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: July 31, 2024

Date of reporting period: January 31, 2024

Item 1. Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

JANUARY 31, 2024

2024 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares Breakthrough Environmental Solutions ETF | ETEC | NASDAQ

· iShares Cybersecurity and Tech ETF | IHAK | NYSE Arca

· iShares Exponential Technologies ETF | XT | NASDAQ

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

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

· iShares Neuroscience and Healthcare ETF | IBRN | NYSE Arca

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

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

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

The Markets in Review

Dear Shareholder,

The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended January 31, 2024. Significantly tighter monetary policy helped to rein in inflation, and the Consumer Price Index decelerated substantially in the first half of the period before stalling between 3% and 4% in the second half. A moderating labor market helped ease inflationary pressure, although wages continued to grow. Wage and job growth powered robust consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were robust during the period, as interest rates stabilized and the economy proved to be more resilient than many investors expected. The U.S. economy continued to show strength, and growth further accelerated in the second half of 2023. Large-capitalization U.S. stocks posted particularly substantial gains, supported by the performance of a few notable technology companies, while small-capitalization U.S. stocks advanced at a significantly slower pace. Meanwhile, international developed market equities also gained, while emerging market stocks declined overall.

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. However, shorter-duration U.S. Treasuries gained, as higher yields boosted returns. The corporate bond market benefited from improving economic sentiment, 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”), attempting to manage persistent inflation, raised interest rates four times during the 12-month period, but paused its tightening in the second half of the period. The Fed also wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity.

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 stopped tightening for now, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period despite the market’s hopes for interest rate cuts, as reflected in the recent rally. In this new regime, we anticipate greater volatility and dispersion of returns, creating more opportunities for selective portfolio management.

Looking at developed market stocks, we have an overweight stance on U.S. stocks overall, particularly given the promise of emerging AI technologies. We are also overweight Japanese stocks as shareholder-friendly policies generate increased investor interest, although we maintain an underweight stance on European stocks. In credit, there are selective opportunities in the near term despite tighter 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 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 January 31, 2024

	6-Month		12-Month
U.S. large cap equities (S&P 500® Index)		6.43%		20.82%
U.S. small cap equities (Russell 2000® Index)		(2.02)		2.40
International equities (MSCI Europe, Australasia, Far East Index)		3.15		10.01
Emerging market equities (MSCI Emerging Markets Index)		(6.00)		(2.94)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		2.73		5.13
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		1.74		(0.38)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		3.15		2.10
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		2.70		2.90
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		6.18		9.28
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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

Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		13
Disclosure of Expenses		13
Schedules of Investments		14
Financial Statements:
Statements of Assets and Liabilities		40
Statements of Operations		43
Statements of Changes in Net Assets		46
Financial Highlights		51
Notes to Financial Statements		60
Statement Regarding Liquidity Risk Management Program		71
Supplemental Information		72
General Information		73
Glossary of Terms Used in this Report		74

3

Fund Summary as of January 31, 2024  iShares^® Breakthrough Environmental Solutions ETF

Investment Objective

The iShares Breakthrough Environmental Solutions ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. and non-U.S. companies involved in breakthrough innovations and development of new technologies that address the climate transition, as represented by the Morningstar Global Emerging Green Technologies Select Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

					Cumulative Total Returns
	6-Month Total Returns			Since Inception
Fund NAV		(23.85	)%		(17.34	)%
Fund Market		(23.52	)		(17.12	)
Index		(23.40	)		(16.37	)

The inception date of the Fund was March 28, 2023. The first day of secondary market trading was March 30, 2023.

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (08/01/23)		Ending Account Value (01/31/24)		Expenses Paid During the Period	(a)		Beginning Account Value (08/01/23)		Ending Account Value (01/31/24)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	761.50	$	2.08		$	1,000.00	$	1,022.80	$	2.39		0.47	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

INDUSTRY ALLOCATION

Industry	Percent of Total Investments(a)
Semiconductors & Semiconductor Equipment		25.8	%
Machinery		20.4
Electrical Equipment		19.2
Automobiles		11.4
Chemicals		8.9
Automobile Components		6.7
Electronic Equipment, Instruments & Components		5.7
Leisure Products		1.4
Commercial Services & Supplies		0.5

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	33.8	%
China	15.0
Japan	13.2
Taiwan	8.8
South Korea	7.9
Belgium	4.9
Finland	4.2
United Kingdom	4.1
Switzerland	3.7
Denmark	3.4
Germany	1.0

^(a)  Excludes money market funds.

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Fund Summary as of January 31, 2024 iShares^® Cybersecurity and Tech ETF

Investment Objective

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

Performance

					Average Annual Total Returns						Cumulative Total Returns
	6-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		17.17	%		35.25	%		14.66	%		35.25	%		88.73	%
Fund Market		17.29			35.68			14.70			35.68			89.05
Index		15.72			33.86			14.75			33.86			89.21

The inception date of the Fund was June 11, 2019. The first day of secondary market trading was June 13, 2019.

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 (08/01/23)		Ending Account Value (01/31/24)		Expenses Paid During the Period	(a)		Beginning Account Value (08/01/23)		Ending Account Value (01/31/24)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,171.70	$	2.57		$	1,000.00	$	1,022.80	$	2.39		0.47	%

^(a) Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

INDUSTRY ALLOCATION

Industry	Percent of Total Investments	(a)
Software	65.9	%
Professional Services	12.8
Communications Equipment	10.7
IT Services	10.6

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	73.0	%
Israel	9.0
Japan	4.8
Taiwan	3.6
Germany	2.4
Denmark	2.1
Canada	1.9
United Kingdom	1.4
Malaysia	1.0
Other (each representing less than 1%)	0.8

^(a)  Excludes money market funds.

F U N D   S U M M A R Y 5

Fund Summary as of January 31, 2024 iShares^® Exponential Technologies ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(2.25	)%		8.28	%		10.57	%		10.72	%		8.28	%		65.26	%		146.81	%
Fund Market		(2.15	)		8.36			10.54			10.72			8.36			65.05			146.89
Index		(1.97	)		8.94			11.00			11.07			8.94			68.48			153.58

The inception date of the Fund was March 19, 2015. The first day of secondary market trading was March 23, 2015.

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (08/01/23)		Ending Account Value (01/31/24)		Expenses Paid During the Period	(a)		Beginning Account Value (08/01/23)		Ending Account Value (01/31/24)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	977.50	$	2.29		$	1,000.00	$	1,022.80	$	2.34		0.46	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Information Technology	56.0	%
Health Care	16.7
Industrials	6.6
Financials	5.3
Utilities	4.6
Consumer Discretionary	3.9
Materials	3.0
Communication Services	2.5
Real Estate	1.0
Consumer Staples	0.4

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	59.1	%
China	5.9
Japan	5.4
Canada	3.3
Taiwan	2.9
Netherlands	2.7
Germany	2.6
United Kingdom	2.5
France	2.4
Spain	1.9

^(a)  Excludes money market funds.

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Fund Summary as of January 31, 2024 iShares^® Future Cloud 5G and Tech ETF

Investment Objective

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

Performance

				Average Annual Total Returns						Cumulative Total Returns
	6-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		8.61	%		19.58	%		4.59	%		19.58	%		12.63	%
Fund Market		8.53			19.42			4.49			19.42			12.35
Index		8.95			20.17			4.74			20.17			13.04

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

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (08/01/23)		Ending Account Value (01/31/24)		Expenses Paid During the Period	(a)		Beginning Account Value (08/01/23)		Ending Account Value (01/31/24)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,086.10	$	2.46		$	1,000.00	$	1,022.80	$	2.39		0.47	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

INDUSTRY ALLOCATION

Industry	Percent of Total Investments(a)
Semiconductors & Semiconductor Equipment		31.7	%
Communications Equipment		14.8
Software		14.2
Technology Hardware, Storage & Peripherals		10.5
IT Services		9.8
Specialized REITs		6.3
Diversified Telecommunication Services		6.2
Electronic Equipment, Instruments & Components		4.5
Chemicals		2.0

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	77.3	%
Taiwan	4.5
Japan	3.6
Finland	2.7
Sweden	2.3
Spain	2.3
Germany	2.1
China	2.0
Italy	1.5
Australia	1.1
Singapore	0.6

^(a)  Excludes money market funds.

F U N D   S U M M A R Y 7

Fund Summary as of January 31, 2024 iShares^® Genomics Immunology and Healthcare ETF

Investment Objective

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

Performance

				Average Annual Total Returns						Cumulative Total Returns
	6-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(6.59	)%		(16.79	)%		(1.35	)%		(16.79	)%		(6.11	)%
Fund Market		(6.33	)		(16.38	)		(1.28	)		(16.38	)		(5.79	)
Index		(6.21	)		(16.21	)		(1.13	)		(16.21	)		(5.14	)

The inception date of the Fund was June 11, 2019. The first day of secondary market trading was June 13, 2019.

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (08/01/23)		Ending Account Value (01/31/24)		Expenses Paid During the Period	(a)		Beginning Account Value (08/01/23)		Ending Account Value (01/31/24)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	934.10	$	2.28		$	1,000.00	$	1,022.80	$	2.39		0.47	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

INDUSTRY ALLOCATION

Industry	Percent of Total Investments	(a)
Biotechnology	72.1	%
Pharmaceuticals	23.7
Chemicals	2.1
Life Sciences Tools & Services	2.1

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	67.7	%
Japan	5.6
Switzerland	5.1
France	4.7
United Kingdom	4.1
Germany	3.6
Denmark	3.3
China	3.0
Canada	1.3
South Korea	0.9

^(a)  Excludes money market funds.

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Fund Summary as of January 31, 2024 iShares^® Neuroscience and Healthcare ETF

Investment Objective

The iShares Neuroscience and Healthcare ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. and non-U.S. companies that could benefit from the growth and innovation in neuroscience, as represented by the NYSE^® FactSet^® Global Neuro Biopharma and MedTech Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns						Cumulative Total Returns
	6-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		3.63	%		(5.01	)%		0.76	%		(5.01	)%		1.10	%
Fund Market		3.43			(5.18	)		0.75			(5.18	)		1.08
Index		3.69			(4.84	)		0.91			(4.84	)		1.31

The inception date of the Fund was August 24, 2022. The first day of secondary market trading was August 26, 2022.

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (08/01/23)		Ending Account Value (01/31/24)		Expenses Paid During the Period	(a)		Beginning Account Value (08/01/23)		Ending Account Value (01/31/24)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,036.30	$	2.41		$	1,000.00	$	1,022.80	$	2.39		0.47	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

INDUSTRY ALLOCATION

Industry	Percent of Total Investments	(a)
Biotechnology	59.8	%
Pharmaceuticals	29.6
Health Care Equipment & Supplies	10.2
Life Sciences Tools & Services	0.4

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	76.1	%
Canada	4.2
South Korea	4.0
Australia	4.0
Denmark	3.2
Netherlands	2.9
Ireland	2.8
Sweden	2.0
Singapore	0.8

^(a)  Excludes money market funds.

F U N D   S U M M A R Y 9

Fund Summary as of January 31, 2024 iShares^® Robotics and Artificial Intelligence Multisector ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(5.71	)%		9.80	%		8.46	%		6.73	%		9.80	%		50.10	%		44.05	%
Fund Market		(5.67	)		9.99			8.40			6.80			9.99			49.70			44.55
Index		(5.28	)		10.19			8.78			7.01			10.19			52.32			46.07

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

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (08/01/23)		Ending Account Value (01/31/24)		Expenses Paid During the Period	(a)		Beginning Account Value (08/01/23)		Ending Account Value (01/31/24)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	942.90	$	2.30		$	1,000.00	$	1,022.80	$	2.39		0.47	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Information Technology	56.2	%
Communication Services	18.2
Industrials	16.3
Consumer Discretionary	7.1
Health Care	1.1
Financials	1.1

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	52.7	%
Japan	10.0
China	9.7
Taiwan	8.1
Israel	3.0
South Korea	2.4
Switzerland	1.8
Germany	1.8
France	1.6
Australia	1.2

^(a)  Excludes money market funds.

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Fund Summary as of January 31, 2024 iShares^® Self-Driving EV and Tech ETF

Investment Objective

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

Performance

				Average Annual Total Returns						Cumulative Total Returns
	6-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(33.78	)%		(25.75	)%		5.20	%		(25.75	)%		27.55	%
Fund Market		(33.80	)		(25.71	)		5.15			(25.71	)		27.26
Index		(34.07	)		(25.74	)		5.21			(25.74	)		27.54

The inception date of the Fund was April 16, 2019. The first day of secondary market trading was April 18, 2019.

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (08/01/23)		Ending Account Value (01/31/24)		Expenses Paid During the Period	(a)		Beginning Account Value (08/01/23)		Ending Account Value (01/31/24)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	662.20	$	1.96		$	1,000.00	$	1,022.80	$	2.39		0.47	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Consumer Discretionary	59.8	%
Industrials	23.1
Materials	9.0
Information Technology	8.1

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	29.1	%
China	16.7
South Korea	11.2
Germany	10.9
France	9.4
Japan	5.6
Switzerland	4.7
Australia	4.6
Sweden	3.0
Netherlands	1.7

^(a) Excludes money market funds.

F U N D   S U M M A R Y 11

Fund Summary as of January 31, 2024 iShares^® Virtual Work and Life Multisector ETF

Investment Objective

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

Performance

				Average Annual Total Returns						Cumulative Total Returns
	6-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(8.48	)%		(1.24	)%		(14.09	)%		(1.24	)%		(39.81	)%
Fund Market		(8.41	)		(1.20	)		(14.09	)		(1.20	)		(39.82	)
Index		(8.15	)		(0.48	)		(13.67	)		(0.48	)		(38.77	)

The inception date of the Fund was September 29, 2020. The first day of secondary market trading was October 1, 2020.

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (08/01/23)		Ending Account Value (01/31/24)		Expenses Paid During the Period	(a)		Beginning Account Value (08/01/23)		Ending Account Value (01/31/24)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	915.20	$	2.31		$	1,000.00	$	1,022.70	$	2.44		0.48	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Information Technology	42.3	%
Communication Services	29.7
Consumer Discretionary	19.4
Consumer Staples	5.7
Health Care	2.9

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
DocuSign Inc., Class A	2.7	%
Monday.com Ltd.	2.4
Netflix Inc.	2.4
Zomato Ltd.	2.3
Spotify Technology SA	2.3
RingCentral Inc., Class A	2.3
Nintendo Co. Ltd.	2.3
Dropbox Inc., Class A	2.3
Match Group Inc.	2.2
Nice Ltd.	2.2

^(a)  Excludes money market funds.

12 2 0 2 4  I S H A R E S  S E M I - A N 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, index returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, index 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 13

Schedule of Investments (unaudited) January 31, 2024 iShares^® Breakthrough Environmental Solutions ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Automobile Components — 6.6%
BorgWarner Inc.		6,232	$	211,265
Automobiles — 11.4%
Li Auto Inc.(a)		5,400		74,644
Lucid Group Inc.(a)(b)		12,056		40,749
NIO Inc., Class A		12,920		72,518
Tesla Inc.(a)(b)		554		103,759
XPeng Inc.(a)		12,000		49,976
Yadea Group Holdings Ltd.(c)		16,000		21,937
				363,583
Chemicals — 8.9%
Johnson Matthey PLC		6,274		129,364
Umicore SA		6,795		154,562
				283,926
Commercial Services & Supplies — 0.5%
Ecopro HN Co. Ltd.(a)		388		16,741
Electrical Equipment — 19.2%
Advanced Energy Solution Holding Co. Ltd.		1,000		20,160
Doosan Fuel Cell Co. Ltd.(a)		1,668		25,796
Goldwind Science & Technology Co Ltd., Class A		3,200		3,106
Kempower OYJ(a)		596		19,072
Ming Yang Smart Energy Group Ltd., Class A		2,800		3,504
Nordex SE(a)		1,960		19,999
Plug Power Inc.(a)(b)		19,196		85,422
Siemens Energy AG(a)		7,600		112,913
Tatung Co. Ltd.(a)		59,000		82,320
Vestas Wind Systems A/S(a)		3,889		109,650
Voltronic Power Technology Corp.		3,000		128,289
				610,231
Electronic Equipment, Instruments & Components — 5.7%
Everdisplay Optronics Shanghai Co. Ltd.		32,800		9,622
Samsung SDI Co. Ltd.		620		172,065
				181,687
Leisure Products — 1.4%
Merida Industry Co. Ltd.		8,000		43,813
Machinery — 20.3%
Kurita Water Industries Ltd.		3,900		142,432
NGK Insulators Ltd.		5,100		63,713
Wartsila OYJ Abp		7,680		113,292
Xylem Inc./NY		1,012		113,789
Yaskawa Electric Corp.		5,700		214,812
				648,038

Security	Shares		Value
Semiconductors & Semiconductor Equipment — 25.7%
Daqo New Energy Corp., ADR(a)(b)		1,928	$	34,800
Duk San Neolux Co. Ltd.		407		11,734
Enphase Energy Inc.(a)		1,168		121,624
First Solar Inc.(a)		858		125,525
GCL-Poly Energy Holdings Ltd.		360,000		41,423
Hangzhou First Applied Material Co. Ltd., Class A		5,220		16,514
JA Solar Technology Co. Ltd., Class A		4,880		11,603
Jinko Solar Co. Ltd.		15,200		16,759
LONGi Green Energy Technology Co. Ltd., Class A		19,800		53,304
Meyer Burger Technology AG(a)(b)		48,956		6,297
Shanghai Aiko Solar Energy Co. Ltd.		2,800		5,390
SMA Solar Technology AG(a)		231		11,848
SolarEdge Technologies Inc.(a)		1,031		68,562
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		10,800		18,474
TSEC Corp.		5,465		4,953
Universal Display Corp.		1,192		202,366
WONIK IPS Co. Ltd.		1,072		24,236
Xinyi Solar Holdings Ltd.		94,000		43,159
				818,571
Total Long-Term Investments — 99.7% (Cost: $3,964,262)				3,177,855
Short-Term Securities
Money Market Funds — 8.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.51%(d)(e)(f)		277,549		277,716
Total Short-Term Securities — 8.7% (Cost: $277,717)				277,716
Total Investments — 108.4% (Cost: $4,241,979)				3,455,571
Liabilities in Excess of Other Assets — (8.4)%				(266,969	)
Net Assets — 100.0%			$	3,188,602

^(a)  Non-income producing security.

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

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

^(d)  Affiliate of the Fund.

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

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

14 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Breakthrough Environmental Solutions ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/23		Purchases at Cost		Proceeds from Sale		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 01/31/24		Shares Held at 01/31/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares		$130,372		$ 147,350(a)	$	—	$	(3	)	$	(3	)	$	277,716		277,549	$	476	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(c)		—		0(a)		—		—			—			—		—		102			—
							$	(3	)	$	(3	)	$	277,716			$	578		$	—

^(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
Micro E-Mini Russell 2000 Index		1		03/15/24	$	10	$	330

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	330	$	—	$	—	$	—	$	330

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

For the period ended January 31, 2024, 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	$	—	$	—	$	(263	)	$	—	$	—	$	—	$	(263	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(227	)	$	—	$	—	$	—	$	(227	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$9,061

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

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Breakthrough Environmental Solutions 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	$	1,237,225	$	1,940,630	$	—	$	3,177,855
Short-Term Securities
Money Market Funds		277,716		—		—		277,716
	$	1,514,941	$	1,940,630	$	—	$	3,455,571
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	330	$	—	$	—	$	330

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

See notes to financial statements.

16 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) January 31, 2024 iShares^® Cybersecurity and Tech ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Communications Equipment — 10.7%
Accton Technology Corp.		1,682,000	$	28,295,535
Calix Inc.(a)(b)		541,421		17,964,349
Juniper Networks Inc.		1,003,582		37,092,391
				83,352,275
IT Services — 10.5%
Akamai Technologies Inc.(a)		247,100		30,450,133
Change Holdings Inc.(b)		371,300		3,414,548
Netcompany Group A/S(a)(b)(c)		409,751		16,344,327
Okta Inc.(a)		389,404		32,184,241
				82,393,249
Professional Services — 12.8%
Booz Allen Hamilton Holding Corp., Class A		223,711		31,491,797
CACI International Inc., Class A(a)		88,345		30,366,827
My EG Services Bhd		45,971,800		7,564,733
Science Applications International Corp.		239,093		30,522,612
				99,945,969
Software — 65.6%
A10 Networks Inc.		644,610		8,618,435
Ahnlab Inc.(a)		54,433		2,961,251
Alarm.com Holdings Inc.(a)		441,649		26,861,092
BlackBerry Ltd.(a)		5,354,010		15,013,290
Check Point Software Technologies Ltd.(a)(b)		196,602		31,245,956
Clear Secure Inc., Class A		781,995		14,881,365
Crowdstrike Holdings Inc., Class A(a)		121,983		35,680,027
CyberArk Software Ltd.(a)		142,359		33,237,979
Darktrace PLC(a)(b)		2,414,638		10,469,902
Digital Arts Inc.		97,700		3,348,885
Everbridge Inc.(a)		368,836		8,247,173
Fortinet Inc.(a)(b)		546,242		35,227,147
MIA Teknoloji A/S, NVS		2,254,715		3,254,458
OneSpan Inc.(a)		336,301		3,450,448
Palo Alto Networks Inc.(a)		96,806		32,769,799
Qualys Inc.(a)(b)		152,493		28,847,101
Radware Ltd.(a)		328,736		6,009,294

Security	Shares		Value
Software (continued)
Rapid7 Inc.(a)(b)		511,552	$	28,150,707
SentinelOne Inc., Class A(a)		1,445,913		38,750,468
TeamViewer SE(a)(c)		1,322,811		18,964,667
Tenable Holdings Inc.(a)		703,267		33,123,876
Trend Micro Inc./Japan(a)		537,900		30,772,916
Varonis Systems Inc., Class B(a)(b)		665,560		29,870,333
Zscaler Inc.(a)(b)		144,787		34,121,952
				513,878,521
Total Long-Term Investments — 99.6% (Cost: $677,084,164)				779,570,014
Short-Term Securities
Money Market Funds — 6.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.51%(d)(e)(f)		47,985,056		48,013,847
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.32%(d)(e)		720,000		720,000
Total Short-Term Securities — 6.2% (Cost: $48,731,527)				48,733,847
Total Investments — 105.8% (Cost: $725,815,691)				828,303,861
Liabilities in Excess of Other Assets — (5.8)%				(45,363,049	)
Net Assets — 100.0%			$	782,940,812

^(a)  Non-income producing security.

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

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

^(d)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/24		Shares Held at 01/31/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	27,934,894	$	20,062,052	(a)	$	—		$	13,141	$	3,760	$	48,013,847		47,985,056	$	48,865	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,260,000		—			(540,000	)(a)		—		—		720,000		720,000		30,482			—
									$	13,141	$	3,760	$	48,733,847			$	79,347		$	—

^(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 17

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Cybersecurity and Tech ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts	Expiration Date		Notional Amount (000)	Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Technology Select Sector Index	15		03/15/24	$ 3,007	$	126,211

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)	$	—	$	—	$	126,211	$	—	$	—	$	—	$	126,211

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

For the period ended January 31, 2024, 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	$	—	$	—	$	34,912	$	—	$	—	$	—	$	34,912
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	99,285	$	—	$	—	$	—	$	99,285

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$1,669,630

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	$	657,433,250	$	122,136,764	$	—	$	779,570,014
Short-Term Securities
Money Market Funds		48,733,847		—		—		48,733,847
	$	706,167,097	$	122,136,764	$	—	$	828,303,861

18 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Cybersecurity and Tech ETF

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	126,211	$	—	$	—	$	126,211

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

See notes to financial statements.

