Average Net Assets(e)
Total expenses				0.59	%				0.58	%				0.57	%				0.59	%				0.59	%
Net investment income				3.12	%				2.52	%				1.26	%				1.65	%				1.64	%
Supplemental Data
Net assets, end of year (000)			$	498,431				$	443,181				$	351,958				$	319,892				$	402,185
Portfolio turnover rate(f)				19	%				16	%				10	%				13	%				12	%

^(a)  Based on average shares outstanding.

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

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

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

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

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

See notes to financial statements.

80 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Peru and Global Exposure ETF
	Year Ended 08/31/23				Year Ended 08/31/22					Year Ended 08/31/21					Year Ended 08/31/20					Year Ended 08/31/19
Net asset value, beginning of year		$	25.51				$	27.00				$	31.65				$	34.11				$	37.44
Net investment income(a)			1.19					1.34					0.79					0.69					0.85
Net realized and unrealized gain (loss)(b)			6.87					(1.08	)				(5.00	)				(2.34	)				(3.36	)
Net increase (decrease) from investment operations			8.06					0.26					(4.21	)				(1.65	)				(2.51	)
Distributions from net investment income(c)			(1.23	)				(1.75	)				(0.44	)				(0.81	)				(0.82	)
Net asset value, end of year		$	32.34				$	25.51				$	27.00				$	31.65				$	34.11
Total Return(d)
Based on net asset value			32.09	%				0.24	%				(13.49	)%				(4.78	)%				(6.75	)%
Ratios to Average Net Assets(e)
Total expenses			0.59	%				0.58	%				0.57	%				0.59	%				0.59	%
Net investment income			4.03	%				4.36	%				2.42	%				2.15	%				2.33	%
Supplemental Data
Net assets, end of year (000)		$	105,103				$	127,530				$	95,862				$	82,297				$	163,738
Portfolio turnover rate(f)			20	%				24	%				33	%				26	%				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)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

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

See notes to financial statements.

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Philippines ETF
	Year Ended 08/31/23				Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19
Net asset value, beginning of year		$	26.54			$	30.50			$	26.63			$	34.45				$	33.08
Net investment income(a)			0.42				0.39				0.26				0.17					0.28
Net realized and unrealized gain (loss)(b)			(2.04	)			(3.90	)			3.90				(7.80	)				1.35
Net increase (decrease) from investment operations			(1.62	)			(3.51	)			4.16				(7.63	)				1.63
Distributions from net investment income(c)			(0.43	)			(0.45	)			(0.29	)			(0.19	)				(0.26	)
Net asset value, end of year		$	24.49			$	26.54			$	30.50			$	26.63				$	34.45
Total Return(d)
Based on net asset value			(6.16	)%			(11.65	)%			15.57	%			(22.16	)%				4.93	%
Ratios to Average Net Assets(e)
Total expenses			0.59	%			0.58	%			0.57	%			0.59	%				0.59	%
Net investment income			1.62	%			1.28	%			0.87	%			0.57	%				0.83	%
Supplemental Data
Net assets, end of year (000)		$	93,074			$	108,818			$	125,043			$	118,507				$	217,028
Portfolio turnover rate(f)			18	%			13	%			20	%			16	%				8	%

^(a)  Based on average shares outstanding.

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

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

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

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

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

See notes to financial statements.

82 2 0 2 3   I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Poland ETF
	Year Ended 08/31/23				Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19
Net asset value, beginning of year		$	12.60			$	23.10			$	18.24			$	20.68			$	24.31
Net investment income(a)			0.39				0.51	(b)			0.16	(b)			0.17	(b)			0.65	(b)
Net realized and unrealized gain (loss)(c)			6.47				(10.65	)			4.86				(1.95	)			(3.93	)
Net increase (decrease) from investment operations			6.86				(10.14	)			5.02				(1.78	)			(3.28	)
Distributions from net investment income(d)			(0.27	)			(0.36	)			(0.16	)			(0.66	)			(0.35	)
Net asset value, end of year		$	19.19			$	12.60			$	23.10			$	18.24			$	20.68
Total Return(e)
Based on net asset value			55.04	%			(44.38	)%(b)			27.65	%(b)			(8.76	)%(b)			(13.64	)%(b)
Ratios to Average Net Assets(f)
Total expenses			0.59	%			0.65	%			0.61	%			0.78	%			0.61	%
Total expenses excluding professional fees for foreign withholding tax claims			0.59	%			0.58	%			0.57	%			0.59	%			0.59	%
Net investment income			2.43	%			2.72	%(b)			0.80	%(b)			0.93	%(b)			2.81	%(b)
Supplemental Data
Net assets, end of year (000)		$	228,364			$	130,373			$	284,146			$	253,594			$	260,578
Portfolio turnover rate(g)			20	%			11	%			22	%			15	%			5	%

^(a)  Based on average shares outstanding.

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

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

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

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

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

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

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

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

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

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 83

Financial Highlights (continued)

(For a share outstanding throughout each period)

			iShares MSCI Qatar ETF
	Year Ended 08/31/23					Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19
Net asset value, beginning of year			$	22.62			$	19.60			$	17.62			$	17.44			$	17.82
Net investment income(a)				0.68				0.63				0.37				0.56				0.64
Net realized and unrealized gain (loss)(b)				(4.77	)			3.20				2.03				0.11				(0.26	)
Net increase (decrease) from investment operations				(4.09	)			3.83				2.40				0.67				0.38
Distributions(c)
From net investment income				(0.83	)			(0.81	)			(0.42	)			(0.45	)			(0.76	)
Return of capital				—				—				—				(0.04	)			—
Total distributions				(0.83	)			(0.81	)			(0.42	)			(0.49	)			(0.76	)
Net asset value, end of year			$	17.70			$	22.62			$	19.60			$	17.62			$	17.44
Total Return(d)
Based on net asset value				(18.16	)%			19.69	%			13.70	%			4.10	%			1.98	%
Ratios to Average Net Assets(e)
Total expenses				0.59	%			0.58	%			0.57	%			0.59	%			0.59	%
Net investment income				3.54	%			2.89	%			1.98	%			3.31	%			3.48	%
Supplemental Data
Net assets, end of year (000)			$	78,751			$	96,153			$	86,234			$	87,223			$	50,576
Portfolio turnover rate(f)				25	%(g)			38	%(g)			26	%(g)			24	%(g)			33	%(g)
(a) Based on average shares outstanding. (b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. (c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations. (d) Where applicable, assumes the reinvestment of distributions. (e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. (f)  Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars (“cash creations”).
(g) Portfolio turnover rate excluding cash creations was as follows:				11	%			12	%			9	%			14	%			23	%

See notes to financial statements.

84 2 0 2 3   I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

		iShares MSCI Saudi Arabia ETF
	Year Ended 08/31/23				Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19
Net asset value, beginning of year		$	44.53			$	41.22			$	28.70			$	30.21			$	29.72
Net investment income(a)			0.91				0.69				0.71				0.57				1.11
Net realized and unrealized gain (loss)(b)			(3.71	)			3.23				12.27				(1.26	)			0.12
Net increase (decrease) from investment operations			(2.80	)			3.92				12.98				(0.69	)			1.23
Distributions from net investment income(c)			(0.89	)			(0.61	)			(0.46	)			(0.82	)			(0.74	)
Net asset value, end of year		$	40.84			$	44.53			$	41.22			$	28.70			$	30.21
Total Return(d)
Based on net asset value			(6.20	)%			9.60	%			45.37	%			(2.21	)%			4.14	%
Ratios to Average Net Assets(e)
Total expenses			0.74	%			0.74	%			0.74	%			0.74	%			0.74	%
Net investment income			2.26	%			1.56	%			2.06	%			2.03	%			3.46	%
Supplemental Data
Net assets, end of year (000)		$	963,787			$	1,135,603			$	898,684			$	516,629			$	646,591
Portfolio turnover rate(f)			11	%(g)			36	%(g)			13	%(g)			64	%(g)			82	%(g)
(a) Based on average shares outstanding. (b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. (c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations. (d) Where applicable, assumes the reinvestment of distributions. (e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. (f)  Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars (“cash creations”).
(g) Portfolio turnover rate excluding cash creations was as follows:			5	%			8	%			6	%			20	%			14	%

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 85

Financial Highlights (continued)

(For a share outstanding throughout each period)

		iShares MSCI UAE ETF
	Year Ended 08/31/23				Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19
Net asset value, beginning of year		$	16.16			$	14.82			$	10.91			$	14.09			$	15.61
Net investment income(a)			0.49				0.49				0.46				0.53				0.57
Net realized and unrealized gain (loss)(b)			(1.19	)			1.50				3.96				(3.16	)			(1.54	)
Net increase (decrease) from investment operations			(0.70	)			1.99				4.42				(2.63	)			(0.97	)
Distributions from net investment income(c)			(0.42	)			(0.65	)			(0.51	)			(0.55	)			(0.55	)
Net asset value, end of year		$	15.04			$	16.16			$	14.82			$	10.91			$	14.09
Total Return(d)
Based on net asset value			(4.17	)%			13.30	%			40.74	%			(18.43	)%			(5.95	)%
Ratios to Average Net Assets(e)
Total expenses			0.59	%			0.58	%			0.57	%			0.59	%			0.59	%
Net investment income			3.25	%			2.93	%			3.61	%			4.46	%			3.95	%
Supplemental Data
Net assets, end of year (000)		$	36,840			$	37,966			$	23,718			$	38,177			$	45,807
Portfolio turnover rate(f)			38	%			52	%			112	%			67	%			55	%

^(a)  Based on average shares outstanding.

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

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

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

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

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

See notes to financial statements.

86 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Notes to Financial Statements

1. ORGANIZATION

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

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

iShares ETF	Diversification Classification
MSCI Brazil Small-Cap		Diversified
MSCI China		Non-diversified
MSCI China Small-Cap		Diversified
MSCI Indonesia		Non-diversified
MSCI Peru and Global Exposure(a)		Non-diversified
MSCI Philippines		Non-diversified
MSCI Poland		Non-diversified
MSCI Qatar		Non-diversified
MSCI Saudi Arabia		Non-diversified
MSCI UAE		Non-diversified

^(a)  Formerly the iShares MSCI Peru ETF

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

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

Bank Overdraft: The Funds had outstanding cash disbursements exceeding deposited cash amounts at the custodian and utilized its ability to temporarily borrow from that custodian for operational purposes. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable.

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 87

Notes to Financial Statements  (continued)

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.

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).

88 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Notes to Financial Statements  (continued)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

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

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

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

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

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
MSCI China
Barclays Bank PLC	$	71,093	$	(71,093	)	$	—		$	—
Barclays Capital, Inc.		6,140,510		(6,140,510	)		—			—
BNP Paribas SA		14,395		(14,395	)		—			—
BofA Securities, Inc.		17,262,050		(17,262,050	)		—			—
Citigroup Global Markets, Inc.		2,319,388		(2,319,388	)		—			—
Credit Suisse Securities (USA) LLC		6,914		(6,914	)		—			—
Goldman Sachs & Co. LLC		15,248,241		(15,248,241	)		—			—
HSBC Bank PLC		3,572,522		(3,572,522	)		—			—
J.P. Morgan Securities LLC		53,903,824		(53,903,824	)		—			—
Jefferies LLC		149,562		(149,562	)		—			—
Macquarie Bank Ltd.		2,489,830		(2,489,830	)		—			—
Morgan Stanley		28,892,748		(28,892,748	)		—			—
Nomura Securities International, Inc.		148,093		(148,093	)		—			—
SG Americas Securities LLC		4,844,981		(4,844,981	)		—			—
UBS AG		15,022,160		(15,022,160	)		—			—
	$	150,086,311	$	(150,086,311	)	$	—		$	—

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

Notes to Financial Statements  (continued)

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
MSCI China Small-Cap
Barclays Bank PLC	$	226,553	$	(226,553	)	$	—		$	—
Barclays Capital, Inc.		527,574		(527,574	)		—			—
BNP Paribas SA		1,174,628		(1,174,628	)		—			—
BofA Securities, Inc.		1,989,704		(1,989,704	)		—			—
Citigroup Global Markets, Inc.		198,628		(198,628	)		—			—
Credit Suisse Securities (USA) LLC		625,603		(625,603	)		—			—
Goldman Sachs & Co. LLC		1,768,394		(1,768,394	)		—			—
J.P. Morgan Securities LLC		474,350		(474,350	)		—			—
Morgan Stanley		2,537,925		(2,537,925	)		—			—
SG Americas Securities LLC		156,207		(156,207	)		—			—
State Street Bank & Trust Co.		131,207		(131,207	)		—			—
UBS AG		44,528		(44,528	)		—			—
	$	9,855,301	$	(9,855,301	)	$	—		$	—
MSCI Poland
Morgan Stanley	$	52,843	$	(52,843	)	$	—		$	—

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

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

5. DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

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Notes to Financial Statements  (continued)

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

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

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

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

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

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

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

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

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

iShares ETF	Amounts
MSCI China	$	613,749
MSCI China Small-Cap		167,108
MSCI Poland		22,211

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

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

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

iShares ETF	Purchases		Sales		Net   Realized   Gain (Loss)
MSCI China	$	24,413,798	$	47,347,463	$	(32,415,356)
MSCI China Small-Cap		7,642,639		5,636,965		1,860,076
MSCI Peru and Global Exposure		2,665,020		429,378		(148,926)
MSCI Poland		10,844,881		2,433,550		(2,081,547)

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 91

Notes to Financial Statements  (continued)

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

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

7. PURCHASES AND SALES

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

iShares ETF	Purchases		Sales
MSCI Brazil Small-Cap	$	181,100,652	$	51,535,263
MSCI China		2,028,252,325		1,028,717,603
MSCI China Small-Cap		46,047,015		23,946,736
MSCI Indonesia		96,886,281		99,546,298
MSCI Peru and Global Exposure		23,802,575		27,625,551
MSCI Philippines		20,391,809		20,312,551
MSCI Poland		39,826,373		39,004,291
MSCI Qatar		20,697,189		18,914,437
MSCI Saudi Arabia		106,030,422		177,498,640
MSCI UAE		15,657,615		14,171,170

For the year ended August 31, 2023, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI China	$	122,700,426	$	524,052,358
MSCI China Small-Cap		3,189,154		5,693,672
MSCI Indonesia		248,954,251		167,069,440
MSCI Peru and Global Exposure		11,233,426		58,179,947
MSCI Philippines		40,624,318		47,068,116
MSCI Poland		144,000,197		132,578,854

8. INCOME TAX INFORMATION

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

Management has analyzed tax laws and regulations and their application to the Funds as of August 31, 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.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of August 31, 2023, permanent differences attributable to distributions paid in excess of taxable income and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in Capital			Accumulated   Earnings (Loss)
MSCI China	$	40,684,941		$	(40,684,941	)
MSCI China Small-Cap		931,670			(931,670)
MSCI Indonesia		15,610,609			(15,610,609)
MSCI Peru and Global Exposure		608,519			(608,519)
MSCI Philippines		1,615,769			(1,615,769)
MSCI Poland		21,527,038			(21,527,038)
MSCI Qatar		(216,667	)		216,667

The tax character of distributions paid was as follows:

iShares ETF	Year Ended 08/31/23		Year Ended 08/31/22
MSCI Brazil Small-Cap
Ordinary income	$	3,229,157	$	3,944,573

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Notes to Financial Statements  (continued)

iShares ETF	Year Ended 08/31/23		Year Ended 08/31/22
MSCI China
Ordinary income	$	185,102,080	$	86,873,082
MSCI China Small-Cap
Ordinary income	$	2,051,160	$	3,772,602
MSCI Indonesia
Ordinary income	$	15,973,903	$	9,891,151
MSCI Peru and Global Exposure
Ordinary income	$	4,760,633	$	8,147,129
MSCI Philippines
Ordinary income	$	1,786,082	$	1,785,174
MSCI Poland
Ordinary income	$	3,006,382	$	4,548,741
MSCI Qatar
Ordinary income	$	3,190,299	$	3,375,217
MSCI Saudi Arabia
Ordinary income	$	20,626,572	$	16,207,813
MSCI UAE
Ordinary income	$	1,124,629	$	1,475,334

As of August 31, 2023, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	(a)		Net Unrealized Gains (Losses)	(b)		Total
MSCI Brazil Small-Cap	$	489,692	$	(65,487,510	)	$	(4,832,466	)	$	(69,830,284	)
MSCI China		127,236,987		(1,481,582,455	)		(1,691,270,418	)		(3,045,615,886	)
MSCI China Small-Cap		1,721,991		(31,135,100	)		(26,798,911	)		(56,212,020	)
MSCI Indonesia		2,411,555		(221,558,856	)		(85,360,397	)		(304,507,698	)
MSCI Peru and Global Exposure		653,010		(173,861,385	)		(23,364,349	)		(196,572,724	)
MSCI Philippines		247,863		(81,870,539	)		(37,841,292	)		(119,463,968	)
MSCI Poland		5,634,009		(156,752,171	)		(65,070,339	)		(216,188,501	)
MSCI Qatar		—		(19,413,333	)		6,928,841			(12,484,492	)
MSCI Saudi Arabia		7,538,760		(86,113,701	)		193,813,513			115,238,572
MSCI UAE		235,765		(37,384,402	)		(2,350,751	)		(39,499,388	)

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

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

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.

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 93

Notes to Financial Statements  (continued)

As of August 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 Brazil Small-Cap	$	210,003,885	$	13,719,496	$	(18,544,406	)	$	(4,824,910	)
MSCI China		9,363,224,999		407,530,647		(2,098,704,992	)		(1,691,174,345)
MSCI China Small-Cap		100,209,327		1,703,296		(28,501,809	)		(26,798,513)
MSCI Indonesia		583,409,271		32,276,108		(117,636,579	)		(85,360,471)
MSCI Peru and Global Exposure		128,072,107		4,451,967		(27,815,240	)		(23,363,273)
MSCI Philippines		130,686,905		1,683,898		(39,525,584	)		(37,841,686)
MSCI Poland		295,228,442		5,902,881		(70,990,182	)		(65,087,301)
MSCI Qatar		71,667,625		13,013,432		(6,084,566	)		6,928,866
MSCI Saudi Arabia		768,404,689		226,419,063		(32,604,548	)		193,814,515
MSCI UAE		39,153,387		7,677,131		(10,027,888	)		(2,350,757)

9. LINE OF CREDIT

The Funds, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 9, 2024. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the year ended August 31, 2023, the Funds did not borrow under the Syndicated Credit Agreement.

10. PRINCIPAL RISKS

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

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

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

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

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

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

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Notes to Financial Statements  (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.

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

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

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

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

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

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

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 95

Notes to Financial Statements  (continued)

Transactions in capital shares were as follows:

	Year Ended 08/31/23						Year Ended 08/31/22
iShares ETF	Shares			Amount			Shares			Amount
MSCI Brazil Small-Cap
Shares sold		10,000,000		$	146,897,816			1,550,000		$	20,799,927
Shares redeemed		(1,100,000	)		(15,877,495	)		(1,650,000	)		(24,179,169	)
		8,900,000		$	131,020,321			(100,000	)	$	(3,379,242	)
MSCI China
Shares sold		30,800,000		$	1,477,496,067			71,000,000		$	4,051,227,026
Shares redeemed		(21,000,000	)		(879,197,604	)		(800,000	)		(39,572,520	)
		9,800,000		$	598,298,463			70,200,000		$	4,011,654,506
MSCI China Small-Cap
Shares sold		800,000		$	25,436,562			100,000		$	4,311,829
Shares redeemed		(200,000	)		(6,132,837	)		(150,000	)		(7,185,087	)
		600,000		$	19,303,725			(50,000	)	$	(2,873,258	)
MSCI Indonesia
Shares sold		11,000,000		$	260,973,947			11,350,000		$	273,842,673
Shares redeemed		(7,900,000	)		(181,597,329	)		(9,350,000	)		(219,014,754	)
		3,100,000		$	79,376,618			2,000,000		$	54,827,919
MSCI Peru and Global Exposure
Shares sold		400,000		$	12,350,840			8,450,000		$	262,036,259
Shares redeemed		(2,150,000	)		(62,890,748	)		(7,000,000	)		(217,933,317	)
		(1,750,000	)	$	(50,539,908	)		1,450,000		$	44,102,942
MSCI Philippines
Shares sold		1,500,000		$	40,747,736			3,750,000		$	115,441,475
Shares redeemed		(1,800,000	)		(47,277,585	)		(3,750,000	)		(113,587,155	)
		(300,000	)	$	(6,529,849	)		—		$	1,854,320
MSCI Poland
Shares sold		9,800,000		$	144,940,429			5,750,000		$	122,087,777
Shares redeemed		(8,250,000	)		(133,653,594	)		(7,700,000	)		(146,818,141	)
		1,550,000		$	11,286,835			(1,950,000	)	$	(24,730,364	)
MSCI Qatar
Shares sold		750,000		$	13,636,879			1,200,000		$	26,058,936
Shares redeemed		(550,000	)		(11,309,848	)		(1,350,000	)		(29,471,449	)
		200,000		$	2,327,031			(150,000	)	$	(3,412,513	)
MSCI Saudi Arabia
Shares sold		1,300,000		$	54,599,079			10,850,000		$	493,999,432
Shares redeemed		(3,200,000	)		(129,079,672	)		(7,150,000	)		(318,349,698	)
		(1,900,000	)	$	(74,480,593	)		3,700,000		$	175,649,734
MSCI UAE
Shares sold		350,000		$	5,281,592			1,350,000		$	23,345,364
Shares redeemed		(250,000	)		(3,841,847	)		(600,000	)		(9,689,972	)
		100,000		$	1,439,745			750,000		$	13,655,392

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

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  (continued)

12. FOREIGN WITHHOLDING TAX CLAIMS

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

13. SUBSEQUENT EVENTS

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

Effective October 18, 2023, the Syndicated Credit Agreement to which the Participating Funds are party was amended to extend the maturity date to October 2024 under the same terms.

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

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (ten of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2023, the related statements of operations for the year ended August 31, 2023, the statements of changes in net assets for each of the two years in the period ended August 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2023 and each of the financial highlights for each of the five years in the period ended August 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

iShares MSCI Brazil Small-Cap ETF

iShares MSCI China ETF

iShares MSCI China Small-Cap ETF

iShares MSCI Indonesia ETF

iShares MSCI Peru and Global Exposure ETF

iShares MSCI Philippines ETF

iShares MSCI Poland ETF

iShares MSCI Qatar ETF

iShares MSCI Saudi Arabia ETF

iShares MSCI UAE ETF

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 23, 2023

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

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Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2023:

iShares ETF	Qualified Dividend Income
MSCI China	$	132,293,779
MSCI China Small-Cap		207,043
MSCI Indonesia		21,494,374
MSCI Peru and Global Exposure		1,759,755
MSCI Philippines		3,181,284
MSCI Poland		6,417,693

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended August 31, 2023:

iShares ETF	Foreign Source Income Earned		Foreign Taxes Paid
MSCI Brazil Small-Cap	$	3,788,182	$	226,048
MSCI China		251,176,075		13,884,074
MSCI China Small-Cap		1,597,520		27,666
MSCI Indonesia		21,762,630		3,359,970
MSCI Peru and Global Exposure		4,372,084		188,821
MSCI Philippines		3,335,211		813,083
MSCI Poland		6,718,240		1,076,430
MSCI Qatar		3,109,876		6,365
MSCI Saudi Arabia		29,753,184		1,370,142
MSCI UAE		1,430,207		—

The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended August 31, 2023 qualified for the dividends-received deduction for corporate shareholders:

iShares ETF	Dividends-Received Deduction
MSCI China		0.37	%
MSCI Peru and Global Exposure		26.16	%

I M P O R T A N T  T A X  I N F O R M A T I O N 99

Board Review and Approval of Investment Advisory Contract

iShares MSCI Brazil Small-Cap ETF, iShares MSCI China Small-Cap ETF, iShares MSCI Peru and Global Exposure ETF, iShares MSCI Qatar ETF, iShares MSCI UAE ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

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

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

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

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

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Board Review and Approval of Investment Advisory Contract (continued)

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

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

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

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

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

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

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

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately

B O A R D  R E V I E W  A N D  A P P R O V A L  O F  I N V E S T M E N T  A D V I S O R Y  C O N T R A C T 101

Board Review and Approval of Investment Advisory Contract (continued)

large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares MSCI China ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

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

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

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

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

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Board Review and Approval of Investment Advisory Contract (continued)

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

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

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

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

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

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

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

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately

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large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares MSCI Indonesia ETF, iShares MSCI Poland ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

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

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

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

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

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

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

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

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

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

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

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

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately

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large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares MSCI Philippines ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

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

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

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

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

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Board Review and Approval of Investment Advisory Contract (continued)

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

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

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

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

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

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

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

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately

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Board Review and Approval of Investment Advisory Contract (continued)

large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares MSCI Saudi Arabia ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

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

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

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

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

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Board Review and Approval of Investment Advisory Contract (continued)

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

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

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

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

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

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

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

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately

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 109

Board Review and Approval of Investment Advisory Contract (continued)

large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

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Supplemental Information (unaudited)

Section 19(a) Notices

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

August 31, 2023

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
MSCI Brazil Small-Cap(a)	$	0.453274	$	—	$	0.036880	$	0.490154		92	%		—	%		8	%		100	%
MSCI Indonesia(a)		0.659058		—		0.054182		0.713240		92			—			8			100
MSCI Peru and Global Exposure(a)		1.198253		—		0.031696		1.229949		97			—			3			100
MSCI Philippines		0.434200		—		—		0.434200		100			—			—			100
MSCI Poland(a)		0.249316		—		0.019111		0.268427		93			—			7			100

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

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

Premium/Discount Information

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

Regulation under the Alternative Investment Fund Managers Directive

The Alternative Investment Fund Managers Directive, and its United Kingdom (“UK”) equivalent, (“AIFMD”) impose detailed and prescriptive obligations on fund managers established in the European Union (the “EU”) and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the “Company”). Rather, the Company is only required to comply with certain disclosure, reporting and transparency obligations of AIFMD because it has registered the iShares MSCI China ETF and iShares MSCI Philippines ETF (the “Funds”) to be marketed to investors in the EU and/or UK.

Report on Remuneration

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

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

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

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

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management and staff who have the ability to materially affect the risk profile of the Funds, a significant percentage of variable remuneration is deferred over time. All employees are subject to a clawback policy.

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Supplemental Information (unaudited) (continued)

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

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

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

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

The amount of the total remuneration awarded to the Company’s staff in respect of the Company’s financial year ending December 31, 2022 was USD 4.12 million. This figure is comprised of fixed remuneration of USD 685 thousand and variable remuneration of USD 3.44 million. There was a total of 8 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company in respect of the Company’s financial year ending December 31, 2022, to its senior management was USD 2.96 million, and to other members of its staff whose actions potentially have a material impact on the risk profile of the Company or its funds was USD 970 thousand. These figures relate to the entire Company and not to the Funds.

Disclosures Under the EU Sustainable Finance Disclosure Regulation

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

Each Fund has not been categorized under the SFDR as an “Article 8” or “Article 9” product. In addition, each Fund’s investment strategy does not take into account the criteria for environmentally sustainable economic activities under the EU sustainable investment taxonomy regulation or principal adverse impacts (“PAIs”) on sustainability factors under the SFDR. PAIs are identified under the SFDR as the material impacts of investment decisions on sustainability factors relating to environmental, social and employee matters, respect for human rights, and anti-corruption and anti-bribery matters.

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Trustee and Officer Information (unaudited)

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

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 387 funds as of August 31, 2023. With the exception of Robert S. Kapito, Salim Ramji and Aaron Wasserman, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA94105. The address of Mr. Kapito, Mr. Ramji and Mr. Wasserman is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (1957)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).
Salim Ramji(b) (1970)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).

^(a)  Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

^(b)  Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

Independent Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (1955)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (1956)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (1954)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016); Director of One Generation Away (since 2021).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).

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Trustee and Officer Information (unaudited) (continued)

Independent Trustees (continued)
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (1949)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018), Investment Committee (since 2011) and Personnel Committee (since 2022); Member of the Wyoming State Investment Funds Committee (since 2022); Director of the Jackson Hole Center for the Arts (since 2021); Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).
Drew E. Lawton (1959)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Director of Jackson Financial Inc. (since 2021).
John E. Martinez (1961)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).
Madhav V. Rajan (1964)	Trustee (since 2011); Fixed-Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).

Officers
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years
Dominik Rohé (1973)	President (since 2023).	Managing Director, BlackRock, Inc. (since 2005); Head of Americas ETF and Index Investments (since 2023); Head of Latin America (2019-2023).
Trent Walker (1974)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Aaron Wasserman (1974)	Chief Compliance Officer (iShares, Inc. and iShares Trust, since 2023; iShares U.S. ETF Trust, since 2023).	Managing Director of BlackRock, Inc. (since 2018); Chief Compliance Officer of the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the Exchange-Traded Fund Complex (since 2023); Deputy Chief Compliance Officer for the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the Exchange-Traded Fund Complex (2014-2023).
Marisa Rolland (1980)	Secretary (since 2022).	Managing Director, BlackRock, Inc. (since 2023); Director, BlackRock, Inc. (2018-2022); Vice President, BlackRock, Inc. (2010-2017).
Rachel Aguirre (1982)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019).
Jennifer Hsui (1976)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).

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Trustee and Officer Information (unaudited) (continued)

Officers (continued)
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years
James Mauro (1970)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).

Effective March 30, 2023, Dominik Rohé replaced Armando Senra as President.

Effective July 1, 2023, Aaron Wasserman replaced Charles Park as Chief Compliance Officer

T R U S T E E  A N D  O F F I C E R  I N F O R M A T I O N 115

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.

116 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Glossary of Terms Used in this Report

Portfolio Abbreviation

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

G L O S S A R Y  O F  T E R M S  U S E D  I N  T H I S  R E P O R T 117

Want to know more?

iShares.com  |  1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

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

©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-AR-806-0823

  

AUGUST 31, 2023

    2023 Annual Report    

iShares Trust

· iShares MSCI Denmark ETF | EDEN | Cboe BZX

· iShares MSCI Finland ETF | EFNL | Cboe BZX

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

· iShares MSCI Ireland ETF | EIRL | NYSE Arca

· iShares MSCI Kuwait ETF | KWT | Cboe BZX

· iShares MSCI New Zealand ETF | ENZL | NASDAQ

· iShares MSCI Norway ETF | ENOR | Cboe BZX

The Markets in Review

Dear Shareholder,

Despite an uncertain economic landscape during the 12-month reporting period ended August 31, 2023, the resilience of the U.S. economy in the face of ever tighter financial conditions provided an encouraging backdrop for investors. While inflation was near multi-decade highs at the beginning of the period, it declined precipitously as commodity prices dropped. Labor shortages also moderated, although wages continued to grow and unemployment rates reached the lowest levels in decades. This robust labor market powered further growth in consumer spending, backstopping the economy.

Equity returns were solid, as the durability of consumer sentiment eased investors’ concerns about the economy’s trajectory. The U.S. economy resumed growth in the third quarter of 2022 and continued to expand thereafter. Most major classes of equities rose, as large-capitalization U.S. stocks and developed market equities advanced strongly. However, small-capitalization U.S. stocks and emerging market equities posted more modest gains.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market also faced inflationary headwinds, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates seven times during the 12-month period. Furthermore, the Fed wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity. However, the Fed declined to raise interest rates at its June 2023 meeting, the first time it paused its tightening in the current cycle, before again raising rates in July 2023.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has decelerated the pace of interest rate hikes and recently opted for two pauses, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period to keep inflation under control. Furthermore, ongoing structural changes may mean that the Fed will be hesitant to cut interest rates in the event of faltering economic activity lest inflation accelerate again. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt.

While we favor an overweight position to developed market equities in the long term, we prefer an underweight stance in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with macroeconomic constraints. Nevertheless, we are overweight on emerging market stocks in the near term as growth trends for emerging markets appear brighter. We also believe that stocks with an AI tilt should benefit from an investment cycle that is set to support revenues and margins. In credit, there are selective opportunities in the near term despite tightening credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries, U.S. inflation-linked bonds, U.S. mortgage-backed securities, and hard-currency emerging market bonds.

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

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of August 31, 2023
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	14.50%	15.94%
U.S. small cap equities (Russell 2000® Index)	0.99	4.65
International equities (MSCI Europe, Australasia, Far East Index)	4.75	17.92
Emerging market equities (MSCI Emerging Markets Index)	3.62	1.25
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	2.47	4.25
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	0.11	(4.71)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	0.95	(1.19)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	1.04	1.70
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	4.55	7.19
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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

Table of Contents

	Page
The Markets in Review	2
Annual Report:
Market Overview	4
Fund Summary	5
About Fund Performance	19
Disclosure of Expenses	19
Schedules of Investments	20
Financial Statements
Statements of Assets and Liabilities	39
Statements of Operations	41
Statements of Changes in Net Assets	43
Financial Highlights	47
Notes to Financial Statements	54
Report of Independent Registered Public Accounting Firm	64
Important Tax Information	65
Board Review and Approval of Investment Advisory Contract	66
Supplemental Information	77
Trustee and Officer Information	78
General Information	81
Glossary of Terms Used in this Report	82

Market Overview

iShares Trust

Global Market Overview

Global equity markets advanced during the 12 months ended August 31, 2023 (“reporting period”), supported by continued economic growth and moderating inflation. The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned 13.95% in U.S. dollar terms for the reporting period. Despite concerns about the impact of higher interest rates and rising prices, the global economy continued to grow, albeit at a slower pace than during the initial post-coronavirus pandemic recovery. Inflation began to subside in most regions of the world, and lower energy prices reduced pressure on consumers, leading consumer and business sentiment to improve. While the Russian invasion of Ukraine continued to disrupt trade in Europe and elsewhere, market adaptation lessened the economic impact of the ongoing war. The prices of several key commodities, including oil, natural gas, and wheat, either stabilized or declined during the reporting period, easing pressure on the world’s economies.

The U.S. Federal Reserve (“Fed”) tightened monetary policy rapidly, raising short-term interest rates seven times over the course of the reporting period. The pace of tightening decelerated as the Fed twice lowered the increment of increase before pausing entirely in June 2023, the first time it declined to take action since the tightening cycle began. However, the Fed then raised interest rates again at its July 2023 meeting and stated that it would continue to monitor economic data. The Fed also continued to decrease the size of its balance sheet by reducing the store of U.S. Treasuries it had accumulated to stabilize markets in the early phases of the pandemic.

Despite the tightening financial conditions, the U.S. economy demonstrated continued strength, and U.S. equities advanced. The economy returned to growth in the third quarter of 2022 and showed robust, if slightly slower, growth thereafter. Consumers powered the economy, increasing their spending in both nominal and inflation-adjusted terms. A strong labor market bolstered spending, as unemployment remained low, and the number of employed persons reached an all-time high. Tightness in the labor market drove higher wages, although wage growth slowed as the reporting period continued.

European stocks outpaced their counterparts in most other regions of the globe, advancing strongly for the reporting period despite modest economic growth. European stocks benefited from a solid recovery following the early phases of the war in Ukraine. While the conflict disrupted critical natural gas supplies, new sources were secured and prices declined, while a warm winter helped moderate consumption. The European Central Bank (“ECB”) responded to the highest inflation since the introduction of the euro by raising interest rates eight times and beginning to reduce the size of its debt holdings.

Stocks in the Asia-Pacific region gained, albeit at a slower pace than other regions of the world. Japan returned to growth in the fourth quarter of 2022 and first half of 2023, as strong business investment and exports helped boost the economy and support Japanese equities. However, Chinese stocks were negatively impacted by slowing economic growth. While investors were initially optimistic following China’s lifting of several pandemic-related lockdowns in December 2022, subsequent performance disappointed, and tensions with the U.S. increased. Emerging market stocks advanced modestly, as the resilient global economic environment reassured investors. The declining value of the U.S. dollar relative to many other currencies and the slowing pace of the Fed’s interest rate increases also supported emerging market stocks.

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

Fund Summary as of August 31, 2023 iShares^® MSCI Denmark ETF

Investment Objective

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

Performance

		Average Annual Total Returns										Cumulative Total Returns
	1 Year			5 Years			10 Years				1 Year			5 Years			10 Years
Fund NAV		23.48	%		10.69	%		12.37	%			23.48	%		66.20	%		220.90%
Fund Market		23.72			10.78			12.36				23.72			66.83			220.66
Index		23.86			11.09			12.75				23.86			69.22			231.98

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (03/01/23)	Ending Account Value (08/31/23)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/23)	Ending Account Value (08/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$  1,000.00	$  1,049.20	$   2.74			$  1,000.00	$  1,022.50	$  2.70		0.53	%

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

F U N D  S U M M A R Y 5

Fund Summary as of August 31, 2023  (continued) iShares^® MSCI Denmark ETF

Portfolio Management Commentary

Stocks in Denmark rose for the reporting period. Denmark’s economy grew modestly, as strength in the country’s healthcare sector outweighed weakness in other parts of the economy. Denmark’s central bank raised interest rates eight times during the reporting period, mirroring the ECB, and inflation gradually decreased from a four-decade high of 10.1% in October 2022 to 2.4% in August 2023, well below the European average. However, the Danish central bank set interest rates lower than the ECB to weaken the Danish krone, which is pegged to the euro, as conversion of an influx of U.S. dollars from pharmaceuticals exports pushed the Danish currency higher.

Healthcare stocks contributed the most to the Index’s performance, led by the pharmaceuticals industry. Strong demand for new anti-obesity drugs drove the outlook for sales and profits higher, as demand exceeded available production capacity. A new study showed that the obesity treatments may also reduce the risk of heart attacks and strokes from cardiovascular disease, broadening the already robust outlook for this new class of drugs and putting pressure on healthcare plans to cover the treatment costs.

The financials sector also contributed to the Index’s performance, particularly bank stocks. Banks posted stronger profits, driven by interest income, as higher interest rates increased the gap between the interest banks charge for loans and the interest they pay on customer deposits. Trading activity in financial markets also boosted earnings.

The industrials sector added to the Index’s gains, led by the transportation industry. The strengthening outlook for global trade volume benefited Denmark’s air freight and logistics industry.

Conversely, the utilities sector detracted from the Index’s return. The electric utilities industry declined, as high interest rates, supplier delays, and elevated materials costs weakened the outlook for offshore wind energy projects.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of Total Investments	(a)
Health Care	39.7	%
Industrials	25.4
Financials	13.1
Consumer Staples	6.4
Materials	4.5
Consumer Discretionary	4.3
Information Technology	3.1
Utilities	2.9
Energy	0.6

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
Novo Nordisk A/S, Class B	22.7	%
DSV A/S	7.8
Genmab A/S	5.5
Vestas Wind Systems A/S	5.1
Danske Bank A/S	3.6
Carlsberg AS, Class B	3.4
Coloplast A/S, Class B	3.3
Orsted AS	2.9
Pandora A/S	2.6
AP Moller - Maersk A/S, Class B	2.5

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

Fund Summary as of August 31, 2023  iShares^® MSCI Finland ETF

Investment Objective

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

Performance

	Average Annual Total Returns										Cumulative Total Returns
	1 Year			5 Years			10 Years				1 Year			5 Years			10 Years
Fund NAV		1.53	%		0.01	%		5.70	%			1.53	%		0.05	%		74.00	%
Fund Market		1.62			0.14			5.68				1.62			0.72			73.73
Index		0.11			(0.67	)		5.07				0.11			(3.32	)		64.03

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (03/01/23)	Ending Account Value (08/31/23)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/23)	Ending Account Value (08/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$  1,000.00	$   927.40	$   2.87			$  1,000.00	$  1,022.20	$   3.01		0.59	%

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

F U N D  S U M M A R Y 7

Fund Summary as of August 31, 2023  (continued) iShares^® MSCI Finland ETF

Portfolio Management Commentary

Stocks in Finland were flat for the reporting period, as an economic recession and high inflation weighed on the market. Finland’s economy contracted during the second half of 2022, as consumer spending weakened amid rising interest rates and high rates of inflation, which peaked at 9.1% in November and December 2022. Inflation rates declined in 2023, which combined with growing wages increased consumer purchasing power, contributing to a resumption in Finnish economic growth in the first half of 2023.

The capital goods industry contributed the most to the Index’s performance. Manufacturers of mining equipment benefited from expanding mining operations, particularly for the minerals and metals that power the transition to green energy technologies. The construction machinery industry benefited from North American demand for machinery used to extract aggregates such as sand and gravel. Additionally, the transition to renewable energy solutions such as wind and solar farms increased sales for manufacturers of energy storage systems, while merger and acquisition activity drove gains in the plumbing products industry.

Stocks in the utilities sector also contributed to the Index’s return. Germany’s plans to nationalize gas companies improved investor confidence in Finnish utilities that operated in the country.

On the downside, the information technology sector detracted the most from the Index’s performance. Telecommunications and networking equipment manufacturers cut their sales outlooks as high inflation and a modest economic outlook led carriers to delay investment plans.

The energy sector also detracted from the Index’s performance. Production of renewable fuels used in the aviation and transportation industries decreased following a fire at a major refinery. In addition, costs for raw materials to process renewable fuels increased as competitors entered the growing market for alternative energy sources.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of Total Investments	(a)
Industrials	25.2	%
Materials	19.8
Information Technology	14.8
Financials	10.9
Energy	7.3
Communication Services	4.3
Consumer Discretionary	4.2
Consumer Staples	4.0
Utilities	4.0
Health Care	3.7
Real Estate	1.8

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
Nokia OYJ	10.9	%
Sampo OYJ, Class A	10.2
UPM-Kymmene OYJ	9.0
Neste OYJ	7.3
Kone OYJ, Class B	7.2
Stora Enso OYJ, Class R	4.6
Metso OYJ	4.5
Elisa OYJ	4.3
Wartsila OYJ Abp	4.0
Fortum OYJ	4.0

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

Fund Summary as of August 31, 2023  iShares^® MSCI Germany Small-Cap ETF

Investment Objective

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

On June 6, 2023, the Board approved a proposal to close the Fund to new and subsequent investments and thereafter to liquidate the Fund. After the close of business on October 30, 2023, the Fund will no longer accept creation orders. Trading in the Fund will be halted prior to market open on October 31, 2023. Proceeds of the liquidation will be sent to shareholders on or about November 2, 2023.

Performance

	Average Annual Total Returns										Cumulative Total Returns
	1 Year			5 Years			10 Years				1 Year			5 Years			10 Years
Fund NAV		17.58	%		0.78	%		7.54	%			17.58	%		3.95	%		106.91	%
Fund Market		17.77			0.83			7.50				17.77			4.24			106.17
Index		17.25			0.66			7.43				17.25			3.35			104.76

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (03/01/23)	Ending Account Value (08/31/23)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/23)	Ending Account Value (08/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$  1,000.00	$   989.60	$   2.96			$   1,000.00	$   1,022.20	$   3.01		0.59	%

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

F U N D  S U M M A R Y 9

Fund Summary as of August 31, 2023  (continued) iShares^® MSCI Germany Small-Cap ETF

Portfolio Management Commentary

Despite slow economic growth, small-capitalization stocks in Germany advanced significantly for the reporting period. While inflation remained elevated, it declined notably as the ECB raised interest rates eight times during the reporting period in an attempt to control rising prices. Higher interest rates supported the euro, which appreciated relative to the U.S. dollar, making German stocks more valuable in U.S. dollar terms. German stocks also benefited from improved energy security, as alternate fuel suppliers and a warm winter helped offset supply problems in the wake of Russia’s decision to stop supplying Germany with natural gas shortly before the start of the reporting period. Small-capitalization stocks trailed larger-capitalization stocks in recent years, leading to attractive valuations during the reporting period, which was another tailwind for German small-capitalization stocks.

The industrials sector was the largest contributor to the Index’s return despite weak industrial production. The machinery industry advanced, partially due to demand for industrial truck services and improving supply chains, while the construction and engineering industry benefited from demand for high-tech infrastructure projects.

The information technology sector also contributed significantly to the Index’s return, as rising investment in applied artificial intelligence drove demand for semiconductors that can process large datasets. Sharply rising sales, especially increasing commercial orders for energy efficient electronics, and surging profitability drove strong results for a specialty semiconductor materials and equipment company. In the software and services industry, a provider of remote connectivity software continued to advance due to the coronavirus pandemic-driven shift toward communicating online. In the healthcare sector, a company that specializes in medical packaging and drug delivery systems posted strong sales, particularly for the biologics and injectables market, driving sector gains.

On the downside, the utilities sector detracted from the Index’s performance. Weaker earnings from a wind and solar park operator reflected the integration of a recent acquisition, unfavorable weather conditions, and slightly lower power prices.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of Total Investments	(a)
Industrials	25.3	%
Information Technology	17.0
Materials	13.4
Health Care	11.9
Communication Services	9.8
Consumer Discretionary	9.0
Real Estate	4.7
Financials	3.3
Consumer Staples	3.2
Utilities	1.5
Energy	0.9

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
Gerresheimer AG	3.6	%
AIXTRON SE	3.5
Hugo Boss AG	3.4
CTS Eventim AG & Co. KGaA	3.1
thyssenkrupp AG	3.1
K+S AG	2.9
Evotec SE	2.7
FUCHS SE	2.3
KION Group AG	2.3
Freenet AG	2.3

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

Fund Summary as of August 31, 2023 iShares^® MSCI Ireland ETF

Investment Objective

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

Performance

	Average Annual Total Returns										Cumulative Total Returns
	1 Year			5 Years			10 Years				1 Year			5 Years			10 Years
Fund NAV		38.57	%		5.89	%		7.99	%			38.57	%		33.14	%		115.62	%
Fund Market		38.51			5.97			7.83				38.51			33.62			112.53
Index		38.82			6.38			8.39				38.82			36.22			123.75

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

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

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

Expense Example

	Actual					Hypothetical 5% Return
		Beginning Account Value (03/01/23)	Ending Account Value (08/31/23)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/23)	Ending Account Value (08/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
		$  1,000.00	$  1,122.10	$   2.67			$  1,000.00	$  1,022.70	$   2.55		0.50	%

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

F U N D  S U M M A R Y 11

Fund Summary as of August 31, 2023  (continued) iShares^® MSCI Ireland ETF

Portfolio Management Commentary

Stocks in Ireland increased for the reporting period as employment rates hit the highest level in 25 years, and the economy recovered from a short-lived slowdown. Ireland’s economy expanded slightly in the second quarter of 2023, rebounding from a technical recession. Growth was especially strong in sectors dominated by multinational corporations, attracted to Ireland for its low corporate taxes, access to Europe, and English-speaking workforce. Business investment and government expenditures led domestic growth, while consumer spending increased slightly, driven higher partly by increased tourism. The sharp rise in interest rates, at the fastest pace since the launch of the euro in 1999, sent inflation rates sharply lower, from a peak of 9.2% in October 2022 to 5.8% in July 2023. The value of Irish stocks in U.S. dollar terms increased as the euro strengthened relative to the U.S. dollar.

The materials sector contributed the most to the Index’s performance. The construction materials industry benefited from higher prices for aggregates, such as sand and gravel used in construction projects, and an increase in commercial building in the U.S., particularly in the telecommunications, water utilities, and energy markets. New U.S. laws passed in 2021 and 2022 to rebuild infrastructure and provide incentives for business investment in alternative energy sources and microchip manufacturing plants benefited the construction industry, including Irish companies with operations in the U.S.

The consumer discretionary sector also contributed to the Index’s strong performance, led by the hotels, restaurants, and leisure industry. Irish online sports betting and gambling operators benefited from the rapid growth of sports betting, particularly in the U.S., where more than 30 states legalized wagering on sports in recent years following a 2018 Supreme Court decision. Online gambling revenues also rose sharply.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of Total Investments	(a)
Materials	28.2	%
Consumer Discretionary	28.2
Industrials	13.8
Consumer Staples	12.9
Financials	9.4
Health Care	6.4
Real Estate	1.1

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
Flutter Entertainment PLC, Class DI	22.9	%
CRH PLC	22.1
Smurfit Kappa Group PLC	4.7
Kingspan Group PLC	4.6
Grafton Group PLC	4.5
ICON PLC	4.5
Kerry Group PLC, Class A	4.4
Glanbia PLC	4.4
AIB Group PLC	4.3
Ryanair Holdings PLC	4.3

^(a)  Excludes money market funds.

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

Fund Summary as of August 31, 2023  iShares^® MSCI Kuwait ETF

Investment Objective

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

Performance

	Average Annual Total Returns							Cumulative Total Returns
	1 Year			Since Inception				1 Year			Since Inception
Fund NAV		(8.04	)%		13.57	%			(8.04	)%		46.50	%
Fund Market		(8.44	)		13.46				(8.44	)		46.05
Index		(7.42	)		14.49				(7.42	)		50.00

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

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

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (03/01/23)	Ending Account Value (08/31/23)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/23)	Ending Account Value (08/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$  1,000.00	$  993.00	$   3.72			$  1,000.00	$  1,021.50	$   3.77		0.74	%

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

F U N D  S U M M A R Y 13

Fund Summary as of August 31, 2023  (continued) iShares^® MSCI Kuwait ETF

Portfolio Management Commentary

Stocks in Kuwait declined for the reporting period amid ongoing political turmoil and lower global crude oil prices. Kuwait’s government resigned less than four months after elections changed the makeup of the country’s legislative assembly. In addition, the nation’s fifth finance minister in three years resigned after control over Kuwait’s sovereign wealth fund shifted to another ministry. Meanwhile, the Organization of Petroleum Exporting Countries, of which Kuwait is the fourth-largest supplier, cut production in an attempt to stabilize prices. Kuwait’s oil exports decreased substantially amid production cuts and diversion of some of its crude supply to a new domestic refinery. Oil accounts for approximately half of the trade-dependent nation’s economic output and all but a small portion of its exports.

Kuwait’s financials sector, led by banks, detracted the most from the Index’s performance. Credit growth declined sharply from a more than 12-year high in 2022, turning negative in the second quarter of 2023. The credit growth slowdown occurred as interest rates increased, while oil production cuts weakened credit demand from oil producers, and the government reduced spending. Meanwhile, operating expenses and provisions for credit losses and impaired loans increased, pressuring profit growth at some banks. Investor concerns about repercussions from the global banking turmoil in Spring 2023 also weighed on Kuwaiti banks.

The industrials sector also detracted from performance. The air freight and logistics industry declined amid concerns about slowing demand, rising costs, and lingering effects from supply chain disruptions due to China’s coronavirus restrictions and the war in Ukraine. On the upside, the consumer discretionary sector contributed to performance, led by strong profit growth in the specialty retail industry.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of Total Investments	(a)
Financials	63.9	%
Industrials	11.5
Real Estate	11.0
Communication Services	4.5
Consumer Discretionary	4.5
Materials	1.9
Energy	1.3
Other (each representing less than 1%)	1.4

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
National Bank of Kuwait SAKP	22.6	%
Kuwait Finance House KSCP	22.4
Mobile Telecommunications Co. KSCP	4.5
Agility Public Warehousing Co. KSC	4.4
Mabanee Co. KPSC	3.8
Gulf Bank KSCP	3.2
Humansoft Holding Co. KSC	2.6
National Industries Group Holding SAK	2.5
Kuwait Projects Co. Holding KSCP	2.3
Warba Bank KSCP	2.2

^(a)  Excludes money market funds.

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

Fund Summary as of August 31, 2023 iShares^® MSCI New Zealand ETF

Investment Objective

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

Performance

	Average Annual Total Returns										Cumulative Total Returns
	1 Year			5 Years			10 Years				1 Year			5 Years			10 Years
Fund NAV		(1.25	)%		1.04	%		6.52	%			(1.25	)%		5.30	%		88.06	%
Fund Market		(1.55	)		0.87			6.49				(1.55	)		4.42			87.55
Index		(1.42	)		1.52			6.99				(1.42	)		7.81			96.45

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

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

Expense Example

	Actual					Hypothetical 5% Return
		Beginning Account Value (03/01/23)	Ending Account Value (08/31/23)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/23)	Ending Account Value (08/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
		$  1,000.00	$  938.60	$   2.44			$  1,000.00	$  1,022.70	$   2.55		0.50	%

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

F U N D  S U M M A R Y 15

Fund Summary as of August 31, 2023  (continued) iShares^® MSCI New Zealand ETF

Portfolio Management Commentary

Stocks in New Zealand declined modestly for the reporting period as the nation’s economy entered a mild recession. The aftermath of two significant cyclones and widespread flash flooding in early 2023 led to reduced growth, a rising government budget deficit, and a contraction in manufacturing. Inconsistent exports, which account for about a third of the New Zealand’s economic output, was another headwind to economic growth. Exports to China, the nation’s largest trading partner, rose initially but later fell as China’s economic growth stalled. Meanwhile, inflation remained at the highest level since the 1990s, but moderated somewhat. Attempting to curb rising prices, the Reserve Bank of New Zealand more than doubled its policy rate. As interest rates rose, equity values retreated, and housing prices dropped dramatically.

Stocks in the consumer discretionary sector detracted the most from the Index’s return. Lingering effects from the coronavirus pandemic, including some structural business changes, affected the hotel, restaurants, and leisure industry. In addition, a large casino operator faced potential financial penalties related to alleged money laundering. Consumer staples also detracted from the Index’s return. Within the food products industry, China’s sluggish economy and falling birth rate reduced export demand for dairy products and infant formula. In addition, order delays, distribution changes within the industry, and weaker demand for certain products created inventory backlogs.

The utilities sector, on the other hand, contributed to the Index’s performance. Underlying profits increased in the electrical utilities industry, led by an investment conglomerate that acquired the full stake in a mobile and broadband partnership. Earnings also increased for the nation’s leading power generator as it substantially increased spending on renewable energy operations.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of Total Investments	(a)
Health Care	33.8	%
Industrials	26.1
Utilities	13.4
Communication Services	12.7
Real Estate	8.2
Consumer Staples	4.8
Consumer Discretionary	1.0

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
Fisher & Paykel Healthcare Corp. Ltd.	17.3	%
Auckland International Airport Ltd.	13.2
Spark New Zealand Ltd.	12.7
EBOS Group Ltd.	5.0
a2 Milk Co. Ltd. (The)	4.8
Summerset Group Holdings Ltd.	4.6
Contact Energy Ltd.	4.5
Infratil Ltd.	4.5
Meridian Energy Ltd.	4.5
Ryman Healthcare Ltd.	4.5

^(a)  Excludes money market funds.

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

Fund Summary as of August 31, 2023 iShares^® MSCI Norway ETF

Investment Objective

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

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(7.05	)%		(0.48	)%		0.96	%		(7.05	)%		(2.39	)%		10.03%
Fund Market		(6.48	)		(0.40	)		0.98			(6.48	)		(1.97	)		10.24
Index		(6.76	)		(0.04	)		1.31			(6.76	)		(0.21	)		13.94

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (03/01/23)	Ending Account Value (08/31/23)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/23)	Ending Account Value (08/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$  1,000.00	$  977.20	$   2.64			$  1,000.00	$  1,022.50	$  2.70		0.53	%

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

F U N D  S U M M A R Y 17

Fund Summary as of August 31, 2023  (continued) iShares^® MSCI Norway ETF

Portfolio Management Commentary

Stocks in Norway declined for the reporting period. Norway’s economy slowed, with growth stagnating in the second quarter of 2023, as higher interest rates and elevated inflation weakened consumer spending. Norway’s central bank raised interest rates seven times during the reporting period, slowing housing construction and household consumption. Higher wages and the weak Norwegian currency, which increased prices for imports, contributed to inflation.

The energy sector detracted the most from the Index’s performance. Oil and natural gas prices declined sharply from historically high levels in 2022 in the aftermath of Russia’s invasion of Ukraine, weakening stocks in the oil, gas, and consumable fuels industry. An unseasonably warm winter across Europe reduced demand for natural gas, sending prices lower. Sanctions imposed on Russia led to a sharp reduction in its gas exports to Europe, however, the continent secured other energy sources, increasing supplies at storage facilities to near capacity.

The consumer staples sector also detracted from the Index’s return, particularly the food products industry. Stocks of Norway’s large seafood companies dropped sharply after the government proposed a new 40% ground rent tax, charging for the use of natural resources. However, stocks partially rebounded, as salmon prices climbed to near historic highs, and the government ultimately implemented the new tax at a lower rate of 25%.

Norwegian industrials stocks also weighed on the Index’s performance, in particular the commercial services and supplies industry. Stocks in the industry declined as increasing costs weakened profits.

Conversely, the financials sector contributed to the Index’s performance. Banks posted stronger profits, mainly from interest income, as higher interest rates helped banks increase the gap between the interest they charge for loans and the interest they pay on customer deposits.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of Total Investments	(a)
Energy	32.6	%
Financials	19.5
Consumer Staples	13.7
Industrials	10.9
Materials	9.9
Communication Services	8.8
Information Technology	2.9
Other (each representing less than 1%)	1.7

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
Equinor ASA	17.3	%
DNB Bank ASA	11.4
Aker BP ASA	5.4
Mowi ASA	5.0
Telenor ASA	4.7
Norsk Hydro ASA	4.6
Yara International ASA	3.8
Orkla ASA	3.6
Kongsberg Gruppen ASA	2.3
Storebrand ASA	2.2

^(a)  Excludes money market funds.

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

About Fund Performance

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

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

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

Disclosure of Expenses

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

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

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

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

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

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

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 7.7%
DSV A/S		100,196	$	19,027,178
Banks — 8.6%
Danske Bank A/S		384,157		8,622,916
Jyske Bank A/S, Registered(a)		49,424		3,514,722
Ringkjoebing Landbobank A/S		25,854		3,826,940
Spar Nord Bank A/S		135,996		2,052,309
Sydbank AS		67,204		3,156,543
				21,173,430
Beverages — 5.0%
Carlsberg AS, Class B		57,345		8,291,965
Royal Unibrew A/S		45,842		4,020,072
				12,312,037
Biotechnology — 8.0%
Bavarian Nordic A/S(a)(b)		131,094		2,910,131
Genmab A/S(a)		35,104		13,449,575
Zealand Pharma A/S, Class A(a)		89,502		3,335,564
				19,695,270
Building Products — 1.3%
Rockwool A/S, Class B		12,324		3,145,329
Chemicals — 4.5%
Chr Hansen Holding A/S		77,272		5,038,486
Novozymes A/S, Class B		137,214		5,939,415
				10,977,901
Commercial Services & Supplies — 1.3%
ISS A/S		183,278		3,253,279
Construction & Engineering — 0.6%
Per Aarsleff Holding A/S		31,002		1,497,950
Electric Utilities — 2.9%
Orsted AS(c)		110,088		7,062,660
Electrical Equipment — 6.5%
NKT A/S(a)(b)		62,992		3,409,016
Vestas Wind Systems A/S(a)		539,770		12,471,442
				15,880,458
Food Products — 0.7%
Schouw & Co. A/S		23,130		1,697,781
Ground Transportation — 0.3%
NTG Nordic Transport Group A/S, Class A(a)		12,521		685,933
Health Care Equipment & Supplies — 5.9%
Ambu A/S, Class B(a)(b)		232,803		2,813,268
Coloplast A/S, Class B		69,837		7,954,130
Demant A/S(a)		92,340		3,769,701
				14,537,099
Household Durables — 1.3%
GN Store Nord A/S(a)		154,295		3,151,062
Insurance — 4.3%
Alm Brand A/S		1,518,161		2,509,206
Topdanmark AS		63,048		2,983,771
Tryg A/S		261,966		4,998,124
				10,491,101
IT Services — 1.3%
Netcompany Group A/S(a)(c)		73,143		2,767,863

Security	Shares		Value
IT Services (continued)
Trifork Holding AG		19,922	$	384,347
				3,152,210
Life Sciences Tools & Services — 0.5%
Chemometec A/S(a)		21,811		1,334,883
Machinery — 1.5%
FLSmidth & Co. A/S		68,386		3,120,232
Nilfisk Holding A/S(a)		22,897		447,902
				3,568,134
Marine Transportation — 5.8%
AP Moller - Maersk A/S, Class A		2,393		4,276,479
AP Moller - Maersk A/S, Class B, NVS		3,283		5,959,839
D/S Norden A/S		36,563		1,754,713
Dfds A/S		63,935		2,137,975
				14,129,006
Oil, Gas & Consumable Fuels — 0.6%
TORM PLC, Class A		60,661		1,490,989
Pharmaceuticals — 24.8%
ALK-Abello AS(a)		237,473		2,821,616
H Lundbeck AS		488,004		2,472,068
H Lundbeck AS, Class A		79,633		355,199
Novo Nordisk A/S, Class B		299,190		55,186,709
				60,835,592
Software — 1.8%
cBrain A/S		20,182		523,696
SimCorp A/S		36,527		3,883,761
				4,407,457
Specialty Retail — 0.4%
Matas A/S		61,905		958,329
Textiles, Apparel & Luxury Goods — 2.6%
Pandora A/S		60,895		6,306,181
Tobacco — 0.6%
Scandinavian Tobacco Group A/S, Class A(c)		101,138		1,536,208
Trading Companies & Distributors — 0.2%
Solar A/S, Class B		8,285		561,239
Total Long-Term Investments — 99.0% (Cost: $229,707,498)				242,868,696
Short-Term Securities
Money Market Funds — 2.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.52%(d)(e)(f)		6,767,158		6,769,188
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(d)(e)		130,000		130,000
Total Short-Term Securities — 2.8% (Cost: $6,898,486)				6,899,188
Total Investments — 101.8% (Cost: $236,605,984)				249,767,884
Liabilities in Excess of Other Assets — (1.8)%				(4,373,985	)
Net Assets — 100.0%			$	245,393,899

^(a)  Non-income producing security.

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

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

Schedule of Investments (continued) August 31, 2023 iShares^® MSCI Denmark ETF

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

^(d)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 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 08/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 08/31/23		Shares Held at 08/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	3,637,677	$	3,130,364	(a)	$	—		$	1,738	$	(591	)	$	6,769,188		6,767,158	$	47,710	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		160,000		—			(30,000	)(a)		—		—			130,000		130,000		7,421			—
									$	1,738	$	(591	)	$	6,899,188			$	55,131		$	—

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

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
OMX Copenhagen 25 Index		95		09/15/23	$	2,398	$	(61,514	)

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)	$	—	$	—	$	61,514	$	—	$	—	$	—	$	61,514

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

For the period ended August 31, 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	$	—	$	—	$	72,383	$	—	$	—	$	—	$	72,383
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	22,057	$	—	$	—	$	—	$	22,057

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

Schedule of Investments (continued) August 31, 2023 iShares^® MSCI Denmark ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	2,124,730

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	$	1,342,676		$	241,526,020		$	—		$	242,868,696
Short-Term Securities
Money Market Funds		6,899,188			—			—			6,899,188
	$	8,241,864		$	241,526,020		$	—		$	249,767,884
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	—		$	(61,514	)	$	—		$	(61,514	)

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

See notes to financial statements.

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

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

Security	Shares		Value
Common Stocks
Automobile Components — 1.0%
Nokian Renkaat OYJ		23,670	$	205,062
Banks — 0.6%
Aktia Bank OYJ		12,669		130,407
Beverages — 0.5%
Anora Group OYJ		18,185		92,427
Broadline Retail — 1.3%
Puuilo OYJ		15,427		124,369
Tokmanni Group Corp.		10,335		153,035
				277,404
Building Products — 1.4%
Uponor OYJ		9,250		292,105
Chemicals — 1.3%
Kemira OYJ		17,598		278,543
Commercial Services & Supplies — 0.8%
Caverion OYJ		17,164		161,923
Communications Equipment — 10.7%
Nokia OYJ		553,409		2,213,120
Consumer Staples Distribution & Retail — 3.5%
Kesko OYJ, Class B		37,037		722,973
Containers & Packaging — 3.4%
Huhtamaki OYJ		13,988		480,485
Metsa Board OYJ, Class B(a)		28,049		224,022
				704,507
Diversified Telecommunication Services — 4.2%
Elisa OYJ		17,872		877,355
Electric Utilities — 3.9%
Fortum OYJ		60,163		807,660
Electrical Equipment — 0.9%
Kempower OYJ(a)(b)		3,744		180,661
Electronic Equipment, Instruments & Components — 0.4%
Incap OYJ(b)		8,239		89,143
Health Care Equipment & Supplies — 0.6%
Revenio Group OYJ		5,062		129,419
Health Care Providers & Services — 0.0%
Oriola OYJ, Class B		2,520		2,582
Household Durables — 0.5%
YIT OYJ		40,992		99,976
Insurance — 10.1%
Sampo OYJ, Class A		47,396		2,080,403
IT Services — 1.9%
TietoEVRY OYJ		15,810		386,555
Machinery — 21.2%
Cargotec OYJ, Class B		6,157		289,025
Kone OYJ, Class B		32,065		1,458,611
Konecranes OYJ		10,252		353,871

Security	Shares		Value
Machinery (continued)
Metso OYJ		79,803	$	916,580
Valmet OYJ		21,937		557,825
Wartsila OYJ Abp		63,766		809,248
				4,385,160
Metals & Mining — 1.3%
Outokumpu OYJ		58,781		273,851
Oil, Gas & Consumable Fuels — 7.2%
Neste OYJ		40,668		1,487,760
Paper & Forest Products — 13.3%
Stora Enso OYJ, Class R		73,980		940,846
UPM-Kymmene OYJ		53,140		1,818,585
				2,759,431
Passenger Airlines — 0.5%
Finnair OYJ(b)		194,714		108,858
Pharmaceuticals — 3.0%
Orion OYJ, Class B		14,950		611,013
Real Estate Management & Development — 1.7%
Citycon OYJ		21,069		129,433
Kojamo OYJ		22,704		226,288
				355,721
Software — 1.6%
F-Secure OYJ		41,771		107,859
QT Group OYJ(a)(b)		3,410		217,608
				325,467
Specialty Retail — 0.8%
Musti Group OYJ		7,229		160,177
Textiles, Apparel & Luxury Goods — 0.6%
Marimekko OYJ		9,875		119,394
Total Long-Term Investments — 98.2% (Cost: $25,829,915)				20,319,057
Short-Term Securities
Money Market Funds — 3.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.52%(c)(d)(e)		631,640		631,830
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(c)(d)		20,000		20,000
Total Short-Term Securities — 3.2% (Cost: $651,726)				651,830
Total Investments — 101.4% (Cost: $26,481,641)				20,970,887
Liabilities in Excess of Other Assets — (1.4)%			(280,073)
Net Assets — 100.0%			$ 20,690,814

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

^(b)  Non-income producing security.

^(c)  Affiliate of the Fund.

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

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

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

Schedule of Investments (continued) August 31, 2023 iShares^® MSCI Finland ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 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 08/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/23		Shares Held at 08/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	143,791	$	487,889	(a)	$	—		$	112	$	38	$	631,830		631,640	$	15,998	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		40,000		—			(20,000	)(a)		—		—		20,000		20,000		1,470			—
									$	112	$	38	$	651,830			$	17,468		$	—

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

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro STOXX 50 Index		7		09/15/23	$	327	$	(2,944	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	2,944	$	—	$	—	$	—	$	2,944

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

For the period ended August 31, 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	$	—	$	—	$	85,025		$	—	$	—	$	—	$	85,025
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(1,550	)	$	—	$	—	$	—	$	(1,550	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	356,813

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  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) August 31, 2023 iShares^® MSCI Finland 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	$	464,560		$	19,854,497		$	—		$	20,319,057
Short-Term Securities
Money Market Funds		651,830			—			—			651,830
	$	1,116,390		$	19,854,497		$	—		$	20,970,887
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	—		$	(2,944	)	$	—		$	(2,944	)

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

See notes to financial statements.

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

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

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.4%
Hensoldt AG		8,932	$	289,491
Automobile Components — 1.9%
ElringKlinger AG		4,846		31,858
SAF-Holland SE		7,700		95,877
Vitesco Technologies Group AG(a)		3,405		268,761
				396,496
Automobiles — 0.2%
Knaus Tabbert AG		618		37,890
Biotechnology — 2.0%
CureVac NV(a)		17,138		155,286
Formycon AG		1,499		99,501
MorphoSys AG(a)		5,536		166,807
				421,594
Building Products — 0.2%
Steico SE(b)		959		31,517
Capital Markets — 0.9%
Deutsche Beteiligungs AG		2,395		84,320
flatexDEGIRO AG(a)(b)		12,160		106,455
				190,775
Chemicals — 5.0%
K+S AG, Registered		32,564		611,546
LANXESS AG		13,956		440,399
				1,051,945
Commercial Services & Supplies — 2.7%
Befesa SA(c)		6,808		250,581
Bilfinger SE		4,805		166,503
Cewe Stiftung & Co. KGaA		884		86,837
Takkt AG		3,903		56,881
				560,802
Communications Equipment — 0.3%
ADVA Optical Networking SE(a)		3,092		67,224
Construction & Engineering — 2.0%
HOCHTIEF AG(b)		3,966		423,402
Consumer Staples Distribution & Retail — 2.4%
METRO AG(a)(b)		24,536		195,329
Shop Apotheke Europe NV(a)(c)		2,578		306,998
				502,327
Diversified Telecommunication Services — 1.5%
United Internet AG, Registered(d)		16,333		314,080
Electrical Equipment — 2.7%
Energiekontor AG		1,188		112,499
Nordex SE(a)		20,115		240,519
PNE AG		5,217		72,071
SGL Carbon SE(a)(b)		10,395		78,629
Varta AG(a)(b)		3,257		71,714
				575,432
Electronic Equipment, Instruments & Components — 1.4%
Basler AG		2,142		32,291
Jenoptik AG		8,765		256,611
				288,902
Entertainment — 3.4%
Borussia Dortmund GmbH & Co. KGaA(a)		13,115		65,767

Security	Shares		Value
Entertainment (continued)
CTS Eventim AG & Co. KGaA		10,617	$	660,467
				726,234
Financial Services — 2.1%
Deutsche Pfandbriefbank AG(c)		22,892		180,307
GRENKE AG		4,762		121,077
Hypoport SE(a)		757		140,743
				442,127
Food Products — 0.8%
Suedzucker AG		10,422		168,125
Ground Transportation — 1.2%
Sixt SE		2,325		247,865
Health Care Equipment & Supplies — 0.8%
Eckert & Ziegler Strahlen- und Medizintechnik AG		2,517		90,539
Stratec SE		1,341		72,388
				162,927
Health Care Providers & Services — 0.7%
Medios AG(a)		2,428		39,230
Synlab AG		11,310		115,772
				155,002
Health Care Technology — 1.0%
CompuGroup Medical SE & Co. KgaA		4,581		214,089
Independent Power and Renewable Electricity Producers — 1.5%
Encavis AG(a)		20,548		314,708
Industrial Conglomerates — 0.5%
Indus Holding AG(b)		3,433		82,401
MBB SE		353		29,818
				112,219
Insurance — 0.3%
Wuestenrot & Wuerttembergische AG		3,983		66,306
IT Services — 3.6%
Adesso SE		554		69,318
CANCOM SE		6,283		182,279
Datagroup SE		710		41,574
GFT Technologies SE		2,914		81,390
Ionos SE(a)		3,570		60,765
Kontron AG		6,519		141,901
Nagarro SE(a)(b)		1,400		105,380
Secunet Security Networks AG		275		66,180
				748,787
Life Sciences Tools & Services — 6.3%
Evotec SE(a)		24,117		565,218
Gerresheimer AG		5,877		762,832
				1,328,050
Machinery — 8.9%
Deutz AG		20,471		96,048
Duerr AG		8,830		263,208
Heidelberger Druckmaschinen AG(a)(b)		44,171		62,008
JOST Werke AG(c)		2,148		110,794
KION Group AG		12,277		490,113
Krones AG		2,419		261,940
Norma Group SE		5,144		94,435
Pfeiffer Vacuum Technology AG		587		93,709
Stabilus SE		4,205		235,919
Vossloh AG		1,492		67,205

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

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

Security	Shares		Value
Machinery (continued)
Wacker Neuson SE		4,758	$	105,095
				1,880,474
Media — 2.1%
ProSiebenSat.1 Media SE(b)		23,785		188,530
Stroeer SE & Co. KGaA		5,787		262,835
				451,365
Metals & Mining — 5.8%
Aurubis AG		5,354		442,714
Salzgitter AG(b)		4,105		120,780
thyssenkrupp AG		84,733		651,155
				1,214,649
Oil, Gas & Consumable Fuels — 0.9%
CropEnergies AG		4,449		41,082
VERBIO Vereinigte BioEnergie AG(b)		3,249		153,566
				194,648
Pharmaceuticals — 0.7%
Dermapharm Holding SE		3,209		153,416
Professional Services — 0.8%
Amadeus Fire AG		970		118,355
Bertrandt AG		862		42,997
				161,352
Real Estate Management & Development — 4.2%
Aroundtown SA(a)		143,828		259,313
Deutsche EuroShop AG		2,597		59,490
DIC Asset AG(b)		7,067		33,244
Grand City Properties SA(a)		13,453		120,069
Patrizia SE		7,047		67,274
TAG Immobilien AG(a)		28,364		321,536
Vib Vermoegen AG(a)		1,968		32,168
				893,094
Retail REITs — 0.4%
Hamborner REIT AG		12,456		90,521
Semiconductors & Semiconductor Equipment — 6.7%
AIXTRON SE		19,291		732,333
Elmos Semiconductor SE		1,054		76,190
PVA TePla AG(a)		3,693		70,784
Siltronic AG		3,066		244,439
SMA Solar Technology AG(a)(b)		2,659		213,623
SUESS MicroTec SE		3,252		76,085
				1,413,454
Software — 5.1%
Atoss Software AG		678		165,019
Northern Data AG(a)		2,697		48,752
Software AG, NVS		8,813		303,893
SUSE SA(a)		7,265		122,355
TeamViewer AG(a)(c)		22,969		425,693
				1,065,712
Specialty Retail — 2.6%
About You Holding SE(a)(b)		6,328		42,328
Auto1 Group SE(a)(c)		16,573		138,821
Ceconomy AG(a)		24,698		64,338
Fielmann AG		4,294		201,540
Hornbach Holding AG & Co. KGaA		1,361		107,025
				554,052
Textiles, Apparel & Luxury Goods — 3.4%
Hugo Boss AG		9,582		721,336

Security	Shares		Value
Trading Companies & Distributors — 0.9%
BayWa AG		2,441	$	86,077
Kloeckner & Co. SE		11,961		102,101
				188,178
Transportation Infrastructure — 1.9%
Fraport AG Frankfurt Airport Services Worldwide(a)		6,293		340,823
Hamburger Hafen und Logistik AG(b)		4,491		49,369
				390,192
Wireless Telecommunication Services — 2.7%
1&1 AG		6,007		89,244
Freenet AG		20,229		484,443
				573,687
Total Common Stocks — 93.9% (Cost: $24,537,527)				19,784,446
Preferred Stocks
Automobile Components — 0.6%
Schaeffler AG, Preference Shares, NVS		21,094		125,206
Chemicals — 2.3%
FUCHS SE, Preference Shares, NVS		11,825		490,182
Construction Materials — 0.3%
STO SE & Co. KGaA, Preference Shares, NVS		432		64,336
Ground Transportation — 0.9%
Sixt SE, Preference Shares, NVS		2,812		182,302
Health Care Equipment & Supplies — 0.3%
Draegerwerk AG & Co. KGaA, Preference Shares, NVS		1,461		70,613
Household Durables — 0.2%
Einhell Germany AG, Preference Shares, NVS		286		45,526
Machinery — 1.3%
Jungheinrich AG, Preference Shares, NVS		8,167		271,069
Total Preferred Stocks — 5.9% (Cost: $1,375,579)				1,249,234
Total Long-Term Investments — 99.8% (Cost: $25,913,106)				21,033,680
Short-Term Securities
Money Market Funds — 7.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.52%(e)(f)(g)		1,471,988		1,472,430
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(e)(f)		10,000		10,000
Total Short-Term Securities — 7.0% (Cost: $1,482,276)				1,482,430
Total Investments — 106.8% (Cost: $27,395,382)				22,516,110
Liabilities in Excess of Other Assets — (6.8)%				(1,440,588	)
Net Assets — 100.0%			$	21,075,522

^(a)  Non-income producing security.

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

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

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

Schedule of Investments (continued) August 31, 2023 iShares^® MSCI Germany Small-Cap ETF

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

^(e)  Affiliate of the Fund.

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

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

Affiliates

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

Affiliated Issuer	Value at 08/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 08/31/23		Shares Held at 08/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	2,477,142	$	—		$	(1,004,885	)(a)	$	1,308	$	(1,135	)	$	1,472,430		1,471,988	$	74,667	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		10,000		0	(a)		—			—		—			10,000		10,000		391			—
									$	1,308	$	(1,135	)	$	1,482,430			$	75,058		$	—

^(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 Categorized by Risk Exposure

For the period ended August 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	$	—	$	—	$	8,280		$	—	$	—	$	—	$	8,280
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(372	)	$	—	$	—	$	—	$	(372	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	55,577

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	$	700,412		$	19,084,034		$	—		$	19,784,446
Preferred Stocks		45,526			1,203,708			—			1,249,234
Short-Term Securities
Money Market Funds		1,482,430			—			—			1,482,430
	$	2,228,368		$	20,287,742		$	—		$	22,516,110

See notes to financial statements.

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

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

Security	Shares		Value
Common Stocks
Banks — 9.2%
AIB Group PLC		937,964	$	4,269,182
Bank of Ireland Group PLC		422,582		4,207,973
Permanent TSB Group Holdings PLC(a)		266,586		604,631
				9,081,786
Beverages — 1.5%
C&C Group PLC		873,542		1,510,477
Building Products — 4.6%
Kingspan Group PLC		53,980		4,561,012
Construction Materials — 22.1%
CRH PLC		379,010		21,805,830
Containers & Packaging — 5.9%
Ardagh Metal Packaging SA		333,084		1,195,772
Smurfit Kappa Group PLC		109,719		4,602,765
				5,798,537
Food Products — 11.3%
Dole PLC		137,527		1,639,322
Glanbia PLC		259,389		4,314,661
Kerry Group PLC, Class A		46,507		4,339,109
Origin Enterprises PLC		248,877		885,173
				11,178,265
Health Care Providers & Services — 1.8%
Uniphar PLC(a)		578,259		1,749,429
Hotels, Restaurants & Leisure — 25.2%
Dalata Hotel Group PLC(a)		473,241		2,209,150
Flutter Entertainment PLC, Class DI(a)		124,264		22,599,330
				24,808,480
Household Durables — 3.1%
Cairn Homes PLC(a)		1,347,023		1,678,586
Glenveagh Properties PLC(a)(b)		1,226,879		1,333,028
				3,011,614
Insurance — 0.2%
FBD Holdings PLC		11,982		169,555
Life Sciences Tools & Services — 4.5%
ICON PLC(a)		17,081		4,440,035

Security	Shares		Value
Marine Transportation — 0.4%
Irish Continental Group PLC		80,956	$	390,642
Metals & Mining — 0.2%
Kenmare Resources PLC		47,480		245,700
Passenger Airlines — 4.3%
Ryanair Holdings PLC, ADR(a)		42,678		4,235,791
Pharmaceuticals — 0.2%
GH Research PLC(a)		14,816		157,494
Residential REITs — 1.1%
Irish Residential Properties REIT PLC		1,003,601		1,078,053
Trading Companies & Distributors — 4.5%
Grafton Group PLC		408,696		4,465,471
Total Long-Term Investments — 100.1% (Cost: $84,698,978)				98,688,171
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(c)(d)		60,000		60,000
Total Short-Term Securities — 0.1% (Cost: $60,000)				60,000
Total Investments — 100.2% (Cost: $84,758,978)				98,748,171
Liabilities in Excess of Other Assets — (0.2)%				(198,981	)
Net Assets — 100.0%			$	98,549,190

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

Affiliates

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

Affiliated Issuer	Value at 08/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/23		Shares Held at 08/31/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	—		$ 60,000	(a)	$	—	$	—	$	—	$	60,000		60,000	$	1,540	$	—

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

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

Schedule of Investments (continued) August 31, 2023 iShares^® MSCI Ireland ETF

Derivative Financial Instruments Categorized by Risk Exposure

For the period ended August 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	$	—	$	—	$	49,492	$	—	$	—	$	—	$	49,492
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	1,417	$	—	$	—	$	—	$	1,417

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	189,992

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	$	27,185,523	$	71,502,648	$	—	$	98,688,171
Short-Term Securities
Money Market Funds		60,000		—		—		60,000
	$	27,245,523	$	71,502,648	$	—	$	98,748,171

See notes to financial statements.