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

Schedule of Investments (unaudited) January 31, 2024 iShares^® Exponential Technologies ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 1.0%
Technology One Ltd.		1,592,082	$	16,266,594
WiseTech Global Ltd.		357,190		16,816,898
				33,083,492
Austria — 0.4%
Verbund AG		171,952		13,982,847
Belgium — 0.8%
Argenx SE(a)		34,833		13,154,056
Melexis NV		170,767		14,631,879
				27,785,935
Canada — 3.3%
Ballard Power Systems Inc.(a)(b)		5,509,595		18,031,327
BlackBerry Ltd.(a)		4,061,528		11,389,014
Boralex Inc., Class A		677,134		16,333,412
Brookfield Renewable Corp., Class A		577,743		16,140,449
CGI Inc.(a)		154,484		17,300,094
Lithium Americas Argentina Corp.(a)(b)		2,906,517		12,884,705
Northland Power Inc.		953,984		17,554,810
				109,633,811
China — 5.8%
Baidu Inc.(a)		1,242,850		16,091,437
BYD Co. Ltd., Class A		572,700		13,637,776
China Longyuan Power Group Corp. Ltd., Class H		13,734,000		8,284,501
China Resources Power Holdings Co. Ltd.		8,348,000		16,888,839
Ganfeng Lithium Group Co. Ltd., Class A		2,718,700		12,879,389
Genscript Biotech Corp.(a)		6,218,000		10,321,342
Innovent Biologics Inc.(a)(c)		3,087,500		12,439,263
Li Auto Inc.(a)(b)		883,500		12,212,549
LONGi Green Energy Technology Co. Ltd., Class A		5,500,900		14,809,109
NIO Inc., Class A(b)		2,117,680		11,886,273
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		7,254,200		12,408,928
Tianqi Lithium Corp.(b)		3,103,800		13,640,048
Tianqi Lithium Corp., Class A		2,074,000		13,442,463
Tongwei Co. Ltd., Class A		4,869,200		15,782,463
XPeng Inc.(a)(b)		1,943,700		8,094,827
				192,819,207
Denmark — 0.9%
Orsted A/S(c)		239,826		13,517,733
Vestas Wind Systems A/S(a)		578,334		16,306,132
				29,823,865
Finland — 0.6%
Nokia OYJ		5,274,389		19,068,093
France — 2.4%
Capgemini SE		78,142		17,372,638
Dassault Systemes SE		337,618		17,501,532
Sartorius Stedim Biotech		72,311		19,483,274
SOITEC(a)		93,610		13,529,363
Worldline SA/France(a)(c)		936,344		12,657,955
				80,544,762
Germany — 2.0%
Infineon Technologies AG		403,728		14,718,681
Merck KGaA		105,673		17,338,349
SAP SE		100,868		17,475,035
Siemens AG, Registered		92,334		16,529,988
				66,062,053
Hong Kong — 0.5%
ASMPT Ltd.(b)		1,604,900		15,487,888

Security	Shares		Value
India — 1.1%
Infosys Ltd.		915,136	$	18,244,298
Tata Consultancy Services Ltd.		374,378		17,195,590
				35,439,888
Israel — 0.5%
Nice Ltd.(a)		79,670		16,530,081
Italy — 0.9%
Infrastrutture Wireless Italiane SpA(c)		1,294,513		15,653,286
Nexi SpA(a)(c)		2,003,979		15,371,445
				31,024,731
Japan — 5.4%
Daifuku Co. Ltd.		870,900		17,174,143
Daiichi Sankyo Co. Ltd.		561,700		16,816,755
Denso Corp.		1,026,200		16,119,601
FANUC Corp.		416,000		11,507,543
Harmonic Drive Systems Inc.		572,000		13,861,642
Murata Manufacturing Co. Ltd.		816,800		16,492,925
Nabtesco Corp.		866,100		16,647,231
Taiyo Yuden Co. Ltd.		733,100		17,708,574
TDK Corp.		352,800		17,553,497
Tokyo Electron Ltd.		102,800		19,076,845
Yaskawa Electric Corp.		437,400		16,483,986
				179,442,742
Netherlands — 2.7%
Adyen NV(a)(c)		12,890		16,166,466
ASM International NV		33,147		18,371,181
ASML Holding NV		22,906		19,872,968
BE Semiconductor Industries NV		114,944		17,273,587
Qiagen NV, NVS		375,723		16,301,406
				87,985,608
Norway — 0.5%
Nordic Semiconductor ASA(a)		1,643,771		16,505,731
South Korea — 1.4%
Samsung Electro-Mechanics Co. Ltd.		141,067		14,671,099
Samsung SDI Co. Ltd.		48,623		13,494,030
SK Hynix Inc.		169,249		16,948,703
				45,113,832
Spain — 1.9%
Amadeus IT Group SA		229,334		16,071,812
Cellnex Telecom SA(c)		410,428		15,792,187
Corp. ACCIONA Energias Renovables SA		613,020		15,929,371
EDP Renovaveis SA		999,865		16,191,047
				63,984,417
Sweden — 0.9%
Swedish Orphan Biovitrum AB(a)		667,740		18,742,213
Telefonaktiebolaget LM Ericsson, Class B		2,120,526		11,755,084
				30,497,297
Switzerland — 1.4%
CRISPR Therapeutics AG(b)		225,010		14,164,380
Novartis AG, Registered		165,062		17,069,675
STMicroelectronics NV		335,428		14,727,807
				45,961,862
Taiwan — 2.9%
Advantech Co. Ltd.		1,447,000		15,597,518
MediaTek Inc.		550,000		16,971,690
Taiwan Semiconductor Manufacturing Co. Ltd.		894,000		17,896,532
United Microelectronics Corp.		10,348,000		16,118,647
Win Semiconductors Corp.		2,979,000		14,678,769

20 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Exponential Technologies ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Taiwan (continued)
Yageo Corp.		856,000	$	15,056,269
				96,319,425
United Kingdom — 2.5%
AstraZeneca PLC		125,789		16,676,708
GSK PLC		884,623		17,495,838
Ocado Group PLC(a)		2,081,734		14,259,687
Sage Group PLC (The)		1,110,403		16,531,592
Wise PLC, Class A(a)		1,578,451		16,100,047
				81,063,872
United States — 58.9%
AbbVie Inc.		109,652		18,026,789
Accenture PLC, Class A		47,855		17,413,477
Advanced Micro Devices Inc.(a)		137,151		22,998,851
Akamai Technologies Inc.(a)		140,039		17,257,006
Albemarle Corp.		156,259		17,929,158
Alnylam Pharmaceuticals Inc.(a)		91,714		15,858,268
Alphabet Inc., Class A(a)		123,236		17,265,364
Amazon.com Inc.(a)		111,461		17,298,747
Analog Devices Inc.		87,617		16,854,006
Ansys Inc.(a)		56,876		18,645,659
Applied Materials Inc.		110,800		18,204,440
Aptiv PLC(a)		239,478		19,476,746
Arcadium Lithium PLC, NVS(b)		2,776,538		13,577,271
Arista Networks Inc.(a)		75,469		19,522,321
Atlassian Corp., NVS(a)		84,940		21,215,464
Autodesk Inc.(a)		73,114		18,557,064
Biogen Inc.(a)		68,630		16,928,276
BioMarin Pharmaceutical Inc.(a)		170,439		15,012,267
Blackbaud Inc.(a)		194,052		15,702,688
Box Inc., Class A(a)		669,567		17,395,351
Bristol-Myers Squibb Co.		321,779		15,725,340
Broadcom Inc.		17,823		21,031,140
Cadence Design Systems Inc.(a)		62,153		17,928,654
Chart Industries Inc.(a)		131,846		15,389,065
Cisco Systems Inc.		336,356		16,878,344
Cloudflare Inc., Class A(a)		210,059		16,605,164
Cogent Communications Holdings Inc.		239,169		18,463,847
Cognizant Technology Solutions Corp., Class A		228,899		17,652,691
Coinbase Global Inc., Class A(a)		119,045		15,261,569
Crowdstrike Holdings Inc., Class A(a)		67,184		19,651,320
Crown Castle Inc.		153,263		16,590,720
Datadog Inc., Class A(a)		140,895		17,532,974
DocuSign Inc., Class A(a)		338,907		20,646,214
Dropbox Inc., Class A(a)		581,083		18,408,709
DuPont de Nemours Inc.		227,146		14,037,623
Dynatrace Inc.(a)		295,546		16,846,122
Elastic NV(a)		142,569		16,689,127
Eli Lilly & Co.		27,348		17,656,142
Enphase Energy Inc.(a)(b)		150,330		15,653,863
FactSet Research Systems Inc.		36,174		17,215,930
First Solar Inc.(a)(b)		110,472		16,162,054
Five9 Inc.(a)		196,447		14,902,469
Fortinet Inc.(a)		309,648		19,969,199
Gen Digital Inc.		725,012		17,023,282
Guardant Health Inc.(a)		623,554		13,674,539
Guidewire Software Inc.(a)(b)		163,218		18,228,186
Hewlett Packard Enterprise Co.		1,010,727		15,454,016
Hubbell Inc., Class B		52,858		17,737,559
HubSpot Inc.(a)		32,351		19,766,461
Illumina Inc.(a)		118,970		17,013,900
Incyte Corp.(a)		289,615		17,020,674

Security	Shares		Value
United States (continued)
Intel Corp.		388,316	$	16,728,653
Intellia Therapeutics Inc.(a)(b)		537,526		12,803,869
International Business Machines Corp.		100,141		18,391,896
Intuitive Surgical Inc.(a)		52,003		19,668,575
Ionis Pharmaceuticals Inc.(a)(b)		322,865		16,592,032
Jazz Pharmaceuticals PLC(a)		131,966		16,194,868
Keysight Technologies Inc.(a)		113,808		17,442,214
KLA Corp.		30,329		18,016,639
Lam Research Corp.		23,064		19,031,721
Manhattan Associates Inc.(a)		71,639		17,376,756
MarketAxess Holdings Inc.		61,256		13,813,841
Marvell Technology Inc.		318,269		21,546,811
Merck & Co. Inc.		151,877		18,343,704
Mettler-Toledo International Inc.(a)		14,687		17,583,130
Microchip Technology Inc.		191,946		16,349,960
Micron Technology Inc.		219,242		18,800,001
Microsoft Corp.		43,425		17,264,911
Moderna Inc.(a)(b)		199,139		20,122,996
MongoDB Inc., Class A(a)		41,276		16,531,864
Monolithic Power Systems Inc.		28,927		17,434,881
NextEra Energy Inc.		290,430		17,027,911
Nvidia Corp.		35,271		21,701,188
NXP Semiconductors NV		77,890		16,401,297
Okta Inc.(a)		216,804		17,918,851
ON Semiconductor Corp.(a)		218,552		15,545,604
Palantir Technologies Inc.(a)(b)		938,007		15,092,533
Palo Alto Networks Inc.(a)		56,069		18,979,917
Plug Power Inc.(a)(b)		3,004,860		13,371,627
PTC Inc.(a)		100,291		18,117,569
Qorvo Inc.(a)		164,608		16,418,002
Qualcomm Inc.		123,044		18,273,264
Qualys Inc.(a)		86,421		16,348,261
Regeneron Pharmaceuticals Inc.(a)		19,108		18,014,640
Revvity Inc.		177,082		18,979,649
RingCentral Inc., Class A(a)		509,694		17,273,530
Roper Technologies Inc.		29,987		16,103,019
Salesforce Inc.(a)		64,606		18,160,101
SBA Communications Corp., Class A		71,422		15,988,529
Seagate Technology Holdings PLC		206,281		17,674,156
SEI Investments Co.		269,280		17,029,267
SentinelOne Inc., Class A(a)		688,269		18,445,609
ServiceNow Inc.(a)		23,319		17,848,363
Shoals Technologies Group Inc., Class A(a)(b)		1,181,905		15,565,689
Skyworks Solutions Inc.		158,620		16,569,445
Snowflake Inc., Class A(a)		86,911		17,003,268
SoFi Technologies Inc.(a)(b)		2,040,195		15,974,727
SolarEdge Technologies Inc.(a)(b)		154,250		10,257,625
Splunk Inc.(a)		106,552		16,341,880
Sunrun Inc.(a)(b)		1,155,529		16,732,060
Synopsys Inc.(a)		30,360		16,192,506
Teradyne Inc.		175,956		16,995,590
Tesla Inc.(a)		67,345		12,613,045
Texas Instruments Inc.		102,859		16,469,783
Toast Inc.(a)		1,060,830		18,850,949
Tradeweb Markets Inc., Class A		173,889		16,587,272
Twilio Inc., Class A(a)		235,928		16,592,816
Tyler Technologies Inc.(a)(b)		39,647		16,760,769
Varonis Systems Inc., Class B(a)		368,637		16,544,429
Veeva Systems Inc., Class A(a)		89,909		18,648,026
Waters Corp.(a)(b)		55,444		17,615,113
Western Digital Corp.(a)		342,810		19,625,872

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Exponential Technologies ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Zscaler Inc.(a)		81,363	$	19,174,818
				1,949,824,001
Total Common Stocks — 98.7% (Cost: $2,884,634,224)				3,267,985,440
Preferred Stocks
Chile — 0.4%
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares, NVS		315,916		13,565,447
Germany — 0.6%
Sartorius AG, Preference Shares, NVS(b)		50,981		18,597,996
Total Preferred Stocks — 1.0% (Cost: $37,291,270)				32,163,443
Total Long-Term Investments — 99.7% (Cost: $2,921,925,494)				3,300,148,883
Short-Term Securities
Money Market Funds — 6.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.51%(d)(e)(f)		203,266,265		203,388,225

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.32%(d)(e)		5,900,000	$	5,900,000
Total Short-Term Securities — 6.3% (Cost: $209,183,693)				209,288,225
Total Investments — 106.0% (Cost: $3,131,109,187)				3,509,437,108
Liabilities in Excess of Other Assets — (6.0)%				(197,271,569	)
Net Assets — 100.0%			$	3,312,165,539

^(a)  Non-income producing security.

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

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

^(d)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/24		Shares Held at 01/31/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	224,403,109	$	—		$	(21,079,544	)(a)	$	29,643	$	35,017	$	203,388,225		203,266,265	$	888,549	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		5,560,000		340,000	(a)		—			—		—		5,900,000		5,900,000		94,737			—
									$	29,643	$	35,017	$	209,288,225			$	983,286		$	—

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

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro STOXX 50 Index		15		03/15/24	$	754	$	10,714
MSCI Emerging Markets Index		20		03/15/24		981		(19,319	)
S&P 500 E-Mini Index		33		03/15/24		8,036		63,513
							$	54,908

22 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Exponential Technologies ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	74,227	$	—	$	—	$	—	$	74,227
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	19,319	$	—	$	—	$	—	$	19,319

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

For the period ended January 31, 2024, 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	$	—	$	—	$	490,441		$	—	$	—	$	—	$	490,441
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(555,701	)	$	—	$	—	$	—	$	(555,701	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	8,385,347

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	$	2,059,457,812		$	1,208,527,628	$	—	$	3,267,985,440
Preferred Stocks		—			32,163,443		—		32,163,443
Short-Term Securities
Money Market Funds		209,288,225			—		—		209,288,225
	$	2,268,746,037		$	1,240,691,071	$	—	$	3,509,437,108
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	63,513		$	10,714	$	—	$	74,227
Liabilities
Equity Contracts		(19,319	)		—		—		(19,319	)
	$	44,194		$	10,714	$	—		54,908

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

See notes to financial statements.

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

Schedule of Investments (unaudited) January 31, 2024 iShares^® Future Cloud 5G and Tech ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Chemicals — 2.0%
DuPont de Nemours Inc.		2,173	$	134,291
Communications Equipment — 14.7%
Arista Networks Inc.(a)		717		185,474
Ciena Corp.(a)		3,344		177,232
Juniper Networks Inc.		5,338		197,292
Lumentum Holdings Inc.(a)		1,591		87,410
Nokia OYJ		49,880		180,327
Telefonaktiebolaget LM Ericsson, Class B		27,381		151,786
				979,521
Diversified Telecommunication Services — 6.2%
Cellnex Telecom SA(b)		3,914		150,600
China Tower Corp. Ltd., Class H(b)		998,000		111,019
Infrastrutture Wireless Italiane SpA(b)		8,004		96,785
JTOWER Inc.(a)		300		9,242
NetLink NBN Trust		67,700		42,644
				410,290
Electronic Equipment, Instruments & Components — 4.5%
Belden Inc.		916		67,949
Murata Manufacturing Co. Ltd.		7,700		155,480
Taiyo Yuden Co. Ltd.		3,000		72,467
				295,896
IT Services — 9.8%
Akamai Technologies Inc.(a)		1,341		165,252
Cloudflare Inc., Class A(a)		1,995		157,705
GDS Holdings Ltd.(a)		18,600		12,458
Kyndryl Holdings Inc.(a)		3,877		79,556
NEXTDC Ltd.(a)		8,377		75,838
Twilio Inc., Class A(a)		2,240		157,539
				648,348
Semiconductors & Semiconductor Equipment — 31.6%
Broadcom Inc.		171		201,780
Diodes Inc.(a)		782		52,644
Infineon Technologies AG		3,849		140,322
Intel Corp.		3,705		159,611
MACOM Technology Solutions Holdings Inc., Class H(a)		1,254		108,133
Marvell Technology Inc.		3,010		203,777
MediaTek Inc.		5,000		154,288
Micron Technology Inc.		2,091		179,303
Nvidia Corp.		334		205,500
NXP Semiconductors NV		743		156,454
Qorvo Inc.(a)		1,572		156,791
Qualcomm Inc.		1,177		174,796
SiTime Corp.(a)		435		46,358
Skyworks Solutions Inc.		1,528		159,615
				2,099,372

Security	Shares		Value
Software — 14.2%
Confluent Inc.(a)(c)		3,286	$	73,475
Datadog Inc., Class A(a)		1,328		165,256
Dynatrace Inc.(a)		2,801		159,657
Elastic NV(a)		1,015		118,816
Nutanix Inc., Class A(a)		3,419		192,148
Splunk Inc.(a)		1,005		154,137
Teradata Corp.(a)		1,742		80,445
				943,934
Specialized REITs — 6.3%
American Tower Corp.		726		142,042
Crown Castle Inc.		1,308		141,591
SBA Communications Corp., Class A		607		135,883
				419,516
Technology Hardware, Storage & Peripherals — 10.4%
IEIT Systems Co. Ltd., Class A		2,000		7,809
Pure Storage Inc., Class A(a)		4,772		190,832
Seagate Technology Holdings PLC		1,951		167,162
Western Digital Corp.(a)		3,242		185,604
Wiwynn Corp.		2,000		141,002
				692,409
Total Long-Term Investments — 99.7% (Cost: $6,429,586)				6,623,577
Short-Term Securities
Money Market Funds — 1.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.51%(d)(e)(f)		75,123		75,168
Total Short-Term Securities — 1.1% (Cost: $75,176)				75,168
Total Investments — 100.8% (Cost: $6,504,762)				6,698,745
Liabilities in Excess of Other Assets — (0.8)%				(55,808	)
Net Assets — 100.0%			$	6,642,937

^(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.

24 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Future Cloud 5G and Tech ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 01/31/24		Shares Held at 01/31/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	697,644	$	—	$	(622,551	)(a)	$	85	$	(10	)	$	75,168		75,123	$	311	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(c)		—		—		0	(a)		—		—			—		—		25			—
								$	85	$	(10	)	$	75,168			$	336		$	—

^(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
Micro E-Mini Russell 2000 Index		1		03/15/24	$	10	$	330

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	330	$	—	$	—	$	—	$	330

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

For the period ended January 31, 2024, 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	$	—	$	—	$	—	$	85
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	330	$	—	$	—	$	—	$	330

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	9,061

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

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Future Cloud 5G and Tech ETF

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	5,171,963	$	1,451,614	$	—	$	6,623,577
Short-Term Securities
Money Market Funds		75,168		—		—		75,168
	$	5,247,131	$	1,451,614	$	—	$	6,698,745
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	330	$	—	$	—	$	330

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

See notes to financial statements.

26 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) January 31, 2024 iShares^® Genomics Immunology and Healthcare ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Canada — 1.3%
AbCellera Biologics Inc.(a)		322,966	$	1,650,356
China — 3.0%
BeiGene Ltd.(a)		325,900		3,693,492
Denmark — 3.3%
Genmab A/S(a)		15,041		4,159,168
France — 4.7%
Sanofi SA		50,749		5,082,286
Valneva SE(a)(b)		171,035		697,215
				5,779,501
Germany — 3.6%
BioNTech SE, ADR(a)		47,456		4,510,218
Japan — 5.6%
Ono Pharmaceutical Co. Ltd.		98,500		1,775,376
Sosei Group Corp.(a)(b)		21,400		207,727
Takeda Pharmaceutical Co. Ltd.		167,300		4,917,027
				6,900,130
Netherlands — 0.7%
CureVac NV(b)		149,442		536,497
uniQure NV		69,423		385,992
				922,489
South Korea — 0.9%
ABLBio Inc.(a)		47,376		775,436
ToolGen Inc., NVS		9,266		334,916
				1,110,352
Switzerland — 5.1%
CRISPR Therapeutics AG(b)		22,230		1,399,379
Roche Holding AG, NVS		17,176		4,890,288
				6,289,667
United Kingdom — 4.1%
GSK PLC		259,737		5,137,009
United States — 67.5%
4D Molecular Therapeutics Inc.(a)		58,370		1,006,882
Arcellx Inc.(a)(b)		57,355		3,546,833
Arcturus Therapeutics Holdings Inc.(a)		39,694		1,308,711
Arcus Biosciences Inc.(a)		78,611		1,190,171
Beam Therapeutics Inc.(a)(b)		111,744		2,726,554
BioCryst Pharmaceuticals Inc.(a)		324,140		1,717,942
Blueprint Medicines Corp.(a)(b)		17,353		1,380,084
Caribou Biosciences Inc.(a)(b)		118,208		724,615
Deciphera Pharmaceuticals Inc.(a)		78,526		1,124,492
Dynavax Technologies Corp.(a)(b)		208,818		2,697,929
Editas Medicine Inc.(a)(b)		132,224		929,535
Exelixis Inc.(a)		214,996		4,678,313
Geron Corp.(a)		744,159		1,369,253
Gilead Sciences Inc.		60,684		4,749,130

Security	Shares		Value
United States (continued)
Ginkgo Bioworks Holdings Inc.(a)(b)		2,147,319	$	2,598,256
Icosavax Inc.(a)		53,027		811,843
ImmunityBio Inc.(a)(b)		213,372		716,930
Incyte Corp.(a)		87,238		5,126,977
Intellia Therapeutics Inc.(a)(b)		25,577		609,244
Iovance Biotherapeutics Inc.(a)(b)		322,811		2,495,329
Ligand Pharmaceuticals Inc.(a)(b)		26,755		1,955,790
MacroGenics Inc.(a)(b)		95,522		1,365,965
Merck & Co. Inc.		45,545		5,500,925
Moderna Inc.(a)		59,034		5,965,386
Novavax Inc.(a)(b)		179,791		719,164
Nurix Therapeutics Inc.(a)		72,003		568,824
OmniAb Inc.(a)		153,751		891,756
OmniAb, Inc., 12.50 Earnout Shares(c)		19,498		—
OmniAb, Inc., 15.00 Earnout Shares(c)		19,498		—
Regeneron Pharmaceuticals Inc.(a)		5,784		5,453,039
Revolution Medicines Inc.(a)		192,352		5,337,768
Sarepta Therapeutics Inc.(a)		55,809		6,640,713
SpringWorks Therapeutics Inc.(a)(b)		78,965		3,484,725
Twist Bioscience Corp.(a)(b)		90,040		2,917,296
Vir Biotechnology Inc.(a)		143,519		1,349,079
Xencor Inc.(a)		17,160		320,892
				83,980,345
Total Long-Term Investments — 99.8% (Cost: $133,604,962)				124,132,727
Short-Term Securities
Money Market Funds — 20.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.51%(d)(e)(f)		25,406,123		25,421,367
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.32%(d)(e)		80,000		80,000
Total Short-Term Securities — 20.5% (Cost: $25,498,401)				25,501,367
Total Investments — 120.3% (Cost: $159,103,363)				149,634,094
Liabilities in Excess of Other Assets — (20.3)%				(25,232,191	)
Net Assets — 100.0%			$	124,401,903

^(a)  Non-income producing security.

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

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

^(d)  Affiliate of the Fund.

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

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

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Genomics Immunology and Healthcare ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/23		Purchases at Cost		Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/24		Shares Held at 01/31/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares		$24,056,998		$1,358,337(a)		$    —	$	1,223	$	4,809	$	25,421,367		25,406,123	$	211,293	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		70,000		10,000(a)		—		—		—		80,000		80,000		3,052			—
							$	1,223	$	4,809	$	25,501,367			$	214,345		$	—

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

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts	Expiration Date		Notional Amount (000)	Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Health Care Sector Index	1		03/15/24	$ 142	$	5,732

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	5,732	$	—	$	—	$	—	$	5,732

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

For the period ended January 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(2,946	)	$	—	$	—	$	—	$	(2,946	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(1,718	)	$	—	$	—	$	—	$	(1,718	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$197,605

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

28 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Genomics Immunology and Healthcare ETF

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	91,063,408	$	33,069,319	$	—	$	124,132,727
Short-Term Securities
Money Market Funds		25,501,367		—		—		25,501,367
	$	116,564,775	$	33,069,319	$	—	$	149,634,094
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	5,732	$	—	$	—	$	5,732

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

See notes to financial statements.

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

Schedule of Investments (unaudited) January 31, 2024 iShares^® Neuroscience and Healthcare ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Biotechnology — 59.6%
ACADIA Pharmaceuticals Inc.(a)		5,799	$	150,254
Acumen Pharmaceuticals Inc.(a)		3,573		11,362
Alector Inc.(a)		5,427		32,345
Alkermes PLC		5,395		145,935
Anavex Life Sciences Corp.(a)(b)		7,132		42,578
Annexon Inc.(a)		3,543		14,721
Argenx SE, ADR(a)		289		109,967
BioArctic AB, Class B(a)(b)(c)		3,495		75,807
Biogen Inc.(a)		559		137,883
Biohaven Ltd., NVS		3,893		173,161
Bioxcel Therapeutics Inc.(a)		1,800		5,796
Catalyst Pharmaceuticals Inc.(a)		8,222		118,397
Cerevel Therapeutics Holdings Inc.(a)		5,040		211,176
Design Therapeutics Inc.(a)		2,889		6,847
Dyne Therapeutics Inc.(a)		2,797		59,856
Entrada Therapeutics Inc.(a)		1,603		23,356
Karuna Therapeutics Inc.(a)		667		209,051
Neurocrine Biosciences Inc.(a)		1,119		156,403
PTC Therapeutics Inc.(a)(b)		5,463		142,530
Sarepta Therapeutics Inc.(a)(b)		1,552		184,672
Scholar Rock Holding Corp.(a)(b)		4,940		68,913
Vanda Pharmaceuticals Inc.(a)		4,956		17,841
Voyager Therapeutics Inc.(a)		3,105		22,573
Xenon Pharmaceuticals Inc.(a)		3,561		161,028
				2,282,452
Health Care Equipment & Supplies — 10.2%
Axogen Inc.(a)		3,664		35,431
Axonics Inc.(a)		2,279		154,699
CVRx Inc.(a)		820		20,598
Integra LifeSciences Holdings Corp.(a)		3,185		127,878
Nevro Corp.(a)		3,131		51,849
				390,455
Life Sciences Tools & Services — 0.4%
Cellivery Therapeutics Inc.(d)		3,565		14,274
Pharmaceuticals — 29.5%
Amylyx Pharmaceuticals Inc.(a)		4,465		71,440

Security	Shares		Value
Pharmaceuticals (continued)
Avadel Pharmaceuticals PLC, ADR(a)(b)		7,525	$	108,285
Cassava Sciences Inc.(a)(b)		3,549		84,999
Edgewise Therapeutics Inc.(a)		3,217		57,359
H Lundbeck A/S		24,106		122,096
Harmony Biosciences Holdings Inc.(a)		2,975		93,831
Intra-Cellular Therapies Inc.(a)		2,085		140,404
Neuren Pharmaceuticals Ltd., NVS(a)		9,918		151,951
SK Biopharmaceuticals Co. Ltd.(a)		2,006		139,332
Supernus Pharmaceuticals Inc.(a)(b)		4,697		130,013
WaVe Life Sciences Ltd.		6,532		28,218
				1,127,928
Total Long-Term Investments — 99.7% (Cost: $3,737,070)				3,815,109
Short-Term Securities
Money Market Funds — 12.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.51%(e)(f)(g)		488,870		489,163
Total Short-Term Securities — 12.8% (Cost: $489,041)				489,163
Total Investments — 112.5% (Cost: $4,226,111)				4,304,272
Liabilities in Excess of Other Assets — (12.5)%				(477,152	)
Net Assets — 100.0%			$	3,827,120

^(a) Non-income producing security.

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

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

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

^(e)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/24		Shares Held at 01/31/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	656,581	$	—	$	(167,566	)(a)	$	80	$	68	$	489,163		488,870	$	13,127	(b)	$	—

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

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

30 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Neuroscience and Healthcare 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		1		03/15/24	$ 10	$	(260	)

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)	$     —	$	—	$   260	$	—	$	—	$	—	$	260

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

For the period ended January 31, 2024, 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 Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$   —	$	—	$  (260)	$	—	$	—	$	—	$	(260	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	4,890

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	$	3,311,649		$	489,186	$	14,274	$	3,815,109
Short-Term Securities
Money Market Funds		489,163			—		—		489,163
	$	3,800,812		$	489,186	$	14,274	$	4,304,272
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(260	)	$	—	$	—	$	(260	)

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

See notes to financial statements.

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

Schedule of Investments (unaudited) January 31, 2024 iShares^® Robotics and Artificial Intelligence Multisector ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 1.2%
Megaport Ltd.(a)		849,580	$	6,937,847
Canada — 1.0%
ATS Corp.(a)		132,315		5,659,889
Cayman Islands — 0.5%
Kingsoft Cloud Holdings Ltd.(a)(b)		17,898,000		3,118,322
China — 9.7%
AAC Technologies Holdings Inc.(b)		1,936,500		4,348,480
Alibaba Group Holding Ltd.		590,700		5,297,973
Baidu Inc.(a)		364,200		4,715,373
China Ruyi Holdings Ltd.(a)(b)		23,536,000		3,948,477
Hello Group Inc., ADR		875,133		5,137,031
iQIYI Inc., ADR(a)(b)		1,219,521		4,085,395
JOYY Inc., ADR		149,913		4,596,332
Kuaishou Technology(a)(c)		744,100		3,750,514
Meitu Inc.(b)(c)		11,433,000		3,386,575
NetEase Inc.		233,700		4,542,686
Tencent Holdings Ltd.		135,900		4,717,266
Xiaomi Corp., Class B(a)(c)		2,724,600		4,292,684
ZTE Corp., Class H		2,469,400		4,291,253
				57,110,039
France — 1.6%
Atos SE(a)(b)		846,053		3,611,729
Dassault Systemes SE		111,823		5,796,711
				9,408,440
Germany — 1.8%
Duerr AG		248,099		5,672,395
Infineon Technologies AG		135,772		4,949,829
				10,622,224
Guernsey — 1.1%
Genius Sports Ltd.(a)(b)		964,223		6,469,936
India — 1.0%
PB Fintech Ltd.(a)		512,474		6,193,608
Israel — 3.0%
Maytronics Ltd.		552,573		6,062,633
Nano Dimension Ltd., ADR(a)(b)		2,330,520		5,593,248
Stratasys Ltd.(a)(b)		441,848		5,841,230
				17,497,111
Italy — 0.9%
Stellantis NV		250,435		5,516,242
Japan — 10.0%
Cover Corp.(a)(b)		250,600		4,818,769
FANUC Corp.		193,700		5,358,200
Harmonic Drive Systems Inc.		184,800		4,478,377
Kawasaki Heavy Industries Ltd.		234,900		5,318,106
Kyocera Corp.		391,900		5,737,443
MINEBEA MITSUMI Inc.		283,900		5,868,272
Nidec Corp.		141,800		5,288,689
Oracle Corp. Japan		69,800		5,500,877
Ricoh Co. Ltd.		658,000		5,171,876
Sony Group Corp.		61,900		6,070,428
Yaskawa Electric Corp.		143,500		5,407,983
				59,019,020
Norway — 1.0%
AutoStore Holdings Ltd.(a)(b)(c)		3,376,702		6,163,943

Security	Shares		Value
South Korea — 2.4%
Rainbow Robotics(a)		41,454	$	4,446,347
Samsung Electronics Co. Ltd.		94,580		5,139,178
Samsung SDS Co. Ltd.		41,188		4,683,923
				14,269,448
Sweden — 1.1%
Spotify Technology SA(a)		30,111		6,484,404
Switzerland — 1.8%
ABB Ltd., Registered		135,276		5,723,772
STMicroelectronics NV		112,167		4,924,973
				10,648,745
Taiwan — 8.1%
Airoha Technology Corp., NVS		308,000		5,593,333
Alchip Technologies Ltd.		55,000		6,822,196
Faraday Technology Corp.		426,000		5,630,400
Global Unichip Corp.		102,000		5,007,862
Hiwin Technologies Corp.		746,392		5,238,992
HTC Corp.(a)		3,391,000		5,297,458
Nuvoton Technology Corp.		1,135,000		4,645,452
Via Technologies Inc.		944,000		4,179,547
Winbond Electronics Corp.		6,012,150		5,225,849
				47,641,089
United Kingdom — 1.0%
ARM Holdings PLC, ADR(a)(b)		85,085		6,012,957
United States — 52.6%
3D Systems Corp.(a)(b)		944,241		4,522,914
Adobe Inc.(a)		8,756		5,409,282
Advanced Micro Devices Inc.(a)		44,387		7,443,256
Alphabet Inc., Class A(a)		43,394		6,079,499
Altair Engineering Inc., Class A(a)(b)		75,303		6,402,261
Alteryx Inc., Class A(a)(b)		129,829		6,161,684
Amazon.com Inc.(a)		36,773		5,707,170
Ambarella Inc.(a)		94,153		4,948,682
AMETEK Inc.		36,082		5,847,088
Analog Devices Inc.		29,102		5,598,061
Ansys Inc.(a)		18,499		6,064,527
Apple Inc.		27,871		5,139,412
Autodesk Inc.(a)		24,502		6,218,853
Bentley Systems Inc., Class B		103,893		5,236,207
Bumble Inc., Class A(a)		399,657		5,483,294
CEVA Inc.(a)(b)		255,225		4,900,320
Clarivate PLC(a)(b)		657,540		5,878,408
Cognex Corp.		146,899		5,308,930
DigitalOcean Holdings Inc.(a)(b)		175,639		5,922,547
Dropbox Inc., Class A(a)		189,749		6,011,248
Elastic NV(a)(b)		48,885		5,722,478
Freshworks Inc., Class A(a)		254,148		5,642,086
fuboTV Inc.(a)(b)		1,656,303		4,124,194
GoDaddy Inc., Class A(a)		52,566		5,606,690
HubSpot Inc.(a)		10,660		6,513,260
Informatica Inc., Class A(a)(b)		212,162		6,364,860
Intel Corp.		122,998		5,298,754
Intuitive Surgical Inc.(a)		17,250		6,524,295
iRobot Corp.(a)		147,334		2,003,742
Lattice Semiconductor Corp.(a)(b)		89,715		5,460,055
Lumen Technologies Inc.(a)(b)		3,654,795		4,458,850
Matterport Inc., Class A(a)		2,052,311		4,617,700
Meta Platforms Inc, Class A(a)		17,019		6,639,793
Microchip Technology Inc.		62,899		5,357,737
Microsoft Corp.		14,017		5,572,879
MicroStrategy Inc., Class A(a)(b)		10,237		5,130,887

32 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Robotics and Artificial Intelligence Multisector ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
MicroVision Inc.(a)(b)		2,025,574	$	4,820,866
Netflix Inc.(a)		11,594		6,540,291
Nvidia Corp.		11,434		7,034,997
Oracle Corp.		45,409		5,072,185
Paramount Global, Class B, NVS		346,120		5,049,891
Pegasystems Inc.		101,818		4,962,609
Peloton Interactive Inc., Class A(a)(b)		875,147		4,865,817
Pinterest Inc., Class A(a)		159,928		5,992,502
Proto Labs Inc.(a)		145,792		5,261,633
Qualcomm Inc.		41,713		6,194,798
Salesforce Inc.(a)		20,696		5,817,439
Silicon Laboratories Inc.(a)(b)		50,004		6,168,493
Sirius XM Holdings Inc.(b)		1,107,549		5,637,424
Snap Inc., Class A, NVS(a)		386,903		6,147,889
Snowflake Inc., Class A(a)		29,628		5,796,422
Splunk Inc.(a)(b)		35,613		5,461,966
Sprinklr Inc.(a)		334,451		4,173,948
Symbotic Inc.(a)(b)		94,988		4,087,334
Teradata Corp.(a)		113,788		5,254,730
Texas Instruments Inc.		34,334		5,497,560
Vimeo Inc.(a)		268,642		1,066,509
				310,227,206
Total Long-Term Investments — 99.8% (Cost: $571,935,879)				589,000,470

Security	Shares		Value
Short-Term Securities
Money Market Funds — 11.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.51%(d)(e)(f)		68,487,365	$	68,528,457
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.32%(d)(e)		330,000		330,000
Total Short-Term Securities — 11.7% (Cost: $68,850,495)				68,858,457
Total Investments — 111.5% (Cost: $640,786,374)				657,858,927
Liabilities in Excess of Other Assets — (11.5)%				(68,036,910	)
Net Assets — 100.0%			$	589,822,017

^(a)  Non-income producing security.

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

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

^(d)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/23		Purchases at Cost		Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/24		Shares Held at 01/31/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares		$49,090,383		$19,425,048(a)		$    —	$	2,338	$	10,688	$	68,528,457		68,487,365	$	714,642	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		60,000		270,000(a)		—		—		—		330,000		330,000		14,835			—
							$	2,338	$	10,688	$	68,858,457			$	729,477		$	—

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

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts	Expiration Date		Notional Amount (000)	Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Technology Select Sector Index	3		03/15/24	$ 601	$	3,333

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Robotics and Artificial Intelligence Multisector ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	3,333	$	—	$	—	$	—	$	3,333

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

For the period ended January 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(25,293	)	$	—	$	—	$	—	$	(25,293	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(7,227	)	$	—	$	—	$	—	$	(7,227	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$466,870

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	$	360,107,628	$	228,892,842	$	—	$	589,000,470
Short-Term Securities
Money Market Funds		68,858,457		—		—		68,858,457
	$	428,966,085	$	228,892,842	$	—	$	657,858,927
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	3,333	$	—	$	—	$	3,333

^(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 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) January 31, 2024 iShares^® Self-Driving EV and Tech ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 4.5%
Core Lithium Ltd.(a)(b)		7,263,967	$	912,317
Pilbara Minerals Ltd.(b)		5,126,968		11,677,517
				12,589,834
China — 16.6%
BYD Co. Ltd., Class H		466,500		10,445,008
Ganfeng Lithium Group Co. Ltd., Class H(c)		1,542,280		4,119,902
Li Auto Inc.(a)		654,900		9,052,630
NIO Inc., Class A		1,700,370		9,543,964
XPeng Inc.(a)		1,506,100		6,272,377
Zhejiang Leapmotor Technology Co. Ltd.(a)(c)		2,388,100		6,453,296
				45,887,177
Finland — 0.7%
Kempower OYJ(a)(b)		58,731		1,879,379
France — 9.4%
Forvia SE(a)		59,076		1,015,353
Renault SA		312,737		11,777,575
Schneider Electric SE		66,760		13,115,001
				25,907,929
Germany — 1.4%
Continental AG		41,237		3,368,677
Vitesco Technologies Group AG(a)		4,989		436,008
				3,804,685
Israel — 0.0%
Innoviz Technologies Ltd.(b)		59,825		102,301
Japan — 5.6%
Denso Corp.		692,400		10,876,254
GS Yuasa Corp.		285,000		4,110,487
TS Tech Co. Ltd.		34,800		440,810
				15,427,551
Netherlands — 1.7%
Alfen NV(a)(b)(c)		78,941		4,773,841
Singapore — 0.3%
Vinfast Auto Ltd., NVS(b)		123,388		734,159
South Korea — 11.2%
Hyundai Mobis Co. Ltd.		23,370		3,663,329
LG Energy Solution Ltd.(a)		37,433		10,625,007
Samsung SDI Co. Ltd.		35,881		9,957,824
Sebang Global Battery Co. Ltd.		21,154		913,719
SK IE Technology Co. Ltd.(a)(c)		102,497		5,681,099
				30,840,978
Sweden — 2.9%
Hexagon AB, Class B		749,536		8,180,125
Switzerland — 4.7%
ABB Ltd., Registered		304,579		12,887,287
Taiwan — 1.3%
Advanced Energy Solution Holding Co. Ltd.		116,000		2,338,574
Darfon Electronics Corp.		749,000		1,215,970
				3,554,544
United Kingdom — 0.7%
Polestar Automotive Holding U.K. PLC, Class A(a)(b)		935,524		2,030,087
United States — 29.0%
Adient PLC		35,247		1,223,423
Aptiv PLC(a)		107,452		8,739,071
Arcadium Lithium PLC, NVS(b)		1,640,156		8,020,363

Security	Shares		Value
United States (continued)
Aurora Innovation Inc., Class A(a)(b)		257,825	$	770,897
Autoliv Inc.		32,052		3,433,410
Blue Bird Corp.(a)		89,249		2,599,823
ChargePoint Holdings Inc., Class A(a)(b)		1,079,958		2,051,920
Cooper-Standard Holdings Inc.(a)		6,424		112,998
CTS Corp.		11,699		480,361
EVgo Inc., Class A(a)(b)		368,886		844,749
Fisker Inc., Class A(a)(b)		753,937		604,959
Gentex Corp.		88,868		2,944,197
Gentherm Inc.(a)		12,417		597,879
Lear Corp.		22,200		2,950,380
Lucid Group Inc.(a)(b)		2,836,525		9,587,455
Lumentum Holdings Inc.(a)(b)		25,394		1,395,146
Luminar Technologies Inc., Class A(a)(b)		97,882		266,239
Methode Electronics Inc.		12,984		269,548
Microvast Holdings Inc.(a)(b)		806,435		756,436
Nikola Corp.(a)(b)		3,379,216		2,525,288
QuantumScape Corp., Class A(a)(b)		1,230,554		8,380,073
Rivian Automotive Inc., Class A(a)(b)		681,208		10,429,295
Stoneridge Inc.(a)(b)		10,052		178,825
Tesla Inc.(a)		51,429		9,632,137
Visteon Corp.(a)		10,442		1,203,858
				79,998,730
Total Common Stocks — 90.0% (Cost: $316,385,840)				248,598,607
Preferred Stocks
Germany — 9.5%
Porsche Automobil Holding SE, Preference Shares, NVS		251,000		12,530,913
Volkswagen AG, Preference Shares, NVS		105,917		13,622,518
				26,153,431
Total Preferred Stocks — 9.5% (Cost: $31,300,057)				26,153,431
Total Long-Term Investments — 99.5% (Cost: $347,685,897)				274,752,038
Short-Term Securities
Money Market Funds — 14.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.51%(d)(e)(f)		39,681,177		39,704,985
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.32%(d)(e)		140,000		140,000
Total Short-Term Securities — 14.4% (Cost: $39,840,927)				39,844,985
Total Investments — 113.9% (Cost: $387,526,824)				314,597,023
Liabilities in Excess of Other Assets — (13.9)%				(38,508,419	)
Net Assets — 100.0%			$	276,088,604

^(a)  Non-income producing security.

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

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

^(d)  Affiliate of the Fund.

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

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Self-Driving EV and Tech ETF

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/23	Purchases at Cost	Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/24	Shares Held at 01/31/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$93,121,617	$    —	$(53,431,182)(a)	$	12,990	$	1,560	$	39,704,985	39,681,177	$	1,674,102	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares	180,000	—	(40,000)(a)		—		—		140,000	140,000		8,171			—
				$	12,990	$	1,560	$	39,844,985		$	1,682,273		$	—

^(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	10		03/15/24	$ 503	$	7,878
S&P 500 E-Mini Index	3		03/15/24	730		15,000
					$	22,878

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)	$	—	$	—	$	22,878	$	—	$	—	$	—	$	22,878

^(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).

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(29,275	)	$	—	$	—	$	—	$	(29,275	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(31,019	)	$	—	$	—	$	—	$	(31,019	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$1,296,944

36 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Self-Driving EV and Tech ETF

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

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	82,865,277	$	165,733,330	$	—	$	248,598,607
Preferred Stocks		—		26,153,431		—		26,153,431
Short-Term Securities
Money Market Funds		39,844,985		—		—		39,844,985
	$	122,710,262	$	191,886,761	$	—	$	314,597,023
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	15,000	$	7,878	$	—	$	22,878

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

See notes to financial statements.

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

Schedule of Investments (unaudited) January 31, 2024 iShares^® Virtual Work and Life Multisector ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Communication Services — 29.7%
Bandwidth Inc., Class A(a)		710	$	9,826
Bumble Inc., Class A(a)		2,085		28,606
China Ruyi Holdings Ltd.(a)		120,000		20,132
Cover Corp.(a)		500		9,615
DeNA Co. Ltd.		2,300		23,222
Electronic Arts Inc.		418		57,509
fuboTV Inc.(a)		6,232		15,518
Hello Group Inc., ADR		3,120		18,314
HUYA Inc., ADR(a)		1,908		5,858
iQIYI Inc., ADR(a)		11,318		37,915
JOYY Inc., ADR		978		29,986
Match Group Inc.(a)		1,730		66,397
Meitu Inc.(b)		49,500		14,662
Netflix Inc.(a)		124		69,950
Nexon Co. Ltd.		2,700		43,089
Nintendo Co. Ltd.		1,200		67,045
Paradox Interactive AB		722		14,145
Roku Inc.(a)		558		49,138
Rumble Inc.(a)(c)		1,404		9,617
Snap Inc., Class A, NVS(a)		4,088		64,958
Spotify Technology SA(a)		323		69,558
Take-Two Interactive Software Inc.(a)		364		60,035
Tencent Holdings Ltd.		1,500		52,067
Ubisoft Entertainment SA(a)		1,642		36,219
XD Inc.(a)		5,800		6,235
				879,616
Consumer Discretionary — 19.4%
Chegg Inc.(a)		2,380		23,443
Deliveroo PLC, Class A(a)(b)		18,056		26,887
Delivery Hero SE(a)(b)		1,810		41,068
DoorDash Inc., Class A(a)(c)		600		62,520
Duolingo Inc, Class A(a)		270		48,300
GN Store Nord A/S(a)		2,642		62,304
Just Eat Takeaway.com NV(a)(b)		3,750		56,623
Meituan, Class B(a)(b)		5,050		40,618
New Oriental Education & Technology Group Inc.(a)		6,900		53,256
Peloton Interactive Inc., Class A(a)		6,768		37,630
Stride Inc.(a)		892		53,475
Zomato Ltd.(a)		41,436		69,618
				575,742
Consumer Staples — 5.7%
Alibaba Health Information Technology Ltd.(a)		104,000		38,215
Dada Nexus Ltd., ADR(a)		5,528		10,448
DocMorris AG(a)(c)		256		23,883
JD Health International Inc.(a)(b)		12,400		40,917
Ping An Healthcare and Technology Co. Ltd.(a)(b)		11,400		16,367
Redcare Pharmacy NV(a)(b)		290		40,367
				170,197
Health Care — 2.8%
Hims & Hers Health Inc.(a)(c)		3,010		25,826
Teladoc Health Inc.(a)		3,024		58,756
				84,582
Information Technology — 42.2%
8x8 Inc.(a)		3,652		12,271

Security	Shares		Value
Information Technology (continued)
Asana Inc., Class A(a)(c)		2,300	$	40,067
Box Inc., Class A(a)		2,288		59,442
Braze Inc., Class A(a)		1,082		58,482
Cellebrite DI Ltd.(a)		1,118		10,107
Cloudflare Inc., Class A(a)		772		61,027
Consensus Cloud Solutions Inc.(a)		552		12,000
DocuSign Inc., Class A(a)		1,322		80,536
Dropbox Inc., Class A(a)		2,110		66,845
Everbridge Inc.(a)		1,194		26,698
Five9 Inc.(a)		764		57,957
GMO internet group Inc.		1,900		34,243
Instructure Holdings Inc.(a)		362		8,916
Justsystems Corp.		1,000		20,894
Life360 Inc.(b)		3,926		19,571
LivePerson Inc.(a)		2,328		6,518
Megaport Ltd.(a)		4,558		37,222
Microsoft Corp.		162		64,408
Mitek Systems Inc.(a)		1,382		17,413
Monday.com Ltd.(a)		346		72,674
Nice Ltd.(a)		316		65,564
PagerDuty Inc.(a)(c)		2,692		63,747
PowerSchool Holdings Inc., Class A(a)		1,222		28,766
RingCentral Inc., Class A(a)		1,988		67,373
Smartsheet Inc., Class A(a)		1,368		61,519
Tyler Technologies Inc.(a)(c)		138		58,340
Verint Systems Inc.(a)		1,916		56,886
Weave Communications Inc.(a)		1,286		16,126
WingArc1st Inc.		500		9,512
Zoom Video Communications Inc., Class A(a)		868		56,081
				1,251,205
Total Long-Term Investments — 99.8% (Cost: $3,887,710)				2,961,342
Short-Term Securities
Money Market Funds — 9.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.51%(d)(e)(f)		291,815		291,990
Total Short-Term Securities — 9.9% (Cost: $291,968)				291,990
Total Investments — 109.7% (Cost: $4,179,678)				3,253,332
Liabilities in Excess of Other Assets — (9.7)%				(286,942	)
Net Assets — 100.0%			$	2,966,390

^(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.