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

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

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 4.4%
Agility Public Warehousing Co. KSC(a)		1,367,700	$	2,549,899
Banks — 57.8%
Ahli United Bank KSCP		87,081		73,168
Al Ahli Bank of Kuwait KSCP		1,562,085		1,135,140
Boubyan Bank KSCP		36,952		73,094
Burgan Bank SAK		1,321,065		826,899
Gulf Bank KSCP		2,253,836		1,842,062
Kuwait Finance House KSCP		5,410,661		13,072,192
Kuwait International Bank KSCP		1,969,094		1,027,947
Kuwait Projects Co. Holding KSCP(a)		3,376,745		1,346,689
National Bank of Kuwait SAKP		4,411,315		13,163,979
Warba Bank KSCP		1,964,912		1,280,836
				33,842,006
Capital Markets — 2.3%
Boursa Kuwait Securities Co. KPSC		146,762		947,108
Noor Financial Investment Co. KSC		661,721		399,117
				1,346,225
Chemicals — 1.9%
Boubyan Petrochemicals Co. KSCP		464,300		1,114,490
Construction & Engineering — 0.7%
Combined Group Contracting Co. SAK		368,954		441,668
Diversified Consumer Services — 2.6%
Humansoft Holding Co. KSC		146,422		1,532,859
Electrical Equipment — 0.7%
Gulf Cable & Electrical Industries Co. KSCP		100,482		396,060
Energy Equipment & Services — 1.3%
Heavy Engineering & Ship Building Co. KSCP		336,038		771,110
Financial Services — 3.5%
A’ayan Leasing & Investment Co. KSCP		1,463,067		767,990
Alimtiaz Investment Group KSC(a)		1,988,604		453,370
National Investments Co. KSCP		1,081,582		817,069
				2,038,429
Food Products — 0.9%
Mezzan Holding Co. KSCC		323,256		546,363
Independent Power and Renewable Electricity Producers — 0.5%
Shamal Az-Zour Al-Oula for the First Phase of Az-Zour Power Plant KSC		480,555		302,194
Industrial Conglomerates — 2.5%
National Industries Group Holding SAK		1,969,803		1,449,749
Passenger Airlines — 1.8%
Jazeera Airways Co. KSCP		193,506		1,048,354

Security	Shares		Value
Real Estate Management & Development — 11.0%
Commercial Real Estate Co. Ksc		3,266,004	$	1,080,308
Kuwait Real Estate Co. KSC		1,916,816		1,007,111
Mabanee Co. KPSC		813,973		2,205,773
National Real Estate Co. KPSC(a)		3,356,379		884,690
Salhia Real Estate Co. KSCP		793,428		1,232,934
				6,410,816
Specialty Retail — 1.8%
Ali Alghanim Sons Automotive Co. KSCC, NVS		277,736		1,066,795
Trading Companies & Distributors — 1.4%
ALAFCO Aviation Lease & Finance Co. KSCP(a)		207,142		116,243
Integrated Holding Co. KCSC		514,710		692,535
				808,778
Wireless Telecommunication Services — 4.5%
Mobile Telecommunications Co. KSCP		1,582,386		2,617,469
Total Common Stocks — 99.6% (Cost: $56,383,515)				58,283,264
Rights
Banks — 0.0%
Al Ahli Bank of Kuwait KSCP (Expires 09/17/23, Strike Price KWD 0.20)(a)		105,417		6,156
Total Rights — 0.0% (Cost: $0)				6,156
Total Long-Term Investments — 99.6% (Cost: $56,383,515)				58,289,420
Short-Term Securities
Money Market Funds — 1.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(b)(c)		640,000		640,000
Total Short-Term Securities — 1.1% (Cost: $640,000)				640,000
Total Investments — 100.7% (Cost: $57,023,515)				58,929,420
Liabilities in Excess of Other Assets — (0.7)%				(434,806	)
Net Assets — 100.0%			$	58,494,614

^(a)  Non-income producing security.

^(b)  Affiliate of the Fund.

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

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

Schedule of Investments (continued) August 31, 2023 iShares^® MSCI Kuwait ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 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 08/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/23		Shares Held at 08/31/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	50,000		$590,000	(a)	$	—	$	—	$	—	$	640,000		640,000	$	8,348	$	—

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets Index		1		09/15/23	$	49	$	(1,500	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	1,500	$	—	$	—	$	—	$	1,500

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

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

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(11,737	)	$	—	$	—	$	—	$	(11,737	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	283		$	—	$	—	$	—	$	283

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	36,161

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

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

Schedule of Investments (continued) August 31, 2023 iShares^® MSCI Kuwait 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	$	7,473,341		$	50,809,923	$	—	$	58,283,264
Rights		6,156			—		—		6,156
Short-Term Securities
Money Market Funds		640,000			—		—		640,000
	$	8,119,497		$	50,809,923	$	—	$	58,929,420
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(1,500	)	$	—	$	—	$	(1,500	)

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

See notes to financial statements.

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

Schedule of Investments August 31, 2023 iShares^® MSCI New Zealand ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Broadline Retail — 1.0%
Warehouse Group Ltd. (The)		1,267,772	$	1,345,631
Building Products — 4.3%
Fletcher Building Ltd.		2,001,044		5,760,246
Diversified Telecommunication Services — 12.6%
Spark New Zealand Ltd.		5,518,840		16,696,195
Electric Utilities — 8.9%
Contact Energy Ltd.		1,202,574		6,002,085
Mercury NZ Ltd.		1,556,718		5,761,039
				11,763,124
Food Products — 4.7%
a2 Milk Co. Ltd. (The)(a)(b)		2,112,214		6,297,567
Health Care Equipment & Supplies — 17.2%
Fisher & Paykel Healthcare Corp. Ltd.(b)		1,687,347		22,788,841
Health Care Providers & Services — 16.4%
EBOS Group Ltd.		289,887		6,559,459
Oceania Healthcare Ltd.		7,127,165		3,229,946
Ryman Healthcare Ltd.		1,486,490		5,880,147
Summerset Group Holdings Ltd.		996,488		6,086,371
				21,755,923
Independent Power and Renewable Electricity Producers — 4.5%
Meridian Energy Ltd.		1,847,693		5,910,425
Industrial Conglomerates — 4.5%
Infratil Ltd.		993,483		5,982,807
Industrial REITs — 4.4%
Goodman Property Trust		4,472,923		5,774,497

Security	Shares		Value
Passenger Airlines — 4.0%
Air New Zealand Ltd.(a)		10,938,251	$	5,251,242
Retail REITs — 3.8%
Kiwi Property Group Ltd.		9,560,545		5,048,736
Transportation Infrastructure — 13.1%
Auckland International Airport Ltd.(a)		3,739,229		17,409,796
Total Long-Term Investments — 99.4% (Cost: $157,882,846)				131,785,030
Short-Term Securities
Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.52%(c)(d)(e)		432,650		432,780
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(c)(d)		60,000		60,000
Total Short-Term Securities — 0.4% (Cost: $492,780)				492,780
Total Investments — 99.8% (Cost: $158,375,626)				132,277,810
Other Assets Less Liabilities — 0.2%				322,334
Net Assets — 100.0%			$	132,600,144

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

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

Affiliates

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

Affiliated Issuer	Value at 08/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 08/31/23		Shares Held at 08/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	437,876	$	—		$	(5,172	)(a)	$	374	$	(298	)	$	432,780		432,650	$	1,518	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		—		60,000	(a)		—			—		—			60,000		60,000		3,293			—
									$	374	$	(298	)	$	492,780			$	4,811		$	—

^(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.

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

Schedule of Investments (continued) August 31, 2023 iShares^® MSCI New Zealand ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
SPI 200 Index		3		09/21/23	$	352	$	1,608

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)	$	—	$	—	$	1,608	$	—	$	—	$	—	$	1,608

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

For the period ended August 31, 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	$	—	$	—	$	(47,261	)	$	—	$	—	$	—	$	(47,261	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	1,608		$	—	$	—	$	—	$	1,608

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	324,769

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

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	22,649,726	$	109,135,304	$	—	$	131,785,030
Short-Term Securities
Money Market Funds		492,780		—		—		492,780
	$	23,142,506	$	109,135,304	$	—	$	132,277,810
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	1,608	$	—	$	1,608

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

See notes to financial statements.

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

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

Security	Shares		Value
Common Stocks
Aerospace & Defense — 2.3%
Kongsberg Gruppen ASA		18,842	$	781,584
Banks — 14.7%
DNB Bank ASA		198,264		3,918,996
SpareBank 1 Nord Norge		20,431		183,183
SpareBank 1 Oestlandet		7,444		93,717
SpareBank 1 SMN		30,892		408,199
SpareBank 1 SR-Bank ASA		38,349		463,626
				5,067,721
Biotechnology — 0.3%
Nykode Therapeutics AS(a)		31,649		85,555
Broadline Retail — 0.6%
Europris ASA(b)		33,978		193,360
Chemicals — 5.1%
Bewi ASA		10,453		31,364
Borregaard ASA		20,350		296,277
Elkem ASA(b)		61,638		127,286
Yara International ASA		35,467		1,292,748
				1,747,675
Commercial Services & Supplies — 0.3%
Aker Carbon Capture ASA(a)		77,660		89,445
Aker Horizons Holding AS(a)(c)		52,661		23,796
				113,241
Construction & Engineering — 0.9%
Cadeler AS(a)(c)		23,247		87,419
Veidekke ASA		23,127		219,269
				306,688
Diversified Telecommunication Services — 4.7%
Telenor ASA		149,888		1,604,754
Electrical Equipment — 1.1%
NEL ASA(a)(c)		358,011		391,188
Electronic Equipment, Instruments & Components — 0.4%
Kitron ASA		38,214		135,540
Energy Equipment & Services — 5.1%
Aker Solutions ASA		52,713		220,157
Borr Drilling Ltd.(a)		43,572		307,748
BW Offshore Ltd.		19,847		46,295
Odfjell Drilling Ltd.(a)		20,326		69,052
PGS ASA(a)		185,091		127,837
Subsea 7 SA		48,887		636,976
TGS ASA		27,026		349,817
				1,757,882
Entertainment — 0.7%
Kahoot! ASA(a)		73,899		238,749
Food Products — 13.6%
Austevoll Seafood ASA		19,541		141,373
Bakkafrost P/F		10,784		543,354
Grieg Seafood ASA		10,936		77,352
Leroy Seafood Group ASA		57,429		237,066
Mowi ASA		94,154		1,706,761
Orkla ASA		160,886		1,228,272
Salmar ASA		15,545		758,895
				4,693,073

Security	Shares		Value
Independent Power and Renewable Electricity Producers — 0.5%
Scatec ASA(b)		25,531	$	170,240
Industrial Conglomerates — 1.1%
Aker ASA, Class A		4,776		294,433
Bonheur ASA		4,548		99,031
				393,464
Insurance — 4.7%
Gjensidige Forsikring ASA		42,842		665,233
Protector Forsikring ASA		12,371		197,233
Storebrand ASA		96,046		769,624
				1,632,090
Interactive Media & Services — 1.3%
Adevinta ASA(a)		62,425		442,841
IT Services — 0.6%
Atea ASA		16,852		209,229
Machinery — 2.4%
Hexagon Composites ASA(a)		25,913		92,034
Hexagon Purus ASA(a)(c)		29,646		54,606
TOMRA Systems ASA		50,731		695,481
				842,121
Marine Transportation — 2.2%
Belships ASA		18,482		27,906
Golden Ocean Group Ltd.		27,915		205,288
Hoegh Autoliners ASA		16,346		114,004
MPC Container Ships AS		66,584		114,819
Stolt-Nielsen Ltd.		5,015		125,001
Wallenius Wilhelmsen ASA		22,658		183,282
				770,300
Media — 2.2%
Schibsted ASA, Class A		15,663		332,387
Schibsted ASA, Class B		20,853		408,710
				741,097
Metals & Mining — 4.6%
Norsk Hydro ASA		284,208		1,572,493
Oil, Gas & Consumable Fuels — 27.4%
Aker BP ASA		67,692		1,841,078
BLUENORD ASA(a)		5,051		229,033
BW Energy Ltd.(a)		19,581		47,279
BW LPG Ltd.(b)		16,494		199,831
Cool Co. Ltd.		5,175		72,417
DNO ASA		101,635		94,721
Equinor ASA		192,987		5,926,865
Flex LNG Ltd.		6,333		192,319
Frontline PLC, NVS		28,613		509,322
Hafnia Ltd.		54,282		317,197
				9,430,062
Paper & Forest Products — 0.2%
Norske Skog ASA(a)(b)(c)		15,144		62,326
Passenger Airlines — 0.4%
Norwegian Air Shuttle ASA(a)		154,474		130,431
Real Estate Management & Development — 0.4%
Entra ASA(b)		15,606		145,860
Semiconductors & Semiconductor Equipment — 1.5%
Nordic Semiconductor ASA(a)		35,101		426,307

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

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

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
REC Silicon ASA(a)(c)		58,566	$	93,384
				519,691
Software — 0.4%
Crayon Group Holding ASA(a)(b)		15,285		123,607
Total Long-Term Investments — 99.7% (Cost: $42,431,704)				34,302,862
Short-Term Securities
Money Market Funds — 1.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.52%(d)(e)(f)		552,721		552,887
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(d)(e)		10,000		10,000
Total Short-Term Securities — 1.6% (Cost: $562,833)				562,887
Total Investments — 101.3% (Cost: $42,994,537)				34,865,749
Liabilities in Excess of Other Assets — (1.3)%				(455,190	)
Net Assets — 100.0%			$	34,410,559

^(a)  Non-income producing security.

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

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

^(d)  Affiliate of the Fund.

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

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

Affiliates

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

Affiliated Issuer	Value at 08/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 08/31/23		Shares Held at 08/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	860,484	$	—		$	(308,024	)(a)	$	728	$	(301	)	$	552,887		552,721	$	19,016	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		10,000		0	(a)		—			—		—			10,000		10,000		1,068			—
									$	728	$	(301	)	$	562,887			$	20,084		$	—

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

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro STOXX 50 Index		2		09/15/23	$	93	$	(195	)

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

Schedule of Investments (continued) August 31, 2023 iShares^® MSCI Norway ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	195	$	—	$	—	$	—	$	195

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

For the period ended August 31, 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	$	—	$	—	$	9,564	$	—	$	—	$	—	$	9,564
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	5,272	$	—	$	—	$	—	$	5,272

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$143,997

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	$	1,140,258	$	33,162,604		$	—	$	34,302,862
Short-Term Securities
Money Market Funds		562,887		—			—		562,887
	$	1,703,145	$	33,162,604		$	—	$	34,865,749
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	—	$	(195	)	$	—	$	(195	)

^(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  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Statements of Assets and Liabilities

August 31, 2023

	iShares MSCI Denmark ETF		iShares MSCI Finland ETF			iShares MSCI Germany Small-Cap ETF			iShares MSCI Ireland ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	242,868,696	$	20,319,057		$	21,033,680		$	98,688,171
Investments, at value — affiliated(c)		6,899,188		651,830			1,482,430			60,000
Cash		7,040		4,982			7,339			5,193
Cash pledged for futures contracts		4,100		—			—			—
Foreign currency collateral pledged for futures contracts(d)		227,845		27,109			4,338			10,843
Foreign currency, at value(e)		471,530		22,580			40,992			64,742
Receivables:
Investments sold		9,058,923		348,493			176,837			6,079,159
Securities lending income — affiliated		5,721		1,617			4,970			—
Dividends — unaffiliated		80,732		—			7,044			68,924
Dividends — affiliated		417		118			14			142
Tax reclaims		1,933,607		418,645			449			35,264
Total assets		261,557,799		21,794,431			22,758,093			105,012,438
LIABILITIES
Collateral on securities loaned, at value		6,769,622		631,671			1,471,426			—
Payables:
Investments purchased		9,251,511		356,966			200,243			6,420,963
Investment advisory fees		112,119		9,142			10,586			41,402
IRS compliance fee for foreign withholding tax claims		—		99,041			—			—
Professional fees		—		4,706			—			—
Variation margin on futures contracts		30,648		2,091			316			883
Total liabilities		16,163,900		1,103,617			1,682,571			6,463,248
Commitments and contingent liabilities
NET ASSETS	$	245,393,899	$	20,690,814		$	21,075,522		$	98,549,190
NET ASSETS CONSIST OF
Paid-in capital	$	236,251,356	$	32,109,968		$	30,496,895		$	99,068,565
Accumulated earnings (loss)		9,142,543		(11,419,154	)		(9,421,373	)		(519,375	)
NET ASSETS	$	245,393,899	$	20,690,814		$	21,075,522		$	98,549,190
NET ASSET VALUE
Shares outstanding		2,350,000		600,000			350,000			1,700,000
Net asset value	$	104.42	$	34.48		$	60.22		$	57.97
Shares authorized		Unlimited		Unlimited			Unlimited			Unlimited
Par value		None		None			None			None
(a) Investments, at cost — unaffiliated	$	229,707,498	$	25,829,915		$	25,913,106		$	84,698,978
(b) Securities loaned, at value	$	6,174,377	$	585,479		$	1,386,888		$	—
(c)  Investments, at cost — affiliated	$	6,898,486	$	651,726		$	1,482,276		$	60,000
(d) Foreign currency collateral pledged, at cost	$	232,694	$	27,973		$	4,546		$	10,908
(e) Foreign currency, at cost	$	471,049	$	21,781		$	41,995		$	65,834

See notes to financial statements.

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

Statements of Assets and Liabilities (continued)

August 31, 2023

	iShares MSCI Kuwait ETF		iShares MSCI New Zealand ETF			iShares MSCI Norway ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	58,289,420	$	131,785,030		$	34,302,862
Investments, at value — affiliated(c)		640,000		492,780			562,887
Cash		1,754		2,710			4,569
Cash pledged for futures contracts		3,000		—			—
Foreign currency collateral pledged for futures contracts(d)		—		9,719			14,097
Foreign currency, at value(e)		37,557		206,400			157,448
Receivables:
Investments sold		1,977,327		12,754,820			874,897
Securities lending income — affiliated		—		49			848
Dividends — unaffiliated		—		192			30,212
Dividends — affiliated		2,009		237			56
Tax reclaims		—		—			4,625
Total assets		60,951,067		145,251,937			35,952,501
LIABILITIES
Collateral on securities loaned, at value		—		432,780			552,875
Payables:
Investments purchased		2,417,999		12,078,785			973,746
Capital shares redeemed		—		81,864			—
Investment advisory fees		37,365		58,123			14,318
Variation margin on futures contracts		1,089		241			1,003
Total liabilities		2,456,453		12,651,793			1,541,942
Commitments and contingent liabilities
NET ASSETS	$	58,494,614	$	132,600,144		$	34,410,559
NET ASSETS CONSIST OF
Paid-in capital	$	57,995,113	$	205,422,202		$	54,523,412
Accumulated earnings (loss)		499,501		(72,822,058	)		(20,112,853	)
NET ASSETS	$	58,494,614	$	132,600,144		$	34,410,559
NET ASSET VALUE
Shares outstanding		1,850,000		2,900,000			1,500,000
Net asset value	$	31.62	$	45.72		$	22.94
Shares authorized		Unlimited		Unlimited			Unlimited
Par value		None		None			None
(a) Investments, at cost — unaffiliated	$	56,383,515	$	157,882,846		$	42,431,704
(b) Securities loaned, at value	$	—	$	412,160		$	525,908
(c)  Investments, at cost — affiliated	$	640,000	$	492,780		$	562,833
(d) Foreign currency collateral pledged, at cost	$	—	$	9,962		$	14,266
(e) Foreign currency, at cost	$	37,527	$	205,725		$	156,228

See notes to financial statements.

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

Statements of Operations 

Year Ended August 31, 2023

	iShares MSCI Denmark ETF			iShares MSCI Finland ETF			iShares MSCI Germany Small-Cap ETF			iShares MSCI Ireland ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	7,112,776		$	640,343		$	476,446		$	1,251,572
Dividends — affiliated		7,421			1,470			391			1,540
Securities lending income — affiliated — net		47,710			15,998			74,667			—
Foreign taxes withheld		(1,006,935	)		(105	)		(57,780	)		(15,949	)
IRS compliance fee for foreign withholding tax claims		—			2,529			—			—
Total investment income		6,160,972			660,235			493,724			1,237,163
EXPENSES
Investment advisory		1,171,412			100,517			131,261			357,816
Professional		—			5,498			—			—
Total expenses		1,171,412			106,015			131,261			357,816
Net investment income		4,989,560			554,220			362,463			879,347
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(276,680	)		(1,421,811	)		(2,249,867	)		(643,077	)
Investments — affiliated		1,738			112			1,308			—
Foreign currency transactions		63,150			1,171			4,104			6,660
Futures contracts		72,383			85,025			8,280			49,492
In-kind redemptions — unaffiliated(a)		9,089,105			(461,766	)		(705,808	)		1,404,962
		8,949,696			(1,797,269	)		(2,941,983	)		818,037
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		30,329,705			947,921			5,878,015			19,306,987
Investments — affiliated		(591	)		38			(1,135	)		—
Foreign currency translations		93,406			30,327			(493	)		3,483
Futures contracts		22,057			(1,550	)		(372	)		1,417
		30,444,577			976,736			5,876,015			19,311,887
Net realized and unrealized gain (loss)		39,394,273			(820,533	)		2,934,032			20,129,924
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	44,383,833		$	(266,313	)	$	3,296,495		$	21,009,271

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

See notes to financial statements.

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

Statements of Operations (continued)

Year Ended August 31, 2023

	iShares MSCI Kuwait ETF			iShares MSCI New Zealand ETF			iShares MSCI Norway ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	1,917,752		$	3,925,237		$	2,169,481
Dividends — affiliated		8,348			3,293			1,068
Securities lending income — affiliated — net		—			1,518			19,016
Foreign taxes withheld		—			(540,587	)		(464,656	)
Total investment income		1,926,100			3,389,461			1,724,909
EXPENSES
Investment advisory		326,704			615,711			163,873
Commitment costs		526			—			—
Total expenses		327,230			615,711			163,873
Net investment income		1,598,870			2,773,750			1,561,036
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(736,801	)		(14,575,587	)		(1,049,173	)
Investments — affiliated		—			374			728
Foreign currency transactions		(47,239	)		(68,318	)		(9,164	)
Futures contracts		(11,737	)		(47,261	)		9,564
In-kind redemptions — unaffiliated(a)		—			2,479,193			145,113
		(795,777	)		(12,211,599	)		(902,932	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(3,931,085	)		5,502,291			(3,261,969	)
Investments — affiliated		—			(298	)		(301	)
Foreign currency translations		72			2,185			3,271
Futures contracts		283			1,608			5,272
		(3,930,730	)		5,505,786			(3,253,727	)
Net realized and unrealized loss		(4,726,507	)		(6,705,813	)		(4,156,659	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(3,127,637	)	$	(3,932,063	)	$	(2,595,623	)

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

See notes to financial statements.

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

Statements of Changes in Net Assets

	iShares MSCI Denmark ETF						iShares MSCI Finland ETF
	Year Ended 08/31/23			Year Ended 08/31/22				Year Ended 08/31/23			Year Ended 08/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	4,989,560		$	2,198,978			$	554,220		$	1,075,096
Net realized gain (loss)		8,949,696			1,121,567				(1,797,269	)		(3,205,805	)
Net change in unrealized appreciation (depreciation)		30,444,577			(49,461,654	)			976,736			(8,127,501	)
Net increase (decrease) in net assets resulting from operations		44,383,833			(46,141,109	)			(266,313	)		(10,258,210	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(4,553,471	)		(2,119,208	)			(542,108	)		(1,184,601	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		29,047,817			57,908,228				(1,153,170	)		2,896,784
NET ASSETS
Total increase (decrease) in net assets		68,878,179			9,647,911				(1,961,591	)		(8,546,027	)
Beginning of year		176,515,720			166,867,809				22,652,405			31,198,432
End of year	$	245,393,899		$	176,515,720			$	20,690,814		$	22,652,405

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

See notes to financial statements.

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

Statements of Changes in Net Assets (continued)

	iShares MSCI Germany Small-Cap ETF						iShares MSCI Ireland ETF
	Year Ended 08/31/23			Year Ended 08/31/22			Year Ended 08/31/23			Year Ended 08/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	362,463		$	581,010		$	879,347		$	698,514
Net realized gain (loss)		(2,941,983	)		235,246			818,037			1,786,489
Net change in unrealized appreciation (depreciation)		5,876,015			(15,947,442	)		19,311,887			(26,719,519	)
Net increase (decrease) in net assets resulting from operations		3,296,495			(15,131,186	)		21,009,271			(24,234,516	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(379,636	)		(680,980	)		(758,088	)		(817,439	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(5,305,003	)		(3,365,971	)		29,818,961			(9,098,537	)
NET ASSETS
Total increase (decrease) in net assets		(2,388,144	)		(19,178,137	)		50,070,144			(34,150,492	)
Beginning of year		23,463,666			42,641,803			48,479,046			82,629,538
End of year	$	21,075,522		$	23,463,666		$	98,549,190		$	48,479,046

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

See notes to financial statements.

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

Statements of Changes in Net Assets (continued)

	iShares MSCI Kuwait ETF						iShares MSCI New Zealand ETF
	Year Ended 08/31/23			Year Ended 08/31/22			Year Ended 08/31/23			Year Ended 08/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	1,598,870		$	516,727		$	2,773,750		$	2,502,958
Net realized gain (loss)		(795,777	)		970,196			(12,211,599	)		(5,137,784	)
Net change in unrealized appreciation (depreciation)		(3,930,730	)		1,964,246			5,505,786			(33,250,612	)
Net increase (decrease) in net assets resulting from operations		(3,127,637	)		3,451,169			(3,932,063	)		(35,885,438	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(2,297,236	)		(1,532,424	)		(1,728,068	)		(3,416,129	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		34,803,545			8,535,177			23,113,264			11,592,502
NET ASSETS
Total increase (decrease) in net assets		29,378,672			10,453,922			17,453,133			(27,709,065	)
Beginning of year		29,115,942			18,662,020			115,147,011			142,856,076
End of year	$	58,494,614		$	29,115,942		$	132,600,144		$	115,147,011

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

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 45

Statements of Changes in Net Assets (continued)

	iShares MSCI Norway ETF
	Year Ended 08/31/23			Year Ended 08/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	1,561,036		$	1,547,885
Net realized gain (loss)		(902,932	)		4,236,964
Net change in unrealized appreciation (depreciation)		(3,253,727	)		(8,683,731	)
Net decrease in net assets resulting from operations		(2,595,623	)		(2,898,882	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(1,339,598	)		(1,471,431	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		4,655,667			(7,807,097	)
NET ASSETS
Total increase (decrease) in net assets		720,446			(12,177,410	)
Beginning of year		33,690,113			45,867,523
End of year	$	34,410,559		$	33,690,113

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

See notes to financial statements.

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

Financial Highlights

(For a share outstanding throughout each period)

	iShares MSCI Denmark ETF
	Year Ended 08/31/23				Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19
Net asset value, beginning of year		$	86.11			$	115.08			$	84.54			$	60.99			$	67.75
Net investment income(a)			2.23				1.37				0.76				0.50				0.97
Net realized and unrealized gain (loss)(b)			17.99				(28.97	)			30.62				23.52				(5.99	)
Net increase (decrease) from investment operations			20.22				(27.60	)			31.38				24.02				(5.02	)
Distributions from net investment income(c)			(1.91	)			(1.37	)			(0.84	)			(0.47	)			(1.74	)
Net asset value, end of year		$	104.42			$	86.11			$	115.08			$	84.54			$	60.99
Total Return(d)
Based on net asset value			23.48	%			(24.07	)%			37.21	%			39.52	%			(7.41	)%
Ratios to Average Net Assets(e)
Total expenses			0.53	%			0.53	%			0.53	%			0.53	%			0.53	%
Net investment income			2.26	%			1.37	%			0.77	%			0.71	%			1.59	%
Supplemental Data
Net assets, end of year (000)		$	245,394			$	176,516			$	166,868			$	109,899			$	33,544
Portfolio turnover rate(f)			16	%			12	%			11	%			21	%			14	%

^(a)  Based on average shares outstanding.

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

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

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

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

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

See notes to financial statements.

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Finland ETF
	Year Ended 08/31/23					Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19
Net asset value, beginning of year			$	34.85			$	52.00			$	41.34			$	35.63			$	41.83
Net investment income(a)				1.05				1.73				1.10				0.85				1.30
Net realized and unrealized gain (loss)(b)				(0.47	)			(16.54	)			10.93				6.25				(5.98	)
Net increase (decrease) from investment operations				0.58				(14.81	)			12.03				7.10				(4.68	)
Distributions from net investment income(c)				(0.95	)			(2.34	)			(1.37	)			(1.39	)			(1.52	)
Net asset value, end of year			$	34.48			$	34.85			$	52.00			$	41.34			$	35.63
Total Return(d)
Based on net asset value				1.53	%			(28.85	)%			29.37	%			20.61	%			(11.24	)%
Ratios to Average Net Assets(e)
Total expenses				0.56	%			0.57	%			0.55	%			0.53	%			0.53	%
Total expenses excluding professional fees for foreign withholding tax claims				0.53	%			N/A				0.53	%			0.53	%			0.53	%
Net investment income				2.92	%			4.05	%			2.39	%			2.36	%			3.40	%
Supplemental Data
Net assets, end of year (000)			$	20,691			$	22,652			$	31,198			$	35,139			$	26,725
Portfolio turnover rate(f)				15	%			20	%			12	%			22	%			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)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

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

See notes to financial statements.

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Germany Small-Cap ETF
	Year Ended 08/31/23				Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19
Net asset value, beginning of year		$	52.14			$	85.28			$	63.72			$	52.75			$	63.43
Net investment income(a)			0.94				1.19				0.99				0.38				1.07
Net realized and unrealized gain (loss)(b)			8.20				(32.86	)			21.79				10.74				(10.06	)
Net increase (decrease) from investment operations			9.14				(31.67	)			22.78				11.12				(8.99	)
Distributions from net investment income(c)			(1.06	)			(1.47	)			(1.22	)			(0.15	)			(1.69	)
Net asset value, end of year		$	60.22			$	52.14			$	85.28			$	63.72			$	52.75
Total Return(d)
Based on net asset value			17.58	%			(37.52	)%			35.96	%			21.12	%			(14.08	)%
Ratios to Average Net Assets(e)
Total expenses			0.59	%			0.59	%			0.59	%			0.59	%			0.59	%
Net investment income			1.63	%			1.66	%			1.30	%			0.69	%			1.95	%
Supplemental Data
Net assets, end of year (000)		$	21,076			$	23,464			$	42,642			$	31,862			$	36,927
Portfolio turnover rate(f)			14	%			27	%			24	%			25	%			13	%

^(a)  Based on average shares outstanding.

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

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

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

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

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

See notes to financial statements.

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Ireland ETF
	Year Ended 08/31/23				Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19
Net asset value, beginning of year		$	42.16			$	61.21			$	42.50			$	39.39			$	46.25
Net investment income(a)			0.64				0.52				0.32				0.43				0.61
Net realized and unrealized gain (loss)(b)			15.63				(18.92	)			18.74				3.34				(6.80	)
Net increase (decrease) from investment operations			16.27				(18.40	)			19.06				3.77				(6.19	)
Distributions from net investment income(c)			(0.46	)			(0.65	)			(0.35	)			(0.66	)			(0.67	)
Net asset value, end of year		$	57.97			$	42.16			$	61.21			$	42.50			$	39.39
Total Return(d)
Based on net asset value			38.57	%			(30.16	)%			44.90	%			9.59	%			(13.44	)%
Ratios to Average Net Assets(e)
Total expenses			0.50	%			0.50	%			0.50	%			0.51	%			0.49	%
Net investment income			1.23	%			1.02	%			0.62	%			1.06	%			1.49	%
Supplemental Data
Net assets, end of year (000)		$	98,549			$	48,479			$	82,630			$	53,119			$	55,151
Portfolio turnover rate(f)			23	%			33	%			40	%			47	%			24	%

^(a)  Based on average shares outstanding.

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

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

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

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

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

See notes to financial statements.

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Kuwait ETF
											Period From
		Year Ended					Year Ended							09/01/20	(a)
	08/31/23					08/31/22					to 08/31/21
Net asset value, beginning of period			$	36.39				$	33.93				$	25.22
Net investment income(b)				1.19					0.87					0.66
Net realized and unrealized gain (loss)(c)				(4.09	)				4.38					8.62
Net increase (decrease) from investment operations				(2.90	)				5.25					9.28
Distributions(d)
From net investment income				(1.14	)				(2.79	)				(0.57	)
From net realized gain				(0.73	)				—					—
Total distributions				(1.87	)				(2.79	)				(0.57	)
Net asset value, end of period			$	31.62				$	36.39				$	33.93
Total Return(e)
Based on net asset value				(8.04	)%				16.26	%				37.03	%(f)
Ratios to Average Net Assets(g)
Total expenses				0.74	%				0.74	%				0.74	%(h)
Net investment income				3.62	%				2.42	%				2.24	%(h)
Supplemental Data
Net assets, end of period (000)			$	58,495				$	29,116				$	18,662
Portfolio turnover rate(i)				25	%				26	%				16	%(f)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

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

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

^(f)  Not annualized.

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

^(h)  Annualized.

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

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 51

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI New Zealand ETF
	Year Ended 08/31/23				Year Ended 08/31/22					Year Ended 08/31/21					Year Ended 08/31/20					Year Ended 08/31/19
Net asset value, beginning of year		$	47.00				$	63.49				$	60.80				$	51.80				$	49.11
Net investment income(a)			1.09					1.06					1.04					1.06					1.58
Net realized and unrealized gain (loss)(b)			(1.65	)				(16.12	)				2.97					9.49					2.70
Net increase (decrease) from investment operations			(0.56	)				(15.06	)				4.01					10.55					4.28
Distributions from net investment income(c)			(0.72	)				(1.43	)				(1.32	)				(1.55	)				(1.59	)
Net asset value, end of year		$	45.72				$	47.00				$	63.49				$	60.80				$	51.80
Total Return(d)
Based on net asset value			(1.25	)%				(23.96	)%				6.58	%				20.71	%				9.00	%
Ratios to Average Net Assets(e)
Total expenses			0.50	%				0.50	%				0.50	%				0.51	%				0.50	%
Net investment income			2.26	%				1.95	%				1.64	%				1.96	%				3.16	%
Supplemental Data
Net assets, end of year (000)		$	132,600				$	115,147				$	142,856				$	167,203				$	165,751
Portfolio turnover rate(f)			34	%				12	%				16	%				12	%				15	%

^(a)  Based on average shares outstanding.

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

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

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

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

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

See notes to financial statements.

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Norway ETF
	Year Ended 08/31/23					Year Ended 08/31/22					Year Ended 08/31/21					Year Ended 08/31/20					Year Ended 08/31/19
Net asset value, beginning of year			$	25.92				$	28.67				$	22.40				$	22.63				$	27.67
Net investment income(a)				1.19					0.97					0.69					0.34					0.67
Net realized and unrealized gain (loss)(b)				(3.05	)				(2.79	)				6.30					(0.15	)				(4.91	)
Net increase (decrease) from investment operations				(1.86	)				(1.82	)				6.99					0.19					(4.24	)
Distributions from net investment income(c)				(1.12	)				(0.93	)				(0.72	)				(0.42	)				(0.80	)
Net asset value, end of year			$	22.94				$	25.92				$	28.67				$	22.40				$	22.63
Total Return(d)
Based on net asset value				(7.05	)%				(6.50	)%				31.42	%				1.04	%				(15.42	)%
Ratios to Average Net Assets(e)
Total expenses				0.53	%				0.53	%				0.53	%				0.53	%				0.53	%
Net investment income				5.05	%				3.39	%				2.61	%				1.58	%				2.66	%
Supplemental Data
Net assets, end of year (000)			$	34,411				$	33,690				$	45,868				$	31,364				$	22,632
Portfolio turnover rate(f)				11	%				27	%				12	%				16	%				13	%

^(a)  Based on average shares outstanding.

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

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

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

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

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

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 53

Notes to Financial Statements

1. ORGANIZATION

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

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

iShares ETF	Diversification  Classification
MSCI Denmark	Non-diversified
MSCI Finland	Non-diversified
MSCI Germany Small-Cap	Diversified
MSCI Ireland	Non-diversified
MSCI Kuwait	Non-diversified
MSCI New Zealand	Non-diversified
MSCI Norway	Non-diversified

On June 6, 2023, the Board approved a proposal to close the iShares MSCI Germany Small-Cap ETF to new and subsequent investments and thereafter to liquidate the Fund. After the close of business on October 30, 2023, the Fund will no longer accept creation orders. Trading in the Fund will be halted prior to market open on October 31, 2023. Proceeds of the liquidation will be sent to shareholders on or about November 2, 2023.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

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

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

Notes to Financial Statements (continued)

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.

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

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

Notes to Financial Statements (continued)

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

4. SECURITIES AND OTHER INVESTMENTS

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

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

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

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

iShares ETF and Counterparty		Securities Loaned at Value			Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
MSCI Denmark
BofA Securities, Inc.	$	1,940,734		$	(1,940,734	)	$	—		$	—
Goldman Sachs & Co. LLC		2,240,168			(2,240,168	)		—			—
Morgan Stanley		1,993,475			(1,993,475	)		—			—
	$	6,174,377		$	(6,174,377	)	$	—		$	—
MSCI Finland
Goldman Sachs & Co. LLC	$	282,345		$	(282,345	)	$	—		$	—
J.P. Morgan Securities LLC		197,940			(197,940	)		—			—
Morgan Stanley		105,194			(105,194	)		—			—
	$	585,479		$	(585,479	)	$	—		$	—
MSCI Germany Small-Cap
Barclays Capital, Inc.	$	34,379		$	(34,379	)	$	—		$	—
Goldman Sachs & Co. LLC		229,314			(229,314	)		—			—
J.P. Morgan Securities LLC		285,763			(285,763	)		—			—
Morgan Stanley		781,704			(781,704	)		—			—
UBS AG		55,728			(55,728	)		—			—
	$	1,386,888		$	(1,386,888	)	$	—		$	—
MSCI New Zealand
BofA Securities, Inc.	$	212,399		$	(212,399	)	$	—		$	—
State Street Bank & Trust Company		199,761			(199,761	)		—			—
	$	412,160		$	(412,160	)	$	—		$	—

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Notes to Financial Statements (continued)

iShares ETF and Counterparty		Securities Loaned at Value			Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
MSCI Norway
BofA Securities, Inc.	$	89,686		$	(89,686	)	$	—		$	—
Citigroup Global Markets, Inc.		284,080			(284,080	)		—			—
Goldman Sachs & Co. LLC		121,641			(121,641	)		—			—
J.P. Morgan Securities LLC		30,501			(30,501	)		—			—
	$	525,908		$	(525,908	)	$	—		$	—

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

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

5. DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

iShares ETF	Investment Advisory Fees
MSCI Denmark		0.53%
MSCI Finland		0.53
MSCI Germany Small-Cap		0.59
MSCI Kuwait		0.74
MSCI Norway		0.53

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

Notes to Financial Statements (continued)

For its investment advisory services to each of the iShares MSCI Ireland and iShares MSCI New Zealand ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fees
First $7 billion		0.59	%
Over $7 billion, up to and including $11 billion		0.54
Over $11 billion, up to and including $24 billion		0.49
Over $24 billion, up to and including $48 billion		0.44
Over $48 billion, up to and including $72 billion		0.40
Over $72 billion, up to and including $96 billion		0.36
Over $96 billion		0.32

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

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

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

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

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

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

iShares ETF	Amounts
MSCI Denmark	$	12,209
MSCI Finland		3,571
MSCI Germany Small-Cap		16,829
MSCI New Zealand		445
MSCI Norway		4,429

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

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Notes to Financial Statements (continued)

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

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

iShares ETF	Purchases			Sales			Net Realized Gain (Loss)
MSCI Denmark	$	6,530,020		$	12,677,648		$	(439,477	)
MSCI Finland		991,456			917,987			(383,746	)
MSCI Germany Small-Cap		847,859			184,909			(74,787	)
MSCI Ireland		1,426,309			5,036,362			263,951
MSCI New Zealand		989,711			4,397,731			(431,515	)
MSCI Norway		258,175			287,546			(17,852	)

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

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

7. PURCHASES AND SALES

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

iShares ETF	Purchases			Sales
MSCI Denmark	$	35,332,280		$	35,424,901
MSCI Finland		2,999,175			2,918,281
MSCI Germany Small-Cap		3,069,986			3,079,403
MSCI Ireland		16,647,345			16,005,959
MSCI Kuwait		45,067,506			11,132,222
MSCI New Zealand		42,517,300			41,853,173
MSCI Norway		3,500,800			3,397,045

For the year ended August 31, 2023, in-kind transactions were as follows:

iShares ETF	In-kind Purchases			In-kind Sales
MSCI Denmark	$	62,149,486		$	33,436,078
MSCI Finland		5,388,270			6,588,307
MSCI Germany Small-Cap		—			5,288,628
MSCI Ireland		36,319,265			6,756,944
MSCI New Zealand		65,812,573			43,192,371
MSCI Norway		14,034,126			9,259,921

8. INCOME TAX INFORMATION

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

Management has analyzed tax laws and regulations and their application to the Funds as of August 31, 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.

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 59

Notes to Financial Statements (continued)

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of August 31, 2023, permanent differences attributable to distributions paid in excess of taxable income and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in Capital			Accumulated     Earnings (Loss)
MSCI Denmark	$	9,058,067		$	(9,058,067)
MSCI Finland		(520,992	)		520,992
MSCI Germany Small-Cap		(837,907	)		837,907
MSCI Ireland		1,262,455			(1,262,455)
MSCI New Zealand		2,356,195			(2,356,195)
MSCI Norway		142,711			(142,711)

The tax character of distributions paid was as follows:

iShares ETF	Year Ended 08/31/23			Year Ended 08/31/22
MSCI Denmark
Ordinary income	$	4,553,471		$	2,119,208
MSCI Finland
Ordinary income	$	542,108		$	1,184,601
MSCI Germany Small-Cap
Ordinary income	$	379,636		$	680,980
MSCI Ireland
Ordinary income	$	758,088		$	817,439
MSCI Kuwait
Ordinary income	$	1,745,313		$	1,532,424
Long-term capital gains		551,923			—
	$	2,297,236		$	1,532,424
MSCI New Zealand
Ordinary income	$	1,728,068		$	3,416,129
MSCI Norway
Ordinary income	$	1,339,598		$	1,471,431

As of August 31, 2023, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	(a)		Net Unrealized Gains (Losses)	(b)		Total
MSCI Denmark	$	590,886	$	(2,424,703	)	$	10,976,360		$	9,142,543
MSCI Finland		15,824		(5,577,801	)		(5,857,177	)		(11,419,154)
MSCI Germany Small-Cap		162,377		(3,979,594	)		(5,604,156	)		(9,421,373)
MSCI Ireland		—		(13,733,284	)		13,213,909			(519,375)
MSCI Kuwait		19,731		(490,446	)		970,216			499,501
MSCI New Zealand		260,236		(45,886,373	)		(27,195,921	)		(72,822,058)
MSCI Norway		293,173		(11,977,242	)		(8,428,784	)		(20,112,853)

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

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

For the year ended August 31, 2023, the iShares MSCI Denmark ETF utilized $838,460 of its capital loss carryforwards.

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

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

Notes to Financial Statements (continued)

As of August 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 Denmark	$	238,676,802	$	43,240,845	$	(32,211,277	)	$	11,029,568
MSCI Finland		26,813,232		286,656		(6,129,001	)		(5,842,345	)
MSCI Germany Small-Cap		28,118,946		2,063,114		(7,665,950	)		(5,602,836	)
MSCI Ireland		85,531,947		16,408,128		(3,191,904	)		13,216,224
MSCI Kuwait		57,959,235		2,806,419		(1,836,234	)		970,185
MSCI New Zealand		159,475,818		1,749,966		(28,946,366	)		(27,196,400	)
MSCI Norway		43,294,777		708,356		(9,137,384	)		(8,429,028	)

9. LINE OF CREDIT

The Funds, 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 9, 2024. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the year ended August 31, 2023, the Fund did not borrow under the Syndicated Credit Agreement.

10. PRINCIPAL RISKS

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

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

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

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

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

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability 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 61

Notes to Financial Statements (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.

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

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

Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. These events and actions have adversely affected, and may in the future adversely affect, the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but have been, and may continue to be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

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

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

11. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

	Year Ended 08/31/23						Year Ended 08/31/22
iShares ETF	Shares			Amount			Shares			Amount
MSCI Denmark
Shares sold		650,000		$	62,810,244			750,000		$	73,265,705
Shares redeemed		(350,000	)		(33,762,427	)		(150,000	)		(15,357,477	)
		300,000		$	29,047,817			600,000		$	57,908,228

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

Notes to Financial Statements (continued)

	Year Ended 08/31/23						Year Ended 08/31/22
iShares ETF	Shares			Amount			Shares			Amount
MSCI Finland
Shares sold		150,000		$	5,542,446			600,000		$	25,593,046
Shares redeemed		(200,000	)		(6,695,616	)		(550,000	)		(22,696,262	)
		(50,000	)	$	(1,153,170	)		50,000		$	2,896,784
MSCI Germany Small-Cap
Shares redeemed		(100,000	)	$	(5,305,003	)		(50,000	)	$	(3,365,971	)
MSCI Ireland
Shares sold		700,000		$	36,609,982			150,000		$	9,005,153
Shares redeemed		(150,000	)		(6,791,021	)		(350,000	)		(18,103,690	)
		550,000		$	29,818,961			(200,000	)	$	(9,098,537	)
MSCI Kuwait
Shares sold		1,050,000		$	34,803,545			300,000		$	10,365,554
Shares redeemed		—			—			(50,000	)		(1,830,377	)
		1,050,000		$	34,803,545			250,000		$	8,535,177
MSCI New Zealand
Shares sold		1,350,000		$	66,595,558			650,000		$	33,480,693
Shares redeemed		(900,000	)		(43,482,294	)		(450,000	)		(21,888,191	)
		450,000		$	23,113,264			200,000		$	11,592,502
MSCI Norway
Shares sold		600,000		$	14,097,793			1,150,000		$	33,999,245
Shares redeemed		(400,000	)		(9,442,126	)		(1,450,000	)		(41,806,342	)
		200,000		$	4,655,667			(300,000	)	$	(7,807,097	)

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

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

12. FOREIGN WITHHOLDING TAX CLAIMS

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

13. SUBSEQUENT EVENTS

Management’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:

iShares MSCI Germany Small-Cap ETF paid an ordinary income distribution in the amount of $0.552053 per share on October 16, 2023 to shareholders of record on October 11, 2023.

Effective October 18, 2023, the Syndicated Credit Agreement to which the Participating Funds are party was amended to extend the maturity date to October 2024 under the same terms. iShares MSCI Germany Small-Cap ETF was removed from the Syndicated Credit Agreement due to its pending liquidation.

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

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (seven of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2023, the related statements of operations for the year ended August 31, 2023, the statements of changes in net assets for each of the two years in the period ended August 31, 2023, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2023 and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

iShares MSCI Denmark ETF

iShares MSCI Finland ETF

iShares MSCI Germany Small-Cap ETF

iShares MSCI Ireland ETF

iShares MSCI Kuwait ETF

iShares MSCI New Zealand ETF

iShares MSCI Norway ETF

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 23, 2023

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

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Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2023:

iShares ETF	Qualified Dividend  Income
MSCI Denmark	$	7,094,699
MSCI Finland		639,114
MSCI Germany Small-Cap		426,120
MSCI Ireland		1,244,634
MSCI New Zealand		3,713,594
MSCI Norway		1,975,683

The Fund hereby designates the following amount, or maximum amount allowable by law, as capital gain dividends, subject to a long-term capital gains tax rate as noted below, for the fiscal year ended August 31, 2023:

iShares ETF	20% Rate Long-Term  Capital Gain Dividends
MSCI Kuwait	$	551,923

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended August 31, 2023:

iShares ETF	Foreign Source Income Earned		Foreign  Taxes Paid
MSCI Denmark	$	7,092,768	$	1,006,935
MSCI Finland		640,152		—
MSCI Germany Small-Cap		476,187		57,208
MSCI Ireland		1,250,788		14,338
MSCI Kuwait		1,918,562		—
MSCI New Zealand		3,924,794		540,506
MSCI Norway		2,169,159		463,871

The Fund hereby designates the following amount, or maximum amount allowable by law, as qualified short-term capital gains eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended August 31, 2023:

iShares ETF	Qualified Short-Term  Capital Gains
MSCI Kuwait	$	108,633

I M P O R T A N T  T A X  I N F O R M A T I O N 65

Board Review and Approval of Investment Advisory Contract

iShares MSCI Denmark ETF, iShares MSCI Norway ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

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

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

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

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

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

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

Board Review and Approval of Investment Advisory Contract (continued)

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

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

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

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

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

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

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

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

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

B O A R D  R E V I E W  A N D  A P P R O V A L  O F  I N V E S T M E N T  A D V I S O R Y  C O N T R A C T 67

Board Review and Approval of Investment Advisory Contract (continued)

iShares MSCI Finland ETF, iShares MSCI Kuwait ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

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

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

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

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

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

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Board Review and Approval of Investment Advisory Contract (continued)

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

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

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

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

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

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

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

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

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

B O A R D  R E V I E W  A N D  A P P R O V A L  O F  I N V E S T M E N T  A D V I S O R Y  C O N T R A C T 69

Board Review and Approval of Investment Advisory Contract (continued)

iShares MSCI Germany Small-Cap ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

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

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

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

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

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

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Board Review and Approval of Investment Advisory Contract (continued)

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

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

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

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

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

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

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

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

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

B O A R D  R E V I E W  A N D  A P P R O V A L  O F  I N V E S T M E N T  A D V I S O R Y  C O N T R A C T 71

Board Review and Approval of Investment Advisory Contract (continued)

iShares MSCI Ireland ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

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

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

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

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

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

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Board Review and Approval of Investment Advisory Contract (continued)

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

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

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

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

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

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

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

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

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

B O A R D  R E V I E W  A N D  A P P R O V A L  O F  I N V E S T M E N T  A D V I S O R Y  C O N T R A C T 73

Board Review and Approval of Investment Advisory Contract (continued)

iShares MSCI New Zealand ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

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

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

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

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

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

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Board Review and Approval of Investment Advisory Contract (continued)

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

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

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

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

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

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

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

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately

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 75

Board Review and Approval of Investment Advisory Contract (continued)

large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

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Supplemental Information (unaudited)

Section 19(a) Notices

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

August 31, 2023

	Total Cumulative Distributions for the Fiscal Year									% Breakdown of the Total Cumulative Distributions for the Fiscal Year
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share			Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
MSCI Finland	$	0.947150	$	—	$	—	$	0.947150			100	%		—	%		—	%		100	%
MSCI Germany Small-Cap(a)		1.018916		—		0.041334		1.060250			96			—			4			100
MSCI Kuwait		1.135729		0.733952		—		1.869681			61			39			—			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.

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

Premium/Discount Information

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

S U P P L E M E N T A L  I N F O R M A T I O N 77

Trustee and Officer Information (unaudited)

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

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 387 funds as of August 31, 2023. With the exception of Robert S. Kapito, Salim Ramji and Aaron Wasserman, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Wasserman is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (1957)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).
Salim Ramji(b) (1970)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).

^(a) Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

^(b) Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

Independent Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (1955)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (1956)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (1954)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016); Director of One Generation Away (since 2021).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).

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Trustee and Officer Information (unaudited)(continued)

Independent Trustees (continued)
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (1949)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018), Investment Committee (since 2011) and Personnel Committee (since 2022); Member of the Wyoming State Investment Funds Committee (since 2022); Director of the Jackson Hole Center for the Arts (since 2021); Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).
Drew E. Lawton (1959)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Director of Jackson Financial Inc. (since 2021).
John E. Martinez (1961)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).
Madhav V. Rajan (1964)	Trustee (since 2011); Fixed-Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).

Officers
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years
Dominik Rohé (1973)	President (since 2023).	Managing Director, BlackRock, Inc. (since 2005); Head of Americas ETF and Index Investments (since 2023); Head of Latin America (2019-2023).
Trent Walker (1974)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Aaron Wasserman (1974)	Chief Compliance Officer (iShares, Inc. and iShares Trust, since 2023; iShares U.S. ETF Trust, since 2023).	Managing Director of BlackRock, Inc. (since 2018); Chief Compliance Officer of the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the Exchange-Traded Fund Complex (since 2023); Deputy Chief Compliance Officer for the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the Exchange-Traded Fund Complex (2014-2023).
Marisa Rolland (1980)	Secretary (since 2022).	Managing Director, BlackRock, Inc. (since 2023); Director, BlackRock, Inc. (2018-2022); Vice President, BlackRock, Inc. (2010-2017).
Rachel Aguirre (1982)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019).
Jennifer Hsui (1976)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).

T R U S T E E  A N D  O F F I C E R  I N F O R M A T I O N 79

Trustee and Officer Information (unaudited)(continued)

Officers (continued)
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years
James Mauro (1970)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).

Effective March 30, 2023, Dominik Rohé replaced Armando Senra as President.

Effective July 1, 2023, Aaron Wasserman replaced Charles Park as Chief Compliance Officer.

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General Information

Electronic Delivery

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

To enroll in electronic delivery:

• Go to icsdelivery.com.

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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

G E N E R A L   I N F O R M A T I O N 81

Glossary of Terms Used in this Report

Portfolio Abbreviation
ADR	American Depositary Receipt
NVS	Non-Voting Shares
REIT	Real Estate Investment Trust

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Want to know more?

iShares.com  |  1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

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

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

iS-AR-808-0823

  

AUGUST 31, 2023

2023 Annual Report

iShares Trust

· iShares MSCI India ETF | INDA | Cboe BZX

· iShares MSCI India Small-Cap ETF | SMIN | Cboe BZX

The Markets in Review

Dear Shareholder,

Despite an uncertain economic landscape during the 12-month reporting period ended August 31, 2023, the resilience of the U.S. economy in the face of ever tighter financial conditions provided an encouraging backdrop for investors. While inflation was near multi-decade highs at the beginning of the period, it declined precipitously as commodity prices dropped. Labor shortages also moderated, although wages continued to grow and unemployment rates reached the lowest levels in decades. This robust labor market powered further growth in consumer spending, backstopping the economy.

Equity returns were solid, as the durability of consumer sentiment eased investors’ concerns about the economy’s trajectory. The U.S. economy resumed growth in the third quarter of 2022 and continued to expand thereafter. Most major classes of equities rose, as large-capitalization U.S. stocks and developed market equities advanced strongly. However, small-capitalization U.S. stocks and emerging market equities posted more modest gains.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market also faced inflationary headwinds, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates seven times during the 12-month period. Furthermore, the Fed wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity. However, the Fed declined to raise interest rates at its June 2023 meeting, the first time it paused its tightening in the current cycle, before again raising rates in July 2023.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has decelerated the pace of interest rate hikes and recently opted for two pauses, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period to keep inflation under control. Furthermore, ongoing structural changes may mean that the Fed will be hesitant to cut interest rates in the event of faltering economic activity lest inflation accelerate again. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt.

While we favor an overweight position to developed market equities in the long term, we prefer an underweight stance in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with macroeconomic constraints. Nevertheless, we are overweight on emerging market stocks in the near term as growth trends for emerging markets appear brighter. We also believe that stocks with an AI tilt should benefit from an investment cycle that is set to support revenues and margins. In credit, there are selective opportunities in the near term despite tightening credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries, U.S. inflation-linked bonds, U.S. mortgage-backed securities, and hard-currency emerging market bonds.

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

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of August 31, 2023
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	14.50%	15.94%
U.S. small cap equities (Russell 2000® Index)	0.99	4.65
International equities (MSCI Europe, Australasia, Far East Index)	4.75	17.92
Emerging market equities (MSCI Emerging Markets Index)	3.62	1.25
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	2.47	4.25
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	0.11	(4.71)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	0.95	(1.19)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	1.04	1.70
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	4.55	7.19
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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

Table of Contents

	Page
The Markets in Review		2
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		9
Disclosure of Expenses		9
Schedules of Investments		10
Financial Statements
Statements of Assets and Liabilities		20
Statements of Operations		21
Statements of Changes in Net Assets		22
Financial Highlights		23
Notes to Financial Statements		25
Report of Independent Registered Public Accounting Firm		32
Important Tax Information		33
Board Review and Approval of Investment Advisory Contract		34
Supplemental Information		38
Trustee and Officer Information		40
General Information		43
Glossary of Terms Used in this Report		44

Market Overview

iShares Trust

Global Market Overview

Global equity markets advanced during the 12 months ended August 31, 2023 (“reporting period”), supported by continued economic growth and moderating inflation. The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned 13.95% in U.S. dollar terms for the reporting period. Despite concerns about the impact of higher interest rates and rising prices, the global economy continued to grow, albeit at a slower pace than during the initial post-coronavirus pandemic recovery. Inflation began to subside in most regions of the world, and lower energy prices reduced pressure on consumers, leading consumer and business sentiment to improve. While the Russian invasion of Ukraine continued to disrupt trade in Europe and elsewhere, market adaptation lessened the economic impact of the ongoing war. The prices of several key commodities, including oil, natural gas, and wheat, either stabilized or declined during the reporting period, easing pressure on the world’s economies.

The U.S. Federal Reserve (“Fed”) tightened monetary policy rapidly, raising short-term interest rates seven times over the course of the reporting period. The pace of tightening decelerated as the Fed twice lowered the increment of increase before pausing entirely in June 2023, the first time it declined to take action since the tightening cycle began. However, the Fed then raised interest rates again at its July 2023 meeting and stated that it would continue to monitor economic data. The Fed also continued to decrease the size of its balance sheet by reducing the store of U.S. Treasuries it had accumulated to stabilize markets in the early phases of the pandemic.

Despite the tightening financial conditions, the U.S. economy demonstrated continued strength, and U.S. equities advanced. The economy returned to growth in the third quarter of 2022 and showed robust, if slightly slower, growth thereafter. Consumers powered the economy, increasing their spending in both nominal and inflation-adjusted terms. A strong labor market bolstered spending, as unemployment remained low, and the number of employed persons reached an all-time high. Tightness in the labor market drove higher wages, although wage growth slowed as the reporting period continued.

European stocks outpaced their counterparts in most other regions of the globe, advancing strongly for the reporting period despite modest economic growth. European stocks benefited from a solid recovery following the early phases of the war in Ukraine. While the conflict disrupted critical natural gas supplies, new sources were secured and prices declined, while a warm winter helped moderate consumption. The European Central Bank (“ECB”) responded to the highest inflation since the introduction of the euro by raising interest rates eight times and beginning to reduce the size of its debt holdings.

Stocks in the Asia-Pacific region gained, albeit at a slower pace than other regions of the world. Japan returned to growth in the fourth quarter of 2022 and first half of 2023, as strong business investment and exports helped boost the economy and support Japanese equities. However, Chinese stocks were negatively impacted by slowing economic growth. While investors were initially optimistic following China’s lifting of several pandemic-related lockdowns in December 2022, subsequent performance disappointed, and tensions with the U.S. increased. Emerging market stocks advanced modestly, as the resilient global economic environment reassured investors. The declining value of the U.S. dollar relative to many other currencies and the slowing pace of the Fed’s interest rate increases also supported emerging market stocks.

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Fund Summary as of August 31, 2023 iShares^® MSCI India ETF

Investment Objective

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

Performance

	Average Annual Total Returns										Cumulative Total Returns
	1 Year			5 Years			10 Years				1 Year			5 Years			10 Years
Fund NAV		1.44	%		6.00	%		9.31	%			1.44	%		33.80	%		143.61	%
Fund Market		2.40			6.11			9.45				2.40			34.52			146.77
Index		1.33			7.41			10.54				1.33			42.94			172.40

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (03/01/23)	Ending Account Value (08/31/23)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/23)	Ending Account Value (08/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$  1,000.00	$   1,128.40	$   3.43			$   1,000.00	$   1,022.00	$   3.26		0.64	%

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

F U N D  S U M M A R Y 5

Fund Summary as of August 31, 2023 (continued) iShares^® MSCI India ETF

Portfolio Management Commentary

Indian equities advanced slightly during the reporting period, as India’s economy continued to rapidly expand despite persistent inflation and monetary tightening by the Reserve Bank of India. Economic data released in the first half of 2023 showed rising manufacturing output and industrial production buoyed by strong domestic demand. However, the country’s inflation rate increased substantially in July 2023, largely the result of sharply higher prices for food and beverages.

The consumer discretionary sector contributed the most to the Index’s return, led by the automobiles and components industry. Sales of both commercial and private vehicles in India rose substantially as supply chain holdups and chip shortages lessened. Industry analysts viewed increased production of vehicles as a positive indicator of shrinking debt levels, further supporting investor sentiment toward automobiles companies.

The financials sector also contributed to the Index’s return. Within the financial services industry, growing demand for housing drove an increase in home loans, lifting net interest income for Indian lenders. Strength in sales of generic drugs in the U.S. and an acquisition of a U.S. biotechnology firm benefited Indian pharmaceutical companies, driving contribution from the healthcare sector.

On the downside, the utilities sector was the largest detractor from the Index’s performance amid concerns over corporate governance. India’s electric utilities and gas utilities industries declined significantly following allegations of fraudulent accounting and stock manipulation raised by a U.S. investment research firm. Toward the end of the reporting period, an investigative journalism network spotlighted offshore trades involving Indian gas and electric utilities companies that possibly violated securities laws. While the companies denied the allegations, the Securities and Exchange Board of India launched an investigation.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of   Total Investments(a)
Financials	27.3%
Information Technology	13.2
Consumer Discretionary	11.3
Energy	10.8
Consumer Staples	9.2
Materials	8.7
Industrials	7.3
Health Care	5.2
Utilities	3.7
Communication Services	2.7
Real Estate	0.6

TEN LARGEST HOLDINGS
Security	Percent of   Total Investments(a)
Reliance Industries Ltd.	8.8%
ICICI Bank Ltd.	5.9
Infosys Ltd.	5.7
HDFC Bank Ltd.	5.2
Tata Consultancy Services Ltd.	3.7
Axis Bank Ltd.	2.7
Hindustan Unilever Ltd.	2.5
Bajaj Finance Ltd.	2.3
Kotak Mahindra Bank Ltd.	2.3
Bharti Airtel Ltd.	2.3

^(a)  Excludes money market funds.

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Fund Summary as of August 31, 2023 iShares^® MSCI India Small-Cap ETF

Investment Objective

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

Performance

	Average Annual Total Returns										Cumulative Total Returns
	1 Year			5 Years			10 Years				1 Year			5 Years			10 Years
Fund NAV		15.75	%(a)		8.35	%		16.35	%			15.75	%(a)		49.36	%		354.55	%
Fund Market		17.35			8.57			16.52				17.35			50.84			361.48
Index		20.23			10.83			18.02				20.23			67.20			424.41

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

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

Expense Example

Actual						Hypothetical 5% Return
	Beginning Account Value (03/01/23)	Ending Account Value (08/31/23	)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/23)	Ending Account Value (08/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$  1,000.00	$   1,253.80		$   4.26			$   1,000.00	$   1,021.40	$   3.82		0.75	%

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

F U N D  S U M M A R Y 7

Fund Summary as of August 31, 2023 (continued) iShares^® MSCI India Small-Cap ETF

Portfolio Management Commentary

Small-capitalization Indian equities advanced sharply for the reporting period, as India’s economy continued to rapidly expand despite persistent inflation and monetary tightening by the Reserve Bank of India. Economic data released in the first half of 2023 showed rising manufacturing output and industrial production buoyed by strong domestic demand. Substantial inflows of foreign investment supported the performance of Indian equities generally and small-capitalization stocks in particular.

The industrials sector was the largest contributor to the Index’s performance, led by the electrical equipment industry. Electricity generation in India rose significantly during the reporting period, pushing demand higher for equipment related to power generation and bolstering sales for companies that distribute wires, cables, and transformers. A growing preference among Indian consumers for electricity generated by solar and wind power drove gains for providers of renewable energy infrastructure. Additionally, the machinery industry contributed to the Index’s return amid increased industrial output and demand for commercial vehicles. Profits rose for manufacturers of construction machinery and heavy transportation equipment despite continuing supply chain obstacles.

The financials sector contributed meaningfully to the Index’s return, led by financial services companies. A state-owned provider of infrastructure financing for power projects reported substantial revenue gains driven by an increase in net interest income on loan assets. An upward trajectory for energy demand, alongside plans for a broader transition to renewable energy put in place by the Indian government, also buoyed investor sentiment toward the company.

Materials stocks were also contributors to the Index’s performance, led by steel companies in the metals and mining industry. Indian steel producers gained amid increased activity in areas such as construction, railway expansion, road building, and modernization of ports.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of   Total Investments(a)
Industrials		21.1%
Materials		19.3
Financials		15.5
Consumer Discretionary		12.9
Health Care		9.8
Information Technology		7.8
Real Estate		4.1
Communication Services		3.4
Consumer Staples		3.1
Utilities		2.0
Energy		1.0

TEN LARGEST HOLDINGS
Security	Percent of   Total Investments(a)
APL Apollo Tubes Ltd.		1.2%
Persistent Systems Ltd.		1.2
Federal Bank Ltd.		1.1
Coforge Ltd.		1.0
Zee Entertainment Enterprises Ltd.		1.0
Max Financial Services Ltd.		1.0
KPIT Technologies Ltd.		0.8
Crompton Greaves Consumer Electricals Ltd.		0.8
Suzlon Energy Ltd.		0.8
Phoenix Mills Ltd. (The)		0.8

^(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. 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 August 31, 2023 iShares^® MSCI India ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.0%
Bharat Electronics Ltd.		21,428,966	$	34,427,761
Hindustan Aeronautics Ltd.		490,136		23,065,818
				57,493,579
Automobile Components — 1.7%
Balkrishna Industries Ltd.		453,375		12,716,400
Bharat Forge Ltd.		1,501,385		19,400,034
MRF Ltd.		11,190		14,685,267
Samvardhana Motherson International Ltd.		13,905,502		16,075,604
Sona Blw Precision Forgings Ltd.(a)		2,402,643		17,275,106
Tube Investments of India Ltd.		623,209		21,815,696
				101,968,107
Automobiles — 6.3%
Bajaj Auto Ltd.		398,161		22,170,995
Eicher Motors Ltd.		802,243		32,316,236
Hero MotoCorp Ltd.		644,430		22,685,200
Mahindra & Mahindra Ltd.		5,468,196		103,970,365
Maruti Suzuki India Ltd.		796,795		96,222,216
Tata Motors Ltd.		9,738,195		70,609,944
TVS Motor Co. Ltd.		1,392,743		23,866,183
				371,841,139
Banks — 18.4%
AU Small Finance Bank Ltd.(a)		977,694		8,534,650
Axis Bank Ltd.		13,362,210		156,987,158
Bandhan Bank Ltd.(a)		4,250,081		11,774,122
Bank of Baroda		6,064,038		13,693,109
HDFC Bank Ltd.		16,351,592		309,633,199
ICICI Bank Ltd.		30,358,100		350,451,946
IDFC First Bank Ltd.(b)		17,871,641		20,152,111
Kotak Mahindra Bank Ltd.		6,408,168		135,980,485
State Bank of India		10,465,171		70,875,412
Yes Bank Ltd.(b)		75,868,761		15,388,751
				1,093,470,943
Beverages — 0.8%
United Spirits Ltd.(b)		1,705,811		20,744,212
Varun Beverages Ltd.		2,665,937		28,927,357
				49,671,569
Building Products — 0.3%
Astral Ltd.		708,723		16,728,384
Capital Markets — 0.2%
HDFC Asset Management Co. Ltd.(a)		477,817		14,568,913
Chemicals — 3.6%
Asian Paints Ltd.		2,248,709		88,409,431
Berger Paints India Ltd.		1,423,886		12,353,167
PI Industries Ltd.		489,108		21,428,172
Pidilite Industries Ltd.		898,178		27,272,721
SRF Ltd.		868,984		24,710,980
Supreme Industries Ltd.		331,964		17,874,900
UPL Ltd.		2,640,531		18,842,607
				210,891,978
Commercial Services & Supplies — 0.2%
Indian Railway Catering & Tourism Corp. Ltd.		1,407,143		11,414,421
Construction & Engineering — 2.2%
Larsen & Toubro Ltd.		4,038,094		131,751,844

Security	Shares		Value
Construction Materials — 2.3%
Ambuja Cements Ltd.		3,492,609	$	18,059,703
Grasim Industries Ltd.		1,544,180		33,379,142
Shree Cement Ltd.		52,886		15,198,526
UltraTech Cement Ltd.		677,038		67,829,050
				134,466,421
Consumer Finance — 4.8%
Bajaj Finance Ltd.		1,598,651		138,181,746
Cholamandalam Investment and Finance Co. Ltd.		2,410,376		32,639,947
Jio Financial Services Ltd., NVS(b)		17,850,284		50,347,024
Muthoot Finance Ltd.		706,119		10,744,254
SBI Cards & Payment Services Ltd.		1,664,580		16,408,144
Shriram Transport Finance Co. Ltd.		1,649,119		38,383,205
				286,704,320
Consumer Staples Distribution & Retail — 0.7%
Avenue Supermarts Ltd.(a)(b)		953,828		42,855,909
Electric Utilities — 1.4%
Power Grid Corp. of India Ltd.		20,448,874		60,356,116
Tata Power Co. Ltd. (The)		8,430,562		24,940,611
				85,296,727
Electrical Equipment — 1.0%
ABB India Ltd.		310,610		16,427,478
CG Power and Industrial Solutions Ltd.		3,581,723		18,565,375
Havells India Ltd.		1,469,216		24,552,141
				59,544,994
Financial Services — 1.6%
Bajaj Finserv Ltd.		2,238,447		40,212,487
Bajaj Holdings & Investment Ltd.		156,606		14,061,430
Power Finance Corp. Ltd.		6,191,620		19,460,472
REC Ltd.		6,947,480		20,027,675
				93,762,064
Food Products — 2.4%
Britannia Industries Ltd.		635,505		34,291,890
Marico Ltd.		3,032,809		20,868,965
Nestle India Ltd.		197,853		52,520,959
Tata Consumer Products Ltd.		3,268,131		32,913,569
				140,595,383
Gas Utilities — 0.5%
GAIL India Ltd.		13,492,653		18,737,754
Indraprastha Gas Ltd.		1,846,875		10,426,575
				29,164,329
Ground Transportation — 0.2%
Container Corp. of India Ltd.		1,607,558		13,045,710
Health Care Providers & Services — 1.1%
Apollo Hospitals Enterprise Ltd.		590,116		34,289,218
Max Healthcare Institute Ltd.(b)		4,556,410		32,464,119
				66,753,337
Hotels, Restaurants & Leisure — 1.2%
Indian Hotels Co. Ltd. (The), Class A		4,996,763		25,381,821
Jubilant Foodworks Ltd.		2,321,241		14,343,685
Zomato Ltd.(b)		25,150,297		29,594,437
				69,319,943
Independent Power and Renewable Electricity Producers — 1.8%
Adani Green Energy Ltd.(b)		1,857,467		20,836,030
Adani Power Ltd.(b)		4,522,721		17,493,604
NTPC Ltd.		25,583,617		68,064,816
				106,394,450

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

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

Security	Shares		Value
Industrial Conglomerates — 0.4%
Siemens Ltd.		521,816	$	24,706,963
Insurance — 2.1%
HDFC Life Insurance Co. Ltd.(a)		5,671,699		44,132,920
ICICI Lombard General Insurance Co. Ltd.(a)		1,411,180		22,375,952
ICICI Prudential Life Insurance Co. Ltd.(a)		2,109,088		14,356,651
SBI Life Insurance Co. Ltd.(a)		2,640,941		41,200,372
				122,065,895
Interactive Media & Services — 0.4%
Info Edge India Ltd.		416,026		21,739,478
IT Services — 12.8%
HCL Technologies Ltd.		5,555,698		78,594,495
Infosys Ltd.		19,466,380		337,335,974
Larsen & Toubro Infotech Ltd.(a)		520,446		32,601,219
Mphasis Ltd.		442,203		12,959,249
Tata Consultancy Services Ltd.		5,363,342		217,236,177
Tech Mahindra Ltd.		3,143,268		45,575,974
Wipro Ltd.		7,650,137		37,682,904
				761,985,992
Life Sciences Tools & Services — 0.5%
Divi’s Laboratories Ltd.		700,410		30,361,958
Machinery — 0.6%
Ashok Leyland Ltd.		8,607,398		19,115,132
Cummins India Ltd.		812,625		16,763,175
				35,878,307
Metals & Mining — 2.8%
Hindalco Industries Ltd.		7,216,806		40,009,742
Jindal Steel & Power Ltd.		2,093,306		17,286,667
JSW Steel Ltd.		3,543,099		33,331,714
Tata Steel Ltd.		42,993,625		63,760,147
Vedanta Ltd.		4,358,867		12,203,200
				166,591,470
Oil, Gas & Consumable Fuels — 10.8%
Bharat Petroleum Corp. Ltd.		4,451,488		18,298,483
Coal India Ltd.		9,033,166		25,081,368
Hindustan Petroleum Corp. Ltd.		3,326,834		9,964,321
Indian Oil Corp. Ltd.		16,558,834		17,810,049
Oil & Natural Gas Corp. Ltd.		18,439,845		38,785,824
Petronet LNG Ltd.		4,397,322		11,425,752
Reliance Industries Ltd.		17,850,346		518,571,029
				639,936,826
Passenger Airlines — 0.4%
InterGlobe Aviation Ltd.(a)(b)		791,175		23,262,576
Personal Care Products — 3.6%
Colgate-Palmolive India Ltd.		717,605		16,823,744

Security	Shares		Value
Personal Care Products (continued)
Dabur India Ltd.		3,636,363	$	24,273,384
Godrej Consumer Products Ltd.(b)		2,398,483		29,109,525
Hindustan Unilever Ltd.		4,821,557		145,851,335
				216,057,988
Pharmaceuticals — 3.5%
Aurobindo Pharma Ltd.		1,545,936		15,485,187
Cipla Ltd.		3,076,398		46,692,590
Dr. Reddy’s Laboratories Ltd.		634,745		42,937,080
Lupin Ltd.		1,200,723		15,912,113
Sun Pharmaceutical Industries Ltd.		5,626,880		75,423,080
Torrent Pharmaceuticals Ltd.		595,301		13,250,781
				209,700,831
Real Estate Management & Development — 0.6%
DLF Ltd.		3,628,247		22,073,812
Godrej Properties Ltd.(b)		733,550		14,570,865
				36,644,677
Software — 0.3%
Tata Elxsi Ltd.		200,925		17,571,383
Specialty Retail — 0.4%
Trent Ltd.		1,062,971		26,293,287
Textiles, Apparel & Luxury Goods — 1.6%
Page Industries Ltd.		35,968		17,435,313
Titan Co. Ltd.		2,082,070		78,017,656
				95,452,969
Tobacco — 1.6%
ITC Ltd.		17,504,109		92,918,075
Trading Companies & Distributors — 0.5%
Adani Enterprises Ltd.		1,002,591		29,269,852
Transportation Infrastructure — 0.5%
Adani Ports & Special Economic Zone Ltd.		3,096,262		29,594,627
Wireless Telecommunication Services — 2.3%
Bharti Airtel Ltd.		13,097,594		135,416,602
Total Investments — 99.4% (Cost: $5,489,997,737)				5,903,154,220
Other Assets Less Liabilities — 0.6%				37,028,148
Net Assets — 100.0%			$	5,940,182,368

^(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.