38 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Virtual Work and Life Multisector ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/24		Shares Held at 01/31/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	437,802	$	—		$	(145,879	)(a)	$	59	$	8	$	291,990		291,815	$	966	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(c)		—		0	(a)		—			—		—		—		—		71			—
									$	59	$	8	$	291,990			$	1,037		$	—

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

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

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

Derivative Financial Instruments Categorized by Risk Exposure

For the period ended January 31, 2024, 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	)	$	—	$	—	$	—		$ (6)

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	$	2,004,669	$	956,673	$	—	$	2,961,342
Short-Term Securities
Money Market Funds		291,990		—		—		291,990
	$	2,296,659	$	956,673	$	—	$	3,253,332

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

Statements of Assets and Liabilities (unaudited) 

January 31, 2024

	iShares Breakthrough Environmental Solutions ETF			iShares Cybersecurity and Tech ETF		iShares Exponential Technologies ETF		iShares Future Cloud 5G and Tech ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	3,177,855		$	779,570,014	$	3,300,148,883	$	6,623,577
Investments, at value — affiliated(c)		277,716			48,733,847		209,288,225		75,168
Cash		1,435			2,917		5,468		—
Cash pledged for futures contracts		1,000			144,000		422,000		1,000
Foreign currency collateral pledged for futures contracts(d)		—			—		55,116		—
Foreign currency, at value(e)		5,722			481,341		4,068,973		10,225
Receivables:
Investments sold		—			—		—		7,935
Securities lending income — affiliated		246			7,955		167,236		38
Dividends — unaffiliated		2,213			2,375,486		1,930,301		2,609
Dividends — affiliated		—			2,162		10,683		—
Tax reclaims		1,743			2,787		936,624		540
Total assets		3,467,930			831,320,509		3,517,033,509		6,721,092
LIABILITIES
Bank overdraft		—			—		—		79
Collateral on securities loaned, at value		277,736			48,013,917		203,295,662		75,200
Payables:
Deferred foreign capital gain tax		—			—		117,235		—
Investment advisory fees		1,347			300,831		1,311,484		2,629
Variation margin on futures contracts		245			64,949		143,589		247
Total liabilities		279,328			48,379,697		204,867,970		78,155
Commitments and contingent liabilities
NET ASSETS	$	3,188,602		$	782,940,812	$	3,312,165,539	$	6,642,937
NET ASSETS CONSIST OF
Paid-in capital	$	4,025,360		$	705,758,553	$	2,841,375,919	$	7,007,192
Accumulated earnings (loss)		(836,758	)		77,182,259		470,789,620		(364,255	)
NET ASSETS	$	3,188,602		$	782,940,812	$	3,312,165,539	$	6,642,937
NET ASSETVALUE
Shares outstanding		160,000			16,950,000		58,050,000		240,000
Net asset value	$	19.93		$	46.19	$	57.06	$	27.68
Shares authorized		Unlimited			Unlimited		Unlimited		Unlimited
Par value		None			None		None		None
(a) Investments, at cost — unaffiliated	$	3,964,262		$	677,084,164	$	2,921,925,494	$	6,429,586
(b) Securities loaned, at value	$	257,556		$	45,833,831	$	192,752,754	$	71,552
(c)  Investments, at cost — affiliated	$	277,717		$	48,731,527	$	209,183,693	$	75,176
(d) Foreign currency collateral pledged, at cost	$	—		$	—	$	55,482	$	—
(e) Foreign currency, at cost	$	5,802		$	487,165	$	4,081,137	$	10,366

40 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Statements of Assets and Liabilities (unaudited) (continued)

January 31, 2024

	iShares Genomics Immunology and Healthcare ETF			iShares Neuroscience and Healthcare ETF			iShares Robotics and Artificial Intelligence Multisector ETF			iShares Self-Driving EV and Tech ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	124,132,727		$	3,815,109		$	589,000,470		$	274,752,038
Investments, at value — affiliated(c)		25,501,367			489,163			68,858,457			39,844,985
Cash		11,657			7,857			4,307			77
Cash pledged for futures contracts		6,000			—			10,000			36,000
Foreign currency collateral pledged for futures contracts(d)		—			—			—			36,743
Foreign currency, at value(e)		72,813			2,723			330,592			280,465
Receivables:
Investments sold		—			—			288,503			—
Securities lending income — affiliated		30,342			2,985			286,892			177,449
Capital shares sold		288,948			—			—			—
Dividends — unaffiliated		—			—			130,006			32,697
Dividends — affiliated		363			—			1,171			641
Tax reclaims		113,063			—			44,295			752,598
Total assets		150,157,280			4,317,837			658,954,693			315,913,693
LIABILITIES
Collateral on securities loaned, at value		25,424,432			488,910			68,529,589			39,687,887
Payables:
Investments purchased		279,883			—			—			—
Deferred foreign capital gain tax		—			—			365,699			—
Investment advisory fees		50,798			1,547			232,755			121,919
Variation margin on futures contracts		264			260			4,633			15,283
Total liabilities		25,755,377			490,717			69,132,676			39,825,089
Commitments and contingent liabilities
NET ASSETS	$	124,401,903		$	3,827,120		$	589,822,017		$	276,088,604
NET ASSETS CONSIST OF
Paid-in capital	$	283,285,244		$	3,901,694		$	654,139,576		$	472,181,721
Accumulated loss		(158,883,341	)		(74,574	)		(64,317,559	)		(196,093,117	)
NET ASSETS	$	124,401,903		$	3,827,120		$	589,822,017		$	276,088,604
NET ASSETVALUE
Shares outstanding		5,600,000			150,000			18,200,000			9,200,000
Net asset value	$	22.21		$	25.51		$	32.41		$	30.01
Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited
Par value		None			None			None			None
(a) Investments, at cost — unaffiliated	$	133,604,962		$	3,737,070		$	571,935,879		$	347,685,897
(b) Securities loaned, at value	$	23,628,593		$	465,935		$	64,190,654		$	35,883,567
(c)  Investments, at cost — affiliated	$	25,498,401		$	489,041		$	68,850,495		$	39,840,927
(d) Foreign currency collateral pledged, at cost	$	—		$	—		$	—		$	37,066
(e) Foreign currency, at cost	$	73,365		$	2,739		$	335,891		$	281,430

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

Statements of Assets and Liabilities (unaudited) (continued)

January 31, 2024

	iShares Virtual Work and Life Multisector ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	2,961,342
Investments, at value — affiliated(c)		291,990
Cash		1,226
Foreign currency, at value(d)		4,448
Receivables:
Investments sold		861
Securities lending income — affiliated		122
Dividends — unaffiliated		82
Tax reclaims		153
Total assets		3,260,224
LIABILITIES
Collateral on securities loaned, at value		292,064
Payables:
Investments purchased		564
Investment advisory fees		1,204
Variation margin on futures contracts		2
Total liabilities		293,834
Commitments and contingent liabilities
NET ASSETS	$	2,966,390
NET ASSETS CONSIST OF
Paid-in capital	$	6,699,279
Accumulated loss		(3,732,889	)
NET ASSETS	$	2,966,390
NET ASSETVALUE
Shares outstanding		200,000
Net asset value	$	14.83
Shares authorized		Unlimited
Par value		None
(a) Investments, at cost — unaffiliated	$	3,887,710
(b) Securities loaned, at value	$	279,300
(c)  Investments, at cost — affiliated	$	291,968
(d) Foreign currency, at cost	$	4,500

42 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Statements of Operations (unaudited)

Six Months Ended January 31, 2024

	iShares Breakthrough Environmental Solutions ETF			iShares Cybersecurity and Tech ETF			iShares Exponential Technologies ETF			iShares Future Cloud 5G and Tech ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	10,718		$	4,501,032		$	12,604,085		$	34,904
Dividends — affiliated		102			30,482			94,737			25
Interest — unaffiliated		33			4,418			41,850			67
Securities lending income — affiliated — net		476			48,865			888,549			311
Foreign taxes withheld		(1,012	)		(381,147	)		(575,411	)		(2,395	)
Total investment income		10,317			4,203,650			13,053,810			32,912
EXPENSES
Investment advisory		8,496			1,533,956			7,459,985			14,144
Commitment costs		9			892			3,945			13
Professional		—			—			3,782			—
Interest expense		—			—			38,320			—
Total expenses		8,505			1,534,848			7,506,032			14,157
Net investment income		1,812			2,668,802			5,547,778			18,755
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		29,515			17,846,235			114,469,004			69,133
Investments — affiliated		(3	)		13,141			29,643			85
Foreign currency transactions		2,294			(42,116	)		(214,950	)		(330	)
Futures contracts		(263	)		34,912			490,441			85
In-kind redemptions — unaffiliated(a)		—			3,804,906			22,580,247			—
		31,543			21,657,078			137,354,385			68,973
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated(b)		(1,055,793	)		87,461,203			(223,036,165	)		440,018
Investments — affiliated		(3	)		3,760			35,017			(10	)
Foreign currency translations		(229	)		(102,993	)		21,321			(100	)
Futures contracts		(227	)		99,285			(555,701	)		330
		(1,056,252	)		87,461,255			(223,535,528	)		440,238
Net realized and unrealized gain (loss)		(1,024,709	)		109,118,333			(86,181,143	)		509,211
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,022,897	)	$	111,787,135		$	(80,633,365	)	$	527,966
(a) See Note 2 of the Notes to Financial Statements.
(b) Net of increase in deferred foreign capital gain tax of	$	—		$	—		$	(117,235	)	$	—

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

Statements of Operations (unaudited) (continued)

Six Months Ended January 31, 2024

		iShares Genomics Immunology and Healthcare ETF			iShares Neuroscience and Healthcare ETF			iShares Robotics and Artificial Intelligence Multisector ETF			iShares Self-Driving EV and Tech ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	115,268		$	—		$	1,394,230		$	782,231
Dividends — affiliated		3,052			—			14,835			8,171
Interest — unaffiliated		530			47			3,918			2,911
Securities lending income — affiliated — net		211,293			13,127			714,642			1,674,102
Foreign taxes withheld		(11,527	)		—			(139,021	)		(10,384	)
Total investment income		318,616			13,174			1,988,604			2,457,031
EXPENSES
Investment advisory		294,779			9,850			1,211,965			866,646
Commitment costs		129			—			1,477			1,675
Interest expense		—			—			41			166
Total expenses		294,908			9,850			1,213,483			868,487
Net investment income		23,708			3,324			775,121			1,588,544
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated(a)		(68,883,190	)		(126,932	)		(9,862,859	)		(28,641,638	)
Investments — affiliated		1,223			80			2,338			12,990
Foreign currency transactions		2,544			(64	)		(15,027	)		(20,763	)
Futures contracts		(2,946	)		—			(25,293	)		(29,275	)
In-kind redemptions — unaffiliated(b)		392,583			36,418			—			(304,430	)
		(68,489,786	)		(90,498	)		(9,900,841	)		(28,983,116	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated(c)		58,237,622			133,454			(20,866,544	)		(133,169,578	)
Investments — affiliated		4,809			68			10,688			1,560
Foreign currency translations		(2,023	)		(113	)		(9,345	)		(10,672	)
Futures contracts		(1,718	)		(260	)		(7,227	)		(31,019	)
		58,238,690			133,149			(20,872,428	)		(133,209,709	)
Net realized and unrealized gain (loss)		(10,251,096	)		42,651			(30,773,269	)		(162,192,825	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(10,227,388	)	$	45,975		$	(29,998,148	)	$	(160,604,281	)
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable of	$	—		$	—		$	(129,730	)	$	—
(b) See Note 2 of the Notes to Financial Statements.
(c)  Net of increase in deferred foreign capital gain tax of	$	—		$	—		$	(123,776	)	$	—

44 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Statements of Operations (unaudited) (continued)

Six Months Ended January 31, 2024

		iShares Virtual Work and Life Multisector ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	2,825
Dividends — affiliated		71
Interest — unaffiliated		123
Securities lending income — affiliated — net		966
Foreign taxes withheld		(10	)
Total investment income		3,975
EXPENSES
Investment advisory		6,919
Interest expense		89
Commitment costs		13
Total expenses		7,021
Net investment loss		(3,046	)
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(1,015,552	)
Investments — affiliated		59
Foreign currency transactions		(29	)
Futures contracts		(6	)
		(1,015,528	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		740,930
Investments — affiliated		8
Foreign currency translations		(130	)
		740,808
Net realized and unrealized loss		(274,720	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(277,766	)

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

	iShares Breakthrough Environmental Solutions ETF						iShares Cybersecurity and Tech ETF
		Six Months Ended 01/31/24 (unaudited)			Period From 03/28/23 to 07/31/23	(a)		Six Months Ended 01/31/24 (unaudited)			Year Ended 07/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	1,812		$	23,946		$	2,668,802		$	95,018
Net realized gain (loss)		31,543			48,582			21,657,078			(7,716,347	)
Net change in unrealized appreciation (depreciation)		(1,056,252	)		270,071			87,461,255			50,854,326
Net increase (decrease) in net assets resulting from operations		(1,022,897	)		342,599			111,787,135			43,232,997
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders		(139,910	)		(16,550	)		(763,133	)		(566,608	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		—			4,025,360			54,288,155			35,073,669
NET ASSETS
Total increase (decrease) in net assets		(1,162,807	)		4,351,409			165,312,157			77,740,058
Beginning of period		4,351,409			—			617,628,655			539,888,597
End of period	$	3,188,602		$	4,351,409		$	782,940,812		$	617,628,655

^(a)  Commencement of operations.

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

46 2 0 2 4  I S H A R E S  S E M I - A N 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 Exponential Technologies ETF						iShares Future Cloud 5G and Tech ETF
	Six Months Ended 01/31/24 (unaudited)			Year Ended 07/31/23			Six Months Ended 01/31/24 (unaudited)			Year Ended 07/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	5,547,778		$	18,995,296		$	18,755		$	54,715
Net realized gain (loss)		137,354,385			36,354,440			68,973			(321,517	)
Net change in unrealized appreciation (depreciation)		(223,535,528	)		350,427,607			440,238			1,209,602
Net increase (decrease) in net assets resulting from operations		(80,633,365	)		405,777,343			527,966			942,800
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(6,223,454	)		(17,634,859	)		(32,583	)		(50,307	)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(68,577,887	)		(80,184,166	)		—			(1,935,326	)
NET ASSETS
Total increase (decrease) in net assets		(155,434,706	)		307,958,318			495,383			(1,042,833	)
Beginning of period		3,467,600,245			3,159,641,927			6,147,554			7,190,387
End of period	$	3,312,165,539		$	3,467,600,245		$	6,642,937		$	6,147,554

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

F I N A N C I A L  S T A T E M E N T S 47

Statements of Changes in Net Assets (continued)

	iShares Genomics Immunology and Healthcare ETF						iShares Neuroscience and Healthcare ETF
		Six Months Ended 01/31/24 (unaudited	)		Year Ended 07/31/23			Six Months Ended 01/31/24 (unaudited	)		Period From 08/24/22 to 07/31/23	(a)
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)	$	23,708		$	640,524		$	3,324		$	(3,665	)
Net realized loss		(68,489,786	)		(52,043,410	)		(90,498	)		(64,142	)
Net change in unrealized appreciation (depreciation)		58,238,690			2,523,191			133,149			(55,264	)
Net increase (decrease) in net assets resulting from operations		(10,227,388	)		(48,879,695	)		45,975			(123,071	)
DISTRIBUTIONS TO SHAREHOLDERS(b)
From net investment income		(973,176	)		(435,229	)		(945	)		—
Return of capital		—			—			—			(1,648	)
Decrease in net assets resulting from distributions to shareholders		(973,176	)		(435,229	)		(945	)		(1,648	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(9,391,864	)		(5,024,984	)		(1,143,238	)		5,050,047
NET ASSETS
Total increase (decrease) in net assets		(20,592,428	)		(54,339,908	)		(1,098,208	)		4,925,328
Beginning of period		144,994,331			199,334,239			4,925,328			—
End of period	$	124,401,903		$	144,994,331		$	3,827,120		$	4,925,328

^(a)  Commencement of operations.

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

48 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)

	iShares Robotics and Artificial Intelligence Multisector ETF						iShares Self-Driving EV and Tech ETF
	Six Months Ended 01/31/24 (unaudited)			Year Ended 07/31/23			Six Months Ended 01/31/24 (unaudited)			Year Ended 07/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	775,121		$	2,947,690		$	1,588,544		$	10,660,434
Net realized loss		(9,900,841	)		(23,400,784	)		(28,983,116	)		(75,864,123	)
Net change in unrealized appreciation (depreciation)		(20,872,428	)		90,466,793			(133,209,709	)		122,532,280
Net increase (decrease) in net assets resulting from operations		(29,998,148	)		70,013,699			(160,604,281	)		57,328,591
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(2,552,856	)		(2,261,595	)		(3,341,092	)		(8,577,251	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		111,353,349			182,260,510			(54,173,341	)		(20,839,481	)
NET ASSETS
Total increase (decrease) in net assets		78,802,345			250,012,614			(218,118,714	)		27,911,859
Beginning of period		511,019,672			261,007,058			494,207,318			466,295,459
End of period	$	589,822,017		$	511,019,672		$	276,088,604		$	494,207,318

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

F I N A N C I A L  S T A T E M E N T S 49

Statements of Changes in Net Assets (continued)

	iShares Virtual Work and Life Multisector ETF
	Six Months Ended 01/31/24 (unaudited)			Year Ended 07/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment loss	$	(3,046	)	$	(931	)
Net realized loss		(1,015,528	)		(1,372,328	)
Net change in unrealized appreciation (depreciation)		740,808			1,513,040
Net increase (decrease) in net assets resulting from operations		(277,766	)		139,781
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(51,062	)(b)		(9,849	)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		—			(1,240,169	)
NET ASSETS
Total decrease in net assets		(328,828	)		(1,110,237	)
Beginning of period		3,295,218			4,405,455
End of period	$	2,966,390		$	3,295,218

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

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

50 2 0 2 4  I S H A R E S  S E M I - A N 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 Breakthrough Environmental Solutions ETF
		Six Months Ended 01/31/24 (unaudited	)		Period From 03/28/23 to 07/31/23	(a)
Net asset value, beginning of period	$	27.20		$	25.16
Net investment income(b)		0.01			0.15
Net realized and unrealized gain (loss)(c)		(6.41	)		1.99
Net increase (decrease) from investment operations		(6.40	)		2.14
Distributions(d)
From net investment income		(0.05	)		(0.10	)
From net realized gain		(0.82	)		—
Total distributions		(0.87	)		(0.10	)
Net asset value, end of period	$	19.93		$	27.20
Total Return(e)
Based on net asset value		(23.85	)%(f)		8.54	%(f)
Ratios to Average Net Assets(g)
Total expenses		0.47	%(h)		0.47	%(h)
Net investment income		0.10	%(h)		1.72	%(h)
Supplemental Data
Net assets, end of period (000)	$	3,189		$	4,351
Portfolio turnover rate(i)		49	%		9	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

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

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

^(f)  Not annualized.

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

^(h)  Annualized.

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

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 Cybersecurity and Tech ETF
		Six Months Ended 01/31/24 (unaudited	)		Year Ended 07/31/23			Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Period From 06/11/19 to 07/31/19	(a)
Net asset value, beginning of period	$	39.47		$	36.73		$	43.87		$	33.69		$	26.58		$	24.94
Net investment income(b)		0.17			0.01			0.26			0.02			0.33	(c)		0.00	(d)
Net realized and unrealized gain (loss)(e)		6.60			2.77			(7.13	)		10.22			7.02			1.64
Net increase (decrease) from investment operations		6.77			2.78			(6.87	)		10.24			7.35			1.64
Distributions(f)
From net investment income		(0.05	)		(0.04	)		(0.27	)		(0.06	)		(0.15	)		—
From net realized gain		—			—			—			—			(0.09	)		—
Total distributions		(0.05	)		(0.04	)		(0.27	)		(0.06	)		(0.24	)		—
Net asset value, end of period	$	46.19		$	39.47		$	36.73		$	43.87		$	33.69		$	26.58
Total Return(g)
Based on net asset value		17.17	%(h)		7.57	%		(15.73	)%		30.42	%		27.85	%		6.58	%(h)
Ratios to Average Net Assets(i)
Total expenses		0.47	%(j)		0.47	%		0.47	%		0.47	%		0.47	%		0.47	%(j)
Net investment income		0.82	%(j)		0.02	%		0.62	%		0.04	%		1.12	%(c)		0.06	%(j)
Supplemental Data
Net assets, end of period (000)	$	782,941		$	617,629		$	539,889		$	616,394		$	109,489		$	3,987
Portfolio turnover rate(k)		21	%		39	%		44	%		38	%		29	%		8	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

^(d)  Rounds to less than $0.01.

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

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

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

^(h)  Not annualized.

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

^(j)  Annualized.

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

52 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Exponential Technologies ETF
		Six Months Ended 01/31/24 (unaudited	)		Year Ended 07/31/23			Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19
Net asset value, beginning of period	$	58.48		$	52.01		$	63.91		$	47.25		$	38.89		$	37.73
Net investment income(a)		0.09			0.32	(b)		0.44			0.52			0.44			0.55
Net realized and unrealized gain (loss)(c)		(1.40	)		6.44			(11.84	)		16.61			8.47			1.16
Net increase (decrease) from investment operations		(1.31	)		6.76			(11.40	)		17.13			8.91			1.71
Distributions from net investment income(d)		(0.11	)		(0.29	)		(0.50	)		(0.47	)		(0.55	)		(0.55	)
Net asset value, end of period	$	57.06		$	58.48		$	52.01		$	63.91		$	47.25		$	38.89
Total Return(e)
Based on net asset value		(2.25	)%(f)		13.05	%(b)		(17.91	)%		36.33	%		23.05	%		4.67	%
Ratios to Average Net Assets(g)
Total expenses		0.46	%(h)		0.46	%		0.46	%		0.46	%		0.47	%		0.47	%
Total expenses excluding professional fees for foreign withholding tax claims		0.46	%(h)		0.46	%		0.46	%		N/A			N/A			N/A
Net investment income		0.34	%(h)		0.62	%(b)		0.74	%		0.91	%		1.07	%		1.47	%
Supplemental Data
Net assets, end of period (000)	$	3,312,166		$	3,467,600		$	3,159,642		$	3,914,578		$	2,657,627		$	2,562,819
Portfolio turnover rate(f)(i)		36	%(f)		45	%		69	%		23	%		23	%		21	%

^(a)  Based on average shares outstanding.

^(b)  Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2023:

• Net investment income per share by $0.01.

• Total return by 0.01%.

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

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

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

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

^(f)  Not annualized.

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

^(h)  Annualized.

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

F I N A N C I A L  H I G H L I G H T S 53

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Future Cloud 5G and Tech ETF
		Six Months Ended 01/31/24 (unaudited)			Year Ended 07/31/23			Year Ended 07/31/22			Period From 06/08/21 to 07/31/21	(a)
Net asset value, beginning of period	$	25.61		$	22.47		$	26.16		$	25.07
Net investment income(b)		0.08			0.19			0.21			0.04
Net realized and unrealized gain (loss)(c)		2.13			3.12			(3.70	)		1.05
Net increase (decrease) from investment operations		2.21			3.31			(3.49	)		1.09
Distributions from net investment income(d)		(0.14	)		(0.17	)		(0.20	)		—
Net asset value, end of period	$	27.68		$	25.61		$	22.47		$	26.16
Total Return(e)
Based on net asset value		8.61	%(f)		14.84	%		(13.46	)%		4.35	%(f)
Ratios to Average Net Assets(g)
Total expenses		0.47	%(h)		0.47	%		0.47	%		0.47	%(h)
Net investment income		0.62	%(h)		0.87	%		0.80	%		1.09	%(h)
Supplemental Data
Net assets, end of period (000)	$	6,643		$	6,148		$	7,190		$	8,370
Portfolio turnover rate(i)		36	%		45	%		51	%		0	%

^(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.

54 2 0 2 4  I S H A R E S  S E M I - A N 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 Genomics Immunology and Healthcare ETF
		Six Months Ended 01/31/24 (unaudited	)		Year Ended 07/31/23			Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Period From 06/11/19 to 07/31/19	(a)
Net asset value, beginning of period	$	23.97		$	31.64		$	50.05		$	37.28		$	27.61		$	24.46
Net investment income (loss)(b)		0.00	(c)		0.10	(d)		0.14			0.08			0.17			(0.01	)
Net realized and unrealized gain (loss)(e)		(1.59	)		(7.70	)		(18.16	)		12.78			9.82			3.16
Net increase (decrease) from investment operations		(1.59	)		(7.60	)		(18.02	)		12.86			9.99			3.15
Distributions(f)
From net investment income		(0.17	)		(0.07	)		(0.39	)		(0.09	)		(0.08	)		—
From net realized gain		—			—			—			—			(0.24	)		—
Total distributions		(0.17	)		(0.07	)		(0.39	)		(0.09	)		(0.32	)		—
Net asset value, end of period	$	22.21		$	23.97		$	31.64		$	50.05		$	37.28		$	27.61
Total Return(g)
Based on net asset value		(6.59	)%(h)		(24.04	)%(d)		(36.11	)%		34.49	%		36.42	%		12.88	%(h)
Ratios to Average Net Assets(i)
Total expenses		0.47	%(j)		0.47	%		0.47	%		0.47	%		0.47	%		0.47	%(j)
Total expenses excluding professional fees for foreign withholding tax claims		N/A			0.47	%		N/A			N/A			N/A			N/A
Net investment income (loss)		0.04	%(j)		0.39	%(d)		0.35	%		0.16	%		0.54	%		(0.35	)%(j)
Supplemental Data
Net assets, end of period (000)	$	124,402		$	144,994		$	199,334		$	327,818		$	141,675		$	24,851
Portfolio turnover rate(k)		42	%		45	%		59	%		52	%		38	%		19	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  Rounds to less than $0.01.

^(d)  Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2023:

• Net investment income per share by $0.01.

• Total return by 0.03%.

• Ratio of net investment income to average net assets by 0.04%.

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

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

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

^(h)  Not annualized.

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

^(j)  Annualized.

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

F I N A N C I A L  H I G H L I G H T S 55

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Neuroscience and Healthcare ETF
		Six Months Ended 01/31/24 (unaudited	)		Period From 08/24/22 to 07/31/23	(a)
Net asset value, beginning of period	$	24.63		$	25.25
Net investment income (loss)(b)		0.02			(0.02	)
Net realized and unrealized gain (loss)(c)		0.87			(0.59	)
Net increase (decrease) from investment operations		0.89			(0.61	)
Distributions(d)
From net investment income		(0.01	)		—
Return of capital		—			(0.01	)
Total distributions		(0.01	)		(0.01	)
Net asset value, end of period	$	25.51		$	24.63
Total Return(e)
Based on net asset value		3.63	%(f)		(2.45	)%(f)
Ratios to Average Net Assets(g)
Total expenses		0.47	%(h)		0.47	%(h)
Net investment income (loss)		0.16	%(h)		(0.08	)%(h)
Supplemental Data
Net assets, end of period (000)	$	3,827		$	4,925
Portfolio turnover rate(i)		21	%		61	%

^(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.

56 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Robotics and Artificial Intelligence Multisector ETF
		Six Months Ended 01/31/24 (unaudited	)		Year Ended 07/31/23			Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19
Net asset value, beginning of period	$	34.53		$	28.37		$	43.34		$	31.43		$	24.99		$	23.63
Net investment income(a)		0.05			0.30			0.11			0.17			0.11			0.24
Net realized and unrealized gain (loss)(b)		(2.02	)		6.07			(14.03	)		12.00			6.44			1.30
Net increase (decrease) from investment operations		(1.97	)		6.37			(13.92	)		12.17			6.55			1.54
Distributions from net investment income(c)		(0.15	)		(0.21	)		(1.05	)		(0.26	)		(0.11	)		(0.18	)
Net asset value, end of period	$	32.41		$	34.53		$	28.37		$	43.34		$	31.43		$	24.99
Total Return(d)
Based on net asset value		(5.71	)%(e)		22.55	%(f)		(32.79	)%		38.79	%		26.27	%		6.60	%
Ratios to Average Net Assets(g)
Total expenses		0.47	%(h)		0.47	%		0.47	%		0.47	%		0.47	%		0.47	%
Total expenses excluding professional fees for foreign withholding tax claims		N/A			0.47	%		N/A			N/A			N/A			N/A
Net investment income		0.30	%(h)		1.02	%(f)		0.29	%		0.42	%		0.40	%		1.02	%
Supplemental Data
Net assets, end of period (000)	$	589,822		$	511,020		$	261,007		$	433,445		$	157,172		$	44,978
Portfolio turnover rate(i)		24	%		35	%		58	%		42	%		34	%		35	%

^(a)  Based on average shares outstanding.

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

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

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

^(e)  Not annualized.

^(f)  Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2023:

• Total return by 0.01%.

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

^(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.

F I N A N C I A L  H I G H L I G H T S 57

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Self-Driving EV and Tech ETF
		Six Months Ended 01/31/24 (unaudited)			Year Ended 07/31/23			Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Period From 04/16/19 to 07/31/19	(a)
Net asset value, beginning of period	$	45.76		$	40.90		$	49.91		$	29.69		$	24.08		$	25.39
Net investment income(b)		0.15			0.95	(c)		0.54			0.50			0.37			0.17
Net realized and unrealized gain (loss)(d)		(15.56	)		4.68			(8.71	)		20.04			5.59			(1.30	)
Net increase (decrease) from investment operations		(15.41	)		5.63			(8.17	)		20.54			5.96			(1.13	)
Distributions from net investment income(e)		(0.34	)		(0.77	)		(0.84	)		(0.32	)		(0.35	)		(0.18	)
Net asset value, end of period	$	30.01		$	45.76		$	40.90		$	49.91		$	29.69		$	24.08
Total Return(f)
Based on net asset value		(33.78	)%(g)		14.17	%		(16.54	)%		69.28	%		24.91	%(h)		(4.40	)%(g)
Ratios to Average Net Assets(i)
Total expenses		0.47	%(j)		0.47	%		0.47	%		0.47	%		0.47	%		0.47	%(j)
Net investment income		0.86	%(j)		2.48	%(c)		1.16	%		1.10	%		1.44	%		2.43	%(j)
Supplemental Data
Net assets, end of period (000)	$	276,089		$	494,207		$	466,295		$	429,185		$	32,660		$	26,493
Portfolio turnover rate(k)		24	%		85	%		41	%		24	%		19	%		2	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  Includes a special distribution from Volkswagen AG. Excluding such special distribution, the net investment income would have been $0.72 per share and 1.89% of average net assets.

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

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

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

^(g)  Not annualized.

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

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

^(j)  Annualized.

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

58 2 0 2 4  I S H A R E S  S E M I - A N 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 Virtual Work and Life Multisector ETF
		Six Months Ended 01/31/24 (unaudited)			Year Ended 07/31/23			Year Ended 07/31/22			Period From 09/29/20 to 07/31/21	(a)
Net asset value, beginning of period	$	16.48		$	14.68		$	28.22		$	25.22
Net investment loss(b)		(0.02	)		(0.00	)		(0.02	)		(0.04	)
Net realized and unrealized gain (loss)(c)		(1.37	)		1.85			(13.50	)		3.09
Net increase (decrease) from investment operations		(1.39	)		1.85			(13.52	)		3.05
Distributions from net investment income(d)		(0.26	)(e)		(0.05	)		(0.02	)		(0.05	)
Net asset value, end of period	$	14.83		$	16.48		$	14.68		$	28.22
Total Return(f)
Based on net asset value		(8.48	)%(g)		12.58	%		(47.89	)%		12.11	%(g)
Ratios to Average Net Assets(h)
Total expenses		0.48	%(i)		0.47	%		0.47	%		0.47	%(i)
Net investment loss		(0.21	)%(i)		(0.03	)%		(0.08	)%		(0.16	)%(i)
Supplemental Data
Net assets, end of period (000)	$	2,966		$	3,295		$	4,405		$	8,466
Portfolio turnover rate(j)		34	%		47	%		46	%		27	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

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

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

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

^(g)  Not annualized.

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

⁽ⁱ⁾  Annualized.

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

F I N A N C I A L  H I G H L I G H T S 59

Notes to Financial Statements (unaudited)

1. ORGANIZATION

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

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of January 31, 2024, 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: Certain Funds had outstanding cash disbursements exceeding deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

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.

60 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

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

The portion of distributions that exceeds each Fund’s current and accumulated earning and profits will constitute a non-taxable return of capital. Distributions in excess of each Fund’s minimum distribution requirements, but not in excess of the Fund’s earnings and profits, will be taxable to the Fund’s shareholders and will not constitute non-taxable returns of capital. Return of capital distributions will reduce a shareholder’s cost basis and will result in higher capital gains or lower capital losses when each Fund’s shares on which distributions were received are sold. Once a shareholder’s cost basis is reduced to zero, further distributions will be treated as capital gains.

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

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

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

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

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

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

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

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 61

Notes to Financial Statements (unaudited) (continued)

4. SECURITIES AND OTHER INVESTMENTS

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

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

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

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

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
Breakthrough Environmental Solutions
BofA Securities, Inc.	$	126	$	(126	)	$	—		$	—
Citigroup Global Markets, Inc.		39,931		(39,931	)		—			—
J.P. Morgan Securities LLC		216,609		(215,593	)		—			1,016	(b)
Toronto-Dominion Bank		890		(800	)		—			90	(b)
	$	257,556	$	(256,450	)	$	—		$	1,106
Cybersecurity and Tech
Barclays Capital, Inc.	$	569,976	$	(569,976	)	$	—		$	—
BNP Paribas SA		165,531		(165,531	)		—			—
BofA Securities, Inc.		4,606,807		(4,606,807	)		—			—
Citigroup Global Markets, Inc.		9,148,328		(9,148,328	)		—			—
Goldman Sachs & Co. LLC		16,177,795		(16,177,795	)		—			—
J.P. Morgan Securities LLC		3,108,783		(3,108,783	)		—			—
RBC Capital Markets LLC		5,694,017		(5,694,017	)		—			—
Scotia Capital (USA), Inc.		5,498,978		(5,498,978	)		—			—
State Street Bank & Trust Co.		183,806		(165,520	)		—			18,286	(b)
UBS AG		595,973		(595,973	)		—			—
Virtu Americas LLC		83,837		(83,837	)		—			—
	$	45,833,831	$	(45,815,545	)	$	—		$	18,286

62 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
Exponential Technologies
Barclays Bank PLC	$	11,000,490	$	(11,000,490	)	$	—		$	—
Barclays Capital, Inc.		1,932,499		(1,932,499	)		—			—
BNP Paribas SA		14,835,845		(14,835,845	)		—			—
BofA Securities, Inc.		24,712,465		(24,712,465	)		—			—
Citigroup Global Markets, Inc.		22,582,825		(22,582,825	)		—			—
Goldman Sachs & Co. LLC		45,922,135		(45,922,135	)		—			—
HSBC Bank PLC		5,540,456		(5,540,456	)		—			—
J.P. Morgan Securities LLC		19,645,831		(19,645,831	)		—			—
Jefferies LLC		3,740,993		(3,740,993	)		—			—
Macquarie Bank Ltd.		2,749,152		(2,749,152	)		—			—
Morgan Stanley		22,492,703		(22,492,703	)		—			—
Scotia Capital (USA), Inc.		886,608		(886,608	)		—			—
State Street Bank & Trust Co.		423,489		(423,489	)		—			—
UBS AG		15,948,508		(15,948,508	)		—			—
Wells Fargo Bank N.A.		338,755		(338,755	)		—			—
	$	192,752,754	$	(192,752,754	)	$	—		$	—
Future Cloud 5G and Tech
J.P. Morgan Securities LLC	$	71,552	$	(71,552	)	$	—		$	—
Genomics Immunology and Healthcare
Barclays Capital, Inc.	$	1,001,705	$	(1,001,705	)	$	—		$	—
BNP Paribas SA		3,294,654		(3,294,654	)		—			—
Citigroup Global Markets, Inc.		116,800		(116,800	)		—			—
Goldman Sachs & Co. LLC		5,499,884		(5,499,884	)		—			—
J.P. Morgan Securities LLC		10,099,067		(10,099,067	)		—			—
Jefferies LLC		223,186		(223,186	)		—			—
National Financial Services LLC		1,033,676		(1,033,676	)		—			—
UBS AG		1,964,380		(1,964,380	)		—			—
Wells Fargo Securities LLC		395,241		(395,241	)		—			—
	$	23,628,593	$	(23,628,593	)	$	—		$	—
Neuroscience and Healthcare
Barclays Capital, Inc.	$	77,814	$	(77,814	)	$	—		$	—
BofA Securities, Inc.		45,908		(45,908	)		—			—
Goldman Sachs & Co. LLC		88,888		(88,888	)		—			—
HSBC Bank PLC		182,769		(182,769	)		—			—
J.P. Morgan Securities LLC		27,862		(27,862	)		—			—
Wells Fargo Bank N.A.		42,694		(42,694	)		—			—
	$	465,935	$	(465,935	)	$	—		$	—
Robotics and Artificial Intelligence Multisector
Barclays Capital, Inc.	$	5,380,737	$	(5,380,737	)	$	—		$	—
BMO Capital Markets Corp.		321,368		(321,368	)		—			—
BNP Paribas SA		8,460,162		(8,460,162	)		—			—
BofA Securities, Inc.		6,191,113		(6,191,113	)		—			—
Citadel Clearing LLC		722,670		(722,670	)		—			—
Citigroup Global Markets, Inc.		1,106,723		(1,106,723	)		—			—
Goldman Sachs & Co. LLC		6,192,707		(6,192,707	)		—			—
HSBC Bank PLC		2,625,231		(2,625,231	)		—			—
J.P. Morgan Securities LLC		10,953,565		(10,953,565	)		—			—
Jefferies LLC		1,348,960		(1,348,960	)		—			—
Morgan Stanley		7,570,218		(7,570,218	)		—			—
National Financial Services LLC		464,724		(464,724	)		—			—
Scotia Capital (USA), Inc.		426,892		(426,892	)		—			—
Toronto-Dominion Bank		588,474		(588,474	)		—			—
UBS AG		7,295,022		(7,295,022	)		—			—
UBS Securities LLC		2,120,100		(2,120,100	)		—			—
Wells Fargo Bank N.A.		2,421,988		(2,421,988	)		—			—
	$	64,190,654	$	(64,190,654	)	$	—		$	—

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 63

Notes to Financial Statements (unaudited) (continued)

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
Self-Driving EV and Tech
Barclays Capital, Inc.	$	3,140,249	$	(3,140,249	)	$	—		$	—
BNP Paribas SA		4,906,811		(4,906,811	)		—			—
Citigroup Global Markets, Inc.		3,954,655		(3,954,655	)		—			—
Goldman Sachs & Co. LLC		14,810,435		(14,810,435	)		—			—
HSBC Bank PLC		1,743,745		(1,743,745	)		—			—
J.P. Morgan Securities LLC		3,061,615		(3,061,615	)		—			—
Macquarie Bank Ltd.		233,639		(233,639	)		—			—
National Financial Services LLC		472,164		(472,164	)		—			—
UBS AG		2,331,896		(2,331,896	)		—			—
Virtu Americas LLC		434,026		(434,026	)		—			—
Wells Fargo Bank N.A.		736,196		(736,196	)		—			—
Wells Fargo Securities LLC		58,136		(58,136	)		—			—
	$	35,883,567	$	(35,883,567	)	$	—		$	—
Virtual Work and Life Multisector
BofA Securities, Inc.	$	39,665	$	(39,665	)	$	—		$	—
Goldman Sachs & Co. LLC		81,097		(81,097	)		—			—
HSBC Bank PLC		61,895		(61,895	)		—			—
J.P. Morgan Securities LLC		35,075		(35,075	)		—			—
Toronto-Dominion Bank		61,568		(61,568	)		—			—
	$	279,300	$	(279,300	)	$	—		$	—

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

^(b)  The market value of the loaned securities is determined as of January 31, 2024. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

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

5. DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

64 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

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
Breakthrough Environmental Solutions		0.47	%
Cybersecurity and Tech		0.47
Future Cloud 5G and Tech		0.47
Genomics Immunology and Healthcare		0.47
Neuroscience and Healthcare		0.47
Robotics and Artificial Intelligence Multisector		0.47
Self-Driving EV and Tech		0.47
Virtual Work and Life Multisector		0.47

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

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

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

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

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

Pursuant to the current securities lending agreement, each of iShares Cybersecurity and Tech ETF, iShares Future Cloud 5G and Tech ETF, iShares Genomics Immunology and Healthcare ETF, iShares Neuroscience and Healthcare ETF and iShares Virtual Work and Life Multisector ETF (the “Group 1 Funds”), retains 81% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

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

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

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

Notes to Financial Statements (unaudited) (continued)

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended January 31, 2024, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
Breakthrough Environmental Solutions	$	124
Cybersecurity and Tech		18,300
Exponential Technologies		215,603
Future Cloud 5G and Tech		110
Genomics Immunology and Healthcare		44,576
Neuroscience and Healthcare		3,184
Robotics and Artificial Intelligence Multisector		153,677
Self-Driving EV and Tech		334,524
Virtual Work and Life Multisector		245

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

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

For the six months ended January 31, 2024, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Cybersecurity and Tech	$	9,785,117	$	24,408,335	$	3,350,316
Exponential Technologies		112,319,705		302,218,057		49,774,510
Future Cloud 5G and Tech		844,602		555,141		44,241
Genomics Immunology and Healthcare		5,898,947		6,659,147		(4,693,621	)
Robotics and Artificial Intelligence Multisector		14,707,129		21,727,535		(312,550	)
Self-Driving EV and Tech		11,061,920		17,654,080		(6,314,824	)
Virtual Work and Life Multisector		213,147		281,389		(267,842	)

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

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

7. PURCHASES AND SALES

For the six months ended January 31, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Breakthrough Environmental Solutions	$	1,782,837	$	1,918,171
Cybersecurity and Tech		140,494,266		135,624,352
Exponential Technologies		1,182,904,462		1,184,729,798
Future Cloud 5G and Tech		2,178,705		2,203,101
Genomics Immunology and Healthcare		52,610,326		53,849,009
Neuroscience and Healthcare		890,985		951,951
Robotics and Artificial Intelligence Multisector		149,988,682		127,180,683
Self-Driving EV and Tech		89,219,063		97,172,142
Virtual Work and Life Multisector		1,015,175		1,070,011

For the six months ended January 31, 2024, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Cybersecurity and Tech	$	66,953,852	$	17,705,380
Exponential Technologies		14,500,050		81,534,835
Genomics Immunology and Healthcare		4,292,216		13,277,175
Neuroscience and Healthcare		—		1,085,774
Robotics and Artificial Intelligence Multisector		86,786,258		—
Self-Driving EV and Tech		—		47,085,266

66 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

8. INCOME TAX INFORMATION

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

Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 2024, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of July 31, 2023, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains and qualified late-year losses as follows:

iShares ETF	Non-Expiring Capital Loss Carryforwards			Qualified Late-Year Ordinary Losses
Cybersecurity and Tech	$	(46,277,332	)	$	(19,340	)
Exponential Technologies		(34,675,999	)		—
Future Cloud 5G and Tech		(613,248	)		—
Genomics Immunology and Healthcare		(74,880,768	)		—
Neuroscience and Healthcare		(59,252	)		—
Robotics and Artificial Intelligence Multisector		(62,816,894	)		—
Self-Driving EV and Tech		(88,412,872	)		—
Virtual Work and Life Multisector		(1,676,647	)		—

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

As of January 31, 2024, 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)
Breakthrough Environmental Solutions	$	4,243,070	$	90,943	$	(878,112	)	$	(787,169	)
Cybersecurity and Tech		728,383,889		160,243,158		(60,196,975	)		100,046,183
Exponential Technologies		3,141,871,605		671,199,724		(303,579,313	)		367,620,411
Future Cloud 5G and Tech		6,522,591		946,335		(769,851	)		176,484
Genomics Immunology and Healthcare		165,173,490		11,072,712		(26,606,376	)		(15,533,664	)
Neuroscience and Healthcare		4,231,199		633,759		(560,946	)		72,813
Robotics and Artificial Intelligence Multisector		649,228,701		92,621,878		(83,988,319	)		8,633,559
Self-Driving EV and Tech		394,189,945		12,578,369		(92,148,413	)		(79,570,044	)
Virtual Work and Life Multisector		4,290,893		297,759		(1,335,320	)		(1,037,561	)

9. LINE OF CREDIT

The iShares Breakthrough Environmental Solutions ETF, iShares Cybersecurity and Tech ETF, iShares Exponential Technologies ETF, iShares Future Cloud 5G and Tech ETF, iShares Genomics Immunology and Healthcare ETF, iShares Robotics and Artificial Intelligence Multisector ETF, iShares Self-Driving EV and Tech ETF and iShares Virtual Work and Life Multisector ETF, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on October 16, 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 six months ended January 31, 2024, the iShares Breakthrough Environmental Solutions ETF, iShares Cybersecurity and Tech ETF, iShares Future Cloud 5G and Tech ETF, iShares Genomics Immunology and Healthcare ETF, iShares Robotics and Artificial Intelligence Multisector ETF and iShares Self-Driving EV and Tech ETF did not borrow under the Syndicated Credit Agreement.

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

Notes to Financial Statements (unaudited) (continued)

For the six months ended January 31, 2024, 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
Exponential Technologies	$	35,500,000	$	964,674		6.42	%
Virtual Work and Life Multisector		100,000		2,717		6.42

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 an indexing approach to try to achieve each Fund’s investment objective. The Fund is not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

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.

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 may significantly impact the resulting fair value and therefore each Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by each Fund, and each Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. Each Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

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 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.”

68 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

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 disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but have been, and may continue to be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

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

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

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

11. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

	Six Months Ended 01/31/24				Period Ended 07/31/23
iShares ETF	Shares		Amount		Shares		Amount
Breakthrough Environmental Solutions(a)
Shares sold		—	$	—		160,000	$	4,025,360

	Six Months Ended 01/31/24						Year Ended 07/31/23
iShares ETF	Shares			Amount			Shares			Amount
Cybersecurity and Tech
Shares sold		1,800,000		$	73,340,432			2,500,000		$	89,024,383
Shares redeemed		(500,000	)		(19,052,277	)		(1,550,000	)		(53,950,714	)
		1,300,000		$	54,288,155			950,000		$	35,073,669
Exponential Technologies
Shares sold		400,000		$	21,959,065			1,750,000		$	85,761,417
Shares redeemed		(1,650,000	)		(90,536,952	)		(3,200,000	)		(165,945,583	)
		(1,250,000	)	$	(68,577,887	)		(1,450,000	)	$	(80,184,166	)
Future Cloud 5G and Tech
Shares redeemed		—		$	—			(80,000	)	$	(1,935,326	)

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 69

Notes to Financial Statements (unaudited) (continued)

	Six Months Ended 01/31/24						Year Ended 07/31/23
iShares ETF	Shares			Amount			Shares			Amount
Genomics Immunology and Healthcare
Shares sold		200,000		$	4,449,049			450,000		$	13,403,128
Shares redeemed		(650,000	)		(13,840,913	)		(700,000	)		(18,428,112	)
		(450,000	)	$	(9,391,864	)		(250,000	)	$	(5,024,984	)

	Six Months Ended 01/31/24						Period Ended 07/31/23
iShares ETF	Shares			Amount			Shares		Amount
Neuroscience and Healthcare(b)
Shares sold		—		$	177			200,000	$	5,050,047
Shares redeemed		(50,000	)		(1,143,415	)		—		—
		(50,000	)	$	(1,143,238	)		200,000	$	5,050,047

	Six Months Ended 01/31/24						Year Ended 07/31/23
iShares ETF	Shares			Amount			Shares			Amount
Robotics and Artificial Intelligence Multisector
Shares sold		3,400,000		$	111,353,349			6,200,000		$	197,528,251
Shares redeemed		—			—			(600,000	)		(15,267,741	)
		3,400,000		$	111,353,349			5,600,000		$	182,260,510
Self-Driving EV and Tech
Shares sold		—		$	39,231			400,000		$	15,998,969
Shares redeemed		(1,600,000	)		(54,212,572	)		(1,000,000	)		(36,838,450	)
		(1,600,000	)	$	(54,173,341	)		(600,000	)	$	(20,839,481	)
Virtual Work and Life Multisector
Shares redeemed		—		$	—			(100,000	)	$	(1,240,169	)

^(a)  The Fund commenced operations on March 28, 2023.

^(b)  The Fund commenced operations on August 24, 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. Authorized Participants 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. Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

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

12. SUBSEQUENT EVENTS

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

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Statement Regarding Liquidity Risk Management Program (unaudited)

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

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 8, 2023 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2022 through September 30, 2023 (the “Program Reporting Period”).

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

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

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

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

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

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

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review. There were no ETFs for which the custom baskets accepted by the ETF had a significant change in its liquidity profile.

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

S T A T E M E N T  R E G A R D I N G  L I Q U I D I T Y  R I S K  M A N A G E M E N T  P R O G R A M 71

Supplemental Information (unaudited)

Section 19(a) Notices

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

January 31, 2024

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Breakthrough Environmental Solutions	$	0.058225	$	0.816214	$	—	$	0.874439		7	%		93	%		—	%		100	%
Virtual Work and Life Multisector(a)		0.246656		—		0.008654		0.255310		97			—			3			100
(a) The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

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.

72 2 0 2 4  I S H A R E S  S E M I - A N 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 73

Glossary of Terms Used in this Report

Portfolio Abbreviation

ADR	American Depositary Receipt
NVS	Non-Voting Shares
S&P	Standard & Poor’s

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Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

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

^©2024 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-701-0124

JANUARY 31, 2024

2024 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares MSCI ACWI ETF | ACWI | NASDAQ

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

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

· iShares MSCI Europe Financials ETF | EUFN | NASDAQ

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

· iShares MSCI Kokusai ETF | TOK | NYSE Arca

The Markets in Review

Dear Shareholder,

The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended January 31, 2024. Significantly tighter monetary policy helped to rein in inflation, and the Consumer Price Index decelerated substantially in the first half of the period before stalling between 3% and 4% in the second half. A moderating labor market helped ease inflationary pressure, although wages continued to grow. Wage and job growth powered robust consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were robust during the period, as interest rates stabilized and the economy proved to be more resilient than many investors expected. The U.S. economy continued to show strength, and growth further accelerated in the second half of 2023. Large-capitalization U.S. stocks posted particularly substantial gains, supported by the performance of a few notable technology companies, while small-capitalization U.S. stocks advanced at a significantly slower pace. Meanwhile, international developed market equities also gained, while emerging market stocks declined overall.

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. However, shorter-duration U.S. Treasuries gained, as higher yields boosted returns. The corporate bond market benefited from improving economic sentiment, 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”), attempting to manage persistent inflation, raised interest rates four times during the 12-month period, but paused its tightening in the second half of the period. The Fed also wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity.

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 stopped tightening for now, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period despite the market’s hopes for interest rate cuts, as reflected in the recent rally. In this new regime, we anticipate greater volatility and dispersion of returns, creating more opportunities for selective portfolio management.