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

Schedule of Investments (continued) August 31, 2023 iShares^® MSCI India ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 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 08/31/22		Purchases at Cost	Proceeds  from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/23	Shares Held at 08/31/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares(a)	$	39,580,000	$	—	$(39,580,000)(b)	$	—	$	—	$	—	—	$	1,883,471	$	11

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

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
SGX Nifty 50 Index		601		09/28/23		$23,378	$	32,631

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)	$	—	$	—	$	32,631	$	—	$	—	$	—	$	32,631

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

For the period ended August 31, 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	$	—	$	—	$	270,637	$	—	$	—	$	—	$	270,637
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	485,602	$	—	$	—	$	—	$	485,602

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	14,997,494

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

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

Schedule of Investments (continued) August 31, 2023 iShares^® MSCI India 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	$	85,751,967	$	5,817,402,253	$	—	$	5,903,154,220
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	32,631	$	—	$	—	$	32,631

^(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 August 31, 2023 iShares^® MSCI India Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.5%
Bharat Dynamics Ltd.		68,266	$	927,718
Data Patterns India Ltd.(a)		29,098		833,139
Garden Reach Shipbuilders & Engineers Ltd.		42,321		417,566
				2,178,423
Air Freight & Logistics — 1.1%
Allcargo Logistics Ltd.		88,339		292,802
Blue Dart Express Ltd.		8,861		672,286
Delhivery Ltd.(a)		489,242		2,583,351
Mahindra Logistics Ltd.(b)		46,746		219,845
TCI Express Ltd.		14,296		242,535
Transport Corp. of India Ltd.		34,148		334,121
				4,344,940
Automobile Components — 4.4%
Apollo Tyres Ltd.		473,108		2,218,144
Asahi India Glass Ltd.		108,817		779,894
Ceat Ltd.		30,195		821,363
CIE Automotive India Ltd.		197,820		1,248,042
Endurance Technologies Ltd.(b)		41,209		826,482
Exide Industries Ltd.		569,874		1,835,585
JBM Auto Ltd.		34,734		635,572
JK Tyre & Industries Ltd.		128,262		419,594
Minda Corp. Ltd.		105,101		415,093
Motherson Sumi Wiring India Ltd.		2,634,744		1,974,171
Sansera Engineering Ltd.(b)		38,857		447,432
Sundaram Clayton Ltd., NVS		6,689		82,046
Sundram Fasteners Ltd.		156,532		2,405,167
Suprajit Engineering Ltd.		101,415		517,937
TVS Holdings Ltd.		7,536		471,647
UNO Minda Ltd.		256,136		1,862,036
Varroc Engineering Ltd.(a)(b)		54,959		280,501
ZF Commercial Vehicle Control Systems India Ltd.		7,065		1,179,420
				18,420,126
Automobiles — 0.1%
Maharashtra Scooters Ltd.		4,020		346,588
Banks — 3.3%
City Union Bank Ltd.		532,117		792,466
DCB Bank Ltd.		222,231		312,867
Equitas Small Finance Bank Ltd.(b)		811,315		886,022
Federal Bank Ltd.		2,589,380		4,498,122
Indian Bank		370,785		1,694,400
Jammu & Kashmir Bank Ltd. (The)		421,814		456,684
Karnataka Bank Ltd. (The)		224,825		599,905
Karur Vysya Bank Ltd. (The)		575,822		844,590
RBL Bank Ltd.(b)		661,167		1,905,329
South Indian Bank Ltd. (The)		1,492,973		418,763
Tamilnad Mercantile Bank Ltd., NVS		114,534		756,285
Ujjivan Small Finance Bank Ltd.(b)		873,742		516,603
				13,682,036
Beverages — 0.5%
Radico Khaitan Ltd.		109,536		1,668,203
Sula Vineyards Ltd., NVS		43,999		260,158
				1,928,361
Biotechnology — 0.5%
Biocon Ltd.		626,057		1,959,578
Broadline Retail — 0.3%
RattanIndia Enterprises Ltd.(a)		460,019		342,231

Security	Shares		Value
Broadline Retail (continued)
Shoppers Stop Ltd.(a)		56,632	$	498,418
V-Mart Retail Ltd.(a)		14,167		381,389
				1,222,038
Building Products — 1.3%
Blue Star Ltd.		172,194		1,539,069
Cera Sanitaryware Ltd.		8,720		1,000,925
Kajaria Ceramics Ltd.		130,495		2,317,134
Prince Pipes and Fittings Ltd.		65,888		569,757
				5,426,885
Capital Markets — 3.9%
360 ONE WAM Ltd.		159,567		938,710
Anand Rathi Wealth Ltd.		24,844		428,090
Angel One Ltd.		49,952		1,127,234
BSE Ltd.		98,892		1,268,393
Central Depository Services India Ltd.		76,289		1,048,222
CRISIL Ltd.		27,226		1,305,162
Digidrive Distributors Ltd., NVS		14,346		13,343
Edelweiss Financial Services Ltd.		773,171		508,021
ICICI Securities Ltd.(b)		120,333		907,959
ICRA Ltd.		6,471		457,301
IDFC Ltd.		1,783,924		2,621,440
Indian Energy Exchange Ltd.(b)		650,966		991,635
JM Financial Ltd.		604,106		570,203
Kfin Technologies Ltd.(a)		75,832		410,147
Motilal Oswal Financial Services Ltd.		55,120		612,033
Multi Commodity Exchange of India Ltd.		37,230		758,540
Nippon Life India Asset Management Ltd.(b)		186,119		700,957
Share India Securities Ltd.		17,036		287,621
Tata Investment Corp. Ltd.		18,933		556,856
UTI Asset Management Co. Ltd.		66,216		597,946
				16,109,813
Chemicals — 11.1%
Aarti Industries Ltd.		270,041		1,603,176
Advanced Enzyme Technologies Ltd.		83,301		329,902
Akzo Nobel India Ltd.		13,231		439,109
Alkyl Amines Chemicals		22,398		675,457
Anupam Rasayan India Ltd.		32,103		389,433
Archean Chemical Industries Ltd., NVS		82,174		664,832
Atul Ltd.		21,986		1,946,781
Balaji Amines Ltd.		14,256		386,757
BASF India Ltd.		15,906		505,543
Bayer CropScience Ltd.		20,087		1,167,551
Carborundum Universal Ltd.		155,645		2,134,556
Castrol India Ltd.		589,463		1,030,311
Chambal Fertilisers and Chemicals Ltd.		248,281		824,758
Chemplast Sanmar Ltd.(a)		106,011		665,084
Clean Science and Technology		31,659		541,697
Coromandel International Ltd.		175,234		2,308,020
Deepak Fertilisers & Petrochemicals Corp. Ltd.		103,981		761,554
Deepak Nitrite Ltd.		91,443		2,450,448
EID Parry India Ltd.		119,015		686,549
Fine Organic Industries Ltd.		11,426		661,441
Fineotex Chemical Ltd.		56,283		212,543
Finolex Industries Ltd.		369,771		1,069,265
Galaxy Surfactants Ltd.		18,488		599,280
GHCL Ltd.		96,314		722,736
Gujarat Alkalies & Chemicals Ltd.		26,482		223,007
Gujarat Fluorochemicals Ltd.		40,915		1,505,250
Gujarat Narmada Valley Fertilizers & Chemicals Ltd.		127,354		936,886

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

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

Security	Shares		Value
Chemicals (continued)
Gujarat State Fertilizers & Chemicals Ltd.		356,207	$	753,820
Himadri Speciality Chemical Ltd.		261,618		708,715
Indigo Paints Ltd.		17,725		336,122
Jubilant Ingrevia Ltd.		94,739		588,321
Kansai Nerolac Paints Ltd.		301,094		1,209,360
Laxmi Organic Industries Ltd.		98,610		354,064
Linde India Ltd.		31,716		2,399,785
Meghmani Finechem Ltd.		18,239		221,434
Navin Fluorine International Ltd.		47,997		2,668,553
Neogen Chemicals Ltd.		14,720		303,590
NOCIL Ltd.		150,767		408,480
Paradeep Phosphates Ltd., NVS(a)(b)		472,847		401,672
PCBL Ltd.		247,588		521,160
Polyplex Corporation Ltd.		22,971		337,311
Privi Specility Chemical Ltd.		11,800		164,215
Rain Industries Ltd.		276,461		541,928
Rallis India Ltd.		117,000		332,542
Rashtriya Chemicals & Fertilizers Ltd.		200,844		294,674
Rossari Biotech Ltd.		28,017		292,741
Sharda Cropchem Ltd.		39,229		213,665
Solar Industries India Ltd.		40,445		2,362,285
Sumitomo Chemical India Ltd.		148,864		791,668
Supreme Petrochem Ltd., NVS		96,903		577,951
Tata Chemicals Ltd.		227,732		2,917,392
Tatva Chintan Pharma Chem Ltd.		7,855		163,382
Vinati Organics Ltd.		38,283		857,535
				46,164,291
Commercial Services & Supplies — 0.4%
CMS Info Systems Ltd.		115,018		501,400
ION Exchange India Ltd., NVS		109,257		747,692
SIS Ltd.(a)		65,135		373,197
				1,622,289
Communications Equipment — 0.3%
Sterlite Technologies Ltd.		238,303		493,254
Tejas Networks Ltd.(a)(b)		88,423		929,272
				1,422,526
Construction & Engineering — 3.5%
Engineers India Ltd.		376,816		701,862
G R Infraprojects Ltd.(a)		28,469		435,827
HG Infra Engineering Ltd.		24,329		273,397
IRB Infrastructure Developers Ltd., NVS		1,799,460		614,616
IRCON International Ltd.(b)		351,515		483,707
Kalpataru Projects International Ltd.		142,488		1,135,794
KEC International Ltd.		191,514		1,552,821
KNR Constructions Ltd.		209,501		696,974
NBCC India Ltd.		944,834		586,528
NCC Ltd./India		558,836		1,143,874
Patel Engineering Ltd.(a)		403,405		278,727
PNC Infratech Ltd.		172,443		691,098
Power Mech Projects Ltd.		7,506		382,712
Praj Industries Ltd.		177,667		1,056,493
Rail Vikas Nigam Ltd.		468,061		739,950
Sterling and Wilson Renewable Energy Ltd.(a)		84,785		386,998
Techno Electric & Engineering Co. Ltd.		62,861		405,614
Voltas Ltd.		295,784		3,106,287
				14,673,279
Construction Materials — 3.1%
ACC Ltd.		97,922		2,372,460
Birla Corp. Ltd.		40,428		560,879

Security	Shares		Value
Construction Materials (continued)
Dalmia Bharat Ltd.		111,662	$	2,810,153
HeidelbergCement India Ltd.		91,129		205,815
India Cements Ltd. (The)		182,384		520,172
JK Cement Ltd.		51,804		2,061,484
JK Lakshmi Cement Ltd.		96,422		784,545
Nuvoco Vistas Corp. Ltd.(a)		159,634		650,248
Prism Johnson Ltd.(a)		184,822		289,158
Ramco Cements Ltd. (The)		158,420		1,659,296
Rhi Magnesita India Ltd.		91,356		795,262
				12,709,472
Consumer Finance — 2.6%
Cholamandalam Financial Holdings Ltd.		139,882		1,662,480
CreditAccess Grameen Ltd.(a)		82,945		1,417,768
Five-Star Business Finance Ltd., NVS		107,605		995,187
Fusion Micro Finance Ltd., NVS		44,952		342,014
Mahindra & Mahindra Financial Services Ltd.		735,159		2,640,032
Manappuram Finance Ltd.		819,660		1,529,413
MAS Financial Services Ltd.(b)		23,498		231,650
Paisalo Digital Ltd.		13,360		9,699
Poonawalla Fincorp Ltd.		343,327		1,726,846
Spandana Sphoorty Financial Ltd.(a)		36,985		369,648
				10,924,737
Consumer Staples Distribution & Retail — 0.2%
Medplus Health Services Ltd.(a)		71,091		696,773
Containers & Packaging — 0.1%
EPL Ltd.		189,636		449,691
Diversified Consumer Services — 0.1%
NIIT Learning Systems Ltd., NVS		107,638		496,218
Diversified Telecommunication Services — 0.5%
HFCL Ltd.		1,026,338		943,568
Railtel Corp. of India Ltd.		138,323		349,539
Tata Teleservices Maharashtra Ltd.(a)		728,145		771,272
				2,064,379
Electric Utilities — 0.8%
CESC Ltd.		888,715		892,801
Reliance Infrastructure Ltd.(a)		314,472		708,925
Torrent Power Ltd.		214,816		1,703,986
				3,305,712
Electrical Equipment — 4.4%
Amara Raja Batteries Ltd.		127,244		965,410
Bharat Heavy Electricals Ltd.		1,556,342		2,276,926
Elecon Engineering Co. Ltd.		58,778		626,232
Finolex Cables Ltd.		102,537		1,361,406
GE T&D India Ltd.(a)		95,368		380,959
Graphite India Ltd.		100,487		574,556
HBL Power Systems Ltd.		165,193		535,071
HEG Ltd.		23,001		486,257
Hitachi Energy India Ltd.		15,790		838,991
KEI Industries Ltd.		87,290		2,852,464
Olectra Greentech Ltd.		61,073		920,601
Schneider Electric Infrastructure Ltd.(a)		71,247		306,379
Suzlon Energy Ltd.(a)		11,089,839		3,286,637
TD Power Systems Ltd.		93,069		297,915
Triveni Turbine Ltd.		213,117		1,007,197
V-Guard Industries Ltd.		258,360		980,906
Voltamp Transformers Ltd.		7,537		523,831
				18,221,738

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

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

Security	Shares		Value
Electronic Equipment, Instruments & Components — 0.9%
Avalon Technologies Ltd., NVS(b)		34,047	$	206,681
Genus Power Infrastructures Ltd.		92,203		288,015
Kaynes Technology India Ltd., NVS		25,987		631,778
Redington Ltd.		873,455		1,652,192
Syrma SGS Technology Ltd.(a)		78,749		513,176
Zen Technologies Ltd.		42,829		434,828
				3,726,670
Entertainment — 0.8%
Nazara Technologies Ltd.(a)		54,225		508,380
PVR Inox Ltd.(a)		102,181		2,209,470
Saregama India Ltd.		99,667		477,143
				3,194,993
Financial Services — 3.6%
Aavas Financiers Ltd.(a)		72,385		1,426,726
Aptus Value Housing Finance India Ltd.		260,042		844,162
Can Fin Homes Ltd.		119,029		1,079,671
Home First Finance Company India Ltd.(b)		52,577		529,541
IIFL Finance Ltd.		282,198		2,065,502
Indiabulls Housing Finance Ltd.(a)		467,844		1,119,695
Infibeam Avenues Ltd.(a)		1,360,880		239,807
L&T Finance Holdings Ltd.		1,108,447		1,670,169
LIC Housing Finance Ltd.		450,736		2,303,345
Nuvama Wealth Management Ltd., NVS		6,386		215,412
Piramal Enterprises Ltd.		176,919		2,248,241
PNB Housing Finance Ltd.(a)(b)		151,211		1,187,053
				14,929,324
Food Products — 1.6%
Avanti Feeds Ltd.		81,369		426,710
Balrampur Chini Mills Ltd.		180,348		849,073
Bikaji Foods International Ltd.		92,776		558,317
Bombay Burmah Trading Co.		25,779		310,644
CCL Products India Ltd.		109,007		797,419
Gujarat Ambuja Exports Ltd.		102,434		324,887
Hindustan Foods Ltd.(a)		41,896		277,625
Kaveri Seed Co. Ltd.		29,161		192,462
KRBL Ltd.		70,382		342,215
LT Foods Ltd.		195,759		390,922
Mrs Bectors Food Specialities Ltd.		42,164		546,644
Shree Renuka Sugars Ltd.(a)		932,617		524,364
Tata Coffee Ltd.		111,159		329,865
Triveni Engineering & Industries Ltd.		114,145		432,813
Zydus Wellness Ltd.		23,232		460,828
				6,764,788
Gas Utilities — 0.9%
Gujarat Gas Ltd.		256,402		1,391,767
Gujarat State Petronet Ltd.		420,300		1,401,445
Mahanagar Gas Ltd.		73,583		909,436
				3,702,648
Ground Transportation — 0.1%
VRL Logistics Ltd.		51,086		414,825
Health Care Equipment & Supplies — 0.2%
Poly Medicure Ltd.		42,883		758,037
Health Care Providers & Services — 2.7%
Aster DM Healthcare Ltd.(a)(b)		223,262		893,729
Dr Lal PathLabs Ltd.(b)		55,680		1,462,403
Fortis Healthcare Ltd.		674,872		2,704,256
Global Health Ltd., NVS(a)		119,624		1,026,173
Krishna Institute Of Medical Sciences Ltd.(a)(b)		71,538		1,724,822

Security	Shares		Value
Health Care Providers & Services (continued)
Metropolis Healthcare Ltd.(b)		38,183	$	618,195
Narayana Hrudayalaya Ltd.		105,891		1,329,939
Rainbow Children’s Medicare Ltd.		75,612		969,161
Vijaya Diagnostic Centre Pvt Ltd.		68,463		430,417
				11,159,095
Hotels, Restaurants & Leisure — 1.7%
Barbeque Nation Hospitality Ltd.(a)		30,296		255,993
Chalet Hotel Ltd.(a)		92,029		612,259
Delta Corp. Ltd.		93,920		205,184
Devyani International Ltd.(a)		449,008		1,060,151
Easy Trip Planners Ltd., NVS(a)		515,795		258,564
EIH Ltd.		280,086		841,355
Lemon Tree Hotels Ltd.(a)(b)		648,664		854,991
Mahindra Holidays & Resorts India Ltd.(a)		89,262		430,514
Restaurant Brands Asia Ltd.(a)		400,820		614,103
Sapphire Foods India Ltd.(a)		47,581		818,589
Westlife Development Ltd.		92,924		1,053,145
				7,004,848
Household Durables — 2.8%
Amber Enterprises India Ltd.(a)		25,100		878,677
Bajaj Electricals Ltd.		68,595		961,594
Borosil Ltd.(a)		41,620		219,133
Crompton Greaves Consumer Electricals Ltd.		953,036		3,452,296
Dixon Technologies India Ltd.		44,368		2,679,617
LA Opala RG Ltd.		57,420		303,736
Orient Electric Ltd.		190,732		550,229
Sheela Foam Ltd.(a)		43,608		590,192
Symphony Ltd.		26,141		278,884
TTK Prestige Ltd.		60,989		577,440
Whirlpool of India Ltd.		47,256		932,358
				11,424,156
Household Products — 0.2%
Jyothy Labs Ltd.		191,482		805,719
Independent Power and Renewable Electricity Producers — 0.3%
Jaiprakash Power Ventures Ltd.(a)		5,150,280		496,909
Reliance Power Ltd.(a)		3,895,470		900,652
				1,397,561
Industrial Conglomerates — 1.0%
3M India Ltd.		4,196		1,578,612
Apar Industries Ltd.		22,806		1,378,570
Godrej Industries Ltd.(a)		100,607		652,976
Nava Ltd.		108,090		554,902
				4,165,060
Insurance — 2.1%
Max Financial Services Ltd.(a)		359,922		4,056,725
PB Fintech Ltd.(a)		301,776		2,820,709
Religare Enterprises Ltd.(a)		144,775		410,717
Star Health & Allied Insurance Co. Ltd.(a)		173,415		1,332,145
				8,620,296
Interactive Media & Services — 0.2%
Brightcom Group Ltd.		1,954,761		401,406
Just Dial Ltd.(a)		31,670		291,647
				693,053
IT Services — 3.3%
Coforge Ltd.		63,718		4,202,905
Happiest Minds Technologies Ltd.		99,327		1,112,551
Hinduja Global Solutions Ltd.		20,255		246,326
Mastek Ltd.		24,944		714,865

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

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

Security	Shares		Value
IT Services (continued)
Persistent Systems Ltd.		74,495	$	4,826,504
Sonata Software Ltd.		125,339		1,582,081
Zensar Technologies Ltd.		167,924		1,067,830
				13,753,062
Life Sciences Tools & Services — 0.6%
Syngene International Ltd.(b)		269,328		2,516,190
Tarsons Products Ltd.(a)		22,741		140,819
				2,657,009
Machinery — 6.3%
Action Construction Equipment Ltd.		53,286		491,967
AIA Engineering Ltd.		63,236		2,820,871
BEML Ltd., (Acquired 09/19/22, Cost: $565,905)(c)		27,874		830,054
Cochin Shipyard Ltd.(b)		58,793		643,089
Craftsman Automation Ltd.		12,591		747,532
Elgi Equipments Ltd.		282,899		1,675,144
ESAB India Ltd.		6,789		443,938
Escorts Kubota Ltd.		49,143		1,874,097
GMM Pfaudler Ltd.		40,121		763,951
Greaves Cotton Ltd.		155,542		282,595
Grindwell Norton Ltd.		65,983		1,813,197
Ingersoll Rand India Ltd.		11,803		459,031
ISGEC Heavy Engineering Ltd.		42,717		358,475
Jamna Auto Industries Ltd.		297,103		428,136
Jupiter Wagons Ltd., NVS		22,008		91,277
Kennametal India Ltd.		8,070		275,145
Kirloskar Brothers Ltd.		41,455		425,435
Kirloskar Oil Engines Ltd.		129,476		756,354
Kirloskar Pneumatic Co. Ltd., NVS		57,796		449,459
KSB Ltd.		17,875		602,607
Lakshmi Machine Works Ltd.		5,571		1,031,151
MTAR Technologies Ltd.(a)		28,937		859,165
Rolex Rings Ltd.(a)		18,025		474,735
SKF India Ltd.		36,828		2,317,441
Tega Industries Ltd., NVS		24,715		297,167
Thermax Ltd.		62,134		2,107,333
Timken India Ltd.		44,673		1,753,698
Titagarh Rail System Ltd.(a)		67,379		661,978
Vesuvius India Ltd.		12,095		501,069
				26,236,091
Marine Transportation — 0.1%
Shipping Corp. of India Ltd.		206,804		325,323
Shipping Corp. of India Ltd.		158,258		53,813
				379,136
Media — 1.6%
Affle India Ltd.(a)		79,365		1,032,126
Network18 Media & Investments Ltd.(a)		233,143		192,284
Sun TV Network Ltd.		117,427		874,702
TV18 Broadcast Ltd.(a)		642,783		372,948
Zee Entertainment Enterprises Ltd.		1,287,941		4,073,504
				6,545,564
Metals & Mining — 4.4%
APL Apollo Tubes Ltd.		246,307		4,983,242
Godawari Power and Ispat Ltd.		70,889		529,882
Gravita India Ltd.(a)		30,240		285,666
Hindustan Copper Ltd.		360,184		688,367
Jindal Saw Ltd.		166,600		704,164
Jindal Stainless Ltd.		550,066		3,017,813
Kirloskar Ferrous Industries Ltd.		70,421		402,231
Maharashtra Seamless Ltd.		50,045		324,850

Security	Shares		Value
Metals & Mining (continued)
Mishra Dhatu Nigam Ltd.(b)		69,628	$	345,296
National Aluminium Co. Ltd.		1,231,351		1,397,664
Nmdc Steel Limited, NVS(a)		1,091,657		742,583
PTC Industries Ltd., NVS		4,654		337,187
Rajratan Global Wire Ltd.		22,249		199,860
Ramkrishna Forgings Ltd.		94,745		815,712
Ratnamani Metals & Tubes Ltd.		41,771		1,332,509
Sarda Energy & Minerals Ltd., NVS		144,251		385,679
Shivalik Bimetal Controls Ltd., NVS		30,037		213,251
Usha Martin Ltd.		204,311		875,150
Welspun Corp. Ltd.		117,410		463,828
				18,044,934
Office REITs — 1.2%
Brookfield India Real Estate Trust(b)		285,868		856,016
Embassy Office Parks REIT		776,729		2,863,613
Mindspace Business Parks REIT(b)		309,231		1,151,965
				4,871,594
Oil, Gas & Consumable Fuels — 1.0%
Aegis Logistics Ltd.		209,177		934,212
Chennai Petroleum Corp. Ltd.		66,557		337,382
Great Eastern Shipping Co. Ltd. (The)		148,893		1,374,288
Gujarat Mineral Development Corp. Ltd.		114,744		344,440
Oil India Ltd.		403,905		1,331,816
				4,322,138
Paper & Forest Products — 0.6%
Century Plyboards India Ltd.		82,752		684,168
Century Textiles & Industries Ltd.		66,565		826,194
Greenpanel Industries Ltd.		91,381		417,055
JK Paper Ltd.		101,177		445,354
West Coast Paper Mills Ltd.		44,236		313,327
				2,686,098
Personal Care Products — 0.4%
Emami Ltd.		292,647		1,853,370
Pharmaceuticals — 5.9%
Aarti Drugs Ltd.		51,814		357,539
Aarti Pharmalabs Ltd., NVS(a)		67,341		320,940
Aether Industries Ltd., NVS		39,488		489,461
Ajanta Pharma Ltd.		65,364		1,364,342
Alembic Pharmaceuticals Ltd.		73,256		686,876
AMI Organics Ltd.		19,000		301,928
AstraZeneca Pharma India Ltd.		7,279		374,500
Caplin Point Laboratories Ltd.		30,904		394,875
Eris Lifesciences Ltd.(b)		60,789		594,774
FDC Ltd./India(a)		73,552		338,115
Gland Pharma Ltd.(a)(b)		43,888		923,728
GlaxoSmithKline Pharmaceuticals Ltd.		50,496		871,616
Glenmark Life Sciences Ltd.		36,510		280,331
Glenmark Pharmaceuticals Ltd.		210,196		1,945,913
Granules India Ltd.		199,349		716,008
Hikal Ltd.		63,012		225,171
Indoco Remedies Ltd.		56,116		215,309
Ipca Laboratories Ltd.		207,892		2,193,642
JB Chemicals & Pharmaceuticals Ltd.		51,903		1,735,716
Jubilant Pharmova Ltd., Class A		106,648		603,767
Laurus Labs Ltd.(b)		521,637		2,513,920
Marksans Pharma Ltd.		299,850		409,283
Natco Pharma Ltd.		118,828		1,310,397
Neuland Laboratories Ltd.		11,469		537,449

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

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

Security	Shares		Value
Pharmaceuticals (continued)
Piramal Pharma Ltd., NVS(a)		788,453	$	976,206
Procter & Gamble Health Ltd.		11,138		655,879
Sanofi India Ltd.		12,009		1,030,041
Strides Pharma Science Ltd.		94,209		503,918
Sun Pharma Advanced Research Co. Ltd.(a)		94,192		291,988
Suven Pharmaceuticals Ltd.		151,707		938,742
Wockhardt Ltd.(a)		85,869		246,354
				24,348,728
Professional Services — 1.3%
BLS International Services Ltd.		153,017		531,306
Computer Age Management Services Ltd.		47,465		1,360,809
eClerx Services Ltd.		32,228		631,902
Firstsource Solutions Ltd.		465,880		917,844
Latent View Analytics Ltd.(a)		74,346		382,207
Quess Corp. Ltd.(b)		88,865		457,907
RITES Ltd.		71,899		434,699
TeamLease Services Ltd.(a)		17,493		511,249
				5,227,923
Real Estate Management & Development — 2.7%
Anant Raj Ltd.		120,715		320,065
Brigade Enterprises Ltd.		171,925		1,230,390
Indiabulls Real Estate Ltd.(a)		726,321		700,536
Mahindra Lifespace Developers Ltd.		115,412		790,327
NESCO Ltd.		30,497		266,117
Oberoi Realty Ltd.		189,602		2,563,877
Phoenix Mills Ltd. (The)		146,378		3,180,363
Prestige Estates Projects Ltd.		204,834		1,592,928
Sobha Ltd.		42,392		312,142
Sunteck Realty Ltd.		65,644		286,328
				11,243,073
Retail REITs — 0.2%
Nexus Select Trust, NVS		677,144		1,014,576
Semiconductors & Semiconductor Equipment — 0.1%
Borosil Renewables Ltd.(a)		66,610		352,360
Software — 3.2%
Birlasoft Ltd.		245,970		1,511,947
CE Info Systems Ltd.		19,470		410,865
Cyient Ltd.		123,272		2,436,321
Intellect Design Arena Ltd.		121,695		1,079,415
KPIT Technologies Ltd.		244,843		3,473,457
Newgen Software Technologies Ltd.		41,533		430,926
Oracle Financial Services Software Ltd.		32,215		1,597,880
Rategain Travel Technologies Ltd.(a)		63,581		461,751
Route Mobile Ltd.		41,195		780,826
Tanla Platforms Ltd.		98,117		1,155,660
				13,339,048
Specialty Retail — 0.5%
Aditya Birla Fashion and Retail Ltd.(a)		494,772		1,311,218
Arvind Fashions Ltd.(a)		69,445		269,789
Go Fashion India Ltd.(a)		39,494		641,382
				2,222,389
Textiles, Apparel & Luxury Goods — 3.0%
Alok Industries Ltd.(a)		1,841,805		441,054

Security	Shares		Value
Textiles, Apparel & Luxury Goods (continued)
Bata India Ltd.		86,170	$	1,756,276
Campus Activewear Ltd.(a)		88,901		323,927
Garware Technical Fibres Ltd.		13,697		528,278
Indo Count Industries Ltd.		102,364		303,043
Kalyan Jewellers India Ltd.		298,182		906,941
KPR Mill Ltd.		127,314		1,164,404
LUX Industries Ltd.(a)		10,906		193,963
Rajesh Exports Ltd.		87,980		530,145
Raymond Ltd.		49,567		1,196,233
Relaxo Footwears Ltd.		111,266		1,269,155
Safari Industries India Ltd.		14,132		628,821
Trident Ltd.		1,898,073		837,101
Vaibhav Global Ltd.		74,127		395,539
Vardhman Textiles Ltd.(a)		151,352		718,359
VIP Industries Ltd.		95,019		763,343
Welspun India Ltd.		289,573		436,502
				12,393,084
Tobacco — 0.2%
Godfrey Phillips India Ltd.		18,292		475,001
VST Industries Ltd.		5,412		238,927
				713,928
Trading Companies & Distributors — 0.4%
Hindware Home Innovation Ltd.(a)		44,744		316,665
IndiaMART Intermesh Ltd.(b)		41,050		1,516,985
				1,833,650
Transportation Infrastructure — 0.8%
Dreamfolks Services Ltd., NVS		27,651		168,405
GMR Airports Infrastructure Ltd.(a)		3,147,463		2,345,905
Gujarat Pipavav Port Ltd.		396,143		621,322
				3,135,632
Wireless Telecommunication Services — 0.4%
Vodafone Idea Ltd.(a)		14,505,244		1,584,550
Total Common Stocks — 100.3% (Cost: $362,115,324)				415,888,903
Preferred Stocks
Automobile Components — 0.0%
Sundaram-Clayton DCD Ltd., Preference Shares		7,035		765
Total Preferred Stocks — 0.0% (Cost: $410)				765
Total Investments — 100.3% (Cost: $362,115,734)				415,889,668
Liabilities in Excess of Other Assets — (0.3)%			(1,324,945)
Net Assets — 100.0%			$ 414,564,723

^(a)  Non-income producing security.

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

^(c) Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $830,054, representing 0.2% of its net assets as of period end, and an original cost of $565,905.

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

Schedule of Investments (continued) August 31, 2023 iShares^® MSCI India Small-Cap ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 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 08/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/23		Shares Held at 08/31/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares(a)	$	1,770,000	$	—	$	(1,770,000	)(b)	$	—	$	—	$	—		—	$	175,650	$	2

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

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

For the period ended August 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	$	—	$	—	$	(5,552	)	$	—	$	—	$	—	$	(5,552	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	38,002		$	—	$	—	$	—	$	38,002

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	730,862

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	$	30,375,938	$	385,512,965	$	—	$	415,888,903
Preferred Stocks		—		765		—		765
	$	30,375,938	$	385,513,730	$	—	$	415,889,668

See notes to financial statements.

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

Statements of Assets and Liabilities

August 31, 2023

	iShares MSCI India ETF					iShares MSCI India Small-Cap ETF
ASSETS
Investments, at value — unaffiliated(a)		$	5,903,154,220		$	415,889,668
Cash			82,873,006			9,488,843
Cash pledged for futures contracts			1,269,000			3,000
Foreign currency, at value(b)			143			196,770
Receivables:
Investments sold			151,461,504			34,713,356
Capital shares sold			—			1,178
Dividends — unaffiliated			6,986,099			289,486
Dividends — affiliated			354,253			30,612
Total assets			6,146,098,225			460,612,913
LIABILITIES
Payables:
Investments purchased			146,417,866			34,461,204
Deferred foreign capital gain tax			56,246,386			11,347,852
Investment advisory fees			3,247,178			238,945
Variation margin on futures contracts			4,427			189
Total liabilities			205,915,857			46,048,190
Commitments and contingent liabilities
NET ASSETS		$	5,940,182,368		$	414,564,723
NET ASSETS CONSIST OF
Paid-in capital		$	4,618,300,078		$	339,493,730
Accumulated earnings			1,321,882,290			75,070,993
NET ASSETS		$	5,940,182,368		$	414,564,723
NET ASSET VALUE
Shares outstanding			135,700,000			6,600,000
Net asset value		$	43.77		$	62.81
Shares authorized			Unlimited			Unlimited
Par value			None			None
(a)  Investments, at cost — unaffiliated		$	5,489,997,737		$	362,115,734
(b)  Foreign currency, at cost		$	143		$	196,871

See notes to financial statements.

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

Statements of Operations

Year Ended August 31, 2023

	iShares MSCI India ETF			iShares MSCI India Small-Cap ETF (Consolidated)
INVESTMENT INCOME
Dividends — unaffiliated	$	69,834,968		$	3,644,517
Dividends — affiliated		1,883,471			175,650
Foreign taxes withheld		(16,585,998	)		(658,459	)
Total investment income		55,132,441			3,161,708
EXPENSES
Investment advisory		30,728,324			2,169,724
Commitment costs		49,961			3,532
Interest expense		—			163,859
Total expenses		30,778,285			2,337,115
Net investment income		24,354,156			824,593
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated(a)		(167,123,519	)		83,765,304
Capital gain distributions from underlying funds — affiliated		11			2
Foreign currency transactions		(3,949,363	)		(1,979,992	)
Futures contracts		270,637			(5,552	)
		(170,802,234	)		81,779,762
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated(b)		210,571,993			(42,327,873	)
Foreign currency translations		66,933			(2,169	)
Futures contracts		485,602			38,002
		211,124,528			(42,292,040	)
Net realized and unrealized gain		40,322,294			39,487,722
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	64,676,450		$	40,312,315
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable of	$	(4,814,313	)	$	(5,245,287	)
(b) Net of increase in deferred foreign capital gain tax of	$	(26,247,680	)	$	(6,608,235	)

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 Changes in Net Assets

	iShares MSCI India ETF						iShares MSCI India Small-Cap ETF (Consolidated)
		Year Ended 08/31/23			Year Ended 08/31/22	(a)		Year Ended 08/31/23			Year Ended 08/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	24,354,156		$	25,600,458		$	824,593		$	275,777
Net realized gain (loss)		(170,802,234	)		2,081,503,169			81,779,762			29,257,151
Net change in unrealized appreciation (depreciation)		211,124,528			(2,523,600,088	)		(42,292,040	)		(53,555,310	)
Net increase (decrease) in net assets resulting from operations		64,676,450			(416,496,461	)		40,312,315			(24,022,382	)
DISTRIBUTIONS TO SHAREHOLDERS(b)
From net investment income and net realized gain		—			(374,889,807	)		(224,971	)		(5,222,073	)
Return of capital		(9,188,147	)		—			—			—
Decrease in net assets resulting from distributions to shareholders		(9,188,147	)		(374,889,807	)		(224,971	)		(5,222,073	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		1,699,075,760			(1,373,587,175	)		69,677,478			4,578,598
NET ASSETS
Total increase (decrease) in net assets		1,754,564,063			(2,164,973,443	)		109,764,822			(24,665,857	)
Beginning of year		4,185,618,305			6,350,591,748			304,799,901			329,465,758
End of year	$	5,940,182,368		$	4,185,618,305		$	414,564,723		$	304,799,901

^(a)  Consolidated Statement of Changes in Net Assets.

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

See notes to financial statements.

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

Financial Highlights

(For a share outstanding throughout each period)

	iShares MSCI India ETF
		Year Ended 08/31/23			Year Ended 08/31/22	(a)		Year Ended 08/31/21	(a)		Year Ended 08/31/20	(a)		Year Ended 08/31/19	(a)
Net asset value, beginning of year	$	43.22		$	48.79		$	33.37		$	32.38		$	35.68
Net investment income(b)		0.21			0.21			0.14			0.14			0.29
Net realized and unrealized gain (loss)(c)		0.42			(2.87	)		15.35			0.96			(3.00	)
Net increase (decrease) from investment operations		0.63			(2.66	)		15.49			1.10			(2.71	)
Distributions(d)
From net investment income		—			(2.91	)		(0.07	)		(0.11	)		(0.49	)
Return of capital		(0.08	)		—			—			—			(0.10	)
Total distributions		(0.08	)		(2.91	)		(0.07	)		(0.11	)		(0.59	)
Net asset value, end of year	$	43.77		$	43.22		$	48.79		$	33.37		$	32.38
Total Return(e)
Based on net asset value		1.44	%		(5.66	)%		46.54	%		3.40	%		(7.61	)%
Ratios to Average Net Assets(f)
Total expenses		0.65	%		0.68	%		0.65	%		0.69	%		0.69	%
Net investment income		0.51	%		0.47	%		0.35	%		0.43	%		0.86	%
Supplemental Data
Net assets, end of year (000)	$	5,940,182		$	4,185,618		$	6,350,592		$	3,093,833		$	4,899,749
Portfolio turnover rate(g)		18	%(h)		95	%(h)		25	%(h)		25	%(h)		9	%(h)
(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)   Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. (g)   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”).
(h)   Portfolio turnover rate excluding cash creations was as follows:		14	%		91	%		17	%		19	%		6	%

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 23

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI India Small-Cap ETF
	(Consolidated)
	Year Ended 08/31/23			Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19
Net asset value, beginning of year	$	54.43		$	57.80		$	34.60		$	33.39		$	44.10
Net investment income (loss)(a)		0.15			0.04			(0.01	)		0.15			0.10
Net realized and unrealized gain (loss)(b)		8.28			(2.64	)		23.26			1.88			(10.60	)
Net increase (decrease) from investment operations		8.43			(2.60	)		23.25			2.03			(10.50	)
Distributions(c)
From net investment income		—			(0.77	)		(0.05	)		(0.82	)		(0.21	)
From net realized gain		(0.05	)		—			—			—			—
Return of capital		—			—			(0.00	)(d)		—			—
Total distributions		(0.05	)		(0.77	)		(0.05	)		(0.82	)		(0.21	)
Net asset value, end of year	$	62.81		$	54.43		$	57.80		$	34.60		$	33.39
Total Return(e)
Based on net asset value		15.50	%		(4.61	)%		67.25	%		6.35	%		(23.88	)%
Ratios to Average Net Assets(f)
Total expenses		0.80	%(g)		0.74	%		0.74	%		0.81	%		0.76	%
Net investment income (loss)		0.28	%		0.08	%		(0.01	)%		0.45	%		0.28	%
Supplemental Data
Net assets, end of year (000)	$	414,565		$	304,800		$	329,466		$	193,770		$	270,433
Portfolio turnover rate(h)		150	%(i)		56	%(i)		55	%(i)		32	%(i)		24	%(i)
(a)   Based on average shares outstanding. (b)   The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. (c)   Distributions for annual periods determined in accordance with U.S. federal income tax regulations. (d)   Rounds to less than $0.01. (e)   Where applicable, assumes the reinvestment of distributions. (f)   Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. (g)   Includes non-recurring expense of Interest expense. Without this cost, total expenses would have been 0.74%. (h)   Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars (“cash creations”).
(i) Portfolio turnover rate excluding cash creations was as follows:		128	%		37	%		37	%		28	%		19	%

See notes to financial statements.

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

Notes to Financial Statements

1. ORGANIZATION

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

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

iShares ETF	Diversification  Classification
MSCI India	Non-diversified
MSCI India Small-Cap	Diversified

Basis of Consolidation: The accompanying consolidated financial statements for MSCI India Small-Cap 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.

Effective October 28, 2022, MSCI India Small-Cap finalized the transfer of all the assets of MSCI India Small-Cap’s wholly owned Mauritius Subsidiary to MSCI India Small-Cap through on-exchange transactions in India. MSCI India Small-Cap recognized a net realized gain of $86,211,257 as a result of this transaction. After the transfer, MSCI India Small-Cap began making new investments in India directly. On June 13, 2023, MSCI India Small-Cap filed to liquidate its Subsidiary with the Mauritius Financial Services Commission.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

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

MSCI India Small-Cap has conducted investment activities in India through its Subsidiary and, where applicable, expects to obtain benefits under the Double Tax Avoidance Agreement (“DTAA”) between India and Mauritius. In order to be eligible to claim benefits under the DTAA, MSCI India Small-Cap must have commercial

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 25

Notes to Financial Statements (continued)

substance, on an annual basis, to satisfy certain tests and conditions, including the establishment and maintenance of valid tax residence in Mauritius, have the place of effective management outside of India, and related requirements. MSCI India Small-Cap has obtained a current tax residence certificate issued by the Mauritian Revenue Authorities.

Based upon current interpretation and practice of the current tax laws in India and Mauritius and the DTAA, the Subsidiary is subject to tax in Mauritius on its net income at the rate of 15%. However, the Subsidiary is entitled to a tax credit equivalent to the higher of the actual foreign tax incurred or 80% of the Mauritius tax on its foreign source income, thus reducing its maximum effective tax rate to 3% up to June 30, 2021. After June 30, 2021, under the new tax regime and subject to meeting the necessary substance requirements as required under the Financial Services Act 2007 (as amended by the Finance Act 2018) and such guidelines issued by the Financial Services Commission (the “FSC”), the Subsidiary is entitled to either (a) a foreign tax credit equivalent to the actual foreign tax suffered on its foreign income against the Subsidiary’s tax liability computed at 15% on such income, or (b) a partial exemption of 80% of some of the income derived, including interest income or foreign source dividends. Taxes on income, if any, are paid by the Subsidiary and are disclosed in its Consolidated Statements of Operations. Any dividends paid by a Subsidiary to its Fund are not subject to tax in Mauritius. The Subsidiary is currently exempt from tax in Mauritius on any gains from the sale of securities.

The DTAA provides that capital gains will be taxable in India with respect to the sale of shares acquired on or after April 1, 2017. Capital gains arising from shares acquired before April 1, 2017, regardless of when they are sold, will continue to be exempt from taxation under the amended DTAA, assuming requirements for eligibility under the DTAA are satisfied. There can be no assurance, however, that the DTAA will remain in effect during the Subsidiary’s existence or that it will continue to enjoy its benefits on the shares acquired prior to April 1, 2017.

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

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income, 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 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 net asset value (“NAV”).

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

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

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value.

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

Notes to Financial Statements (continued)

When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

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

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

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

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

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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

5. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

For its investment advisory services to the iShares MSCI India ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fees
First $4 billion		0.6500	%
Over $4 billion, up to and including $6 billion		0.6175
Over $6 billion, up to and including $8 billion		0.5867
Over $8 billion		0.5573

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 27

Notes to Financial Statements (continued)

For its investment advisory services to the iShares MSCI India Small-Cap ETF, BFAis entitled to an annual investment advisory fee of 0.74%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

Each Subsidiary has entered into a separate contract with BFA under which BFA provides investment advisory services to the Subsidiary but does not receive separate compensation from the Subsidiary for providing it with such services. Each Subsidiary has also entered into separate arrangements that provide for the provision of other services to the Subsidiary (including administrative, custody, transfer agency and other services), and BFA pays the costs and expenses related to the provision of those services.

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

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

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

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

6. PURCHASES AND SALES

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

iShares ETF	Purchases		Sales
MSCI India	$	2,521,854,271	$	873,966,871
MSCI India Small-Cap		506,967,532		447,930,811

There were no in-kind transactions for the year ended August 31, 2023.

7. INCOME TAX INFORMATION

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

Management has analyzed tax laws and regulations and their application to the Funds as of August 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.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of August 31, 2023, permanent differences attributable to net operating loss were reclassified to the following accounts:

iShares ETF	Paid-in Capital			Accumulated Earnings (Loss)
MSCI India	$	(256,855,914	)	$	256,855,914
MSCI India Small-Cap		(5,704,581	)		5,704,581

The tax character of distributions paid was as follows:

iShares ETF	Year Ended 08/31/23		Year Ended 08/31/22
MSCI India
Ordinary income	$	—	$	374,889,807
Return of capital		9,188,147		—
	$	9,188,147	$	374,889,807
MSCI India Small-Cap
Ordinary income	$	—	$	5,222,073
Long-term capital gains		224,971		—
	$	224,971	$	5,222,073

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Notes to Financial Statements (continued)

As of August 31, 2023, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF		Undistributed Long-Term Capital Gains		Non-expiring Capital Loss Carryforwards	(a)		Net Unrealized Gains (Losses)	(b)		Qualified Late-Year Ordinary Losses	(c)		Total
MSCI India	$	—	$	(408,251,134	)	$	1,800,829,364		$	(70,695,940	)	$	1,321,882,290
MSCI India Small-Cap		1,937,787		—			73,133,206			—			75,070,993

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

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

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

For the year ended August 31, 2023, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:

iShares ETF	Utilized
MSCI India Small-Cap	$	28,005,798

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

As of August 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 India	$	4,046,111,563	$	1,947,401,480	$	(90,326,192	)	$	1,857,075,288
MSCI India Small-Cap		331,407,938		98,482,050		(14,000,320	)		84,481,730

8. LINE OF CREDIT

The Funds, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 9, 2024. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the year ended August 31, 2023, the Funds did not borrow under the Syndicated Credit Agreement.

Effective April 21, 2022, the Funds, along with certain other iShares funds (“Mauritius Participating Funds”), were parties to a $1.50 billion unsecured and uncommitted line of credit (“Uncommitted Liquidity Facility”) with State Street Bank and Trust Company, which was used solely to facilitate trading associated with the closure of each Fund’s Mauritius subsidiary. The Uncommitted Liquidity Facility had interest at a rate equal to the higher of (a) the U.S. Federal Funds rate (not less than zero) plus 1.25% per annum or (b) the Overnight Bank Funding rate (not less than zero) plus 1.25% per annum on amounts borrowed. The Uncommitted Liquidity Facility was terminated on December 7, 2022.

During the year ended August 31, 2023, iShares MSCI India ETF did not borrow under the Uncommitted Liquidity Facility.

iShares ETF	Maximum Amount Borrowed		Average Borrowing		Weighted Average   Interest Rates
MSCI India Small-Cap	$	70,000,000	$	3,556,164		4.19	%

9. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 29

Notes to Financial Statements (continued)

such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

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

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

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

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

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

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

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.

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

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

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

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

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Notes to Financial Statements (continued)

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.

10. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

	Year Ended 08/31/23						Year Ended 08/31/22
iShares ETF	Shares			Amount			Shares			Amount
MSCI India
Shares sold		44,900,000		$	1,947,706,220			7,750,000		$	344,412,931
Shares redeemed		(6,050,000	)		(248,630,460	)		(41,050,000	)		(1,718,000,106	)
		38,850,000		$	1,699,075,760			(33,300,000	)	$	(1,373,587,175	)
MSCI India Small-Cap
Shares sold		2,100,000		$	126,296,325			1,100,000		$	67,453,633
Shares redeemed		(1,100,000	)		(56,618,847	)		(1,200,000	)		(62,875,035	)
		1,000,000		$	69,677,478			(100,000	)	$	4,578,598

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

11. SUBSEQUENT EVENTS

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

Effective October 18, 2023, the Syndicated Credit Agreement to which the Participating Funds are party was amended to extend the maturity date to October 2024 under the same terms.

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 31

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (two of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2023, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2023, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

iShares MSCI India ETF⁽¹⁾

iShares MSCI India Small-Cap ETF⁽²⁾

⁽¹⁾  Statement of operations for the year ended August 31, 2023, statement of changes in net assets for the year ended August 31, 2023, consolidated statement of changes in net assets for the year ended August 31, 2022, the financial highlights for the year ended August 31, 2023 and the consolidated financial highlights for each of the four years in the period ended August 31, 2022.

⁽²⁾  Consolidated statement of operations for the year ended August 31, 2023, consolidated statement of changes in net assets for each of the two years in the period ended August 31, 2023 and the consolidated financial highlights for each of the five years in the period ended August 31, 2023.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 23, 2023

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

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Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2023:
	iShares ETF	Qualified Dividend Income
	MSCI India	$	62,770,292
	MSCI India Small-Cap		2,952,362
The Funds hereby designate the following amounts, or maximum amounts allowable by law, as capital gain dividends, subject to a long-term capital gains tax rate as noted below, for the fiscal year ended August 31, 2023:
	iShares ETF	20% Rate Long-Term Capital Gain Dividends
	MSCI India Small-Cap	$	224,971
The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended August 31, 2023:
	iShares ETF	Foreign Source Income Earned
	MSCI India		$  69,596,476
	MSCI India Small-Cap		3,715,775

I M P O R T A N T  T A X  I N F O R M A T I O N 33

Board Review and Approval of Investment Advisory Contract

iShares MSCI India ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

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

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

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

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

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

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

Board Review and Approval of Investment Advisory Contract (continued)

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

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

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

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

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

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

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

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

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

B O A R D  R E V I E W  A N D  A P P R O V A L  O F  I N V E S T M E N T  A D V I S O R Y  C O N T R A C T 35

Board Review and Approval of Investment Advisory Contract (continued)

iShares MSCI India Small-Cap ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

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

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

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

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

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

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

Board Review and Approval of Investment Advisory Contract (continued)

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

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

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

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

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

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

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

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

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

B O A R D  R E V I E W  A N D  A P P R O V A L  O F  I N V E S T M E N T  A D V I S O R Y  C O N T R A C T 37

Supplemental Information (unaudited)

Section 19(a) Notices

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

August 31, 2023

	Total Cumulative Distributions for the Fiscal Year									% Breakdown of the Total Cumulative Distributions for the Fiscal Year
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share			Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
MSCI India(a)	$	0.046913	$	—	$	0.033158	$	0.080071			59	%		—	%		41	%		100	%
MSCI India Small-Cap(a)		—		—		0.046477		0.046477			—			—			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.

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

Premium/Discount Information

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

Regulation under the Alternative Investment Fund Managers Directive

The Alternative Investment Fund Managers Directive, and its United Kingdom (“UK”) equivalent, ( “AIFMD”) impose detailed and prescriptive obligations on fund managers established in the European Union (the “EU”) and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the “Company”). Rather, the Company is only required to comply with certain disclosure, reporting and transparency obligations of AIFMD because it has registered the iShares MSCI India ETF (the “Fund”) to be marketed to investors in the EU and/or UK.

Report on Remuneration

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

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

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

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

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management and staff who have the ability to materially affect the risk profile of the Fund, a significant percentage of variable remuneration is deferred over time. All employees are subject to a clawback policy.

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

Supplemental Information (unaudited)(continued)

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

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

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

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

The amount of the total remuneration awarded to the Company’s staff in respect of the Company’s financial year ending December 31, 2022 was USD 4.12 million. This figure is comprised of fixed remuneration of USD 685 thousand and variable remuneration of USD 3.44 million. There was a total of 8 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company in respect of the Company’s financial year ending December 31, 2022, to its senior management was USD 2.96 million, and to other members of its staff whose actions potentially have a material impact on the risk profile of the Company or its funds was USD 970 thousand. These figures relate to the entire Company and not to the Fund.

Disclosures Under the EU Sustainable Finance Disclosure Regulation

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

The Fund has not been categorized under the SFDR as an “Article 8” or “Article 9” product. In addition, the Fund’s investment strategy does not take into account the criteria for environmentally sustainable economic activities under the EU sustainable investment taxonomy regulation or principal adverse impacts (“PAIs”) on sustainability factors under the SFDR. PAIs are identified under the SFDR as the material impacts of investment decisions on sustainability factors relating to environmental, social and employee matters, respect for human rights, and anti-corruption and anti-bribery matters.

S U P P L E M E N T A L  I N F O R M A T I O N 39

Trustee and Officer Information (unaudited)

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

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 387 funds as of August 31, 2023. With the exception of Robert S. Kapito, Salim Ramji and Aaron Wasserman, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Wasserman is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (1957)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).
Salim Ramji(b) (1970)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).
(a) Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.
(b) Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.
		Independent Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (1955)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (1956)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (1954)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016); Director of One Generation Away (since 2021).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).

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Trustee and Officer Information (unaudited) (continued)

Independent Trustees (continued)
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (1949)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018), Investment Committee (since 2011) and Personnel Committee (since 2022); Member of the Wyoming State Investment Funds Committee (since 2022); Director of the Jackson Hole Center for the Arts (since 2021); Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).
Drew E. Lawton (1959)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Director of Jackson Financial Inc. (since 2021).
John E. Martinez (1961)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).
Madhav V. Rajan (1964)	Trustee (since 2011); Fixed-Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).
Officers
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years
Dominik Rohé (1973)	President (since 2023).	Managing Director, BlackRock, Inc. (since 2005); Head of Americas ETF and Index Investments (since 2023); Head of Latin America (2019-2023).
Trent Walker (1974)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Aaron Wasserman (1974)	Chief Compliance Officer (iShares, Inc. and iShares Trust, since 2023; iShares U.S. ETF Trust, since 2023).	Managing Director of BlackRock, Inc. (since 2018); Chief Compliance Officer of the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the Exchange-Traded Fund Complex (since 2023); Deputy Chief Compliance Officer for the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the Exchange-Traded Fund Complex (2014-2023).
Marisa Rolland (1980)	Secretary (since 2022).	Managing Director, BlackRock, Inc. (since 2023); Director, BlackRock, Inc. (2018-2022); Vice President, BlackRock, Inc. (2010-2017).
Rachel Aguirre (1982)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019).
Jennifer Hsui (1976)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).

T R U S T E E  A N D  O F F I C E R  I N F O R M A T I O N 41

Trustee and Officer Information (unaudited) (continued)

Officers (continued)
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years
James Mauro (1970)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).

Effective March 30, 2023, Dominik Rohé replaced Armando Senra as President.

Effective July 1, 2023, Aaron Wasserman replaced Charles Park as Chief Compliance Officer.

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

General Information

Electronic Delivery

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

To enroll in electronic delivery:

• Go to icsdelivery.com.

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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

G E N E R A L  I N F O R M A T I O N 43

Glossary of Terms Used in this Report

Portfolio Abbreviation
NVS	Non-Voting Shares
REIT	Real Estate Investment Trust

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

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-AR-809-0823

  

AUGUST 31, 2023

     2023 Annual Report  

iShares Trust

· iShares Currency Hedged MSCI Canada ETF | HEWC | NYSE Arca

· iShares Currency Hedged MSCI Eurozone ETF | HEZU | NYSE Arca

· iShares Currency Hedged MSCI Germany ETF | HEWG | NASDAQ

· iShares Currency Hedged MSCI Japan ETF | HEWJ | NYSE Arca

The Markets in Review

Dear Shareholder,

Despite an uncertain economic landscape during the 12-month reporting period ended August 31, 2023, the resilience of the U.S. economy in the face of ever tighter financial conditions provided an encouraging backdrop for investors. While inflation was near multi-decade highs at the beginning of the period, it declined precipitously as commodity prices dropped. Labor shortages also moderated, although wages continued to grow and unemployment rates reached the lowest levels in decades. This robust labor market powered further growth in consumer spending, backstopping the economy.

Equity returns were solid, as the durability of consumer sentiment eased investors’ concerns about the economy’s trajectory. The U.S. economy resumed growth in the third quarter of 2022 and continued to expand thereafter. Most major classes of equities rose, as large-capitalization U.S. stocks and developed market equities advanced strongly. However, small-capitalization U.S. stocks and emerging market equities posted more modest gains.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market also faced inflationary headwinds, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates seven times during the 12-month period. Furthermore, the Fed wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity. However, the Fed declined to raise interest rates at its June 2023 meeting, the first time it paused its tightening in the current cycle, before again raising rates in July 2023.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has decelerated the pace of interest rate hikes and recently opted for two pauses, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period to keep inflation under control. Furthermore, ongoing structural changes may mean that the Fed will be hesitant to cut interest rates in the event of faltering economic activity lest inflation accelerate again. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt.

While we favor an overweight position to developed market equities in the long term, we prefer an underweight stance in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with macroeconomic constraints. Nevertheless, we are overweight on emerging market stocks in the near term as growth trends for emerging markets appear brighter. We also believe that stocks with an AI tilt should benefit from an investment cycle that is set to support revenues and margins. In credit, there are selective opportunities in the near term despite tightening credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries, U.S. inflation-linked bonds, U.S. mortgage-backed securities, and hard-currency emerging market bonds.

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

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of August 31, 2023
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	14.50%	15.94%
U.S. small cap equities (Russell 2000® Index)	0.99	4.65
International equities (MSCI Europe, Australasia, Far East Index)	4.75	17.92
Emerging market equities (MSCI Emerging Markets Index)	3.62	1.25
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	2.47	4.25
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	0.11	(4.71)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	0.95	(1.19)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	1.04	1.70
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	4.55	7.19
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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

Table of Contents

	Page
The Markets in Review		2
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		13
Disclosure of Expenses		13
Schedules of Investments		14
Financial Statements
Statements of Assets and Liabilities		27
Statements of Operations		28
Statements of Changes in Net Assets		29
Financial Highlights		31
Notes to Financial Statements		35
Report of Independent Registered Public Accounting Firm		43
Important Tax Information		44
Board Review and Approval of Investment Advisory Contract		45
Supplemental Information		48
Trustee and Officer Information		49
General Information		52
Glossary of Terms Used in this Report		53

Market Overview  

iShares Trust

Global Market Overview

Global equity markets advanced during the 12 months ended August 31, 2023 (“reporting period”), supported by continued economic growth and moderating inflation. The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned 13.95% in U.S. dollar terms for the reporting period. Despite concerns about the impact of higher interest rates and rising prices, the global economy continued to grow, albeit at a slower pace than during the initial post-coronavirus pandemic recovery. Inflation began to subside in most regions of the world, and lower energy prices reduced pressure on consumers, leading consumer and business sentiment to improve. While the Russian invasion of Ukraine continued to disrupt trade in Europe and elsewhere, market adaptation lessened the economic impact of the ongoing war. The prices of several key commodities, including oil, natural gas, and wheat, either stabilized or declined during the reporting period, easing pressure on the world’s economies.

The U.S. Federal Reserve (“Fed”) tightened monetary policy rapidly, raising short-term interest rates seven times over the course of the reporting period. The pace of tightening decelerated as the Fed twice lowered the increment of increase before pausing entirely in June 2023, the first time it declined to take action since the tightening cycle began. However, the Fed then raised interest rates again at its July 2023 meeting and stated that it would continue to monitor economic data. The Fed also continued to decrease the size of its balance sheet by reducing the store of U.S. Treasuries it had accumulated to stabilize markets in the early phases of the pandemic.

Despite the tightening financial conditions, the U.S. economy demonstrated continued strength, and U.S. equities advanced. The economy returned to growth in the third quarter of 2022 and showed robust, if slightly slower, growth thereafter. Consumers powered the economy, increasing their spending in both nominal and inflation-adjusted terms. A strong labor market bolstered spending, as unemployment remained low, and the number of employed persons reached an all-time high. Tightness in the labor market drove higher wages, although wage growth slowed as the reporting period continued.

European stocks outpaced their counterparts in most other regions of the globe, advancing strongly for the reporting period despite modest economic growth. European stocks benefited from a solid recovery following the early phases of the war in Ukraine. While the conflict disrupted critical natural gas supplies, new sources were secured and prices declined, while a warm winter helped moderate consumption. The European Central Bank (“ECB”) responded to the highest inflation since the introduction of the euro by raising interest rates eight times and beginning to reduce the size of its debt holdings.

Stocks in the Asia-Pacific region gained, albeit at a slower pace than other regions of the world. Japan returned to growth in the fourth quarter of 2022 and first half of 2023, as strong business investment and exports helped boost the economy and support Japanese equities. However, Chinese stocks were negatively impacted by slowing economic growth. While investors were initially optimistic following China’s lifting of several pandemic-related lockdowns in December 2022, subsequent performance disappointed, and tensions with the U.S. increased. Emerging market stocks advanced modestly, as the resilient global economic environment reassured investors. The declining value of the U.S. dollar relative to many other currencies and the slowing pace of the Fed’s interest rate increases also supported emerging market stocks.

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Fund Summary as of August 31, 2023 iShares^® Currency Hedged MSCI Canada ETF

Investment Objective

The iShares Currency Hedged MSCI Canada ETF (the “Fund”) seeks to track the investment results of an index composed of large-and mid-capitalization Canadian equities while mitigating exposure to fluctuations between the value of the Canadian dollar and the U.S. dollar, as represented by the MSCI Canada 100% Hedged to USD Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI Canada ETF.

On June 6, 2023, the Board approved a proposal to close the Fund to new and subsequent investments and thereafter to liquidate the Fund. After the close of business on October 30, 2023, the Fund will no longer accept creation orders. Trading in the Fund will be halted prior to market open on October 31, 2023. Proceeds of the liquidation will be sent to shareholders on or about November 2, 2023.

Performance

	Average Annual Total Returns										Cumulative Total Returns
	1 Year			5 Years			Since Inception				1 Year			5 Years			Since   Inception
Fund NAV		9.78	%		8.06	%		7.43	%			9.78	%		47.32	%		79.64%
Fund Market		9.76			8.05			7.44				9.76			47.29			79.74
Index		9.67			7.92			7.45				9.67			46.41			79.88

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was June 29, 2015. The first day of secondary market trading was July 1, 2015.

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

Expense Example

Actual				Hypothetical 5% Return
Beginning Account Value (03/01/23)	Ending   Account Value (08/31/23)	Expenses Paid During the Period	(a)	Beginning Account Value (03/01/23)	Ending   Account Value (08/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$  1,000.00	$  1,023.50	$  0.15		$  1,000.00	$  1,025.10	$   0.15		0.03	%

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

F U N D  S U M M A R Y 5

Fund Summary as of August 31, 2023  (continued) iShares^® Currency Hedged MSCI Canada ETF

Portfolio Management Commentary

Stocks in Canada advanced for the reporting period in U.S. dollar terms, as consumer spending continued to rise despite stalling economic growth and concerns about rebounding inflation. While unemployment remained low by historic standards, it rose near the end of the reporting period, as job creation failed to keep pace with Canada’s significant population growth. To combat inflation, the Bank of Canada raised interest rates six times during the reporting period, and the inflation rate declined substantially. However, prices grew again toward the end of the reporting period, raising concerns among investors that additional monetary tightening would be needed to control inflation.

The information technology sector contributed the most to the Index’s return, led by the information technology services industry. Revenues from e-commerce platforms and point of sale systems grew substantially amid sharply higher gross merchandise volume (the total value of merchandise sold through an e-commerce platform). The industry also benefited from optimism surrounding the impact of new developments in the area of artificial intelligence (“AI”). New AI-powered products generated investor enthusiasm, including a new feature designed to help online vendors manage their virtual storefronts using AI and another aimed at assisting merchants with text used in marketing their businesses.

Stocks in the materials sector also gained, due to strength in the metals and mining industry. Although some metal commodities prices declined during the reporting period, gold prices rose notably. This price increase bolstered the earnings of precious metals streamers (companies that provide capital and financing for mines in exchange for discounted precious metal prices) in the gold industry.

On the downside, utilities companies detracted from the Index’s performance in U.S. dollar terms. Financing delays for a new wind farm project amid tighter financial conditions pressured the independent power and renewable electricity producers industry.

In terms of currency performance, the Canadian dollar depreciated relative to the U.S. dollar by approximately 3% for the reporting period. The Bank of Canada’s slower pace of interest rate increases compared to the Fed pressured the value of the Canadian dollar relative to the U.S. dollar.

The Canadian dollar’s negative performance meant hedging activity contributed to the Index’s return. A fully hedged investor seeks to bypass the currency fluctuations — both on the upside and on the downside — related to holding foreign-currency-denominated securities. The Index’s hedging activity offset the negative impact of the Canadian dollar’s performance relative to the U.S. dollar, resulting in an Index return that was relatively close to the return of Canadian equities measured in Canadian dollars.

Portfolio Information

PORTFOLIO COMPOSITION

Investment Type	Percent of   Net Assets
Investment Companies	100.1%
Forward foreign currency exchange contracts, net cumulative appreciation	2.6
Other assets less liabilities	(2.7)

SECTOR ALLOCATION (of the UNDERLYING FUND)

Sector	Percent of   Total  Investment(a)
Financials	34.9%
Energy	18.4
Industrials	12.7
Materials	11.1
Information Technology	8.9
Consumer Staples	4.6
Consumer Discretionary	3.8
Utilities	3.3
Communication Services	1.6
Real Estate	0.6

^(a) Excludes money market funds.

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Fund Summary as of August 31, 2023   iShares^® Currency Hedged MSCI Eurozone ETF

Investment Objective

The iShares Currency Hedged MSCI Eurozone ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization equities from developed market countries which use the euro as their official currency while mitigating exposure to fluctuations between the value of the euro and the U.S. dollar, as represented by the MSCI EMU 100% Hedged to USD Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI Eurozone ETF.

Performance

	Average Annual Total Returns										Cumulative Total Returns
	1 Year			5 Years			Since Inception				1 Year			5 Years			Since Inception
Fund NAV		24.30	%		8.20	%		7.71	%			24.30	%		48.33	%		97.31	%
Fund Market		24.42			8.22			7.72				24.42			48.43			97.44
Index		24.28			8.15			7.87				24.28			47.92			99.92

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was July 9, 2014. The first day of secondary market trading was July 10, 2014.

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

Expense Example

Actual				Hypothetical 5% Return
Beginning Account Value (03/01/23)	Ending   Account Value (08/31/23)	Expenses Paid During the Period	(a)	Beginning Account Value (03/01/23)	Ending   Account Value (08/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$  1,000.00	$  1,035.90	$   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.

F U N D  S U M M A R Y 7

Fund Summary as of August 31, 2023  (continued) iShares^® Currency Hedged MSCI Eurozone ETF

Portfolio Management Commentary

Stocks in the Eurozone advanced for the reporting period in U.S. dollar terms as equity markets in Europe outpaced most other regions of the globe, despite modest economic growth. Eurozone stocks benefited from a solid recovery following the early phases of the war in Ukraine. While the conflict initially disrupted critical natural gas supplies, the acquisition of new sources led to price declines, and a warm winter helped moderate consumption. The ECB responded to the highest inflation since the introduction of the euro by raising interest rates eight times and beginning to reduce the size of its debt holdings. Inflation across the Eurozone declined steadily from a peak of 10.6% in October 2022.

Stocks in France contributed the most to the Index’s performance. The French capital goods industry, in the industrials sector, led the gains. Overcoming significant supply-chain challenges, French manufacturers of jets and engines advanced as air travel recovered, and orders for new planes increased accordingly. French electrical equipment manufacturers benefited from stronger sales in the U.S., where new government incentives and funding encouraged business investment in new semiconductor, electric vehicle, and battery manufacturing plants. The French consumer discretionary sector also contributed, buoyed by solid sales of luxury goods in Europe and Asia, owing in part to the rebound in international travel and the end of China’s coronavirus pandemic-related lockdowns.

German stocks also contributed to the Index’s return, despite a sharp slowdown in the German economy. Following a two-quarter recession, German economic growth was stagnant in the second quarter of 2023. The information technology sector led the gains, benefiting from growth in cloud-based services in the software industry. Stocks of multi-line insurers in the financials sector also contributed, amid strong profits from life and health insurance sales. In the industrials sector, stocks in the industrial conglomerates industry were buoyed by strong earnings guidance amid easing supply chain bottlenecks.

In terms of currency performance during the reporting period, the euro appreciated by approximately 8% against the U.S. dollar. As the Fed slowed and then paused its interest rate increases, the ECB continued to raise interest rates, supporting the value of the euro relative to the U.S. dollar.

The euro’s positive performance meant hedging activity detracted from the Index’s return. A fully hedged investor seeks to bypass the currency fluctuations — both on the upside and on the downside — related to holding foreign-currency-denominated securities. The Index’s hedging activity offset the positive impact of the euro’s performance relative to the U.S. dollar, resulting in an Index return that was relatively close to the return of European equities measured in euros.

Portfolio Information

PORTFOLIO COMPOSITION

Investment Type	Percent of   Net Assets
Investment Companies	99.8%
Short-term Investments	2.2
Forward foreign currency exchange contracts, net cumulative appreciation	1.9
Other assets less liabilities	(3.9)

SECTOR ALLOCATION (of the UNDERLYING FUND)

Sector	Percent of   Total  Investment(a)
Financials	17.3%
Consumer Discretionary	16.6
Industrials	15.9
Information Technology	11.8
Health Care	8.2
Consumer Staples	8.0
Materials	6.5
Utilities	6.1
Energy	4.6
Communication Services	4.2
Real Estate	0.9

^(a) Excludes money market funds.

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

Fund Summary as of August 31, 2023  iShares^® Currency Hedged MSCI Germany ETF

Investment Objective

The iShares Currency Hedged MSCI Germany ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization German equities while mitigating exposure to fluctuations between the value of the euro and the U.S. dollar, as represented by the MSCI Germany 100% Hedged to USD Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI Germany ETF.

Performance

	Average Annual Total Returns										Cumulative Total Returns
	1 Year			5 Years			Since Inception				1 Year			5 Years			Since Inception
Fund NAV		26.26	%		4.97	%		5.90	%			26.26	%		27.47	%		73.17	%
Fund Market		26.29			4.97			5.90				26.29			27.44			73.18
Index		25.82			5.10			6.11				25.82			28.26			76.52

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was January 31, 2014. The first day of secondary market trading was February 4, 2014.

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

Expense Example

Actual				Hypothetical 5% Return
Beginning Account Value (03/01/23)	Ending   Account Value (08/31/23)	Expenses Paid During the Period	(a)	Beginning   Account Value (03/01/23)	Ending Account Value (08/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$  1,000.00	$  1,039.20	$   0.15		$  1,000.00	$  1,025.10	$   0.15		0.03	%

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

F U N D  S U M M A R Y 9

Fund Summary as of August 31, 2023  (continued) iShares^® Currency Hedged MSCI Germany ETF

Portfolio Management Commentary

Despite sluggish economic growth, stocks in Germany advanced significantly in U.S. dollar terms for the reporting period. German stocks benefited from improved energy security, as alternate fuel suppliers and a warm winter helped offset supply problems in the wake of Russia’s decision to stop supplying Germany with natural gas shortly before the start of the reporting period. While inflation remained elevated, it declined notably as the ECB raised interest rates eight times during the reporting period in an attempt to control rising prices.

The information technology sector contributed the most to the Index’s return, led by the software industry. Product offerings as part of enterprise resource planning software drove revenue gains, as software designed to improve business processes and operations was adopted by several major companies. Strong sales of cloud software, which provides a recurring stream of revenue, bolstered the industry’s profits, and layoffs helped to reduce costs while divestment of a large subsidiary was part of a restructuring plan to focus on core business.

Stocks in the financials sector also contributed to the Index’s return, most notably in the insurance industry. The ECB’s substantial interest rate increases benefited the industry, as higher interest rates allowed insurance companies to make more income from their investments. Earnings from insurance related to life and health or property and casualty were particularly strong.

The industrials sector also posted solid gains, as stocks in the industrial conglomerates industry were buoyed by strong earnings guidance amid easing supply chain bottlenecks. Price increases and productivity gains helped to offset higher wages and more expensive raw materials.

In terms of currency performance during the reporting period, the euro appreciated by approximately 8% against the U.S. dollar. As the Fed slowed and then paused its interest rate increases, the ECB continued to raise interest rates, supporting the value of the euro relative to the U.S. dollar.

The euro’s positive performance meant hedging activity detracted from the Index’s return. A fully hedged investor seeks to bypass the currency fluctuations — both on the upside and on the downside — related to holding foreign-currency-denominated securities. The Index’s hedging activity offset the positive impact of the euro’s performance relative to the U.S. dollar, resulting in an Index return that was relatively close to the return of German equities measured in euros.

Portfolio Information

PORTFOLIO COMPOSITION

Investment Type	Percent of   Net Assets
Investment Companies	99.9%
Short-term Investments	5.8
Forward foreign currency exchange contracts, net cumulative appreciation	1.9
Other assets less liabilities	(7.6)

SECTOR ALLOCATION (of the UNDERLYING FUND)

Sector	Percent of   Total  Investment(a)
Industrials	18.6%
Financials	18.0
Consumer Discretionary	15.9
Information Technology	15.4
Health Care	10.7
Materials	6.7
Communication Services	5.9
Utilities	4.1
Consumer Staples	2.9
Real Estate	1.8

^(a) Excludes money market funds.

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

Fund Summary as of August 31, 2023 iShares^® Currency Hedged MSCI Japan ETF

Investment Objective

The iShares Currency Hedged MSCI Japan ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization Japanese equities while mitigating exposure to fluctuations between the value of the Japanese yen and the U.S. dollar, as represented by the MSCI Japan 100% Hedged to USD Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI Japan ETF.

Performance

	Average Annual Total Returns										Cumulative Total Returns
	1 Year			5 Years			Since Inception				1 Year			5 Years			Since Inception
Fund NAV		27.07	%		10.41	%		9.94	%			27.07	%		64.10	%		147.93	%
Fund Market		26.96			10.40			9.93				26.96			63.98			147.68
Index		26.98			11.00			10.23				26.98			68.51			154.22

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSETVALUE)

The inception date of the Fund was January 31, 2014. The first day of secondary market trading was February 4, 2014.

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

Expense Example

Actual				Hypothetical 5% Return
Beginning Account Value (03/01/23)	Ending   Account Value (08/31/23)	Expenses Paid During the Period	(a)	Beginning Account Value (03/01/23)	Ending   Account Value (08/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$  1,000.00	$  1,213.40	$   0.00		$  1,000.00	$  1,025.20	$   0.00		0.00	%

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

F U N D  S U M M A R Y 11

Fund Summary as of August 31, 2023  (continued) iShares^® Currency Hedged MSCI Japan ETF

Portfolio Management Commentary

Japanese stocks advanced for the reporting period in U.S. dollar terms, as the economy grew at its fastest pace in three years. The Japanese economy, which has struggled with weak growth and deflation, or falling prices, in recent decades, returned to growth while logging its highest inflation rate in more than 30 years. Foreign demand for automotive products and tourism drove stronger economic growth. The lifting of coronavirus pandemic-related travel restrictions on foreign tourism unleashed pent-up demand, spurring strong growth in tourism. Automotive exports recovered from lingering supply chain disruptions related to prior pandemic-related policies. Domestic consumption trailed, however, as household spending contracted, and the country’s notoriously high savings rate remained elevated for the reporting period, leading to concerns about the sustainability of recent economic growth. Nevertheless, investor optimism that Japan would maintain accommodative monetary policy to stimulate growth and inflation, as well as other policy shifts, such as limiting government intervention in bond markets and corporate governance reforms, ultimately drove strong flows into the Japanese equity market.

The industrials sector contributed the most to the Index’s return. The trading companies and distributors industry, which acts as an intermediary for the trading of many Japanese exports, benefited from growth in exports, a recovery in Japanese auto sales, and relatively elevated commodities prices.

The financials sector also contributed to the Index’s return, as Japan’s diversified banks advanced with strong earnings growth, including gains on bond sales, higher fees, lower credit costs, and growth in overseas lending activity. The information technology sector also advanced, led by the semiconductors and semiconductor equipment industry, as Chinese companies brought forward chip orders ahead of the Japanese government’s restrictions on semiconductor trade, while expectations for chip demand from artificial intelligence also rose sharply.

In terms of currency performance during the reporting period, the Japanese yen depreciated by approximately 5% against the U.S. dollar. Interest rates increased substantially in the U.S., while the Bank of Japan kept interest rates low, pressuring the value of the Japanese yen relative to the U.S. dollar.

The Japanese yen’s negative performance meant hedging activity contributed to the Index’s return. A fully hedged investor seeks to bypass the currency fluctuations — both on the upside and on the downside — related to holding foreign-currency-denominated securities. The Index’s hedging activity offset the negative impact of the Japanese yen’s performance relative to the U.S. dollar, resulting in an Index return that was relatively close to the return of Japanese equities measured in Japanese yen.

Portfolio Information

PORTFOLIO COMPOSITION

Investment Type	Percent of   Net Assets
Investment Companies	100.1%
Short-term Investments	0.0(a)
Forward foreign currency exchange contracts, net cumulative appreciation	3.4
Other assets less liabilities	(3.5)

^(a)  Rounds to less than 0.1%.

SECTOR ALLOCATION (of the UNDERLYING FUND)

Sector	Percent of   Total Investment(a)
Industrials	23.3%
Consumer Discretionary	18.9
Information Technology	14.1
Financials	11.8
Health Care	8.7
Communication Services	7.2
Consumer Staples	6.2
Materials	4.7
Real Estate	3.0
Utilities	1.2
Energy	0.8

^(a)  Excludes money market funds.

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

About Fund Performance

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

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

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

Disclosure of Expenses

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

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

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

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

A B O U T  F U N D  P E R F O R M A N C E / D I S C L O S U R E  O F  E X P E N S E S 13

Schedule of Investments August 31, 2023 iShares^® Currency Hedged MSCI Canada ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 100.1%
iShares MSCI Canada ETF(a)		389,219	$	13,502,007
Total Investments in Securities — 100.1% (Cost: $14,343,478)				13,502,007
Liabilities in Excess of Other Assets — (0.1)%				(11,390	)
Net Assets — 100.0%			$	13,490,617

^(a)  Affiliate of the Fund.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 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 08/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 08/31/23		Shares Held at 08/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	—	$	3,125	(b)	$	—		$	(3,125	)	$	—		$	—		—	$	34,336	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(a)		—		0	(b)		—			—			—			—		—		525			—
iShares MSCI Canada ETF		21,141,688		4,791,217			(12,756,681	)		366,640			(40,857	)		13,502,007		389,219		340,040			—
									$	363,515		$	(40,857	)	$	13,502,007			$	374,901		$	—

^(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)
CAD	17,909,000			USD	13,237,744		BNP Paribas SA		09/05/23		$	17,151
USD	13,236,904			CAD	17,415,000		BNP Paribas SA		09/05/23			347,630
USD	94,175			CAD	124,000		Morgan Stanley & Co. International PLC		09/05/23			2,400
USD	281,234			CAD	370,000		State Street Bank & Trust Company		09/05/23			7,387
												374,568
CAD	100,000			USD	74,043		JPMorgan Chase Bank N.A.		10/03/23			—
USD	13,561,726			CAD	18,340,000		BNP Paribas SA		10/03/23			(17,645	)
												(17,645	)
												$356,923

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

Schedule of Investments  (continued) August 31, 2023 iShares^® Currency Hedged MSCI Canada ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	374,568	$	—	$	—	$	374,568
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	17,645	$	—	$	—	$	17,645

For the period ended August 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	$	—	$	—	$	—	$	873,091		$	—	$	—	$	873,091
Net Change in Unrealized Appreciation (Depreciation) on
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	(170,168	)	$	—	$	—	$	(170,168	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	14,617,291
Average amounts sold — in USD	$	29,337,699

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

Derivative Financial Instruments - Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:

	Assets			Liabilities
Derivative Financial Instruments:
Forward foreign currency exchange contracts	$	374,568		$	17,645
Total derivative assets and liabilities in the Statement of Assets and Liabilities		374,568			17,645
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—			—
Total derivative assets and liabilities subject to an MNA		374,568			17,645

The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:

	Derivative Assets Subject to an MNA by			Derivatives Available				Non-Cash Collateral			Cash Collateral			Net Amount of Derivative
Counterparty	Counterparty					for Offset	(a)			Received			Received			Assets	(b)(c)
BNP Paribas SA		$	364,781		$	(17,645	)		$	—		$	—		$	347,136
Morgan Stanley & Co. International PLC			2,400			—				—			—			2,400
State Street Bank & Trust Company			7,387			—				—			—			7,387
		$	374,568		$	(17,645	)		$	—		$	—		$	356,923

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

Schedule of Investments  (continued) August 31, 2023 iShares^® Currency Hedged MSCI Canada ETF

Derivative Financial Instruments - Offsetting as of Period End (continued)

	Derivative Liabilities Subject to an MNA by			Derivatives Available				Non-Cash Collateral			Cash Collateral			Net Amount of Derivative
Counterparty	Counterparty					for Offset	(a)	Pledged			Pledged			Liabilities
BNP Paribas SA		$	17,645		$	(17,645	)		$	—		$	—		$	—

^(a)  The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

^(b)  Net amount represents the net amount receivable from the counterparty in the event of default.

^(c)  Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

Fair Value Hierarchy as of Period End

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

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Assets
Investments
Long-Term Investments
Investment Companies	$	13,502,007	$	—		$	—	$	13,502,007
Derivative Financial Instruments(a)
Assets
Foreign Currency Exchange Contracts	$	—	$	374,568		$	—	$	374,568
Liabilities
Foreign Currency Exchange Contracts		—		(17,645	)		—		(17,645	)
	$	—	$	356,923		$	—		356,923

^(a)  Derivative financial instruments are forward foreign currency exchange contracts. Forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

16 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments   August 31, 2023 iShares^® Currency Hedged MSCI Eurozone ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 99.8%
iShares MSCI Eurozone ETF(a)(b)		7,387,045	$	331,161,227
Total Investment Companies (Cost: $352,835,382)				331,161,227
Short-Term Securities
Money Market Funds — 2.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.52%(a)(c)(d)		7,070,142		7,072,263
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(a)(c)		160,000		160,000
Total Short-Term Securities — 2.2% (Cost: $7,232,263)				7,232,263
Total Investments in Securities — 102.0% (Cost: $360,067,645)				338,393,490
Liabilities in Excess of Other Assets — (2.0)%				(6,700,071	)
Net Assets — 100.0%			$	331,693,419

^(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 year ended August 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 08/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/23		Shares  Held at 08/31/23		Income			Capital Gain Distributions from Underlying Funds
	BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	7,068,225	(a)	$	—		$	4,038		$	—	$	7,072,263		7,070,142	$	34,880	(b)	$	—
	BlackRock Cash Funds: Treasury, SL Agency Shares		1,610,000		—			(1,450,000	)(a)		—			—		160,000		160,000		20,796			—
	iShares MSCI Eurozone ETF		352,789,764		272,331,901			(367,824,443	)		(29,336,355	)		103,200,360		331,161,227		7,387,045		7,541,583			—
										$	(29,332,317	)	$	103,200,360	$	338,393,490			$	7,597,259		$	—

^(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)
USD	4,858,036			EUR	4,399,000	Bank of America N.A.		09/05/23		$	87,978
USD	6,333,153			EUR	5,779,000	JPMorgan Chase Bank N.A.		09/05/23			66,691
USD	1,810,325			EUR	1,642,000	Morgan Stanley & Co. International PLC		09/05/23			29,821
USD	331,432,681			EUR	300,115,345	State Street Bank & Trust Company		09/05/23			6,002,444
USD	530,363			EUR	488,000	Bank of America N.A.		10/03/23			486

S C H E D U L E  O F  I N V E S T M E N T S 17

Schedule of Investments  (continued) August 31, 2023 iShares^® Currency Hedged MSCI Eurozone ETF

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased			Currency Sold			Counterparty	Settlement Date			Unrealized Appreciation (Depreciation)
USD	334,250,164			EUR	307,549,345	State Street Bank & Trust Company		10/03/23			$  309,515
											6,496,935
EUR	1,459,000			USD	1,588,438	Bank of America N.A.		09/05/23			(6,371	)
EUR	2,927,000			USD	3,206,528	BNP Paribas SA		09/05/23			(32,634	)
EUR	307,549,345			USD	333,798,682	State Street Bank & Trust Company		09/05/23			(307,382	)
EUR	3,467,000			USD	3,766,927	BNP Paribas SA		10/03/23			(2,418	)
											(348,805	)
											$6,148,130

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	6,496,935	$	—	$	—	$	6,496,935
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	348,805	$	—	$	—	$	348,805

For the period ended August 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	$	—	$	—	$	—	$	(15,368,127	)	$	—	$	—	$	(15,368,127	)
Net Change in Unrealized Appreciation (Depreciation) on
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	71,817		$	—	$	—	$	71,817

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	324,582,782
Average amounts sold — in USD	$	646,652,402

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Derivative Financial Instruments - Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:

	Assets		Liabilities
Derivative Financial Instruments:
Forward foreign currency exchange contracts	$	6,496,935	$	348,805
Total derivative assets and liabilities in the Statement of Assets and Liabilities		6,496,935		348,805
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA		6,496,935		348,805

18 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  (continued) August 31, 2023 iShares^® Currency Hedged MSCI Eurozone ETF

Derivative Financial Instruments - Offsetting as of Period End (continued)

The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:

	Derivative Assets Subject to an MNA by			Derivatives Available					Non-Cash Collateral		Cash Collateral	Net Amount of Derivative
Counterparty	Counterparty					for Offset	(a)		Received		Received			Assets	(b)(c)
Bank of America N.A.		$	88,464		$	(6,371	)	$	—	$	—		$	82,093
JPMorgan Chase Bank N.A.			66,691			—			—		—			66,691
Morgan Stanley & Co. International PLC			29,821			—			—		—			29,821
State Street Bank & Trust Company			6,311,959			(307,382	)		—		—			6,004,577
		$	6,496,935		$	(313,753	)	$	—	$	—		$	6,183,182

Counterparty	Derivative Liabilities Subject to an MNA by			Derivatives Available					Non-Cash Collateral		Cash Collateral	Net Amount of Derivative
	Counterparty					for Offset	(a)		Pledged		Pledged			Liabilities	(c)(d)
Bank of America N.A.		$	6,371		$	(6,371	)	$	—	$	—		$	—
BNP Paribas SA			35,052			—			—		—			35,052
State Street Bank & Trust Company			307,382			(307,382	)		—		—			—
		$	348,805		$	(313,753	)	$	—	$	—		$	35,052

^(a)  The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

^(b)  Net amount represents the net amount receivable from the counterparty in the event of default.