Looking at developed market stocks, we have an overweight stance on U.S. stocks overall, particularly given the promise of emerging AI technologies. We are also overweight Japanese stocks as shareholder-friendly policies generate increased investor interest, although we maintain an underweight stance on European stocks. In credit, there are selective opportunities in the near term despite tighter 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 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 January 31, 2024
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	6.43%	20.82%
U.S. small cap equities (Russell 2000® Index)	(2.02)	2.40
International equities (MSCI Europe, Australasia, Far East Index)	3.15	10.01
Emerging market equities (MSCI Emerging Markets Index)	(6.00)	(2.94)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	2.73	5.13
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	1.74	(0.38)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	3.15	2.10
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	2.70	2.90
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	6.18	9.28
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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

Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		10
Disclosure of Expenses		10
Schedules of Investments		11
Financial Statements:
Statements of Assets and Liabilities		86
Statements of Operations		88
Statements of Changes in Net Assets		90
Financial Highlights		93
Notes to Financial Statements		99
Statement Regarding Liquidity Risk Management Program		111
Supplemental Information		112
General Information		113
Glossary of Terms Used in this Report		114

3

Fund Summary as of January31,  2024 iShares^® MSCI ACWI ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		3.83	%		14.21	%		10.14	%		8.58	%		14.21	%		62.06	%		127.74	%
Fund Market		3.67			14.07			10.13			8.59			14.07			61.97			128.06
Index		4.08			14.70			10.16			8.43			14.70			62.25			124.64

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (08/01/23)	Ending Account Value (01/31/24)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/23)	Ending Account Value (01/31/24)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$   1,000.00	$  1,038.30	$  1.69			$  1,000.00	$  1,023.50	$  1.68		0.33	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of Total Investments	(a)
Information Technology	23.6	%
Financials	16.0
Health Care	11.4
Consumer Discretionary	10.7
Industrials	10.5
Communication Services	7.5
Consumer Staples	6.7
Energy	4.5
Materials	4.2
Utilities	2.6
Real Estate	2.3

GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	(a)
United States	63.2	%
Japan	5.5
United Kingdom	3.4
Canada	2.9
France	2.8
China	2.5
Switzerland	2.5
Germany	2.0
India	1.8
Australia	1.8

^(a)  Excludes money market funds.

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

Fund Summary as of January31, 2024 iShares^® MSCI ACWI Low Carbon Target ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		4.11	%		14.33	%		10.34	%		8.34	%		14.33	%		63.56	%		108.18	%
Fund Market		4.06			14.37			10.24			8.33			14.37			62.83			107.92
Index		4.31			14.64			10.22			8.12			14.64			62.69			104.21

The inception date of the Fund was December 8, 2014. The first day of secondary market trading was December 9, 2014.

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (08/01/23)	Ending Account Value (01/31/24)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/23)	Ending Account Value (01/31/24)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$   1,000.00	$  1,041.10	$  1.03			$  1,000.00	$  1,024.10	$  1.02		0.20	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of Total Investments	(a)
Information Technology	24.0	%
Financials	17.9
Health Care	11.7
Industrials	10.2
Consumer Discretionary	10.0
Communication Services	8.7
Consumer Staples	6.3
Materials	3.1
Energy	3.1
Real Estate	2.8
Utilities	2.2

GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	(a)
United States	62.2	%
Japan	5.8
Canada	3.7
United Kingdom	3.2
China	3.0
France	2.4
Switzerland	2.3
India	1.7
Australia	1.7
Taiwan	1.6

^(a)  Excludes money market funds.

F U N D  S U M M A R Y 5

Fund Summary as of January31, 2024 iShares^® MSCI All Country Asia ex Japan ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(9.35	)%		(8.92	)%		0.22	%		3.00	%		(8.92	)%		1.10	%		34.37	%
Fund Market		(9.06	)		(8.99	)		0.04			3.15			(8.99	)		0.18			36.42
Index		(8.35	)		(7.40	)		1.09			3.81			(7.40	)		5.59			45.29

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (08/01/23)	Ending Account Value (01/31/24)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/23)	Ending Account Value (01/31/24)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$   1,000.00	$  906.50	$  3.45			$  1,000.00	$  1,021.50	$  3.66		0.72	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of Total Investments	(a)
Information Technology	25.8	%
Financials	21.0
Consumer Discretionary	13.3
Communication Services	9.0
Industrials	7.6
Materials	4.8
Consumer Staples	4.7
Energy	4.2
Health Care	3.8
Real Estate	3.0
Utilities	2.8

GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	(a)
China	29.3	%
India	21.0
Taiwan	19.5
South Korea	14.3
Hong Kong	5.5
Singapore	3.7
Indonesia	2.3
Thailand	2.0
Malaysia	1.6
Philippines	0.8

^(a) Excludes money market funds.

6 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Fund Summary as of January31, 2024 iShares^® MSCI Europe Financials ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		4.06	%		9.65	%		6.97	%		2.36	%		9.65	%		40.08	%		26.28	%
Fund Market		4.14			9.41			6.94			2.37			9.41			39.85			26.45
Index		5.01			11.07			7.16			2.56			11.07			41.31			28.72

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (08/01/23)	Ending Account Value (01/31/24)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/23)	Ending Account Value (01/31/24)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$  1,000.00	$  1,040.60	$  2.46			$  1,000.00	$  1,022.70	$  2.44		0.48	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

INDUSTRY ALLOCATION
Industry	Percent of Total Investments	(a)
Banks	46.0	%
Insurance	29.7
Capital Markets	16.9
Financial Services	7.4

GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	(a)
United Kingdom	22.9	%
Switzerland	15.3
Germany	13.8
France	10.6
Italy	8.0
Spain	7.4
Netherlands	6.6
Sweden	6.3
Finland	3.1
Belgium	1.8

^(a)  Excludes money market funds.

F U N D  S U M M A R Y 7

Fund Summary as of January31, 2024 iShares^® MSCI Europe Small-Cap ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		0.06	%		2.71	%		4.86	%		4.88	%		2.71	%		26.76	%		61.03	%
Fund Market		0.25			2.72			4.94			4.76			2.72			27.27			59.25
Index		0.81			4.04			5.07			4.99			4.04			28.06			62.80

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (08/01/23)	Ending Account Value (01/31/24)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/23)	Ending Account Value (01/31/24)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$   1,000.00	$  1,000.60	$  2.06			$  1,000.00	$  1,023.10	$  2.09		0.41	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of Total Investments	(a)
Industrials	25.0	%
Financials	15.0
Consumer Discretionary	10.9
Real Estate	9.4
Information Technology	8.8
Materials	7.3
Health Care	7.2
Communication Services	5.2
Consumer Staples	4.8
Energy	4.0
Utilities	2.4

GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	(a)
United Kingdom	30.2	%
Sweden	11.6
Germany	9.1
Switzerland	9.0
France	7.9
Italy	6.4
Norway	5.0
Denmark	4.3
Spain	3.9
Netherlands	3.7

^(a)  Excludes money market funds.

8 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Fund Summary as of January31, 2024 iShares^® MSCI Kokusai ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		5.43	%		17.12	%		12.07	%		9.68	%		17.12	%		76.75	%		151.91	%
Fund Market		5.69			16.97			12.10			9.60			16.97			77.06			150.07
Index		5.13			16.89			11.78			9.42			16.89			74.54			146.09

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (08/01/23)	Ending Account Value (01/31/24)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/23)	Ending Account Value (01/31/24)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$   1,000.00	$  1,054.30	$  1.65			$  1,000.00	$  1,023.50	$  1.63		0.32	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of Total Investments	(a)
Information Technology	24.3	%
Financials	15.3
Health Care	12.6
Industrials	10.2
Consumer Discretionary	10.0
Communication Services	7.4
Consumer Staples	6.9
Energy	4.6
Materials	3.8
Utilities	2.6
Real Estate	2.3

GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	(a)
United States	74.8	%
United Kingdom	4.0
Canada	3.4
France	3.3
Switzerland	2.9
Germany	2.4
Australia	2.1
Netherlands	1.4
Denmark	1.0
Sweden	0.9

^(a)  Excludes money market funds.

F U N D  S U M M A R Y 9

About Fund Performance  

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

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

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

Disclosure of Expenses

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

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

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

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

10 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited)  January 31, 2024 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 1.8%
Ampol Ltd.		80,884	$	1,913,107
ANZ Group Holdings Ltd.		791,308		13,962,139
APA Group		333,417		1,844,160
Aristocrat Leisure Ltd.		165,141		4,761,116
ASX Ltd.		58,046		2,481,603
Aurizon Holdings Ltd.		553,582		1,364,597
BHP Group Ltd.		1,392,125		42,590,683
BlueScope Steel Ltd.		127,269		1,943,182
Brambles Ltd.		403,004		3,842,549
CAR Group Ltd.		83,373		1,790,128
Cochlear Ltd.		19,614		3,892,377
Coles Group Ltd.		368,054		3,819,434
Commonwealth Bank of Australia		459,869		35,067,031
Computershare Ltd.		167,279		2,770,683
CSL Ltd.		133,155		26,148,650
Dexus		338,698		1,714,037
Endeavour Group Ltd./Australia		343,516		1,257,178
Fortescue Ltd.		442,673		8,555,429
Goodman Group		464,713		7,713,850
GPT Group (The)		680,652		2,057,185
IDP Education Ltd.		57,404		735,102
IGO Ltd.		173,809		844,923
Insurance Australia Group Ltd.		595,497		2,337,579
James Hardie Industries PLC(a)		115,718		4,347,576
Lottery Corp. Ltd. (The)		571,565		1,876,096
Macquarie Group Ltd.		100,005		12,339,559
Medibank Pvt Ltd.		882,773		2,210,146
Mineral Resources Ltd.		47,173		1,819,406
Mirvac Group		1,371,591		1,927,634
National Australia Bank Ltd.		857,576		18,086,618
Northern Star Resources Ltd.		350,139		3,003,424
Orica Ltd.		144,330		1,522,234
Origin Energy Ltd.		481,531		2,687,521
Pilbara Minerals Ltd.(b)		796,176		1,813,422
Qantas Airways Ltd.(a)		246,841		889,951
QBE Insurance Group Ltd.		425,547		4,381,680
Ramsay Health Care Ltd.		54,282		1,809,683
REA Group Ltd.		13,321		1,588,751
Reece Ltd.		71,159		1,048,196
Rio Tinto Ltd.		93,200		8,019,613
Santos Ltd.		935,987		4,730,422
Scentre Group		1,462,842		2,908,199
SEEK Ltd.		120,035		1,978,810
Sonic Healthcare Ltd.		121,161		2,526,231
South32 Ltd.		1,358,737		2,941,960
Stockland		721,287		2,130,040
Suncorp Group Ltd.		327,630		3,015,682
Telstra Corp. Ltd.		1,047,600		2,762,870
Transurban Group		821,889		7,220,484
Treasury Wine Estates Ltd.		243,638		1,708,419
Vicinity Ltd.		1,184,054		1,571,721
Washington H Soul Pattinson & Co. Ltd.		67,452		1,507,764
Wesfarmers Ltd.		312,617		11,834,723
Westpac Banking Corp.		939,639		14,740,699
WiseTech Global Ltd.		44,696		2,104,337
Woodside Energy Group Ltd.		510,060		10,668,524
Woolworths Group Ltd.		327,316		7,687,001
Xero Ltd.(a)		40,207		2,877,962
				327,694,080

Security	Shares		Value
Austria — 0.0%
Erste Group Bank AG		83,061	$	3,578,135
OMV AG		42,589		1,895,696
Verbund AG		20,185		1,641,410
voestalpine AG		36,432		1,083,915
				8,199,156
Belgium — 0.2%
Ageas SA/NV		49,954		2,146,623
Anheuser-Busch InBev SA/NV		241,110		14,914,484
Argenx SE(a)		16,282		6,148,604
D’ieteren Group		5,975		1,207,025
Elia Group SA/NV		9,522		1,146,499
Groupe Bruxelles Lambert NV		33,081		2,507,860
KBC Group NV		63,598		4,148,599
Lotus Bakeries NV		111		946,466
Sofina SA		3,752		897,340
Syensqo SA(a)		18,133		1,616,502
UCB SA		34,145		3,211,873
Umicore SA		56,606		1,287,586
Warehouses De Pauw CVA		61,998		1,813,885
				41,993,346
Brazil — 0.4%
Ambev SA		1,246,006		3,289,552
Atacadao SA		94,443		198,440
B3 SA - Brasil, Bolsa, Balcao		1,642,357		4,339,265
Banco Bradesco SA		90,907		251,011
Banco BTG Pactual SA		428,261		3,113,588
Banco do Brasil SA		223,561		2,547,234
Banco Santander Brasil SA		29,400		170,013
BB Seguridade Participacoes SA		187,167		1,293,894
CCR SA		373,788		989,847
Centrais Eletricas Brasileiras SA		353,362		2,910,686
Cia. de Saneamento Basico do Estado de Sao Paulo		110,000		1,750,888
Cia. Siderurgica Nacional SA		191,583		685,606
Cosan SA		360,842		1,330,652
Energisa SA		20,142		205,754
Eneva SA(a)		203,111		523,110
Engie Brasil Energia SA		54,547		446,778
Equatorial Energia SA		351,179		2,511,358
Hapvida Participacoes e Investimentos SA(a)(c)		1,434,118		1,123,118
Hypera SA		171,610		1,099,061
JBS SA		269,725		1,275,565
Klabin SA		207,958		893,635
Localiza Rent a Car SA		211,348		2,308,686
Lojas Renner SA		277,063		897,558
Magazine Luiza SA(a)		796,400		337,567
Natura & Co. Holding SA(a)		279,435		902,422
Petroleo Brasileiro SA		1,010,402		8,598,125
PRIO SA		189,140		1,677,079
Raia Drogasil SA		367,397		1,876,139
Rede D’Or Sao Luiz SA(c)		161,013		882,348
Rumo SA		391,525		1,822,333
Sendas Distribuidora SA		387,574		1,068,598
Suzano SA		196,780		2,050,255
Telefonica Brasil SA		140,984		1,461,517
Tim SA		335,031		1,172,581
TOTVS SA		186,747		1,188,088
Ultrapar Participacoes SA		234,821		1,335,158
Vale SA		909,851		12,443,788
Vibra Energia SA		297,895		1,428,025

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Brazil (continued)
WEG SA		517,752	$	3,379,642
				75,778,964
Canada — 2.9%
Agnico Eagle Mines Ltd.		130,642		6,421,082
Air Canada(a)		52,213		707,591
Algonquin Power & Utilities Corp.		166,383		986,331
Alimentation Couche-Tard Inc.		223,180		13,077,556
AltaGas Ltd.		71,908		1,494,908
ARC Resources Ltd.		159,379		2,475,238
Bank of Montreal		195,266		18,393,013
Bank of Nova Scotia (The)		328,254		15,350,016
Barrick Gold Corp.		452,981		7,075,459
BCE Inc.		24,315		981,136
Brookfield Asset Management Ltd.		92,743		3,729,173
Brookfield Corp., Class A		370,601		14,708,817
Brookfield Renewable Corp., Class A		31,687		885,242
BRP Inc.		8,679		547,678
CAE Inc.(a)		86,823		1,738,462
Cameco Corp.		117,347		5,602,666
Canadian Apartment Properties REIT		28,451		987,622
Canadian Imperial Bank of Commerce		252,366		11,405,228
Canadian National Railway Co.		153,551		19,048,113
Canadian Natural Resources Ltd.		304,452		19,483,841
Canadian Pacific Kansas City Ltd.		248,534		19,999,921
Canadian Tire Corp. Ltd., Class A, NVS		17,528		1,863,030
Canadian Utilities Ltd., Class A, NVS		86,971		1,982,068
CCL Industries Inc., Class B, NVS		48,894		2,092,574
Cenovus Energy Inc.		380,920		6,170,878
CGI Inc.(a)		57,416		6,429,806
Constellation Software Inc./Canada		5,801		16,033,102
Descartes Systems Group Inc. (The)(a)		16,687		1,461,113
Dollarama Inc.		84,827		6,225,505
Element Fleet Management Corp.		108,926		1,837,511
Emera Inc.		82,771		2,924,951
Empire Co. Ltd., Class A, NVS		33,415		865,914
Enbridge Inc.		583,789		20,729,731
Fairfax Financial Holdings Ltd.		5,895		6,145,015
First Quantum Minerals Ltd.		168,385		1,527,983
FirstService Corp.		9,333		1,562,060
Fortis Inc./Canada		130,952		5,253,859
Franco-Nevada Corp.		51,653		5,588,490
George Weston Ltd.		15,637		1,992,352
GFL Environmental Inc.		61,642		2,094,393
Gildan Activewear Inc.		50,736		1,675,539
Great-West Lifeco Inc.		76,657		2,558,939
Hydro One Ltd.(c)		101,612		3,015,597
iA Financial Corp. Inc.		28,638		1,946,903
Imperial Oil Ltd.		58,515		3,375,238
Intact Financial Corp.		50,796		7,943,664
Ivanhoe Mines Ltd., Class A(a)(b)		155,646		1,633,504
Keyera Corp.		58,279		1,409,672
Kinross Gold Corp.		411,969		2,270,587
Loblaw Companies Ltd.		40,839		4,081,014
Lundin Mining Corp.		179,343		1,464,678
Magna International Inc.		78,388		4,455,076
Manulife Financial Corp.		513,439		11,349,925
MEG Energy Corp.(a)		63,329		1,197,384
Metro Inc./CN		60,911		3,198,116
National Bank of Canada		97,776		7,478,379
Northland Power Inc.		58,819		1,082,362
Nutrien Ltd.		134,241		6,693,828
Onex Corp.		17,206		1,270,437

Security	Shares		Value
Canada (continued)
Open Text Corp.		83,391	$	3,636,591
Pan American Silver Corp.		95,307		1,290,184
Parkland Corp.		44,586		1,521,519
Pembina Pipeline Corp.		159,469		5,492,959
Power Corp. of Canada		175,145		5,105,383
Quebecor Inc., Class B		33,521		815,056
RB Global Inc.		48,966		3,134,378
Restaurant Brands International Inc.		79,571		6,211,444
RioCan REIT		18,716		254,614
Rogers Communications Inc., Class B, NVS		102,441		4,785,076
Royal Bank of Canada		383,209		37,398,827
Saputo Inc.		87,127		1,796,393
Shopify Inc., Class A(a)		326,889		26,169,112
Stantec Inc.		26,584		2,136,092
Sun Life Financial Inc.		156,415		8,107,822
Suncor Energy Inc.		360,237		11,928,857
TC Energy Corp.		285,797		11,274,999
Teck Resources Ltd., Class B		125,465		5,021,586
TELUS Corp.		132,681		2,376,406
TFI International Inc.		21,151		2,779,702
Thomson Reuters Corp.		43,940		6,523,756
TMX Group Ltd.		74,289		1,837,264
Toromont Industries Ltd.		18,166		1,591,155
Toronto-Dominion Bank (The)		494,697		30,050,879
Tourmaline Oil Corp.		84,109		3,636,622
Waste Connections Inc.		71,638		11,122,516
West Fraser Timber Co. Ltd.		18,937		1,505,861
Wheaton Precious Metals Corp.		126,694		5,937,736
WSP Global Inc.		31,811		4,673,279
				534,096,338
Chile — 0.0%
Banco de Chile		10,358,721		1,159,436
Banco de Credito e Inversiones SA		36,177		957,924
Banco Santander Chile		19,083,840		882,561
Cia. Sud Americana de Vapores SA		3,158,033		227,563
Empresas CMPC SA		330,050		537,778
Empresas Copec SA		135,225		859,678
Enel Americas SA		8,338,078		845,017
Enel Chile SA		7,801,320		468,935
Falabella SA(a)		174,813		414,921
				6,353,813
China — 2.5%
3SBio Inc.(c)		696,000		524,471
AAC Technologies Holdings Inc.		220,500		495,141
Agricultural Bank of China Ltd., Class A		2,889,500		1,563,647
Agricultural Bank of China Ltd., Class H		7,266,000		2,813,329
Aier Eye Hospital Group Co. Ltd., Class A		374,145		667,763
Air China Ltd., Class H(a)(b)		862,000		481,573
Akeso Inc.(a)(b)(c)		185,000		939,376
Alibaba Group Holding Ltd.		4,451,676		39,926,965
Alibaba Health Information Technology Ltd.(a)(b)		1,652,000		607,037
Aluminum Corp. of China Ltd., Class H		1,516,000		738,839
Anhui Conch Cement Co. Ltd., Class A		65,892		211,867
ANTA Sports Products Ltd.		357,400		3,016,618
Autohome Inc., ADR		19,463		490,468
AviChina Industry & Technology Co. Ltd., Class H		918,000		338,593
Baidu Inc.(a)		600,710		7,777,517
Bank of China Ltd., Class H		21,132,000		7,930,208
Bank of Communications Co. Ltd., Class A		1,812,500		1,514,783
Bank of Communications Co. Ltd., Class H		736,000		435,421
Bank of Ningbo Co. Ltd., Class A		196,315		588,477

12 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Bank of Shanghai Co. Ltd., Class A		973,951	$	867,081
BeiGene Ltd.(a)		183,934		2,084,562
Beijing Enterprises Holdings Ltd.		82,000		296,785
Beijing Enterprises Water Group Ltd.		1,340,000		326,016
Beijing Kingsoft Office Software Inc., Class A		13,600		403,761
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		939,000		648,904
Bilibili Inc.(a)(b)		55,548		501,564
BOC Aviation Ltd.(c)		70,100		525,565
Bosideng International Holdings Ltd.(b)		1,128,000		509,920
BYD Co. Ltd., Class A		77,100		1,835,992
BYD Co. Ltd., Class H		260,000		5,821,441
BYD Electronic International Co. Ltd.(b)		268,500		919,777
CGN Power Co. Ltd.		260,800		138,637
CGN Power Co. Ltd., Class H(c)		5,503,000		1,542,077
China Cinda Asset Management Co. Ltd., Class H		554,000		53,154
China CITIC Bank Corp. Ltd., Class H		2,139,000		1,060,092
China Coal Energy Co. Ltd., Class H		695,000		763,234
China Communications Services Corp. Ltd., Class H		582,000		239,649
China Construction Bank Corp., Class H		26,036,260		15,461,977
China CSSC Holdings Ltd., Class A		128,200		545,405
China Everbright Bank Co. Ltd., Class A		3,291,000		1,443,416
China Everbright Environment Group Ltd.		1,206,000		420,629
China Feihe Ltd.(c)		1,205,000		552,051
China Galaxy Securities Co. Ltd., Class A		270,500		437,789
China Gas Holdings Ltd.		788,600		718,985
China Hongqiao Group Ltd.		680,500		498,884
China International Capital Corp. Ltd., Class H(c)		828,400		984,672
China Life Insurance Co. Ltd., Class H		2,015,000		2,322,976
China Literature Ltd.(a)(c)		121,000		351,935
China Longyuan Power Group Corp. Ltd., Class H		1,059,000		638,801
China Medical System Holdings Ltd.		417,000		595,906
China Mengniu Dairy Co. Ltd.		911,000		2,018,521
China Merchants Bank Co. Ltd., Class A		627,300		2,684,307
China Merchants Bank Co. Ltd., Class H		915,288		3,336,577
China Merchants Port Holdings Co. Ltd.		444,000		548,951
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		611,322		747,304
China Minsheng Banking Corp. Ltd., Class A		2,773,200		1,524,218
China Minsheng Banking Corp. Ltd., Class H		13,500		4,490
China National Building Material Co. Ltd., Class H		1,060,000		373,909
China National Nuclear Power Co. Ltd., Class A		477,400		550,668
China Oilfield Services Ltd., Class H		670,000		643,940
China Overseas Land & Investment Ltd.		1,036,000		1,567,250
China Overseas Property Holdings Ltd.		515,000		341,337
China Pacific Insurance Group Co. Ltd., Class A		391,897		1,360,095
China Pacific Insurance Group Co. Ltd., Class H		389,000		715,749
China Petroleum & Chemical Corp., Class H		7,133,200		3,710,713
China Power International Development Ltd.		1,823,000		682,039
China Railway Group Ltd., Class H		1,507,000		689,207
China Resources Beer Holdings Co. Ltd.		474,000		1,714,145
China Resources Gas Group Ltd.		284,000		805,419
China Resources Land Ltd.		866,000		2,629,223
China Resources Mixc Lifestyle Services Ltd.(c)		182,000		525,582
China Resources Power Holdings Co. Ltd.		612,000		1,238,137
China Ruyi Holdings Ltd.(a)(b)		1,608,000		269,763
China Shenhua Energy Co. Ltd., Class A		326,200		1,689,101
China Shenhua Energy Co. Ltd., Class H		659,500		2,501,935
China Southern Airlines Co. Ltd., Class H(a)		768,000		284,133
China State Construction Engineering Corp. Ltd., Class A		2,144,977		1,537,011

Security	Shares		Value
China (continued)
China State Construction International Holdings Ltd.		686,000	$	724,623
China Taiping Insurance Holdings Co. Ltd.		662,200		549,708
China Three Gorges Renewables Group Co. Ltd., Class A		1,161,200		715,664
China Tourism Group Duty Free Corp. Ltd., Class A		81,092		901,597
China Tower Corp. Ltd., Class H(c)		11,120,000		1,237,003
China Traditional Chinese Medicine Holdings Co. Ltd.		1,174,000		448,872
China United Network Communications Ltd., Class A		605,800		380,758
China Vanke Co. Ltd., Class A		643,696		861,528
China Yangtze Power Co. Ltd., Class A		738,510		2,508,186
Chinasoft International Ltd.		930,000		529,965
Chongqing Changan Automobile Co. Ltd., Class A		237,800		423,538
Chongqing Zhifei Biological Products Co. Ltd., Class A		87,150		544,539
Chow Tai Fook Jewellery Group Ltd.(b)		531,600		720,152
CITIC Ltd.		1,441,000		1,390,844
CITIC Securities Co. Ltd., Class A		486,423		1,389,558
CITIC Securities Co. Ltd., Class H		538,025		1,050,076
CMOC Group Ltd., Class H		1,476,000		808,484
Contemporary Amperex Technology Co. Ltd., Class A		95,800		2,021,767
COSCO SHIPPING Energy Transportation Co. Ltd., Class A		268,600		492,405
COSCO Shipping Holdings Co. Ltd., Class H		1,190,800		1,251,087
COSCO SHIPPING Ports Ltd.		542,000		331,909
Country Garden Holdings Co. Ltd.(a)(b)		2,716,866		220,354
Country Garden Services Holdings Co. Ltd.		655,000		432,688
CRRC Corp. Ltd., Class A		400,900		317,111
CSC Financial Co. Ltd., Class A		118,800		369,761
CSPC Pharmaceutical Group Ltd.		2,463,120		1,812,091
Daqo New Energy Corp., ADR(a)(b)		18,917		341,452
Dongfeng Motor Group Co. Ltd., Class H		670,000		258,735
East Buy Holding Ltd.(a)(b)(c)		129,500		380,479
East Money Information Co. Ltd., Class A		400,660		696,274
ENN Energy Holdings Ltd.		212,000		1,578,096
Eve Energy Co. Ltd., Class A		92,600		448,754
Far East Horizon Ltd.		462,000		338,022
Flat Glass Group Co. Ltd., Class H		262,000		394,053
Foshan Haitian Flavouring & Food Co. Ltd., Class A		127,621		603,786
Fosun International Ltd.		653,500		342,941
Foxconn Industrial Internet Co. Ltd., Class A		345,700		638,943
Fuyao Glass Industry Group Co. Ltd., Class H(c)		237,200		1,072,360
Ganfeng Lithium Group Co. Ltd., Class A		29,500		139,751
Ganfeng Lithium Group Co. Ltd., Class H(b)(c)		134,840		360,199
GCL-Poly Energy Holdings Ltd.		5,900,000		678,871
GDS Holdings Ltd.(a)(b)		273,688		183,306
Geely Automobile Holdings Ltd.		1,684,000		1,596,193
Genscript Biotech Corp.(a)		464,000		770,200
GF Securities Co. Ltd., Class H		566,800		570,431
Great Wall Motor Co. Ltd., Class H		968,000		953,099
Greentown China Holdings Ltd.		259,000		195,118
Guangdong Investment Ltd.		1,022,000		594,157
Guangzhou Automobile Group Co. Ltd., Class H		1,068,000		422,142
Guotai Junan Securities Co. Ltd., Class A		326,800		664,943
H World Group Ltd., ADR		59,427		1,887,996
Haidilao International Holding Ltd.(c)		529,000		833,448
Haier Smart Home Co. Ltd., Class A		107,500		334,428

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Haier Smart Home Co. Ltd., Class H		733,400	$	2,072,340
Haitian International Holdings Ltd.		196,000		436,277
Haitong Securities Co. Ltd., Class H		892,800		411,529
Hansoh Pharmaceutical Group Co. Ltd.(c)		480,000		720,934
Hengan International Group Co. Ltd.		226,500		701,355
Hengli Petrochemical Co. Ltd., Class A(a)		408,500		667,014
Hua Hong Semiconductor Ltd.(a)(c)		182,000		329,719
Huaneng Power International Inc., Class H(a)		1,992,000		1,123,320
Huatai Securities Co. Ltd., Class H(c)		645,400		761,392
Hygeia Healthcare Holdings Co. Ltd.(b)(c)		143,800		468,627
Industrial & Commercial Bank of China Ltd., Class A		3,660,291		2,632,746
Industrial & Commercial Bank of China Ltd., Class H		15,385,260		7,494,618
Industrial Bank Co. Ltd., Class A		813,700		1,782,349
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		360,000		1,357,751
Inner Mongolia Yitai Coal Co. Ltd., Class B		443,000		837,985
Innovent Biologics Inc.(a)(c)		402,000		1,619,622
iQIYI Inc., ADR(a)(b)		113,637		380,684
JD Health International Inc.(a)(c)		325,300		1,073,420
JD.com Inc.		623,676		7,032,654
Jiangsu Expressway Co. Ltd., Class H		524,000		500,008
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A		250,718		1,309,328
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		58,600		745,759
Jiangxi Copper Co. Ltd., Class H		375,000		524,449
JOYY Inc., ADR		17,857		547,496
Kanzhun Ltd., ADR		59,065		821,594
KE Holdings Inc., ADR		178,943		2,535,622
Kingboard Holdings Ltd.		282,000		501,933
Kingboard Laminates Holdings Ltd.		494,000		296,903
Kingdee International Software Group Co. Ltd.(a)		864,000		835,197
Kingsoft Corp. Ltd.(b)		335,800		816,919
Kuaishou Technology(a)(c)		616,600		3,107,871
Kunlun Energy Co. Ltd.		1,192,000		1,067,909
Kweichow Moutai Co. Ltd., Class A		23,232		5,192,783
Legend Biotech Corp., ADR(a)		18,590		1,023,565
Lenovo Group Ltd.		2,112,000		2,211,414
Li Auto Inc.(a)		312,876		4,324,860
Li Ning Co. Ltd.		682,500		1,458,040
Longfor Group Holdings Ltd.(b)(c)		555,000		615,387
LONGi Green Energy Technology Co. Ltd., Class A		230,820		621,396
Lufax Holding Ltd., Class A, ADR(b)		54,334		128,772
Luxshare Precision Industry Co. Ltd., Class A		329,840		1,168,036
Luzhou Laojiao Co. Ltd., Class A		35,100		718,261
Meituan, Class B(a)(c)		1,363,620		10,967,900
Microport Scientific Corp.(a)		264,000		194,967
MINISO Group Holding Ltd.		100,424		424,745
Minth Group Ltd.		244,000		395,507
Muyuan Foods Co. Ltd., Class A		158,912		779,988
NARI Technology Co. Ltd., Class A		190,620		556,781
NAURA Technology Group Co. Ltd., Class A		12,900		407,493
NetEase Inc.		538,290		10,463,340
New China Life Insurance Co. Ltd., Class H		231,500		413,143
New Oriental Education & Technology Group Inc.(a)		420,030		3,241,895
Nine Dragons Paper Holdings Ltd.(a)		456,000		168,942
Ningxia Baofeng Energy Group Co. Ltd., Class A		310,200		575,766
NIO Inc., ADR(a)(b)		400,629		2,251,535

Security	Shares		Value
China (continued)
Nongfu Spring Co. Ltd., Class H(c)		491,200	$	2,665,817
Orient Overseas International Ltd.		40,000		597,128
Orient Securities Co. Ltd., Class A		291,400		335,488
PDD Holdings Inc., ADR(a)		163,815		20,783,209
People’s Insurance Co. Group of China Ltd. (The), Class H		2,442,000		759,164
PetroChina Co. Ltd., Class H		5,774,000		4,176,714
PICC Property & Casualty Co. Ltd., Class H		1,996,000		2,482,754
Ping An Bank Co. Ltd., Class A		844,100		1,111,684
Ping An Healthcare and Technology Co. Ltd.(a)(b)(c)		183,100		262,885
Ping An Insurance Group Co. of China Ltd., Class A		303,800		1,716,407
Ping An Insurance Group Co. of China Ltd., Class H		1,678,000		7,053,542
Poly Developments and Holdings Group Co. Ltd., Class A		713,399		950,733
Pop Mart International Group Ltd.(c)		153,600		344,468
Postal Savings Bank of China Co. Ltd., Class A		475,800		313,472
Postal Savings Bank of China Co. Ltd., Class H(c)		1,333,000		641,052
Qifu Technology Inc.		27,412		393,362
Rongsheng Petrochemical Co. Ltd., Class A		211,500		278,543
SAIC Motor Corp. Ltd., Class A		580,613		1,105,229
Sany Heavy Equipment International Holdings Co. Ltd.		707,000		460,149
Sany Heavy Industry Co. Ltd., Class A		184,400		335,873
SF Holding Co. Ltd., Class A		210,600		1,035,461
Shaanxi Coal Industry Co. Ltd., Class A		482,500		1,625,919
Shandong Gold Mining Co. Ltd., Class H(c)		267,250		384,758
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		701,200		449,352
Shanghai Baosight Software Co. Ltd., Class B		167,800		330,593
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		256,000		434,664
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		361,800		511,407
Shanghai Pudong Development Bank Co. Ltd., Class A		1,055,565		1,003,679
Shanghai United Imaging Healthcare Co. Ltd., NVS		13,944		261,652
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		32,100		895,297
Shenzhen Inovance Technology Co. Ltd., Class A		50,600		394,088
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		40,200		1,502,898
Shenzhou International Group Holdings Ltd.		225,700		2,009,950
Sino Biopharmaceutical Ltd.		2,976,000		1,073,848
Sinopharm Group Co. Ltd., Class H		450,800		1,185,371
Sinotruk Hong Kong Ltd.		143,000		324,781
Smoore International Holdings Ltd.(b)(c)		536,000		324,121
Sungrow Power Supply Co. Ltd., Class A		49,300		537,645
Sunny Optical Technology Group Co. Ltd.		203,000		1,247,716
TAL Education Group, ADR(a)(b)		107,937		1,148,450
Tencent Holdings Ltd.		1,816,900		63,066,961
Tencent Music Entertainment Group, ADR(a)(b)		229,292		2,155,345
Tongcheng Travel Holdings Ltd.(a)		444,400		906,511
Tongwei Co. Ltd., Class A		184,800		598,989
Topsports International Holdings Ltd.(c)		512,000		331,869
TravelSky Technology Ltd., Class H		444,000		446,592
Trip.com Group Ltd.(a)		143,626		5,227,901
Tsingtao Brewery Co. Ltd., Class A		99,900		968,387
Tsingtao Brewery Co. Ltd., Class H		62,000		353,816
Uni-President China Holdings Ltd.		586,000		329,169

14 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Vinda International Holdings Ltd.		204,000	$	602,764
Vipshop Holdings Ltd., ADR(a)		111,908		1,778,218
Wanhua Chemical Group Co. Ltd., Class A		121,653		1,183,830
Want Want China Holdings Ltd.		1,672,000		921,766
Weibo Corp., ADR		20,779		168,310
Weichai Power Co. Ltd., Class H		649,000		1,145,786
Wens Foodstuffs Group Co. Ltd., Class A		545,216		1,424,940
Will Semiconductor Co. Ltd. Shanghai, Class A		44,900		539,466
Wuliangye Yibin Co. Ltd., Class A		91,600		1,614,662
WuXi AppTec Co. Ltd., Class A		126,159		956,006
WuXi AppTec Co. Ltd., Class H(b)(c)		44,912		310,746
Wuxi Biologics Cayman Inc.(a)(c)		1,053,000		2,771,006
Xiaomi Corp., Class B(a)(c)		4,248,600		6,693,789
Xinyi Solar Holdings Ltd.		1,544,000		708,914
XPeng Inc.(a)		291,634		1,214,553
Xtep International Holdings Ltd.		442,500		217,913
Yadea Group Holdings Ltd.(c)		446,000		611,511
Yankuang Energy Group Co. Ltd., Class H		864,000		1,775,073
Yuexiu Property Co. Ltd.		399,000		249,856
Yum China Holdings Inc.		117,426		4,061,765
Yunnan Baiyao Group Co. Ltd., Class A		138,800		898,622
Zai Lab Ltd.(a)		277,980		590,641
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		21,692		601,402
Zhaojin Mining Industry Co. Ltd., Class H		454,500		423,673
Zhejiang Expressway Co. Ltd., Class H		728,640		541,278
Zhejiang Leapmotor Technology Co. Ltd.(a)(b)(c)		140,300		379,129
ZhongAn Online P&C Insurance Co. Ltd., Class H(a)(c)		208,900		326,357
Zhongsheng Group Holdings Ltd.		187,000		315,660
Zhuzhou CRRC Times Electric Co. Ltd.		216,100		530,494
Zijin Mining Group Co. Ltd., Class A		354,100		593,799
Zijin Mining Group Co. Ltd., Class H		1,812,000		2,688,761
ZTE Corp., Class H		243,600		423,321
ZTO Express Cayman Inc., ADR		122,992		2,012,149
				459,910,762
Colombia — 0.0%
Interconexion Electrica SA ESP		26,649		115,384
Czech Republic — 0.0%
CEZ AS		51,404		1,947,456
Komercni Banka AS		39,318		1,289,931
				3,237,387
Denmark — 0.8%
AP Moller - Maersk A/S, Class A		833		1,510,454
AP Moller - Maersk A/S, Class B, NVS		567		1,045,434
Carlsberg A/S, Class B		26,046		3,351,272
Coloplast A/S, Class B(b)		35,403		4,080,964
Danske Bank A/S		189,439		5,086,713
Demant A/S(a)		24,815		1,124,092
DSV A/S		52,095		9,320,302
Genmab A/S(a)		18,331		5,068,925
Novo Nordisk A/S		894,116		102,201,379
Novozymes A/S, Class B		103,560		5,306,485
Orsted A/S(c)		55,069		3,103,950
Pandora A/S		25,409		3,712,685
Tryg A/S		108,641		2,322,105
Vestas Wind Systems A/S(a)		274,921		7,751,400
				154,986,160
Egypt — 0.0%
Commercial International Bank Egypt SAE		636,678		832,713

Security	Shares		Value
Finland — 0.2%
Elisa OYJ		32,204	$	1,467,261
Fortum OYJ		125,584		1,716,752
Kesko OYJ, Class B		75,069		1,466,068
Kone OYJ, Class B		88,084		4,360,273
Metso OYJ		167,481		1,673,912
Neste OYJ		117,715		4,058,168
Nokia OYJ		1,473,754		5,327,950
Nordea Bank Abp		840,260		10,354,012
Orion OYJ, Class B		27,418		1,262,261
Sampo OYJ, Class A		124,795		5,223,349
Stora Enso OYJ, Class R		175,116		2,228,310
UPM-Kymmene OYJ		148,612		5,405,348
Wartsila OYJ Abp		151,551		2,235,613
				46,779,277
France — 2.8%
Accor SA		54,913		2,168,706
Aeroports de Paris SA		5,652		756,293
Air Liquide SA		141,304		26,442,684
Airbus SE		160,071		25,497,044
Alstom SA		79,789		1,006,172
Amundi SA(c)		12,544		848,446
ArcelorMittal SA		125,474		3,455,556
Arkema SA		12,706		1,382,832
AXA SA		506,500		17,000,829
BioMerieux		10,445		1,124,177
BNP Paribas SA		288,390		19,375,242
Bollore SE		246,856		1,630,491
Bouygues SA		70,657		2,588,349
Bureau Veritas SA		102,721		2,732,264
Capgemini SE		46,675		10,376,851
Carrefour SA		170,286		2,907,173
Cie. de Saint-Gobain		128,151		9,061,112
Cie. Generale des Etablissements Michelin SCA		201,841		6,701,658
Covivio SA/France		9,045		437,994
Credit Agricole SA		300,726		4,307,855
Danone SA		176,842		11,781,853
Dassault Aviation SA		6,210		1,176,226
Dassault Systemes SE		181,223		9,394,286
Edenred SE		74,992		4,479,158
Eiffage SA		30,009		3,139,847
Engie SA		490,876		7,840,503
EssilorLuxottica SA		77,799		15,246,504
Eurazeo SE		3,235		275,558
Eurofins Scientific SE		33,156		1,996,547
Euronext NV(c)		18,154		1,596,774
Gecina SA		12,822		1,414,095
Getlink SE		115,814		1,995,601
Hermes International SCA		8,623		18,191,590
Ipsen SA		10,773		1,242,117
Kering SA		20,187		8,292,282
Klepierre SA		40,707		1,053,932
La Francaise des Jeux SAEM(c)		25,388		1,029,067
Legrand SA		76,876		7,450,484
L’Oreal SA		65,236		31,218,950
LVMH Moet Hennessy Louis Vuitton SE		74,820		62,254,620
Orange SA		486,730		5,788,155
Pernod Ricard SA		57,869		9,489,680
Publicis Groupe SA		65,730		6,585,721
Remy Cointreau SA		4,015		406,816
Renault SA		58,538		2,204,522
Safran SA		93,877		17,527,667
Sanofi SA		312,629		31,308,399

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
France (continued)
Sartorius Stedim Biotech		7,802	$	2,102,149
Schneider Electric SE		144,854		28,456,567
SEB SA		5,107		623,617
Societe Generale SA		201,999		5,192,388
Sodexo SA		24,675		2,783,561
Teleperformance SE		17,029		2,659,488
Thales SA		29,061		4,250,289
TotalEnergies SE		629,397		40,832,498
Unibail-Rodamco-Westfield, New(a)		36,655		2,624,670
Veolia Environnement SA		191,085		6,226,283
Vinci SA		144,947		18,310,033
Vivendi SE		205,387		2,314,621
Worldline SA/France(a)(c)		65,705		888,232
				521,447,078
Germany — 1.9%
adidas AG		43,584		8,228,136
Allianz SE, Registered		109,289		29,199,393
BASF SE		245,381		11,730,191
Bayer AG, Registered		268,002		8,339,315
Bayerische Motoren Werke AG		85,759		8,923,489
Bechtle AG		23,248		1,205,475
Beiersdorf AG		26,781		3,919,122
Brenntag SE		41,665		3,683,602
Carl Zeiss Meditec AG, Bearer		12,224		1,288,553
Commerzbank AG		287,185		3,297,915
Continental AG		29,141		2,380,547
Covestro AG(a)(c)		57,075		3,013,873
Daimler Truck Holding AG		141,638		5,061,740
Delivery Hero SE(a)(c)		53,862		1,222,090
Deutsche Bank AG, Registered		540,876		6,986,888
Deutsche Boerse AG		51,050		10,166,079
Deutsche Lufthansa AG, Registered(a)		216,481		1,800,120
Deutsche Post AG, Registered		272,039		13,029,076
Deutsche Telekom AG, Registered		877,729		21,546,324
E.ON SE		603,402		8,163,592
Evonik Industries AG		44,116		811,564
Fresenius Medical Care AG & Co. KGaA(b)		53,962		2,085,610
Fresenius SE & Co. KGaA		108,969		3,059,068
GEA Group AG		52,957		2,120,877
Hannover Rueck SE		18,604		4,459,693
Heidelberg Materials AG		37,706		3,481,939
HelloFresh SE(a)		47,019		621,815
Henkel AG & Co. KGaA		30,545		2,088,993
Infineon Technologies AG		356,239		12,987,378
Knorr-Bremse AG		19,053		1,176,830
LEG Immobilien SE(a)		19,890		1,650,465
Mercedes-Benz Group AG		219,274		14,803,797
Merck KGaA		36,670		6,016,648
MTU Aero Engines AG		15,503		3,564,607
Muenchener Rueckversicherungs-Gesellschaft AGin Muenchen, Registered		37,504		15,966,163
Nemetschek SE		18,760		1,731,053
Puma SE		29,882		1,202,565
Rational AG		1,363		1,047,037
Rheinmetall AG		11,715		4,102,250
RWE AG		169,709		6,266,610
SAP SE		285,057		49,385,149
Scout24 SE(c)		24,733		1,821,098
Siemens AG, Registered		207,262		37,104,840
Siemens Healthineers AG(c)		77,639		4,320,706
Symrise AG, Class A		38,558		3,978,172
Talanx AG(a)		12,586		883,046

Security	Shares		Value
Germany (continued)
Volkswagen AG		3,007	$	424,532
Vonovia SE		204,400		6,367,541
Wacker Chemie AG		5,594		606,505
Zalando SE(a)(c)		59,028		1,178,590
				348,500,661
Greece — 0.1%
Alpha Services and Holdings SA(a)		635,608		1,131,934
Eurobank Ergasias Services and Holdings SA, Class A(a)		733,696		1,416,922
Hellenic Telecommunications Organization SA		56,482		784,245
JUMBO SA		65,225		1,832,705
Mytilineos SA		25,139		1,032,373
National Bank of Greece SA(a)		143,659		1,092,251
OPAP SA		53,509		926,392
Piraeus Financial Holdings SA(a)		175,506		710,751
Public Power Corp. SA(a)		57,244		757,474
				9,685,047
Hong Kong — 0.5%
AIA Group Ltd.		3,175,200		24,901,239
BOC Hong Kong Holdings Ltd.		1,096,500		2,628,084
Budweiser Brewing Co. APAC Ltd.(c)		495,800		781,451
CK Asset Holdings Ltd.		591,016		2,666,865
CK Hutchison Holdings Ltd.		742,016		3,832,379
CK Infrastructure Holdings Ltd.		215,000		1,276,851
CLP Holdings Ltd.		456,500		3,630,745
ESR Group Ltd.(b)(c)		670,400		856,954
Futu Holdings Ltd., ADR(a)		19,129		893,707
Galaxy Entertainment Group Ltd.		656,000		3,404,561
Hang Lung Properties Ltd.		610,000		708,185
Hang Seng Bank Ltd.		203,700		2,120,551
Henderson Land Development Co. Ltd.		299,003		779,088
HKT Trust & HKT Ltd., Class SS		1,215,000		1,459,531
Hong Kong & China Gas Co. Ltd.		3,403,040		2,421,695
Hong Kong Exchanges & Clearing Ltd.		338,300		10,256,849
Hongkong Land Holdings Ltd.		365,600		1,141,222
Jardine Matheson Holdings Ltd.		40,700		1,634,272
Link REIT		684,560		3,433,535
MTR Corp. Ltd.		432,500		1,407,056
New World Development Co. Ltd.		483,916		593,113
Power Assets Holdings Ltd.		450,000		2,634,833
Sands China Ltd.(a)		685,600		1,799,542
Sino Land Co. Ltd.		1,668,000		1,742,333
SITC International Holdings Co. Ltd.		441,000		669,148
Sun Hung Kai Properties Ltd.		429,500		4,008,689
Swire Pacific Ltd., Class A		142,500		1,102,527
Swire Properties Ltd.		195,800		365,906
Techtronic Industries Co. Ltd.		397,000		4,216,579
WH Group Ltd.(c)		2,110,000		1,244,889
Wharf Holdings Ltd. (The)(b)		278,000		812,229
Wharf Real Estate Investment Co. Ltd.		476,200		1,395,187
Xinyi Glass Holdings Ltd.		547,000		453,476
				91,273,271
Hungary — 0.0%
MOL Hungarian Oil & Gas PLC		119,126		976,303
OTP Bank Nyrt		71,086		3,293,328
Richter Gedeon Nyrt		25,206		680,426
				4,950,057
India — 1.8%
Adani Enterprises Ltd.		45,330		1,715,585
Adani Green Energy Ltd.(a)		85,144		1,724,711
Adani Ports & Special Economic Zone Ltd.		139,110		2,022,331

16 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
India (continued)
Adani Power Ltd.(a)		197,630	$	1,341,629
Ambuja Cements Ltd.		189,376		1,274,560
APL Apollo Tubes Ltd.		45,300		821,001
Apollo Hospitals Enterprise Ltd.		31,137		2,380,859
Asian Paints Ltd.		118,543		4,210,827
Astral Ltd.		25,250		556,292
Aurobindo Pharma Ltd.		99,681		1,380,733
Avenue Supermarts Ltd.(a)(c)		42,855		1,958,136
Axis Bank Ltd.		679,253		8,733,365
Bajaj Auto Ltd.		20,243		1,871,322
Bajaj Finance Ltd.		77,656		6,427,702
Bajaj Finserv Ltd.		124,000		2,429,543
Bandhan Bank Ltd.(c)		184,727		508,906
Bank of Baroda		200,800		597,915
Bharat Electronics Ltd.		1,017,161		2,278,202
Bharat Forge Ltd.		71,325		1,060,171
Bharat Petroleum Corp. Ltd.		242,402		1,469,211
Bharti Airtel Ltd.		668,971		9,436,855
Britannia Industries Ltd.		31,524		1,971,700
CG Power and Industrial Solutions Ltd.		173,776		980,369
Cholamandalam Investment and Finance Co. Ltd.		128,352		1,828,532
Cipla Ltd.		140,121		2,278,954
Coal India Ltd.		384,143		1,880,903
Colgate-Palmolive India Ltd.		32,670		1,011,790
Container Corp. of India Ltd.		90,484		965,839
Cummins India Ltd.		32,227		890,400
Dabur India Ltd.		153,060		994,206
Divi’s Laboratories Ltd.		40,106		1,772,894
DLF Ltd.		194,177		1,874,481
Dr. Reddy’s Laboratories Ltd.		35,339		2,596,602
Eicher Motors Ltd.		41,362		1,914,695
GAIL India Ltd.		677,920		1,410,608
Godrej Consumer Products Ltd.		105,198		1,475,200
Godrej Properties Ltd.(a)		31,775		907,848
Grasim Industries Ltd.		79,236		2,075,406
Havells India Ltd.		85,052		1,325,207
HCL Technologies Ltd.		308,210		5,845,415
HDFC Bank Ltd.		795,235		13,984,890
HDFC Life Insurance Co. Ltd.(c)		260,182		1,806,645
Hero MotoCorp Ltd.		33,688		1,875,451
Hindalco Industries Ltd.		391,246		2,724,860
Hindustan Aeronautics Ltd., NVS		31,340		1,134,111
Hindustan Petroleum Corp. Ltd.(a)		137,887		769,514
Hindustan Unilever Ltd.		227,372		6,798,799
ICICI Bank Ltd.		1,423,567		17,631,065
ICICI Lombard General Insurance Co. Ltd.(c)		69,193		1,245,112
IDFC First Bank Ltd.(a)		952,827		967,207
Indian Hotels Co. Ltd., Class A		230,477		1,366,686
Indian Oil Corp. Ltd.		752,235		1,332,109
Indian Railway Catering & Tourism Corp. Ltd.		71,701		843,376
Indraprastha Gas Ltd.		104,676		543,033
IndusInd Bank Ltd.		78,290		1,445,322
Info Edge India Ltd.		24,142		1,461,729
Infosys Ltd.		895,335		17,849,542
InterGlobe Aviation Ltd.(a)(c)		39,590		1,411,862
ITC Ltd.		897,401		4,770,658
Jindal Steel & Power Ltd.		79,578		725,783
Jio Financial Services Ltd., NVS(a)		830,922		2,480,891
JSW Steel Ltd.		249,994		2,461,522
Jubilant Foodworks Ltd.		118,201		739,569
Kotak Mahindra Bank Ltd.		296,224		6,510,650
Larsen & Toubro Ltd.		181,552		7,600,717