^(c)  Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

^(d)  Net amount represents the net amount payable due to the counterparty in the event of default.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Assets
Investments
Long-Term Investments
Investment Companies	$	331,161,227	$	—		$	—	$	331,161,227
Short-Term Securities
Money Market Funds		7,232,263		—			—		7,232,263
	$	338,393,490	$	—		$	—	$	338,393,490
Derivative Financial Instruments(a)
Assets
Foreign Currency Exchange Contracts	$	—	$	6,496,935		$	—	$	6,496,935
Liabilities
Foreign Currency Exchange Contracts		—		(348,805	)		—		(348,805	)
	$	—	$	6,148,130		$	—		6,148,130

^(a)  Derivative financial instruments are forward foreign currency exchange contracts. Forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

S C H E D U L E  O F  I N V E S T M E N T S 19

Schedule of Investments   August 31, 2023 iShares^® Currency Hedged MSCI Germany ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 99.9%
iShares MSCI Germany ETF(a)(b)		1,259,011	$	35,151,587
Total Investment Companies (Cost: $42,392,102)				35,151,587
Short-Term Securities
Money Market Funds — 5.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.52%(a)(c)(d)		1,997,538		1,998,138
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(a)(c)		60,000		60,000
Total Short-Term Securities — 5.8% (Cost: $2,058,138)				2,058,138
Total Investments in Securities — 105.7% (Cost: $44,450,240)				37,209,725
Liabilities in Excess of Other Assets — (5.7)%				(2,004,174	)
Net Assets — 100.0%			$	35,205,551

^(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 year ended August 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 08/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/23		Shares Held at 08/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	1,997,979	(a)	$	—		$	159		$	—	$	1,998,138		1,997,538	$	176,320	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		10,000		50,000	(a)		—			—			—		60,000		60,000		1,387			—
iShares MSCI Germany ETF		36,246,996		162,636,180			(173,159,767	)		(2,984,618	)		12,412,796		35,151,587		1,259,011		981,694			—
									$	(2,984,459	)	$	12,412,796	$	37,209,725			$	1,159,401		$	—

^(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)
USD	2,999,726			EUR	2,757,000	Bank of New York		09/05/23		$	10,172
USD	224,917			EUR	204,000	HSBC Bank PLC		09/05/23			3,709
USD	3,086,978			EUR	2,826,000	Natwest Markets PLC		09/05/23			22,603
USD	35,454,085			EUR	32,104,000	State Street Bank & Trust Company		09/05/23			642,094
USD	665,913			EUR	603,000	Toronto Dominion Bank		09/05/23			12,050

20 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  (continued) August 31, 2023 iShares^® Currency Hedged MSCI Germany ETF

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased			Currency Sold				Counterparty	Settlement Date			Unrealized Appreciation (Depreciation)
USD	35,726,968			EUR	32,873,000		State Street Bank & Trust Company		10/03/23		$	33,083
												723,711
EUR	5,540,000			USD	6,026,883		JPMorgan Chase Bank N.A.		09/05/23			(19,581	)
EUR	32,873,000			USD	35,678,711		State Street Bank & Trust Company		09/05/23			(32,855	)
EUR	81,000			USD	88,123		Toronto Dominion Bank		09/05/23			(291	)
EUR	215,000			USD	233,668		Bank of America N.A.		10/03/23			(218	)
EUR	404,000			USD	438,946		Bank of New York		10/03/23			(278	)
												(53,223	)
												$670,488

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	$	—	$	—	$	—	$	723,711	$	—	$	—	$	723,711
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	53,223	$	—	$	—	$	53,223

For the period ended August 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	$	—	$	—	$	—	$	(2,040,653	)	$	—	$	—	$	(2,040,653	)
Net Change in Unrealized Appreciation (Depreciation) on
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	17,370		$	—	$	—	$	17,370

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	44,522,822
Average amounts sold — in USD	$	81,982,483

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Derivative Financial Instruments - Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:

	Assets		Liabilities
Derivative Financial Instruments:
Forward foreign currency exchange contracts	$	723,711	$	53,223
Total derivative assets and liabilities in the Statement of Assets and Liabilities		723,711		53,223
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA		723,711		53,223

S C H E D U L E  O F  I N V E S T M E N T S 21

Schedule of Investments  (continued) August 31, 2023 iShares^® Currency Hedged MSCI Germany ETF

Derivative Financial Instruments - Offsetting as of Period End (continued)

The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:

	Derivative Assets Subject to an MNA by			Derivatives Available					Non-Cash Collateral		Cash Collateral	Net Amount of Derivative
Counterparty	Counterparty					for Offset	(a)		Received		Received			Assets	(b)(c)
Bank of New York		$	10,172		$	(278	)	$	—	$	—		$	9,894
HSBC Bank PLC			3,709			—			—		—			3,709
Natwest Markets PLC			22,603			—			—		—			22,603
State Street Bank & Trust Company			675,177			(32,855	)		—		—			642,322
Toronto Dominion Bank			12,050			(291	)		—		—			11,759
		$	723,711		$	(33,424	)	$	—	$	—		$	690,287

	Derivative Liabilities Subject to an MNA by			Derivatives Available					Non-Cash Collateral		Cash Collateral	Net Amount of Derivative
Counterparty	Counterparty					for Offset	(a)		Pledged		Pledged			Liabilities	(c)(d)
Bank of America N.A.		$	218		$	—		$	—	$	—		$	218
Bank of New York			278			(278	)		—		—			—
JPMorgan Chase Bank N.A.			19,581			—			—		—			19,581
State Street Bank & Trust Company			32,855			(32,855	)		—		—			—
Toronto Dominion Bank			291			(291	)		—		—			—
		$	53,223		$	(33,424	)	$	—	$	—		$	19,799

^(a)  The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

^(b)  Net amount represents the net amount receivable from the counterparty in the event of default.

^(c)  Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

^(d)  Net amount represents the net amount payable due to the counterparty in the event of default.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Assets
Investments
Long-Term Investments
Investment Companies	$	35,151,587	$	—		$	—	$	35,151,587
Short-Term Securities
Money Market Funds		2,058,138		—			—		2,058,138
	$	37,209,725	$	—		$	—	$	37,209,725
Derivative Financial Instruments(a)
Assets
Foreign Currency Exchange Contracts	$	—	$	723,711		$	—	$	723,711
Liabilities
Foreign Currency Exchange Contracts		—		(53,223	)		—		(53,223	)
	$	—	$	670,488		$	—		670,488

^(a)  Derivative financial instruments are forward foreign currency exchange contracts. Forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

22 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  August 31, 2023 iShares^® Currency Hedged MSCI Japan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 100.1%
iShares MSCI Japan ETF(a)		3,497,674	$	215,596,625
Total Investment Companies (Cost: $231,575,206)				215,596,625
Short-Term Securities
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(a)(b)		100,000		100,000
Total Short-Term Securities — 0.0% (Cost: $100,000)				100,000
Total Investments in Securities — 100.1% (Cost: $231,675,206)				215,696,625
Liabilities in Excess of Other Assets — (0.1)%				(203,428	)
Net Assets — 100.0%			$	215,493,197

^(a)  Affiliate of the Fund.

^(b)  Annualized 7-day yield as of period end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

	Affiliated Issuer	Value at 08/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/23		Shares Held at 08/31/23		Income			Capital Gain Distributions from Underlying Funds
	BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	—	$	30,248	(b)	$	—		$	(30,248	)	$	—	$	—		—	$	56,179	(c)	$	—
	BlackRock Cash Funds: Treasury, SL Agency Shares		1,710,000		—			(1,610,000	)(b)		—			—		100,000		100,000		22,893			—
	iShares MSCI Japan ETF		463,540,692		591,970,453			(859,771,858	)		(81,993,902	)		101,851,240		215,596,625		3,497,674		1,580,476			—
										$	(82,024,150	)	$	101,851,240	$	215,696,625			$	1,659,548		$	—

^(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)
JPY	27,484,000			USD	187,800	Bank of New York		09/05/23		$	1,099
JPY	29,893,489,000			USD	205,333,578	BNP Paribas SA		09/05/23			127,015
JPY	717,844,000			USD	4,909,281	JPMorgan Chase Bank N.A.		09/05/23			24,525
USD	3,285,769			JPY	466,160,000	Bank of America N.A.		09/05/23			81,810
USD	205,918,955			JPY	29,147,931,000	BNP Paribas SA		09/05/23			5,582,648
USD	178,907,646			JPY	25,285,930,000	Commonwealth Bank of Australia		09/05/23			5,115,213
USD	24,233,303			JPY	3,487,423,000	JPMorgan Chase Bank N.A.		09/05/23			263,937

S C H E D U L E  O F  I N V E S T M E N T S 23

Schedule of Investments  (continued) August 31, 2023 iShares^® Currency Hedged MSCI Japan ETF

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased			Currency Sold			Counterparty	Settlement Date			Unrealized Appreciation (Depreciation)
USD	59,755			JPY	8,522,000	Nomura Securities International Inc.		09/05/23		$	1,183
USD	665,153			JPY	96,246,000	Toronto Dominion Bank		09/05/23			3,646
											11,201,076
JPY	21,033,926,000			USD	147,431,856	Bank of America N.A.		09/05/23			(2,863,823	)
JPY	6,041,827,000			USD	42,346,919	JPMorgan Chase Bank N.A.		09/05/23			(820,908	)
JPY	777,642,000			USD	5,499,658	Toronto Dominion Bank		09/05/23			(154,856	)
JPY	278,173,000			USD	1,921,601	Morgan Stanley & Co. International PLC		10/03/23			(1,107	)
USD	206,260,144			JPY	29,893,489,000	BNP Paribas SA		10/03/23			(123,211	)
USD	9,232,633			JPY	1,338,111,000	Citibank N.A.		10/03/23			(5,627	)
											(3,969,532	)
											$7,231,544

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	$	—	$	—	$	—	$	11,201,076	$	—	$	—	$	11,201,076
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	3,969,532	$	—	$	—	$	3,969,532

For the period ended August 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	$	—	$	—	$	—	$	30,478,315		$	—	$	—	$	30,478,315
Net Change in Unrealized Appreciation (Depreciation) on
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	(12,326,672	)	$	—	$	—	$	(12,326,672	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	275,538,906
Average amounts sold — in USD	$	465,629,091

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  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  (continued) August 31, 2023 iShares^® Currency Hedged MSCI Japan ETF

Derivative Financial Instruments - Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:

		Assets		Liabilities
	Derivative Financial Instruments:
	Forward foreign currency exchange contracts	$	11,201,076	$	3,969,532
	Total derivative assets and liabilities in the Statement of Assets and Liabilities		11,201,076		3,969,532
	Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
	Total derivative assets and liabilities subject to an MNA		11,201,076		3,969,532

The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:

	Derivative Assets Subject to an MNA by			Derivatives Available					Non-Cash Collateral			Cash Collateral	Net Amount of Derivative
Counterparty	Counterparty					for Offset	(a)		Received			Received			Assets	(b)(c)
Bank of America N.A.		$	81,810		$	(81,810	)	$	—		$	—		$	—
Bank of New York			1,099			—			—			—			1,099
BNP Paribas SA			5,709,663			(123,211	)		—			—			5,586,452
Commonwealth Bank of Australia			5,115,213			—			—			—			5,115,213
JPMorgan Chase Bank N.A.			288,462			(288,462	)		—			—			—
Nomura Securities International Inc.			1,183			—			—			—			1,183
Toronto Dominion Bank			3,646			(3,646	)		—			—			—
		$	11,201,076		$	(497,129	)	$	—		$	—		$	10,703,947

	Derivative Liabilities Subject to an MNA by			Derivatives Available					Non-Cash Collateral			Cash Collateral	Net Amount of Derivative
Counterparty	Counterparty					for Offset	(a)		Pledged			Pledged			Liabilities	(c)(d)
Bank of America N.A.		$	2,863,823		$	(81,810	)	$	—		$	—		$	2,782,013
BNP Paribas SA			123,211			(123,211	)		—			—			—
Citibank N.A.			5,627			—			—			—			5,627
JPMorgan Chase Bank N.A.			820,908			(288,462	)		—			—			532,446
Morgan Stanley & Co. International PLC			1,107			—			—			—			1,107
Toronto Dominion Bank			154,856			(3,646	)		—			—			151,210
		$	3,969,532		$	(497,129	)	$	—		$	—		$	3,472,403

^(a)  The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

^(b)  Net amount represents the net amount receivable from the counterparty in the event of default.

^(c)  Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

^(d)  Net amount represents the net amount payable due to the counterparty in the event of default.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

		Level 1		Level 2		Level 3		Total
	Assets
	Investments
	Long-Term Investments
	Investment Companies	$	215,596,625	$	—	$	—	$	215,596,625
	Short-Term Securities
	Money Market Funds		100,000		—		—		100,000
		$	215,696,625	$	—	$	—	$	215,696,625

S C H E D U L E  O F  I N V E S T M E N T S 25

Schedule of Investments  (continued) August 31, 2023 iShares^® Currency Hedged MSCI Japan ETF

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2			Level 3		Total
Derivative Financial Instruments(a)
Assets
Foreign Currency Exchange Contracts	$	—	$	11,201,076		$	—	$	11,201,076
Liabilities
Foreign Currency Exchange Contracts		—		(3,969,532	)		—		(3,969,532	)
	$	—	$	7,231,544		$	—		7,231,544

^(a)  Derivative financial instruments are forward foreign currency exchange contracts. Forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

26 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Statements of Assets and Liabilities

August 31, 2023

	iShares Currency Hedged MSCI Canada ETF			iShares Currency Hedged MSCI Eurozone ETF			iShares Currency Hedged MSCI Germany ETF			iShares Currency Hedged MSCI Japan ETF
ASSETS
Investments, at value — affiliated(a)(b)	$	13,502,007		$	338,393,490		$	37,209,725		$	215,696,625
Cash		8,459			816			2,567			3,341
Receivables:
Securities lending income — affiliated		109			1,397			2,726			825
Capital shares sold		—			—			44,741			—
Dividends — affiliated		—			744			128			592
Unrealized appreciation on forward foreign currency exchange contracts		374,568			6,496,935			723,711			11,201,076
Total assets		13,885,143			344,893,382			37,983,598			226,902,459
LIABILITIES
Collateral on securities loaned, at value		—			7,072,273			1,999,049			—
Payables:
Investments purchased		376,542			5,770,470			724,620			7,437,458
Investment advisory fees		339			8,415			1,155			2,272
Unrealized depreciation on forward foreign currency exchange contracts		17,645			348,805			53,223			3,969,532
Total liabilities		394,526			13,199,963			2,778,047			11,409,262
Commitments and contingent liabilities
NET ASSETS	$	13,490,617		$	331,693,419		$	35,205,551		$	215,493,197
NET ASSETS CONSIST OF
Paid-in capital	$	14,568,620		$	393,765,592		$	80,986,149		$	271,162,604
Accumulated loss		(1,078,003	)		(62,072,173	)		(45,780,598	)		(55,669,407	)
NET ASSETS	$	13,490,617		$	331,693,419		$	35,205,551		$	215,493,197
NET ASSETVALUE
Shares outstanding		440,000			10,450,000			1,150,000			6,350,000
Net asset value	$	30.66		$	31.74		$	30.61		$	33.94
Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited
Par value		None			None			None			None
(a) Investments, at cost — affiliated	$	14,343,478		$	360,067,645		$	44,450,240		$	231,675,206
(b) Securities loaned, at value	$	—		$	6,855,135		$	1,940,915		$	—

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 27

Statements of Operations

Year Ended August 31, 2023

	iShares Currency Hedged MSCI Canada ETF			iShares Currency Hedged MSCI Eurozone ETF			iShares Currency Hedged MSCI Germany ETF			iShares Currency Hedged MSCI Japan ETF
INVESTMENT INCOME
Dividends — affiliated	$	340,565		$	7,562,379		$	983,081		$	1,603,369
Securities lending income — affiliated — net		34,336			34,880			176,320			56,179
Total investment income		374,901			7,597,259			1,159,401			1,659,548
EXPENSES
Investment advisory		93,316			1,941,727			192,500			1,176,606
Commitment costs		—			3,833			450			3,044
Total expenses		93,316			1,945,560			192,950			1,179,650
Less:
Investment advisory fees waived		(88,901	)		(1,852,137	)		(183,823	)		(1,164,967	)
Total expenses after fees waived		4,415			93,423			9,127			14,683
Net investment income		370,486			7,503,836			1,150,274			1,644,865
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — affiliated		(190,057	)		(20,122,311	)		(2,883,118	)		(30,814,754	)
Forward foreign currency exchange contracts		873,091			(15,368,127	)		(2,040,653	)		30,478,315
In-kind redemptions — affiliated(a)		553,572			(9,210,006	)		(101,341	)		(51,209,396	)
		1,236,606			(44,700,444	)		(5,025,112	)		(51,545,835	)
Net change in unrealized appreciation (depreciation) on:
Investments — affiliated		(40,857	)		103,200,360			12,412,796			101,851,240
Forward foreign currency exchange contracts		(170,168	)		71,817			17,370			(12,326,672	)
		(211,025	)		103,272,177			12,430,166			89,524,568
Net realized and unrealized gain		1,025,581			58,571,733			7,405,054			37,978,733
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,396,067		$	66,075,569		$	8,555,328		$	39,623,598

^(a)  See Note 2 of the Notes to Financial Statements.

See notes to financial statements.

28 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Statements of Changes in Net Assets 

	iShares Currency Hedged MSCI Canada ETF								iShares Currency Hedged MSCI Eurozone ETF
			Year Ended 08/31/23			Year Ended 08/31/22			Year Ended 08/31/23			Year Ended 08/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income			$	370,486		$	396,182		$	7,503,836		$	17,460,591
Net realized gain (loss)				1,236,606			1,307,339			(44,700,444	)		103,600,247
Net change in unrealized appreciation (depreciation)				(211,025	)		(2,637,667	)		103,272,177			(188,711,508	)
Net increase (decrease) in net assets resulting from operations				1,396,067			(934,146	)		66,075,569			(67,650,670	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders				(1,312,124	)		(630,468	)		(57,511,739	)		(17,477,602	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions				(7,812,767	)		6,214,372			(30,008,453	)		(306,403,605	)
NET ASSETS
Total increase (decrease) in net assets				(7,728,824	)		4,649,758			(21,444,623	)		(391,531,877	)
Beginning of year				21,219,441			16,569,683			353,138,042			744,669,919
End of year			$	13,490,617		$	21,219,441		$	331,693,419		$	353,138,042

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 29

Statements of Changes in Net Assets (continued)

	iShares Currency Hedged MSCI Germany ETF								iShares Currency Hedged MSCI Japan ETF
			Year Ended 08/31/23			Year Ended 08/31/22			Year Ended 08/31/23			Year Ended 08/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income			$	1,150,274		$	1,846,296		$	1,644,865		$	15,014,014
Net realized gain (loss)				(5,025,112	)		5,622,904			(51,545,835	)		95,391,932
Net change in unrealized appreciation (depreciation)				12,430,166			(18,792,628	)		89,524,568			(110,567,650	)
Net increase (decrease) in net assets resulting from operations				8,555,328			(11,323,428	)		39,623,598			(161,704	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders				(1,139,414	)		(1,848,200	)		(79,916,537	)		(15,018,714	)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions				(8,490,927	)		(13,942,180	)		(208,964,696	)		(55,467,158	)
NET ASSETS
Total decrease in net assets				(1,075,013	)		(27,113,808	)		(249,257,635	)		(70,647,576	)
Beginning of year				36,280,564			63,394,372			464,750,832			535,398,408
End of year			$	35,205,551		$	36,280,564		$	215,493,197		$	464,750,832

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

30 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Financial Highlights

(For a share outstanding throughout each period)

	iShares Currency Hedged MSCI Canada ETF
	Year Ended 08/31/23					Year Ended 08/31/22					Year Ended 08/31/21					Year Ended 08/31/20					Year Ended 08/31/19
Net asset value, beginning of year			$	30.31				$	32.49				$	25.68				$	26.41				$	26.79
Net investment income(a)				0.75					0.64					0.53					0.71					0.59
Net realized and unrealized gain (loss)(b)				2.14					(1.75	)				6.80					0.30					0.30
Net increase (decrease) from investment operations				2.89					(1.11	)				7.33					1.01					0.89
Distributions(c)
From net investment income				(0.80	)				(0.67	)				(0.52	)				(1.37	)				(0.64	)
From net realized gain				(1.74	)				(0.40	)				—					(0.37	)				(0.63	)
Total distributions				(2.54	)				(1.07	)				(0.52	)				(1.74	)				(1.27	)
Net asset value, end of year			$	30.66				$	30.31				$	32.49				$	25.68				$	26.41
Total Return(d)
Based on net asset value				9.78	%				(3.60	)%				28.81	%				4.08	%				3.84	%
Ratios to Average Net Assets(e)
Total expenses				0.62	%				0.62	%				0.62	%				0.62	%				0.62	%
Total expenses after fees waived				0.03	%				0.03	%				0.03	%				0.03	%				0.03	%
Net investment income				2.46	%				1.97	%				1.84	%				2.75	%				2.31	%
Supplemental Data
Net assets, end of year (000)			$	13,491				$	21,219				$	16,570				$	11,556				$	38,290
Portfolio turnover rate(f)				14	%				10	%				10	%				15	%				12	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 31

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Currency Hedged MSCI Eurozone ETF
	Year Ended 08/31/23				Year Ended 08/31/22					Year Ended 08/31/21					Year Ended 08/31/20					Year Ended 08/31/19
Net asset value, beginning of year		$	30.98				$	37.33				$	28.36				$	29.86				$	29.76
Net investment income(a)			0.75					1.18					0.83					0.35					0.76
Net realized and unrealized gain (loss)(b)			6.16					(6.17	)				9.00					(0.64	)				0.24
Net increase (decrease) from investment operations			6.91					(4.99	)				9.83					(0.29	)				1.00
Distributions(c)
From net investment income			(0.71	)				(1.36	)				(0.86	)				(0.38	)				(0.90	)
From net realized gain			(5.44	)				(0.00	)(d)				—					(0.83	)				(0.00	)(d)
Return of capital			—					—					—					(0.00	)(d)				—
Total distributions			(6.15	)				(1.36	)				(0.86	)				(1.21	)				(0.90	)
Net asset value, end of year		$	31.74				$	30.98				$	37.33				$	28.36				$	29.86
Total Return(e)
Based on net asset value			24.30	%				(13.50	)%				35.04	%				(1.21	)%				3.41	%
Ratios to Average Net Assets(f)
Total expenses			0.62	%				0.62	%				0.62	%				0.62	%				0.62	%
Total expenses after fees waived			0.03	%				0.03	%				0.03	%				0.03	%				0.03	%
Net investment income			2.40	%				3.32	%				2.52	%				1.18	%				2.63	%
Supplemental Data
Net assets, end of year (000)		$	331,693				$	353,138				$	744,670				$	569,970				$	868,987
Portfolio turnover rate(g)			14	%				6	%				14	%				10	%				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)  Rounds to less than $0.01.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

32 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Currency Hedged MSCI Germany ETF
	Year Ended 08/31/23					Year Ended 08/31/22					Year Ended 08/31/21					Year Ended 08/31/20					Year Ended 08/31/19
Net asset value, beginning of year			$	25.02				$	33.37				$	28.13				$	26.21				$	27.64
Net investment income(a)				0.92					1.06					0.85					0.21					0.55
Net realized and unrealized gain (loss)(b)				5.64					(8.32	)				5.31					2.06					(1.25	)
Net increase (decrease) from investment operations				6.56					(7.26	)				6.16					2.27					(0.70	)
Distributions(c)
From net investment income				(0.97	)				(1.09	)				(0.92	)				(0.35	)				(0.73	)
Return of capital				—					—					—					(0.00	)(d)				(0.00	)(d)
Total distributions				(0.97	)				(1.09	)				(0.92	)				(0.35	)				(0.73	)
Net asset value, end of year			$	30.61				$	25.02				$	33.37				$	28.13				$	26.21
Total Return(e)
Based on net asset value				26.26	%				(21.88	)%				22.12	%				8.71	%				(2.65	)%
Ratios to Average Net Assets(f)
Total expenses				0.53	%				0.53	%				0.53	%				0.53	%				0.53	%
Total expenses after fees waived				0.03	%				0.04	%				0.03	%				0.02	%				0.04	%
Net investment income				3.17	%				3.49	%				2.78	%				0.77	%				2.09	%
Supplemental Data
Net assets, end of year (000)			$	35,206				$	36,281				$	63,394				$	75,957				$	154,620
Portfolio turnover rate(g)				18	%				9	%				16	%				12	%				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)  Rounds to less than $0.01.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 33

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Currency Hedged MSCI Japan ETF
	Year Ended 08/31/23				Year Ended 08/31/22					Year Ended 08/31/21					Year Ended 08/31/20					Year Ended 08/31/19
Net asset value, beginning of year		$	38.73				$	38.66				$	31.50				$	29.13				$	32.36
Net investment income(a)			0.25					1.02					0.51					0.72					0.45
Net realized and unrealized gain (loss)(b)			7.27					(0.09	)				7.06					2.35					(3.04	)
Net increase (decrease) from investment operations			7.52					0.93					7.57					3.07					(2.59	)
Distributions(c)
From net investment income			(0.27	)				(0.86	)				(0.41	)				(0.70	)				(0.64	)
From net realized gain			(12.04	)				(0.00	)(d)				—					—					—
Total distributions			(12.31	)				(0.86	)				(0.41	)				(0.70	)				(0.64	)
Net asset value, end of year		$	33.94				$	38.73				$	38.66				$	31.50				$	29.13
Total Return(e)
Based on net asset value			27.07	%				2.43	%				24.08	%				10.52	%				(8.06	)%
Ratios to Average Net Assets(f)
Total expenses			0.53	%				0.53	%				0.53	%				0.53	%				0.53	%
Total expenses after fees waived			0.00	%(g)				0.01	%				0.00	%(g)				0.00	%(g)				0.00	%(g)
Net investment income			0.74	%				2.62	%				1.38	%				2.31	%				1.47	%
Supplemental Data
Net assets, end of year (000)		$	215,493				$	464,751				$	535,398				$	247,256				$	329,138
Portfolio turnover rate(h)			29	%				6	%				7	%				9	%				9	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Rounds to less than $0.01.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Rounds to less than 0.01%.

^(h)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

34 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Notes to Financial Statements

1. ORGANIZATION

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):

iShares ETF	Diversification  Classification
Currency Hedged MSCI Canada	Diversified
Currency Hedged MSCI Eurozone	Diversified
Currency Hedged MSCI Germany	Diversified
Currency Hedged MSCI Japan	Diversified

Currently each Fund seeks to achieve its investment objective by investing a substantial portion of its assets in an iShares fund (an “underlying fund”). The financial statements, including the accounting policies, and schedules of investments for the underlying funds are available on iShares.com and should be read in conjunction with the Funds’ financial statements.

On June 6, 2023, the Board approved a proposal to close the iShares Currency Hedged MSCI Canada ETF to new and subsequent investments and thereafter to liquidate the Fund. After the close of business on October 30, 2023, the Fund will no longer accept creation orders. Trading in the Fund will be halted prior to market open on October 31, 2023. Proceeds of the liquidation will be sent to shareholders on or about November 2, 2023.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions from the underlying funds, if any, are recorded on the ex-dividend date. Interest income is recognized daily on an accrual basis.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes. However, each Fund has elected to treat realized gains (losses) from certain foreign currency contracts as capital gain (loss) for U.S. federal income tax purposes.

Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

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.

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 35

Notes to Financial Statements  (continued)  

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

• Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

• Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the New York Stock Exchange (“NYSE”) based on that day’s prevailing forward exchange rate for the underlying currencies.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned

36 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Notes to Financial Statements  (continued)  

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 Eurozone
BARCLAYS BANK PLC	$	4,743,014	$	(4,743,014	)	$	—		$	—
BNP PARIBAS PRIME BROKERAGE INTERNATIONAL LIMITED		2,111,493		(2,111,493	)		—			—
HSBC BANK PLC		628		(628	)		—			—
	$	6,855,135	$	(6,855,135	)	$	—		$	—
Currency Hedged MSCI Germany
BofA Securities, Inc.	$	279,200	$	(279,200	)	$	—		$	—
HSBC BANK PLC		475		(475	)		—			—
National Financial Services LLC		1,661,240		(1,661,240	)		—			—
	$	1,940,915	$	(1,940,915	)	$	—		$	—

^(a)  Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s Statements of Assets and Liabilities.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. DERIVATIVE FINANCIAL INSTRUMENTS

Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market. The contracts are traded over-the-counter (“OTC”) and not on an organized exchange.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities. A fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 37

Notes to Financial Statements  (continued)  

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, BlackRock Fund Advisors (“BFA”) manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock, Inc. (“BlackRock”). Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each of the following Funds, BFAis entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fees
Currency Hedged MSCI Canada		0.62	%
Currency Hedged MSCI Eurozone		0.62
Currency Hedged MSCI Germany		0.53
Currency Hedged MSCI Japan		0.53

Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statements of Operations do not include acquired fund fees and expenses.

For the iShares Currency Hedged MSCI Canada ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through December 31, 2025 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in the iShares MSCI Canada ETF (“EWC”), after taking into account any fee waivers by EWC, plus 0.03%.

For the iShares Currency Hedged MSCI Eurozone ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through December 31, 2025 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in the iShares MSCI Eurozone ETF (“EZU”), after taking into account any fee waivers by EZU, plus 0.03%.

For the iShares Currency Hedged MSCI Germany ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through December 31, 2025 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other iShares funds, provided that the waiver be no greater than the Fund’s investment advisory fee of 0.53%.

For the iShares Currency Hedged MSCI Japan ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through December 31, 2025 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other iShares funds, provided that the waiver be no greater than the Fund’s investment advisory fee of 0.53%. BFA has also contractually agreed to waive an additional portion of its investment advisory fee for the Fund through December 31, 2025 such that the Fund’s total annual operating expenses after fee waiver will be equal to the greater of the acquired fund fees and expenses or 0.48%.

38 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Notes to Financial Statements  (continued)  

These amounts are included in investment advisory fees waived in the Statements of Operations. For the year ended August 31, 2023, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:

iShares ETF	Amounts Waived
Currency Hedged MSCI Canada	$	88,901
Currency Hedged MSCI Eurozone		1,852,137
Currency Hedged MSCI Germany		183,823
Currency Hedged MSCI Japan		1,164,967

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended August 31, 2023, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
Currency Hedged MSCI Canada	$	7,947
Currency Hedged MSCI Eurozone		9,459
Currency Hedged MSCI Germany		39,529
Currency Hedged MSCI Japan		18,498

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the year ended August 31, 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)
Currency Hedged MSCI Japan	$	2,049,592	$	—	$	—

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 39

Notes to Financial Statements  (continued)  

7. PURCHASES AND SALES

For the year ended August 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 Canada	$	2,081,276	$	2,239,778
Currency Hedged MSCI Eurozone		44,126,866		108,834,642
Currency Hedged MSCI Germany		6,511,120		8,426,554
Currency Hedged MSCI Japan		71,690,012		131,596,472

For the year ended August 31, 2023, in-kind transactions were as follows:

iShares ETF	In-kind  Purchases		In-kind  Sales
Currency Hedged MSCI Canada	$	2,709,942	$	10,516,903
Currency Hedged MSCI Eurozone		228,205,037		258,989,802
Currency Hedged MSCI Germany		156,125,059		164,733,211
Currency Hedged MSCI Japan		520,280,442		728,175,385

8. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of August 31, 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.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of August 31, 2023, permanent differences attributable to certain deemed distributions and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in Capital			Accumulated  Earnings (Loss)
Currency Hedged MSCI Canada	$	594,473		$	(594,473)
Currency Hedged MSCI Eurozone		(10,728,420	)		10,728,420
Currency Hedged MSCI Germany		(1,385,255	)		1,385,255
Currency Hedged MSCI Japan		(50,120,653	)		50,120,653

The tax character of distributions paid was as follows:

iShares ETF	Year Ended 08/31/23		Year Ended 08/31/22
Currency Hedged MSCI Canada
Ordinary income	$	634,101	$	611,347
Long-term capital gains		678,023		19,121
	$	1,312,124	$	630,468
Currency Hedged MSCI Eurozone
Ordinary income	$	31,699,087	$	17,477,602
Long-term capital gains		25,812,652		—
	$	57,511,739	$	17,477,602
Currency Hedged MSCI Germany
Ordinary income	$	1,139,414	$	1,848,200
Currency Hedged MSCI Japan
Ordinary income	$	35,066,452	$	15,018,714
Long-term capital gains		44,850,085		—
	$	79,916,537	$	15,018,714

40 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Notes to Financial Statements  (continued)  

As of August 31, 2023, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	(a)		Net Unrealized Gains (Losses)	(b)		Qualified Late-Year Capital Losses	(c)		Total
Currency Hedged MSCI Canada	$	362	$	—		$	(845,784	)	$	(232,581	)	$	(1,078,003)
Currency Hedged MSCI Eurozone		4,687		—			(22,316,907	)		(39,759,953	)		(62,072,173)
Currency Hedged MSCI Germany		10,860		(38,514,846	)		(7,276,612	)		—			(45,780,598)
Currency Hedged MSCI Japan		3,571		—			(16,520,543	)		(39,152,435	)		(55,669,407)

^(a)  Amounts available to offset future realized capital gains.

^(b)  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and the realization for tax purposes of unrealized gains (losses) on certain foreign currency contracts.

^(c)  The Funds have elected to defer these qualified late-year losses and recognize such losses in the next taxable year.

As of August 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 Canada	$	14,347,791	$	374,568	$	(1,220,352	)	$	(845,784	)
Currency Hedged MSCI Eurozone		360,710,397		6,496,935		(28,813,842	)		(22,316,907	)
Currency Hedged MSCI Germany		44,486,337		723,711		(8,000,323	)		(7,276,612	)
Currency Hedged MSCI Japan		232,217,168		11,201,076		(27,721,619	)		(16,520,543	)

9. LINE OF CREDIT

The iShares Currency Hedged MSCI Eurozone ETF, iShares Currency Hedged MSCI Germany ETF and iShares Currency Hedged MSCI Japan ETF, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 9, 2024. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the year ended August 31, 2023, the Funds did not borrow under the Syndicated Credit Agreement.

10. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

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 41

Notes to Financial Statements  (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.

Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

11. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

	Year Ended 08/31/23						Year Ended 08/31/22
iShares ETF	Shares			Amount			Shares			Amount
Currency Hedged MSCI Canada
Shares sold		90,000		$	2,731,784			330,000		$	10,691,502
Shares redeemed		(350,000	)		(10,544,551	)		(140,000	)		(4,477,130	)
		(260,000	)	$	(7,812,767	)		190,000		$	6,214,372
Currency Hedged MSCI Eurozone
Shares sold		7,400,000		$	228,433,701			8,300,000		$	287,220,148
Shares redeemed		(8,350,000	)		(258,442,154	)		(16,850,000	)		(593,623,753	)
		(950,000	)	$	(30,008,453	)		(8,550,000	)	$	(306,403,605	)
Currency Hedged MSCI Germany
Shares sold		5,650,000		$	155,408,081			9,700,000		$	283,625,278
Shares redeemed		(5,950,000	)		(163,899,008	)		(10,150,000	)		(297,567,458	)
		(300,000	)	$	(8,490,927	)		(450,000	)	$	(13,942,180	)
Currency Hedged MSCI Japan
Shares sold		15,600,000		$	515,196,763			22,300,000		$	859,549,528
Shares redeemed		(21,250,000	)		(724,161,459	)		(24,150,000	)		(915,016,686	)
		(5,650,000	)	$	(208,964,696	)		(1,850,000	)	$	(55,467,158	)

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

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:

iShares Currency Hedged MSCI Canada ETF paid an ordinary income distribution in the amount of $0.072265 per share on October 16, 2023 to shareholders of record on October 11, 2023.

Effective October 18, 2023, the Syndicated Credit Agreement to which the Participating Funds are party was amended to extend the maturity date to October 2024 under the same terms.

42 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares Trust and Shareholders of each of the four funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (four of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2023, the related statements of operations for the year ended August 31, 2023, the statements of changes in net assets for each of the two years in the period ended August 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2023 and each of the financial highlights for each of the five years in the period ended August 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

iShares Currency Hedged MSCI Canada ETF

iShares Currency Hedged MSCI Eurozone ETF

iShares Currency Hedged MSCI Germany ETF

iShares Currency Hedged MSCI Japan ETF

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 23, 2023

We have served as the auditor of one or more BlackRock investment companies since 2000.

R E P O R T  O F  I N D E P E N D E N T  R E G I S T E R E D   P U B L I C  A C C O U N T I N G  F I R M 43

Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2023:

iShares ETF	Qualified Dividend  Income
Currency Hedged MSCI Canada	$	310,322
Currency Hedged MSCI Eurozone		7,521,654
Currency Hedged MSCI Germany		980,314
Currency Hedged MSCI Japan		1,362,425

iShares ETF	20% Rate Long-Term  Capital Gain Dividends
Currency Hedged MSCI Canada	$	777,036
Currency Hedged MSCI Eurozone		26,666,745
Currency Hedged MSCI Japan		48,563,640

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended August 31, 2023:

iShares ETF	Foreign Source Income Earned		Foreign  Taxes Paid
Currency Hedged MSCI Canada	$	408,797	$	68,632
Currency Hedged MSCI Eurozone		8,165,930		622,440
Currency Hedged MSCI Germany		1,168,814		187,284
Currency Hedged MSCI Japan		1,922,818		336,141

The Funds hereby designate the following amount(s), or maximum amount(s) allowable by law, as qualified short-term capital gains eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended August 31, 2023:

iShares ETF	Qualified Short-Term  Capital Gains
Currency Hedged MSCI Canada	$	294,356
Currency Hedged MSCI Eurozone		24,485,855
Currency Hedged MSCI Japan		34,613,954

44 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Board Review and Approval of Investment Advisory Contract 

iShares Currency Hedged MSCI Canada ETF, iShares Currency Hedged MSCI Eurozone ETF, iShares Currency Hedged MSCI Germany ETF, iShares Currency Hedged MSCI Japan ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

B O A R D  R E V I E W  A N D  A P P R O V A L  O F  I N V E S T M E N T   A D V I S O R Y  C O N T R A C T 45

Board Review and Approval of Investment Advisory Contract (continued)

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately

46 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Board Review and Approval of Investment Advisory Contract (continued)

large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

B O A R D  R E V I E W  A N D  A P P R O V A L  O F  I N V E S T M E N T   A D V I S O R Y  C O N T R A C T 47

Supplemental Information (unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

August 31, 2023

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Currency Hedged MSCI Canada	$	0.800267	$	1.744446	$	—	$	2.544713		31	%		69	%		—	%		100	%
Currency Hedged MSCI Eurozone		0.715051		5.436151		—		6.151202		12			88			—			100
Currency Hedged MSCI Japan		0.271063		12.042345		—		12.313408		2			98			—			100

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

48 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Trustee and Officer Information (unaudited)

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 387 funds as of August 31, 2023. With the exception of Robert S. Kapito, Salim Ramji and Aaron Wasserman, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA94105. The address of Mr. Kapito, Mr. Ramji and Mr. Wasserman is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees
Name  (Year of  Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (1957)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).
Salim Ramji(b) (1970)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).
(a) Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. (b) Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.
Independent Trustees
Name  (Year of  Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (1955)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (1956)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (1954)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016); Director of One Generation Away (since 2021).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).

T R U S T E E  A N D  O F F I C E R  I N F O R M A T I O N 49

Trustee and Officer Information (unaudited)(continued)

Independent Trustees (continued)
Name  (Year of  Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (1949)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018), Investment Committee (since 2011) and Personnel Committee (since 2022); Member of the Wyoming State Investment Funds Committee (since 2022); Director of the Jackson Hole Center for the Arts (since 2021); Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).
Drew E. Lawton (1959)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Director of Jackson Financial Inc. (since 2021).
John E. Martinez (1961)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).
Madhav V. Rajan (1964)	Trustee (since 2011); Fixed-Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).
Officers
Name (Year   of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years
Dominik Rohé (1973)	President (since 2023).	Managing Director, BlackRock, Inc. (since 2005); Head of Americas ETF and Index Investments (since 2023); Head of Latin America (2019-2023).
Trent Walker (1974)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Aaron Wasserman (1974)	Chief Compliance Officer (iShares, Inc. and iShares Trust, since 2023; iShares U.S. ETF Trust, since 2023).	Managing Director of BlackRock, Inc. (since 2018); Chief Compliance Officer of the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the Exchange-Traded Fund Complex (since 2023); Deputy Chief Compliance Officer for the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the Exchange-Traded Fund Complex (2014-2023).
Marisa Rolland (1980)	Secretary (since 2022).	Managing Director, BlackRock, Inc. (since 2023); Director, BlackRock, Inc. (2018-2022); Vice President, BlackRock, Inc. (2010-2017).
Rachel Aguirre (1982)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019).
Jennifer Hsui (1976)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).

50 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Trustee and Officer Information (unaudited)(continued)

Officers (continued)
Name (Year   of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years
James Mauro (1970)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).

Effective March 30, 2023, Dominik Rohé replaced Armando Senra as President.

Effective July 1, 2023, Aaron Wasserman replaced Charles Park as Chief Compliance Officer.

T R U S T E E  A N D  O F F I C E R  I N F O R M A T I O N 51

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.

52 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Glossary of Terms Used in this Report

Currency Abbreviation
CAD	Canadian Dollar
EUR	Euro
JPY	Japanese Yen
USD	United States Dollar

 

G L O S S A R Y  O F  T E R M S  U S E D  I N  T H I S  R E P O R T 53

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-AR-801-0823

     

AUGUST 31, 2023

    2023 Annual Report

iShares Trust

· iShares Currency Hedged MSCI United Kingdom ETF | HEWU | NYSE Arca

· iShares MSCI United Kingdom ETF | EWU | NYSE Arca

· iShares MSCI United Kingdom Small-Cap ETF | EWUS | Cboe BZX

The Markets in Review

Dear Shareholder,

Despite an uncertain economic landscape during the 12-month reporting period ended August 31, 2023, the resilience of the U.S. economy in the face of ever tighter financial conditions provided an encouraging backdrop for investors. While inflation was near multi-decade highs at the beginning of the period, it declined precipitously as commodity prices dropped. Labor shortages also moderated, although wages continued to grow and unemployment rates reached the lowest levels in decades. This robust labor market powered further growth in consumer spending, backstopping the economy.

Equity returns were solid, as the durability of consumer sentiment eased investors’ concerns about the economy’s trajectory. The U.S. economy resumed growth in the third quarter of 2022 and continued to expand thereafter. Most major classes of equities rose, as large-capitalization U.S. stocks and developed market equities advanced strongly. However, small-capitalization U.S. stocks and emerging market equities posted more modest gains.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market also faced inflationary headwinds, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates seven times during the 12-month period. Furthermore, the Fed wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity. However, the Fed declined to raise interest rates at its June 2023 meeting, the first time it paused its tightening in the current cycle, before again raising rates in July 2023.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has decelerated the pace of interest rate hikes and recently opted for two pauses, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period to keep inflation under control. Furthermore, ongoing structural changes may mean that the Fed will be hesitant to cut interest rates in the event of faltering economic activity lest inflation accelerate again. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt.

While we favor an overweight position to developed market equities in the long term, we prefer an underweight stance in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with macroeconomic constraints. Nevertheless, we are overweight on emerging market stocks in the near term as growth trends for emerging markets appear brighter. We also believe that stocks with an AI tilt should benefit from an investment cycle that is set to support revenues and margins. In credit, there are selective opportunities in the near term despite tightening credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries, U.S. inflation-linked bonds, U.S. mortgage-backed securities, and hard-currency emerging market bonds.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of August 31, 2023
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	14.50%	15.94%
U.S. small cap equities (Russell 2000® Index)	0.99	4.65
International equities (MSCI Europe, Australasia, Far East Index)	4.75	17.92
Emerging market equities (MSCI Emerging Markets Index)	3.62	1.25
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	2.47	4.25
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	0.11	(4.71)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	0.95	(1.19)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	1.04	1.70
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	4.55	7.19
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 T H I S  P A G E  I S  N O T  P A R T  O F  Y O U R  F U N D  R E P O R T

Table of Contents

	Page
The Markets in Review	2
Annual Report:
Market Overview	4
Fund Summary	5
About Fund Performance	11
Disclosure of Expenses	11
Schedules of Investments	12
Financial Statements
Statements of Assets and Liabilities	23
Statements of Operations	24
Statements of Changes in Net Assets	25
Financial Highlights	27
Notes to Financial Statements	30
Report of Independent Registered Public Accounting Firm	40
Important Tax Information	41
Board Review and Approval of Investment Advisory Contract	42
Supplemental Information	46
Trustee and Officer Information	48
General Information	51
Glossary of Terms Used in this Report	52

Market Overview

iShares Trust

Global Market Overview

Global equity markets advanced during the 12 months ended August 31, 2023 (“reporting period”), supported by continued economic growth and moderating inflation. The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned 13.95% in U.S. dollar terms for the reporting period. Despite concerns about the impact of higher interest rates and rising prices, the global economy continued to grow, albeit at a slower pace than during the initial post-coronavirus pandemic recovery. Inflation began to subside in most regions of the world, and lower energy prices reduced pressure on consumers, leading consumer and business sentiment to improve. While the Russian invasion of Ukraine continued to disrupt trade in Europe and elsewhere, market adaptation lessened the economic impact of the ongoing war. The prices of several key commodities, including oil, natural gas, and wheat, either stabilized or declined during the reporting period, easing pressure on the world’s economies.

The U.S. Federal Reserve (“Fed”) tightened monetary policy rapidly, raising short-term interest rates seven times over the course of the reporting period. The pace of tightening decelerated as the Fed twice lowered the increment of increase before pausing entirely in June 2023, the first time it declined to take action since the tightening cycle began. However, the Fed then raised interest rates again at its July 2023 meeting and stated that it would continue to monitor economic data. The Fed also continued to decrease the size of its balance sheet by reducing the store of U.S. Treasuries it had accumulated to stabilize markets in the early phases of the pandemic.

Despite the tightening financial conditions, the U.S. economy demonstrated continued strength, and U.S. equities advanced. The economy returned to growth in the third quarter of 2022 and showed robust, if slightly slower, growth thereafter. Consumers powered the economy, increasing their spending in both nominal and inflation-adjusted terms. A strong labor market bolstered spending, as unemployment remained low, and the number of employed persons reached an all-time high. Tightness in the labor market drove higher wages, although wage growth slowed as the reporting period continued.

European stocks outpaced their counterparts in most other regions of the globe, advancing strongly for the reporting period despite modest economic growth. European stocks benefited from a solid recovery following the early phases of the war in Ukraine. While the conflict disrupted critical natural gas supplies, new sources were secured and prices declined, while a warm winter helped moderate consumption. The European Central Bank (“ECB”) responded to the highest inflation since the introduction of the euro by raising interest rates eight times and beginning to reduce the size of its debt holdings.

Stocks in the Asia-Pacific region gained, albeit at a slower pace than other regions of the world. Japan returned to growth in the fourth quarter of 2022 and first half of 2023, as strong business investment and exports helped boost the economy and support Japanese equities. However, Chinese stocks were negatively impacted by slowing economic growth. While investors were initially optimistic following China’s lifting of several pandemic-related lockdowns in December 2022, subsequent performance disappointed, and tensions with the U.S. increased. Emerging market stocks advanced modestly, as the resilient global economic environment reassured investors. The declining value of the U.S. dollar relative to many other currencies and the slowing pace of the Fed’s interest rate increases also supported emerging market stocks.

4 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Fund Summary as of August 31, 2023 iShares^® Currency Hedged MSCI United Kingdom ETF

Investment Objective

The iShares Currency Hedged MSCI United Kingdom ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization United Kingdom equities while mitigating exposure to fluctuations between the value of the British pound and the U.S. dollar, as represented by the MSCI United Kingdom 100% Hedged to USD Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI United Kingdom ETF.

On June 6, 2023, the Board approved a proposal to close the Fund to new and subsequent investments and thereafter to liquidate the Fund. After the close of business on October 30, 2023, the Fund will no longer accept creation orders. Trading in the Fund will be halted prior to market open on October 31, 2023. Proceeds of the liquidation will be sent to shareholders on or about November 2, 2023.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		6.89	%		4.60	%		5.89	%		6.89	%		25.20	%		59.72	%
Fund Market		6.87			4.59			5.90			6.87			25.14			59.77
Index		7.06			5.25			6.42			7.06			29.15			66.20

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSETVALUE)

The inception date of the Fund was June 29, 2015. The first day of secondary market trading was July 1, 2015.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (03/01/23)	Ending Account Value (08/31/23)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/23)	Ending Account Value (08/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$  1,000.00	$   963.70	$  0.00			$  1,000.00	$  1,025.20	$  0.00		0.00	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. The fees and expenses of the underlying funds in which the Fund invests are not included in the Fund’s annualized expense ratio.

F U N D  S U M M A R Y 5

Fund Summary as of August 31,  2023 (continued) iShares^® Currency Hedged MSCI United Kingdom ETF

Portfolio Management Commentary

Despite a slowing economy, stocks from the U.K. advanced significantly in U.S. dollar terms during the reporting period. Early in the reporting period, a tax plan proposed by the government raised investor concerns about additional borrowing requirements and the impact of the plan on financial markets. However, the plan was withdrawn, and new leadership stabilized the country’s fiscal position. Inflation remained elevated, although it declined notably during the reporting period, as the Bank of England raised interest rates eight times in an attempt to control rising prices.

The financials sector contributed the most to the Index’s return, driven primarily by the banking industry. Rising interest rates drove increased bank revenues, and cost cuts in the form of automation and layoffs also improved profitability, supporting larger dividend payouts and a stock buyback program. A rebound in an international interbank lending rate led to higher net interest margins (a measure of the profitability of interest-bearing assets compared to interest paid to depositors) for large British banks.

The industrials sector contributed meaningfully to the Index’s performance, as the aerospace and defense industry drove solid gains. The rebound in international travel following the end of coronavirus pandemic-related restrictions increased demand for aircraft engines, bolstering profits in the industry. Furthermore, geopolitical tensions in the wake of Russia’s invasion of Ukraine led to a significant increase in orders for defense equipment. The energy sector also contributed, as the oil, gas, and consumable fuels industry was buoyed by strong cash flows that enabled increased dividend payments to shareholders.

In terms of currency performance during the reporting period, the British pound appreciated by approximately 9% against the U.S. dollar. As the Fed slowed and then paused its interest rate increases, the Bank of England continued to raise interest rates, supporting the value of the British pound relative to the U.S. dollar.

The British pound’s positive performance meant hedging activity detracted from the Index’s return. A fully hedged investor seeks to bypass the currency fluctuations — both on the upside and on the downside — related to holding foreign-currency-denominated securities. The Index’s hedging activity offset the positive impact of the British pound’s performance relative to the U.S. dollar, resulting in an Index return that was relatively close to the return of British equities measured in British pounds.

Portfolio Information

PORTFOLIO COMPOSITION
Investment Type	Percent of   Net Assets
Investment Companies	99.9%
Short-term Investments	45.8
Forward foreign currency exchange contracts, net cumulative appreciation	1.6
Other assets less liabilities	(47.3)

SECTOR ALLOCATION (of the UNDERLYING FUND)
Sector	Percent of Total Investment(a)
Consumer Staples	19.5%
Financials	18.6
Energy	13.9
Health Care	13.2
Industrials	11.5
Materials	8.6
Consumer Discretionary	6.0
Utilities	4.2
Communication Services	2.7
Information Technology	1.0
Real Estate	0.7

^(a) Excludes money market funds.

6 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Fund Summary as of August 31, 2023   iShares^® MSCI United Kingdom ETF

Investment Objective

The iShares MSCI United Kingdom ETF (the “Fund”) seeks to track the investment results of an index composed of U.K. equities, as represented by the MSCI United Kingdom Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		14.46	%		2.77	%		2.62	%		14.46	%		14.66	%		29.55	%
Fund Market		14.53			2.82			2.57			14.53			14.92			28.84
Index		14.82			3.39			3.19			14.82			18.11			36.85

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example 

	Actual							Hypothetical 5% Return
		Beginning Account Value (03/01/23)		Ending Account Value (08/31/23)		Expenses Paid During the Period	(a)		Beginning Account Value (03/01/23)		Ending Account Value (08/31/23)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$	1,000.00	$	1,011.00	$	2.53		$	1,000.00	$	1,022.70	$	2.55		0.50	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D  S U M M A R Y 7

Fund Summary as of August 31, 2023   (continued) iShares^® MSCI United Kingdom ETF

Portfolio Management Commentary

Despite a slowing economy, stocks from the U.K. advanced significantly during the reporting period. Early in the reporting period, a tax plan proposed by the government raised investor concerns about additional borrowing requirements and the impact of the plan on financial markets. However, the plan was withdrawn, and new leadership stabilized the country’s fiscal position. Inflation remained elevated, although it declined notably during the reporting period, as the Bank of England raised interest rates eight times in an attempt to control rising prices. Higher interest rates supported the British pound, which appreciated relative to the U.S. dollar, making British stocks more valuable in U.S. dollar terms.

The financials sector contributed the most to the Index’s return, driven primarily by the banking industry. Rising interest rates drove increased bank revenues, and cost cuts in the form of automation and layoffs also improved profitability, supporting larger dividend payouts and a stock buyback program. A rebound in an international interbank lending rate led to higher net interest margins (a measure of the profitability of interest-bearing assets compared to interest paid to depositors) for large British banks.

The industrials sector contributed meaningfully to the Index’s performance, as the aerospace and defense industry drove solid gains. The rebound in international travel following the end of coronavirus pandemic-related restrictions increased demand for aircraft engines, bolstering profits in the industry. Furthermore, geopolitical tensions in the wake of Russia’s invasion of Ukraine led to a significant increase in orders for defense equipment. The energy sector also contributed, as the oil, gas, and consumable fuels industry was buoyed by strong cash flows that enabled increased dividend payments to shareholders.

Portfolio Information 

SECTOR ALLOCATION
Sector	Percent of Total Investments	(a)
Consumer Staples	19.5	%
Financials	18.6
Energy	14.0
Health Care	13.2
Industrials	11.5
Materials	8.6
Consumer Discretionary	6.0
Utilities	4.2
Communication Services	2.7
Information Technology	1.0
Real Estate	0.7

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
AstraZeneca PLC	9.3	%
Shell PLC	9.2
HSBC Holdings PLC	6.5
Unilever PLC	5.7
BP PLC	4.8
Diageo PLC	4.1
GSK PLC	3.2
British American Tobacco PLC	3.1
Rio Tinto PLC	3.1
RELX PLC	2.8

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Fund Summary as of August 31, 2023   iShares^® MSCI United Kingdom Small-Cap ETF

Investment Objective

The iShares MSCI United Kingdom Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization U.K. equities, as represented by the MSCI United Kingdom Small Cap Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		9.55	%		(2.55	)%		2.03	%		9.55	%		(12.14	)%		22.28	%
Fund Market		9.71			(2.50	)		1.97			9.71			(11.90	)		21.54
Index		9.87			(1.99	)		2.65			9.87			(9.55	)		29.84

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

	Actual							Hypothetical 5% Return
		Beginning Account Value (03/01/23)		Ending Account Value (08/31/23)		Expenses Paid During the Period	(a)		Beginning Account Value (03/01/23)		Ending Account Value (08/31/23)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$	1,000.00	$	1,002.10	$	2.98		$	1,000.00	$	1,022.20	$	3.01		0.59	%

^(a) Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D  S U M M A R Y 9

Fund Summary as of August 31,  2023 (continued) iShares^® MSCI United Kingdom Small-Cap ETF

Portfolio Management Commentary

Despite a slowing economy and higher interest rates, small capitalization stocks from the U.K. advanced significantly during the reporting period. Many larger companies were reclassified as small companies due to falling stock prices in 2022, which lowered valuations for small capitalization stocks overall. Relatively low valuations, as well as solid fundamental results both from companies with global exposure and from domestically focused niche companies, ultimately propelled small capitalization stocks. Higher interest rates supported the British pound, which appreciated relative to the U.S. dollar, making British stocks more valuable in U.S. dollar terms.

The consumer discretionary sector was the largest contributor to the Index’s return despite declining retail sales. U.K. consumers sought refuge from rising prices by shifting purchases to less expensive products. Consequently, a prominent discount store’s strong sales and improving earnings guidance drove the company’s stock higher. Similarly, the leisure products industry advanced, driven mostly by solid earnings at a company that sells miniature figurines for a medieval fantasy wargame.

The industrials sector also advanced amid a modest recovery in industrial production. Engineering services stocks in the machinery industry gained, as strong demand for mining equipment, sustainability projects, and automation drove earnings growth. Among trading companies and distributors, a manufacturer of custom kitchen cabinets advanced despite a flat housing market. The financials sector benefited from rising capital markets and solid growth at a bank with operations in Georgia, whose economy grew rapidly amid rising foreign investment, tourism, and the country’s ascendance as a key shipping center during the war in Ukraine.

On the downside, broad-based weakness in the real estate sector detracted from the Index’s return. Rising interest rates, office vacancy due to the rise of remote work, and financial distress at a subsidized housing provider weighed on the sector.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of Total Investments	(a)
Industrials	21.2	%
Consumer Discretionary	17.6
Financials	16.6
Real Estate	12.1
Health Care	6.2
Information Technology	5.9
Communication Services	5.8
Consumer Staples	5.4
Materials	5.0
Energy	2.5
Utilities	1.7

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
B&M European Value Retail SA	1.9	%
Weir Group PLC (The)	1.6
Rightmove PLC	1.6
Marks & Spencer Group PLC	1.5
Dechra Pharmaceuticals PLC	1.5
DS Smith PLC	1.5
Diploma PLC	1.4
Howden Joinery Group PLC	1.4
Intermediate Capital Group PLC	1.3
IMI PLC	1.3

10 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

A B O U T  F U N D  P E R F O R M A N C E / D I S C L O S U R E  O F  E X P E N S E S 11

Schedule of Investments August 31, 2023 iShares^® Currency Hedged MSCI United Kingdom ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 99.9%
iShares MSCI United Kingdom ETF(a)(b)		270,201	$	8,646,432
Total Investment Companies (Cost: $9,056,856)				8,646,432
Short-Term Securities
Money Market Funds — 45.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.52%(a)(c)(d)		3,958,815		3,960,002
Total Short-Term Securities — 45.8% (Cost: $3,960,000)				3,960,002
Total Investments in Securities — 145.7% (Cost: $13,016,856)				12,606,434
Liabilities in Excess of Other Assets — (45.7)%				(3,951,756	)
Net Assets — 100.0%			$	8,654,678

^(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 year ended August 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 08/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/23		Shares Held at 08/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	3,959,324	(a)	$	—		$	676		$	2	$	3,960,002		3,958,815	$	20,969	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(c)		700,000		—			(700,000	)(a)		—			—		—		—		404			—
iShares MSCI United Kingdom ETF		15,793,013		3,600,763			(12,154,058	)		(240,889	)		1,647,603		8,646,432		270,201		378,854			—
									$	(240,213	)	$	1,647,605	$	12,606,434			$	400,227		$	—

^(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.

^(c)  As of period end, the entity is no longer held.

Derivative Financial Instruments Outstanding as of Period End Forward

Foreign Currency Exchange Contracts

Currency Purchased			Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	8,812,396		GBP	6,848,000	Bank of America N.A.	09/05/23		$	137,355
USD	41,100		GBP	32,000	JPMorgan Chase Bank N.A.	09/05/23			562
USD	83,643		GBP	66,000	JPMorgan Chase Bank N.A.	10/03/23			23
USD	8,719,168		GBP	6,880,000	State Street Bank & Trust Company	10/03/23			2,444
									140,384
GBP	6,880,000		USD	8,717,992	State Street Bank & Trust Company	09/05/23			(2,412	)

12 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) August 31, 2023 iShares^® Currency Hedged MSCI United Kingdom ETF

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased			Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
GBP	94,000		USD	119,119	Deutsche Bank Securities Inc.	10/03/23		$	(25	)
									(2,437	)
								$	137,947

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	$	—	$	—	$	—	$	140,384	$	—	$	—	$	140,384
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	2,437	$	—	$	—	$	2,437

For the period ended August 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	$	—	$	—	$	—	$	(32,146	)	$	—	$	—	$	(32,146	)
Net Change in Unrealized Appreciation (Depreciation) on
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	(868,900	)	$	—	$	—	$	(868,900	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	10,626,717
Average amounts sold — in USD	$	20,564,223

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Derivative Financial Instruments - Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:

	Assets		Liabilities
Derivative Financial Instruments:
Forward foreign currency exchange contracts	$	140,384	$	2,437
Total derivative assets and liabilities in the Statement of Assets and Liabilities		140,384		2,437
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA		140,384		2,437

The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:

		Derivative Assets Subject to an MNA by		Derivatives Available						Non-Cash Collateral			Cash Collateral		Net Amount of Derivative
Counterparty			Counterparty				for Offset	(a)			Received			Received			Assets	(b)
Bank of America N.A.		$	137,355			$	—			$	—		$	—			$137,355
JPMorgan Chase Bank N.A.			585				—				—			—			585

S C H E D U L E  O F  I N V E S T M E N T S 13

Schedule of Investments (continued) August 31, 2023 iShares^® Currency Hedged MSCI United Kingdom ETF

Derivative Financial Instruments - Offsetting as of Period End (continued)

	Derivative Assets Subject to an MNA by				Derivatives Available					Non-Cash Collateral				Cash Collateral				Net Amount of Derivative
Counterparty		Counterparty						for Offset	(a)		Received				Received						Assets	(b)
State Street Bank & Trust Company			$	2,444			$	(2,412	)			$	—			$	—			$	32
			$	140,384			$	(2,412	)			$	—			$	—			$	137,972
	Derivative Liabilities Subject to an MNA by				Derivatives Available							Non-Cash Collateral				Cash Collateral		Net Amount of Derivative
Counterparty		Counterparty						for Offset	(a)				Pledged				Pledged				Liabilities	(c)
Deutsche Bank Securities Inc.			$	25			$	—				$	—			$	—			$	25
State Street Bank & Trust Company				2,412				(2,412	)				—				—				—
			$	2,437			$	(2,412	)			$	—			$	—			$	25

^(a)  The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

^(b)  Net amount represents the net amount receivable from the counterparty in the event of default.

^(c)  Net amount represents the net amount payable due to the counterparty in the event of default.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Assets
Investments
Long-Term Investments
Investment Companies	$	8,646,432	$	—		$	—	$	8,646,432
Short-Term Securities
Money Market Funds		3,960,002		—			—		3,960,002
	$	12,606,434	$	—		$	—	$	12,606,434
Derivative Financial Instruments(a)
Assets
Foreign Currency Exchange Contracts	$	—	$	140,384		$	—	$	140,384
Liabilities
Foreign Currency Exchange Contracts		—		(2,437	)		—		(2,437	)
	$	—	$	137,947		$	—		137,947

^(a)  Derivative financial instruments are forward foreign currency exchange contracts. Forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

14 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments August 31, 2023 iShares^® MSCI United Kingdom ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 3.1%
BAE Systems PLC		3,618,596	$	46,056,634
Melrose Industries PLC		1,606,769		10,433,737
Rolls-Royce Holdings PLC(a)		10,006,610		28,071,739
				84,562,110
Banks — 10.9%
Barclays PLC		18,494,251		34,448,454
HSBC Holdings PLC		23,501,726		173,377,103
Lloyds Banking Group PLC		76,567,010		40,906,881
NatWest Group PLC, NVS		6,910,139		20,095,244
Standard Chartered PLC		2,819,960		25,373,167
				294,200,849
Beverages — 4.3%
Coca-Cola HBC AG, Class DI		262,393		7,558,729
Diageo PLC		2,672,030		109,427,541
				116,986,270
Broadline Retail — 0.5%
Next PLC		144,683		12,786,891
Capital Markets — 3.7%
3i Group PLC		1,154,984		29,084,164
abrdn PLC		2,353,311		4,909,178
Hargreaves Lansdown PLC		419,549		4,037,401
London Stock Exchange Group PLC		475,903		49,234,127
Schroders PLC		947,459		4,928,963
St. James’s Place PLC		647,529		7,240,566
				99,434,399
Chemicals — 0.6%
Croda International PLC		166,105		11,600,419
Johnson Matthey PLC		219,567		4,526,638
				16,127,057
Commercial Services & Supplies — 0.8%
Rentokil Initial PLC		2,986,677		22,738,966
Consumer Staples Distribution & Retail — 1.6%
J Sainsbury PLC		1,969,606		6,735,565
Ocado Group PLC(a)		688,716		7,586,299
Tesco PLC		8,522,575		28,672,325
				42,994,189
Diversified Consumer Services — 0.3%
Pearson PLC		761,184		8,067,566
Diversified REITs — 0.2%
Land Securities Group PLC		839,332		6,395,619
Diversified Telecommunication Services — 0.4%
BT Group PLC		7,677,327		11,231,248
Electric Utilities — 1.0%
SSE PLC		1,296,322		26,638,312
Electronic Equipment, Instruments & Components — 0.4%
Halma PLC		451,139		12,229,661
Financial Services — 0.5%
M&G PLC		2,672,948		6,456,076
Wise PLC, Class A(a)		723,565		5,856,874
				12,312,950
Food Products — 0.4%
Associated British Foods PLC		416,485		10,491,189

Security	Shares		Value
Health Care Equipment & Supplies — 0.5%
Smith & Nephew PLC		1,039,174	$	14,023,671
Health Care Providers & Services — 0.0%
NMC Health PLC, NVS(b)		122,262		2
Hotels, Restaurants & Leisure — 3.3%
Compass Group PLC		2,061,046		51,972,799
Entain PLC		755,718		11,053,664
InterContinental Hotels Group PLC		200,128		15,052,692
Whitbread PLC		235,276		10,232,974
				88,312,129
Household Durables — 0.9%
Barratt Developments PLC		1,156,991		6,632,419
Berkeley Group Holdings PLC		128,224		6,587,655
Persimmon PLC		380,561		5,130,446
Taylor Wimpey PLC		4,202,456		6,073,379
				24,423,899
Household Products — 2.3%
Reckitt Benckiser Group PLC		853,046		61,560,618
Industrial Conglomerates — 0.6%
DCC PLC		117,222		6,414,043
Smiths Group PLC		416,480		8,637,727
				15,051,770
Industrial REITs — 0.5%
Segro PLC		1,383,228		12,894,818
Insurance — 3.3%
Admiral Group PLC		253,151		7,975,269
Aviva PLC		3,255,530		15,446,709
Legal & General Group PLC		7,107,022		19,635,960
Phoenix Group Holdings PLC		892,294		5,877,896
Prudential PLC		3,273,297		39,865,667
				88,801,501
Interactive Media & Services — 0.3%
Auto Trader Group PLC(c)		1,092,871		8,380,636
Machinery — 0.4%
Spirax-Sarco Engineering PLC		87,594		11,224,836
Media — 1.0%
Informa PLC		1,663,971		15,374,251
WPP PLC		1,272,375		12,333,637
				27,707,888
Metals & Mining — 7.5%
Anglo American PLC		1,510,734		40,172,930
Antofagasta PLC		468,847		8,586,411
Endeavour Mining PLC		218,541		4,462,801
Glencore PLC		12,522,018		66,682,172
Rio Tinto PLC		1,338,553		82,434,278
				202,338,592
Multi-Utilities — 2.5%
Centrica PLC		6,615,571		12,697,692
National Grid PLC		4,377,601		54,642,943
				67,340,635
Oil, Gas & Consumable Fuels — 13.8%
BP PLC		20,629,546		127,475,819
Shell PLC		7,970,809		243,709,557
				371,185,376

S C H E D U L E  O F  I N V E S T M E N T S 15

Schedule of Investments (continued) August 31, 2023 iShares^® MSCI United Kingdom ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Paper & Forest Products — 0.3%
Mondi PLC		576,052	$	9,568,696
Personal Care Products — 6.7%
Haleon PLC		6,587,390		26,972,340
Unilever PLC		2,990,116		152,702,859
				179,675,199
Pharmaceuticals — 12.5%
AstraZeneca PLC		1,842,650		247,509,549
GSK PLC		4,868,549		85,277,179
Hikma Pharmaceuticals PLC		194,524		5,373,359
				338,160,087
Professional Services — 4.5%
Experian PLC		1,093,822		38,200,167
Intertek Group PLC		191,597		10,033,859
RELX PLC		2,255,063		73,503,168
				121,737,194
Software — 0.5%
Sage Group PLC (The)		1,219,059		14,980,533
Specialty Retail — 0.5%
JD Sports Fashion PLC		3,057,845		5,612,666
Kingfisher PLC		2,308,882		6,842,354
				12,455,020
Textiles, Apparel & Luxury Goods — 0.5%
Burberry Group PLC		448,276		12,376,733
Tobacco — 4.0%
British American Tobacco PLC		2,525,868		83,667,708
Imperial Brands PLC		1,026,459		23,240,654
				106,908,362
Trading Companies & Distributors — 1.9%
Ashtead Group PLC		521,223		36,359,612
Bunzl PLC		400,662		14,347,325
				50,706,937

Security	Shares		Value
Water Utilities — 0.7%
Severn Trent PLC		298,855	$	9,075,604
United Utilities Group PLC		806,786		9,661,045
				18,736,649
Wireless Telecommunication Services — 0.9%
Vodafone Group PLC		27,338,794		25,344,501
Total Long-Term Investments — 98.6% (Cost: $3,195,228,282)				2,661,093,558
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(d)(e)		1,260,000		1,260,000
Total Short-Term Securities — 0.1% (Cost: $1,260,000)				1,260,000
Total Investments — 98.7% (Cost: $3,196,488,282)				2,662,353,558
Other Assets Less Liabilities — 1.3%				35,399,958
Net Assets — 100.0%			$	2,697,753,516

^(a)  Non-income producing security.

^(b)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(c)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)  Affiliate of the Fund.

^(e)  Annualized 7-day yield as of period end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/23		Shares Held at 08/31/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	120,000	$	1,140,000	(a)	$	—	$	—	$	—	$	1,260,000		1,260,000	$	99,928	$	1

^(a) Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
FTSE 100 Index		375		09/15/23	$	35,374	$	(407,099	)

16 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) August 31, 2023 iShares^® MSCI United Kingdom ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	407,099	$	—	$	—	$	—	$	407,099

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended August 31, 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	$	—	$	—	$	(758,593	)	$	—	$	—	$	—	$	(758,593	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(302,155	)	$	—	$	—	$	—	$	(302,155	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	25,905,480

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	—	$	2,661,093,556		$	2	$	2,661,093,558
Short-Term Securities
Money Market Funds		1,260,000		—			—		1,260,000
	$	1,260,000	$	2,661,093,556		$	2	$	2,662,353,558
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	—	$	(407,099	)	$	—	$	(407,099	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

S C H E D U L E  O F  I N V E S T M E N T S 17

Schedule of Investments August 31, 2023 iShares^® MSCI United Kingdom Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.2%
Babcock International Group PLC(a)		30,011	$	146,769
Chemring Group PLC		33,746		124,401
QinetiQ Group PLC		61,693		259,852
				531,022
Air Freight & Logistics — 0.7%
International Distributions Services PLC(a)		84,939		260,853
Wincanton PLC		13,840		41,903
				302,756
Automobile Components — 0.8%
AB Dynamics PLC		2,009		44,792
Dowlais Group PLC(a)		160,069		230,353
TI Fluid Systems PLC(b)		40,053		64,235
				339,380
Automobiles — 0.3%
Aston Martin Lagonda Global Holdings PLC(a)(b)(c)		30,499		137,359
Banks — 1.9%
Bank of Georgia Group PLC		4,106		181,272
Close Brothers Group PLC		17,818		184,937
TBC Bank Group PLC		4,898		176,526
Virgin Money UK PLC		137,566		282,819
				825,554
Beverages — 1.6%
AG Barr PLC		11,259		69,532
Britvic PLC		30,502		339,084
C&C Group PLC		45,965		79,480
Fevertree Drinks PLC		12,437		206,865
				694,961
Biotechnology — 0.6%
Genus PLC		7,820		230,056
Oxford Biomedica PLC(a)(c)		7,833		31,975
				262,031
Broadline Retail — 2.0%
B&M European Value Retail SA		112,726		823,811
THG PLC, Class B(a)		69,253		86,232
				910,043
Building Products — 0.7%
Genuit Group PLC		29,512		119,088
Tyman PLC		23,058		86,339
Volution Group PLC		23,501		113,666
				319,093
Capital Markets — 8.1%
AJ Bell PLC		36,632		134,669
Alpha FX Group PLC(c)		4,120		111,691
Ashmore Group PLC		54,991		134,877
Bridgepoint Group PLC(b)		28,794		63,559
CMC Markets PLC(b)		13,257		17,802
Draper Esprit PLC(a)		15,403		47,493
IG Group Holdings PLC		47,974		410,617
Impax Asset Management Group PLC		11,892		80,471
IntegraFin Holdings PLC		34,913		106,589
Intermediate Capital Group PLC		34,420		588,223
Investec PLC		76,739		453,272
IP Group PLC		123,408		91,768
JTC PLC(b)		17,951		158,500
Jupiter Fund Management PLC		51,638		64,989
Liontrust Asset Management PLC		7,362		61,280

Security	Shares		Value
Capital Markets (continued)
Man Group PLC/Jersey		142,111	$	380,846
Ninety One PLC		32,772		71,116
Polar Capital Holdings PLC		10,908		67,364
Quilter PLC(b)		166,302		179,939
Rathbones Group PLC		7,137		158,971
TP ICAP Group PLC		93,410		195,484
				3,579,520
Chemicals — 0.9%
Elementis PLC(a)		69,532		100,591
Essentra PLC		35,102		65,634
Synthomer PLC(a)		40,665		32,969
Victrex PLC		10,306		195,779
				394,973
Commercial Services & Supplies — 1.6%
Finablr PLC(a)(b)(d)		61,710		1
Johnson Service Group PLC		49,262		74,193
Mitie Group PLC		151,667		186,410
Renewi PLC(a)		8,917		54,261
Serco Group PLC		131,455		254,620
Smart Metering Systems PLC		15,832		137,784
				707,269
Communications Equipment — 0.3%
Spirent Communications PLC		71,218		141,553
Construction & Engineering — 1.4%
Balfour Beatty PLC		66,529		275,761
Keller Group PLC		8,624		84,012
Kier Group PLC(a)		49,594		53,339
Morgan Sindall Group PLC		5,062		126,275
Renew Holdings PLC		9,373		85,253
				624,640
Construction Materials — 1.2%
Breedon Group PLC		36,123		159,933
Forterra PLC(b)		23,647		50,087
Ibstock PLC(b)		46,890		88,447
Marshalls PLC		26,965		93,760
RHI Magnesita NV(c)		3,348		119,911
				512,138
Consumer Finance — 0.1%
Provident Financial PLC		29,695		38,972
Consumer Staples Distribution & Retail — 1.5%
Marks & Spencer Group PLC(a)		233,527		669,801
Containers & Packaging — 1.4%
DS Smith PLC		163,145		644,068
Distributors — 1.0%
Inchcape PLC		44,025		424,907
Diversified Consumer Services — 0.3%
Auction Technology Group PLC(a)		11,493		103,080
Me Group International PLC		22,399		45,060
				148,140
Diversified REITs — 2.0%
Balanced Commercial Property Trust Ltd.		83,648		73,328
British Land Co. PLC (The)		104,332		427,695
Custodian Reit PLC		48,915		49,572
LXI REIT PLC		192,909		228,248
Picton Property Income Ltd.		64,366		56,076

18 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) August 31, 2023 iShares^® MSCI United Kingdom Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Diversified REITs (continued)
UK Commercial Property REIT Ltd.		91,519	$	62,543
				897,462
Diversified Telecommunication Services — 0.6%
Gamma Communications PLC		10,912		148,073
Helios Towers PLC(a)		87,095		100,567
				248,640
Electrical Equipment — 0.8%
Ceres Power Holdings PLC(a)(c)		15,049		65,047
DiscoverIE Group PLC		11,412		105,438
ITM Power PLC(a)(c)		54,053		60,097
Volex PLC		15,000		61,756
XP Power Ltd.		2,079		56,537
				348,875
Electronic Equipment, Instruments & Components — 2.0%
Oxford Instruments PLC		6,495		182,247
Renishaw PLC		4,311		198,677
Spectris PLC		12,309		517,770
				898,694
Energy Equipment & Services — 0.6%
Hunting PLC		16,761		52,127
John Wood Group PLC(a)		81,941		165,424
Petrofac Ltd.(a)(c)		53,587		49,046
				266,597
Entertainment — 0.1%
Team17 Group PLC(a)		13,624		58,680
Financial Services — 2.6%
Burford Capital Ltd.		22,044		304,166
Network International Holdings PLC(a)(b)		56,789		279,128
OSB Group PLC		49,370		213,031
Paragon Banking Group PLC		25,014		166,836
Plus500 Ltd.		9,736		176,123
				1,139,284
Food Products — 2.2%
Cranswick PLC		6,365		271,492
Greencore Group PLC(a)		57,800		61,689
Hilton Food Group PLC		9,551		81,549
Premier Foods PLC		77,295		120,634
Tate & Lyle PLC		47,573		425,775
				961,139
Ground Transportation — 0.7%
Firstgroup PLC		81,805		149,963
National Express Group PLC		65,459		69,289
Redde Northgate PLC		27,148		110,396
				329,648
Health Care Equipment & Supplies — 1.5%
Advanced Medical Solutions Group PLC		25,374		81,966
ConvaTec Group PLC(b)		193,824		568,898
				650,864
Health Care Providers & Services — 0.7%
CVS Group PLC		8,460		226,870
Spire Healthcare Group PLC(b)		33,504		92,313
				319,183
Health Care REITs — 1.1%
Assura PLC		351,211		204,126
Impact Healthcare Reit PLC, Class B		38,774		44,993
Primary Health Properties PLC		158,294		188,588

Security	Shares		Value
Health Care REITs (continued)
Target Healthcare REIT PLC		73,461	$	67,748
				505,455
Health Care Technology — 0.6%
Craneware PLC		3,533		63,553
EMIS Group PLC		7,499		181,825
				245,378
Hotels, Restaurants & Leisure — 5.1%
888 Holdings PLC(a)		39,846		64,269
Carnival PLC(a)		16,456		232,526
Deliveroo PLC, Class A(a)(b)		112,839		161,670
Domino’s Pizza Group PLC		44,364		221,991
Greggs PLC		12,111		377,555
J D Wetherspoon PLC(a)		10,744		98,404
Mitchells & Butlers PLC(a)		31,556		88,144
Patisserie Holdings PLC, NVS(d)		6,053		—
Playtech PLC(a)		27,475		182,728
Rank Group PLC(a)		24,289		25,846
SSP Group PLC(a)		94,341		280,851
Trainline PLC(a)(b)		54,085		159,366
TUI AG(a)		54,090		320,799
Young & Co’s Brewery PLC, Series A, Class A		2,396		34,905
				2,249,054
Household Durables — 2.4%
Bellway PLC		14,364		388,673
Crest Nicholson Holdings PLC		27,047		61,845
Redrow PLC		33,300		200,169
Victoria PLC(a)(c)		6,726		48,311
Vistry Group PLC		38,900		384,890
				1,083,888
Independent Power and Renewable Electricity Producers — 0.7%
Drax Group PLC		46,123		322,526
Industrial REITs — 1.9%
LondonMetric Property PLC		129,003		295,384
Tritax Big Box REIT PLC		221,344		395,343
Urban Logistics REIT PLC		55,206		82,243
Warehouse REIT PLC		47,898		51,697
				824,667
Insurance — 3.9%
Beazley PLC		79,629		549,788
Direct Line Insurance Group PLC		155,321		318,292
Hiscox Ltd.		41,097		518,526
Just Group PLC		123,374		117,843
Lancashire Holdings Ltd.		28,901		209,602
				1,714,051
Interactive Media & Services — 2.0%
Moneysupermarket.com Group PLC		60,407		190,085
Rightmove PLC		96,571		683,550
Trustpilot Group PLC(a)(b)		29,223		30,467
				904,102
IT Services — 2.3%
Computacenter PLC		10,139		279,926
FDM Group Holdings PLC		11,028		80,469
Kainos Group PLC		9,604		147,603
Keywords Studios PLC		8,894		171,820
NCC Group PLC		37,559		47,437
Softcat PLC		15,362		292,140
				1,019,395

S C H E D U L E  O F  I N V E S T M E N T S 19

Schedule of Investments (continued) August 31, 2023 iShares^® MSCI United Kingdom Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Leisure Products — 1.2%
Games Workshop Group PLC		3,898	$	533,763
Life Sciences Tools & Services — 0.6%
Ergomed PLC(a)		5,049		66,903
Oxford Nanopore Technologies PLC(a)		63,805		192,371
				259,274
Machinery — 5.0%
Bodycote PLC		22,676		190,740
IMI PLC		30,891		586,235
Judges Scientific PLC		704		84,010
Morgan Advanced Materials PLC		33,503		111,438
Rotork PLC		101,965		387,518
Vesuvius PLC		25,698		143,332
Weir Group PLC (The)		30,748		712,731
				2,216,004
Marine Transportation — 0.3%
Clarkson PLC		3,453		118,542
Media — 2.6%
4imprint Group PLC		3,326		214,566
Ascential PLC(a)		52,203		132,658
Future PLC		12,910		126,733
ITV PLC		430,051		384,574
Next Fifteen Communications Group PLC		10,018		78,302
S4 Capital PLC(a)(c)		45,120		56,596
Tremor International Ltd.(a)		11,693		22,767
YouGov PLC		12,479		137,533
				1,153,729
Metals & Mining — 1.5%
Atalaya Mining PLC		11,597		47,746
Centamin PLC		137,205		152,387
Central Asia Metals PLC		20,468		51,806
Ferrexpo PLC(a)		34,981		34,277
Greatland Gold PLC(a)		551,193		44,758
Hill & Smith PLC		9,490		214,961
Hochschild Mining PLC		39,069		45,256
Pan African Resources PLC		226,991		40,257
SolGold PLC(a)(c)		176,459		33,554
				665,002
Multi-Utilities — 0.4%
Telecom Plus PLC		8,472		170,644
Office REITs — 1.2%
CLS Holdings PLC		21,718		34,838
Derwent London PLC		11,305		265,797
Great Portland Estates PLC		24,054		128,042
Workspace Group PLC		17,046		108,202
				536,879
Oil, Gas & Consumable Fuels — 1.8%
Diversified Energy Co. PLC		115,139		133,533
Energean PLC		15,906		229,304
EnQuest PLC(a)		189,863		40,878
Genel Energy PLC		17,591		18,541
Gulf Keystone Petroleum Ltd.		26,346		31,239
Harbour Energy PLC		66,095		209,102
Serica Energy PLC		29,556		93,513
Tullow Oil PLC(a)(c)		137,226		60,869
				816,979
Passenger Airlines — 1.0%
easyJet PLC(a)		35,911		191,836

Security	Shares		Value
Passenger Airlines (continued)
JET2 PLC		20,341	$	271,949
				463,785
Personal Care Products — 0.1%
PZ Cussons PLC		27,581		55,371
Pharmaceuticals — 2.3%
Dechra Pharmaceuticals PLC		13,489		648,496
Indivior PLC, NVS(a)		15,514		357,687
				1,006,183
Professional Services — 2.0%
Alpha Financial Markets Consulting PLC		13,514		62,144
Capita PLC(a)		202,103		46,187
Hays PLC		188,217		254,938
Learning Technologies Group PLC		71,144		69,036
Marlowe PLC(a)		9,545		72,308
Pagegroup PLC		38,922		206,417
RWS Holdings PLC		34,167		104,311
SThree PLC		15,931		71,766
				887,107
Real Estate Management & Development — 1.8%
Grainger PLC		83,436		249,303
IWG PLC(a)		89,424		203,002
Savills PLC		16,246		187,385
Sirius Real Estate Ltd.		139,489		153,743
				793,433
Residential REITs — 1.5%
Empiric Student Property PLC		72,138		79,687
Home Reit PLC(d)		103,572		42,093
PRS REIT PLC (The)		64,244		58,515
UNITE Group PLC (The)		40,529		482,028
				662,323
Retail REITs — 1.2%
Capital & Counties Properties PLC		173,500		258,192
Hammerson PLC		473,245		144,001
Supermarket Income Reit PLC		147,604		144,112
				546,305
Semiconductors & Semiconductor Equipment — 0.1%
Alphawave IP Group PLC(a)		29,647		54,082
Software — 1.1%
Bytes Technology Group PLC		26,946		165,692
Darktrace PLC(a)		37,375		170,105
FD Technologies PLC(a)(c)		2,833		59,337
GB Group PLC		29,527		84,997
				480,131
Specialized REITs — 1.3%
Big Yellow Group PLC		20,737		281,925
Safestore Holdings PLC		25,821		282,778
				564,703
Specialty Retail — 3.5%
AO World PLC(a)		37,689		44,514
ASOS PLC(a)(c)		9,056		50,017
boohoo Group PLC(a)(c)		105,164		47,382
Currys PLC		114,113		72,260
Dunelm Group PLC		14,335		211,377
Frasers Group PLC(a)		13,546		138,320
Halfords Group PLC		26,045		60,346
Lookers PLC		36,173		59,113
Moonpig Group PLC(a)		28,832		61,909

20 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) August 31, 2023 iShares^® MSCI United Kingdom Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Specialty Retail (continued)
Pets at Home Group PLC		57,060	$	272,332
Watches of Switzerland Group PLC(a)(b)		28,375		208,987
WH Smith PLC		15,505		287,472
Wickes Group PLC		30,697		54,597
				1,568,626
Textiles, Apparel & Luxury Goods — 0.8%
Coats Group PLC		189,244		183,876
Dr. Martens PLC		77,058		153,085
				336,961
Trading Companies & Distributors — 5.6%
Diploma PLC		15,875		628,600
Grafton Group PLC		24,036		262,621
Howden Joinery Group PLC		64,947		607,419
RS GROUP PLC		56,071		538,808
SIG PLC(a)		85,028		36,239
Travis Perkins PLC		25,170		273,789
Yellow Cake PLC(a)(b)		24,013		141,787
				2,489,263
Water Utilities — 0.6%
Penno Group PLC		30,950		252,536
Wireless Telecommunication Services — 0.4%
Airtel Africa PLC(b)		111,279		160,704
Total Long-Term Investments — 99.3% (Cost: $62,687,542)				43,988,091

Security	Shares		Value
Short-Term Securities
Money Market Funds — 1.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.52%(e)(f)(g)		621,797	$	621,984
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(e)(f)		20,000		20,000
Total Short-Term Securities — 1.4% (Cost: $641,519)				641,984
Total Investments — 100.7% (Cost: $63,329,061)				44,630,075
Liabilities in Excess of Other Assets — (0.7)%				(314,873	)
Net Assets — 100.0%			$	44,315,202

^(a)  Non-income producing security.

^(b)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)  All or a portion of this security is on loan.

^(d)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(e)  Affiliate of the Fund.

^(f)  Annualized 7-day yield as of period end.

^(g)  All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 08/31/23		Shares Held at 08/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	685,192	$	—		$	(63,431	)(a)	$	353	$	(130	)	$	621,984		621,797	$	50,680	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		20,000		0	(a)		—			—		—			20,000		20,000		1,028			—
									$	353	$	(130	)	$	641,984			$	51,708		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
FTSE 250 Index		7		09/15/23	$	329	$	(559	)

S C H E D U L E  O F  I N V E S T M E N T S 21

Schedule of Investments (continued) August 31, 2023 iShares^® MSCI United Kingdom Small-Cap ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	559	$	—	$	—	$	—	$	559

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended August 31, 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	$	—	$	—	$	(12,786	)	$	—	$	—	$	—	$	(12,786	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	11,735		$	—	$	—	$	—	$	11,735

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	268,867

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	15,115,175	$	28,830,822		$	42,094	$	43,988,091
Short-Term Securities
Money Market Funds		641,984		—			—		641,984
	$	15,757,159	$	28,830,822		$	42,094	$	44,630,075
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	—	$	(559	)	$	—	$	(559	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

22 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Statements of Assets and Liabilities

August 31, 2023

	iShares Currency Hedged MSCI United Kingdom ETF			iShares MSCI United Kingdom ETF			iShares MSCI United Kingdom Small-Cap ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	—		$	2,661,093,558		$	43,988,091
Investments, at value — affiliated(b)(c)		12,606,434			1,260,000			641,984
Cash		4,404			7,007			8,477
Foreign currency collateral pledged for futures contracts(d)		—			1,679,915			13,935
Foreign currency, at value(e)		—			7,246,952			69,008
Receivables:
Investments sold		—			17,738,755			1,485,194
Securities lending income — affiliated		1,344			—			1,827
Dividends — unaffiliated		—			27,091,190			168,746
Dividends — affiliated		—			5,406			41
Tax reclaims		—			158,827			24,804
Unrealized appreciation on forward foreign currency exchange contracts		140,384			—			—
Total assets		12,752,566			2,716,281,610			46,402,107
LIABILITIES
Collateral on securities loaned, at value		3,960,000			—			622,851
Payables:
Investments purchased		135,451			17,203,233			1,440,875
Investment advisory fees		—			1,158,179			22,604
Variation margin on futures contracts		—			166,682			575
Unrealized depreciation on forward foreign currency exchange contracts		2,437			—			—
Total liabilities		4,097,888			18,528,094			2,086,905
Commitments and contingent liabilities
NET ASSETS	$	8,654,678		$	2,697,753,516		$	44,315,202
NET ASSETS CONSIST OF
Paid-in capital	$	14,271,209		$	3,816,583,739		$	78,540,196
Accumulated loss		(5,616,531	)		(1,118,830,223	)		(34,224,994	)
NET ASSETS	$	8,654,678		$	2,697,753,516		$	44,315,202
NET ASSETVALUE
Shares outstanding		350,000			84,400,000			1,350,000
Net asset value	$	24.73		$	31.96		$	32.83
Shares authorized		Unlimited			Unlimited			Unlimited
Par value		None			None			None
(a)  Investments, at cost — unaffiliated	$	—		$	3,195,228,282		$	62,687,542
(b)  Securities loaned, at value	$	3,840,000		$	—		$	559,486
(c)  Investments, at cost — affiliated	$	13,016,856		$	1,260,000		$	641,519
(d)  Foreign currency collateral pledged, at cost	$	—		$	1,686,623		$	14,516
(e)  Foreign currency, at cost	$	—		$	7,248,537		$	68,504

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 23

Statements of Operations

Year Ended August 31, 2023

	iShares Currency Hedged MSCI United Kingdom ETF			iShares MSCI United Kingdom ETF			iShares MSCI United Kingdom Small-Cap ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	—		$	124,147,760		$	1,588,907
Dividends — affiliated		379,258			99,928			1,028
Securities lending income — affiliated — net		20,969			—			50,680
Foreign taxes withheld		—			(142,241	)		(43,389	)
Total investment income		400,227			124,105,447			1,597,226
EXPENSES
Investment advisory		68,809			15,428,590			274,606
Total expenses		68,809			15,428,590			274,606
Less:
Investment advisory fees waived		(68,809	)		—			—
Total expenses after fees waived		—			15,428,590			274,606
Net investment income		400,227			108,676,857			1,322,620
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		—			(65,249,898	)		(2,977,882	)
Investments — affiliated		(183,972	)		—			353
Capital gain distributions from underlying funds — affiliated		—			1			—
Forward foreign currency exchange contracts		(32,146	)		—			—
Foreign currency transactions		—			(73,811	)		30,242
Futures contracts		—			(758,593	)		(12,786	)
In-kind redemptions — unaffiliated(a)		—			58,286,509			565,846
In-kind redemptions — affiliated(a)		(56,241	)		—			—
		(272,359	)		(7,795,792	)		(2,394,227	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		—			320,564,226			5,457,828
Investments — affiliated		1,647,605			—			(130	)
Forward foreign currency exchange contracts		(868,900	)		—			—
Foreign currency translations		—			1,180,790			9,129
Futures contracts		—			(302,155	)		11,735
		778,705			321,442,861			5,478,562
Net realized and unrealized gain		506,346			313,647,069			3,084,335
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	906,573		$	422,323,926		$	4,406,955

^(a) See Note 2 of the Notes to Financial Statements.

See notes to financial statements.

24 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Statements of Changes in Net Assets

			iShares Currency Hedged MSCI United Kingdom ETF									iShares MSCI United Kingdom ETF
	Year Ended 08/31/23					Year Ended 08/31/22						Year Ended 08/31/23				Year Ended 08/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income			$	400,227				$	688,168			$	108,676,857			$	131,753,890
Net realized gain (loss)				(272,359	)				1,841,564				(7,795,792	)			200,034,166
Net change in unrealized appreciation (depreciation)				778,705					(1,080,231	)			321,442,861				(677,452,421	)
Net increase (decrease) in net assets resulting from operations				906,573					1,449,501				422,323,926				(345,664,365	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders				(398,737	)				(688,249	)			(103,364,666	)			(144,252,025	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions				(7,691,272	)				6,810,679				(921,047,759	)			210,576,943
NET ASSETS
Total increase (decrease) in net assets				(7,183,436	)				7,571,931				(602,088,499	)			(279,339,447	)
Beginning of year				15,838,114					8,266,183				3,299,842,015				3,579,181,462
End of year			$	8,654,678				$	15,838,114			$	2,697,753,516			$	3,299,842,015

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 25

Statements of Changes in Net Assets (continued)

			iShares MSCI United Kingdom Small-Cap ETF
	Year Ended 08/31/23					Year Ended 08/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income			$	1,322,620				$	1,925,857
Net realized loss				(2,394,227	)				(2,383,431	)
Net change in unrealized appreciation (depreciation)				5,478,562					(37,540,449	)
Net increase (decrease) in net assets resulting from operations				4,406,955					(37,998,023	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders				(804,655	)				(3,896,752	)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions				(6,527,018	)				(41,424,975	)
NET ASSETS
Total decrease in net assets				(2,924,718	)				(83,319,750	)
Beginning of year				47,239,920					130,559,670
End of year			$	44,315,202				$	47,239,920

^(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

26 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Financial Highlights

(For a share outstanding throughout each period)

	iShares Currency Hedged MSCI United Kingdom ETF
	Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
		08/31/23				08/31/22				08/31/21				08/31/20				08/31/19
Net asset value, beginning of year		$	24.00			$	22.96			$	18.95			$	23.43			$	23.83
Net investment income(a)			0.90				1.08				0.59				0.74				0.92
Net realized and unrealized gain (loss)(b)			0.75				1.00				4.04				(4.46	)			(0.26	)
Net increase (decrease) from investment operations			1.65				2.08				4.63				(3.72	)			0.66
Distributions from net investment income(c)			(0.92	)			(1.04	)			(0.62	)			(0.76	)			(1.06	)
Net asset value, end of year		$	24.73			$	24.00			$	22.96			$	18.95			$	23.43
Total Return(d)
Based on net asset value			6.89	%			9.18	%			24.59	%			(16.34	)%			2.92	%
Ratios to Average Net Assets(e)
Total expenses			0.62	%			0.62	%			0.62	%			0.62	%			0.62	%
Total expenses after fees waived			0.00	%(f)			0.00	%(f)			0.00	%(f)			0.00	%(f)			0.00	%
Net investment income			3.61	%			4.50	%			2.82	%			3.31	%			3.96	%
Supplemental Data
Net assets, end of year (000)		$	8,655			$	15,838			$	8,266			$	10,420			$	35,146
Portfolio turnover rate(g)			15	%			12	%			15	%			15	%			11	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f)  Rounds to less than 0.01%.

^(g)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 27

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI United Kingdom ETF
	Year Ended 08/31/23			Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19
Net asset value, beginning of year	$	28.90		$	33.05		$	26.88		$	30.27		$	33.62
Net investment income(a)		1.10			1.26			1.20			0.90			1.49
Net realized and unrealized gain (loss)(b)		3.05			(3.95	)		5.87			(3.30	)		(3.39	)
Net increase (decrease) from investment operations		4.15			(2.69	)		7.07			(2.40	)		(1.90	)
Distributions from net investment income(c)		(1.09	)		(1.46	)		(0.90	)		(0.99	)		(1.45	)
Net asset value, end of year	$	31.96		$	28.90		$	33.05		$	26.88		$	30.27
Total Return(d)
Based on net asset value		14.46	%		(8.50	)%		26.46	%		(8.25	)%		(5.64	)%
Ratios to Average Net Assets(e)
Total expenses		0.50	%		0.50	%		0.50	%		0.51	%		0.50	%
Net investment income		3.54	%		3.90	%		3.91	%		3.12	%		4.64	%
Supplemental Data
Net assets, end of year (000)	$	2,697,754		$	3,299,842		$	3,579,181		$	2,191,064		$	2,000,722
Portfolio turnover rate(f)		6	%		7	%		9	%		4	%		11	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

28 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI United Kingdom Small-Cap ETF
	Year Ended					Year Ended					Year Ended					Year Ended					Year Ended
			08/31/23					08/31/22					08/31/21					08/31/20					08/31/19
Net asset value, beginning of year			$	30.48				$	50.22				$	35.68				$	35.95				$	42.65
Net investment income(a)				0.90					0.92					0.86					0.72					1.05
Net realized and unrealized gain (loss)(b)				2.00					(18.83	)				14.32					0.03					(6.69	)
Net increase (decrease) from investment operations				2.90					(17.91	)				15.18					0.75					(5.64	)
Distributions from net investment income(c)				(0.55	)				(1.83	)				(0.64	)				(1.02	)				(1.06	)
Net asset value, end of year			$	32.83				$	30.48				$	50.22				$	35.68				$	35.95
Total Return(d)
Based on net asset value				9.55	%				(36.56	)%				42.88	%				1.90	%				(13.17	)%
Ratios to Average Net Assets(e)
Total expenses				0.59	%				0.59	%				0.59	%				0.59	%				0.59	%
Net investment income				2.84	%				2.23	%				1.94	%				1.99	%				2.76	%
Supplemental Data
Net assets, end of year (000)			$	44,315				$	47,240				$	130,560				$	60,657				$	61,109
Portfolio turnover rate(f)				22	%				17	%				15	%				25	%				20	%

^(a) Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 29

Notes to Financial Statements

1. ORGANIZATION

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):

iShares ETF	Diversification  Classification
Currency Hedged MSCI United Kingdom		Diversified
MSCI United Kingdom		Non-diversified
MSCI United Kingdom Small-Cap		Diversified

Currently the iShares Currency Hedged MSCI United Kingdom ETF seeks to achieve its investment objective by investing a substantial portion of its assets in the iShares MSCI United Kingdom ETF (the “underlying fund”). The financial statements, including the accounting policies, and Schedule of Investments for the underlying fund are included in this report and should be read in conjunction with the financial statements of the iShares Currency Hedged MSCI United Kingdom ETF.

On June 6, 2023, the Board approved a proposal to close the iShares Currency Hedged MSCI United Kingdom ETF to new and subsequent investments and thereafter to liquidate the Fund. After the close of business on October 30, 2023, the Fund will no longer accept creation orders. Trading in the Fund will be halted prior to market open on October 31, 2023. Proceeds of the liquidation will be sent to shareholders on or about November 2, 2023.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes. However, the currency hedged fund has elected to treat realized gains (losses) from certain foreign currency contracts as capital gain (loss) for U.S. federal income tax purposes.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of August 31, 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.

30 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Notes to Financial Statements  (continued)

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.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

• Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

• Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the New York Stock Exchange (“NYSE”) based on that day’s prevailing forward exchange rate for the underlying currencies.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

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  (continued)

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
Currency Hedged MSCI United Kingdom
BNP PARIBAS SECURITIES CORP	$	3,840,000	$	(3,840,000	)	$	—		$	—
MSCI United Kingdom Small-Cap
Barclays Capital, Inc.	$	193,915	$	(193,915	)	$	—		$	—
BofA Securities, Inc.		102,433		(102,433	)		—			—
Citigroup Global Markets, Inc.		60,558		(60,558	)		—			—
Credit Suisse Securities (USA) LLC		6,398		(6,398	)		—			—
J.P. Morgan Securities LLC		58,111		(58,111	)		—			—
Morgan Stanley		89,225		(89,225	)		—			—
STATE STREET BANK & TRUST COMPANY		48,846		(48,846	)		—			—
	$	559,486	$	(559,486	)	$	—		$	—

^(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.

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Notes to Financial Statements  (continued)

5. DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market. The contracts are traded over-the-counter (“OTC”) and not on an organized exchange.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities. A fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 33

Notes to Financial Statements  (continued)

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fees
Currency Hedged MSCI United Kingdom		0.62	%
MSCI United Kingdom Small-Cap		0.59

For its investment advisory services to the iShares MSCI United Kingdom ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fees
First $7 billion		0.59	%
Over $7 billion, up to and including $11 billion		0.54
Over $11 billion, up to and including $24 billion		0.49
Over $24 billion, up to and including $48 billion		0.44
Over $48 billion, up to and including $72 billion		0.40
Over $72 billion, up to and including $96 billion		0.36
Over $96 billion		0.32

Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statements of Operations does not include acquired fund fees and expenses.

For the iShares Currency Hedged MSCI United Kingdom ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through December 31, 2025 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in the iShares MSCI United Kingdom ETF (“EWU”), after taking into account any fee waivers by EWU, plus 0.03%. BFA has also contractually agreed to an additional reduction in its investment advisory fee of 0.03% through December 31, 2025.

This amount is included in investment advisory fees waived in the Statements of Operations. For the year ended August 31, 2023, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

iShares ETF	Amounts Waived
Currency Hedged MSCI United Kingdom	$	68,809

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,

34 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Notes to Financial Statements  (continued)

will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended August 31, 2023, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
Currency Hedged MSCI United Kingdom	$	4,881
MSCI United Kingdom Small-Cap		11,175

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the year ended August 31, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows: 

iShares ETF	Purchases		Sales		Net Realized  Gain (Loss)
MSCI United Kingdom	$	64,042,971	$	11,902,168	$	(4,637,726)
MSCI United Kingdom Small-Cap		444,378		2,181,076		676,507

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

7. PURCHASES AND SALES

For the year ended August 31, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows: 

iShares ETF	Purchases		Sales
Currency Hedged MSCI United Kingdom	$	1,610,144	$	2,317,356
MSCI United Kingdom		232,466,778		166,602,346
MSCI United Kingdom Small-Cap		10,487,396		10,043,247

For the year ended August 31, 2023, in-kind transactions were as follows: 

iShares ETF	In-kind Purchases		In-kind   Sales
Currency Hedged MSCI United Kingdom	$	1,990,618	$	9,836,702
MSCI United Kingdom		3,056,794		972,350,043
MSCI United Kingdom Small-Cap		—		6,457,789

8. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of August 31, 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.

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 35

Notes to Financial Statements  (continued)

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of August 31, 2023, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in Capital			Accumulated Earnings (Loss)
Currency Hedged MSCI United Kingdom	$	(198,700	)	$	198,700
MSCI United Kingdom		56,766,840			(56,766,840	)
MSCI United Kingdom Small-Cap		86,734			(86,734	)

The tax character of distributions paid was as follows:

iShares ETF	Year Ended 08/31/23		Year Ended 08/31/22
Currency Hedged MSCI United Kingdom
Ordinary income	$	398,737	$	688,249
MSCI United Kingdom
Ordinary income	$	103,364,666	$	144,252,025
MSCI United Kingdom Small-Cap
Ordinary income	$	804,655	$	3,896,752

As of August 31, 2023, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	(a)		Net Unrealized Gains (Losses)	(b)		Total
Currency Hedged MSCI United Kingdom	$	1,490	$	(5,203,029	)	$	(414,992	)	$	(5,616,531	)
MSCI United Kingdom		46,261,533		(599,102,446	)		(565,989,310	)		(1,118,830,223	)
MSCI United Kingdom Small-Cap		286,263		(15,128,508	)		(19,382,749	)		(34,224,994	)

^(a)  Amounts available to offset future realized capital gains.

^(b) The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain foreign currency contracts and futures contracts, the characterization of corporate actions and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of August 31, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Currency Hedged MSCI United Kingdom	$	13,021,476	$	140,386	$	(555,378	)	$	(414,992	)
MSCI United Kingdom		3,228,269,253		79,798,774		(645,714,469	)		(565,915,695	)
MSCI United Kingdom Small-Cap		64,011,452		1,432,245		(20,813,622	)		(19,381,377	)

9. LINE OF CREDIT

The iShares MSCI United Kingdom ETF and iShares MSCI United Kingdom Small-Cap 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 9, 2024. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the year ended August 31, 2023, the Fund did not borrow under the Syndicated Credit Agreement.

36 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Notes to Financial Statements  (continued)

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.

Geographic/Asset Class 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.

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 37

Notes to Financial Statements  (continued)

Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. These events and actions have adversely affected, and may in the future adversely affect, the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but have been, and may continue to be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

11. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

	Year Ended 08/31/23						Year Ended 08/31/22
iShares ETF	Shares			Amount			Shares			Amount
Currency Hedged MSCI United Kingdom
Shares sold		80,000		$	1,992,127			760,000		$	17,906,170
Shares redeemed		(390,000	)		(9,683,399	)		(460,000	)		(11,095,491	)
		(310,000	)	$	(7,691,272	)		300,000		$	6,810,679
MSCI United Kingdom
Shares sold		3,100,000		$	98,515,459			43,500,000		$	1,432,434,045
Shares redeemed		(32,900,000	)		(1,019,563,218	)		(37,600,000	)		(1,221,857,102	)
		(29,800,000	)	$	(921,047,759	)		5,900,000		$	210,576,943
MSCI United Kingdom Small-Cap
Shares sold		—		$	16			50,000		$	1,854,361
Shares redeemed		(200,000	)		(6,527,034	)		(1,100,000	)		(43,279,336	)
		(200,000	)	$	(6,527,018	)		(1,050,000	)	$	(41,424,975	)

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

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:

iShares Currency Hedged MSCI United Kingdom ETF paid an ordinary income distribution in the amount of $0.071140 per share on October 16, 2023 to shareholders of record on October 11, 2023.

38 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Notes to Financial Statements (continued)

Effective October 18, 2023, the Syndicated Credit Agreement to which the Participating Funds are party was amended to extend the maturity date to October 2024 under the same terms.

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 39

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares Trust and Shareholders of each of the three funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (three of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2023, the related statements of operations for the year ended August 31, 2023, the statements of changes in net assets for each of the two years in the period ended August 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2023 and each of the financial highlights for each of the five years in the period ended August 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

iShares Currency Hedged MSCI United Kingdom ETF

iShares MSCI United Kingdom ETF

iShares MSCI United Kingdom Small-Cap ETF

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 23, 2023

We have served as the auditor of one or more BlackRock investment companies since 2000.

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Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2023:

iShares ETF	Qualified Dividend  Income
Currency Hedged MSCI United Kingdom	$	372,988
MSCI United Kingdom		121,281,725
MSCI United Kingdom Small-Cap		1,229,668

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended August 31, 2023:

iShares ETF	Foreign Source Income Earned		Foreign   Taxes Paid
Currency Hedged MSCI United Kingdom	$	379,974	$	521
MSCI United Kingdom		124,104,062		103,159
MSCI United Kingdom Small-Cap		1,564,960		41,799

The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended August 31, 2023 qualified for the dividends-received deduction for corporate shareholders:

iShares ETF	Dividends-Received Deduction
MSCI United Kingdom Small-Cap		2.05	%

I M P O R T A N T  T A X  I N F O R M A T I O N 41

Board Review and Approval of Investment Advisory Contract

iShares Currency Hedged MSCI United Kingdom ETF, iShares MSCI United Kingdom Small-Cap ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA

42 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Board Review and Approval of Investment Advisory Contract (continued)

and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

B O A R D  R E V I E W  A N D  A P P R O V A L  O F  I N V E S T M E N T  A D V I S O R Y  C O N T R A C T  43

Board Review and Approval of Investment Advisory Contract (continued)

iShares MSCI United Kingdom ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA

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Board Review and Approval of Investment Advisory Contract (continued)

and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

B O A R D  R E V I E W  A N D  A P P R O V A L  O F  I N V E S T M E N T  A D V I S O R Y  C O N T R A C T  45

Supplemental Information (unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

August 31, 2023

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Currency Hedged MSCI United Kingdom(a)	$	0.916912	$	—	$	0.000010	$	0.916922		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%.

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

Regulation under the Alternative Investment Fund Managers Directive

The Alternative Investment Fund Managers Directive, and its United Kingdom (“UK”) equivalent, (“AIFMD”) impose detailed and prescriptive obligations on fund managers established in the European Union (the “EU”) and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the “Company”). Rather, the Company is only required to comply with certain disclosure, reporting and transparency obligations of AIFMD because it has registered the iShares MSCI United Kingdom ETF (the “Fund”) to be marketed to investors in the EU and/or UK.

Report on Remuneration

The Company is required under AIFMD to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Fund.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Fund is included in the aggregate figures disclosed.

BlackRock has a clear and well-defined pay-for-performance philosophy, and compensation programs which support that philosophy.

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management and staff who have the ability to materially affect the risk profile of the Fund, a significant percentage of variable remuneration is deferred over time. All employees are subject to a clawback policy.

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Supplemental Information (unaudited) (continued)

Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock’s full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock’s independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.

Each of the control functions (Enterprise Risk, Legal & Compliance, and Internal Audit) each have their own organizational structures which are independent of the business units and therefore staff members in control functions are remunerated independently of the businesses they oversee. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock’s independent remuneration committee.

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Conversely, members of staff and senior management of the broader BlackRock group may provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the broader BlackRock group and of the Company. Therefore, the figures disclosed are a sum of individuals’ portion of remuneration attributable to the Company according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company and the broader BlackRock group. Accordingly, the figures are not representative of any individual’s actual remuneration or their remuneration structure.

The amount of the total remuneration awarded to the Company’s staff in respect of the Company’s financial year ending December 31, 2022 was USD 4.12 million. This figure is comprised of fixed remuneration of USD 685 thousand and variable remuneration of USD 3.44 million. There was a total of 8 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company in respect of the Company’s financial year ending December 31, 2022, to its senior management was USD 2.96 million, and to other members of its staff whose actions potentially have a material impact on the risk profile of the Company or its funds was USD 970 thousand. These figures relate to the entire Company and not to the Fund.

Disclosures Under the EU Sustainable Finance Disclosure Regulation

The iShares MSCI United Kingdom ETF (the “Fund”) is registered under the Alternative Investment Fund Managers Directive to be marketed to European Union (“EU”) investors, as noted above. As a result, certain disclosures are required under the EU Sustainable Finance Disclosure Regulation (“SFDR”).

The Fund has not been categorized under the SFDR as an “Article 8” or “Article 9” product. In addition, the Fund’s investment strategy does not take into account the criteria for environmentally sustainable economic activities under the EU sustainable investment taxonomy regulation or principal adverse impacts (“PAIs”) on sustainability factors under the SFDR. PAIs are identified under the SFDR as the material impacts of investment decisions on sustainability factors relating to environmental, social and employee matters, respect for human rights, and anti-corruption and anti-bribery matters.

S U P P L E M E N T A L  I N F O R M A T I O N 47

Trustee and Officer Information (unaudited)

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 387 funds as of August 31, 2023. With the exception of Robert S. Kapito, Salim Ramji and Aaron Wasserman, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA94105. The address of Mr. Kapito, Mr. Ramji and Mr. Wasserman is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (1957)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).
Salim Ramji(b) (1970)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).

^(a)  Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

^(b) Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

Independent Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (1955)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (1956)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (1954)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016); Director of One Generation Away (since 2021).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).

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Trustee and Officer Information (unaudited) (continued)

		Independent Trustees (continued)
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (1949)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018), Investment Committee (since 2011) and Personnel Committee (since 2022); Member of the Wyoming State Investment Funds Committee (since 2022); Director of the Jackson Hole Center for the Arts (since 2021); Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).
Drew E. Lawton (1959)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Director of Jackson Financial Inc. (since 2021).
John E. Martinez (1961)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).
Madhav V. Rajan (1964)	Trustee (since 2011); Fixed-Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).
Officers
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years
Dominik Rohé (1973)	President (since 2023).	Managing Director, BlackRock, Inc. (since 2005); Head of Americas ETF and Index Investments (since 2023); Head of Latin America (2019-2023).
Trent Walker (1974)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Aaron Wasserman (1974)	Chief Compliance Officer (iShares, Inc. and iShares Trust, since 2023; iShares U.S. ETF Trust, since 2023).	Managing Director of BlackRock, Inc. (since 2018); Chief Compliance Officer of the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the Exchange-Traded Fund Complex (since 2023); Deputy Chief Compliance Officer for the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the Exchange-Traded Fund Complex (2014-2023).
Marisa Rolland (1980)	Secretary (since 2022).	Managing Director, BlackRock, Inc. (since 2023); Director, BlackRock, Inc. (2018-2022); Vice President, BlackRock, Inc. (2010-2017).
Rachel Aguirre (1982)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019).
Jennifer Hsui (1976)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).

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Trustee and Officer Information (unaudited) (continued)

Officers (continued)
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years
James Mauro (1970)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).

Effective March 30, 2023, Dominik Rohé replaced Armando Senra as President.

Effective July 1, 2023, Aaron Wasserman replaced Charles Park as Chief Compliance Officer.

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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 51

Glossary of Terms Used in this Report

Currency Abbreviation

GBP	British Pound
USD	United States Dollar
Portfolio Abbreviation
NVS	Non-Voting Shares
REIT	Real Estate Investment Trust

52 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

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-AR-813-0823

  

AUGUST 31, 2023

2023 Annual Report

iShares Trust

· iShares Emergent Food and AgTech Multisector ETF | IVEG | NASDAQ

· iShares ESG Aware MSCI EAFE ETF | ESGD | NASDAQ

· iShares ESG MSCI EM Leaders ETF | LDEM | NASDAQ

· iShares MSCI Global Sustainable Development Goals ETF | SDG | NASDAQ

· iShares MSCI Water Management Multisector ETF | IWTR | NASDAQ

The Markets in Review

Dear Shareholder,

Despite an uncertain economic landscape during the 12-month reporting period ended August 31, 2023, the resilience of the U.S. economy in the face of ever tighter financial conditions provided an encouraging backdrop for investors. While inflation was near multi-decade highs at the beginning of the period, it declined precipitously as commodity prices dropped. Labor shortages also moderated, although wages continued to grow and unemployment rates reached the lowest levels in decades. This robust labor market powered further growth in consumer spending, backstopping the economy.

Equity returns were solid, as the durability of consumer sentiment eased investors’ concerns about the economy’s trajectory. The U.S. economy resumed growth in the third quarter of 2022 and continued to expand thereafter. Most major classes of equities rose, as large-capitalization U.S. stocks and developed market equities advanced strongly. However, small-capitalization U.S. stocks and emerging market equities posted more modest gains.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market also faced inflationary headwinds, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates seven times during the 12-month period. Furthermore, the Fed wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity. However, the Fed declined to raise interest rates at its June 2023 meeting, the first time it paused its tightening in the current cycle, before again raising rates in July 2023.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has decelerated the pace of interest rate hikes and recently opted for two pauses, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period to keep inflation under control. Furthermore, ongoing structural changes may mean that the Fed will be hesitant to cut interest rates in the event of faltering economic activity lest inflation accelerate again. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt.

While we favor an overweight position to developed market equities in the long term, we prefer an underweight stance in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with macroeconomic constraints. Nevertheless, we are overweight on emerging market stocks in the near term as growth trends for emerging markets appear brighter. We also believe that stocks with an AI tilt should benefit from an investment cycle that is set to support revenues and margins. In credit, there are selective opportunities in the near term despite tightening credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries, U.S. inflation-linked bonds, U.S. mortgage-backed securities, and hard-currency emerging market bonds.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of August 31, 2023
	6-Month			12-Month
U.S. large cap equities (S&P 500® Index)		14.50	%		15.94	%
U.S. small cap equities (Russell 2000® Index)		0.99			4.65
International equities (MSCI Europe, Australasia, Far East Index)		4.75			17.92
Emerging market equities (MSCI Emerging Markets Index)		3.62			1.25
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		2.47			4.25
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		0.11			(4.71	)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		0.95			(1.19	)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		1.04			1.70
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		4.55			7.19
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 T H I S  P A G E  I S  N O T  P A R T  O F  Y O U R  F U N D  R E P O R T

Table of Contents

	Page
The Markets in Review		2
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		15
Disclosure of Expenses		15
Schedules of Investments		16
Financial Statements
Statements of Assets and Liabilities		37
Statements of Operations		39
Statements of Changes in Net Assets		41
Financial Highlights		44
Notes to Financial Statements		49
Report of Independent Registered Public Accounting Firm		59
Important Tax Information		60
Board Review and Approval of Investment Advisory Contract		61
Supplemental Information		66
Trustee and Officer Information		68
General Information		71
Glossary of Terms Used in this Report		72

Market Overview

iShares Trust

Global Market Overview

Global equity markets advanced during the 12 months ended August 31, 2023 (“reporting period”), supported by continued economic growth and moderating inflation. The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned 13.95% in U.S. dollar terms for the reporting period. Despite concerns about the impact of higher interest rates and rising prices, the global economy continued to grow, albeit at a slower pace than during the initial post-coronavirus pandemic recovery. Inflation began to subside in most regions of the world, and lower energy prices reduced pressure on consumers, leading consumer and business sentiment to improve. While the Russian invasion of Ukraine continued to disrupt trade in Europe and elsewhere, market adaptation lessened the economic impact of the ongoing war. The prices of several key commodities, including oil, natural gas, and wheat, either stabilized or declined during the reporting period, easing pressure on the world’s economies.

The U.S. Federal Reserve (“Fed”) tightened monetary policy rapidly, raising short-term interest rates seven times over the course of the reporting period. The pace of tightening decelerated as the Fed twice lowered the increment of increase before pausing entirely in June 2023, the first time it declined to take action since the tightening cycle began. However, the Fed then raised interest rates again at its July 2023 meeting and stated that it would continue to monitor economic data. The Fed also continued to decrease the size of its balance sheet by reducing the store of U.S. Treasuries it had accumulated to stabilize markets in the early phases of the pandemic.

Despite the tightening financial conditions, the U.S. economy demonstrated continued strength, and U.S. equities advanced. The economy returned to growth in the third quarter of 2022 and showed robust, if slightly slower, growth thereafter. Consumers powered the economy, increasing their spending in both nominal and inflation-adjusted terms. A strong labor market bolstered spending, as unemployment remained low, and the number of employed persons reached an all-time high. Tightness in the labor market drove higher wages, although wage growth slowed as the reporting period continued.

European stocks outpaced their counterparts in most other regions of the globe, advancing strongly for the reporting period despite modest economic growth. European stocks benefited from a solid recovery following the early phases of the war in Ukraine. While the conflict disrupted critical natural gas supplies, new sources were secured and prices declined, while a warm winter helped moderate consumption. The European Central Bank (“ECB”) responded to the highest inflation since the introduction of the euro by raising interest rates eight times and beginning to reduce the size of its debt holdings.

Stocks in the Asia-Pacific region gained, albeit at a slower pace than other regions of the world. Japan returned to growth in the fourth quarter of 2022 and first half of 2023, as strong business investment and exports helped boost the economy and support Japanese equities. However, Chinese stocks were negatively impacted by slowing economic growth. While investors were initially optimistic following China’s lifting of several pandemic-related lockdowns in December 2022, subsequent performance disappointed, and tensions with the U.S. increased. Emerging market stocks advanced modestly, as the resilient global economic environment reassured investors. The declining value of the U.S. dollar relative to many other currencies and the slowing pace of the Fed’s interest rate increases also supported emerging market stocks.

4 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Fund Summary as of August 31, 2023  iShares^® Emergent Food and AgTech Multisector ETF

Investment Objective

The iShares Emergent Food and AgTech Multisector ETF (the “Fund”) seeks to track the investment results of an index composed of companies from U.S. and non-U.S. markets that are expected to benefit from creating or using agricultural technologies or innovative food products or services as representd by the Morningstar Global Food Innovation Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns						Cumulative Total Returns
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(4.92	)%		(12.34	)%		(4.92	)%		(16.33	)%
Fund Market		(5.21	)		(12.20	)		(5.21	)		(16.15	)
Index		(5.16	)		(12.37	)		(5.16	)		(16.29	)

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSETVALUE)

The inception date of the Fund was April 25, 2022. The first day of secondary market trading was April 27, 2022.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

Actual						Hypothetical 5% Return
	Beginning Account Value (03/01/23)	Ending Account Value (08/31/23	)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/23	)	Ending Account Value (08/31/23	)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$  1,000.00	$  945.70		$  2.30			$  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.

F U N D  S U M M A R Y 5

Fund Summary as of August 31, 2023 (continued) iShares^® Emergent Food and AgTech Multisector ETF

Portfolio Management Commentary

Stocks that create or use agricultural technologies or innovative food products or services declined for the reporting period. Stocks in the U.S., which represented approximately 60% of the Index on average for the reporting period, detracted the most from the Index’s return. The chemicals industry in the materials sector faced headwinds, as the market for fertilizer continued to adjust to the disruption created by Russia’s invasion of Ukraine. As the reporting period began, stock prices of companies involved in the production of fertilizer and related materials were elevated, amid concerns about a global fertilizer shortage. However, markets adapted, and new production facilities and input sources improved supply, sending the price of fertilizer lower and pressuring the stocks of chemicals companies.

Similarly, the Canadian materials sector weighed on the Index’s return, as trends in the global fertilizer market led to contracting profit margins in the chemicals industry. Some farmers anticipated further declines in fertilizer prices and accordingly delayed some purchases, constraining the industry’s North American potash sales.

Norwegian stocks also detracted from the Index’s performance, particularly the food products industry in the consumer staples sector. Despite strong demand for seafood, a new tax on salmon farming implemented by the Norwegian government negatively impacted the industry. The declining value of the Norwegian krone relative to the U.S. dollar also reduced the value of Norwegian stocks in U.S. dollar terms.

On the upside, German stocks contributed to the Index’s return. Cost cutting benefited the chemicals industry in the materials sector, and the rising value of the euro relative to the U.S. dollar increased the value of Eurozone stocks in U.S. dollar terms. In the German industrials sector, strong demand for food and beverage production equipment drove higher earnings in the machinery industry. The Italian machinery industry also gained amid robust orders for tractors, as higher prices for agricultural commodities early in the reporting period drove farmers to invest in equipment.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of Total Investment	(a)
Materials	48.2	%
Consumer Staples	19.2
Industrials	18.7
Health Care	9.8
Information Technology	4.1

GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investment(	a)
United States	58.3	%
Germany	10.7
United Kingdom	7.5
France	7.3
Norway	5.1
Japan	4.8
Canada	3.4
Denmark	2.1
Other (each representing less than 1%)	0.8

^(a)  Excludes money market funds.

6 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Fund Summary as of August 31, 2023 iShares^® ESG Aware MSCI EAFE ETF

Investment Objective

The iShares ESG Aware MSCI EAFE ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization developed market equities, excluding the U.S. and Canada that have positive environmental, social and governance characteristics, as identified by the index provider while exhibiting risk and return characteristics similar to those of the parent index, as represented by the MSCI EAFE Extended ESG Focus Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns						Cumulative Total Returns
	1 Year		5 Years		Since Inception		1 Year		5 Years		Since Inception
Fund NAV	18.42	%	4.44	%	7.43	%	18.42	%	24.28	%	67.28	%
Fund Market	18.52		4.47		7.44		18.52		24.42		67.38
Index	18.06		4.50		7.54		18.06		24.61		68.38

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSETVALUE)

The inception date of the Fund was June 28, 2016. The first day of secondary market trading was June 30, 2016.

Index performance through May 31, 2018 reflects the performance of the MSCI EAFE ESG Focus Index. Index performance beginning on June 1, 2018 reflects the performance of the MSCI EAFE Extended ESG Focus Index.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (03/01/23)	Ending Account Value (08/31/23)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/23)	Ending Account Value (08/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$   1,000.00	$  1,050.70	$  1.03			$ 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.

F U N D  S U M M A R Y 7

Fund Summary as of August 31, 2023 (continued) iShares^® ESG Aware MSCI EAFE ETF

Portfolio Management Commentary

Investor interest in the environmental, social, and governance (“ESG”) attributes of companies was mixed during the reporting period. In Europe, ESG investments continued to attract net inflows, although the rate of net purchases slowed in the first half of 2023.

During the reporting period, the Index of international developed stocks with a tilt towards favorable ESG characteristics in developed markets advanced significantly for the reporting period. Japanese stocks contributed the most to the Index’s return, helped by Japan’s improving economy and corporate reforms designed to reorient focus on corporate profits. The industrials sector and the financial sector contributed the most to the Index’s return.

European stocks, particularly from France and Germany, also gained for the reporting period. In France, the consumer discretionary sector was a source of strength, driven primarily by the textiles and apparel industry. Sales of luxury goods supported revenues in the industry, and European sales were particularly strong, helped by an increase in tourism from North America. In Germany, the information technology sector advanced, benefiting from strong sales of cloud-based enterprise software. U.K. stocks also contributed to the Index’s performance, as cost cutting and high interest rates benefited the banking industry in the financial sector.

In terms of relative performance, the Index slightly outperformed the broader market, as represented by the MSCI EAFE Index, while tracking it relatively closely. The Index balances seeking similar risk and return to the broad market while tilting towards companies with favorable ESG characteristics. Stock selection in the information technology sector and the real estate sector contributed notably to the Index’s relative return. However, stock selection in the materials and industrials sectors detracted from the Index’s performance relative to the broader market.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of   Total  Investments(a)
Financials	18.5%
Industrials	16.1
Health Care	12.8
Consumer Discretionary	12.0
Consumer Staples	9.8
Information Technology	8.7
Materials	7.8
Energy	5.0
Communication Services	3.7
Utilities	3.2
Real Estate	2.4

GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of   Total Investments(a)
Japan	22.7%
United Kingdom	14.9
France	11.5
Switzerland	11.0
Germany	8.1
Australia	7.2
Netherlands	4.2
Denmark	3.3
Sweden	3.0
Spain	2.8
Hong Kong	2.2
Italy	2.2
Singapore	1.4
Finland	1.1
Norway	1.0
Belgium	1.0
Ireland	1.0
Other (each representing less than 1%)	1.4

^(a)  Excludes money market funds.

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Fund Summary as of August 31, 2023 iShares^® ESG MSCI EM Leaders ETF

Investment Objective

The iShares ESG MSCI EM Leaders ETF (the “Fund”) seeks to track the investment results of an index composed of large and mid-capitalization stocks of emerging market companies with high environmental, social, and governance performance relative to their sector peers as determined by the index provider, as represented by the MSCI EM Extended ESG Leaders 5% Issuer Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

		Average Annual Total Returns							Cumulative Total Returns
		1 Year			Since Inception				1 Year			Since Inception
Fund NAV			(0.48	)%		(1.67	)%			(0.48	)%		(5.82	)%
Fund Market			(0.21	)		(1.85	)			(0.21	)		(6.46	)
Index			(0.72	)		(1.16	)			(0.72	)		(4.07	)

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSETVALUE)

The inception date of the Fund was February 5, 2020. The first day of secondary market trading was February 7, 2020.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

Actual						Hypothetical 5% Return
	Beginning Account Value (03/01/23)	Ending Account Value (08/31/23	)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/23	)	Ending Account Value (08/31/23	)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$  1,000.00	$  1,013.10		$  0.86			$  1,000.00		$  1,024.30		$  0.87		0.17	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D  S U M M A R Y 9

Fund Summary as of August 31, 2023 (continued) iShares^® ESG MSCI EM Leaders ETF

Portfolio Management Commentary

Investor interest in the environmental, social, and governance (“ESG”) attributes of companies was mixed during the reporting period. Globally, fund flows to ESG-focused investments slowed in the first half of 2023 while remaining net positive.

During the period, the Index of emerging market stocks with positive ESG characteristics relative to their sector peers posted a modest decline. Chinese stocks detracted the most from the Index’s performance, particularly in the consumer discretionary sector. Concerns about a slowdown in China’s consumer spending weighed on the stock of a major provider of food delivery services. The healthcare sector also declined, as news of a U.S. biotechnology and biomanufacturing initiative pressured the Chinese life sciences tools and services industry.

Stocks in India also faced headwinds. A large company in the utilities sector declined sharply following a high-profile report from a U.S.-based finance firm that accused the utility’s parent company of fraud and market manipulation.]

On the upside, Mexican stocks contributed slightly to the Index’s performance. The beverages industry in the consumer staples sector posted gains amid high consumer demand and effective digital initiatives to improve operations.

In terms of relative performance, the Index underperformed the broader market, as represented by the MSCI Emerging Markets Index. The Index seeks to achieve higher exposure to ESG Leaders relative to the broader market while excluding companies with an MSCI ESG Rating of ‘B’ and below. Compared to the broader market, the Index held overweight positions in the communication services and financials sectors and a significantly underweight position in the information technology sector. Positioning in the information technology sector and stock selection in the financials and materials sectors detracted from the Index’s relative performance.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of   Total  Investments(a)
Financials	23.1%
Consumer Discretionary	14.7
Communication Services	14.1
Information Technology	12.9
Materials	7.8
Industrials	7.7
Consumer Staples	6.5
Energy	5.2
Health Care	4.0
Real Estate	2.1
Utilities	1.9

GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of   Total  Investments(a)
China	31.1%
India	15.1
Taiwan	13.8
South Korea	7.5
South Africa	5.6
Brazil	4.7
Mexico	3.1
Thailand	3.0
Saudi Arabia	2.6
Indonesia	2.6
Malaysia	2.4
United Arab Emirates	2.3
Poland	1.2
Other (each representing less than 1%)	5.0

^(a)  Excludes money market funds.

10 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Fund Summary as of August 31, 2023 iShares^® MSCI Global Sustainable Development Goals ETF

Investment Objective

The iShares MSCI Global Sustainable Development Goals ETF (the “Fund”) (formerly the iShares MSCI Global Impact ETF) seeks to track the investment results of an index composed of companies that derive a majority of their revenue from products and services that address at least one of the world’s major social and environmental challenges as identified by the United Nations Sustainable Development Goals, as represented by the MSCIACWI Sustainable Impact Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns							Cumulative Total Returns
		1 Year		5 Years		Since Inception			1 Year		5 Years		Since Inception
Fund NAV		2.08	%	7.86	%	8.68	%		2.08	%	46.01	%	84.64	%
Fund Market		1.48		7.75		8.63			1.48		45.27		83.97
Index		2.30		7.92		8.83			2.30		46.37		86.45

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSETVALUE)

The inception date of the Fund was April 20, 2016. The first day of secondary market trading was April 22, 2016.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

	Actual				Hypothetical 5% Return
Beginning Account Value (03/01/23)		Ending Account Value (08/31/23)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/23)	Ending Account Value (08/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$  1,000.00		$ 1,020.50	$ 2.50			$ 1,000.00	$ 1,022.70	$ 2.50		0.49	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D  S U M M A R Y 11

Fund Summary as of August 31, 2023 (continued) iShares^® MSCI Global Sustainable Development Goals ETF

Portfolio Management Commentary

The COVID-19 pandemic substantially disrupted progress toward the U.N. sustainable development goals (“SDGs”), and approximately half of the SDGs are moderately or severely off track, with another 30 percent having either stalled or reversed. Despite the ongoing challenges, many countries continued to monitor their SDG implementation, with 39 nations presenting voluntary progress reviews to the U.N. in 2023, including two countries that presented for the first time.

In this environment, global stocks deriving revenue associated with addressing social and environmental challenges advanced modestly for the reporting period. Stocks in the U.S. contributed the most to the Index’s return, particularly stocks in the healthcare sector. The biotechnology industry gained, helped by approval of a treatment for several diseases. Development of a promising drug for treatment of obesity and diabetes buoyed the pharmaceuticals industry as well.

Japanese stocks also posted gains, led by the real estate sector. The Bank of Japan was one of the few central banks that declined to raise interest rates during the reporting period, leading to lower borrowing costs and benefiting the real estate industry. Low interest rates and the weakness of the Japanese yen relative to the U.S. dollar helped attract international investors to the Japanese real estate market.

Swiss stocks further contributed to the Index’s performance, also driven by strength in the healthcare sector. The pharmaceuticals industry gained amid strong sales for a drug for heart patients, a drug for treating breast cancer, and a multiple sclerosis treatment.

On the downside, Chinese stocks detracted from the Index’s performance, as softening exports pressured the industrials sector. The Belgian materials sector also declined amid higher costs and volatility in commodities markets.

In terms of relative performance, the Index significantly underperformed the broader market, as represented by the MSCIACWI Index. The index’s selection process seeks stocks that derive a majority of their revenue from products and services that address at least one of the world’s major social and environmental challenges as identified by the United Nations Sustainable Development Goals. The index held a significant underweight to the information technology sector which detracted from relative performance as the sector drove returns for the broader market. The Index’s overweight to the real estate sector also hurt relative performance. Additionally, security selection in the both the industrials and materials sectors detracted from the Index’s relative return.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of Total Investments	(a)
Consumer Staples	19.8	%
Health Care	19.6
Real Estate	17.1
Industrials	14.5
Materials	10.9
Consumer Discretionary	8.5
Information Technology	5.9
Utilities	3.7

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	28.8	%
Japan	13.8
China	11.6
Denmark	8.8
United Kingdom	5.7
Belgium	4.4
Hong Kong	4.2
South Korea	3.7
Canada	3.0
Germany	2.7
Sweden	2.6
Taiwan	1.6
France	1.5
Australia	1.4
Chile	1.0
Other (each representing less than 1%)	5.2

^(a)  Excludes money market funds.

12 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Fund Summary as of August 31, 2023  iShares^® MSCI Water Management Multisector ETF

Investment Objective

The iShares MSCI Water Management Multisector ETF(the “Fund”) seeks to track the investment results of an index composed of U.S. and non-U.S. companies that either 1) derive a proportion of their revenues from sustainable water products or services or 2) demonstrate relative efficiency in their water management, as represented by the MSCI ACWI IMI SustainableWater Transition Extended Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Cumulative Total Returns
	Since Inception
Fund NAV		13.91	%
Fund Market		14.08
Index		13.67

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSETVALUE)

The inception date of the Fund was September 20, 2022. The first day of secondary market trading was September 22, 2022.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (03/01/23)	Ending Account Value (08/31/23)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/23)	Ending Account Value (08/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$  1,000.00	$  1,036.50	$  2.41			$  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.

F U N D  S U M M A R Y 13

Fund Summary as of August 31, 2023 (continued) iShares^® MSCI Water Management Multisector ETF

Portfolio Management Commentary

Governments and businesses continued to invest in technologies to improve water access, quality, and management during the reporting period. Concerns about the sustainability of groundwater sources, which provide a significant portion of the world’s household and agricultural water, highlighted the importance of the management of and investment in securing access to clean water. Demand for water continued to grow globally, as population growth, urbanization, and increased agricultural and industrial use pressured water supplies.

In this environment, the stocks of companies that derive revenues from sustainable water products and services or demonstrate efficient water management advanced for the reporting period. U.S. stocks contributed the most to the Index’s performance, led by the industrials sector, particularly the industrial machinery, supplies, and components industry. Despite ongoing supply chain constraints, companies that manufacture products and equipment used for water conservation and treatment projects posted strong gains. Investments in networked water management equipment to improve product operation and process efficiency helped drive increased industry revenue. Stocks in the information technology sector also contributed to the Index’s return, led by the electronic equipment and instruments industry. Strong commercial and residential demand for advanced products used in water metering drove higher earnings in the industry, and the acquisition of a smart water technology company bolstered sales growth.

French stocks also advanced notably, led by the utilities sector. Robust organic revenue growth in the multiutilities industry drove gains, as increased sales from hazardous waste treatment in Europe and higher energy prices buoyed revenue.

In terms of relative performance, the Index underperformed the broader market, as represented by the MSCIACWI Investable Market Index. Relative to the broader market, the index’s selection process aims to provide exposure to companies that either derive a proportion of their revenues from sustainable water products or service or demonstrate relative efficiency in their water management. Consequently, the Index held underweight positions in the information technology sector which resulted in the largest detractor to relative performance at the sector level. Within the information technology sector, lack of exposure to the software and services industry hurt the Index’s relative performance as the industry boosted the performance of the broader market during the period. The Index’s lack of exposure to the communication services sector also detracted from relative performance. On the other side of the spectrum, the index’s overweight to the industrials sector helped boost relative performance in addition to security selection within the utilities sector.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of   Total  Investments(a)
Industrials	29.0%
Consumer Staples	20.1
Information Technology	16.6
Utilities	16.6
Consumer Discretionary	9.3
Materials	7.3
Other (each representing less than 1%)	1.1

GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of   Total  Investments(a)
United States	56.2%
United Kingdom	8.1
Taiwan	6.5
Switzerland	6.2
Brazil	5.5
Japan	4.9
Austria	3.0
Mexico	2.6
China	1.9
India	1.4
Finland	1.3
Other (each representing less than 1%)	2.4

^(a)  Excludes money market funds.

14 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

A B O U T  F U N D  P E R F O R M A N C E / D I S C L O S U R E  O F  E X P E N S E S 15

Schedule of Investments  August 31, 2023 iShares^® Emergent Food and AgTech Multisector ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 0.4%
Nufarm Ltd./Australia		7,200	$	24,074
Canada — 3.4%
Nutrien Ltd.		3,114		197,252
Denmark — 2.1%
Chr Hansen Holding A/S		1,910		124,541
France — 7.3%
Danone SA		4,721		275,200
Eurofins Scientific SE		2,508		154,374
				429,574
Germany — 10.6%
BASF SE		5,032		254,707
Bayer AG, Registered		4,512		246,863
GEA Group AG		3,114		122,795
				624,365
Japan — 4.7%
Kubota Corp.		17,300		278,418
Netherlands — 0.4%
Corbion NV		1,002		23,965
Norway — 5.1%
Austevoll Seafood ASA		1,800		13,022
Bakkafrost P/F		973		49,025
Grieg Seafood ASA		1,146		8,106
Mowi ASA		9,093		164,832
Salmar ASA		1,309		63,904
				298,889
United Kingdom — 7.4%
CNH Industrial NV		15,366		211,864

Security	Shares		Value
United Kingdom (continued)
Croda International PLC		2,700	$	188,562
Genus PLC		1,231		36,215
				436,641
United States — 57.9%
AGCO Corp.		1,194		154,659
Archer-Daniels-Midland Co.		2,672		211,890
CF Industries Holdings Inc.		2,460		189,592
Corteva Inc.		3,906		197,292
Deere & Co.		564		231,770
Ecolab Inc.		1,686		309,904
Exponent Inc.		1,020		91,657
FMC Corp.		1,932		166,596
Ingredion Inc.		1,272		130,901
International Flavors & Fragrances Inc.		2,317		163,233
International Paper Co.		6,740		235,361
Kellogg Co.		3,382		206,370
Mosaic Co. (The)		5,153		200,194
Neogen Corp.(a)		4,560		105,427
Packaging Corp. of America		1,788		266,591
Sealed Air Corp.		2,867		106,251
Sotera Health Co.(a)		1,938		31,279
Trimble Inc.(a)		4,364		239,104
Westrock Co.		5,274		172,512
				3,410,583
Total Investments — 99.3% (Cost: $6,840,021)				5,848,302
Other Assets Less Liabilities — 0.7%				39,604
Net Assets — 100.0%			$	5,887,906

^(a) Non-income producing security.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 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 08/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)					Value at 08/31/23		Shares Held at 08/31/23		Income			Capital Gain Distributions from Underlying Funds
	BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	65,147	$	—		$	(65,162	)(b)	$	21			$	(6	)	$	—		—	$	1,659	(c)	$	—
	BlackRock Cash Funds: Treasury, SL Agency Shares(a)		—		0	(b)		—			—				—			—		—		97			—
										$	21			$	(6	)	$	—			$	1,756		$	—

^(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.

16 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) August 31, 2023 iShares^® Emergent Food and AgTech 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
Micro E-mini Russell 2000 Index		4		09/15/23	$	38	$	9

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)	$	—	$	—	$	9	$	—	$	—	$	—	$	9

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended August 31, 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	$	—	$	—	$	1,892		$	—	$	—	$	—	$	1,892
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(269	)	$	—	$	—	$	—	$	(269	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	25,558

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2			Level 3			Total
Assets
Investments
Long-Term Investments
Common Stocks	$	3,615,941		$	2,232,361		$	—		$	5,848,302
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	9		$	—		$	—		$	9

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

S C H E D U L E  O F  I N V E S T M E N T S 17

Schedule of Investments August 31, 2023 iShares^® ESG Aware MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 7.2%
APA Group		1,075,035	$	6,244,977
Aristocrat Leisure Ltd.		353,536		9,332,675
ASX Ltd.		234,698		8,734,362
Aurizon Holdings Ltd.		3,102,380		7,312,170
Australia & New Zealand Banking Group Ltd.		955,585		15,601,944
BlueScope Steel Ltd.		567,265		7,669,160
Brambles Ltd.		1,987,728		19,249,100
Cochlear Ltd.		62,759		11,015,736
Coles Group Ltd.		654,723		6,888,685
Commonwealth Bank of Australia		813,342		53,580,602
Computershare Ltd.		530,115		8,618,047
CSL Ltd.		247,912		43,780,988
Dexus		2,831,909		14,151,365
Fortescue Metals Group Ltd.		1,193,324		16,428,954
Goodman Group		627,378		9,452,856
GPT Group (The)		2,673,513		7,238,820
IGO Ltd.		882,582		7,876,410
Insurance Australia Group Ltd.		1,902,458		7,139,956
James Hardie Industries PLC(a)		246,415		7,406,557
Lendlease Corp. Ltd.		1,390,777		7,003,286
Macquarie Group Ltd.		121,012		13,835,361
Mineral Resources Ltd.		186,757		8,572,519
Mirvac Group		9,860,304		15,373,269
National Australia Bank Ltd.		995,562		18,553,760
Newcrest Mining Ltd.		584,254		9,737,554
Northern Star Resources Ltd.		1,075,647		8,241,756
Orica Ltd.		826,765		8,375,816
Pilbara Minerals Ltd.		2,170,287		6,506,559
QBE Insurance Group Ltd.		751,625		7,250,083
REA Group Ltd.		68,785		7,333,703
Rio Tinto Ltd.		186,437		13,502,962
Santos Ltd.		1,778,997		8,802,536
Sonic Healthcare Ltd.		339,163		7,049,226
South32 Ltd.		2,993,103		6,526,452
Suncorp Group Ltd.		1,398,174		12,263,520
Telstra Corp. Ltd.		3,411,450		8,849,698
Transurban Group		4,170,356		35,705,670
Westpac Banking Corp.		534,204		7,557,609
Woodside Energy Group Ltd.		1,366,792		32,628,379
Xero Ltd.(a)		95,808		7,755,045
				519,148,127
Austria — 0.3%
OMV AG		289,815		13,420,743
Verbund AG		99,842		8,170,996
				21,591,739
Belgium — 1.0%
Anheuser-Busch InBev SA/NV		476,171		27,028,419
Argenx SE(a)		20,594		10,350,222
KBC Group NV		318,031		20,866,041
UCB SA		79,426		7,124,277
Umicore SA		288,333		7,640,324
				73,009,283
Denmark — 3.3%
AP Moller - Maersk A/S, Class A		4,039		7,218,010
Carlsberg AS, Class B		54,420		7,869,017
Coloplast A/S, Class B		60,804		6,925,311
DSV A/S		79,571		15,110,499
Genmab A/S(a)		38,989		14,938,056

Security	Shares		Value
Denmark (continued)
Novo Nordisk A/S, Class B		800,339	$	147,625,506
Novozymes A/S, Class B		162,049		7,014,417
Orsted AS(b)		154,975		9,942,371
Pandora A/S		91,268		9,451,557
Vestas Wind Systems A/S(a)		607,430		14,034,733
				240,129,477
Finland — 1.2%
Kesko OYJ, Class B		481,315		9,395,413
Metso OYJ		840,876		9,657,907
Neste OYJ		410,824		15,029,200
Nokia OYJ		4,649,278		18,592,776
Stora Enso OYJ, Class R		594,145		7,573,294
UPM-Kymmene OYJ		428,216		14,654,636
Wartsila OYJ Abp		612,623		7,774,734
				82,677,960
France — 11.4%
Air Liquide SA		123,132		22,247,019
Airbus SE		189,250		27,688,602
AXA SA		1,013,054		30,437,096
BNP Paribas SA		538,447		34,820,099
Bouygues SA		208,681		7,218,439
Capgemini SE		43,845		8,182,411
Carrefour SA		354,035		6,766,927
Cie. de Saint-Gobain		123,485		8,032,963
Cie. Generale des Etablissements Michelin SCA		984,167		30,790,620
Covivio		319,894		15,597,683
Danone SA		659,845		38,464,200
Dassault Systemes SE		596,496		23,639,439
Edenred		121,660		7,752,577
Eiffage SA		72,085		7,138,065
Engie SA		624,989		10,064,974
EssilorLuxottica SA		86,976		16,347,734
Gecina SA		72,411		7,746,218
Hermes International		15,581		32,045,218
Kering SA		52,777		28,221,452
Legrand SA		135,828		13,381,692
L’Oreal SA		125,831		55,269,017
LVMH Moet Hennessy Louis Vuitton SE		135,770		114,814,900
Pernod Ricard SA		117,304		23,021,338
Publicis Groupe SA		108,634		8,488,476
Safran SA		125,981		20,190,366
Sanofi		515,480		54,900,650
Schneider Electric SE		375,157		64,305,018
Societe Generale SA		744,858		21,102,693
Teleperformance		56,289		7,777,541
TotalEnergies SE		1,018,083		63,863,219
Valeo		535,593		10,411,009
Worldline SA/France(a)(b)		215,558		7,015,592
				827,743,247
Germany — 7.7%
adidas AG		94,733		18,905,863
Allianz SE, Registered		195,504		47,522,952
BASF SE		246,771		12,490,901
Bayer AG, Registered		357,580		19,564,110
Bayerische Motoren Werke AG		170,489		17,931,881
Brenntag SE		89,856		7,267,925
Commerzbank AG		681,394		7,486,796
Deutsche Bank AG, Registered		758,862		8,255,483
Deutsche Boerse AG		114,590		20,342,464

18 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) August 31, 2023 iShares^® ESG Aware MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Germany (continued)
Deutsche Lufthansa AG, Registered(a)		769,704	$	6,873,720
Deutsche Post AG, Registered		412,521		19,237,111
Deutsche Telekom AG, Registered		338,989		7,255,559
E.ON SE		1,013,938		12,481,236
Fresenius SE & Co. KGaA		221,533		7,102,171
GEA Group AG		298,830		11,783,864
Heidelberg Materials AG		85,654		6,887,148
Henkel AG & Co. KGaA		285,954		19,761,771
Infineon Technologies AG		755,780		27,008,312
LEG Immobilien SE(a)		124,097		8,937,028
Mercedes-Benz Group AG		357,263		26,142,643
Merck KGaA		138,276		24,824,024
MTU Aero Engines AG		31,607		7,377,719
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		96,608		37,499,282
Puma SE		147,128		9,860,307
Rheinmetall AG		25,872		7,027,483
SAP SE		649,181		90,563,635
Siemens AG, Registered		372,159		55,909,732
Vonovia SE		336,533		8,074,531
Zalando SE(a)(b)		218,649		6,796,815
				561,172,466
Hong Kong — 2.2%
AIA Group Ltd.		5,571,800		50,415,049
BOC Hong Kong Holdings Ltd.		3,941,500		10,950,626
Galaxy Entertainment Group Ltd.(a)		1,116,000		7,376,427
Hang Seng Bank Ltd.		687,200		8,757,755
Hong Kong Exchanges & Clearing Ltd.		708,400		27,456,304
MTR Corp. Ltd.		4,348,500		18,143,947
Sands China Ltd.(a)		2,154,800		7,289,039
Sino Land Co. Ltd.		6,386,000		7,315,022
Swire Pacific Ltd., Class A		928,500		7,655,839
Swire Properties Ltd.		7,758,000		16,212,428
				161,572,436
Ireland — 1.0%
CRH PLC		582,832		33,532,454
Flutter Entertainment PLC, Class DI(a)		71,223		12,953,004
Kerry Group PLC, Class A		201,010		18,754,258
Kingspan Group PLC		89,517		7,563,692
				72,803,408
Israel — 0.6%
Bank Hapoalim BM		864,643		7,158,505
Bank Leumi Le-Israel BM		898,697		6,976,150
CyberArk Software Ltd.(a)(c)		47,487		7,884,741
Elbit Systems Ltd.		35,499		6,967,488
Isracard Ltd.		1		5
Nice Ltd.(a)		39,935		7,783,470
Wix.com Ltd.(a)		79,852		7,886,982
				44,657,341
Italy — 2.2%
Assicurazioni Generali SpA		1,615,285		33,457,376
Enel SpA		4,680,755		31,430,459
Eni SpA		719,140		11,119,346
Intesa Sanpaolo SpA		9,183,199		24,522,822
Mediobanca Banca di Credito Finanziario SpA		553,266		7,241,207
Poste Italiane SpA(b)		659,463		7,320,654
Stellantis NV		388,954		7,220,250
Terna - Rete Elettrica Nazionale		1,105,517		9,116,717

Security	Shares		Value
Italy (continued)
UniCredit SpA		977,675	$	23,819,200
				155,248,031
Japan — 22.5%
Advantest Corp.		97,600		12,216,649
Aeon Co. Ltd.		396,900		8,225,421
Ajinomoto Co. Inc.		589,200		24,960,180
ANA Holdings Inc.(a)		315,000		7,111,165
Asahi Group Holdings Ltd.		325,300		12,655,908
Asahi Kasei Corp.		3,974,400		25,654,322
Astellas Pharma Inc.		1,162,200		17,584,510
Azbil Corp.		408,800		13,618,554
Bridgestone Corp.		569,500		22,111,268
Chugai Pharmaceutical Co. Ltd.		243,900		7,434,536
Daifuku Co. Ltd.		397,500		7,336,089
Daiichi Sankyo Co. Ltd.		928,000		27,332,990
Daikin Industries Ltd.		147,700		25,531,210
Daiwa Securities Group Inc.		4,339,300		24,676,085
Eisai Co. Ltd.		163,600		10,342,167
ENEOS Holdings Inc.		3,077,400		11,556,045
FANUC Corp.		849,000		24,146,706
Fast Retailing Co. Ltd.		96,400		22,115,243
FUJIFILM Holdings Corp.		219,100		12,948,030
Fujitsu Ltd.		158,900		19,861,200
Hankyu Hanshin Holdings Inc.		622,700		22,349,551
Hitachi Ltd.		533,300		35,444,300
Honda Motor Co. Ltd.		1,268,200		40,983,629
Hoya Corp.		265,100		29,413,087
Ibiden Co. Ltd.		175,800		10,591,970
Idemitsu Kosan Co. Ltd.		363,800		7,743,960
Inpex Corp.		1,341,500		18,786,134
Isuzu Motors Ltd.		592,800		7,588,757
ITOCHU Corp.		1,143,900		42,929,788
JFE Holdings Inc.		602,300		9,515,198
KDDI Corp.		1,395,100		41,472,717
Keyence Corp.		62,900		26,114,286
Kirin Holdings Co. Ltd.		738,400		10,366,581
Komatsu Ltd.		537,900		15,307,665
Kubota Corp.		1,029,000		16,560,213
Kurita Water Industries Ltd.		190,300		7,413,182
Lixil Corp.		695,400		8,710,331
Marubeni Corp.		1,197,800		19,570,373
MatsukiyoCocokara & Co.		116,600		6,865,460
Mazda Motor Corp.		737,000		7,762,827
Mitsubishi Chemical Group Corp.		1,283,800		7,663,913
Mitsubishi Corp.		368,700		18,186,094
Mitsubishi Heavy Industries Ltd.		213,200		12,073,968
Mitsubishi UFJ Financial Group Inc.		4,819,000		38,444,430
Mitsui Chemicals Inc.		259,700		7,040,156
Mitsui Fudosan Co. Ltd.		342,800		7,504,959
Mizuho Financial Group Inc.		1,344,900		22,162,634
MS&AD Insurance Group Holdings Inc.		268,700		9,649,452
Murata Manufacturing Co. Ltd.		129,000		7,216,683
NEC Corp.		185,500		9,777,866
Nidec Corp.		133,600		6,951,803
Nintendo Co. Ltd.		441,680		18,937,863
Nippon Express Holdings Inc.		141,800		7,363,588
Nippon Steel Corp.		315,500		7,461,046
Nippon Telegraph & Telephone Corp.		6,260,700		7,228,827
Nippon Yusen KK		273,400		7,273,640
Nitto Denko Corp.		103,500		7,061,032

S C H E D U L E  O F  I N V E S T M E N T S 19

Schedule of Investments (continued) August 31, 2023 iShares^® ESG Aware MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Nomura Holdings Inc.		1,923,900	$	7,448,593
Nomura Research Institute Ltd.		428,100		12,303,225
Omron Corp.		300,100		14,480,559
Oriental Land Co. Ltd./Japan		639,400		23,031,962
ORIX Corp.		665,300		12,404,305
Panasonic Holdings Corp.		1,335,400		15,370,520
Rakuten Group Inc.		1,913,000		7,443,559
Recruit Holdings Co. Ltd.		731,200		26,047,149
Renesas Electronics Corp.(a)		831,300		13,849,176
Secom Co. Ltd.		159,200		11,142,050
Seiko Epson Corp.		467,600		7,321,865
Sekisui Chemical Co. Ltd.		471,500		7,231,568
Sekisui House Ltd.		542,000		11,045,630
Seven & i Holdings Co. Ltd.		238,700		9,794,136
SG Holdings Co. Ltd.		779,600		11,261,208
Shimizu Corp.		1,061,700		7,143,056
Shin-Etsu Chemical Co. Ltd.		620,900		19,790,409
Shionogi & Co. Ltd.		197,100		8,656,499
SoftBank Corp.		2,988,700		34,276,513
SoftBank Group Corp.		433,300		19,418,962
Sompo Holdings Inc.		418,200		18,199,013
Sony Group Corp.		757,600		63,026,590
Sumitomo Chemical Co. Ltd.		6,563,500		18,169,906
Sumitomo Metal Mining Co. Ltd.		327,800		10,172,819
Sumitomo Mitsui Financial Group Inc.		591,300		27,032,144
Sumitomo Mitsui Trust Holdings Inc.		217,200		8,136,051
Sysmex Corp.		225,900		11,986,375
T&D Holdings Inc.		462,300		7,350,982
Takeda Pharmaceutical Co. Ltd.		488,194		15,087,665
TDK Corp.		205,000		7,461,408
Terumo Corp.		250,400		7,576,465
Tokio Marine Holdings Inc.		957,200		21,123,961
Tokyo Electron Ltd.		255,100		37,888,887
Tokyo Gas Co. Ltd.		316,100		7,314,730
Tokyu Corp.		521,000		6,583,681
Toray Industries Inc.		3,011,400		16,236,474
Toyota Motor Corp.		4,922,700		84,813,703
West Japan Railway Co.		170,600		7,385,960
Yamaha Corp.		443,400		13,676,343
Yamaha Motor Co. Ltd.		743,200		19,231,237
Yaskawa Electric Corp.		397,900		15,600,554
Yokogawa Electric Corp.		392,100		7,763,949
			1,636,186,082
Netherlands — 4.2%
Adyen NV(a)(b)		8,694		7,259,675
Akzo Nobel NV		198,819		16,140,820
ASM International NV		21,749		10,469,301
ASML Holding NV		214,246		140,872,764
Heineken NV		97,916		9,518,457
ING Groep NV		1,749,867		24,793,883
Koninklijke Ahold Delhaize NV		687,553		22,489,861
Koninklijke KPN NV		6,110,315		21,382,402
Prosus NV		374,650		25,841,256
Universal Music Group NV		405,639		10,057,082
Wolters Kluwer NV		147,574		17,781,237
			306,606,738
New Zealand — 0.3%
EBOS Group Ltd.		483,235		10,934,468

Security	Shares		Value
New Zealand (continued)
Meridian Energy Ltd.		2,237,282	$	7,156,648
			18,091,116
Norway — 1.0%
DNB Bank ASA		1,013,049		20,024,486
Equinor ASA		649,273		19,939,961
Gjensidige Forsikring ASA		477,842		7,438,401
Norsk Hydro ASA		1,265,824		7,003,669
Orkla ASA		1,148,223		8,766,025
Telenor ASA		1,130,840		12,107,175
			75,279,717
Portugal — 0.2%
Galp Energia SGPS SA		1,181,029		16,300,767
Singapore — 1.4%
Capitaland Investment Ltd/Singapore		5,333,300		12,775,981
City Developments Ltd.		3,023,300		14,936,317
DBS Group Holdings Ltd.		381,500		9,390,103
Grab Holdings Ltd., Class A(a)(c)		2,155,262		8,125,338
Keppel Corp. Ltd.		3,910,400		20,061,042
Oversea-Chinese Banking Corp. Ltd.		2,363,300		21,927,425
United Overseas Bank Ltd.		627,800		13,188,422
			100,404,628
Spain — 2.7%
Amadeus IT Group SA		337,010		23,123,416
Banco Bilbao Vizcaya Argentaria SA		3,190,641		25,173,805
Banco Santander SA		7,657,310		29,891,135
CaixaBank SA		1,985,079		8,040,047
Cellnex Telecom SA(b)		191,035		7,306,221
Corp. ACCIONA Energias Renovables SA		257,486		7,651,504
Endesa SA		408,092		8,475,229
Iberdrola SA		3,390,126		40,216,160
Industria de Diseno Textil SA		659,871		25,280,547
Naturgy Energy Group SA		385,844		11,175,580
Redeia Corp. SA		248,322		4,032,574
Repsol SA		528,000		8,141,477
			198,507,695
Sweden — 2.9%
Alfa Laval AB		212,193		7,450,104
Assa Abloy AB, Class B		360,198		8,106,592
Atlas Copco AB, Class A		1,439,090		19,026,513
Boliden AB		531,393		14,130,005
Epiroc AB, Class A		509,060		9,766,512
EQT AB		347,641		6,988,036
Essity AB, Class B		610,867		14,261,411
Evolution AB(b)		74,474		8,054,879
H & M Hennes & Mauritz AB, Class B		525,878		8,029,102
Nibe Industrier AB, Class B		995,883		7,454,256
Nordea Bank Abp		1,729,620		18,948,427
Sandvik AB		372,540		7,045,405
Skandinaviska Enskilda Banken AB, Class A		693,960		8,045,481
Svenska Cellulosa AB SCA, Class B		797,831		10,620,703
Svenska Handelsbanken AB, Class A		1,417,929		11,831,277
Swedbank AB, Class A		450,539		7,973,511
Tele2 AB, Class B		1,676,561		11,844,558
Telia Co. AB		8,029,905		16,210,791
Volvo AB, Class A		465,639		9,524,086
Volvo AB, Class B		373,649		7,530,379
			212,842,028

20 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) August 31, 2023 iShares^® ESG Aware MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Switzerland — 10.9%
ABB Ltd., Registered		1,497,129	$	56,933,156
Alcon Inc.		386,378		32,246,921
Coca-Cola HBC AG, Class DI		244,232		7,035,567
DSM-Firmenich AG		174,746		16,164,172
Geberit AG, Registered		21,775		11,269,473
Givaudan SA, Registered		6,556		21,838,242
Holcim AG		193,451		12,792,942
Kuehne + Nagel International AG, Registered		60,921		18,303,402
Logitech International SA, Registered		176,575		12,215,900
Lonza Group AG, Registered		49,854		27,499,023
Nestle SA, Registered		1,326,938		159,550,238
Novartis AG, Registered		956,288		96,242,458
Roche Holding AG, Bearer		22,789		7,102,384
Roche Holding AG, NVS		290,218		85,175,562
SGS SA		132,476		12,031,842
SIG Group AG		439,116		11,551,138
Sika AG, Registered		66,726		18,855,581
Sonova Holding AG, Registered		38,709		10,228,174
STMicroelectronics NV		541,361		25,549,376
Straumann Holding AG		47,071		7,116,641
Swiss Life Holding AG, Registered		12,136		7,600,353
Swiss Re AG		256,680		24,925,578
Temenos AG, Registered		85,817		6,801,505
UBS Group AG, Registered		1,745,749		46,239,123
VAT Group AG(b)		19,621		7,841,473
Zurich Insurance Group AG		103,311		48,441,796
				791,552,020
United Kingdom — 14.9%
3i Group PLC		831,945		20,949,576
Anglo American PLC		707,809		18,821,819
Antofagasta PLC		398,440		7,296,985
Ashtead Group PLC		182,431		12,726,070
Associated British Foods PLC		283,214		7,134,115
AstraZeneca PLC		755,580		101,491,474
BAE Systems PLC		2,029,149		25,826,529
Barclays PLC		4,927,080		9,177,462
Barratt Developments PLC		1,327,014		7,607,071
Berkeley Group Holdings PLC		160,650		8,253,578
BP PLC		5,405,023		33,399,171
BT Group PLC		4,934,698		7,219,025
Burberry Group PLC		436,924		12,063,309
Centrica PLC		3,840,951		7,383,721
CNH Industrial NV		1,117,931		15,413,849
Coca-Cola Europacific Partners PLC		186,645		11,965,811
Compass Group PLC		517,989		13,061,978
Croda International PLC(c)		179,213		12,515,853
DCC PLC		210,047		11,493,154
Diageo PLC		1,466,385		60,052,808
Entain PLC		476,688		6,972,375
GSK PLC		1,804,113		31,600,723
HSBC Holdings PLC		8,845,328		65,253,818
Informa PLC		1,019,451		9,419,212
Intertek Group PLC		137,121		7,180,972
J Sainsbury PLC		4,000,997		13,682,420
Johnson Matthey PLC		384,181		7,920,354
Kingfisher PLC		4,782,675		14,173,420
Legal & General Group PLC		3,904,250		10,787,036
Lloyds Banking Group PLC		31,147,950		16,641,181
London Stock Exchange Group PLC		180,204		18,642,847
Mondi PLC		539,375		8,959,461

Security	Shares		Value
United Kingdom (continued)
National Grid PLC		2,350,070	$	29,334,501
NatWest Group PLC, NVS		3,334,556		9,697,159
Prudential PLC		1,126,759		13,722,861
Reckitt Benckiser Group PLC		289,877		20,919,162
RELX PLC		1,339,235		43,652,002
Rio Tinto PLC		534,419		32,911,991
Rolls-Royce Holdings PLC(a)		4,107,271		11,522,208
Sage Group PLC (The)		1,497,039		18,396,519
Schroders PLC		2,441,683		12,702,359
Segro PLC		1,549,943		14,448,979
Shell PLC		3,258,920		99,642,326
Smiths Group PLC		357,439		7,413,227
SSE PLC		987,206		20,286,242
St. James’s Place PLC		648,204		7,248,113
Standard Chartered PLC		1,002,737		9,022,331
Taylor Wimpey PLC		5,266,301		7,625,349
Tesco PLC		3,761,080		12,653,324
Unilever PLC		1,421,966		72,618,679
Vodafone Group PLC		12,216,113		11,324,980
WPP PLC		747,410		7,250,736
				1,077,480,225
Total Common Stocks — 99.1% (Cost: $6,561,681,342)				7,193,004,531
Preferred Stocks
Germany — 0.3%
Bayerische Motoren Werke AG,
Preference Shares, NVS		70,027		6,728,303
Dr Ing hc F Porsche AG, Preference Shares, NVS(b)		63,556		7,009,579
Sartorius AG, Preference Shares, NVS		18,612		7,616,661
				21,354,543
Total Preferred Stocks — 0.3% (Cost: $20,269,749)				21,354,543
Total Long-Term Investments — 99.4% (Cost: $6,581,951,091)				7,214,359,074
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.52%(d)(e)(f)		6,359,971		6,361,879
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(d)(e)		1,330,000		1,330,000
Total Short-Term Securities — 0.1% (Cost: $7,691,757)				7,691,879
Total Investments — 99.5% (Cost: $6,589,642,848)				7,222,050,953
Other Assets Less Liabilities — 0.5%				38,592,225
Net Assets — 100.0%			$	7,260,643,178

^(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.

S C H E D U L E  O F  I N V E S T M E N T S 21

Schedule of Investments (continued) August 31, 2023 iShares^® ESG Aware MSCI EAFE ETF

(e) Annualized 7-day yield as of period end.

(f) All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 08/31/23		Shares Held at 08/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	9,537,814	$	—	$	(3,178,881	)(a)	$	6,457	$	(3,511	)	$	6,361,879		6,359,971	$	132,650	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,370,000		—		(40,000	)(a)		—		—			1,330,000		1,330,000		131,434			—
								$	6,457	$	(3,511	)	$	7,691,879			$	264,084		$	—

^(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		79		09/07/23	$	12,621	$	418,599
Euro STOXX 50 Index		392		09/15/23		18,295		(152,741	)
FTSE 100 Index		104		09/15/23		9,811		(159,718	)
SPI 200 Index		46		09/21/23		5,390		63,522
							$	169,662

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)	$	—	$	—	$	482,121	$	—	$	—	$	—	$	482,121
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	312,459	$	—	$	—	$	—	$	312,459

^(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).

22 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) August 31, 2023 iShares^® ESG Aware MSCI EAFE ETF

For the period ended August 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	$	—	$	—	$	6,496,347	$	—	$	—	$	—	$	6,496,347
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	619,183	$	—	$	—	$	—	$	619,183

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	44,412,773

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2				Level 3			Total
Assets
Investments
Long-Term Investments
Common Stocks	$	35,862,872		$	7,157,141,659			$	—		$	7,193,004,531
Preferred Stocks		—			21,354,543				—			21,354,543
Short-Term Securities
Money Market Funds		7,691,879			—				—			7,691,879
	$	43,554,751		$	7,178,496,202			$	—		$	7,222,050,953
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—		$	482,121			$	—		$	482,121
Liabilities
Equity Contracts		—			(312,459	)			—			(312,459	)
	$	—		$	169,662			$	—			169,662

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

S C H E D U L E  O F  I N V E S T M E N T S 23

Schedule of Investments  August 31, 2023   iShares^® ESG MSCI EM Leaders ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Brazil — 3.0%
Atacadao SA		280	$	580
Banco Santander Brasil SA		6,446		35,289
CCR SA		16,842		42,377
Cia. de Saneamento Basico do Estado de Sao Paulo		5,713		66,820
Cia. Siderurgica Nacional SA		10,962		26,807
Cosan SA		20,312		71,863
Energisa SA		3,467		32,275
Equatorial Energia SA		16,862		107,804
Hapvida Participacoes e Investimentos SA(a)(b)		87,462		75,239
Klabin SA		12,688		58,315
Localiza Rent a Car SA		15,037		192,060
Lojas Renner SA		16,062		51,993
Natura & Co. Holding SA(b)		15,035		46,088
PRIO SA(b)		13,186		123,604
Raia Drogasil SA		21,234		117,832
Rede D’Or Sao Luiz SA(a)		9,543		55,230
Rumo SA		21,972		99,166
Telefonica Brasil SA		6,991		58,375
Tim SA		13,911		40,480
TOTVS SA		8,894		49,822
Ultrapar Participacoes SA		12,247		44,912
WEG SA		27,691		200,635
				1,597,566
Chile — 0.4%
Cencosud SA		21,389		45,785
Empresas CMPC SA		18,964		34,433
Empresas COPEC SA		6,506		46,992
Enel Americas SA(b)		355,395		42,236
Falabella SA		13,900		34,239
				203,685
China — 30.9%
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		2,300		7,796
3SBio Inc.(a)		28,500		23,834
AAC Technologies Holdings Inc.(c)		11,500		22,276
Agricultural Bank of China Ltd., Class A		84,600		40,210
Agricultural Bank of China Ltd., Class H		471,000		161,437
Air China Ltd., Class A(b)		12,700		15,113
Air China Ltd., Class H(b)		28,000		20,726
Alibaba Group Holding Ltd.(b)		236,816		2,748,519
Alibaba Health Information Technology Ltd.(b)		90,000		53,135
Angel Yeast Co. Ltd., Class A		800		3,647
Anhui Conch Cement Co. Ltd., Class A		4,100		14,467
Anhui Conch Cement Co. Ltd., Class H		20,000		55,596
Anjoy Foods Group Co. Ltd., Class A		300		5,391
Baidu Inc.(b)		37,150		663,471
Beijing Capital International Airport Co. Ltd., Class H(b)		32,000		16,756
Beijing Easpring Material Technology Co. Ltd., Class A		500		3,045
Beijing Enterprises Water Group Ltd.		68,000		15,667
Beijing Tongrentang Co. Ltd., Class A		1,300		10,045
BOC Aviation Ltd.(a)		3,500		26,251
Bosideng International Holdings Ltd.		60,000		23,545
BYD Co. Ltd., Class A		1,900		65,166
BYD Co. Ltd., Class H		17,000		533,981
By-health Co. Ltd., Class A		1,500		3,982
CECEP Solar Energy Co. Ltd., Class A		3,000		2,486
CECEP Wind Power Corp, Class A		8,510		3,927
China Baoan Group Co. Ltd., Class A		2,900		4,245

Security	Shares		Value
China (continued)
China Communications Services Corp. Ltd., Class H		40,000	$	18,008
China Conch Venture Holdings Ltd.		26,000		25,546
China Construction Bank Corp., Class H		1,584,000		847,521
China Eastern Airlines Corp. Ltd., Class A(b)		17,300		10,328
China Everbright Environment Group Ltd.		64,000		23,313
China Feihe Ltd.(a)		63,000		37,877
China Jinmao Holdings Group Ltd.		92,000		13,026
China Jushi Co. Ltd., Class A		3,878		7,441
China Literature Ltd.(a)(b)		6,200		24,899
China Medical System Holdings Ltd.		22,000		31,686
China Mengniu Dairy Co. Ltd.		52,000		174,848
China Merchants Bank Co. Ltd., Class A		20,100		87,309
China Merchants Bank Co. Ltd., Class H		65,000		257,388
China Overseas Land & Investment Ltd.		63,500		133,864
China Resources Cement Holdings Ltd.		42,000		13,912
China Resources Gas Group Ltd.		15,400		43,234
China Resources Land Ltd.		52,000		219,788
China Resources Pharmaceutical Group Ltd.(a)		24,500		16,355
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		800		5,230
China Ruyi Holdings Ltd.(b)		96,000		25,457
China Southern Airlines Co. Ltd., Class A(b)		12,000		10,438
China Southern Airlines Co. Ltd., Class H(b)		28,000		14,874
China Three Gorges Renewables Group Co. Ltd., Class A		26,900		18,190
China Tourism Group Duty Free Corp. Ltd.(a)		1,300		17,458
China Tourism Group Duty Free Corp. Ltd., Class A		2,000		29,984
China Vanke Co. Ltd., Class A		9,500		17,815
China Vanke Co. Ltd., Class H		37,100		43,278
Chow Tai Fook Jewellery Group Ltd.(c)		32,600		49,433
CITIC Ltd.		97,000		96,263
CMOC Group Ltd., Class A		14,300		11,246
CMOC Group Ltd., Class H		66,000		39,373
CNGR Advanced Material Co. Ltd.		700		5,279
Contemporary Amperex Technology Co. Ltd., Class A		4,340		140,976
COSCO Shipping Holdings Co. Ltd., Class A		12,800		17,242
COSCO Shipping Holdings Co. Ltd., Class H		51,000		52,300
Country Garden Services Holdings Co. Ltd.		38,000		44,150
CSPC Pharmaceutical Group Ltd.		149,360		112,260
Ecovacs Robotics Co. Ltd., Class A		600		4,375
ENN Energy Holdings Ltd.		12,900		101,208
ENN Natural Gas Co. Ltd., Class A		2,250		5,390
Far East Horizon Ltd.		21,000		14,347
Fosun International Ltd.		41,000		25,628
Ganfeng Lithium Co. Ltd., Class H(a)		6,440		30,761
Ganfeng Lithium Group Co. Ltd., Class A		1,520		9,907
Geely Automobile Holdings Ltd.		99,000		122,896
GEM Co. Ltd., Class A		5,400		4,645
Genscript Biotech Corp.(b)		20,000		46,683
Ginlong Technologies Co. Ltd., Class A		600		6,187
Goldwind Science & Technology Co Ltd., Class A		3,300		4,305
Greentown China Holdings Ltd.		15,500		18,408
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		1,600		6,800
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		400		3,287
Haier Smart Home Co. Ltd., Class A		6,700		21,639
Haier Smart Home Co. Ltd., Class H		39,000		120,794
Haitian International Holdings Ltd.		10,000		21,473
Hangzhou Robam Appliances Co. Ltd., Class A		900		3,400

24 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) August 31, 2023   iShares^® ESG MSCI EM Leaders ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Hangzhou Tigermed Consulting Co. Ltd., Class A		400	$	3,659
Hansoh Pharmaceutical Group Co. Ltd.(a)		20,000		25,986
Henan Shuanghui Investment & Development Co. Ltd., Class A		3,500		12,917
Huadong Medicine Co. Ltd., Class A		1,600		8,347
Huatai Securities Co. Ltd., Class A		7,300		15,956
Huatai Securities Co. Ltd., Class H(a)		21,400		28,158
Industrial & Commercial Bank of China Ltd., Class A		62,500		39,674
Industrial & Commercial Bank of China Ltd., Class H		1,068,000		489,654
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		6,700		23,956
JD Logistics Inc.(a)(b)		32,700		43,615
JD.com Inc., Class A		38,700		642,734
Jiangsu Eastern Shenghong Co. Ltd., Class A		7,200		11,368
Jiangsu Expressway Co. Ltd., Class H		20,000		18,061
Jiangsu GoodWe Power Supply Technology Co. Ltd., NVS		169		3,217
Jiangsu Hengrui Medicine Co. Ltd., Class A		6,400		36,794
Jiangsu Zhongtian Technology Co. Ltd., Class A		3,400		6,807
Jiumaojiu International Holdings Ltd.(a)		15,000		24,058
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		1,400		2,193
Jointown Pharmaceutical Group Co. Ltd., Class A		2,000		2,839
Kanzhun Ltd., ADR(b)		3,611		53,443
Kingdee International Software Group Co. Ltd.(b)		46,000		71,075
Koolearn Technology Holding Ltd.(a)(b)		6,500		32,928
Kuaishou Technology(a)(b)		38,200		312,702
Kuang-Chi Technologies Co. Ltd., Class A		1,800		3,685
Kunlun Energy Co. Ltd.		64,000		46,853
Lenovo Group Ltd.		122,000		137,900
Li Auto Inc.(b)		18,504		385,250
Livzon Pharmaceutical Group Inc., Class A		500		2,363
Longfor Group Holdings Ltd.(a)		31,500		66,484
Microport Scientific Corp.(b)		13,800		23,631
Ming Yang Smart Energy Group Ltd., Class A		2,500		5,126
MINISO Group Holding Ltd.(b)		1,572		40,715
NetEase Inc.		31,900		660,887
NIO Inc., ADR(b)(c)		22,853		234,700
Nongfu Spring Co. Ltd., Class H(a)		28,600		160,629
Offshore Oil Engineering Co. Ltd., Class A		3,500		2,799
Perfect World Co. Ltd., Class A		1,900		3,611
Pharmaron Beijing Co. Ltd., Class A		1,650		6,745
Ping An Healthcare and Technology Co. Ltd.(a)(b)		9,400		23,463
Pop Mart International Group Ltd.(a)		8,000		26,021
Postal Savings Bank of China Co. Ltd., Class A		29,057		19,411
Postal Savings Bank of China Co. Ltd., Class H(a)		132,000		65,106
Pylon Technologies Co. Ltd., NVS		176		3,344
SF Holding Co. Ltd., Class A		4,800		28,666
Shandong Nanshan Aluminum Co. Ltd., Class A		8,800		3,770
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		41,200		41,022
Shanghai Electric Group Co. Ltd., Class A(b)		12,300		7,548
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		2,600		9,971
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		8,000		18,782
Shanghai M&G Stationery Inc., Class A		1,200		6,209
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		2,600		6,384
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		12,500		20,552
Shanghai Putailai New Energy Technology Co. Ltd., Class A		2,095		9,421
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		2,700		2,731
Shenzhen Capchem Technology Co. Ltd., Class A		700		4,615

Security	Shares		Value
China (continued)
Shenzhen Inovance Technology Co. Ltd., Class A		1,350	$	12,676
Shenzhen International Holdings Ltd.		27,000		19,193
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		1,200		44,565
Shuangliang Eco-Energy Systems Co. Ltd.		1,700		2,378
Sino Biopharmaceutical Ltd.		172,000		65,289
Sinoma Science & Technology Co. Ltd., Class A		1,600		4,826
Sinopec Shanghai Petrochemical Co. Ltd., Class A(b)		5,000		2,082
Sinopharm Group Co. Ltd., Class H		22,400		65,003
Sinotruk Hong Kong Ltd.		11,500		21,321
Skshu Paint Co. Ltd., Class A(b)		620		6,430
Sungrow Power Supply Co. Ltd., Class A		1,400		19,192
Sunwoda Electronic Co. Ltd., Class A		1,900		4,135
TCL Technology Group Corp., Class A(b)		17,600		9,907
Tencent Holdings Ltd.		63,800		2,643,893
Tianqi Lithium Corp., Class A		1,500		11,866
Titan Wind Energy Suzhou Co. Ltd., Class A(b)		1,700		3,039
Tongcheng Travel Holdings Ltd.(b)		20,800		46,614
Topchoice Medical Corp., Class A(b)		300		3,847
Uni-President China Holdings Ltd.		22,000		16,271
Vinda International Holdings Ltd.		6,000		13,883
Vipshop Holdings Ltd., ADR(b)(c)		5,588		88,235
Want Want China Holdings Ltd.		79,000		52,250
Weichai Power Co. Ltd., Class A		5,500		8,903
Weichai Power Co. Ltd., Class H		34,000		44,044
Western Mining Co. Ltd., Class A		2,000		3,512
WuXi AppTec Co. Ltd., Class A		2,492		27,974
WuXi AppTec Co. Ltd., Class H(a)		6,060		66,407
Wuxi Biologics Cayman Inc.(a)(b)		63,000		355,169
XPeng Inc.(b)		17,100		153,686
Yadea Group Holdings Ltd.(a)		20,000		38,453
Yihai International Holding Ltd.		8,000		14,992
Yihai Kerry Arawana Holdings Co. Ltd., Class A		1,400		6,860
Yum China Holdings Inc.		6,854		367,991
Yunnan Baiyao Group Co. Ltd., Class A		1,840		13,820
Yunnan Chihong Zinc&Germanium Co. Ltd.		4,000		2,886
Yunnan Energy New Material Co. Ltd., Class A		1,000		9,129
Zai Lab Ltd.(b)		15,300		39,843
Zangge Mining Co. Ltd.		1,600		4,939
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		600		22,802
Zhejiang Chint Electrics Co. Ltd., Class A		2,200		7,488
Zhejiang Expressway Co. Ltd., Class H		22,000		16,428
Zhejiang Huayou Cobalt Co. Ltd., Class A		1,810		9,936
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A		900		3,365
Zhejiang Weixing New Building Materials Co. Ltd., Class A		1,000		2,776
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		7,600		6,750
ZTO Express Cayman Inc., ADR		7,046		177,136
				16,405,155
Colombia — 0.1%
Bancolombia SA		4,331		30,811
Interconexion Electrica SA ESP		7,309		26,767
				57,578
Czech Republic — 0.1%
Komercni Banka AS		1,305		40,750
Moneta Money Bank AS(a)		5,594		20,868
				61,618

S C H E D U L E  O F  I N V E S T M E N T S 25

Schedule of Investments (continued) August 31, 2023   iShares^® ESG MSCI EM Leaders ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Egypt — 0.1%
Commercial International Bank Egypt SAE		36,001	$	50,024
Greece — 0.5%
Alpha Services and Holdings SA(b)		37,409		62,890
Eurobank Ergasias Services and Holdings SA, Class A(b)		42,893		74,359
Hellenic Telecommunications Organization SA		3,046		45,520
Motor Oil Hellas Corinth Refineries SA		1,122		28,591
Mytilineos SA		1,751		71,012
				282,372
Hungary — 0.5%
MOL Hungarian Oil & Gas PLC		7,303		55,226
OTP Bank Nyrt		3,974		162,049
Richter Gedeon Nyrt		2,266		56,869
				274,144
India — 15.1%
ABB India Ltd.		827		43,738
Adani Green Energy Ltd.(b)		5,253		58,925
Ashok Leyland Ltd.		23,745		52,732
Asian Paints Ltd.		6,255		245,919
Astral Ltd.		1,958		46,216
AU Small Finance Bank Ltd.(a)		2,601		22,705
Axis Bank Ltd.		37,661		442,464
Bajaj Finance Ltd.		4,519		390,606
Berger Paints India Ltd.		4,253		36,898
Bharti Airtel Ltd.		36,840		380,890
Britannia Industries Ltd.		1,793		96,750
Colgate-Palmolive India Ltd.		2,078		48,717
Cummins India Ltd.		2,240		46,208
Dabur India Ltd.		10,378		69,275
DLF Ltd.		10,039		61,076
Eicher Motors Ltd.		2,273		91,562
GAIL India Ltd.		37,864		52,583
Grasim Industries Ltd.		4,421		95,565
Havells India Ltd.		4,235		70,771
HCL Technologies Ltd.		15,576		220,348
Hero MotoCorp Ltd.		1,863		65,581
Hindalco Industries Ltd.		20,016		110,968
Hindustan Unilever Ltd.		13,564		410,309
ICICI Prudential Life Insurance Co. Ltd.(a)		5,542		37,725
Indian Hotels Co. Ltd. (The), Class A		13,771		69,952
Indraprastha Gas Ltd.		5,292		29,876
Info Edge India Ltd.		1,195		62,445
Infosys Ltd.		54,720		948,252
Kotak Mahindra Bank Ltd.		18,068		383,401
Lupin Ltd.		3,439		45,574
Mahindra & Mahindra Ltd.		15,442		293,609
Marico Ltd.		8,421		57,946
Nestle India Ltd.		563		149,451
PI Industries Ltd.		1,367		59,889
Pidilite Industries Ltd.		2,370		71,999
Reliance Industries Ltd.		50,189		1,458,042
Shree Cement Ltd.		152		43,682
Shriram Transport Finance Co. Ltd.		4,641		108,019
Siemens Ltd.		1,440		68,181
Supreme Industries Ltd.		917		49,377
Tata Consultancy Services Ltd.		15,075		610,596
Torrent Pharmaceuticals Ltd.		1,585		35,281
TVS Motor Co. Ltd.		3,879		66,471
UPL Ltd.		7,623		54,397
Vedanta Ltd.		11,898		33,386

Security	Shares		Value
India (continued)
Zomato Ltd.(b)		71,157	$	83,731
				7,982,088
Indonesia — 2.5%
Aneka Tambang Tbk		148,800		19,413
Bank Central Asia Tbk PT		915,100		550,895
Bank Rakyat Indonesia Persero Tbk PT		1,125,600		410,052
Barito Pacific Tbk PT		461,384		32,411
Kalbe Farma Tbk PT		349,200		41,545
Merdeka Copper Gold Tbk PT(b)		200,857		44,520
Sarana Menara Nusantara Tbk PT		318,500		21,538
Telkom Indonesia Persero Tbk PT		815,600		199,364
Unilever Indonesia Tbk PT		119,900		28,892
				1,348,630
Kuwait — 0.6%
Kuwait Finance House KSCP		134,546		325,064
Malaysia — 2.4%
AMMB Holdings Bhd		30,600		24,617
Axiata Group Bhd		50,400		25,648
CIMB Group Holdings Bhd		102,300		124,011
Dialog Group Bhd		52,900		23,353
DiGi.Com Bhd		55,900		52,786
Gamuda Bhd		29,100		28,251
Hong Leong Financial Group Bhd		3,600		14,136
IHH Healthcare Bhd		34,400		43,953
Kuala Lumpur Kepong Bhd		7,600		35,296
Malayan Banking Bhd		88,900		174,509
Malaysia Airports Holdings Bhd		12,863		20,425
Maxis Bhd(c)		41,800		36,137
MISC Bhd		22,100		34,259
MR DIY Group M Bhd(a)		51,500		17,204
Nestle Malaysia Bhd		1,000		28,125
Petronas Chemicals Group Bhd		45,400		69,672
Petronas Dagangan Bhd		4,900		23,444
Petronas Gas Bhd		13,800		50,917
PPB Group Bhd		11,000		37,267
Press Metal Aluminium Holdings Bhd		62,800		65,646
Public Bank Bhd		237,400		216,397
QL Resources Bhd		20,200		23,509
RHB Bank Bhd		26,600		32,154
Sime Darby Bhd		50,800		25,149
Telekom Malaysia Bhd		21,100		23,208
				1,250,073
Mexico — 3.1%
America Movil SAB de CV		311,500		293,222
Arca Continental SAB de CV		8,500		82,754
Cemex SAB de CV, NVS(b)		248,869		196,316
Fomento Economico Mexicano SAB de CV		32,000		358,127
Gruma SAB de CV, Class B		3,030		50,581
Grupo Aeroportuario del Sureste SAB de CV, Class B		3,235		88,145
Grupo Bimbo SAB de CV, Series A		21,800		107,245
Grupo Financiero Banorte SAB de CV, Class O		42,800		362,522
Grupo Televisa SAB, CPO		42,500		37,713
Industrias Penoles SAB de CV(b)		3,240		45,826
Orbia Advance Corp. SAB de CV		16,600		36,947
				1,659,398
Netherlands — 0.1%
NEPI Rockcastle NV		7,952		47,725

26 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) August 31, 2023   iShares^® ESG MSCI EM Leaders ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Peru — 0.3%
Credicorp Ltd.		1,111	$	157,129
Philippines — 0.5%
Ayala Corp.		4,430		48,160
JG Summit Holdings Inc.		43,928		28,331
PLDT Inc.		1,180		23,947
SM Investments Corp.		4,230		62,181
SM Prime Holdings Inc.		159,000		81,987
Universal Robina Corp.		14,880		29,370
				273,976
Poland — 1.2%
Allegro.eu SA (a)(b)		7,860		62,869
CD Projekt SA		1,117		39,870
KGHM Polska Miedz SA		2,331		64,278
mBank SA(b)		232		24,095
Polski Koncern Naftowy ORLEN SA		9,501		145,050
Powszechna Kasa Oszczednosci Bank Polski SA		14,549		131,389
Powszechny Zaklad Ubezpieczen SA		9,852		98,666
Santander Bank Polska SA(b)		596		53,621
				619,838
Qatar — 0.8%
Qatar Fuel QSC		9,092		39,905
Qatar Gas Transport Co. Ltd.		40,643		41,303
Qatar National Bank QPSC		76,536		327,377
				408,585
Russia — 0.0%
Gazprom PJSC(b)(d)		244,340		26
LUKOIL PJSC(b)(d)		8,544		1
Mobile TeleSystems PJSC(b)(d)		18,946		2
Moscow Exchange MICEX-RTS PJSC(b)(d)		30,360		3
Novatek PJSC(b)(d)		18,630		2
Novolipetsk Steel PJSC(b)(d)		31,136		3
PhosAgro PJSC(b)(d)		910		—
PhosAgro PJSC, New(b)(d)		18		—
Polymetal International PLC(b)(d)		7,120		1
Polyus PJSC(b)(d)		698		—
				38
Saudi Arabia — 2.6%
ACWA Power Co.		1,551		79,728
Alinma Bank		16,084		158,029
Bank AlBilad		8,231		93,997
Dr Sulaiman Al Habib Medical Services Group Co.		1,445		93,485
National Industrialization Co.(b)		5,115		17,346
Sahara International Petrochemical Co.		5,860		56,884
Saudi Arabian Oil Co.(a)		43,922		408,991
Saudi Basic Industries Corp.		14,872		350,253
Saudi Electricity Co.		13,735		75,765
Savola Group (The)		4,296		43,348
				1,377,826
South Africa — 5.6%
Absa Group Ltd.		14,136		136,293
Anglo American Platinum Ltd.		1,084		37,804
Aspen Pharmacare Holdings Ltd.		6,257		57,053
Bid Corp. Ltd.		5,593		125,818
Bidvest Group Ltd. (The)		4,748		71,641
Capitec Bank Holdings Ltd.		1,452		121,842
Clicks Group Ltd.		4,021		58,234
Discovery Ltd.(b)		9,066		70,440
FirstRand Ltd.		83,181		323,193

Security	Shares		Value
South Africa (continued)
Gold Fields Ltd.		14,654	$	187,478
Growthpoint Properties Ltd.		57,954		36,242
Impala Platinum Holdings Ltd.		14,274		73,484
Kumba Iron Ore Ltd.		1,112		24,459
MTN Group Ltd.		28,030		178,585
Naspers Ltd., Class N		3,230		550,219
Nedbank Group Ltd.		7,297		83,387
Northam Platinum Holdings Ltd.(b)		5,933		39,113
Old Mutual Ltd.		79,916		53,701
Sanlam Ltd.		29,237		105,507
Sasol Ltd.		9,520		122,676
Shoprite Holdings Ltd.		8,283		115,716
Sibanye Stillwater Ltd.		46,328		69,901
Standard Bank Group Ltd.		21,709		222,102
Vodacom Group Ltd.		9,714		55,481
Woolworths Holdings Ltd.		14,896		58,511
				2,978,880
South Korea — 7.4%
Amorepacific Corp.		488		49,357
BGF retail Co. Ltd.		145		17,145
Celltrion Healthcare Co. Ltd.		1,743		85,287
CJ CheilJedang Corp.		133		30,055
Coway Co. Ltd.		936		30,563
Doosan Bobcat Inc.		914		37,141
Doosan Enerbility Co. Ltd.(b)		7,387		101,828
Hana Financial Group Inc.		4,849		144,901
Hanon Systems		2,916		20,077
Hanwha Solutions Corp.(b)		1,743		47,976
HD Hyundai Co. Ltd.		649		28,991
HMM Co. Ltd.		4,112		51,765
Hyundai Engineering & Construction Co. Ltd.		1,306		35,030
Hyundai Glovis Co. Ltd.		306		39,900
Hyundai Mipo Dockyard Co. Ltd.(b)		393		27,016
Kakao Corp.		5,147		186,795
KB Financial Group Inc.		6,356		258,919
Korea Zinc Co. Ltd.		133		52,954
Korean Air Lines Co. Ltd.		3,082		53,075
Kumho Petrochemical Co. Ltd.		275		25,929
LG Chem Ltd.		815		358,851
LG Corp.		1,559		96,718
LG Display Co. Ltd.(b)		4,034		40,812
LG Electronics Inc.		1,752		130,387
LG H&H Co. Ltd.		157		55,094
LG Uplus Corp.		2,941		23,236
Lotte Chemical Corp.		325		33,541
Mirae Asset Securities Co. Ltd.		4,251		21,396
NAVER Corp.		2,165		350,453
NCSoft Corp.		238		45,217
Netmarble Corp.(a)(b)		380		12,303
POSCO Future M Co. Ltd.		513		174,114
Samsung Engineering Co. Ltd.(b)		2,594		66,637
Samsung SDI Co. Ltd.		907		420,668
Samsung SDS Co. Ltd.		618		66,323
Samsung Securities Co. Ltd.		1,055		29,776
Shinhan Financial Group Co. Ltd.		7,220		193,941
SK Biopharmaceuticals Co. Ltd.(b)		521		33,735
SK Bioscience Co. Ltd.(b)		455		25,292
SK IE Technology Co. Ltd.(a)(b)		422		28,775
SK Inc.		591		64,531
SK Innovation Co. Ltd.(b)		911		122,193

S C H E D U L E  O F  I N V E S T M E N T S 27

Schedule of Investments (continued) August 31, 2023   iShares^® ESG MSCI EM Leaders ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
SK Square Co. Ltd.(b)		1,604	$	54,648
SKC Co. Ltd.		326		22,528
Woori Financial Group Inc.		10,013		90,082
Yuhan Corp.		901		49,596
				3,935,551
Taiwan — 13.7%
Acer Inc.		49,000		56,182
Airtac International Group		2,000		57,613
AUO Corp.		108,600		60,644
Cathay Financial Holding Co. Ltd.		155,650		222,554
China Airlines Ltd.		48,000		34,021
China Steel Corp.		194,000		161,360
Chunghwa Telecom Co. Ltd.		63,000		229,688
CTBC Financial Holding Co. Ltd.		291,000		217,500
Delta Electronics Inc.		32,000		345,821
E.Sun Financial Holding Co. Ltd.		232,174		178,057
Eva Airways Corp.		42,000		41,450
Evergreen Marine Corp. Taiwan Ltd.		16,800		56,104
Far Eastern New Century Corp.		48,000		42,372
Far EasTone Telecommunications Co. Ltd.		25,000		55,451
First Financial Holding Co. Ltd.		175,456		144,807
Fubon Financial Holding Co. Ltd.		121,990		243,268
Hotai Motor Co. Ltd.		5,100		108,480
Hua Nan Financial Holdings Co. Ltd.		147,650		95,007
Lite-On Technology Corp.		33,000		141,077
MediaTek Inc.		25,000		551,336
Mega Financial Holding Co. Ltd.		186,984		210,436
momo.com Inc.		1,320		21,530
Nan Ya Plastics Corp.		79,000		163,955
President Chain Store Corp.		10,000		83,856
SinoPac Financial Holdings Co. Ltd.		175,820		94,371
Taishin Financial Holding Co. Ltd.		186,477		104,110
Taiwan Cement Corp.		105,792		115,982
Taiwan Cooperative Financial Holding Co. Ltd.		167,724		138,219
Taiwan High Speed Rail Corp.		32,000		29,861
Taiwan Mobile Co. Ltd.		28,000		81,916
Taiwan Semiconductor Manufacturing Co. Ltd.		154,000		2,646,174
Uni-President Enterprises Corp.		80,000		177,377
United Microelectronics Corp.		188,000		268,417
Voltronic Power Technology Corp.		1,000		45,388
Wan Hai Lines Ltd.		12,260		17,403
Yang Ming Marine Transport Corp.		30,000		39,736
				7,281,523
Thailand — 3.0%
Advanced Info Service PCL, NVDR		20,000		123,300
Airports of Thailand PCL, NVDR(b)		72,700		150,456
Asset World Corp. PCL, NVDR		152,000		18,910
B Grimm Power PCL, NVDR		15,100		14,663
Bangkok Dusit Medical Services PCL, NVDR		183,400		146,600
Berli Jucker PCL, NVDR		20,200		19,458
BTS Group Holdings PCL, NVDR		138,400		29,035
Bumrungrad Hospital PCL, NVDR		9,900		73,186
Central Retail Corp. PCL, NVDR		30,200		35,528
Charoen Pokphand Foods PCL, NVDR(c)		66,500		39,306
CP ALL PCL, NVDR		96,400		179,507
Delta Electronics Thailand PCL, NVDR		51,700		160,003
Energy Absolute PCL, NVDR		27,100		48,933
Home Product Center PCL, NVDR		102,300		39,989
Indorama Ventures PCL, NVDR		31,400		25,987

Security	Shares		Value
Thailand (continued)
Intouch Holdings PCL, NVDR		17,100	$	35,508
Kasikornbank PCL, NVDR		9,900		36,879
Minor International PCL, NVDR		57,900		54,937
Osotspa PCL, NVDR		24,800		21,239
PTT Exploration & Production PCL, NVDR		23,000		104,126
PTT Global Chemical PCL, NVDR		39,700		42,187
PTT Oil & Retail Business PCL, NVDR		53,100		30,920
SCG Packaging PCL, NVDR		23,300		27,263
Siam Cement PCL (The), NVDR		13,000		116,140
				1,574,060
Turkey — 0.6%
Haci Omer Sabanci Holding AS		15,922		35,600
KOC Holding AS		12,595		66,831
Turk Hava Yollari AO(b)		9,137		83,702
Turkiye Is Bankasi AS, Class C		57,886		45,571
Turkiye Sise ve Cam Fabrikalari AS		23,272		44,582
Yapi ve Kredi Bankasi AS		55,635		33,043
				309,329
United Arab Emirates — 2.3%
Abu Dhabi Commercial Bank PJSC		48,583		114,149
Abu Dhabi Islamic Bank PJSC		24,009		68,112
Aldar Properties PJSC		63,744		91,242
Emaar Properties PJSC		109,343		210,131
Emirates NBD Bank PJSC		31,274		139,162
Emirates Telecommunications Group Co. PJSC		57,364		309,856
First Abu Dhabi Bank PJSC		73,035		271,950
				1,204,602
Total Common Stocks — 97.4% (Cost: $50,883,026)				51,666,457
Preferred Stocks
Brazil — 1.6%
Banco Bradesco SA, Preference Shares, NVS		87,897		265,357
Cia. Energetica de Minas Gerais, Preference Shares, NVS		23,223		57,823
Gerdau SA, Preference Shares, NVS		19,128		99,849
Itau Unibanco Holding SA, Preference Shares, NVS		80,311		444,852
				867,881
Chile — 0.3%
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares		2,345		145,227
Colombia — 0.1%
Bancolombia SA, Preference Shares, NVS		7,505		49,905
South Korea — 0.1%
LG Chem Ltd., Preference Shares, NVS		128		33,036
Total Preferred Stocks — 2.1% (Cost: $981,793)				1,096,049

28 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) August 31, 2023   iShares^® ESG MSCI EM Leaders ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Rights
South Korea — 0.0%
SK Innovation Co. Ltd., (Expires 09/19/23, Strike Price KRW 139,600.00)(b)		74	$	2,119
Total Rights — 0.0% (Cost: $—)				2,119
Total Long-Term Investments — 99.5% (Cost: $51,864,819)				52,764,625
Short-Term Securities
Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.52%(e)(f)(g)		419,846		419,971
Total Short-Term Securities — 0.8% (Cost: $419,971)				419,971
Total Investments — 100.3% (Cost: $52,284,790)				53,184,596
Liabilities in Excess of Other Assets — (0.3)%				(159,216	)
Net Assets — 100.0%			$	53,025,380

^(a)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(b)  Non-income producing security.

^(c)  All or a portion of this security is on loan.

^(d)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(e)  Affiliate of the Fund.

^(f)  Annualized 7-day yield as of period end.

^(g)  All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 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 08/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 08/31/23		Shares Held at 08/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	116,900	$	303,183	(a)	$	—	$	(101	)	$	(11	)	$	419,971		419,846	$	2,529	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(c)		—		0	(a)		—		—			—			—		—		4,6171			1
								$	(101	)	$	(11	)	$	419,971			$	7,146		$	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
MSCI Emerging Markets Index		2		09/15/23	$	98	$	105

S C H E D U L E  O F  I N V E S T M E N T S 29

Schedule of Investments (continued) August 31, 2023 iShares^® ESG MSCI EM Leaders 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	$	—	$	—	$	—		$105

^(a) Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended August 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	$	—	$	—	$	(20,111	)	$	—	$	—	$	—	$	(20,111	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	1,618		$	—	$	—	$	—	$	1,618

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	85,078

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	$	7,615,251		$	44,051,168		$	38		$	51,666,457
Preferred Stocks		1,063,013			33,036			—			1,096,049
Rights		2,119			—			—			2,119
Short-Term Securities
Money Market Funds		419,971			—			—			419,971
	$	9,100,354		$	44,084,204		$	38		$	53,184,596
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	105		$	—		$	—		$	105

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

30 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  August 31, 2023   iShares^® MSCI Global Sustainable Development Goals ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 1.4%
CSL Ltd.		23,287	$	4,112,459
IDP Education Ltd.		25,031		398,089
Vicinity Ltd.		563,267		679,441
				5,189,989
Austria — 0.4%
Verbund AG		17,016		1,392,577
Belgium — 4.3%
Elia Group SA/NV		9,845		1,135,074
Umicore SA		570,743		15,123,698
				16,258,772
Canada — 3.0%
Northland Power Inc.		61,120		1,155,725
RioCan REIT		24,729		353,402
Saputo Inc.		200,528		4,334,978
West Fraser Timber Co. Ltd.		68,902		5,208,445
				11,052,550
Chile — 1.0%
Empresas CMPC SA		1,988,436		3,610,398
China — 11.5%
3SBio Inc.(a)		394,000		329,491
Anjoy Foods Group Co. Ltd., Class A		3,400		61,098
BeiGene Ltd.(b)		20,621		330,800
Beijing Easpring Material Technology Co. Ltd., Class A .		17,600		107,181
Beijing Enterprises Water Group Ltd.		4,874,000		1,122,916
BYD Co. Ltd., Class A		36,400		1,247,403
BYD Co. Ltd., Class H		211,500		6,628,970
CECEP Solar Energy Co. Ltd., Class A		85,300		70,615
CECEP Wind Power Corp, Class A		95,100		43,889
China Conch Venture Holdings Ltd.		760,500		747,219
China Everbright Environment Group Ltd.		6,142,000		2,237,299
China Longyuan Power Group Corp. Ltd., Class H		1,924,000		1,523,028
China Medical System Holdings Ltd.		161,000		231,882
China Mengniu Dairy Co. Ltd.		1,249,000		4,199,721
China Railway Signal & Communication Corp. Ltd., Class A		175,136		135,096
China Three Gorges Renewables Group Co. Ltd., Class A		270,400		182,843
Contemporary Amperex Technology Co. Ltd., Class A		97,120		3,154,754
CSPC Pharmaceutical Group Ltd.		1,033,520		776,802
Farasis Energy Gan Zhou Co. Ltd., NVS		29,849		83,055
Flat Glass Group Co. Ltd., Class A		17,400		73,802
Flat Glass Group Co. Ltd., Class H		26,000		64,569
Ginlong Technologies Co. Ltd., Class A		5,400		55,681
Hansoh Pharmaceutical Group Co. Ltd.(a)		84,000		109,142
Hebei Yangyuan Zhihui Beverage Co. Ltd., Class A		7,800		26,312
Henan Shuanghui Investment & Development Co. Ltd., Class A		108,100		398,964
Hengan International Group Co. Ltd.		317,000		1,175,866
Hengdian Group DMEGC Magnetics Co. Ltd.		35,600		80,209
Innovent Biologics Inc.(a)(b)		54,500		243,732
Jiangsu GoodWe Power Supply Technology Co. Ltd., NVS		2,672		50,866
Koolearn Technology Holding Ltd.(a)(b)		21,500		108,914
Li Auto Inc.(b)		221,444		4,610,428
Ming Yang Smart Energy Group Ltd., Class A		99,500		204,028
NIO Inc., ADR(b)(c)		488,095		5,012,736

Security	Shares		Value
China (continued)
Nongfu Spring Co. Ltd., Class H(a)		58,600	$	329,121
Pylon Technologies Co. Ltd., NVS		1,880		35,721
Riyue Heavy Industry Co. Ltd., Class A		13,300		29,539
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		9,100		29,099
Shuangliang Eco-Energy Systems Co. Ltd.		70,400		98,476
Sungrow Power Supply Co. Ltd., Class A		28,200		386,573
Tingyi Cayman Islands Holding Corp.		948,000		1,391,947
Titan Wind Energy Suzhou Co. Ltd., Class A(b)		28,200		50,326
Vinda International Holdings Ltd.		237,000		548,383
Xinyi Solar Holdings Ltd.		1,670,000		1,393,444
XPeng Inc.(b)		239,632		2,153,683
Yadea Group Holdings Ltd.(a)		494,000		949,788
Yihai Kerry Arawana Holdings Co. Ltd., Class A		51,500		252,332
Zai Lab Ltd.(b)		31,650		82,420
				43,160,163
Denmark — 8.7%
Genmab A/S(b)		2,480		950,175
Novo Nordisk A/S, Class B		53,177		9,808,696
Orsted AS(a)		79,253		5,084,451
Rockwool A/S, Class B		7,066		1,803,383
Vestas Wind Systems A/S(b)		644,042		14,880,657
				32,527,362
France — 1.5%
Covivio		18,566		905,258
Gecina SA		4,021		430,149
Ipsen SA		3,723		482,293
Klepierre SA		59,591		1,574,013
Unibail-Rodamco-Westfield, New(b)		41,848		2,233,626
				5,625,339
Germany — 2.7%
LEG Immobilien SE(b)		26,934		1,939,692
Vonovia SE		338,319		8,117,383
				10,057,075
Hong Kong — 4.2%
Henderson Land Development Co. Ltd.		310,000		851,304
Link REIT		224,020		1,110,699
MTR Corp. Ltd.		335,500		1,399,861
Swire Properties Ltd.		168,400		351,917
WH Group Ltd.(a)		22,989,500		11,839,477
				15,553,258
India — 0.5%
Adani Green Energy Ltd.(b)		12,706		142,529
Colgate-Palmolive India Ltd.		6,051		141,861
Hindustan Unilever Ltd.		34,979		1,058,109
Marico Ltd.		31,255		215,068
Nestle India Ltd.		1,298		344,560
				1,902,127
Indonesia — 0.2%
Indofood CBP Sukses Makmur Tbk PT		674,900		496,315
Unilever Indonesia Tbk PT		707,200		170,413
				666,728
Japan — 13.6%
Asahi Intecc Co. Ltd.		9,000		182,569
Central Japan Railway Co.		41,900		5,372,396
Chugai Pharmaceutical Co. Ltd.		32,800		999,806
Daiichi Sankyo Co. Ltd.		85,600		2,521,233
Daiwa House Industry Co. Ltd.		547,400		15,204,457
Daiwa House REIT Investment Corp.		176		333,990

S C H E D U L E  O F  I N V E S T M E N T S 31

Schedule of Investments (continued) August 31, 2023   iShares^® MSCI Global Sustainable Development Goals ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
East Japan Railway Co.		161,200	$	9,114,111
Eisai Co. Ltd.		19,500		1,232,716
GLP J-Reit		340		320,641
Japan Metropolitan Fund Invest		743		498,918
Japan Real Estate Investment Corp.		96		398,957
Kyowa Kirin Co. Ltd.		23,900		436,935
Nippon Building Fund Inc.		137		578,583
Nippon Prologis REIT Inc.		206		414,303
Nissin Foods Holdings Co. Ltd.		17,600		1,537,049
Nomura Real Estate Master Fund Inc.		367		431,444
Ono Pharmaceutical Co. Ltd.		52,600		993,715
Open House Group Co. Ltd.		78,800		2,661,918
Shionogi & Co. Ltd.		24,700		1,084,807
Sysmex Corp.		13,700		726,929
Terumo Corp.		45,900		1,388,817
TOTO Ltd.		86,700		2,377,646
Unicharm Corp.		56,500		2,253,990
				51,065,930
Malaysia — 0.1%
PPB Group Bhd		62,400		211,407
QL Resources Bhd		221,300		257,547
				468,954
Mexico — 0.6%
Gruma SAB de CV, Class B		78,218		1,305,720
Kimberly-Clark de Mexico SAB de CV, Class A		492,738		1,108,556
				2,414,276
Netherlands — 0.4%
JDE Peet’s NV		53,076		1,477,961
Norway — 0.9%
Mowi ASA		133,273		2,415,885
Salmar ASA		20,089		980,730
				3,396,615
Saudi Arabia — 0.1%
ACWA Power Co.		2,330		119,772
Almarai Co. JSC		24,647		416,254
				536,026
Singapore — 0.9%
CapitaLand Ascendas REIT		337,100		690,417
CapitaLand Integrated Commercial Trust		826,140		1,166,996
City Developments Ltd.		204,200		1,008,830
Mapletree Pan Asia Commercial Trust		337,100		378,931
				3,245,174
South Korea — 3.7%
LG Energy Solution(b)		11,882		4,883,578
Samsung SDI Co. Ltd.		19,131		8,872,981
				13,756,559
Spain — 0.4%
Corp. ACCIONA Energias Renovables SA		26,990		802,040
EDP Renovaveis SA		47,056		860,613
				1,662,653
Sweden — 2.6%
Essity AB, Class B		321,041		7,495,081
Svenska Cellulosa AB SCA, Class B		120,970		1,610,349
Swedish Orphan Biovitrum AB(b)(c)		23,120		445,948
				9,551,378
Switzerland — 0.5%
Geberit AG, Registered		3,719		1,924,738

Security	Shares		Value
Taiwan — 1.6%
Taiwan High Speed Rail Corp.		476,000	$	444,184
Uni-President Enterprises Corp.		2,525,000		5,598,470
				6,042,654
Thailand — 0.1%
BTS Group Holdings PCL, NVDR		1,117,700		234,482
United Kingdom — 5.7%
Berkeley Group Holdings PLC		34,276		1,760,969
Johnson Matthey PLC		719,960		14,842,842
Land Securities Group PLC		65,235		497,084
Pearson PLC		393,675		4,172,446
				21,273,341
United States — 28.6%
Alexandria Real Estate Equities Inc.		19,671		2,288,524
Alnylam Pharmaceuticals Inc.(b)		2,519		498,309
Amgen Inc.		39,452		10,113,126
Baxter International Inc.		96,699		3,925,979
BioMarin Pharmaceutical Inc.(b)		12,545		1,146,362
Boston Properties Inc.		37,133		2,479,370
Darling Ingredients Inc.(b)(c)		82,668		5,105,576
Dexcom Inc.(b)		15,337		1,548,730
Digital Realty Trust Inc.		54,428		7,169,256
Edwards Lifesciences Corp.(b)		31,824		2,433,581
Eli Lilly & Co.		14,884		8,248,713
Enphase Energy Inc.(b)		20,114		2,545,024
First Solar Inc.(b)		14,563		2,754,155
Horizon Therapeutics PLC(b)		15,259		1,720,300
Hormel Foods Corp.		98,249		3,791,429
Incyte Corp.(b)		24,052		1,552,076
Insulet Corp.(b)		3,532		677,120
Jazz Pharmaceuticals PLC(b)		14,083		2,018,939
Kimberly-Clark Corp.		98,352		12,670,688
Lucid Group Inc.(b)(c)		48,881		306,973
Regeneron Pharmaceuticals Inc.(b)		5,851		4,835,793
Rivian Automotive Inc., Class A(b)(c)		72,577		1,649,675
Seagen Inc.(b)		3,090		636,756
SolarEdge Technologies Inc.(b)		17,916		2,912,604
Sun Communities Inc.		16,386		2,005,974
United Therapeutics Corp.(b)		4,542		1,019,043
Vertex Pharmaceuticals Inc.(b)		13,879		4,834,611
VMware Inc., Class A(b)		18,702		3,156,523
Weyerhaeuser Co.		273,757		8,965,542
Xylem Inc./NY		37,813		3,915,158
				106,925,909
Total Common Stocks — 99.2% (Cost: $398,066,898)				370,972,988
Rights
Sweden — 0.0%
Swedish Orphan Biovitrum AB, (Expires 09/21/23, Strike Price SEK 142.00)(b)(c)		19,323		17,455
Total Rights — 0.0% (Cost: $—)				17,455
Total Long-Term Investments — 99.2% (Cost: $398,066,898)				370,990,443

32 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) August 31, 2023 iShares^® MSCI Global Sustainable Development Goals ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Securities
Money Market Funds — 2.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.52%(d)(e)(f)		8,695,757	$	8,698,366
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(d)(e)		310,000		310,000
Total Short-Term Securities — 2.4% (Cost: $9,008,561)				9,008,366
Total Investments — 101.6% (Cost: $407,075,459)				379,998,809
Liabilities in Excess of Other Assets — (1.6)%				(5,916,746	)
Net Assets — 100.0%			$	374,082,063

^(a)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(b)  Non-income producing security.

^(c)  All or a portion of this security is on loan.

^(d)  Affiliate of the Fund.

^(e)  Annualized 7-day yield as of period end.

^(f)  All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 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 08/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 08/31/23		Shares Held at 08/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	7,678,485	$	1,019,954	(a)	$	—	$	1,962	$	(2,035	)	$	8,698,366		8,695,757	$	52,073	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		60,000		250,000	(a)		—		—		—			310,000		310,000		17,749			—
								$	1,962	$	(2,035	)	$	9,008,366			$	69,822		$	—

^(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		12		09/15/23	$	1,266	$	(20,820	)
MSCI Emerging Markets Index		16		09/15/23		783		(23,718	)
S&P 500 E-Mini Index		3		09/15/23		677		(856	)
							$	(45,394	)

S C H E D U L E  O F  I N V E S T M E N T S 33

Schedule of Investments (continued) August 31, 2023 iShares^® MSCI Global Sustainable Development Goals ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	45,394	$	—	$	—	$	—	$	45,394

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended August 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	$	—	$	—	$	145,688		$	—	$	—	$	—	$	145,688
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(2,371	)	$	—	$	—	$	—	$	(2,371	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,999,309

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	131,684,683		$	239,288,305	$	—	$	370,972,988
Rights		17,455			—		—		17,455
Short-Term Securities
Money Market Funds		9,008,366			—		—		9,008,366
	$	140,710,504		$	239,288,305	$	—	$	379,998,809
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(45,394	)	$	—	$	—	$	(45,394	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

34 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments August 31, 2023 iShares^® MSCI Water Management Multisector ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Beverages — 9.5%
Coca-Cola Europacific Partners PLC		1,120	$	71,803
Coca-Cola Femsa SAB de CV		2,800		23,725
Diageo PLC		7,644		313,044
Fomento Economico Mexicano SAB de CV		10,800		120,868
				529,440
Building Products — 8.3%
Geberit AG, Registered		668		345,718
Genuit Group PLC		11,332		45,727
Uponor OYJ		2,368		74,779
				466,224
Chemicals — 4.9%
Ecolab Inc.		1,373		252,371
Johnson Matthey PLC		928		19,132
				271,503
Commercial Services & Supplies — 1.1%
China Everbright Environment Group Ltd.		168,000		61,196
Construction Materials — 2.4%
Wienerberger AG		4,956		136,421
Electric Utilities — 0.5%
Verbund AG		364		29,790
Electronic Equipment, Instruments & Components — 4.1%
Badger Meter Inc.		1,376		228,526
Financial Services — 0.7%
Metro Pacific Investments Corp.		456,000		40,649
Food Products — 10.5%
Ausnutria Dairy Corp. Ltd.		5,000		2,083
Britannia Industries Ltd.		576		31,081
General Mills Inc.		3,248		219,760
Hershey Co. (The)		814		174,896
Marico Ltd.		2,696		18,551
McCormick & Co. Inc./MD, NVS		1,384		113,599
Tata Consumer Products Ltd.		2,948		29,690
				589,660
Hotels, Restaurants & Leisure — 9.2%
Fosun Tourism Group(a)(b)		1,200		1,232
Hilton Worldwide Holdings Inc.		1,480		220,002
Marriott International Inc./MD, Class A		1,456		296,310
				517,544
Independent Power and Renewable Electricity Producers — 1.2%
AES Brasil Energia SA		4,592		10,237
Auren Energia SA		3,176		8,729
Brookfield Renewable Corp., Class A		772		21,551
Meridian Energy Ltd.		7,656		24,490
				65,007
Machinery — 19.4%
Energy Recovery Inc.(b)		2,308		62,731

Security	Shares		Value
Machinery (continued)
Franklin Electric Co. Inc.		1,841	$	178,043
Kurita Water Industries Ltd.		4,900		190,881
METAWATER Co. Ltd.		1,300		17,131
Organo Corp.		1,200		33,305
Takuma Co. Ltd.		2,700		29,882
Watts Water Technologies Inc., Class A		1,284		242,381
Xylem Inc./NY		3,224		333,813
				1,088,167
Metals & Mining — 0.0%
Shanxi Taigang Stainless Steel Co. Ltd., Class A		4,000		2,166
Real Estate Management & Development — 0.5%
Swire Pacific Ltd., Class A		3,000		24,736
Semiconductors & Semiconductor Equipment — 12.4%
Macronix International Co. Ltd.		16,000		16,900
Taiwan Semiconductor Manufacturing Co. Ltd.		20,000		343,659
Texas Instruments Inc.		1,994		335,112
				695,671
Water Utilities — 14.1%
AlKhorayef Water & Power Technologies Co.		494		20,123
American States Water Co.		1,728		145,515
American Water Works Co. Inc.		2,383		330,617
Beijing Enterprises Water Group Ltd.		184,000		42,392
Cia. de Saneamento Basico do Estado de Sao Paulo		16,016		187,326
Cia. de Saneamento de Minas Gerais-COPASA		8,448		30,571
Cia. de Saneamento do Parana		7,172		32,804
				789,348
Total Common Stocks — 98.8% (Cost: $5,087,959)				5,536,048
Preferred Stocks
Electric Utilities — 0.3%
Cia. Energetica de Minas Gerais, Preference Shares, NVS		7,212		17,957
Water Utilities — 0.4%
Cia. de Saneamento do Parana, Preference Shares, NVS		23,328		21,481
Total Preferred Stocks — 0.7% (Cost: $33,703)				39,438
Total Investments — 99.5% (Cost: $5,121,662)				5,575,486
Other Assets Less Liabilities — 0.5%				26,460
Net Assets — 100.0%			$	5,601,946

^(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.

S C H E D U L E  O F  I N V E S T M E N T S 35

Schedule of Investments (continued) August 31, 2023   iShares^® MSCI Water Management Multisector ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended August 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 09/20/22	(a)		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/23	Shares Held at 08/31/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(b)	$	—		$	—		$	(15	)(c)	$	15	$	—	$	—	—	$	12	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(b)		—			0	(c)		—			—		—		—	—		115		—
										$	15	$	—	$	—		$	127	$	—

^(a) Commencement of operations.

^(b)  As of period end, the entity is no longer held.

^(c)  Represents net amount purchased (sold).

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	3,631,053	$	1,904,995	$	—	$	5,536,048
Preferred Stocks		39,438		—		—		39,438
	$	3,670,491	$	1,904,995	$	—	$	5,575,486

See notes to financial statements.

36 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Statements of Assets and Liabilities

August 31, 2023

	iShares Emergent Food and AgTech Multisector ETF			iShares ESG Aware MSCI EAFE ETF		iShares ESG MSCI EM Leaders ETF			iShares MSCI Global Sustainable Development Goals ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	5,848,302		$	7,214,359,074	$	52,764,625		$	370,990,443
Investments, at value — affiliated(c)		—			7,691,879		419,971			9,008,366
Cash		9,580			9,694		567,841			121,217
Cash pledged for futures contracts		3,000			—		4,000			69,000
Foreign currency collateral pledged for futures contracts(d)		—			2,755,871		—			—
Foreign currency, at value(e)		11,231			18,467,771		207,284			794,925
Receivables:
Investments sold		—			355,542,438		1,141,445			50,227,335
Securities lending income — affiliated		—			6,990		162			3,662
Dividends — unaffiliated		11,496			17,264,045		41,870			742,537
Dividends — affiliated		6			2,897		84			1,107
Tax reclaims		6,743			11,953,461		5,274			456,657
Total assets		5,890,358			7,628,054,120		55,152,556			432,415,249
LIABILITIES
Bank borrowings		—			—		361,064			58,010
Collateral on securities loaned, at value		—			6,373,338		426,661			8,700,882
Payables:
Investments purchased		—			359,718,149		1,144,594			49,389,428
Deferred foreign capital gain tax		—			—		64,994			10,510
Investment advisory fees		2,360			1,231,906		7,313			159,755
Due to custodian		—			—		121,268			—
Variation margin on futures contracts		92			87,549		1,282			14,601
Total liabilities		2,452			367,410,942		2,127,176			58,333,186
Commitments and contingent liabilities
NET ASSETS	$	5,887,906		$	7,260,643,178	$	53,025,380		$	374,082,063
NET ASSETS CONSIST OF
Paid-in capital	$	7,105,162		$	7,172,863,179	$	54,552,860		$	460,174,199
Accumulated earnings (loss)		(1,217,256	)		87,779,999		(1,527,480	)		(86,092,136	)
NET ASSETS	$	5,887,906		$	7,260,643,178	$	53,025,380		$	374,082,063
NET ASSET VALUE
Shares outstanding		300,000			101,200,000		1,200,000			4,750,000
Net asset value	$	19.63		$	71.75	$	44.19		$	78.75
Shares authorized		Unlimited			Unlimited		Unlimited			Unlimited
Par value		None			None		None			None
(a) Investments, at cost — unaffiliated	$	6,840,021		$	6,581,951,091	$	51,864,819		$	398,066,898
(b) Securities loaned, at value	$	—		$	5,998,010	$	401,563		$	8,235,043
(c)  Investments, at cost — affiliated	$	—		$	7,691,757	$	419,971		$	9,008,561
(d) Foreign currency collateral pledged, at cost	$	—		$	2,808,248	$	—		$	—
(e) Foreign currency, at cost	$	11,343		$	18,584,712	$	219,023		$	800,067

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 (continued)

August 31, 2023

	iShares MSCI Water Management Multisector ETF
ASSETS
Investments, at value — unaffiliated(a)	$	5,575,486
Cash		3,126
Foreign currency, at value(b)		10,276
Receivables:
Investments sold		46,759
Securities lending income — affiliated		5
Dividends — unaffiliated		13,939
Tax reclaims		2,482
Variation margin on futures contracts		3
Total assets		5,652,076
LIABILITIES
Payables:
Investments purchased		47,768
Deferred foreign capital gain tax		109
Investment advisory fees		2,253
Total liabilities		50,130
Commitments and contingent liabilities
NET ASSETS	$	5,601,946
NET ASSETS CONSIST OF
Paid-in capital	$	4,982,461
Accumulated earnings		619,485
NET ASSETS	$	5,601,946
NET ASSET VALUE
Shares outstanding		200,000
Net asset value	$	28.01
Shares authorized		Unlimited
Par value		None
(a) Investments, at cost — unaffiliated	$	5,121,662
(b) Foreign currency, at cost	$	10,353

See notes to financial statements.

38 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Statements of Operations

Year Ended August 31, 2023

	iShares Emergent Food and AgTech Multisector ETF			iShares ESG Aware MSCI EAFE ETF			iShares ESG MSCI EM Leaders ETF			iShares MSCI Global Sustainable Development Goals ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	166,358		$	243,169,601		$	1,526,916		$	10,311,661
Dividends — affiliated		97			131,434			4,617			17,749
Securities lending income — affiliated — net		1,659			132,650			2,529			52,073
Other income — unaffiliated		—			382			—			9
Foreign taxes withheld		(11,834	)		(22,619,819	)		(183,649	)		(840,785	)
Foreign withholding tax claims		—			150,432			—			3,811
Other foreign taxes		—			—			(4,086	)		—
Total investment income		156,280			220,964,680			1,346,327			9,544,518
EXPENSES
Investment advisory		27,537			13,908,919			84,092			2,025,742
Commitment costs		—			—			1,053			1,681
Professional		—			15,082			—			382
Interest expense		—			—			1,820			130
Total expenses		27,537			13,924,001			86,965			2,027,935
Net investment income		128,743			207,040,679			1,259,362			7,516,583
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated(a)		(238,732	)		(204,617,221	)		(863,103	)		(26,514,387	)
Investments — affiliated		21			6,457			(101	)		1,962
Capital gain distributions from underlying funds — affiliated		—			—			1			—
Foreign currency transactions		(763	)		(975,687	)		(21,707	)		(87,608	)
Futures contracts		1,892			6,496,347			(20,111	)		145,688
In-kind redemptions — unaffiliated(b)		—			108,530,017			411,073			7,378,611
		(237,582	)		(90,560,087	)		(493,948	)		(19,075,734	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated(c)		(213,558	)		1,045,574,377			(970,639	)		21,328,788
Investments — affiliated		(6	)		(3,511	)		(11	)		(2,035	)
Foreign currency translations		219			1,492,984			(2,669	)		53,064
Futures contracts		(269	)		619,183			1,618			(2,371	)
		(213,614	)		1,047,683,033			(971,701	)		21,377,446
Net realized and unrealized gain (loss)		(451,196	)		957,122,946			(1,465,649	)		2,301,712
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(322,453	)	$	1,164,163,625		$	(206,287	)	$	9,818,295
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable of	$	—		$	—		$	(54,132	)	$	(13,845	)
(b) See Note 2 of the Notes to Financial Statements.
(c)  Net of reduction in deferred foreign capital gain tax of	$	—		$	—		$	3,242		$	24,755

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 (continued)

Year Ended August 31, 2023

iShares
MSCI Water
Management
Multisector
ETF
   
 
 
^(a) 

INVESTMENT INCOME
Dividends — unaffiliated	$124,310
Dividends — affiliated	115
Securities lending income — affiliated — net	12
Foreign taxes withheld	(8,805	)
Total investment income	115,632
EXPENSES
Investment advisory	24,237
Interest expense	96
Commitment costs	23
Total expenses	24,356
Net investment income	91,276
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated	145,237
Investments — affiliated	15
Foreign currency transactions	2,446
Futures contracts	289
	147,987
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated	453,715
Foreign currency translations	(110	)
	453,605
Net realized and unrealized gain	601,592
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$692,868
(a) For the period from September 20, 2022 (commencement of operations) to August 31, 2023.

See notes to financial statements.

40 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Statements of Changes in Net Assets

 

iShares Emergent Food and AgTech  Multisector ETF				iShares ESG Aware MSCI EAFE ETF
	Year Ended 08/31/23	Period From 04/25/22 to 08/31/22	(a)		Year Ended 08/31/23	Year Ended 08/31/22

INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$  128,743		$   52,594		$	207,040,679		$	200,220,111
Net realized loss	(237,582	)	(10,583	)		(90,560,087	)		(240,509,355	)
Net change in unrealized appreciation (depreciation)	(213,614	)	(778,202	)		1,047,683,033			(1,579,348,818	)
Net increase (decrease) in net assets resulting from operations	(322,453	)	(736,191	)		1,164,163,625			(1,619,638,062	)
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders	(121,313	)	(37,299	)		(168,489,438	)		(246,221,801	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions	1,066,423		6,038,739			(111,292,713	)		1,547,452,980
NET ASSETS
Total increase (decrease) in net assets	622,657		5,265,249			884,381,474			(318,406,883	)
Beginning of period	5,265,249		—			6,376,261,704			6,694,668,587
End of period	$5,887,906		$5,265,249		$	7,260,643,178		$	6,376,261,704

^(a)  Commencement of operations.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

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 ESG MSCI EM Leaders ETF		iShares MSCI Global Sustainable  Development Goals ETF
Year Ended 08/31/23	Year Ended 08/31/22	Year Ended 08/31/23	Year Ended 08/31/22

INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	1,259,362		$	5,099,358		$  7,516,583		$ 10,093,334
Net realized gain (loss)		(493,948	)		68,750,663		(19,075,734	)	(18,394,084	)
Net change in unrealized appreciation (depreciation)		(971,701	)		(157,777,441	)	21,377,446		(104,450,604	)
Net increase (decrease) in net assets resulting from operations		(206,287	)		(83,927,420	)	9,818,295		(112,751,354	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(2,612,115	)		(11,692,050	)	(7,206,217	)	(10,093,155	)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(4,550,261	)		(726,515,865	)	(44,320,664	)	(26,510,247	)
NET ASSETS
Total decrease in net assets		(7,368,663	)		(822,135,335	)	(41,708,586	)	(149,354,756	)
Beginning of year		60,394,043			882,529,378		415,790,649		565,145,405
End of year	$	53,025,380		$	60,394,043		$374,082,063		$415,790,649

^(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  A N 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 Water Management Multisector ETF
	Period From 09/20/22 to 08/31/23	(a)

INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$   91,276
Net realized gain	147,987
Net change in unrealized appreciation (depreciation)	453,605
Net increase in net assets resulting from operations	692,868
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders	(73,383	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions	4,982,461
NET ASSETS
Total increase in net assets	5,601,946
Beginning of period	—
End of period	$5,601,946

^(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

Financial Highlights

(For a share outstanding throughout each period)

iShares Emergent Food and AgTech Multisector ETF
Year Ended 08/31/23	Period From 04/25/22(a) to 08/31/22

Net asset value, beginning of period		$21.06			$24.09
Net investment income(b)		0.45			0.21
Net realized and unrealized loss(c)		(1.48	)		(3.09	)
Net decrease from investment operations		(1.03	)		(2.88	)
Distributions from net investment income(d)		(0.40	)		(0.15	)
Net asset value, end of period		$19.63			$21.06
Total Return(e)
Based on net asset value		(4.92	)%		(12.00	)%(f)
Ratios to Average Net Assets(g)
Total expenses		0.47	%		0.47	%(h)
Net investment income		2.20	%		2.78	%(h)
Supplemental Data
Net assets, end of period (000)		$5,888			$5,265
Portfolio turnover rate(i)		18	%		1	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)  Annualized.

⁽ⁱ⁾  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

44 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares ESG Aware MSCI EAFE ETF
	Year Ended 08/31/23			Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19
Net asset value, beginning of year	$	62.03		$	80.85		$	65.21		$	62.01		$	65.51
Net investment income(a)		2.04			2.07			1.84			1.53			2.12
Net realized and unrealized gain (loss)(b)		9.35			(18.37	)		15.47			2.85			(3.92	)
Net increase (decrease) from investment operations		11.39			(16.30	)		17.31			4.38			(1.80	)
Distributions from net investment income(c)		(1.67	)		(2.52	)		(1.67	)		(1.18	)		(1.70	)
Net asset value, end of year	$	71.75		$	62.03		$	80.85		$	65.21		$	62.01
Total Return(d)
Based on net asset value		18.42	%		(20.54	)%		26.69	%		7.12	%		(2.68	)%
Ratios to Average Net Assets(e)
Total expenses		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Total expenses excluding professional fees for foreign withholding tax claims		0.20	%		0.20	%		N/A			N/A			N/A
Net investment income		2.98	%		2.84	%		2.45	%		2.47	%		3.39	%
Supplemental Data
Net assets, end of year (000)	$	7,260,643		$	6,376,262		$	6,694,669		$	3,025,519		$	917,780
Portfolio turnover rate(f)		26	%		27	%		25	%		30	%		26	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 45

Financial Highlights (continued)

(For a share outstanding throughout each period)

iShares ESG MSCI EM Leaders ETF
	Year Ended 08/31/23	Year Ended 08/31/22	Year Ended 08/31/21	Period From 02/05/20 to 08/31/20	(a)

Net asset value, beginning of period	$ 46.46		$ 63.49		$  51.84		$  51.43
Net investment income(b)	1.07		0.96		1.01		0.79
Net realized and unrealized gain (loss)(c)	(1.30	)	(16.79	)	11.67		(0.03	)
Net increase (decrease) from investment operations	(0.23	)	(15.83	)	12.68		0.76
Distributions(d)
From net investment income	(0.62	)	(0.90	)	(1.03	)	(0.35	)
From net realized gain	(1.42	)	(0.30	)	—		—
Total distributions	(2.04	)	(1.20	)	(1.03	)	(0.35	)
Net asset value, end of period	$ 44.19		$ 46.46		$  63.49		$  51.84
Total Return(e)
Based on net asset value	(0.48	)%	(25.25	)%(f)	24.68	%	1.54	%(g)
Ratios to Average Net Assets(h)
Total expenses	0.17	%	0.16	%	0.16	%	0.16	%(i)
Net investment income	2.40	%	1.60	%	1.66	%	3.04	%(i)
Supplemental Data
Net assets, end of period (000)	$53,025		$60,394		$882,529		$647,969
Portfolio turnover rate(j)	37	%	17	%	34	%	19	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f)  Includes payments received from an affiliate, which impacted the Fund’s total return. Excluding payments, the Fund’s total return would have been -26.07%.

^(g)  Not annualized.

^(h)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

⁽ⁱ⁾  Annualized.

^(j)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

46 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Global Sustainable Development Goals ETF
	Year Ended 08/31/23			Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19
Net asset value, beginning of year		$ 78.45			$ 100.03			$  81.68			$  57.03			$58.35
Net investment income(a)		1.43			1.81			1.12			1.19			1.02
Net realized and unrealized gain (loss)(b)		0.24			(21.60	)		18.09			24.32			(1.29	)
Net increase (decrease) from investment operations		1.67			(19.79	)		19.21			25.51			(0.27	)
Distributions from net investment income(c)		(1.37	)		(1.79	)		(0.86	)		(0.86	)		(1.05	)
Net asset value, end of year		$ 78.75			$  78.45			$ 100.03			$  81.68			$57.03
Total Return(d)
Based on net asset value		2.08	%		(19.93	)%		23.60	%		45.10	%		(0.40	)%
Ratios to Average Net Assets(e)
Total expenses		0.49	%		0.49	%		0.49	%		0.49	%		0.49	%
Total expenses excluding professional fees for foreign withholding tax claims		0.49	%		N/A			N/A			N/A			N/A
Net investment income		1.82	%		2.06	%		1.19	%		1.82	%		1.79	%
Supplemental Data
Net assets, end of year (000)		$374,082			$415,791			$565,145			$175,604			$54,174
Portfolio turnover rate(f)		44	%		54	%		70	%		47	%		43	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 47

Financial Highlights (continued)

(For a share outstanding throughout each period)

iShares MSCI Water Management Multisector ETF
	Period From 09/20/22 to 08/31/23	(a)

Net asset value, beginning of period	$24.91
Net investment income(b)	0.46
Net realized and unrealized gain(c)	3.01
Net increase from investment operations	3.47
Distributions from net investment income(d)	(0.37	)
Net asset value, end of period	$28.01
Total Return(e)
Based on net asset value	13.91	%(f)
Ratios to Average Net Assets(g)
Total expenses	0.47	%(h)
Net investment income	1.77	%(h)
Supplemental Data
Net assets, end of period (000)	$5,602
Portfolio turnover rate(i)	51	%

^(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.

48 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Notes to Financial Statements

1. ORGANIZATION

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):

iShares ETF	Diversification Classification
Emergent Food and AgTech Multisector	Non-diversified
ESG Aware MSCI EAFE	Diversified
ESG MSCI EM Leaders(a)	Diversified
MSCI Global Sustainable Development Goals	Diversified
MSCI Water Management Multisector(b)	Non-diversified

^(a)  The Fund’s classification changed from non-diversified to diversified during the reporting period.

^(b)  The Fund commenced operations on September 20, 2022.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of August 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 49

Notes to Financial Statements (continued)

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

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.

50 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Notes to Financial Statements (continued)

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
ESG Aware MSCI EAFE
HSBC Bank PLC	$	1,818,019	$	(1,818,019	)	$	—		$	—
TD Prime Services LLC		4,176,670		(4,176,670	)		—			—
Wells Fargo Bank N.A.		3,321		(3,289	)		—			32	(b)
	$	5,998,010	$	(5,997,978	)	$	—		$	32
ESG MSCI EM Leaders
HSBC BANK PLC	$	61,514	$	(61,514	)	$	—		$	—
J.P. Morgan Securities LLC		175,642		(175,642	)		—			—
Jefferies LLC		4,693		(4,693	)		—			—
Morgan Stanley		159,714		(159,714	)		—			—
	$	401,563	$	(401,563	)	$	—		$	—
MSCI Global Sustainable Development Goals
Barclays Bank PLC	$	1,180,023	$	(1,180,023	)	$	—		$	—
BNP Paribas SA		368,621		(368,621	)		—			—
Goldman Sachs & Co.		533,979		(533,979	)		—			—
J.P. Morgan Securities LLC		1,012,864		(1,012,864	)		—			—
Jefferies LLC		3,256		(3,256	)		—			—
Morgan Stanley		3,991,744		(3,991,744	)		—			—
UBS AG		1,019,986		(1,019,986	)		—			—
UBS SECURITIES LLC		124,570		(124,570	)		—			—
	$	8,235,043	$	(8,235,043	)	$	—		$	—

^(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 August 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 the 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

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 51

Notes to Financial Statements (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
Emergent Food and AgTech Multisector		0.47	%
ESG Aware MSCI EAFE		0.20
ESG MSCI EM Leaders		0.16
MSCI Global Sustainable Development Goals		0.49
MSCI Water Management Multisector		0.47

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

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.

52 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Notes to Financial Statements (continued)

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended August 31, 2023, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
Emergent Food and AgTech Multisector	$	347
ESG Aware MSCI EAFE		31,687
ESG MSCI EM Leaders		678
MSCI Global Sustainable Development Goals		13,949
MSCI Water Management Multisector		5

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the year ended August 31, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
ESG Aware MSCI EAFE		$ 517,497,676		$ 599,669,025		$ (71,979,151	)
ESG MSCI EM Leaders		1,580,952		1,532,976		(430,574	)
MSCI Global Sustainable Development Goals		51,843,445		66,705,011		(5,468,852	)

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

7. PURCHASES AND SALES

For the year ended August 31, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Emergent Food and AgTech Multisector	$	1,059,509	$	1,054,946
ESG Aware MSCI EAFE		1,909,735,840		1,769,695,222
ESG MSCI EM Leaders		19,777,115		21,610,156
MSCI Global Sustainable Development Goals		178,240,354		181,250,930
MSCI Water Management Multisector		3,199,349		2,735,823

For the year ended August 31, 2023, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Emergent Food and AgTech Multisector	$	1,058,220	$	—
ESG Aware MSCI EAFE		115,465,446		327,451,083
ESG MSCI EM Leaders		1,785,070		5,825,585
MSCI Global Sustainable Development Goals		15,590,518		57,048,078
MSCI Water Management Multisector		4,512,913		—

8. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of August 31, 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.

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 (continued)

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of August 31, 2023, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in Capital		Accumulated Earnings (Loss)
ESG Aware MSCI EAFE	$	107,924,953	$	(107,924,953	)
ESG MSCI EM Leaders		362,682		(362,682	)
MSCI Global Sustainable Development Goals		6,895,631		(6,895,631	)

The tax character of distributions paid was as follows:

iShares ETF	Year Ended 08/31/23		Period Ended 08/31/22
Emergent Food and AgTech Multisector Ordinary income	$	121,313	$	37,299

iShares ETF	Year Ended 08/31/23		Year Ended 08/31/22
ESG Aware MSCI EAFE
Ordinary income	$	168,489,438	$	246,221,801
ESG MSCI EM Leaders
Ordinary income	$	760,831	$	8,797,807
Long-term capital gains		1,851,284		2,894,243
	$	2,612,115	$	11,692,050
MSCI Global Sustainable Development Goals
Ordinary income	$	7,206,217	$	10,093,155

iShares ETF	Period Ended 08/31/23
MSCI Water Management Multisector Ordinary income	$	73,383

As of August 31, 2023, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Non-expiring Capital Loss Carryforwards(a)			Net Unrealized Gains  (Losses)(b)			Total
Emergent Food and AgTech Multisector	$	21,662	$	—	$	(220,484	)	$	(1,018,434	)	$	(1,217,256	)
ESG Aware MSCI EAFE		55,366,132		—		(566,529,694	)		598,943,561			87,779,999
ESG MSCI EM Leaders		829,566		—		(2,182,392	)		(174,654	)		(1,527,480	)
MSCI Global Sustainable Development Goals		1,909,102		—		(57,913,571	)		(30,087,667	)		(86,092,136	)
MSCI Water Management Multisector		166,467		173		—			452,845			619,485

^(a)  Amounts available to offset future realized capital gains.

^(b)  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, the timing and recognition of partnership income, the characterization of corporate actions and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

54 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Notes to Financial Statements (continued)

As of August 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)
Emergent Food and AgTech Multisector	$	6,866,630	$	94,234	$	(1,112,562	)	$	(1,018,328	)
ESG Aware MSCI EAFE		6,623,520,901		957,504,115		(358,491,941	)		599,012,174
ESG MSCI EM Leaders		53,285,007		7,255,749		(7,356,160	)		(100,411	)
MSCI Global Sustainable Development Goals		410,071,979		27,279,111		(57,352,281	)		(30,073,170	)
MSCI Water Management Multisector		5,122,422		577,870		(124,806	)		453,064

9. LINE OF CREDIT

The iShares ESG MSCI EM Leaders ETF, iShares MSCI Global Sustainable Development Goals ETF and iShares MSCI Water Management Multisector ETF, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 9, 2024. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

For the year ended August 31, 2023, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Syndicated Credit Agreement were as follows:

iShares ETF	Maximum Amount Borrowed		Average Borrowing		Weighted Average Interest Rates
ESG MSCI EM Leaders	$	1,300,000	$	29,373		5.94	%
MSCI Global Sustainable Development Goals		100,000		2,077		6.19
MSCI Water Management Multisector		80,000		1,534		6.17

10. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (iv) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.

Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 55

Notes to Financial Statements (continued)

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.

Geographic/Asset Class 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.

The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the the Funds invest.

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

56 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Notes to Financial Statements (continued)

disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but have been, and may continue to be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

Certain Funds invest a significant portion of their assets in securities of issuers located in China or with significant exposure to Chinese issuers. Investments in Chinese securities, including certain Hong Kong-listed securities, involve risks specific to China. China may be subject to considerable degrees of economic, political and social instability and demonstrates significantly higher volatility from time to time in comparison to developed markets. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries may disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation. Incidents involving China’s or the region’s security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and a fund’s investments. Reduction in spending on Chinese products and services, institution of tariffs or other trade barriers, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. In addition, measures may be taken to limit the flow of capital and/or sanctions may be imposed, which could prohibit or restrict the ability to own or transfer fund assets and may also include retaliatory actions, such as seizure of fund assets.

Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

11. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

	Year Ended 08/31/23				Period Ended 08/31/22
iShares ETF	Shares		Amount		Shares		Amount
Emergent Food and AgTech Multisector(a) Shares sold		50,000	$	1,066,423		250,000	$	6,038,739

^(a) The Fund commenced operations on April 25, 2022.

	Year Ended 08/31/23						Year Ended 08/31/22
iShares ETF	Shares			Amount			Shares			Amount
ESG Aware MSCI EAFE
Shares sold		3,100,000		$	217,263,238			20,900,000		$	1,606,111,842
Shares redeemed		(4,700,000	)		(328,555,951	)		(900,000	)		(58,658,862	)
		(1,600,000	)	$	(111,292,713	)		20,000,000		$	1,547,452,980
ESG MSCI EM Leaders
Shares sold		200,000		$	8,952,435			350,000		$	25,549,181
Shares redeemed		(300,000	)		(13,502,696	)		(12,950,000	)		(752,065,046	)
		(100,000	)	$	(4,550,261	)		(12,600,000	)	$	(726,515,865	)
MSCI Global Sustainable Development Goals
Shares sold		250,000		$	18,922,112			600,000		$	54,530,456
Shares redeemed		(800,000	)		(63,242,776	)		(950,000	)		(81,040,703	)
		(550,000	)	$	(44,320,664	)		(350,000	)	$	(26,510,247	)

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 57

Notes to Financial Statements (continued)

	Period Ended 08/31/23
iShares ETF	Shares		Amount
MSCI Water Management Multisector(a) Shares sold		200,000	$	4,982,461

^(a) The Fund commenced operations on September 20, 2022.

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

12. SUBSEQUENT EVENTS

Management’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 item was noted:

Effective October 18, 2023, the Syndicated Credit Agreement to which the Participating Funds are party was amended to extend the maturity date to October 2024 under the same terms.

58 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares Trust and Shareholders of each of the five funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (five of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2023, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2023, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

iShares Emergent Food and AgTech Multisector ETF⁽¹⁾

iShares ESG Aware MSCI EAFE ETF⁽²⁾

iShares ESG MSCI EM Leaders ETF⁽²⁾

iShares MSCI Global Sustainable Development Goals ETF⁽²⁾

iShares MSCI Water Management Multisector ETF⁽³⁾

⁽¹⁾  Statement of operations for the year ended August 31, 2023, and statement of changes in net assets for the year ended August 31, 2023 and the period April 25, 2022 (commencement of operations) to August 31, 2022.

⁽²⁾  Statement of operations for the year ended August 31, 2023 and statement of changes in net assets for each of the two years in the period ended August 31, 2023.

⁽³⁾  Statement of operations and statement of changes in net assets for the period September 20, 2022 (commencement of operations) to August 31, 2023.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 23, 2023

We have served as the auditor of one or more BlackRock investment companies since 2000.

R E P O R T  O F  I N D E P E N D E N T  R E G I S T E R E D  P U B L I C  A C C O U N T I N G  F I R M 59

Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2023:

iShares ETF	Qualified Dividend Income
Emergent Food and AgTech Multisector	$	164,221
ESG Aware MSCI EAFE		221,461,153
ESG MSCI EM Leaders		730,754
MSCI Global Sustainable Development Goals		6,233,402
MSCI Water Management Multisector		104,408

The following amount, or maximum amount allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended August 31, 2023:

iShares ETF	Qualified Business Income
MSCI Global Sustainable Development Goals	$	91,689

The Fund hereby designates the following amount, or maximum amount allowable by law, as capital gain dividends, subject to a long-term capital gains tax rate as noted below, for the fiscal year ended August 31, 2023:

iShares ETF	20% Rate Long-Term Capital Gain  Dividends
ESG MSCI EM Leaders	$	1,851,284

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended August 31, 2023:

iShares ETF	Foreign Source Income Earned		Foreign Taxes Paid
ESG Aware MSCI EAFE	$	243,105,924	$	21,267,335
ESG MSCI EM Leaders		1,683,542		249,268
MSCI Global Sustainable Development Goals		8,966,738		964,782

The following percentages, or maximum percentages allowable by law, of ordinary income distributions paid during the fiscal year ended August 31, 2023 qualified for the dividends-received deduction for corporate shareholders:

iShares ETF	Dividends-Received Deduction
Emergent Food and AgTech Multisector		62.96	%
MSCI Global Sustainable Development Goals		8.96	%
MSCI Water Management Multisector		19.22	%

60 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Board Review and Approval of Investment Advisory Contract

iShares Emergent Food and AgTech Multisector ETF, iShares ESG Aware MSCI EAFE ETF, iShares ESG MSCI EM Leaders ETF, iShares MSCI Water Management Multisector ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

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 61

Board Review and Approval of Investment Advisory Contract (continued)

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately

62 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Board Review and Approval of Investment Advisory Contract (continued)

large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares MSCI Global Sustainable Development Goals ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

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Board Review and Approval of Investment Advisory Contract (continued)

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately

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Board Review and Approval of Investment Advisory Contract (continued)

large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

B O A R D  R E V I E W  A N D  A P P R O V A L  O F  I N V E S T M E N T  A D V I S O R Y  C O N T R A C T 65

Supplemental Information (unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

August 31, 2023

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
ESG MSCI EM Leaders	$	0.611545	$	1.424065	$	—	$	2.035610		30	%		70	%		—	%		100	%
MSCI Water Management Multisector(a)		0.362519		—		0.004397		0.366916		99			—			1			100

^(a)  The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

Regulation under the Alternative Investment Fund Managers Directive

The Alternative Investment Fund Managers Directive, and its United Kingdom (“UK”) equivalent, ( “AIFMD”) impose detailed and prescriptive obligations on fund managers established in the European Union (the “EU”) and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the “Company”). However, the Company is required to comply with certain disclosure, reporting and transparency obligations of AIFMD because the iShares ESG MSCI EM Leaders ETF (the “Fund”) was registered to be marketed to investors in the EU and/or UK until December 29, 2022.

Report on Remuneration

The Company is required under AIFMD to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Fund.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Fund is included in the aggregate figures disclosed.

BlackRock has a clear and well-defined pay-for-performance philosophy, and compensation programs which support that philosophy.

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management and staff who have the ability to materially affect the risk profile of the Fund, a significant percentage of variable remuneration is deferred over time. All employees are subject to a clawback policy.

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Supplemental Information (unaudited) (continued)

Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock’s full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock’s independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.

Each of the control functions (Enterprise Risk, Legal & Compliance, and Internal Audit) each have their own organizational structures which are independent of the business units and therefore staff members in control functions are remunerated independently of the businesses they oversee. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock’s independent remuneration committee.

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Conversely, members of staff and senior management of the broader BlackRock group may provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the broader BlackRock group and of the Company. Therefore, the figures disclosed are a sum of individuals’ portion of remuneration attributable to the Company according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company and the broader BlackRock group. Accordingly, the figures are not representative of any individual’s actual remuneration or their remuneration structure.

The amount of the total remuneration awarded to the Company’s staff in respect of the Company’s financial year ending December 31, 2022 was USD 4.12 million. This figure is comprised of fixed remuneration of USD 685 thousand and variable remuneration of USD 3.44 million. There was a total of 8 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company in respect of the Company’s financial year ending December 31, 2022, to its senior management was USD 2.96 million, and to other members of its staff whose actions potentially have a material impact on the risk profile of the Company or its funds was USD 970 thousand. These figures relate to the entire Company and not to the Fund.

Disclosures Under the EU Sustainable Finance Disclosure Regulation

iShares ESG MSCI EM Leaders ETF

Until December 29, 2022, the iShares ESG MSCI EM Leaders ETF (the “Fund”) was registered under the Alternative Investment Fund Managers Directive (“AIFMD”) to be marketed to EU investors as noted above. As a result, the Fund was subject to the EU Sustainable Finance Disclosure Regulation (“SFDR”), which incorporates disclosures prescribed by the EU’s taxonomy for environmentally sustainable economic activities (“Taxonomy Regulation”). The Fund was categorized under the SFDR as an “Article 8” fund – i.e., a fund that promotes environmental or social characteristics.

Certain environmental and social characteristics are promoted by the Fund through its investments in a portfolio that primarily made up of the component securities of the Fund’s underlying index. The underlying index applies exclusionary screens based on certain environmental- and social-related characteristics and ratings. In addition, only securities of companies with an MSCI ESG Rating of “BB” or higher and an MSCI ESG Controversies Score of three or higher, both as determined by the index provider, are eligible for inclusion in the underlying index. Please refer to the Fund’s prospectus for additional information regarding the Fund’s investment strategy and the methodology of the underlying index. BFA or its affiliates carried out due diligence on index providers and engaged with them on an ongoing basis regarding index methodologies, including their assessment of good governance criteria set out by SFDR.

From September 1, 2022 to the deregistration of the Fund from AIFMD on December 29, 2022, 0% of the Fund’s investments met the applicable requirements to be considered aligned with the EU Taxonomy Regulation.

S U P P L E M E N T A L  I N F O R M A T I O N 67

Trustee and Officer Information (unaudited)

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 387 funds as of August 31, 2023. With the exception of Robert S. Kapito, Salim Ramji and Aaron Wasserman, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Wasserman is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (1957)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).
Salim Ramji(b) (1970)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).

^(a)  Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

^(b)  Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

Independent Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (1955)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (1956)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (1954)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016); Director of One Generation Away (since 2021).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).

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Trustee and Officer Information (unaudited) (continued)

Independent Trustees (continued)
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (1949)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018), Investment Committee (since 2011) and Personnel Committee (since 2022); Member of the Wyoming State Investment Funds Committee (since 2022); Director of the Jackson Hole Center for the Arts (since 2021); Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).
Drew E. Lawton (1959)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Director of Jackson Financial Inc. (since 2021).
John E. Martinez (1961)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).
Madhav V. Rajan (1964)	Trustee (since 2011); Fixed-Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).

Officers
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years
Dominik Rohé (1973)	President (since 2023).	Managing Director, BlackRock, Inc. (since 2005); Head of Americas ETF and Index Investments (since 2023); Head of Latin America (2019-2023).
Trent Walker (1974)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Aaron Wasserman (1974)	Chief Compliance Officer (iShares, Inc. and iShares Trust, since 2023; iShares U.S. ETF Trust, since 2023).	Managing Director of BlackRock, Inc. (since 2018); Chief Compliance Officer of the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the Exchange-Traded Fund Complex (since 2023); Deputy Chief Compliance Officer for the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the Exchange-Traded Fund Complex (2014-2023).
Marisa Rolland (1980)	Secretary (since 2022).	Managing Director, BlackRock, Inc. (since 2023); Director, BlackRock, Inc. (2018-2022); Vice President, BlackRock, Inc. (2010-2017).
Rachel Aguirre (1982)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019).
Jennifer Hsui (1976)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).

T R U S T E E  A N D  O F F I C E R  I N F O R M A T I O N 69

Trustee and Officer Information (unaudited) (continued)

Officers (continued)
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years
James Mauro (1970)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).

Effective March 30, 2023, Dominik Rohé replaced Armando Senra as President.

Effective July 1, 2023, Aaron Wasserman replaced Charles Park as Chief Compliance Officer.

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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 71

Glossary of Terms Used in this Report

Portfolio Abbreviation

ADR	American Depositary Receipt
CPO	Certificates of Participation (Ordinary)
JSC	Joint Stock Company
NVDR	Non-Voting Depositary Receipt
NVS	Non-Voting Shares
PJSC	Public Joint Stock Company
REIT	Real Estate Investment Trust

 

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Want to know more?

iShares.com | 1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Morningstar Inc. and MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

^©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-AR-817-0823

AUGUST 31, 2023

2023 Annual Report

iShares Trust

· iShares MSCI China Multisector Tech ETF | TCHI | NASDAQ

· iShares MSCI Japan Value ETF | EWJV | NASDAQ

The Markets in Review

Dear Shareholder,

Despite an uncertain economic landscape during the 12-month reporting period ended August 31, 2023, the resilience of the U.S. economy in the face of ever tighter financial conditions provided an encouraging backdrop for investors. While inflation was near multi-decade highs at the beginning of the period, it declined precipitously as commodity prices dropped. Labor shortages also moderated, although wages continued to grow and unemployment rates reached the lowest levels in decades. This robust labor market powered further growth in consumer spending, backstopping the economy.

Equity returns were solid, as the durability of consumer sentiment eased investors’ concerns about the economy’s trajectory. The U.S. economy resumed growth in the third quarter of 2022 and continued to expand thereafter. Most major classes of equities rose, as large-capitalization U.S. stocks and developed market equities advanced strongly. However, small-capitalization U.S. stocks and emerging market equities posted more modest gains.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market also faced inflationary headwinds, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates seven times during the 12-month period. Furthermore, the Fed wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity. However, the Fed declined to raise interest rates at its June 2023 meeting, the first time it paused its tightening in the current cycle, before again raising rates in July 2023.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has decelerated the pace of interest rate hikes and recently opted for two pauses, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period to keep inflation under control. Furthermore, ongoing structural changes may mean that the Fed will be hesitant to cut interest rates in the event of faltering economic activity lest inflation accelerate again. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt.

While we favor an overweight position to developed market equities in the long term, we prefer an underweight stance in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with macroeconomic constraints. Nevertheless, we are overweight on emerging market stocks in the near term as growth trends for emerging markets appear brighter. We also believe that stocks with an AI tilt should benefit from an investment cycle that is set to support revenues and margins. In credit, there are selective opportunities in the near term despite tightening credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries, U.S. inflation-linked bonds, U.S. mortgage-backed securities, and hard-currency emerging market bonds.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of August 31, 2023
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	14.50%	15.94%
U.S. small cap equities (Russell 2000® Index)	0.99	4.65
International equities (MSCI Europe, Australasia, Far East Index)	4.75	17.92
Emerging market equities (MSCI Emerging Markets Index)	3.62	1.25
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	2.47	4.25
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	0.11	(4.71)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	0.95	(1.19)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	1.04	1.70
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	4.55	7.19
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index

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Table of Contents

	Page
The Markets in Review		2
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		9
Disclosure of Expenses		9
Schedules of Investments		10
Financial Statements
Statements of Assets and Liabilities		18
Statements of Operations		19
Statements of Changes in Net Assets		20
Financial Highlights		21
Notes to Financial Statements		23
Report of Independent Registered Public Accounting Firm		31
Important Tax Information		32
Board Review and Approval of Investment Advisory Contract		33
Supplemental Information		35
Trustee and Officer Information		36
General Information		39
Glossary of Terms Used in this Report		40

Market Overview

iShares Trust

Global Market Overview

Global equity markets advanced during the 12 months ended August 31, 2023 (“reporting period”), supported by continued economic growth and moderating inflation. The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned 13.95% in U.S. dollar terms for the reporting period. Despite concerns about the impact of higher interest rates and rising prices, the global economy continued to grow, albeit at a slower pace than during the initial post-coronavirus pandemic recovery. Inflation began to subside in most regions of the world, and lower energy prices reduced pressure on consumers, leading consumer and business sentiment to improve. While the Russian invasion of Ukraine continued to disrupt trade in Europe and elsewhere, market adaptation lessened the economic impact of the ongoing war. The prices of several key commodities, including oil, natural gas, and wheat, either stabilized or declined during the reporting period, easing pressure on the world’s economies.

The U.S. Federal Reserve (“Fed”) tightened monetary policy rapidly, raising short-term interest rates seven times over the course of the reporting period. The pace of tightening decelerated as the Fed twice lowered the increment of increase before pausing entirely in June 2023, the first time it declined to take action since the tightening cycle began. However, the Fed then raised interest rates again at its July 2023 meeting and stated that it would continue to monitor economic data. The Fed also continued to decrease the size of its balance sheet by reducing the store of U.S. Treasuries it had accumulated to stabilize markets in the early phases of the pandemic.

Despite the tightening financial conditions, the U.S. economy demonstrated continued strength, and U.S. equities advanced. The economy returned to growth in the third quarter of 2022 and showed robust, if slightly slower, growth thereafter. Consumers powered the economy, increasing their spending in both nominal and inflation-adjusted terms. A strong labor market bolstered spending, as unemployment remained low, and the number of employed persons reached an all-time high. Tightness in the labor market drove higher wages, although wage growth slowed as the reporting period continued.

European stocks outpaced their counterparts in most other regions of the globe, advancing strongly for the reporting period despite modest economic growth. European stocks benefited from a solid recovery following the early phases of the war in Ukraine. While the conflict disrupted critical natural gas supplies, new sources were secured and prices declined, while a warm winter helped moderate consumption. The European Central Bank (“ECB”) responded to the highest inflation since the introduction of the euro by raising interest rates eight times and beginning to reduce the size of its debt holdings.

Stocks in the Asia-Pacific region gained, albeit at a slower pace than other regions of the world. Japan returned to growth in the fourth quarter of 2022 and first half of 2023, as strong business investment and exports helped boost the economy and support Japanese equities. However, Chinese stocks were negatively impacted by slowing economic growth. While investors were initially optimistic following China’s lifting of several pandemic-related lockdowns in December 2022, subsequent performance disappointed, and tensions with the U.S. increased. Emerging market stocks advanced modestly, as the resilient global economic environment reassured investors. The declining value of the U.S. dollar relative to many other currencies and the slowing pace of the Fed’s interest rate increases also supported emerging market stocks.

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Fund Summary as of August 31, 2023 iShares^® MSCI China Multisector Tech ETF

Investment Objective

The iShares MSCI China Multisector Tech ETF (the “Fund”) seeks to track the investment results of an index composed of Chinese equities in technology and technology-related industries, as represented by the MSCI China Technology Sub-Industries Select Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns						Cumulative Total Returns
	1 Year			Since  Inception			1 Year			Since  Inception
Fund NAV		(8.96	)%		(17.81	)%		(8.96	)%		(26.93	)%
Fund Market		(8.49	)		(17.49	)		(8.49	)		(26.49	)
Index		(8.98	)		(17.09	)		(8.98	)		(25.91	)

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was January 25, 2022. The first day of secondary market trading was January 27, 2022.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (03/01/23)	Ending Account Value (08/31/23)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/23)	Ending Account Value (08/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$  1,000.00	$  946.50	$   2.89			$  1,000.00	$  1,022.20	$   3.01		0.59	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D  S U M M A R Y 5

Fund Summary as of August 31, 2023 (continued) iShares^® MSCI China Multisector Tech ETF

Portfolio Management Commentary

Chinese equities in technology and technology-related industries declined during the reporting period, impacted by slowing economic growth and increased tensions between China and the U.S. While investors were initially optimistic following China’s lifting of several coronavirus-related lockdowns in December 2022, subsequent economic performance disappointed. Significant outflows of foreign investment from Chinese equities and the advancement of an economic decoupling from other countries as the Chinese government aims for greater supply chain independence also weighed on Chinese markets.

The information technology sector was the largest detractor from the Index’s performance, as investor concerns about oversupply of solar panels and related technology pressured the semiconductors and semiconductor equipment industry. Within the industry, falling prices for polysilicon, a key component in the production of solar panels, weighed on the profits of semiconductor materials and equipment providers. Stocks of semiconductors companies declined after the U.S. government introduced new export controls, which limit the sale of semiconductors produced with U.S. technology and aim to curb the ability of Chinese firms to manufacture certain types of computer chips. The combination of falling prices for solar panels and greater supply as new semiconductor factories came online further pressured the industry.

Industrials stocks also weighed on the Index’s performance, with the electrical equipment industry detracting the most within the industrials sector. A slowdown in domestic demand for electric vehicles (“EVs”) resulted in price declines for lithium, a primary component of the batteries that power EVs, leading to lower profits for Chinese battery producers. The financials sector also detracted from the Index’s return, as China’s economic slowdown drove higher delinquency rates and reduced loan volumes for consumer finance companies.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of   Total Investments(a)
Information Technology	40.9%
Communication Services	24.7
Consumer Discretionary	24.2
Industrials	8.1
Financials	2.1

TEN LARGEST HOLDINGS

Security	Percent of   Total Investments(a)
Pinduoduo Inc.	4.8%
Baidu Inc.	4.4
Xiaomi Corp., Class B	4.1
Alibaba Group Holding Ltd.	4.0
NetEase Inc.	4.0
Kuaishou Technology	4.0
JD.com Inc., Class A	3.8
Tencent Holdings Ltd.	3.7
Contemporary Amperex Technology Co. Ltd., Class A	3.3
Lenovo Group Ltd.	3.2

^(a)  Excludes money market funds.

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Fund Summary as of August 31, 2023  iShares^® MSCI Japan Value ETF

Investment Objective

The iShares MSCI JapanValue ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization Japanese equities with value characteristics and relatively lower valuations, as represented by the MSCI Japan Value Index (USD) (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns						Cumulative Total Returns
	1 Year			Since  Inception			1 Year			Since  Inception
Fund NAV		21.46	%		6.03	%		21.46	%		30.07	%
Fund Market		22.08			6.06			22.08			30.24
Index		20.76			6.00			20.76			29.87

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was March 5, 2019. The first day of secondary market trading was March 7, 2019.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (03/01/23)	Ending Account Value (08/31/23)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/23)	Ending Account Value (08/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$  1,000.00	$  1,138.40	$    0.81			$  1,000.00	$  1,024.40	$    0.77		0.15	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D  S U M M A R Y 7

Fund Summary as of August 31, 2023 (continued) iShares^® MSCI Japan Value ETF

Portfolio Management Commentary

Japanese value stocks advanced for the reporting period, as the economy grew at its fastest pace in three years. The Japanese economy, which has struggled with weak growth and deflation, or falling prices, in recent decades, returned to growth while logging its highest inflation rate in more than 30 years. Foreign demand for automotive products and tourism drove stronger economic growth. The lifting of coronavirus pandemic-related travel restrictions on foreign tourism unleashed pent-up demand, spurring strong growth in tourism. Automotive exports recovered from lingering supply chain disruptions related to prior pandemic-related policies. Domestic consumption trailed, however, as household spending contracted, and the country’s notoriously high savings rate remained elevated for the reporting period, leading to concerns about the sustainability of recent economic growth. Nevertheless, investor optimism that Japan would maintain accommodative monetary policy to stimulate growth and inflation, as well as other policy shifts, such as limiting government intervention in bond markets and corporate governance reforms, ultimately drove strong flows into the Japanese equity market.

The industrials sector, which comprised approximately 26% of the Index on average for the reporting period, contributed the most to the Index’s return. The trading companies and distributors industry, which acts as an intermediary for the trading of many Japanese exports, benefited from growth in exports, a recovery in Japanese auto sales, and relatively elevated commodities prices.

The financials sector, which represented approximately 20% of the Index on average for the reporting period, also contributed to the Index’s return. Japan’s diversified banks advanced with strong earnings growth, including gains on bond sales, higher fees, lower credit costs, and growth in overseas lending activity.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of   Total Investments(a)
Industrials	26.1%
Financials	21.7
Consumer Discretionary	21.5
Real Estate	5.5
Information Technology	5.0
Communication Services	4.9
Materials	4.3
Consumer Staples	3.8
Health Care	3.6
Utilities	2.0
Energy	1.6

TEN LARGEST HOLDINGS

Security	Percent of   Total Investments(a)
Toyota Motor Corp.	10.0%
Mitsubishi UFJ Financial Group Inc.	5.0
Sumitomo Mitsui Financial Group Inc.	3.1
Mitsubishi Corp.	3.1
Honda Motor Co. Ltd.	2.7
Takeda Pharmaceutical Co. Ltd.	2.6
KDDI Corp.	2.4
Tokio Marine Holdings Inc.	2.2
Hitachi Ltd.	2.2
Mizuho Financial Group Inc.	2.2

^(a)  Excludes money market funds.

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About Fund Performance  

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

A B O U T  F U N D  P E R F O R M A N C E / D I S C L O S U R E O F  E X P E N S E S 9

Schedule of Investments August 31, 2023 iShares^® MSCI China Multisector Tech ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Broadline Retail — 14.7%
Alibaba Group Holding Ltd.(a)		24,800	$	287,832
JD.com Inc., Class A		16,400		272,373
Pinduoduo Inc., ADR(a)		3,448		341,249
Vipshop Holdings Ltd., ADR(a)		9,426		148,836
				1,050,290
Capital Markets — 1.1%
East Money Information Co. Ltd., Class A		26,352		57,532
Hithink RoyalFlush Information Network Co. Ltd., Class A		800		18,410
				75,942
Communications Equipment — 3.6%
BYD Electronic International Co. Ltd.		22,000		101,893
Guangzhou Haige Communications Group Inc. Co., Class A		4,000		5,818
Hengtong Optic-Electric Co. Ltd., Class A		4,400		8,546
Suzhou TFC Optical Communication Co. Ltd.		800		9,284
Tianjin 712 Communication & Broadcasting Co. Ltd., Class A		1,200		4,390
Yealink Network Technology Corp. Ltd., Class A		2,240		11,392
Zhongji Innolight Co. Ltd., Class A		1,200		18,900
ZTE Corp., Class A		6,400		31,152
ZTE Corp., Class H		20,800		66,943
				258,318
Consumer Finance — 1.1%
Lufax Holding Ltd., ADR		19,204		23,237
Qifu Technology Inc.		3,118		53,006
				76,243
Diversified Consumer Services — 5.2%
Koolearn Technology Holding Ltd.(a)(b)		11,000		55,723
New Oriental Education & Technology Group Inc.(a)		41,600		225,691
Offcn Education Technology Co. Ltd., Class A(a)		10,000		5,863
TAL Education Group, ADR(a)		12,044		84,910
				372,187
Electrical Equipment — 6.3%
Beijing Easpring Material Technology Co. Ltd., Class A		800		4,872
Contemporary Amperex Technology Co. Ltd., Class A		7,240		235,177
Eve Energy Co. Ltd., Class A		3,200		21,716
Fangda Carbon New Material Co. Ltd., Class A(a)		7,600		6,088
Farasis Energy Gan Zhou Co. Ltd., NVS		2,400		6,678
Ginlong Technologies Co. Ltd., Class A		600		6,187
Gongniu Group Co. Ltd.		795		11,579
Gotion High-tech Co. Ltd., Class A(a)		2,800		9,314
Guangzhou Great Power Energy & Technology Co. Ltd.(a)		800		3,936
Hongfa Technology Co. Ltd., Class A		880		4,249
Hoymiles Power Electronics Inc., NVS		137		5,019
Jiangsu GoodWe Power Supply Technology Co. Ltd., NVS		280		5,330
Jiangsu Zhongtian Technology Co. Ltd., Class A		5,600		11,212
Jiangxi Special Electric Motor Co. Ltd., NVS(a)		2,800		3,490
Ningbo Orient Wires & Cables Co. Ltd.		1,192		6,058
Ningbo Ronbay New Energy Technology Co. Ltd.		740		5,182
Pylon Technologies Co. Ltd., NVS		284		5,396
Shanghai Moons’ Electric Co. Ltd.		800		7,228
Shenzhen Kstar Science & Technology Co. Ltd.		800		3,331
Sieyuan Electric Co. Ltd.		1,200		8,435
Sungrow Power Supply Co. Ltd., Class A		2,400		32,900
Sunwoda Electronic Co. Ltd., Class A		2,800		6,092
Suzhou Maxwell Technologies Co. Ltd., Class A		480		10,059
TBEA Co. Ltd., Class A		8,600		17,375
Zhejiang Chint Electrics Co. Ltd., Class A		3,600		12,253
				449,156

Security	Shares		Value
Electronic Equipment, Instruments & Components — 9.8%
AAC Technologies Holdings Inc.		20,000	$	38,741
Accelink Technologies Co. Ltd., Class A		1,200		4,622
Avary Holding Shenzhen Co. Ltd., Class A		3,200		9,389
BOE Technology Group Co. Ltd., Class A		62,000		34,144
Chaozhou Three-Circle Group Co. Ltd., Class A		3,200		14,108
China Railway Signal & Communication Corp. Ltd., Class A		12,000		9,256
China Zhenhua Group Science & Technology Co. Ltd., Class A		800		10,075
Eoptolink Technology Inc.Ltd.		1,200		7,516
Everdisplay Optronics Shanghai Co. Ltd.(a)		19,200		7,097
Foxconn Industrial Internet Co. Ltd., Class A		16,400		49,300
GoerTek Inc., Class A		6,000		12,612
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		1,200		8,783
Hengdian Group DMEGC Magnetics Co. Ltd.		2,722		6,133
Huagong Tech Co. Ltd., Class A		1,600		6,891
Kingboard Holdings Ltd.		18,000		40,846
Kingboard Laminates Holdings Ltd.		26,000		21,608
Lens Technology Co. Ltd., Class A		8,600		14,524
Lingyi iTech Guangdong Co., Class A		11,200		9,241
Luxshare Precision Industry Co. Ltd., Class A		12,000		54,365
Maxscend Microelectronics Co. Ltd., Class A		1,040		17,715
Raytron Technology Co. Ltd., Class A		800		5,630
Shanghai Friendess Electronic Technology Corp. Ltd., Class A		200		7,238
Shengyi Technology Co. Ltd., Class A		3,600		7,328
Shennan Circuits Co. Ltd., Class A		800		7,273
Shenzhen Kaifa Technology Co. Ltd., Class A		2,400		5,879
Shenzhen SED Industry Co. Ltd., NVS		1,974		7,436
Shenzhen Sunlord Electronics Co. Ltd., Class A		1,200		4,414
Sunny Optical Technology Group Co. Ltd.		19,600		160,038
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		2,800		7,226
TCL Technology Group Corp., Class A(a)		32,480		18,284
Tianma Microelectronics Co. Ltd., Class A(a)		4,000		4,726
Unisplendour Corp. Ltd., Class A(a)		4,800		17,757
Universal Scientific Industrial Shanghai Co. Ltd., Class A		3,200		6,488
Westone Information Industry Inc., Class A		1,600		5,493
Wingtech Technology Co. Ltd., Class A(a)		2,000		12,676
Wuhan Guide Infrared Co. Ltd., Class A		6,968		7,376
WUS Printed Circuit Kunshan Co. Ltd., Class A		3,200		9,276
Xiamen Faratronic Co. Ltd.		400		6,242
Zhejiang Dahua Technology Co. Ltd., Class A		5,600		16,614
Zhejiang Supcon Technology Co. Ltd.		1,165		8,067
				702,427
Entertainment — 9.3%
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		3,600		12,202
Beijing Enlight Media Co. Ltd., Class A		4,800		6,161
Bilibili Inc.(a)		5,440		82,200
China Film Co. Ltd., Class A(a)		3,200		6,525
China Ruyi Holdings Ltd.(a)		160,000		42,428
G-Bits Network Technology Xiamen Co. Ltd., Class A		100		5,740
Giant Network Group Co. Ltd., Class A		3,600		7,222
iQIYI Inc., ADR(a)		12,248		61,730
Kingnet Network Co. Ltd.(a)		3,600		7,489
Kingsoft Corp. Ltd.		26,400		105,229
Kunlun Tech Co. Ltd., Class A(a)		2,000		9,918
Mango Excellent Media Co. Ltd., Class A		3,200		12,997
NetEase Inc.		13,600		281,757
Perfect World Co. Ltd., Class A		3,200		6,073

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Schedule of Investments (continued) August 31, 2023 iShares^® MSCI China Multisector Tech ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Entertainment (continued)
Tencent Music Entertainment Group, ADR(a)		696	$	4,747
Wanda Film Holding Co. Ltd., Class A(a)		3,600		6,660
Zhejiang Century Huatong Group Co. Ltd., Class A(a)		12,800		9,533
			668,611
Household Durables — 4.2%
Beijing Roborock Technology Co. Ltd., Class A		280		11,306
Ecovacs Robotics Co. Ltd., Class A		800		5,833
Gree Electric Appliances Inc. of Zhuhai, Class A		4,800		23,608
Haier Smart Home Co. Ltd., Class A		10,000		32,297
Haier Smart Home Co. Ltd., Class H		65,600		203,181
Hang Zhou Great Star Industrial Co. Ltd., Class A		2,000		5,359
Hangzhou Robam Appliances Co. Ltd., Class A		1,600		6,044
Hisense Visual Technology Co. Ltd.		2,000		5,744
Zhejiang Supor Co. Ltd., Class A		800		5,233
			298,605
Interactive Media & Services — 15.0%
Autohome Inc., ADR		1,884		54,446
Baidu Inc.(a)		17,400		310,751
JOYY Inc., ADR		1,208		41,458
Kanzhun Ltd., ADR(a)		6,052		89,570
Kuaishou Technology(a)(b)		34,400		281,596
Tencent Holdings Ltd.		6,400		265,218
Weibo Corp., ADR		2,236		28,844
			1,071,883
IT Services — 1.3%
Chinasoft International Ltd.		72,000		47,721
DHC Software Co. Ltd., Class A		6,000		5,537
GDS Holdings Ltd., Class A(a)		26,400		39,197
Isoftstone Information Technology Group Co. Ltd., NVS		1,725		4,887
			97,342
Machinery — 1.7%
Haitian International Holdings Ltd.		16,000		34,357
Jiangsu Hengli Hydraulic Co. Ltd., Class A		2,400		20,508
Keda Industrial Group Co. Ltd.		3,200		4,425
Ningbo Deye Technology Co. Ltd., NVS		720		9,121
North Industries Group Red Arrow Co. Ltd., Class A		2,400		5,031
Riyue Heavy Industry Co. Ltd., Class A		1,600		3,554
Shandong Himile Mechanical Science & Technology Co. Ltd.		1,600		7,536
Shenzhen Inovance Technology Co. Ltd., Class A		2,400		22,534
Shuangliang Eco-Energy Systems Co. Ltd.		3,200		4,480
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		3,200		13,055
			124,601
Media — 0.3%
China Literature Ltd.(a)(b)		800		3,213
Jiangsu Phoenix Publishing & Media Corp. Ltd.		4,400		6,608
People.cn Co. Ltd.		2,000		11,405
			21,226
Semiconductors & Semiconductor Equipment — 12.8%
3peak Inc.		156		3,937
Advanced Micro-Fabrication Equipment Inc., Class A(a)		1,000		20,989
Amlogic Shanghai Co. Ltd.(a)		684		8,234
ASR Microelectronics Co. Ltd.(a)		708		6,809
Cambricon Technologies Corp. Ltd.(a)		668		14,616
China Resources Microelectronics Ltd.		2,056		16,537
Daqo New Energy Corp., ADR(a)		1,616		59,744
Flat Glass Group Co. Ltd., Class A		2,800		11,876
Flat Glass Group Co. Ltd., Class H		12,000		29,801
GalaxyCore Inc., NVS		2,864		5,972

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
GCL-Poly Energy Holdings Ltd.		560,000	$	96,995
GigaDevice Semiconductor Inc., Class A		1,200		15,483
Hangzhou Chang Chuan Technology Co. Ltd.		1,175		6,031
Hangzhou First Applied Material Co. Ltd., Class A		3,136		13,432
Hangzhou Lion Electronics Co. Ltd.		1,200		5,438
Hangzhou Silan Microelectronics Co. Ltd., Class A		2,400		8,351
Hoyuan Green Energy Co. Ltd., Class A		782		4,475
Hua Hong Semiconductor Ltd.(a)(b)		16,000		41,708
Ingenic Semiconductor Co. Ltd., Class A		800		8,110
JA Solar Technology Co. Ltd., Class A		5,488		20,980
JCET Group Co. Ltd., Class A		3,200		14,325
Jiangsu Pacific Quartz Co. Ltd., NVS		400		5,245
Jinko Solar Co. Ltd.		10,792		15,993
LONGi Green Energy Technology Co. Ltd., Class A		12,720		46,490
Montage Technology Co. Ltd., Class A		1,600		11,266
National Silicon Industry Group Co. Ltd., Class A(a)		4,800		13,419
NAURA Technology Group Co. Ltd., Class A		800		29,821
Piotech Inc., NVS		209		10,518
Risen Energy Co. Ltd.		2,000		5,518
Rockchip Electronics Co. Ltd.		800		7,201
Sanan Optoelectronics Co. Ltd., Class A		8,000		17,252
SG Micro Corp., Class A		780		8,291
Shanghai Aiko Solar Energy Co. Ltd.		3,163		9,649
Shanghai Fudan Microelectronics Group Co. Ltd.		744		5,399
Shenzhen SC New Energy Technology Corp., Class A		800		9,739
StarPower Semiconductor Ltd., Class A		300		8,166
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		6,500		22,871
Tianshui Huatian Technology Co. Ltd., Class A		6,000		7,405
TongFu Microelectronics Co. Ltd., Class A		2,400		6,718
Tongwei Co. Ltd., Class A		7,600		33,494
Trina Solar Co. Ltd.		3,400		15,902
Unigroup Guoxin Microelectronics Co. Ltd., Class A(a)		1,619		20,606
Verisilicon Microelectronics Shanghai Co. Ltd.(a)		806		7,401
Will Semiconductor Co. Ltd. Shanghai, Class A		2,020		25,563
Wuxi Autowell Technology Co. Ltd.		259		5,996
Xinjiang Daqo New Energy Co. Ltd.		2,888		16,477
Xinyi Solar Holdings Ltd.		136,000		113,478
Yangzhou Yangjie Electronic Technology Co. Ltd.		766		3,756
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		2,000		15,483
			912,960
Software — 4.9%
360 Security Technology Inc., Class A(a)		11,600		17,791
Beijing E-Hualu Information Technology Co. Ltd., Class A(a)		1,200		4,973
Beijing Kingsoft Office Software Inc., Class A		800		43,371
Beijing Shiji Information Technology Co. Ltd., Class A(a)		3,640		6,783
China National Software & Service Co. Ltd., Class A		1,549		9,185
Hundsun Technologies Inc., Class A		3,120		15,436
Iflytek Co. Ltd., Class A		3,600		27,090
Kingdee International Software Group Co. Ltd.(a)		76,000		117,429
NavInfo Co. Ltd., Class A(a)		4,000		5,664
Qi An Xin Technology Group Inc.(a)		1,096		8,069
Sangfor Technologies Inc., Class A(a)		800		12,004
Shanghai Baosight Software Co. Ltd., Class A		3,040		20,046
Shanghai Baosight Software Co. Ltd., Class B		16,944		38,491
Thunder Software Technology Co. Ltd., Class A		800		8,775
Yonyou Network Technology Co. Ltd., Class A		5,400		13,472
			348,579

S C H E D U L E  O F   I N V E S T M E N T S 11

Schedule of Investments (continued) August 31, 2023 iShares^® MSCI China Multisector Tech ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Technology Hardware, Storage & Peripherals — 8.2%
Anker Innovations Technology Co. Ltd.		400	$	4,600
China Greatwall Technology Group Co. Ltd., Class A		5,600		8,374
GRG Banking Equipment Co. Ltd., Class A		4,400		7,590
Inspur Electronic Information Industry Co. Ltd., Class A		2,400		12,904
Lenovo Group Ltd.		200,000		226,067
Ninestar Corp., Class A		2,400		9,226
Shenzhen Transsion Holding Co. Ltd., Class A		1,284		25,917
Xiaomi Corp., Class B(a)(b)		187,200		295,105
			589,783
Total Investments — 99.5% (Cost: $9,115,763)				7,118,153
Other Assets Less Liabilities — 0.5%				33,665
Net Assets — 100.0%			$	7,151,818

^(a)  Non-income producing security.

^(b) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 08/31/23		Shares Held at 08/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	47,181	$	—			$(47,219$)	(b)	$	57	$	(19	)	$	—		—	$	693	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(a)		—		0	(b)		—			—		—			—		—		59			—
									$	57	$	(19	)	$	—			$	752		$	—

^(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
MSCI China Index		1		09/15/23	$	23	$	88

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Schedule of Investments (continued) August 31, 2023 iShares^® MSCI China Multisector Tech 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)	$	—	$	—	$	88	$	—	$	—	$	—	$	88

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended August 31, 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	$	—	$	—	$	517	$	—	$	—	$	—	$	517
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	88	$	—	$	—	$	—	$	88

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	5,726

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	$	1,142,797	$	5,975,356	$	—	$	7,118,153
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	88	$	—	$	88

^(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 August 31, 2023 iShares^® MSCI Japan Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 0.2%
Nippon Express Holdings Inc.		8,000	$	415,435
Automobile Components — 2.1%
Aisin Corp.		16,000		533,967
Bridgestone Corp.		72,000		2,795,454
Koito Manufacturing Co. Ltd.		16,000		271,528
Sumitomo Electric Industries Ltd.		88,000		1,077,322
			4,678,271
Automobiles — 15.7%
Honda Motor Co. Ltd.		185,900		6,007,615
Isuzu Motors Ltd.		72,000		921,711
Mazda Motor Corp.		72,000		750,162
Nissan Motor Co. Ltd.		288,000		1,224,638
Subaru Corp.		80,000		1,537,870
Suzuki Motor Corp.		48,000		1,886,036
Toyota Motor Corp.		1,304,000		22,466,750
Yamaha Motor Co. Ltd.		24,000		621,030
			35,415,812
Banks — 12.8%
Chiba Bank Ltd. (The)		64,000		456,985
Concordia Financial Group Ltd.		128,000		567,173
Japan Post Bank Co. Ltd.		184,000		1,476,428
Mitsubishi UFJ Financial Group Inc.		1,400,000		11,168,749
Mizuho Financial Group Inc.		296,050		4,878,614
Resona Holdings Inc.		264,000		1,398,546
Shizuoka Financial Group Inc., NVS		56,000		455,065
Sumitomo Mitsui Financial Group Inc.		154,000		7,040,335
Sumitomo Mitsui Trust Holdings Inc.		40,000		1,498,352
			28,940,247
Beverages — 1.1%
Asahi Group Holdings Ltd.		56,000		2,178,699
Suntory Beverage & Food Ltd.		8,000		257,396
			2,436,095
Broadline Retail — 0.1%
Rakuten Group Inc.		64,000		249,027
Building Products — 0.7%
AGC Inc.		24,000		842,001
Lixil Corp.		40,000		501,026
TOTO Ltd.		8,000		219,390
			1,562,417
Capital Markets — 1.2%
Daiwa Securities Group Inc.		168,000		955,357
Nomura Holdings Inc.		368,000		1,424,753
SBI Holdings Inc.		16,000		326,575
			2,706,685
Chemicals — 2.1%
Asahi Kasei Corp.		152,000		981,144
JSR Corp.		16,000		446,577
Mitsubishi Chemical Group Corp.		160,000		955,153
Mitsui Chemicals Inc.		24,000		650,611
Sumitomo Chemical Co. Ltd.		112,000		310,052
Toray Industries Inc.		168,100		906,340
Tosoh Corp.		32,000		414,073
			4,663,950
Commercial Services & Supplies — 1.1%
Dai Nippon Printing Co. Ltd.		24,000		655,810

Security	Shares		Value
Commercial Services & Supplies (continued)
Secom Co. Ltd.		13,400	$	937,836
Toppan Inc.		32,000		772,989
			2,366,635
Construction & Engineering — 1.3%
Kajima Corp.		56,100		937,024
Obayashi Corp.		80,000		724,539
Shimizu Corp.		72,000		484,412
Taisei Corp.		24,000		807,744
			2,953,719
Consumer Staples Distribution & Retail — 0.4%
Aeon Co. Ltd.		40,000		828,967
Diversified REITs — 0.5%
Daiwa House REIT Investment Corp.		320		607,253
Nomura Real Estate Master Fund Inc.		480		564,287
			1,171,540
Electric Utilities — 1.4%
Chubu Electric Power Co. Inc.		80,000		1,066,287
Kansai Electric Power Co. Inc. (The)		88,000		1,248,529
Tokyo Electric Power Co. Holdings Inc.(a)		192,000		841,149
			3,155,965
Electrical Equipment — 1.6%
Fuji Electric Co. Ltd.		8,000		376,964
Mitsubishi Electric Corp.		240,000		3,126,737
			3,503,701
Electronic Equipment, Instruments & Components — 1.2%
Kyocera Corp.		40,000		2,051,588
Omron Corp.		8,000		386,019
Yokogawa Electric Corp.		16,000		316,815
			2,754,422
Entertainment — 0.1%
Toho Co. Ltd./Tokyo		8,000		304,917
Financial Services — 1.5%
Mitsubishi HC Capital Inc.		112,000		727,648
ORIX Corp.		144,000		2,684,834
			3,412,482
Food Products — 0.3%
MEIJI Holdings Co. Ltd.		24,000		601,802
Gas Utilities — 0.6%
Osaka Gas Co. Ltd.		16,000		255,430
Tokyo Gas Co. Ltd.		48,000		1,110,747
			1,366,177
Ground Transportation — 4.0%
Central Japan Railway Co.		17,000		2,179,731
East Japan Railway Co.		36,900		2,086,295
Hankyu Hanshin Holdings Inc.		26,900		965,478
Keio Corp.		8,000		276,805
Keisei Electric Railway Co. Ltd.		8,000		306,335
Kintetsu Group Holdings Co. Ltd.		24,000		759,661
Odakyu Electric Railway Co. Ltd.		24,000		356,870
Tobu Railway Co. Ltd.		16,000		438,628
Tokyu Corp.		40,000		505,465
West Japan Railway Co.		26,100		1,129,974
			9,005,242
Hotels, Restaurants & Leisure — 1.0%
Oriental Land Co. Ltd./Japan		64,000		2,305,357

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Schedule of Investments (continued) August 31, 2023 iShares^® MSCI Japan Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Household Durables — 2.4%
Iida Group Holdings Co. Ltd.		16,000	$	262,030
Panasonic Holdings Corp.		272,000		3,130,734
Sekisui Chemical Co. Ltd.		16,000		245,398
Sekisui House Ltd.		72,000		1,467,316
Sharp Corp./Japan(a)		32,000		196,987
			5,302,465
Industrial Conglomerates — 2.2%
Hitachi Ltd.		74,000		4,918,204
Industrial REITs — 0.1%
Nippon Prologis REIT Inc.		151		303,688
Insurance — 6.1%
Dai-ichi Life Holdings Inc.		120,000		2,230,272
Japan Post Holdings Co. Ltd.		272,000		2,085,330
Japan Post Insurance Co. Ltd.		24,000		386,330
MS&AD Insurance Group Holdings Inc.		52,700		1,892,542
Sompo Holdings Inc.		38,600		1,679,775
T&D Holdings Inc.		32,000		507,181
Tokio Marine Holdings Inc.		224,000		4,943,342
			13,724,772
Interactive Media & Services — 0.4%
Z Holdings Corp.		328,000		984,939
IT Services — 0.1%
Itochu Techno-Solutions Corp.		8,000		237,532
Otsuka Corp.		1,700		75,765
			313,297
Leisure Products — 0.1%
Yamaha Corp.		8,000		246,754
Machinery — 4.8%
FANUC Corp.		56,000		1,592,716
Hitachi Construction Machinery Co. Ltd.		16,000		497,506
Komatsu Ltd.		112,000		3,187,318
Kubota Corp.		80,000		1,287,480
Makita Corp.		16,000		438,592
Mitsubishi Heavy Industries Ltd.		40,000		2,265,285
NGK Insulators Ltd.		32,000		424,519
Toyota Industries Corp.		16,800		1,186,222
			10,879,638
Marine Transportation — 1.5%
Kawasaki Kisen Kaisha Ltd.		16,000		536,179
Mitsui OSK Lines Ltd.		40,000		1,107,637
Nippon Yusen KK		64,000		1,702,681
			3,346,497
Media — 0.1%
Hakuhodo DY Holdings Inc.		32,000		303,596
Metals & Mining — 2.0%
JFE Holdings Inc.		64,000		1,011,079
Nippon Steel Corp.		104,000		2,459,425
Sumitomo Metal Mining Co. Ltd.		32,000		993,076
			4,463,580
Office REITs — 0.6%
Japan Real Estate Investment Corp.		160		664,929
Nippon Building Fund Inc.		163		688,387
			1,353,316
Oil, Gas & Consumable Fuels — 1.6%
ENEOS Holdings Inc.		352,000		1,321,807

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Idemitsu Kosan Co. Ltd.		24,092	$	512,830
Inpex Corp.		120,000		1,680,459
			3,515,096
Paper & Forest Products — 0.2%
Oji Holdings Corp.		104,000		425,397
Passenger Airlines — 0.3%
ANA Holdings Inc.(a)		24,000		541,803
Japan Airlines Co. Ltd.		8,000		164,750
			706,553
Personal Care Products — 0.7%
Kao Corp.		40,000		1,545,105
Pharmaceuticals — 3.6%
Astellas Pharma Inc.		144,000		2,178,773
Takeda Pharmaceutical Co. Ltd.		192,000		5,933,771
			8,112,544
Real Estate Management & Development — 3.9%
Daito Trust Construction Co. Ltd.		8,000		882,275
Daiwa House Industry Co. Ltd.		72,000		1,999,855
Hulic Co. Ltd.		48,000		430,745
Mitsubishi Estate Co. Ltd.		144,000		1,834,129
Mitsui Fudosan Co. Ltd.		112,000		2,452,028
Nomura Real Estate Holdings Inc.		16,000		402,615
Sumitomo Realty & Development Co. Ltd.		32,000		818,026
			8,819,673
Retail REITs — 0.3%
Japan Metropolitan Fund Invest		880		590,912
Semiconductors & Semiconductor Equipment — 0.2%
SUMCO Corp.		40,000		534,230
Software — 0.2%
Trend Micro Inc./Japan		8,000		339,533
Specialty Retail — 0.1%
USS Co. Ltd.		8,000		139,698
Technology Hardware, Storage & Peripherals — 3.2%
Brother Industries Ltd.		32,000		541,554
Canon Inc.		120,000		2,953,687
FUJIFILM Holdings Corp.		45,900		2,712,526
Ricoh Co. Ltd.		72,000		586,540
Seiko Epson Corp.		32,000		501,069
			7,295,376
Tobacco — 1.4%
Japan Tobacco Inc.		144,000		3,153,064
Trading Companies & Distributors — 8.4%
ITOCHU Corp.		51,000		1,913,995
Marubeni Corp.		184,000		3,006,302
Mitsubishi Corp.		142,000		7,004,137
Mitsui & Co. Ltd.		80,000		2,979,625
Sumitomo Corp.		128,000		2,632,500
Toyota Tsusho Corp.		24,000		1,428,687
			18,965,246
Wireless Telecommunication Services — 4.2%
KDDI Corp.		184,000		5,469,844

S C H E D U L E  O F   I N V E S T M E N T S 15

Schedule of Investments (continued) August 31, 2023 iShares^® MSCI Japan Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Wireless Telecommunication Services (continued)
SoftBank Corp.		352,000	$	4,036,984
				9,506,828
Total Long-Term Investments — 99.7% (Cost: $216,916,054)				224,588,866
Short-Term Securities
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(b)(c)		60,000		60,000
Total Short-Term Securities — 0.0% (Cost: $60,000)				60,000
Total Investments — 99.7% (Cost: $216,976,054)				224,648,866
Other Assets Less Liabilities — 0.3%				617,198
Net Assets — 100.0%			$	225,266,064

^(a)  Non-income producing security.

^(b)  Affiliate of the Fund.

^(c)  Annualized 7-day yield as of period end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/23		Shares Held at 08/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	—	$	260	(b)		$—	$	(260	)	$	—	$	—		—	$	6,266	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		20,000		40,000	(b)		—		—			—		60,000		60,000		5,254			—
								$	(260	)	$	—	$	60,000			$	11,520		$	—

^(a) As of period end, the entity is no longer held.

^(b)  Represents net amount purchased (sold).

^(c) All or a portion of this security was purchased with the cash collateral from loaned securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Mini TOPIX Index		38		09/07/23	$	607	$	13,241

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Schedule of Investments (continued) August 31, 2023 iShares^® MSCI Japan Value 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)	$	—	$	—	$	13,241	$	—	$	—	$	—	$	13,241

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended August 31, 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	$	—	$	—	$	479,647	$	—	$	—	$	—	$	479,647
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	13,455	$	—	$	—	$	—	$	13,455

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,540,352

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	$	—	$	224,588,866	$	—	$	224,588,866
Short-Term Securities
Money Market Funds		60,000		—		—		60,000
	$	60,000	$	224,588,866	$	—	$	224,648,866
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	13,241	$	—	$	13,241

^(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

August 31, 2023

	iShares MSCI China Multisector Tech ETF			iShares MSCI Japan Value ETF
ASSETS
Investments, at value — unaffiliated(a)	$	7,118,153		$	224,588,866
Investments, at value — affiliated(b)		—			60,000
Cash		4,236			166
Foreign currency collateral pledged for futures contracts(c)		—			33,005
Foreign currency, at value(d)		10,485			505,136
Receivables:
Investments sold		297,247			934,829
Securities lending income — affiliated		33			68
Dividends — unaffiliated		1,294			349,862
Dividends — affiliated		—			410
Variation margin on futures contracts		90			7,808
Total assets		7,431,538			226,480,150
LIABILITIES
Payables:
Investments purchased		276,120			1,186,760
Investment advisory fees		3,600			27,326
Total liabilities		279,720			1,214,086
Commitments and contingent liabilities
NET ASSETS	$	7,151,818		$	225,266,064
NET ASSETS CONSIST OF
Paid-in capital	$	9,892,974		$	223,135,640
Accumulated earnings (loss)		(2,741,156	)		2,130,424
NET ASSETS	$	7,151,818		$	225,266,064
NET ASSET VALUE
Shares outstanding		400,000			8,000,000
Net asset value	$	17.88		$	28.16
Shares authorized		Unlimited			Unlimited
Par value		None			None
(a) Investments, at cost — unaffiliated	$	9,115,763		$	216,916,054
(b) Investments, at cost — affiliated	$	—		$	60,000
(c)  Foreign currency collateral pledged, at cost	$	—		$	33,477
(d) Foreign currency, at cost	$	10,493		$	509,605

See notes to financial statements.

18 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Statements of Operations

Year Ended August 31, 2023

	iShares MSCI China Multisector Tech ETF			iShares MSCI Japan Value ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	73,555		$	5,318,440
Dividends — affiliated		59			5,254
Securities lending income — affiliated — net		693			6,266
Foreign taxes withheld		(2,961	)		(531,718	)
Total investment income		71,346			4,798,242
EXPENSES
Investment advisory		43,291			242,026
Commitment costs		90			—
Total expenses		43,381			242,026
Net investment income		27,965			4,556,216
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(437,378	)		(3,986,883	)
Investments — affiliated		57			(260	)
Foreign currency transactions		374			(154,420	)
Futures contracts		517			479,647
In-kind redemptions — unaffiliated(a)		—			7,409,056
		(436,430	)		3,747,140
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(300,622	)		19,015,295
Investments — affiliated		(19	)		—
Foreign currency translations		189			(3,072	)
Futures contracts		88			13,455
		(300,364	)		19,025,678
Net realized and unrealized gain (loss)		(736,794	)		22,772,818
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(708,829	)	$	27,329,034

^(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 19

Statements of Changes in Net Assets

	iShares MSCI China Multisector Tech ETF						iShares MSCI Japan Value ETF
		Year Ended 08/31/23			Period From 01/25/22 to 08/31/22	(a)		Year Ended 08/31/23			Year Ended 08/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	27,965		$	45,984		$	4,556,216		$	2,218,537
Net realized gain (loss)		(436,430	)		(276,477	)		3,747,140			(1,114,202	)
Net change in unrealized appreciation (depreciation)		(300,364	)		(1,697,116	)		19,025,678			(12,976,420	)
Net increase (decrease) in net assets resulting from operations		(708,829	)		(1,927,609	)		27,329,034			(11,872,085	)
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders		(83,031	)		(21,687	)		(3,996,856	)		(2,495,878	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		—			9,892,974			121,081,814			50,859,340
NET ASSETS
Total increase (decrease) in net assets		(791,860	)		7,943,678			144,413,992			36,491,377
Beginning of period		7,943,678			—			80,852,072			44,360,695
End of period	$	7,151,818		$	7,943,678		$	225,266,064		$	80,852,072

^(a)  Commencement of operations.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

20 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Financial Highlights

(For a share outstanding throughout each period)

	iShares MSCI China Multisector Tech ETF
					Period From
	Year Ended						01/25/22	(a)
	08/31/23				to 08/31/22
Net asset value, beginning of period		$	19.86			$	24.81
Net investment income(b)			0.07				0.12
Net realized and unrealized loss(c)			(1.84	)			(5.02	)
Net decrease from investment operations			(1.77	)			(4.90	)
Distributions from net investment income(d)			(0.21	)			(0.05	)
Net asset value, end of period		$	17.88			$	19.86
Total Return(e)
Based on net asset value			(8.96	)%			(19.74	)%(f)
Ratios to Average Net Assets(g)
Total expenses			0.59	%			0.59	%(h)
Net investment income			0.38	%			0.93	%(h)
Supplemental Data
Net assets, end of period (000)		$	7,152			$	7,944
Portfolio turnover rate(i)			23	%			17	%

^(a)  Commencement of operations.

^(b) Based on average shares outstanding.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e) 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 Japan Value ETF
																					Period From
	Year Ended						Year Ended					Year Ended				Year Ended					03/05/19(a)
	08/31/23						08/31/22					08/31/21				08/31/20					to 08/31/19
Net asset value, beginning of period				$	23.78				$	27.73			$	23.22				$	23.70				$	24.67
Net investment income(b)					0.73					0.72				0.65					0.71					0.46
Net realized and unrealized gain (loss)(c)					4.31					(3.88	)			4.36					(0.26	)				(0.97	)
Net increase (decrease) from investment operations					5.04					(3.16	)			5.01					0.45					(0.51	)
Distributions from net investment income(d)					(0.66	)				(0.79	)			(0.50	)				(0.93	)				(0.46	)
Net asset value, end of period				$	28.16				$	23.78			$	27.73				$	23.22				$	23.70
Total Return(e)
Based on net asset value					21.46	%				(11.57	)%			21.62	%				1.71	%				(2.10	)%(f)
Ratios to Average Net Assets(g)
Total expenses					0.15	%				0.15	%			0.15	%				0.15	%				0.15	%(h)
Net investment income					2.82	%				2.74	%			2.39	%				2.98	%				3.83	%(h)
Supplemental Data
Net assets, end of period (000)				$	225,266				$	80,852			$	44,361				$	6,965				$	7,111
Portfolio turnover rate(i)					20	%(f)				24	%			24	%				35	%				9	%(f)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f) Not annualized.

^(g)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h) Annualized.

⁽ⁱ⁾ Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

22 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S 

Notes to Financial Statements 

1. ORGANIZATION

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):

iShares ETF	Diversification  Classification
MSCI China Multisector Tech	Non-diversified
MSCI Japan Value	Diversified

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of August 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.

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  (continued)

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

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Notes to Financial Statements  (continued)

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

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Notes to Financial Statements (continued)

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 China Multisector Tech		0.59%
MSCI Japan Value		0.15

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended August 31, 2023, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
MSCI China Multisector Tech	$	180
MSCI Japan Value		1,416

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the year ended August 31, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases	Sales		Net Realized  Gain (Loss)
MSCI Japan Value	$13,875,088	$	11,752,443	$	(1,136,566)

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

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Notes to Financial Statements  (continued)

7. PURCHASES AND SALES

For the year ended August 31, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
MSCI China Multisector Tech	$	1,683,731	$	1,741,457
MSCI Japan Value		35,789,645		32,151,597

For the year ended August 31, 2023, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind  Sales
MSCI Japan Value	$	213,732,713	$	95,827,276

8. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of August 31, 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.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of August 31, 2023, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in Capital		Accumulated  Earnings (Loss)
MSCI Japan Value	$	7,189,371	$	(7,189,371)

The tax character of distributions paid was as follows:

iShares ETF	Year Ended 08/31/23		Period Ended 08/31/22
MSCI China Multisector Tech
Ordinary income	$	83,031	$	21,687
iShares ETF	Year Ended 08/31/23		Year Ended 08/31/22
MSCI Japan Value
Ordinary income	$	3,996,856	$	2,495,878

As of August 31, 2023, the tax components of accumulated net earnings (losses) were as follows:

		Undistributed		Non-expiring Capital Loss			Net Unrealized
iShares ETF		Ordinary Income		Carryforwards	(a)		Gains (Losses)	(b)		Total
MSCI China Multisector Tech	$	197,708	$	(672,995	)	$	(2,265,869	)	$	(2,741,156)
MSCI Japan Value		1,736,938		(5,290,378	)		5,683,864			2,130,424

^(a)  Amounts available to offset future realized capital gains.

^(b)  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, the timing and recognition of partnership income, the characterization of corporate actions and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

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Notes to Financial Statements  (continued)

As of August 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 China Multisector Tech	$	9,384,064	$	396,954	$	(2,662,865	)	$	(2,265,911)
MSCI Japan Value		218,971,202		12,561,822		(6,870,917	)		5,690,905

9. LINE OF CREDIT

The Funds, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 9, 2024. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the year ended August 31, 2023, the Fund did not borrow under the Syndicated Credit Agreement.

10. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

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Notes to Financial Statements (continued)

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Geographic/Asset Class 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.

11. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

	Year Ended 08/31/23				Period Ended 08/31/22
iShares ETF	Shares		Amount		Shares		Amount
MSCI China Multisector Tech
Shares sold		—	$	—		400,000	$	9,892,974

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Notes to Financial Statements (continued)

	Year Ended 08/31/23						Year Ended 08/31/22
iShares ETF	Shares			Amount			Shares			Amount
MSCI Japan Value
Shares sold		8,300,000		$	219,003,150			2,100,000		$	58,305,017
Shares redeemed		(3,700,000	)		(97,921,336	)		(300,000	)		(7,445,677	)
		4,600,000		$	121,081,814			1,800,000		$	50,859,340

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

12. SUBSEQUENT EVENTS

Management’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 item was noted:

Effective October 18, 2023, the Syndicated Credit Agreement to which the Participating Funds are party was amended to extend the maturity date to October 2024 under the same terms.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares Trust and Shareholders of each of the two funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (two of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2023, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2023, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

iShares MSCI China Multisector Tech ETF⁽¹⁾

iShares MSCI Japan Value ETF⁽²⁾

⁽¹⁾  Statement of operations for the year ended August 31, 2023 and statement of changes in net assets for the year ended August 31, 2023 and the period January 25, 2022 (commencement of operations) to August 31, 2022.

⁽²⁾  Statement of operations for the year ended August 31, 2023 and statement of changes in net assets for each of the two years in the period ended August 31, 2023.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 23, 2023

We have served as the auditor of one or more BlackRock investment companies since 2000.

R E P O R T  O F  I N D E P E N D E N T  R E G I S T E R E D  P U B L I C  A C C O U N T I N G  F I R M 31

Important Tax Information (unaudited) 

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2023:

iShares ETF	Qualified Dividend  Income
MSCI China Multisector Tech	$	33,255
MSCI Japan Value		4,535,632

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended August 31, 2023:

iShares ETF	Foreign Source Income Earned		Foreign  Taxes Paid
MSCI China Multisector Tech	$	90,871	$	2,981
MSCI Japan Value		5,319,191		510,821

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Board Review and Approval of Investment Advisory Contract

iShares MSCI China Multisector Tech ETF, iShares MSCI Japan Value ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA

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Board Review and Approval of Investment Advisory Contract (continued)

and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

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Supplemental Information (unaudited) 

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

August 31, 2023

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
MSCI China Multisector Tech(a)	$	0.117243	$	—	$	0.090335	$	0.207578		56	%		—	%		44	%		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.

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

G E N E R A L  I N F O R M A T I O N 35

Trustee and Officer Information (unaudited) 

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fundis included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 387 funds as of August 31, 2023. With the exception of Robert S. Kapito, Salim Ramji and Aaron Wasserman, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Wasserman is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees
Name  (Year of   Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (1957)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).
Salim Ramji(b) (1970)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).

(a) Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.
(b) Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.
Independent Trustees
Name  (Year of   Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (1955)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (1956)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (1954)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016); Director of One Generation Away (since 2021).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).

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Trustee and Officer Information (unaudited) (continued)

Independent Trustees (continued)
Name  (Year of   Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (1949)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018), Investment Committee (since 2011) and Personnel Committee (since 2022); Member of the Wyoming State Investment Funds Committee (since 2022); Director of the Jackson Hole Center for the Arts (since 2021); Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).
Drew E. Lawton (1959)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Director of Jackson Financial Inc. (since 2021).
John E. Martinez (1961)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).
Madhav V. Rajan (1964)	Trustee (since 2011); Fixed-Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).
Officers
Name (Year  of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years
Dominik Rohé (1973)	President (since 2023).	Managing Director, BlackRock, Inc. (since 2005); Head of Americas ETF and Index Investments (since 2023); Head of Latin America (2019-2023).
Trent Walker (1974)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Aaron Wasserman (1974)	Chief Compliance Officer (iShares, Inc. and iShares Trust, since 2023; iShares U.S. ETF Trust, since 2023).	Managing Director of BlackRock, Inc. (since 2018); Chief Compliance Officer of the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the Exchange-Traded Fund Complex (since 2023); Deputy Chief Compliance Officer for the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the Exchange-Traded Fund Complex (2014-2023).
Marisa Rolland (1980)	Secretary (since 2022).	Managing Director, BlackRock, Inc. (since 2023); Director, BlackRock, Inc. (2018-2022); Vice President, BlackRock, Inc. (2010-2017).
Rachel Aguirre (1982)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019).
Jennifer Hsui (1976)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).

T R U S T E E  A N D  O F F I C E R  I N F O R M A T I O N 37

Trustee and Officer Information (unaudited) (continued)

Officers (continued)
Name (Year  of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years
James Mauro (1970)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).

Effective March 30, 2023, Dominik Rohé replaced Armando Senra as President.

Effective July 1, 2023, Aaron Wasserman replaced Charles Park as Chief Compliance Officer.

38 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

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 39

Glossary of Terms Used in this Report

Portfolio Abbreviation

ADR	American Depositary Receipt
NVS	Non-Voting Shares
REIT	Real Estate Investment Trust

40 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

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-AR-819-0823

AUGUST 31, 2023

2023 Annual Report

iShares Trust

· iShares ESG Advanced MSCI EAFE ETF | DMXF | NASDAQ

· iShares ESG Advanced MSCI EM ETF | EMXF | NASDAQ

The Markets in Review

Dear Shareholder,

Despite an uncertain economic landscape during the 12-month reporting period ended August 31, 2023, the resilience of the U.S. economy in the face of ever tighter financial conditions provided an encouraging backdrop for investors. While inflation was near multi-decade highs at the beginning of the period, it declined precipitously as commodity prices dropped. Labor shortages also moderated, although wages continued to grow and unemployment rates reached the lowest levels in decades. This robust labor market powered further growth in consumer spending, backstopping the economy.

Equity returns were solid, as the durability of consumer sentiment eased investors’ concerns about the economy’s trajectory. The U.S. economy resumed growth in the third quarter of 2022 and continued to expand thereafter. Most major classes of equities rose, as large-capitalization U.S. stocks and developed market equities advanced strongly. However, small-capitalization U.S. stocks and emerging market equities posted more modest gains.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market also faced inflationary headwinds, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates seven times during the 12-month period. Furthermore, the Fed wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity. However, the Fed declined to raise interest rates at its June 2023 meeting, the first time it paused its tightening in the current cycle, before again raising rates in July 2023.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has decelerated the pace of interest rate hikes and recently opted for two pauses, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period to keep inflation under control. Furthermore, ongoing structural changes may mean that the Fed will be hesitant to cut interest rates in the event of faltering economic activity lest inflation accelerate again. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt.

While we favor an overweight position to developed market equities in the long term, we prefer an underweight stance in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with macroeconomic constraints. Nevertheless, we are overweight on emerging market stocks in the near term as growth trends for emerging markets appear brighter. We also believe that stocks with an AI tilt should benefit from an investment cycle that is set to support revenues and margins. In credit, there are selective opportunities in the near term despite tightening credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries, U.S. inflation-linked bonds, U.S. mortgage-backed securities, and hard-currency emerging market bonds.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of August 31, 2023
	6-Month	12-Month
U.S. large cap equities (S&P 500 Index)	14.50%	15.94%
U.S. small cap equities (Russell 2000 Index)	0.99	4.65
International equities (MSCI Europe, Australasia, Far East Index)	4.75	17.92
Emerging market equities (MSCI Emerging Markets Index)	3.62	1.25
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	2.47	4.25
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	0.11	(4.71)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	0.95	(1.19)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	1.04	1.70
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	4.55	7.19
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 T H I S  P A G E  I S  N O T  P A R T  O F  Y O U R  F U N D  R E P O R T

Table of Contents

	Page
The Markets in Review		2
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		9
Disclosure of Expenses		9
Schedules of Investments		10
Financial Statements
Statements of Assets and Liabilities		25
Statements of Operations		26
Statements of Changes in Net Assets		27
Financial Highlights		28
Notes to Financial Statements		30
Report of Independent Registered Public Accounting Firm		38
Important Tax Information		39
Board Review and Approval of Investment Advisory Contract		40
Supplemental Information		42
Trustee and Officer Information		43
General Information		46
Glossary of Terms Used in this Report		47

Market Overview

iShares Trust

Global Market Overview

Global equity markets advanced during the 12 months ended August 31, 2023 (“reporting period”), supported by continued economic growth and moderating inflation. The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned 13.95% in U.S. dollar terms for the reporting period. Despite concerns about the impact of higher interest rates and rising prices, the global economy continued to grow, albeit at a slower pace than during the initial post-coronavirus pandemic recovery. Inflation began to subside in most regions of the world, and lower energy prices reduced pressure on consumers, leading consumer and business sentiment to improve. While the Russian invasion of Ukraine continued to disrupt trade in Europe and elsewhere, market adaptation lessened the economic impact of the ongoing war. The prices of several key commodities, including oil, natural gas, and wheat, either stabilized or declined during the reporting period, easing pressure on the world’s economies.

The U.S. Federal Reserve (“Fed”) tightened monetary policy rapidly, raising short-term interest rates seven times over the course of the reporting period. The pace of tightening decelerated as the Fed twice lowered the increment of increase before pausing entirely in June 2023, the first time it declined to take action since the tightening cycle began. However, the Fed then raised interest rates again at its July 2023 meeting and stated that it would continue to monitor economic data. The Fed also continued to decrease the size of its balance sheet by reducing the store of U.S. Treasuries it had accumulated to stabilize markets in the early phases of the pandemic.

Despite the tightening financial conditions, the U.S. economy demonstrated continued strength, and U.S. equities advanced. The economy returned to growth in the third quarter of 2022 and showed robust, if slightly slower, growth thereafter. Consumers powered the economy, increasing their spending in both nominal and inflation-adjusted terms. A strong labor market bolstered spending, as unemployment remained low, and the number of employed persons reached an all-time high. Tightness in the labor market drove higher wages, although wage growth slowed as the reporting period continued.

European stocks outpaced their counterparts in most other regions of the globe, advancing strongly for the reporting period despite modest economic growth. European stocks benefited from a solid recovery following the early phases of the war in Ukraine. While the conflict disrupted critical natural gas supplies, new sources were secured and prices declined, while a warm winter helped moderate consumption. The European Central Bank (“ECB”) responded to the highest inflation since the introduction of the euro by raising interest rates eight times and beginning to reduce the size of its debt holdings.

Stocks in the Asia-Pacific region gained, albeit at a slower pace than other regions of the world. Japan returned to growth in the fourth quarter of 2022 and first half of 2023, as strong business investment and exports helped boost the economy and support Japanese equities. However, Chinese stocks were negatively impacted by slowing economic growth. While investors were initially optimistic following China’s lifting of several pandemic-related lockdowns in December 2022, subsequent performance disappointed, and tensions with the U.S. increased. Emerging market stocks advanced modestly, as the resilient global economic environment reassured investors. The declining value of the U.S. dollar relative to many other currencies and the slowing pace of the Fed’s interest rate increases also supported emerging market stocks.

4 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Fund Summary  as of August 31, 2023 iShares^® ESG Advanced MSCI EAFE ETF

Investment Objective

The iShares ESG Advanced MSCI EAFE ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization developed market companies excluding the U.S. and Canada that have a favorable environmental, social and governance rating while applying extensive screens for company involvement in controversial activities, as represented by the MSCI EAFE Choice ESG Screened Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns					Cumulative Total Returns
		1 Year		Since Inception			1 Year		Since Inception
Fund NAV		18.17	%	6.66	%		18.17	%	22.99	%
Fund Market		18.02		6.83			18.02		23.63
Index		17.64		6.72			17.64		23.19

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSETVALUE)

The inception date of the Fund was June 16, 2020. The first day of secondary market trading was June 18, 2020.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (03/01/23	)	Ending Account Value (08/31/23	)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/23	)	Ending Account Value (08/31/23	)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$   1,000.00		$   1,052.90		$   0.62			$   1,000.00		$   1,024.60		$   0.61		0.12	%

^(a) Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D  S U M M A R Y 5

Fund Summary  as of August 31, 2023 (continued) iShares^® ESG Advanced MSCI EAFE ETF

Portfolio Management Commentary

Investor interest in the environmental, social, and governance (“ESG”) attributes of companies was mixed during the reporting period. In Europe, ESG investments continued to attract net inflows, although the rate of net purchases slowed in the first half of 2023.

During the reporting period, the Index of international developed stocks with favorable ESG characteristics and screened for controversial activities advanced substantially. Japanese financials stocks gained the most, as the Bank of Japan modified its yield curve control policy, allowing banks to keep portions of their capital in higher-yielding investments. The semiconductors and semiconductor equipment industry in the information technology sector also gained amid efforts by the government to increase domestic semiconductor manufacturing with subsidies and incentives.

Stocks in Europe further contributed to the Index’s return, most notably France, Germany, and Switzerland. The French industrials sector benefited from rising demand for data center infrastructure, while the German information technology sector posted robust sales of cloud-based enterprise software. In Switzerland, the healthcare sector led the advance, as strong earnings enabled a significant stock buyback program.

In terms of relative performance, the Index was nearly in line with the broader market, as represented by the MSCI EAFE Index. The Index seeks companies that have a favorable environmental, social and governance rating while applying extensive screens for company involvement in Index held overweight positions in the information technology and industrials sectors and underweight positions in consumer staples and energy. Positioning in the information technology sector contributed to the Index’s relative performance, while the underweight position in energy and stock selection in industrials detracted.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of Total Investments	(a)
Financials	21.4	%
Industrials	20.4
Information Technology	14.5
Health Care	12.3
Consumer Discretionary	9.7
Materials	7.8
Communication Services	5.7
Real Estate	4.2
Consumer Staples	3.4
Utilities	0.6

GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	(a)
Japan	30.1	%
France	9.7
Germany	9.5
United Kingdom	8.4
Switzerland	7.4
Netherlands	7.0
Denmark	5.4
Australia	5.0
Sweden	4.8
Hong Kong	3.1
Singapore	1.9
Spain	1.6
Italy	1.2
Finland	1.1
Ireland	1.0
Belgium	1.0
Other (each representing less than 1%)	1.8

^(a)  Excludes money market funds

6 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Fund Summary  as of August 31, 2023 iShares^® ESG Advanced MSCI EM ETF

Investment Objective

The iShares ESG Advanced MSCI EM ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization emerging market companies that have a favorable environmental, social and governance rating while applying extensive screens for company involvement in controversial activities, as represented by the MSCI Emerging Markets Choice ESG Screened 5% Issuer Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns						Cumulative Total Returns
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		1.06	%		1.42	%		1.06	%		4.19	%
Fund Market		1.16			1.49			1.16			4.38
Index		0.69			1.72			0.69			5.08

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was October 6, 2020. The first day of secondary market trading was October 8, 2020.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (03/01/23	)	Ending Account Value (08/31/23	)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/23	)	Ending Account Value (08/31/23	)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$   1,000.00		$   1,032.50		$   0.82			$   1,000.00		$   1,024.40		$   0.82		0.16	%

^(a) Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D  S U M M A R Y 7

Fund Summary  as of August 31, 2023 (continued) iShares^® ESG Advanced MSCI EM ETF

Portfolio Management Commentary

Investor interest in the environmental, social, and governance (“ESG”) attributes of companies was mixed during the reporting period. Globally, fund flows to ESG-focused investments slowed in the first half of 2023, while remaining net positive.

During the reporting period, the Index of emerging market stocks with favorable ESG characteristics and screened for controversial activities posted a marginal advance. Taiwanese stocks contributed the most to the Index’s return, led by the information technology sector. Continued data center growth drove robust sales of high-end power units used in their construction, bolstering profits in the technology hardware, storage, and peripherals industry. The semiconductors and semiconductor equipment industry also posted gains, as increasing interest in artificial intelligence drove investments in additional capacity. The financials sector also contributed to the Index’s return. Mexican banks posted strong gains amid significantly higher interest rates.

On the downside, Chinese stocks detracted meaningfully from the Index’s return, as they were negatively impacted by slowing economic growth. The consumer discretionary sector declined as increased online competition from low-cost retailers pressured the broadline retail and the internet and direct marketing retail industries. The Chinese healthcare sector also declined, as life sciences tools and services stocks were pressured by a U.S. executive order introducing a national biotechnology and biomanufacturing initiative.

In terms of relative performance, the Index underperformed the broader market, as represented by the MSCI Emerging Markets Index. Relative to the broader market, the Index seeks companies that have a favorable environmental, social and governance rating while applying extensive screens for company involvement in controversial activities. The Index held a significant overweight position in the financials sector and underweight positions in the energy and materials sectors, relative to the broader market. Stock selection in the consumer discretionary sector and materials sector detracted from the Index’s relative performance, while stock selection in the financials sector contributed to relative performance.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of Total Investments	(a)
Financials	34.6	%
Consumer Discretionary	18.4
Information Technology	17.8
Communication Services	7.9
Consumer Staples	6.2
Materials	4.4
Industrials	4.3
Health Care	3.9
Real Estate	1.9
Utilities	0.6

GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	(a)
China	30.4	%
Taiwan	16.6
India	15.4
South Korea	6.5
South Africa	5.3
Brazil	4.6
Saudi Arabia	3.1
Thailand	2.8
Indonesia	2.7
Mexico	2.2
Malaysia	2.1
United Arab Emirates	2.0
Poland	1.2
Other (each representing less than 1%)	5.1

^(a)  Excludes money market funds.

8 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

A B O U T  F U N D  P E R F O R M A N C E / D I S C L O S U R E  O F  E X P E N S E S 9

Schedule of Investments August 31, 2023 iShares^® ESG Advanced MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 5.0%
ASX Ltd.		11,920	$	443,607
Aurizon Holdings Ltd.		98,725		232,690
BlueScope Steel Ltd.		26,640		360,160
Brambles Ltd.		80,480		779,366
Cochlear Ltd.		3,840		674,014
Computershare Ltd.		32,880		534,528
CSL Ltd.		27,760		4,902,386
Dexus		61,600		307,822
Fortescue Metals Group Ltd.		97,920		1,348,103
Goodman Group		98,160		1,479,001
GPT Group (The)		114,808		310,855
IDP Education Ltd.		14,320		227,743
IGO Ltd.		38,560		344,120
Insurance Australia Group Ltd.		141,360		533,078
James Hardie Industries PLC(a)		25,520		767,061
Lendlease Corp. Ltd.		38,960		196,184
Mineral Resources Ltd.		10,160		466,364
Mirvac Group		232,960		363,210
Newcrest Mining Ltd.		50,960		849,332
Northern Star Resources Ltd.		66,640		510,605
Orica Ltd.		26,400		267,454
Pilbara Minerals Ltd.		154,640		463,613
QBE Insurance Group Ltd.		86,400		833,404
Ramsay Health Care Ltd.		10,480		347,768
REA Group Ltd.		2,960		315,589
Reece Ltd.		12,720		167,335
Scentre Group		297,440		527,230
SEEK Ltd.		20,640		308,149
Sonic Healthcare Ltd.		25,920		538,726
Stockland		133,046		363,368
Suncorp Group Ltd.		72,560		636,431
Telstra Corp. Ltd.		231,680		601,005
Transurban Group		176,480		1,510,983
Vicinity Ltd.		226,884		273,679
WiseTech Global Ltd.		9,920		444,999
Xero Ltd.(a)		8,560		692,877
				23,922,839
Austria — 0.3%
Erste Group Bank AG		19,440		693,500
Verbund AG		3,920		321,349
voestalpine AG		6,252		182,679
				1,197,528
Belgium — 1.0%
Ageas SA/NV		9,120		362,705
Argenx SE(a)		3,280		1,648,477
D’ieteren Group		1,280		209,055
Elia Group SA/NV.		1,680		193,695
Groupe Bruxelles Lambert NV		5,600		450,931
KBC Group NV		14,720		965,780
Sofina SA		880		197,707
Umicore SA		12,962		343,470
Warehouses De Pauw CVA		9,600		274,335
				4,646,155
Denmark — 5.3%
AP Moller - Maersk A/S, Class A		162		289,507
AP Moller - Maersk A/S, Class B, NVS		320		580,916
Chr Hansen Holding A/S		5,921		386,076
Demant A/S(a)		5,840		238,413

Security	Shares		Value
Denmark (continued)
DSV A/S		10,720	$	2,035,723
Genmab A/S(a)		3,840		1,471,239
Novo Nordisk A/S, Class B		94,480		17,427,188
Novozymes A/S, Class B		12,080		522,892
Pandora A/S		4,880		505,364
Rockwool A/S, Class B		566		144,454
Tryg A/S		20,895		398,662
Vestas Wind Systems A/S(a)		58,510		1,351,880
				25,352,314
Finland — 1.1%
Elisa OYJ		8,165		400,828
Kesko OYJ, Class B		16,000		312,325
Kone OYJ, Class B		19,840		902,506
Metso OYJ		39,040		448,395
Nokia OYJ		313,440		1,253,468
Orion OYJ, Class B		6,160		251,762
Sampo OYJ, Class A		27,120		1,190,407
Wartsila OYJ Abp		27,300		346,461
				5,106,152
France — 9.7%
Accor SA		10,560		377,660
Aeroports de Paris		1,600		210,572
Air Liquide SA		30,320		5,478,102
Amundi SA(b)		3,558		211,788
AXA SA		106,240		3,191,969
BioMerieux		2,402		248,078
BNP Paribas SA		60,720		3,926,619
Bouygues SA		11,040		381,210
Bureau Veritas SA		17,040		456,470
Capgemini SE		9,600		1,791,565
Carrefour SA		34,240		654,454
Cie. Generale des Etablissements Michelin SCA		40,320		1,261,450
Covivio		2,960		144,326
Credit Agricole SA		69,360		874,302
Dassault Systemes SE		38,800		1,537,664
Edenred		14,320		912,518
Eiffage SA		4,000		395,332
EssilorLuxottica SA		17,040		3,213,208
Eurazeo SE		2,411		142,061
Eurofins Scientific SE		7,840		482,573
Euronext NV(b)		5,120		369,616
Gecina SA		2,885		308,625
Getlink SE		20,480		342,782
Hermes International		1,869		3,843,945
Ipsen SA		2,174		281,629
Klepierre SA		12,865		339,811
Legrand SA		15,520		1,529,021
Publicis Groupe SA		13,040		1,017,485
Sartorius Stedim Biotech		1,600		453,778
Schneider Electric SE		31,520		5,402,789
SEB SA		1,374		150,818
Sodexo SA		4,880		523,528
Teleperformance		3,360		464,257
Unibail-Rodamco-Westfield, New(a)		6,880		367,218
Valeo		12,998		252,659
Vinci SA		30,960		3,448,574
Vivendi SE		41,040		373,787
Wendel SE		1,520		138,885

10 2 0 2 3  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) August 31, 2023 iShares^® ESG Advanced MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
France (continued)
Worldline SA/France(a)(b)		13,920	$	453,043
				45,954,171
Germany — 8.9%
adidas AG		9,360		1,867,975
Bayerische Motoren Werke AG		17,680		1,859,567
Bechtle AG		4,720		229,467
Beiersdorf AG		5,840		764,661
Brenntag SE		8,720		705,310
Carl Zeiss Meditec AG, Bearer		2,320		230,109
Commerzbank AG		60,640		666,280
Continental AG		6,320		468,806
Covestro AG(a)(b)		11,120		590,520
Daimler Truck Holding AG		28,560		1,004,930
Deutsche Boerse AG		11,040		1,959,864
Deutsche Lufthansa AG, Registered(a)		33,680		300,774
Deutsche Post AG, Registered		57,440		2,678,602
Evonik Industries AG		12,001		229,941
GEA Group AG		8,880		350,168
Hannover Rueck SE		3,524		749,479
HelloFresh SE(a)		9,440		304,233
Henkel AG & Co. KGaA		6,009		415,271
Infineon Technologies AG		76,080		2,718,771
Knorr-Bremse AG		3,930		268,421
LEG Immobilien SE(a)		4,240		305,350
Merck KGaA		7,318		1,313,765
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		7,907		3,069,175
Nemetschek SE		3,280		226,535
Rational AG		286		217,860
SAP SE		60,400		8,426,068
Scout24 SE(b)		4,429		305,098
Siemens AG, Registered		44,000		6,610,154
Siemens Healthineers AG(b)		15,920		796,991
Symrise AG, Class A		7,840		817,280
Talanx AG(a)		3,600		242,004
Telefonica Deutschland Holding AG		51,120		97,187
Vonovia SE		42,480		1,019,235
Wacker Chemie AG		1,040		153,182
Zalando SE(a)(b)		13,120		407,842
				42,370,875
Hong Kong — 3.1%
AIA Group Ltd.		672,000		6,080,425
BOC Hong Kong Holdings Ltd.		203,500		565,382
ESR Group Ltd.(b)		128,000		192,067
Futu Holdings Ltd., ADR(a)(c)		3,120		185,952
Hang Lung Properties Ltd.		160,000		213,098
Hang Seng Bank Ltd.		48,000		611,718
Henderson Land Development Co. Ltd.		80,000		219,691
HKT Trust & HKT Ltd., Class SS		240,000		255,760
Hong Kong Exchanges & Clearing Ltd.		65,200		2,527,034
Hongkong Land Holdings Ltd.		64,000		227,044
Link REIT		144,000		713,957
MTR Corp. Ltd.		83,500		348,401
New World Development Co. Ltd.		80,000		169,870
Sino Land Co. Ltd.		184,000		210,768
Sun Hung Kai Properties Ltd.		80,000		900,533
Swire Pacific Ltd., Class A.		40,000		329,815
Swire Properties Ltd.		80,000		167,182
WH Group Ltd.(b)		520,000		267,797

Security	Shares		Value
Hong Kong (continued)
Wharf Real Estate Investment Co. Ltd.		82,000	$	341,742
				14,528,236
Ireland — 1.0%
AIB Group PLC		83,440		379,781
Bank of Ireland Group PLC		61,360		611,009
CRH PLC		42,000		2,416,413
Kerry Group PLC, Class A		9,207		859,014
Smurfit Kappa Group PLC		14,880		624,223
				4,890,440
Israel — 0.5%
Check Point Software Technologies Ltd.(a)(c)		5,520		742,937
CyberArk Software Ltd.(a)		2,400		398,496
Monday.com Ltd.(a)		1,280		227,123
Nice Ltd.(a)		3,680		717,245
Wix.com Ltd.(a)		3,200		316,064
				2,401,865
Italy — 1.2%
Amplifon SpA		7,040		228,612
Assicurazioni Generali SpA		60,400		1,251,064
DiaSorin SpA		1,440		152,059
FinecoBank Banca Fineco SpA		34,960		477,814
Infrastrutture Wireless Italiane SpA(b)		20,246		250,491
Mediobanca Banca di Credito Finanziario SpA		31,600		412,524
Moncler SpA		11,840		802,215
Nexi SpA(a)(b)		33,840		242,778
Poste Italiane SpA(b)		28,582		317,287
Prysmian SpA		15,200		621,019
Recordati Industria Chimica e Farmaceutica SpA		5,612		281,318
Telecom Italia SpA/Milano(a)		514,223		159,528
Terna - Rete Elettrica Nazionale		88,240		727,677
				5,924,386
Japan — 30.0%
Advantest Corp.		10,800		1,351,842
Aeon Co. Ltd.		40,000		828,967
AGC Inc.		8,000		280,667
Ajinomoto Co. Inc.		24,000		1,016,708
ANA Holdings Inc.(a)		8,100		182,859
Asahi Intecc Co. Ltd.		16,000		324,568
Asahi Kasei Corp.		88,000		568,030
Astellas Pharma Inc.		104,000		1,573,558
Azbil Corp.		8,000		266,508
Bridgestone Corp.		32,000		1,242,424
Brother Industries Ltd.		16,000		270,777
Canon Inc.		56,700		1,395,617
Capcom Co. Ltd.		8,000		337,466
Central Japan Railway Co.		8,000		1,025,756
Chiba Bank Ltd. (The)		32,000		228,493
Chugai Pharmaceutical Co. Ltd.		40,000		1,219,276
Concordia Financial Group Ltd.		64,000		283,586
CyberAgent Inc.		24,000		152,714
Dai Nippon Printing Co. Ltd.		12,200		333,370
Daifuku Co. Ltd.		16,000		295,289
Dai-ichi Life Holdings Inc.		56,000		1,040,793
Daiichi Sankyo Co. Ltd.		104,000		3,063,180
Daikin Industries Ltd.		14,600		2,523,735
Daito Trust Construction Co. Ltd.		3,400		374,967
Daiwa House Industry Co. Ltd.		32,000		888,825
Daiwa House REIT Investment Corp.		160		303,627
Daiwa Securities Group Inc.		88,000		500,425

S C H E D U L E  O F  I N V E S T M E N T S 11

Schedule of Investments (continued) August 31, 2023 iShares^® ESG Advanced MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Denso Corp.		24,000	$	1,638,063
Dentsu Group Inc.		8,000		238,928
Disco Corp.		5,000		988,222
East Japan Railway Co.		16,000		904,626
Eisai Co. Ltd.		16,000		1,011,459
FANUC Corp.		56,000		1,592,716
Fast Retailing Co. Ltd.		9,700		2,225,289
FUJIFILM Holdings Corp.		21,100		1,246,935
Fujitsu Ltd.		9,900		1,237,419
GLP J-Reit		240		226,482
GMO Payment Gateway Inc.		1,100		69,655
Hakuhodo DY Holdings Inc.		16,000		151,798
Hamamatsu Photonics KK		8,000		370,148
Hankyu Hanshin Holdings Inc.		16,000		574,262
Hikari Tsushin Inc.		1,100		183,002
Hirose Electric Co. Ltd.		1,700		205,827
Hitachi Construction Machinery Co. Ltd.		8,000		248,753
Hoshizaki Corp.		8,000		307,027
Hoya Corp.		19,500		2,163,543
Hulic Co. Ltd.		24,000		215,372
Ibiden Co. Ltd.		8,000		482,001
Isuzu Motors Ltd.		40,000		512,062
Itochu Techno-Solutions Corp.		8,000		237,532
Japan Airlines Co. Ltd.		8,000		164,750
Japan Exchange Group Inc.		32,000		558,328
Japan Metropolitan Fund Invest		402		269,939
Japan Post Bank Co. Ltd.		91,600		735,004
Japan Post Insurance Co. Ltd.		8,000		129,077
Japan Real Estate Investment Corp.		80		332,464
JFE Holdings Inc.		32,000		505,539
JSR Corp.		8,000		223,288
Kajima Corp.		24,000		400,866
Kao Corp.		24,600		950,240
KDDI Corp.		88,000		2,616,013
Keio Corp.		8,000		276,805
Keisei Electric Railway Co. Ltd.		8,000		306,335
Keyence Corp.		10,900		4,525,369
Kikkoman Corp.		8,000		462,128
Kintetsu Group Holdings Co. Ltd.		8,000		253,220
Kobayashi Pharmaceutical Co. Ltd.		2,900		143,187
Kobe Bussan Co. Ltd.		8,000		199,314
Koei Tecmo Holdings Co. Ltd.		8,000		124,403
Koito Manufacturing Co. Ltd.		16,000		271,528
Komatsu Ltd.		52,100		1,482,672
Konami Group Corp.		2,500		145,073
Kubota Corp.		56,700		912,502
Kurita Water Industries Ltd.		8,000		311,642
Kyocera Corp.		16,000		820,635
Kyowa Kirin Co. Ltd.		16,000		292,509
Lixil Corp.		16,000		200,410
Makita Corp.		12,300		337,168
MatsukiyoCocokara & Co.		6,000		353,283
McDonald’s Holdings Co. Japan Ltd.		4,600		183,058
MEIJI Holdings Co. Ltd.		16,000		401,201
MINEBEA MITSUMI Inc.		24,000		406,935
MISUMI Group Inc.		16,100		280,457
Mitsubishi Chemical Group Corp.		80,000		477,577
Mitsubishi Electric Corp.		120,000		1,563,368
Mitsubishi Estate Co. Ltd.		64,900		826,632
Mitsubishi HC Capital Inc.		48,000		311,849

Security	Shares		Value
Japan (continued)
Mitsubishi UFJ Financial Group Inc.		664,000	$	5,297,178
Mitsui Chemicals Inc.		8,000		216,870
Mitsui Fudosan Co. Ltd.		51,500		1,127,495
Mizuho Financial Group Inc.		136,000		2,241,147
MonotaRO Co. Ltd.		16,000		188,964
MS&AD Insurance Group Holdings Inc.		24,000		861,879
Murata Manufacturing Co. Ltd.		32,000		1,790,185
NEC Corp.		13,200		695,783
NGK Insulators Ltd.		16,000		212,259
Nidec Corp.		24,000		1,248,827
Nintendo Co. Ltd.		64,000		2,744,121
Nippon Building Fund Inc.		80		337,859
Nippon Paint Holdings Co. Ltd.		64,000		494,500
Nippon Prologis REIT Inc.		152		305,699
Nippon Sanso Holdings Corp.		8,000		192,897
Nippon Telegraph & Telephone Corp.		1,800,000		2,078,344
Nippon Yusen KK		32,000		851,340
Nissan Chemical Corp.		8,000		342,641
Nissin Foods Holdings Co. Ltd.		3,500		305,663
Nitori Holdings Co. Ltd.		3,900		443,929
Nitto Denko Corp.		8,000		545,780
Nomura Real Estate Holdings Inc.		8,000		201,308
Nomura Real Estate Master Fund Inc.		240		282,143
Nomura Research Institute Ltd.		24,000		689,739
NTT Data Group Corp.		32,500		436,986
Obayashi Corp.		48,000		434,724
Odakyu Electric Railway Co. Ltd.		16,000		237,913
Oji Holdings Corp.		48,000		196,337
Omron Corp.		8,000		386,020
Ono Pharmaceutical Co. Ltd.		24,000		453,406
Open House Group Co. Ltd.		4,200		141,879
Oracle Corp. Japan		1,100		76,832
Oriental Land Co. Ltd./Japan		64,000		2,305,357
Otsuka Corp.		8,000		356,544
Otsuka Holdings Co. Ltd.		24,000		911,801
Pan Pacific International Holdings Corp.		24,000		478,204
Panasonic Holdings Corp.		128,000		1,477,549
Persol Holdings Co. Ltd.		8,100		138,440
Rakuten Group Inc.		80,000		311,283
Recruit Holdings Co. Ltd.		80,000		2,849,797
Renesas Electronics Corp.(a)		72,000		1,199,496
Resona Holdings Inc.		136,000		720,463
Ricoh Co. Ltd.		32,000		260,685
Rohm Co. Ltd.		4,200		350,312
SCSK Corp.		8,000		138,675
Secom Co. Ltd.		10,600		741,870
Seiko Epson Corp.		16,000		250,534
Sekisui Chemical Co. Ltd.		24,000		368,097
Sekisui House Ltd.		32,500		662,330
SG Holdings Co. Ltd.		16,000		231,118
Sharp Corp./Japan(a)		16,000		98,493
Shimadzu Corp.		16,000		470,187
Shimizu Corp.		32,000		215,294
Shin-Etsu Chemical Co. Ltd.		104,000		3,314,870
Shionogi & Co. Ltd.		16,000		702,709
Shiseido Co. Ltd.		24,000		973,901
Shizuoka Financial Group Inc., NVS		24,200		196,653
SoftBank Corp.		168,000		1,926,742
SoftBank Group Corp.		56,000		2,509,721
Sompo Holdings Inc.		16,000		696,280

12 2 0 2 3  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) August 31, 2023 iShares^® ESG Advanced MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Sony Group Corp.		72,000	$	5,989,855
Square Enix Holdings Co. Ltd.		4,600		174,608
SUMCO Corp.		24,000		320,538
Sumitomo Chemical Co. Ltd.		80,000		221,466
Sumitomo Electric Industries Ltd.		48,000		587,630
Sumitomo Metal Mining Co. Ltd.		16,000		496,538
Sumitomo Mitsui Financial Group Inc.		72,000		3,291,585
Sumitomo Realty & Development Co. Ltd.		16,000		409,013
Suntory Beverage & Food Ltd.		8,000		257,395
Sysmex Corp.		8,000		424,484
T&D Holdings Inc.		32,000		507,181
Taisei Corp.		8,000		269,248
TDK Corp.		24,000		873,531
Terumo Corp.		40,000		1,210,298
TIS Inc.		12,200		287,632
Tobu Railway Co. Ltd.		16,000		438,628
Tokio Marine Holdings Inc.		104,000		2,295,123
Tokyo Electron Ltd.		27,200		4,039,897
Tokyu Corp.		32,000		404,372
Toppan Inc.		16,000		386,495
Toray Industries Inc.		96,000		517,600
Tosoh Corp.		16,000		207,037
TOTO Ltd.		8,000		219,391
Toyota Industries Corp.		8,200		578,989
Trend Micro Inc./Japan		8,000		339,533
Unicharm Corp.		24,000		957,447
USS Co. Ltd.		16,000		279,395
Welcia Holdings Co. Ltd.		8,000		147,178
West Japan Railway Co.		12,200		528,187
Yakult Honsha Co. Ltd.		8,000		419,150
Yamaha Corp.		8,000		246,754
Yamaha Motor Co. Ltd.		16,000		414,020
Yamato Holdings Co. Ltd.		16,000		300,540
Yaskawa Electric Corp.		16,000		627,316
Yokogawa Electric Corp.		16,000		316,815
Z Holdings Corp.		184,000		552,527
Zensho Holdings Co. Ltd.		8,000		377,525
ZOZO Inc.		8,000		159,768
				142,652,657
Netherlands — 6.9%
ABN AMRO Bank NV, CVA(b)		23,062		339,240
Adyen NV(a)(b)		1,280		1,068,827
AerCap Holdings NV(a)		9,089		559,155
Akzo Nobel NV		9,760		792,351
ASM International NV		2,720		1,309,325
ASML Holding NV		23,360		15,359,856
ASR Nederland NV		9,280		406,234
BE Semiconductor Industries NV		4,480		515,422
EXOR NV(c)		6,240		552,221
Ferrovial SE		30,160		956,592
IMCD NV		3,216		442,947
ING Groep NV		210,560		2,983,427
JDE Peet’s NV		7,200		200,492
NN Group NV		14,400		554,335
OCI NV		6,080		153,771
Prosus NV		40,640		2,803,119
QIAGEN NV(a)		13,200		602,283
Randstad NV		6,320		370,890
Universal Music Group NV		47,840		1,186,106

Security	Shares		Value
Netherlands (continued)
Wolters Kluwer NV		14,960	$	1,802,535
				32,959,128
New Zealand — 0.4%
Auckland International Airport Ltd.(a)		72,000		335,231
EBOS Group Ltd.		8,880		200,933
Fisher & Paykel Healthcare Corp. Ltd.		33,200		448,390
Mercury NZ Ltd.		42,885		158,707
Meridian Energy Ltd.		72,800		232,874
Spark New Zealand Ltd.		107,367		324,818
				1,700,953
Norway — 0.7%
Adevinta ASA(a)		15,769		111,865
DNB Bank ASA		53,600		1,059,487
Gjensidige Forsikring ASA		12,932		200,803
Mowi ASA		25,200		456,809
Orkla ASA		41,345		315,645
Salmar ASA		4,160		203,088
Telenor ASA		38,810		415,514
Yara International ASA		9,233		336,537
				3,099,748
Portugal — 0.1%
Jeronimo Martins SGPS SA		16,720		426,226
Singapore — 1.9%
CapitaLand Ascendas REIT		216,099		442,594
CapitaLand Integrated Commercial Trust		312,081		440,842
Capitaland Investment Ltd/Singapore		160,000		383,282
City Developments Ltd.		32,000		158,093
DBS Group Holdings Ltd.		104,000		2,559,819
Grab Holdings Ltd., Class A(a)		107,040		403,540
Mapletree Logistics Trust		200,000		248,490
Oversea-Chinese Banking Corp. Ltd.		192,000		1,781,435
Seatrium Ltd.(a)		2,568,000		275,279
Singapore Airlines Ltd.(c)		88,000		447,140
Singapore Exchange Ltd.		42,500		302,553
United Overseas Bank Ltd.		72,000		1,512,530
UOL Group Ltd.		24,400		119,791
				9,075,388
Spain — 1.6%
Acciona SA		1,440		205,803
ACS Actividades de Construccion y Servicios SA		12,500		438,819
Aena SME SA(b)		4,339		682,078
Amadeus IT Group SA		26,320		1,805,906
CaixaBank SA		241,840		979,510
Cellnex Telecom SA(b)		32,800		1,254,451
Corp. ACCIONA Energias Renovables SA		4,880		145,015
EDP Renovaveis SA		19,445		355,632
Grifols SA(a)		17,200		235,637
Redeia Corp. SA		7,817		126,942
Telefonica SA		299,680		1,241,775
				7,471,568
Sweden — 4.7%
Assa Abloy AB, Class B		59,120		1,330,551
Atlas Copco AB, Class A		156,160		2,064,624
Atlas Copco AB, Class B		89,840		1,034,296
Beijer Ref AB, Class B		22,000		252,168
Epiroc AB, Class A		37,520		719,836
Epiroc AB, Class B		22,050		360,925
EQT AB		21,440		430,972

S C H E D U L E  O F  I N V E S T M E N T S 13

Schedule of Investments (continued) August 31, 2023 iShares^® ESG Advanced MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Sweden (continued)
Essity AB, Class B		34,160	$	797,506
Fastighets AB Balder, Class B(a)		37,859		180,952
Getinge AB, Class B		12,924		224,068
H & M Hennes & Mauritz AB, Class B		37,360		570,412
Hexagon AB, Class B		121,840		1,087,807
Holmen AB, Class B		5,184		196,495
Husqvarna AB, Class B		20,240		174,258
Industrivarden AB, Class A		7,940		206,829
Industrivarden AB, Class C		9,040		235,047
Indutrade AB		15,130		290,369
Investment AB Latour, Class B		8,480		154,087
Investor AB, Class A		1,223		23,339
Investor AB, Class B		99,120		1,907,844
Lifco AB, Class B		13,200		241,381
Nibe Industrier AB, Class B		88,640		663,477
Nordea Bank Abp		186,560		2,043,812
Sagax AB, Class B		11,280		234,593
Sandvik AB		62,320		1,178,584
Securitas AB, Class B		28,160		229,114
Skandinaviska Enskilda Banken AB, Class A		94,160		1,091,652
Skanska AB, Class B		19,680		288,680
SKF AB, Class B		19,520		316,055
Svenska Cellulosa AB SCA, Class B		34,240		455,802
Svenska Handelsbanken AB, Class A		87,280		728,269
Swedish Orphan Biovitrum AB(a)(c)		9,040		174,367
Tele2 AB, Class B		30,640		216,465
Telia Co. AB		140,560		283,763
Volvo AB, Class A		11,440		233,991
Volvo AB, Class B		88,000		1,773,518
Volvo Car AB, Class B(a)(c)		33,004		125,304
				22,521,212
Switzerland — 7.3%
ABB Ltd., Registered		92,640		3,522,935
Adecco Group AG, Registered		8,839		380,210
Alcon Inc.		28,720		2,396,957
Bachem Holding AG, Class B		1,780		165,668
Baloise Holding AG, Registered		2,501		390,709
Banque Cantonale Vaudoise, Registered		1,680		182,019
Coca-Cola HBC AG, Class DI		12,640		364,119
DSM-Firmenich AG		10,800		999,010
Geberit AG, Registered		2,000		1,035,084
Givaudan SA, Registered		519		1,728,805
Helvetia Holding AG, Registered		2,000		304,149
Julius Baer Group Ltd.		12,080		838,466
Kuehne + Nagel International AG, Registered		3,120		937,388
Logitech International SA, Registered		9,440		653,083
Lonza Group AG, Registered		4,320		2,382,874
Partners Group Holding AG		1,352		1,457,327
Schindler Holding AG, Participation Certificates, NVS		2,320		516,661
Schindler Holding AG, Registered		1,360		285,374
SGS SA		8,800		799,241
SIG Group AG		17,280		454,558
Sika AG, Registered		8,480		2,396,297
Sonova Holding AG, Registered		2,960		782,128
STMicroelectronics NV		39,760		1,876,462
Straumann Holding AG		6,480		979,708
Swiss Life Holding AG, Registered		1,680		1,052,125
Swiss Prime Site AG, Registered		4,400		422,505
Swiss Re AG		17,640		1,712,978
Swisscom AG, Registered		1,445		879,845

Security	Shares		Value
Switzerland (continued)
Temenos AG, Registered		3,680	$	291,662
VAT Group AG(b)		1,520		607,463
Zurich Insurance Group AG		8,820		4,135,636
				34,931,446
United Kingdom — 8.3%
3i Group PLC		56,400		1,420,233
abrdn PLC		114,720		239,314
Admiral Group PLC		12,160		383,089
Anglo American PLC		73,520		1,955,019
Antofagasta PLC		22,800		417,557
Ashtead Group PLC		25,360		1,769,070
Associated British Foods PLC		20,160		508,858
Auto Trader Group PLC(b)		53,600		411,029
Aviva PLC		159,600		757,264
Barratt Developments PLC		57,453		329,348
Berkeley Group Holdings PLC		6,160		316,477
Bunzl PLC		19,600		701,857
Burberry Group PLC		21,680		598,577
CNH Industrial NV		57,840		797,488
Coca-Cola Europacific Partners PLC		11,920		764,191
Compass Group PLC		100,400		2,531,758
Croda International PLC		8,320		581,051
Endeavour Mining PLC		10,640		217,278
Halma PLC		21,520		583,373
Hikma Pharmaceuticals PLC		9,440		260,762
Informa PLC		81,040		748,769
InterContinental Hotels Group PLC		9,440		710,033
Intertek Group PLC		9,200		481,800
JD Sports Fashion PLC		148,480		272,535
Johnson Matthey PLC		10,320		212,759
Kingfisher PLC		110,320		326,932
Land Securities Group PLC		40,000		304,796
Legal & General Group PLC		346,160		956,404
Lloyds Banking Group PLC		3,754,960		2,006,134
London Stock Exchange Group PLC		23,120		2,391,859
M&G PLC		129,840		313,608
Mondi PLC		27,440		455,801
Ocado Group PLC(a)		33,120		364,821
Pearson PLC		37,360		395,968
Persimmon PLC		18,320		246,977
Phoenix Group Holdings PLC		42,960		282,995
Prudential PLC		159,440		1,941,829
RELX PLC		109,680		3,574,990
Rentokil Initial PLC		144,400		1,099,384
Sage Group PLC (The)		59,360		729,451
Schroders PLC		46,160		240,138
Segro PLC		67,360		627,948
Severn Trent PLC		14,491		440,061
Spirax-Sarco Engineering PLC		4,240		543,340
St. James’s Place PLC		31,440		351,557
Standard Chartered PLC		137,360		1,235,925
Taylor Wimpey PLC		204,560		295,630
Vodafone Group PLC		1,331,600		1,234,463
Whitbread PLC		11,120		483,647
Wise PLC, Class A(a)		35,600		288,718
WPP PLC		61,840		599,440
				39,702,305
Total Common Stocks — 99.0%
(Cost: $481,060,980)		.		470,835,592

14 2 0 2 3  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) August 31, 2023 iShares^® ESG Advanced MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Preferred Stocks
Germany — 0.5%
Bayerische Motoren Werke AG, Preference Shares, NVS		3,440	$	330,520
Dr Ing hc F Porsche AG, Preference Shares, NVS(b)		6,880		758,794
Henkel AG & Co. KGaA, Preference Shares, NVS		9,440		723,395
Sartorius AG, Preference Shares, NVS		1,520		621,568
				2,434,277
Total Preferred Stocks — 0.5%
(Cost: $2,557,179)				2,434,277
Rights
Sweden — 0.0%
Swedish Orphan Biovitrum AB, (Expires 09/21/23, Strike Price SEK 142.00)(a)(c)		8,814		7,962
Total Rights — 0.0% (Cost: $—)				7,962
Total Long-Term Investments — 99.5%
(Cost: $483,618,159)				473,277,831
Short-Term Securities
Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.52%(d)(e)(f)		1,412,507		1,412,931

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(d)(e)		40,000	$	40,000
Total Short-Term Securities — 0.3%
(Cost: $1,452,822)				1,452,931
Total Investments — 99.8%
(Cost: $485,070,981)				474,730,762
Other Assets Less Liabilities — 0.2%				1,145,007
Net Assets — 100.0%			$	475,875,769

^(a) Non-income producing security.

^(b) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c) All or a portion of this security is on loan.

^(d) Affiliate of the Fund.

^(e) Annualized 7-day yield as of period end.

^(f) All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

	Affiliated Issuer	Value at 08/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 08/31/23		Shares Held at 08/31/23		Income			Capital Gain Distributions from Underlying Funds
	BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,631,126	$	—		$	(223,813	)(a)	$	6,114	$	(496	)	$	1,412,931		1,412,507	$	22,079	(b)	$	—
	BlackRock Cash Funds: Treasury, SL Agency Shares		30,000		10,000	(a)		—			—		—			40,000		40,000		6,255			—
										$	6,114	$	(496	)	$	1,452,931			$	28,334		$	—

^(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		59		09/07/23	$	943	$	37,413

S C H E D U L E  O F  I N V E S T M E N T S 15

Schedule of Investments (continued) August 31, 2023 iShares^® ESG Advanced MSCI EAFE ETF

Futures Contracts (continued)

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Euro STOXX 50 Index		33		09/15/23	$	1,540	$	(1,755	)
							$	35,658

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	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)	$	—	$	—	$	37,413	$	—	$	—	$	—	$	37,413
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	1,755	$	—	$	—	$	—	$	1,755

^(a) Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended August 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	$	—	$	—	$	505,008	$	—	$	—	$	—	$	505,008
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	48,787	$	—	$	—	$	—	$	48,787

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	2,391,327

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	4,937,600	$	465,897,992	$	—	$	470,835,592
Preferred Stocks		—		2,434,277		—		2,434,277
Rights		7,962		—		—		7,962

16 2 0 2 3  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) August 31, 2023 iShares^® ESG Advanced MSCI EAFE ETF

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2			Level 3		Total
Short-Term Securities
Money Market Funds	$	1,452,931	$	—		$	—	$	1,452,931
	$	6,398,493	$	468,332,269		$	—	$	474,730,762
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	37,413		$	—	$	37,413
Liabilities
Equity Contracts		—		(1,755	)		—		(1,755	)
	$	—	$	35,658		$	—		35,658

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

S C H E D U L E  O F  I N V E S T M E N T S 17

Schedule of Investments August 31, 2023 iShares^® ESG Advanced MSCI EM ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Brazil — 2.9%
Atacadao SA		11,072	$	22,940
B3 SA - Brasil, Bolsa, Balcao		98,224		256,467
Banco Bradesco SA		26,760		71,547
Banco do Brasil SA		14,608		138,940
CCR SA		16,768		42,190
Cia. de Saneamento Basico do Estado de Sao Paulo		5,712		66,808
Energisa SA		3,744		34,854
Equatorial Energia SA		17,408		111,295
Hapvida Participacoes e Investimentos SA(a)(b)		89,280		76,803
Localiza Rent a Car SA		15,233		194,563
Lojas Renner SA		16,672		53,968
Natura & Co. Holding SA(b)		15,040		46,104
Raia Drogasil SA		21,994		122,049
Rede D’Or Sao Luiz SA(a)		9,984		57,782
Rumo SA		21,824		98,498
Sendas Distribuidora SA		23,296		54,617
Telefonica Brasil SA		6,944		57,983
Tim SA		14,032		40,832
TOTVS SA		8,976		50,281
				1,598,521
Chile — 0.5%
Banco de Chile		766,544		83,616
Banco de Credito e Inversiones SA		1,137		32,710
Banco Santander Chile		1,104,824		52,872
Cencosud SA		21,584		46,203
Empresas CMPC SA		19,552		35,500
Falabella SA		14,464		35,629
				286,530
China — 30.3%
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		3,200		10,846
3SBio Inc.(a)		32,000		26,761
AAC Technologies Holdings Inc.		16,000		30,993
Agricultural Bank of China Ltd., Class A		88,000		41,826
Agricultural Bank of China Ltd., Class H		496,000		170,006
AIMA Technology Group Co. Ltd.		1,600		6,244
Air China Ltd., Class A(b)		9,600		11,424
Air China Ltd., Class H(b)		32,000		23,687
Akeso Inc.(a)(b)		8,000		35,137
Alibaba Group Holding Ltd.(b)		249,600		2,896,891
Alibaba Health Information Technology Ltd.(b)		96,000		56,678
BAIC BluePark New Energy Technology Co. Ltd., Class A		8,000		5,650
Baidu Inc.(b)		38,640		690,081
Bank of China Ltd., Class A		36,800		18,957
Bank of China Ltd., Class H		1,344,000		455,504
Bank of Communications Co. Ltd., Class A		40,000		30,519
Bank of Communications Co. Ltd., Class H		144,000		82,418
Bank of Hangzhou Co. Ltd., Class A		6,400		9,860
Bank of Ningbo Co. Ltd., Class A		6,400		23,007
Beijing Enterprises Water Group Ltd.		64,000		14,745
Beijing Kingsoft Office Software Inc., Class A		478		25,918
Beijing Shiji Information Technology Co. Ltd., Class A(b)		2,576		4,800
Beijing Tongrentang Co. Ltd., Class A		1,600		12,363
Beiqi Foton Motor Co. Ltd.(b)		14,400		7,084
BOC Aviation Ltd.(a)		3,200		24,001
Bosideng International Holdings Ltd.		64,000		25,114
BYD Co. Ltd., Class A		1,800		61,736
BYD Co. Ltd., Class H		17,000		533,981

Security	Shares		Value
China (continued)
By-health Co. Ltd., Class A		1,600	$	4,248
China CITIC Bank Corp. Ltd., Class H		160,000		71,211
China Conch Venture Holdings Ltd.		24,000		23,581
China Construction Bank Corp., Class A		9,600		7,918
China Construction Bank Corp., Class H		1,632,000		873,203
China Everbright Bank Co. Ltd., Class A		49,600		20,515
China Everbright Bank Co. Ltd., Class H		48,000		13,825
China Everbright Environment Group Ltd.		64,000		23,313
China Feihe Ltd.(a)		64,000		38,478
China International Capital Corp. Ltd., Class A		1,600		8,578
China International Capital Corp. Ltd., Class H(a)		25,600		49,168
China Jinmao Holdings Group Ltd.		96,000		13,593
China Jushi Co. Ltd., Class A		4,971		9,538
China Life Insurance Co. Ltd., Class A		3,200		15,692
China Life Insurance Co. Ltd., Class H		128,000		194,002
China Literature Ltd.(a)(b)		6,400		25,702
China Medical System Holdings Ltd.		32,000		46,088
China Mengniu Dairy Co. Ltd.		55,000		184,936
China Minsheng Banking Corp. Ltd., Class A		39,376		20,443
China Minsheng Banking Corp. Ltd., Class H		112,000		35,973
China Overseas Land & Investment Ltd.		64,000		134,918
China Railway Signal & Communication Corp. Ltd., Class A		9,800		7,559
China Resources Land Ltd.		54,000		228,242
China Resources Mixc Lifestyle Services Ltd.(a)		12,800		55,311
China Resources Pharmaceutical Group Ltd.(a)		24,000		16,021
China Ruyi Holdings Ltd.(b)		128,000		33,943
China Southern Airlines Co. Ltd., Class A(b)		13,700		11,917
China Southern Airlines Co. Ltd., Class H(b)		32,000		16,999
China Tourism Group Duty Free Corp. Ltd.(a)		1,600		21,487
China Tourism Group Duty Free Corp. Ltd., Class A		1,600		23,987
China Vanke Co. Ltd., Class A		11,200		21,003
China Vanke Co. Ltd., Class H		36,800		42,928
China Zheshang Bank Co. Ltd., Class A		22,820		8,066
Chow Tai Fook Jewellery Group Ltd.(c)		35,200		53,376
CITIC Securities Co. Ltd., Class A		12,800		39,115
CITIC Securities Co. Ltd., Class H		32,000		62,484
CMOC Group Ltd., Class A		30,400		23,908
CMOC Group Ltd., Class H		48,000		28,635
Contemporary Amperex Technology Co. Ltd., Class A		4,380		142,276
Country Garden Services Holdings Co. Ltd.		39,000		45,312
CSC Financial Co. Ltd., Class A		4,800		17,018
CSPC Pharmaceutical Group Ltd.		160,000		120,257
Dongfeng Motor Group Co. Ltd., Class H		32,000		11,738
Far East Horizon Ltd.		16,000		10,931
Foxconn Industrial Internet Co. Ltd., Class A		9,600		28,859
Ganfeng Lithium Co. Ltd., Class H(a)(c)		6,400		30,570
Ganfeng Lithium Group Co. Ltd., Class A		1,600		10,429
GDS Holdings Ltd., Class A(b)		16,000		23,756
Geely Automobile Holdings Ltd.		96,000		119,172
GEM Co. Ltd., Class A		7,200		6,193
Genscript Biotech Corp.(b)		18,000		42,015
Great Wall Motor Co. Ltd., Class A		3,200		11,495
Great Wall Motor Co. Ltd., Class H		40,000		47,392
Greentown China Holdings Ltd.		16,000		19,001
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		1,624		6,902
Haier Smart Home Co. Ltd., Class A		6,400		20,670
Haier Smart Home Co. Ltd., Class H		41,600		128,847
Haitong Securities Co. Ltd., Class A		12,800		17,302

18 2 0 2 3  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) August 31, 2023 iShares^® ESG Advanced MSCI EM ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Haitong Securities Co. Ltd., Class H		38,400	$	23,826
Hangzhou Robam Appliances Co. Ltd., Class A		1,600		6,044
Hansoh Pharmaceutical Group Co. Ltd.(a)		32,000		41,578
Huatai Securities Co. Ltd., Class A		8,000		17,486
Huatai Securities Co. Ltd., Class H(a)		19,200		25,263
Huaxia Bank Co. Ltd., Class A		14,400		10,962
Hundsun Technologies Inc., Class A		1,978		9,786
Hygeia Healthcare Holdings Co. Ltd.(a)		6,400		32,392
Industrial & Commercial Bank of China Ltd., Class A		67,200		42,657
Industrial & Commercial Bank of China Ltd., Class H		1,104,000		506,159
Industrial Bank Co. Ltd., Class A		22,400		48,689
Industrial Securities Co. Ltd., Class A		9,660		8,517
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		6,400		22,883
JD Health International Inc.(a)(b)		19,200		103,561
JD.com Inc., Class A		40,000		664,324
Jiangsu Hengrui Medicine Co. Ltd., Class A		6,400		36,794
Jiumaojiu International Holdings Ltd.(a)		16,000		25,662
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		3,200		5,018
Kanzhun Ltd., ADR(b)		3,680		54,464
Kingboard Holdings Ltd.		8,000		18,154
Kingdee International Software Group Co. Ltd.(b)		48,000		74,165
Kingsoft Corp. Ltd.		16,000		63,775
Koolearn Technology Holding Ltd.(a)(b)(c)		8,000		40,526
Kuaishou Technology(a)(b)		40,000		327,437
Li Auto Inc.(b)		18,338		381,794
Longfor Group Holdings Ltd.(a)		32,000		67,539
Meituan, Class B(a)(b)		86,400		1,429,847
Microport Scientific Corp.(b)		14,400		24,659
Ming Yang Smart Energy Group Ltd., Class A		3,200		6,562
MINISO Group Holding Ltd.(b)		1,552		40,197
NavInfo Co. Ltd., Class A(b)		3,200		4,529
NetEase Inc.		32,075		664,512
NIO Inc., ADR(b)(c)		23,472		241,057
Nongfu Spring Co. Ltd., Class H(a)		28,800		161,752
Orient Securities Co. Ltd., Class A		8,400		11,518
People’s Insurance Co. Group of China Ltd. (The), Class A		9,600		7,714
People’s Insurance Co. Group of China Ltd. (The), Class H		144,000		49,015
Pharmaron Beijing Co. Ltd., Class A		2,400		9,811
Ping An Bank Co. Ltd., Class A		20,800		31,810
Ping An Healthcare and Technology Co. Ltd.(a)(b)(c)		9,600		23,963
Ping An Insurance Group Co. of China Ltd., Class A		11,200		75,197
Ping An Insurance Group Co. of China Ltd., Class H		112,000		670,560
Pop Mart International Group Ltd.(a)		9,600		31,225
Postal Savings Bank of China Co. Ltd., Class A		33,600		22,446
Postal Savings Bank of China Co. Ltd., Class H(a)		128,000		63,133
SF Holding Co. Ltd., Class A		4,800		28,666
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		44,800		44,607
Shanghai Electric Group Co. Ltd., Class A(b)		14,883		9,133
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		3,200		12,272
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		8,000		18,782
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		3,200		7,857
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		12,800		21,045
Shanghai Pudong Development Bank Co. Ltd., Class A		30,400		29,179
Shanghai Putailai New Energy Technology Co. Ltd., Class A		2,230		10,029
Shanghai Rural Commercial Bank Co. Ltd.		9,399		7,519

Security	Shares		Value
China (continued)
Shenzhen Inovance Technology Co. Ltd., Class A		1,650	$	15,492
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		1,600		59,360
Sino Biopharmaceutical Ltd.		176,000		66,808
Sinopharm Group Co. Ltd., Class H		25,600		74,289
Sungrow Power Supply Co. Ltd., Class A		1,600		21,933
Sunny Optical Technology Group Co. Ltd.		12,800		104,514
TCL Technology Group Corp., Class A(b)		19,760		11,123
Tongcheng Travel Holdings Ltd.(b)		19,200		43,028
Topsports International Holdings Ltd.(a)		32,000		26,060
Unisplendour Corp. Ltd., Class A(b)		3,200		11,838
Vipshop Holdings Ltd., ADR(b)		5,744		90,698
Want Want China Holdings Ltd.		80,000		52,911
WuXi AppTec Co. Ltd., Class A		3,260		36,596
WuXi AppTec Co. Ltd., Class H(a)		6,440		70,571
Wuxi Biologics Cayman Inc.(a)(b)		64,000		360,806
Xinyi Solar Holdings Ltd.		96,000		80,102
XPeng Inc.(b)		18,136		162,997
Xtep International Holdings Ltd.		24,000		23,779
Yadea Group Holdings Ltd.(a)		20,000		38,453
Yonyou Network Technology Co. Ltd., Class A		3,200		7,983
Yum China Holdings Inc.		7,024		377,119
Yunnan Baiyao Group Co. Ltd., Class A		2,140		16,073
Yunnan Chihong Zinc&Germanium Co. Ltd.		4,800		3,463
Zai Lab Ltd.(b)		16,140		42,030
Zhejiang Expressway Co. Ltd., Class H		32,000		23,895
Zhejiang Weixing New Building Materials Co. Ltd., Class A		2,300		6,386
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		8,000		7,106
				16,959,734
Colombia — 0.1%
Bancolombia SA		4,240		30,164
Interconexion Electrica SA ESP		8,032		29,414
				59,578
Czech Republic — 0.1%
Komercni Banka AS		1,297		40,501
Moneta Money Bank AS(a)		5,648		21,069
				61,570
Egypt — 0.1%
Commercial International Bank Egypt SAE		32,770		45,535
Greece — 0.6%
Alpha Services and Holdings SA(b)		37,199		62,537
Eurobank Ergasias Services and Holdings SA, Class A(b)		43,528		75,459
Hellenic Telecommunications Organization SA		3,302		49,346
JUMBO SA		1,996		61,728
National Bank of Greece SA(b)		9,487		64,414
Piraeus Financial Holdings SA(b)		11,280		39,043
				352,527
Hungary — 0.4%
OTP Bank Nyrt		4,112		167,677
Richter Gedeon Nyrt		2,380		59,730
				227,407
India — 15.4%
ABB India Ltd.		912		48,234
Adani Green Energy Ltd.(b)		5,344		59,946
Ashok Leyland Ltd.		23,680		52,588
Asian Paints Ltd.		6,512		256,023

S C H E D U L E  O F  I N V E S T M E N T S 19

Schedule of Investments (continued) August 31, 2023 iShares^® ESG Advanced MSCI EM ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
India (continued)
Astral Ltd.		2,016	$	47,585
AU Small Finance Bank Ltd.(a)		3,008		26,258
Axis Bank Ltd.		38,588		453,355
Bajaj Auto Ltd.		1,168		65,038
Bajaj Finance Ltd.		4,624		399,682
Bandhan Bank Ltd.(a)		12,397		34,344
Bank of Baroda		17,456		39,417
Berger Paints India Ltd.		4,249		36,863
Bharti Airtel Ltd.		37,792		390,733
Britannia Industries Ltd.		1,840		99,286
Cholamandalam Investment and Finance Co. Ltd.		6,992		94,682
Colgate-Palmolive India Ltd.		2,032		47,639
Cummins India Ltd.		2,368		48,848
DLF Ltd.		10,496		63,856
Eicher Motors Ltd.		2,304		92,811
Grasim Industries Ltd.		4,528		97,878
Havells India Ltd.		4,352		72,726
HCL Technologies Ltd.		16,160		228,610
HDFC Bank Ltd.		47,205		893,872
HDFC Life Insurance Co. Ltd.(a)		16,144		125,621
Hero MotoCorp Ltd.		1,888		66,461
Hindustan Unilever Ltd.		13,968		422,530
ICICI Lombard General Insurance Co. Ltd.(a)		4,178		66,247
ICICI Prudential Life Insurance Co. Ltd.(a)		5,882		40,039
IDFC First Bank Ltd.(b)		50,996		57,503
Indian Hotels Co. Ltd. (The), Class A		14,288		72,578
Info Edge India Ltd.		1,185		61,922
Infosys Ltd.		56,256		974,869
Kotak Mahindra Bank Ltd.		18,464		391,804
Mahindra & Mahindra Ltd.		15,936		303,001
Marico Ltd.		8,784		60,443
Mphasis Ltd.		1,264		37,043
Nestle India Ltd.		576		152,902
PI Industries Ltd.		1,392		60,984
SBI Cards & Payment Services Ltd.		4,816		47,472
Shriram Transport Finance Co. Ltd.		4,832		112,465
Siemens Ltd.		1,536		72,727
Sona Blw Precision Forgings Ltd.(a)		6,880		49,498
State Bank of India		30,064		203,609
Supreme Industries Ltd.		955		51,423
Tata Consultancy Services Ltd.		15,520		628,620
Tata Consumer Products Ltd.		8,992		90,625
Tata Elxsi Ltd.		577		50,460
Tech Mahindra Ltd.		9,152		132,700
Titan Co. Ltd.		6,032		226,026
Torrent Pharmaceuticals Ltd		1,792		39,888
Trent Ltd.		3,088		76,384
TVS Motor Co. Ltd.		4,160		71,286
Wipro Ltd.		22,224		109,471
Zomato Ltd.(b)		73,107		86,025
				8,592,900
Indonesia — 2.7%
Bank Central Asia Tbk PT		944,000		568,293
Bank Negara Indonesia Persero Tbk PT		129,600		78,046
Bank Rakyat Indonesia Persero Tbk PT		1,156,847		421,435
Barito Pacific Tbk PT		492,862		34,623
Kalbe Farma Tbk PT		350,400		41,688
Merdeka Copper Gold Tbk PT(b)		209,600		46,458
Sarana Menara Nusantara Tbk PT		337,600		22,829
Sumber Alfaria Trijaya Tbk PT		280,000		53,316

Security	Shares		Value
Indonesia (continued)
Telkom Indonesia Persero Tbk PT		833,600	$	203,764
Unilever Indonesia Tbk PT		132,800		32,000
				1,502,452
Kuwait — 0.6%
Gulf Bank KSCP		31,145		25,455
Kuwait Finance House KSCP		138,665		335,015
				360,470
Malaysia — 2.1%
AMMB Holdings Bhd		28,900		23,249
Axiata Group Bhd		51,200		26,055
CIMB Group Holdings Bhd		108,800		131,890
DiGi.Com Bhd(c)		62,400		58,924
Gamuda Bhd		28,800		27,960
Hong Leong Bank Bhd		11,200		48,191
Hong Leong Financial Group Bhd		3,200		12,566
IHH Healthcare Bhd		36,800		47,020
Inari Amertron Bhd		48,000		32,652
Kuala Lumpur Kepong Bhd(c)		8,000		37,153
Malayan Banking Bhd		92,800		182,164
Maxis Bhd(c)		36,800		31,814
MR DIY Group M Bhd(a)(c)		54,400		18,173
Nestle Malaysia Bhd		1,600		45,000
PPB Group Bhd		11,200		37,945
Press Metal Aluminium Holdings Bhd		60,800		63,555
Public Bank Bhd		246,200		224,419
RHB Bank Bhd		24,000		29,011
Sime Darby Bhd		46,400		22,971
Sime Darby Plantation Bhd		32,000		30,367
Telekom Malaysia Bhd		17,600		19,358
				1,150,437
Mexico — 2.1%
Arca Continental SAB de CV		8,500		82,754
Banco del Bajio SA(a)		12,800		40,373
Gruma SAB de CV, Class B		3,280		54,754
Grupo Aeroportuario del Pacifico SAB de CV, Class B		6,400		117,584
Grupo Aeroportuario del Sureste SAB de CV, Class B		3,200		87,191
Grupo Financiero Banorte SAB de CV, Class O		44,800		379,462
Grupo Televisa SAB, CPO		36,800		32,655
Kimberly-Clark de Mexico SAB de CV, Class A		25,600		57,595
Wal-Mart de Mexico SAB de CV		89,600		352,977
				1,205,345
Netherlands — 0.1%
NEPI Rockcastle NV		8,144		48,877
Peru — 0.3%
Credicorp Ltd.		1,136		160,664
Philippines — 0.4%
BDO Unibank Inc.		39,768		97,773
PLDT Inc.		1,360		27,600
SM Prime Holdings Inc.		179,200		92,403
				217,776
Poland — 1.2%
Allegro.eu SA (a)(b)		8,289		66,300
Bank Polska Kasa Opieki SA		3,044		79,467
Budimex SA		208		22,687
CD Projekt SA		1,128		40,263
KGHM Polska Miedz SA		2,320		63,975
LPP SA		19		63,918

20 2 0 2 3  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) August 31, 2023 iShares^® ESG Advanced MSCI EM ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Poland (continued)
mBank SA(b)		256	$	26,587
Powszechna Kasa Oszczednosci Bank Polski SA		14,784		133,511
Powszechny Zaklad Ubezpieczen SA		10,272		102,872
Santander Bank Polska SA(b)		608		54,701
				654,281
Qatar — 0.8%
Commercial Bank PSQC (The)		55,200		85,982
Ooredoo QPSC		13,552		40,149
Qatar National Bank QPSC		78,320		335,008
				461,139
Russia — 0.0%
Magnit PJSC(b)(d)		693		—
Moscow Exchange MICEX-RTS PJSC(b)(d)		12,190		1
Novolipetsk Steel PJSC(b)(d)		15,750		2
PhosAgro PJSC(b)(d)		563		—
PhosAgro PJSC, New(b)(d)		11		—
Polymetal International PLC(b)(d)		3,451		1
Polyus PJSC(b)(d)		329		—
TCS Group Holding PLC, GDR(b)(d)(e)		1,183		—
VK Co. Ltd.(b)(d)		1,337		—
				4
Saudi Arabia — 3.1%
Al Rajhi Bank		33,248		639,169
Alinma Bank		16,736		164,435
Bank AlBilad		8,227		93,951
Banque Saudi Fransi		9,648		98,650
Dr Sulaiman Al Habib Medical Services Group Co.		1,488		96,267
Etihad Etisalat Co.		6,240		75,117
Jarir Marketing Co.		9,648		37,968
Mobile Telecommunications Co.		7,360		26,491
Sahara International Petrochemical Co.		6,112		59,331
Saudi Basic Industries Corp.		15,312		360,615
Saudi Investment Bank (The)		8,528		37,709
Savola Group (The)		4,560		46,012
				1,735,715
South Africa — 5.3%
Absa Group Ltd.		14,280		137,681
Anglo American Platinum Ltd.		1,152		40,175
Aspen Pharmacare Holdings Ltd.		6,256		57,044
Bid Corp. Ltd.		5,756		129,485
Bidvest Group Ltd. (The)		4,816		72,667
Capitec Bank Holdings Ltd.		1,472		123,520
Clicks Group Ltd.		4,208		60,942
Discovery Ltd.(b)		9,136		70,984
FirstRand Ltd.		85,536		332,343
Gold Fields Ltd.		15,184		194,259
Growthpoint Properties Ltd.		58,752		36,741
Impala Platinum Holdings Ltd.		14,464		74,463
Kumba Iron Ore Ltd.		1,120		24,635
MTN Group Ltd.		28,840		183,745
Naspers Ltd., Class N		3,328		566,913
Nedbank Group Ltd.		7,312		83,559
Northam Platinum Holdings Ltd.(b)		6,096		40,188
Old Mutual Ltd.		81,584		54,821
Pepkor Holdings Ltd.(a)		35,334		30,497
Remgro Ltd.		9,040		75,656
Sanlam Ltd.		29,888		107,856
Shoprite Holdings Ltd.		8,560		119,586
Standard Bank Group Ltd.		22,752		232,773

Security	Shares		Value
South Africa (continued)
Vodacom Group Ltd.		10,400	$	59,399
Woolworths Holdings Ltd.		15,968		62,722
				2,972,654
South Korea — 6.5%
Amorepacific Corp.		496		50,166
BGF retail Co. Ltd.		144		17,027
Celltrion Healthcare Co. Ltd.		1,776		86,936
CJ CheilJedang Corp.		144		32,540
Coway Co. Ltd.		912		29,780
DB Insurance Co. Ltd.		784		48,418
Hana Financial Group Inc.		5,024		150,130
Hanon Systems		3,344		23,024
HYBE Co. Ltd.(b)		320		61,101
Hyundai Engineering & Construction Co. Ltd.		1,264		33,903
Industrial Bank of Korea		4,528		36,861
JYP Entertainment Corp.		480		40,746
KakaoBank Corp.		2,816		56,015
KB Financial Group Inc.		6,496		264,622
Korean Air Lines Co. Ltd.		3,056		52,627
KT Corp.		1,056		26,365
LG Display Co. Ltd.(b)		3,872		39,173
LG Electronics Inc.		1,808		134,554
LG H&H Co. Ltd.		160		56,147
Lotte Chemical Corp.		328		33,851
Mirae Asset Securities Co. Ltd.		4,496		22,630
NCSoft Corp.		240		45,597
Netmarble Corp.(a)(b)		320		10,361
NH Investment & Securities Co. Ltd.		2,224		17,316
POSCO Future M Co. Ltd.		528		179,205
Samsung Electro-Mechanics Co. Ltd.		944		96,536
Samsung Fire & Marine Insurance Co. Ltd.		528		98,356
Samsung Life Insurance Co. Ltd.		1,312		67,058
Samsung SDI Co. Ltd.		928		430,408
Samsung SDS Co. Ltd.		675		72,440
Samsung Securities Co. Ltd.		1,136		32,062
Shinhan Financial Group Co. Ltd.		7,536		202,429
SK Biopharmaceuticals Co. Ltd.(b)		576		37,296
SK Bioscience Co. Ltd.(b)		464		25,792
SK Hynix Inc.		9,248		850,355
SK IE Technology Co. Ltd.(a)(b)		448		30,548
SKC Co. Ltd.		288		19,902
Woori Financial Group Inc.		10,220		91,945
Yuhan Corp.		886		48,771
				3,652,993
Taiwan — 16.6%
Accton Technology Corp.		9,000		134,229
Acer Inc.		48,000		55,036
Advantech Co. Ltd.		7,599		81,775
ASE Technology Holding Co. Ltd.		51,000		188,765
Asustek Computer Inc.		12,000		151,188
AUO Corp.		112,000		62,542
Cathay Financial Holding Co. Ltd.		160,080		228,888
Chailease Holding Co. Ltd.		25,821		143,937
Chang Hwa Commercial Bank Ltd.		99,015		53,735
China Airlines Ltd.		48,000		34,021
China Development Financial Holding Corp.(b)		272,000		101,055
China Steel Corp.		192,000		159,696
Chunghwa Telecom Co. Ltd.		64,000		233,334
Compal Electronics Inc.		64,000		63,901

S C H E D U L E  O F  I N V E S T M E N T S 21

Schedule of Investments (continued) August 31, 2023 iShares^® ESG Advanced MSCI EM ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Taiwan (continued)
CTBC Financial Holding Co. Ltd.		304,000	$	227,217
Delta Electronics Inc.		33,000		356,627
E Ink Holdings Inc.		16,000		91,453
E.Sun Financial Holding Co. Ltd.		241,895		185,512
Eclat Textile Co. Ltd.		3,000		47,795
Eva Airways Corp.		48,000		47,371
Evergreen Marine Corp. Taiwan Ltd.		18,000		60,112
Far Eastern New Century Corp.		48,000		42,372
Far EasTone Telecommunications Co. Ltd.		32,000		70,977
First Financial Holding Co. Ltd.		181,340		149,664
Fubon Financial Holding Co. Ltd.		131,650		262,531
Hotai Motor Co. Ltd.		5,100		108,480
Hua Nan Financial Holdings Co. Ltd.		144,037		92,683
Innolux Corp.		152,570		69,111
Inventec Corp.		48,000		84,559
Lite-On Technology Corp.		34,000		145,352
MediaTek Inc.		26,000		573,390
Mega Financial Holding Co. Ltd.		193,788		218,093
momo.com Inc.		1,100		17,942
Nan Ya Plastics Corp.		80,000		166,031
Nien Made Enterprise Co. Ltd.		3,000		28,116
President Chain Store Corp.		9,000		75,470
Shanghai Commercial & Savings Bank Ltd. (The)		67,225		89,913
Shin Kong Financial Holding Co. Ltd.(b)		224,000		66,528
SinoPac Financial Holdings Co. Ltd.		180,383		96,820
Taishin Financial Holding Co. Ltd.		192,372		107,401
Taiwan Business Bank		98,688		41,295
Taiwan Cement Corp.		112,994		123,877
Taiwan Cooperative Financial Holding Co. Ltd.		169,973		140,073
Taiwan Mobile Co. Ltd.		32,000		93,619
Taiwan Semiconductor Manufacturing Co. Ltd.		161,000		2,766,455
Unimicron Technology Corp.		23,000		133,084
United Microelectronics Corp.		192,000		274,128
Voltronic Power Technology Corp.		1,000		45,388
Wistron Corp.		48,000		175,481
Wiwynn Corp.		1,000		48,735
WPG Holdings Ltd.		32,000		55,067
Yageo Corp.		4,775		72,538
Yuanta Financial Holding Co. Ltd.		179,249		137,157
				9,280,519
Thailand — 2.7%
Advanced Info Service PCL, NVDR		19,900		122,683
Airports of Thailand PCL, NVDR(b)		73,600		152,319
Asset World Corp. PCL, NVDR		145,300		18,077
Bangkok Dusit Medical Services PCL, NVDR		190,400		152,195
Berli Jucker PCL, NVDR		18,500		17,820
BTS Group Holdings PCL, NVDR		143,200		30,042
Bumrungrad Hospital PCL, NVDR		9,600		70,968
Central Pattana PCL, NVDR		38,400		75,333
Central Retail Corp. PCL, NVDR		32,000		37,645
Charoen Pokphand Foods PCL, NVDR		73,300		43,325
CP ALL PCL, NVDR		102,400		190,680
Delta Electronics Thailand PCL, NVDR		56,000		173,311
Home Product Center PCL, NVDR		104,100		40,693
Indorama Ventures PCL, NVDR		30,400		25,160
Intouch Holdings PCL, NVDR		16,000		33,224
Kasikornbank PCL, NVDR		11,500		42,839
Krung Thai Bank PCL, NVDR		64,000		35,256
Krungthai Card PCL, NVDR(c)		16,400		22,702
Minor International PCL, NVDR		56,000		53,134

Security	Shares		Value
Thailand (continued)
SCB X PCL, NVS		14,400	$	48,497
SCG Packaging PCL, NVDR		22,800		26,678
Siam Cement PCL (The), NVDR		14,400		128,647
				1,541,228
Turkey — 0.7%
Akbank TAS		52,112		56,059
Haci Omer Sabanci Holding AS		17,568		39,280
Pegasus Hava Tasimaciligi AS(b)		784		25,648
Turk Hava Yollari AO(b)		9,296		85,159
Turkcell Iletisim Hizmetleri AS		20,032		41,775
Turkiye Is Bankasi AS, Class C		60,992		48,016
Turkiye Sise ve Cam Fabrikalari AS		22,992		44,046
Yapi ve Kredi Bankasi AS		58,176		34,552
				374,535
United Arab Emirates — 2.0%
Abu Dhabi Commercial Bank PJSC		49,730		116,845
Abu Dhabi Islamic Bank PJSC		24,784		70,310
Aldar Properties PJSC		64,960		92,983
Dubai Islamic Bank PJSC		50,000		76,762
Emirates NBD Bank PJSC		32,672		145,383
Emirates Telecommunications Group Co. PJSC		58,736		317,267
First Abu Dhabi Bank PJSC		74,656		277,985
				1,097,535
Total Common Stocks — 97.6% (Cost: $56,902,388)				54,600,926
Preferred Stocks
Brazil — 1.7%
Banco Bradesco SA, Preference Shares, NVS		89,856		271,271
Gerdau SA, Preference Shares, NVS		19,280		100,643
Itau Unibanco Holding SA, Preference Shares, NVS		82,000		454,208
Itausa SA, Preference Shares, NVS		86,055		160,569
				986,691
Chile — 0.3%
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares		2,416		149,625
Colombia — 0.1%
Bancolombia SA, Preference Shares, NVS		7,600		50,536
Total Preferred Stocks — 2.1% (Cost: $1,113,008)				1,186,852
Rights
Brazil — 0.0%
Itausa SA, (Expires 09/29/23, Strike Price BRL 6.50)(b)		1,213		679
Total Rights — 0.0% (Cost: $—)				679
Total Long-Term Investments — 99.7% (Cost: $58,015,396)				55,788,457

22 2 0 2 3  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) August 31, 2023 iShares^® ESG Advanced MSCI EM ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Securities
Money Market Funds — 0.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.52%(f)(g)(h)		393,721	$	393,840
Total Short-Term Securities — 0.7% (Cost: $393,872)				393,840
Total Investments — 100.4% (Cost: $58,409,268)				56,182,297
Liabilities in Excess of Other Assets — (0.4)%				(227,371	)
Net Assets — 100.0%			$	55,954,926

^(a) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(b) Non-income producing security.

^(c) All or a portion of this security is on loan.

^(d) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(e) 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 year ended August 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 08/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 08/31/23		Shares Held at 08/31/23		Income			Capital Gain Distributions from Underlying Funds
	BlackRock Cash Funds: Institutional, SL Agency Shares	$	288,657	$	105,286	(a)	$	—		$	(49	)	$	(54	)	$	393,840		393,721	$	2,831	(b)	$	—
	BlackRock Cash Funds: Treasury, SL Agency Shares(c)		50,000		—			(50,000	)(a)		—			—			—		—		3,199			—
										$	(49	)	$	(54	)	$	393,840			$	6,030		$	—

^(a) Represents net amount purchased (sold).

^(b) All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

^(c) As of period end, the entity is no longer held.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets Index		3		09/15/23	$	147	$	(5,879	)

S C H E D U L E  O F  I N V E S T M E N T S 23

Schedule of Investments (continued) August 31, 2023 iShares^® ESG Advanced MSCI EM ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	5,879	$	—	$	—	$	—	$	5,879

^(a) Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended August 31, 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	$	—	$	—	$	9,386		$	—	$	—	$	—	$	9,386
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(5,376	)	$	—	$	—	$	—	$	(5,376	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	97,074

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	$	7,408,427			$	47,192,495		$	4		$	54,600,926
Preferred Stocks		1,186,852				—			—			1,186,852
Rights		679				—			—			679
Short-Term Securities
Money Market Funds		393,840				—			—			393,840
	$	8,989,798			$	47,192,495		$	4		$	56,182,297
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(5,879	)		$	—		$	—		$	(5,879	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

24 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Statements of Assets and Liabilities

August 31, 2023

	iShares ESG Advanced MSCI EAFE ETF			iShares ESG Advanced MSCI EM ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	473,277,831		$	55,788,457
Investments, at value — affiliated(c)		1,452,931			393,840
Cash		9,296			578,159
Cash pledged for futures contracts		145,000			5,000
Foreign currency, at value(d)		1,285,726			157,149
Receivables:
Investments sold		15,801,983			1,339,221
Securities lending income — affiliated		438			485
Capital shares sold		710,505			—
Dividends — unaffiliated		612,900			39,113
Dividends — affiliated		64			371
Tax reclaims		643,658			740
Variation margin on futures contracts		995			—
Total assets		493,941,327			58,302,535
LIABILITIES
Bank borrowings		—			452,080
Collateral on securities loaned, at value		1,407,441			393,945
Payables:
Investments purchased		16,610,861			1,446,330
Deferred foreign capital gain tax		—			45,581
Investment advisory fees		47,256			7,704
Variation margin on futures contracts		—			1,969
Total liabilities		18,065,558			2,347,609
Commitments and contingent liabilities
NET ASSETS	$	475,875,769		$	55,954,926
NET ASSETS CONSIST OF
Paid-in capital	$	503,764,925		$	61,754,429
Accumulated loss		(27,889,156	)		(5,799,503	)
NET ASSETS	$	475,875,769		$	55,954,926
NET ASSET VALUE
Shares outstanding		8,000,000			1,600,000
Net asset value	$	59.48		$	34.97
Shares authorized		Unlimited			Unlimited
Par value		None			None
(a) Investments, at cost — unaffiliated	$	483,618,159		$	58,015,396
(b) Securities loaned, at value	$	1,363,214		$	370,384
(c)  Investments, at cost — affiliated	$	1,452,822		$	393,872
(d) Foreign currency, at cost	$	1,301,603		$	157,531

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 25

Statements of Operations

Year Ended August 31, 2023

	iShares ESG Advanced MSCI EAFE ETF			iShares ESG Advanced MSCI EM ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	11,834,299		$	1,440,424
Dividends — affiliated		6,255			3,199
Securities lending income — affiliated — net		22,079			2,831
Foreign taxes withheld		(1,249,424	)		(181,419	)
Total investment income		10,613,209			1,265,035
EXPENSES
Investment advisory		503,234			72,928
Commitment costs		—			896
Interest expense		—			725
Total expenses		503,234			74,549
Net investment income		10,109,975			1,190,486
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated(a)		(5,033,455	)		(2,284,798	)
Investments — affiliated		6,114			(49	)
Foreign currency transactions		(47,041	)		(21,978	)
Futures contracts		505,008			9,386
		(4,569,374	)		(2,297,439	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated(b)		63,355,802			1,962,769
Investments — affiliated		(496	)		(54	)
Foreign currency translations		45,154			1,299
Futures contracts		48,787			(5,376	)
		63,449,247			1,958,638
Net realized and unrealized gain (loss)		58,879,873			(338,801	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	68,989,848		$	851,685
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable of	$	—		$	(20,094	)
(b) Net of increase in deferred foreign capital gain tax of	$	—		$	(34,990	)

See notes to financial statements.

26 2 0 2 3  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Statement of Changes in Net Assets

	iShares ESG Advanced MSCI EAFE ETF						iShares ESG Advanced MSCI EM ETF
	Year Ended 08/31/23			Year Ended 08/31/22			Year Ended 08/31/23			Year Ended 08/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	10,109,975		$	9,021,180		$	1,190,486		$	840,274
Net realized loss		(4,569,374	)		(13,145,851	)		(2,297,439	)		(1,585,361	)
Net change in unrealized appreciation (depreciation)		63,449,247			(94,638,332	)		1,958,638			(6,761,697	)
Net increase (decrease) in net assets resulting from operations		68,989,848			(98,763,003	)		851,685			(7,506,784	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(8,971,067	)		(9,431,637	)		(1,013,727	)		(523,636	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		61,424,524			216,781,420			20,649,127			29,948,355
NET ASSETS
Total increase in net assets		121,443,305			108,586,780			20,487,085			21,917,935
Beginning of year		354,432,464			245,845,684			35,467,841			13,549,906
End of year	$	475,875,769		$	354,432,464		$	55,954,926		$	35,467,841

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 27

Financial Highlights

(For a share outstanding throughout each period)

	iShares ESG Advanced MSCI EAFE ETF
		Year Ended 08/31/23			Year Ended 08/31/22			Year Ended 08/31/21			Period From 06/16/20 to 08/31/20	(a)
Net asset value, beginning of period	$	51.37		$	70.24		$	55.79		$	51.37
Net investment income(b)		1.37			1.65			1.36			0.18
Net realized and unrealized gain (loss)(c)		7.93			(18.86	)		13.91			4.24
Net increase (decrease) from investment operations		9.30			(17.21	)		15.27			4.42
Distributions from net investment income(d)		(1.19	)		(1.66	)		(0.82	)		—
Net asset value, end of period	$	59.48		$	51.37		$	70.24		$	55.79
Total Return(e)
Based on net asset value		18.17	%		(24.82	)%		27.47	%		8.60	%(f)
Ratios to Average Net Assets(g)
Total expenses		0.12	%		0.12	%		0.12	%		0.12	%(h)
Net investment income		2.41	%		2.73	%		2.06	%		1.64	%(h)
Supplemental Data
Net assets, end of period (000)	$	475,876		$	354,432		$	245,846		$	11,158
Portfolio turnover rate(i)		16	%		18	%		28	%		6	%(f)

^(a) Commencement of operations.

^(b) Based on average shares outstanding.

^(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e) Where applicable, assumes the reinvestment of distributions.

^(f) Not annualized.

^(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h) Annualized.

⁽ⁱ⁾ Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

28 2 0 2 3  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares ESG Advanced MSCI EM ETF
		Year Ended 08/31/23			Year Ended 08/31/22			Period From 10/06/20 to 08/31/21	(a)
Net asset value, beginning of period	$	35.47		$	45.17		$	35.39
Net investment income(b)		0.91			1.08			0.71
Net realized and unrealized gain (loss)(c)		(0.55	)		(9.94	)		9.42
Net increase (decrease) from investment operations		0.36			(8.86	)		10.13
Distributions from net investment income(d)		(0.86	)		(0.84	)		(0.35	)
Net asset value, end of period	$	34.97		$	35.47		$	45.17
Total Return(e)
Based on net asset value		1.06	%		(19.91	)%		28.74	%(f)
Ratios to Average Net Assets(g)
Total expenses		0.16	%		0.16	%		0.16	%(h)
Net investment income		2.61	%		2.72	%		1.83	%(h)
Supplemental Data
Net assets, end of period (000)	$	55,955		$	35,468		$	13,550
Portfolio turnover rate(i)		24	%		31	%		51	%(f)

^(a) Commencement of operations.

^(b) Based on average shares outstanding.

^(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e) Where applicable, assumes the reinvestment of distributions.

^(f) Not annualized.

^(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h) Annualized.

⁽ⁱ⁾ Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 29

Notes to Financial Statements

1. ORGANIZATION

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):

iShares ETF	Diversification Classification
ESG Advanced MSCI EAFE	Diversified(a)
ESG Advanced MSCI EM	Diversified(a)

^(a)  The Fund’s classification changed from non-diversified to diversified during the reporting period.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of August 31, 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.

30 2 0 2 3  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Notes to Financial Statements (continued)

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.

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 (continued)

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
ESG Advanced MSCI EAFE
Barclays Capital, Inc.	$	2,035	$	(2,035	)	$	—		$	—
Goldman Sachs & Co. LLC		179,456		(179,456	)		—			—
J.P. Morgan Securities LLC		168,292		(168,292	)		—			—
Morgan Stanley		377,089		(377,089	)		—			—
RBC Capital Markets LLC		636,342		(636,342	)		—			—
ESG Advanced MSCI EM	$	1,363,214	$	(1,363,214	)	$	—		$	—
BofA Securities, Inc.	$	7,219	$	(7,219	)	$	—		$	—
GOLDMAN SACHS & CO.		21,456		(21,456	)		—			—
HSBC BANK PLC		22,993		(22,993	)		—			—
J.P. Morgan Securities LLC		7,800		(7,717	)		—			83	(b)
Jefferies LLC		203,993		(203,993	)		—			—
Macquarie Bank Limited		57,125		(57,125	)		—			—
UBS AG		49,798		(49,798	)		—			—
	$	370,384	$	(370,301	)	$	—		$	83

^(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 August 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 the 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).

32 2 0 2 3  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Notes to Financial Statements (continued)

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
ESG Advanced MSCI EAFE		0.12	%
ESG Advanced MSCI EM		0.16

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended August 31, 2023, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
ESG Advanced MSCI EAFE	$	6,103
ESG Advanced MSCI EM		739

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 33

Notes to Financial Statements (continued)

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the year ended August 31, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
ESG Advanced MSCI EAFE	$	28,291,555	$	27,682,775	$	(271,958	)
ESG Advanced MSCI EM		461,526		1,116,644		(331,972	)

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

7.  PURCHASES AND SALES

For the year ended August 31, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
ESG Advanced MSCI EAFE	$	70,897,533	$	65,882,338
ESG Advanced MSCI EM		27,712,434		10,793,733

For the year ended August 31, 2023, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
ESG Advanced MSCI EAFE	$	57,342,061	$	—
ESG Advanced MSCI EM		3,848,937		—

8.  INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of August 31, 2023 and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

The tax character of distributions paid was as follows:

iShares ETF	Year Ended 08/31/23		Year Ended 08/31/22
ESG Advanced MSCI EAFE
Ordinary income	$	8,971,067	$	9,431,637
ESG Advanced MSCI EM
Ordinary income	$	1,013,727	$	523,636

As of August 31, 2023, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	(a)		Net Unrealized Gains (Losses)	(b)		Total
ESG Advanced MSCI EAFE	$	2,938,022	$	(15,791,410	)	$	(15,035,768	)	$	(27,889,156	)
ESG Advanced MSCI EM		778,678		(3,339,116	)		(3,239,065	)		(5,799,503	)

^(a) Amounts available to offset future realized capital gains.

^(b) The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, the timing and recognition of partnership income, the characterization of corporate actions and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.

34 2 0 2 3  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Notes to Financial Statements (continued)

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of August 31, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
ESG Advanced MSCI EAFE	$	489,798,754	$	36,515,845	$	(51,546,285	)	$	(15,030,440	)
ESG Advanced MSCI EM		59,375,744		3,431,629		(6,625,076	)		(3,193,447	)

9.  LINE OF CREDIT

The iShares ESG Advanced MSCI EM ETF, along with certain other iShares funds (“Participating Funds”), is a party to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 9, 2024. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

For the year ended August 31, 2023, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Syndicated Credit Agreement were as follows:

iShares ETF	Maximum Amount Borrowed		Average Borrowing		Weighted Average Interest Rates
ESG Advanced MSCI EM	$	452,000	$	12,373		5.19	%

10.  PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (iv) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.

Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 35

Notes to Financial Statements (continued)

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.

Geographic/Asset Class 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,

36 2 0 2 3  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Notes to Financial Statements (continued)

or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. In addition, measures may be taken to limit the flow of capital and/or sanctions may be imposed, which could prohibit or restrict the ability to own or transfer fund assets and may also include retaliatory actions, such as seizure of fund assets.

Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

11.  CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

	Year Ended 08/31/23				Year Ended 08/31/22
iShares ETF	Shares		Amount		Shares			Amount
ESG Advanced MSCI EAFE
Shares sold		1,100,000	$	61,424,524		3,500,000		$	223,468,417
Shares redeemed		—		—		(100,000	)		(6,686,997	)
		1,100,000	$	61,424,524		3,400,000		$	216,781,420
ESG Advanced MSCI EM
Shares sold		600,000	$	20,649,127		700,000		$	29,948,355

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

12.  SUBSEQUENT EVENTS

Management’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 item was noted:

Effective October 18, 2023, the Syndicated Credit Agreement to which the Participating Funds are party was amended to extend the maturity date to October 2024 under the same terms.

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 37

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares Trust and Shareholders of each of the two funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (two of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2023, the related statements of operations for the year ended August 31, 2023, the statements of changes in net assets for each of the two years in the period ended August 31, 2023, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2023 and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

 iShares ESG Advanced MSCI EAFE ETF

 iShares ESG Advanced MSCI EM ETF

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 23, 2023

We have served as the auditor of one or more BlackRock investment companies since 2000.

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Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2023:

iShares ETF	Qualified Dividend Income
ESG Advanced MSCI EAFE	$	10,391,233
ESG Advanced MSCI EM		719,754

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended August 31, 2023:

iShares ETF	Foreign Source Income Earned		Foreign Taxes Paid
ESG Advanced MSCI EAFE	$	11,829,452	$	1,139,160
ESG Advanced MSCI EM		1,439,829		204,920

I M P O R T A N T  T A X  I N F O R M A T I O N 39

Board Review and Approval of Investment Advisory Contract

iShares ESG Advanced MSCI EAFE ETF, iShares ESG Advanced MSCI EM ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA

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Board Review and Approval of Investment Advisory Contract (continued)

and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

B O A R D  R E V I E W  A N D  A P P R O V A L  O F  I N V E S T M E N T  A D V I S O R Y  C O N T R A C T 41

Supplemental Information (unaudited)

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

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Trustee and Officer Information (unaudited)

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 387 funds as of August 31, 2023. With the exception of Robert S. Kapito, Salim Ramji and Aaron Wasserman, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Wasserman is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees

Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (1957)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).
Salim Ramji(b) (1970)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).

^(a) Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

^(b) Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

Independent Trustees

Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (1955)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (1956)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (1954)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016); Director of One Generation Away (since 2021).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).

T R U S T E E  A N D  O F F I C E R   I N F O R M A T I O N 43

Trustee and Officer Information (unaudited) (continued)

Independent Trustees (continued)

Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (1949)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018), Investment Committee (since 2011) and Personnel Committee (since 2022); Member of the Wyoming State Investment Funds Committee (since 2022); Director of the Jackson Hole Center for the Arts (since 2021); Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).
Drew E. Lawton (1959)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Director of Jackson Financial Inc. (since 2021).
John E . Martinez (1961)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).
Madhav V. Rajan (1964)	Trustee (since 2011); Fixed-Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).

Officers

Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years
Dominik Rohé (1973)	President (since 2023).	Managing Director, BlackRock, Inc. (since 2005); Head of Americas ETF and Index Investments (since 2023); Head of Latin America (2019-2023).
Trent Walker (1974)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Aaron Wasserman (1974)	Chief Compliance Officer (iShares, Inc. and iShares Trust, since 2023; iShares U.S. ETF Trust, since 2023).	Managing Director of BlackRock, Inc. (since 2018); Chief Compliance Officer of the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the Exchange-Traded Fund Complex (since 2023); Deputy Chief Compliance Officer for the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the Exchange-Traded Fund Complex (2014-2023).
Marisa Rolland (1980)	Secretary (since 2022).	Managing Director, BlackRock, Inc. (since 2023); Director, BlackRock, Inc. (2018-2022); Vice President, BlackRock, Inc. (2010-2017).
Rachel Aguirre (1982)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019).
Jennifer Hsui (1976)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).

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Trustee and Officer Information (unaudited) (continued)

Officers (continued)

Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years
James Mauro (1970)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).

 Effective March 30, 2023, Dominik Rohé replaced Armando Senra as President.

 Effective July 1, 2023, Aaron Wasserman replaced Charles Park as Chief Compliance Officer.

T R U S T E E  A N D  O F F I C E R   I N F O R M A T I O N 45

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

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 47

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-AR-820-0823

    

(b) Not Applicable

Item 2. Code of Ethics.

The registrant has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the registrant has not amended the code of ethics and there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, by calling 1-800-474-2737.

Item 3. Audit Committee Financial Expert.

The registrant’s Board of Trustees has determined that the registrant has more than one audit committee financial expert, as that term is defined under Item 3(b) and 3(c), serving on its audit committee. The audit committee financial experts serving on the registrant’s audit committee are Richard L. Fagnani and Madhav V. Rajan, all of whom are independent, as that term is defined under Item 3(a)(2).

Item 4. Principal Accountant Fees and Services.

The principal accountant fees disclosed in items 4(a), 4(b), 4(c), 4(d) and 4(g) are for the thirty-five series of the registrant for which the fiscal year-end is August 31, 2023 (the “Funds”), and whose annual financial statements are reported in Item 1.

(a) Audit Fees – The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Funds’ annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $517,500 for the fiscal year ended August 31, 2022 and $562,000 for the fiscal year ended August 31, 2023.

(b) Audit-Related Fees – There were no fees billed for the fiscal years ended August 31, 2022 and August 31, 2023 for assurance and related services by the principal accountant that were reasonably related to the performance of the audit of the Fund’s financial statements and are not reported under (a) of this Item.

(c) Tax Fees – The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning for the Funds were $339,500 for the fiscal year ended August 31, 2022 and $339,500 for the fiscal year ended August 31, 2023. These services related to the review of the Funds’ tax returns and excise tax calculations.

(d) All Other Fees – There were no other fees billed in each of the fiscal years ended August 31, 2022 and August 31, 2023 for products and services provided by the principal accountant, other than the services reported in (a) through (c) of this Item.

(e) (1) The registrant’s audit committee charter, as amended, provides that the audit committee is responsible for the approval, prior to appointment, of the engagement of the principal accountant to annually audit and provide their opinion on the registrant’s financial statements. The audit committee must also approve, prior to appointment, the engagement of the principal accountant to provide non-audit services to the registrant or to any entity controlling, controlled by or under common control with the registrant’s investment adviser (“Adviser Affiliate”) that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant.

(2) There were no services described in (b) through (d) above that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable

(g) The aggregate non-audit fees billed by the registrant’s principal accountant for services rendered to the Funds, and rendered to the registrant’s investment adviser, and any Adviser Affiliate that provides ongoing services to the registrant for the last two fiscal years were $339,500 for the fiscal year ended August 31, 2022 and $339,500 for the fiscal year ended August 31, 2023.

(h) The registrant’s audit committee has considered whether the provision of non-audit services rendered to the registrant’s investment adviser and any Adviser Affiliate that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if any, is compatible with maintaining the principal accountant’s independence, and has determined that the provision of these services, if any, does not compromise the principal accountant’s independence.

(i) Not Applicable

(j) Not Applicable

Item 5. Audit Committee of Listed Registrants.

(a) The registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act of 1934 and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act of 1934. The registrant’s audit committee members are Richard L. Fagnani, Cecilia H. Herbert and Madhav V. Rajan.

(b) Not applicable.

Item 6. Investments.

(a) Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a) The President (the registrant’s Principal Executive Officer) and Treasurer and Chief Financial Officer (the registrant’s Principal Financial Officer) have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b) under the Exchange Act of 1934.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 13. Exhibits.

(a) (2) Section 302 Certifications are attached.

(a) (3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable.

(a) (4) Change in Registrant’s independent public accountant – Not Applicable.

(b) Section 906 Certifications are attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

iShares Trust

 By: /s/ Dominik Rohe                

 Dominik Rohe, President (Principal Executive Officer)

 Date:   October 23, 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:   October 23, 2023

 By: /s/ Trent Walker                       

 Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)

 Date:   October 23, 2023