Security	Shares		Value
India (continued)
LTIMindtree Ltd.(c)		30,540	$	2,000,331
Lupin Ltd.		80,554		1,458,766
Macrotech Developers Ltd.		61,753		796,837
Mahindra & Mahindra Ltd.		239,191		4,756,328
Marico Ltd.		148,901		947,098
Maruti Suzuki India Ltd.		37,385		4,585,309
Max Healthcare Institute Ltd.		221,685		2,084,764
Nestle India Ltd., NVS		82,597		2,491,502
NTPC Ltd.		1,056,191		4,043,786
Oil & Natural Gas Corp. Ltd.		940,384		2,856,617
One 97 Communications Ltd., NVS(a)		60,477		552,956
Page Industries Ltd.		1,783		800,930
Persistent Systems Ltd.		13,613		1,366,227
PI Industries Ltd.		23,399		950,869
Pidilite Industries Ltd.		44,530		1,357,232
Polycab India Ltd.		12,297		642,769
Power Finance Corp. Ltd.		365,296		1,950,538
Power Grid Corp. of India Ltd.		1,277,202		3,989,145
REC Ltd.		307,229		1,845,573
Reliance Industries Ltd.		831,693		28,574,065
Samvardhana Motherson International Ltd.		510,553		696,045
SBI Life Insurance Co. Ltd.(c)		127,818		2,161,239
Shree Cement Ltd.		2,909		999,795
Shriram Finance Ltd.		75,710		2,250,419
Siemens Ltd.		22,438		1,118,659
Sona Blw Precision Forgings Ltd.(c)		92,537		688,763
SRF Ltd.		41,794		1,168,990
State Bank of India		523,951		4,047,192
Sun Pharmaceutical Industries Ltd.		261,330		4,464,531
Supreme Industries Ltd.		13,606		676,932
Suzlon Energy Ltd.(a)		2,355,947		1,302,717
Tata Communications Ltd.		28,684		600,026
Tata Consultancy Services Ltd.		249,988		11,482,222
Tata Consumer Products Ltd.		180,014		2,424,178
Tata Elxsi Ltd.		11,180		1,023,346
Tata Motors Ltd.		470,697		5,009,554
Tata Motors Ltd., Class A		8,765		61,639
Tata Power Co. Ltd. (The)		415,330		1,947,594
Tata Steel Ltd.		2,051,125		3,358,720
Tech Mahindra Ltd.		182,374		2,921,735
Titan Co. Ltd.		99,505		4,427,754
Trent Ltd.		69,964		2,601,439
Tube Investments of India Ltd.		33,506		1,574,953
TVS Motor Co. Ltd.		126,840		3,056,238
UltraTech Cement Ltd.		28,082		3,433,640
UPL Ltd.		151,290		979,001
Varun Beverages Ltd.		134,990		2,082,420
Vedanta Ltd.		221,160		730,191
Wipro Ltd.		355,792		2,034,934
Yes Bank Ltd.(a)		4,325,549		1,256,230
Zomato Ltd.(a)		1,405,527		2,361,478
				329,676,224
Indonesia — 0.2%
Adaro Energy Indonesia Tbk PT		4,744,900		719,455
Amman Mineral Internasional PT(a)		1,782,500		850,334
Aneka Tambang Tbk		2,212,100		217,036
Astra International Tbk PT		6,728,900		2,180,435
Bank Central Asia Tbk PT		13,243,700		8,012,788
Bank Mandiri Persero Tbk PT		9,369,228		3,944,589
Bank Negara Indonesia Persero Tbk PT		6,032,976		2,194,890
Bank Rakyat Indonesia Persero Tbk PT		17,926,130		6,457,625
Barito Pacific Tbk PT		7,625,694		511,541

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Indonesia (continued)
Charoen Pokphand Indonesia Tbk PT		2,451,745	$	695,858
GoTo Gojek Tokopedia Tbk PT(a)		217,995,300		1,209,286
Indah Kiat Pulp & Paper Tbk PT		682,500		338,085
Indofood Sukses Makmur Tbk PT		2,621,700		1,059,320
Kalbe Farma Tbk PT		8,902,700		852,018
Merdeka Copper Gold Tbk PT(a)		4,550,932		777,783
Semen Indonesia Persero Tbk PT		1,549,602		608,587
Sumber Alfaria Trijaya Tbk PT		5,994,000		1,005,999
Telkom Indonesia Persero Tbk PT		11,783,600		2,955,643
Unilever Indonesia Tbk PT		2,310,900		453,979
United Tractors Tbk PT		738,606		1,072,904
				36,118,155
Ireland — 0.2%
AIB Group PLC		194,648		854,976
Bank of Ireland Group PLC		212,536		1,954,477
CRH PLC		214,983		15,251,242
Flutter Entertainment PLC(a)		45,958		9,433,160
Kerry Group PLC, Class A		54,753		4,880,354
Kingspan Group PLC		35,332		2,869,545
Smurfit Kappa Group PLC		88,650		3,303,523
				38,547,277
Israel — 0.2%
Azrieli Group Ltd.		10,219		688,583
Bank Hapoalim BM		363,470		3,092,370
Bank Leumi Le-Israel BM		380,251		2,888,069
Check Point Software Technologies Ltd.(a)		26,388		4,193,845
CyberArk Software Ltd.(a)(b)		12,525		2,924,337
Elbit Systems Ltd.		9,213		1,900,488
Global-e Online Ltd.(a)(b)		25,796		974,315
ICL Group Ltd.		273,376		1,243,393
Isracard Ltd.		2		7
Israel Discount Bank Ltd., Class A		297,531		1,443,290
Mizrahi Tefahot Bank Ltd.		65,113		2,423,331
Monday.com Ltd.(a)		7,777		1,633,481
Nice Ltd.(a)		17,496		3,630,103
Teva Pharmaceutical Industries Ltd., ADR(a)		305,809		3,700,289
Wix.com Ltd.(a)		15,962		2,025,259
				32,761,160
Italy — 0.6%
Amplifon SpA		31,325		1,022,401
Assicurazioni Generali SpA		276,430		6,166,301
Banco BPM SpA		258,149		1,392,789
DiaSorin SpA		6,892		633,781
Enel SpA		2,117,468		14,448,280
Eni SpA		644,437		10,273,189
Ferrari NV		35,020		12,212,775
FinecoBank Banca Fineco SpA		146,167		2,107,489
Infrastrutture Wireless Italiane SpA(c)		45,609		551,505
Intesa Sanpaolo SpA		4,248,130		13,089,736
Leonardo SpA(b)		77,415		1,351,206
Mediobanca Banca di Credito Finanziario SpA		221,738		2,936,698
Moncler SpA		51,408		3,162,452
Nexi SpA(a)(c)		138,663		1,063,609
Poste Italiane SpA(c)		103,000		1,116,896
Prysmian SpA		95,153		4,187,668
Recordati Industria Chimica e Farmaceutica SpA		43,821		2,418,668
Snam SpA		634,082		3,096,821
Stellantis NV		554,206		12,207,298
Telecom Italia SpA/Milano(a)(b)		3,175,713		957,183
Tenaris SA, NVS		152,769		2,412,877
Terna -Rete Elettrica Nazionale		513,350		4,328,592

Security	Shares		Value
Italy (continued)
UniCredit SpA		457,070	$	13,388,521
				114,526,735
Japan — 5.5%
Advantest Corp.		210,400		8,373,461
Aeon Co. Ltd.		172,700		4,127,042
AGC Inc.		58,300		2,192,560
Aisin Corp.		44,000		1,642,744
Ajinomoto Co. Inc.		126,100		5,178,286
ANA Holdings Inc.(a)		37,000		817,632
Asahi Group Holdings Ltd.		124,400		4,623,692
Asahi Intecc Co. Ltd.		69,100		1,312,961
Asahi Kasei Corp.		377,200		2,860,512
Astellas Pharma Inc.		493,500		5,745,560
Azbil Corp.		31,600		1,021,144
Bandai Namco Holdings Inc.		161,300		3,492,554
BayCurrent Consulting Inc.		42,000		976,458
Bridgestone Corp.		161,400		6,993,895
Brother Industries Ltd.		63,700		1,067,139
Canon Inc.		264,600		7,288,969
Capcom Co. Ltd.		48,300		1,842,102
Central Japan Railway Co.		176,800		4,418,698
Chiba Bank Ltd. (The)		124,000		918,872
Chubu Electric Power Co. Inc.		180,700		2,344,164
Chugai Pharmaceutical Co. Ltd.		181,900		6,542,983
Concordia Financial Group Ltd.		293,000		1,396,275
Dai Nippon Printing Co. Ltd.		56,200		1,626,425
Daifuku Co. Ltd.		90,000		1,774,799
Dai-ichi Life Holdings Inc.		262,800		5,763,930
Daiichi Sankyo Co. Ltd.		513,100		15,361,718
Daikin Industries Ltd.		74,000		11,857,182
Daito Trust Construction Co. Ltd.		17,400		1,979,259
Daiwa House Industry Co. Ltd.		150,100		4,641,384
Daiwa House REIT Investment Corp.		631		1,114,914
Daiwa Securities Group Inc.		396,200		2,839,511
Denso Corp.		517,200		8,124,203
Dentsu Group Inc.		55,700		1,478,349
Disco Corp.		25,300		6,826,926
East Japan Railway Co.		84,400		4,827,057
Eisai Co. Ltd.		70,300		3,310,331
ENEOS Holdings Inc.		842,980		3,404,419
FANUC Corp.		254,100		7,029,006
Fast Retailing Co. Ltd.		48,600		12,975,071
Fuji Electric Co. Ltd.		40,700		2,038,256
FUJIFILM Holdings Corp.		98,800		6,262,428
Fujitsu Ltd.		48,700		6,740,774
GLP J-REIT		1,153		1,029,437
Hamamatsu Photonics KK		33,300		1,315,513
Hankyu Hanshin Holdings Inc.		70,300		2,150,865
Hikari Tsushin Inc.		6,500		1,132,624
Hirose Electric Co. Ltd.		9,200		1,070,446
Hitachi Construction Machinery Co. Ltd.		31,000		879,544
Hitachi Ltd.		251,800		19,778,978
Honda Motor Co. Ltd.		1,269,300		14,188,311
Hoshizaki Corp.		30,300		1,102,355
Hoya Corp.		96,800		12,296,414
Hulic Co. Ltd.		124,800		1,378,084
Ibiden Co. Ltd.(b)		30,900		1,554,886
Idemitsu Kosan Co. Ltd.		265,900		1,476,537
Iida Group Holdings Co. Ltd.		36,200		546,509
Inpex Corp.		266,600		3,623,749
Isuzu Motors Ltd.		173,100		2,361,939
ITOCHU Corp.		310,900		14,109,917

18 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Japan Airlines Co. Ltd.		42,000	$	807,062
Japan Exchange Group Inc.		140,100		3,100,651
Japan Metropolitan Fund Invest		1,920		1,303,379
Japan Post Bank Co. Ltd.		403,700		4,198,418
Japan Post Holdings Co. Ltd.		570,300		5,459,300
Japan Post Insurance Co. Ltd.		50,200		939,838
Japan Real Estate Investment Corp.		361		1,383,908
Japan Tobacco Inc.		324,200		8,545,064
JFE Holdings Inc.		135,900		2,145,700
JSR Corp.		48,700		1,328,276
Kajima Corp.		124,100		2,214,795
Kansai Electric Power Co. Inc. (The)		212,500		2,898,954
Kao Corp.		129,600		5,127,956
Kawasaki Kisen Kaisha Ltd.		37,900		1,846,631
KDDI Corp.		403,200		13,360,046
KDX Realty Investment Corp.		1,139		1,235,521
Keisei Electric Railway Co. Ltd.		35,500		1,606,370
Keyence Corp.		53,400		23,891,047
Kikkoman Corp.		41,300		2,541,116
Kintetsu Group Holdings Co. Ltd.		55,300		1,706,417
Kirin Holdings Co. Ltd.		223,100		3,206,830
Kobe Bussan Co. Ltd.		45,000		1,149,872
Koei Tecmo Holdings Co. Ltd.		32,800		408,562
Koito Manufacturing Co. Ltd.		62,800		961,423
Komatsu Ltd.		238,300		6,779,623
Konami Group Corp.		28,100		1,728,099
Kose Corp.		9,700		634,600
Kubota Corp.		284,500		4,306,609
Kyocera Corp.		350,300		5,128,417
Kyowa Kirin Co. Ltd.		80,900		1,274,334
Lasertec Corp.		21,000		5,469,009
LY Corp.		761,100		2,367,807
M3 Inc.		122,900		1,939,362
Makita Corp.		62,900		1,692,953
Marubeni Corp.		393,300		6,708,386
MatsukiyoCocokara & Co.		90,300		1,641,362
Mazda Motor Corp.		155,200		1,881,559
McDonald’s Holdings Co. Japan Ltd.		24,100		1,073,040
MEIJI Holdings Co. Ltd.		73,200		1,770,313
MINEBEA MITSUMI Inc.		110,700		2,288,192
MISUMI Group Inc.		92,400		1,584,188
Mitsubishi Chemical Group Corp.		330,300		1,991,623
Mitsubishi Corp.		930,300		16,033,667
Mitsubishi Electric Corp.		541,100		8,030,086
Mitsubishi Estate Co. Ltd.		289,200		4,007,130
Mitsubishi HC Capital Inc.		148,600		1,053,640
Mitsubishi Heavy Industries Ltd.		92,200		6,150,060
Mitsubishi UFJ Financial Group Inc.		3,136,200		29,375,363
Mitsui & Co. Ltd.		355,500		14,418,094
Mitsui Chemicals Inc.		45,000		1,324,362
Mitsui Fudosan Co. Ltd.		223,500		5,610,692
Mitsui OSK Lines Ltd.		94,500		3,394,484
Mizuho Financial Group Inc.		633,190		11,499,718
MonotaRO Co. Ltd.		88,700		835,396
MS&AD Insurance Group Holdings Inc.		121,900		5,033,828
Murata Manufacturing Co. Ltd.		453,700		9,161,166
NEC Corp.		67,400		4,404,233
Nexon Co. Ltd.		94,000		1,500,148
Nidec Corp.		115,000		4,289,134
Nintendo Co. Ltd.		275,800		15,409,191
Nippon Building Fund Inc.		420		1,699,366
Nippon Express Holdings Inc.		16,900		1,005,910

Security	Shares		Value
Japan (continued)
Nippon Paint Holdings Co. Ltd.		274,100	$	2,158,900
Nippon Prologis REIT Inc.		382		679,655
Nippon Sanso Holdings Corp.		55,200		1,398,730
Nippon Steel Corp.		229,234		5,516,438
Nippon Telegraph & Telephone Corp.		7,829,400		9,831,801
Nippon Yusen KK		135,000		4,652,216
Nissan Chemical Corp.		39,700		1,583,347
Nissan Motor Co. Ltd.		610,200		2,395,538
Nissin Foods Holdings Co. Ltd.		51,000		1,649,920
Nitori Holdings Co. Ltd.		22,700		2,971,015
Nitto Denko Corp.		38,300		3,177,285
Nomura Holdings Inc.		850,700		4,581,994
Nomura Real Estate Holdings Inc.		26,300		719,718
Nomura Real Estate Master Fund Inc.		1,240		1,356,889
Nomura Research Institute Ltd.		106,100		3,244,912
NTT Data Group Corp.		173,300		2,496,148
Obayashi Corp.		190,500		1,763,370
Obic Co. Ltd.		20,600		3,164,357
Odakyu Electric Railway Co. Ltd.		91,200		1,393,581
Oji Holdings Corp.		194,000		758,507
Olympus Corp.		329,900		4,883,728
Omron Corp.		48,100		2,162,829
Ono Pharmaceutical Co. Ltd.		114,500		2,063,763
Open House Group Co. Ltd.		28,800		900,637
Oracle Corp. Japan		13,500		1,063,923
Oriental Land Co. Ltd./Japan		299,800		11,134,593
ORIX Corp.		322,200		6,221,445
Osaka Gas Co. Ltd.		103,000		2,168,856
Otsuka Corp.		30,800		1,295,995
Otsuka Holdings Co. Ltd.		107,200		4,213,852
Pan Pacific International Holdings Corp.		104,600		2,261,084
Panasonic Holdings Corp.		592,900		5,584,393
Rakuten Group Inc.(a)		418,900		1,840,126
Recruit Holdings Co. Ltd.		398,500		15,740,238
Renesas Electronics Corp.(a)		416,400		6,832,115
Resona Holdings Inc.		581,500		3,210,031
Ricoh Co. Ltd.		150,700		1,184,501
Rohm Co. Ltd.		99,200		1,712,116
SBI Holdings Inc.		68,330		1,678,571
SCSK Corp.		53,300		1,046,525
Secom Co. Ltd.		56,800		4,122,563
Seiko Epson Corp.		85,400		1,246,619
Sekisui Chemical Co. Ltd.		105,600		1,507,708
Sekisui House Ltd.		161,800		3,652,505
Seven & i Holdings Co. Ltd.		198,700		7,847,620
SG Holdings Co. Ltd.		96,900		1,254,865
Sharp Corp./Japan(a)		53,700		361,095
Shimadzu Corp.		65,100		1,800,143
Shimano Inc.		21,300		3,058,154
Shimizu Corp.		141,500		947,219
Shin-Etsu Chemical Co. Ltd.		495,400		19,500,024
Shionogi & Co. Ltd.		71,800		3,446,142
Shiseido Co. Ltd.		107,600		2,999,531
Shizuoka Financial Group Inc., NVS		127,400		1,164,436
SMC Corp.		15,800		8,794,983
SoftBank Corp.		761,100		10,111,855
SoftBank Group Corp.		277,600		11,984,159
Sompo Holdings Inc.		85,200		4,417,743
Sony Group Corp.		346,500		33,980,669
Square Enix Holdings Co. Ltd.		24,500		957,368
Subaru Corp.		162,600		3,243,757
SUMCO Corp.		102,000		1,546,363

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Sumitomo Chemical Co. Ltd.		373,700	$	879,907
Sumitomo Corp.		286,400		6,586,580
Sumitomo Electric Industries Ltd.		202,600		2,692,878
Sumitomo Metal Mining Co. Ltd.		71,400		1,973,401
Sumitomo Mitsui Financial Group Inc.		351,000		18,256,685
Sumitomo Mitsui Trust Holdings Inc.		182,116		3,732,150
Sumitomo Realty & Development Co. Ltd.		80,300		2,525,365
Suntory Beverage & Food Ltd.		41,700		1,360,453
Suzuki Motor Corp.		99,600		4,473,898
Sysmex Corp.		49,700		2,692,363
T&D Holdings Inc.		148,900		2,465,597
Taisei Corp.		53,000		1,932,305
Takeda Pharmaceutical Co. Ltd.		434,634		12,774,101
TDK Corp.		102,800		5,114,795
Terumo Corp.		182,300		6,171,211
TIS Inc.		63,100		1,403,460
Tobu Railway Co. Ltd.		51,900		1,374,481
Toho Co. Ltd./Tokyo		35,500		1,156,403
Tokio Marine Holdings Inc.		486,500		12,827,751
Tokyo Electric Power Co. Holdings Inc.(a)		434,200		2,311,747
Tokyo Electron Ltd.		129,300		23,994,514
Tokyo Gas Co. Ltd.		109,300		2,510,825
Tokyu Corp.		156,000		1,830,548
TOPPAN Holdings Inc.		73,200		2,017,717
Toray Industries Inc.		398,400		1,990,577
Tosoh Corp.		64,600		832,994
TOTO Ltd.		37,700		1,020,361
Toyota Industries Corp.		38,900		3,290,127
Toyota Motor Corp.		2,893,100		57,768,885
Toyota Tsusho Corp.		56,400		3,695,972
Trend Micro Inc./Japan(a)		39,500		2,259,770
Unicharm Corp.		111,900		3,850,296
USS Co. Ltd.		66,100		1,250,044
West Japan Railway Co.		62,100		2,586,435
Yakult Honsha Co. Ltd.		75,600		1,651,224
Yamaha Corp.		40,500		890,618
Yamaha Motor Co. Ltd.		273,900		2,588,833
Yamato Holdings Co. Ltd.		77,700		1,343,155
Yaskawa Electric Corp.		67,000		2,524,982
Yokogawa Electric Corp.		75,900		1,491,488
Zensho Holdings Co. Ltd.		24,800		1,214,424
ZOZO Inc.		39,200		858,343
				1,025,818,859
Kazakhstan — 0.0%
Polymetal International PLC(a)(d)		71,803		8
Kuwait — 0.1%
Agility Public Warehousing Co. KSC(a)		554,585		1,043,558
Boubyan Bank KSCP		1,020,887		2,034,762
Kuwait Finance House KSCP		1,758,565		4,407,850
Mabanee Co. KPSC		379,518		950,338
Mobile Telecommunications Co. KSCP		1,058,225		1,808,594
National Bank of Kuwait SAKP		1,684,207		5,362,554
				15,607,656
Malaysia — 0.1%
Axiata Group Bhd		352,300		202,982
CELCOMDIGI Bhd		1,096,683		982,482
CIMB Group Holdings Bhd		1,713,900		2,257,452
Dialog Group Bhd		1,668,300		645,195
Genting Bhd		1,170,700		1,166,264
Genting Malaysia Bhd		423,900		241,531
Hong Leong Bank Bhd		271,100		1,100,235

Security	Shares		Value
Malaysia (continued)
IHH Healthcare Bhd		1,296,400	$	1,672,614
Kuala Lumpur Kepong Bhd(b)		81,700		383,139
Malayan Banking Bhd		990,600		1,937,611
Malaysia Airports Holdings Bhd		482,100		783,939
Maxis Bhd		1,175,200		944,135
MISC Bhd		373,300		579,446
MR DIY Group M Bhd(c)		438,200		127,847
Petronas Chemicals Group Bhd		680,100		972,075
Petronas Gas Bhd		454,700		1,705,365
PPB Group Bhd		171,400		523,984
Press Metal Aluminium Holdings Bhd		1,435,000		1,436,207
Public Bank Bhd		3,739,150		3,466,255
Sime Darby Plantation Bhd		342,100		319,020
Telekom Malaysia Bhd		412,400		515,409
Tenaga Nasional Bhd		650,800		1,474,963
				23,438,150
Mexico — 0.3%
America Movil SAB de CV		5,131,610		4,636,234
Arca Continental SAB de CV		123,200		1,399,820
Banco del Bajio SA(c)		184,800		703,059
Cemex SAB de CV, NVS(a)		4,244,354		3,526,379
Coca-Cola Femsa SAB de CV		124,900		1,189,095
Fibra Uno Administracion SA de CV		674,500		1,146,668
Fomento Economico Mexicano SAB de CV		574,500		7,791,624
Gruma SAB de CV, Class B		43,125		807,302
Grupo Aeroportuario del Centro Norte SAB de CV, Class B		76,200		697,605
Grupo Aeroportuario del Pacifico SAB de CV, Class B		101,900		1,586,387
Grupo Aeroportuario del Sureste SAB de CV, Class B		45,435		1,324,469
Grupo Bimbo SAB de CV, Series A		369,400		1,685,227
Grupo Carso SAB de CV, Series A1		196,200		1,839,400
Grupo Financiero Banorte SAB de CV, Class O		748,200		7,610,022
Grupo Financiero Inbursa SAB de CV, Class O(a)		615,700		1,819,036
Grupo Mexico SAB de CV, Series B		996,828		5,143,555
Industrias Penoles SAB de CV(a)(b)		45,395		596,967
Kimberly-Clark de Mexico SAB de CV, Class A		306,900		699,692
Orbia Advance Corp. SAB de CV		604,923		1,206,226
Prologis Property Mexico SA de CV		136,922		564,267
Wal-Mart de Mexico SAB de CV		1,445,500		5,972,141
				51,945,175
Netherlands — 1.2%
ABN AMRO Bank NV, CVA(c)		125,802		1,851,476
Adyen NV(a)(c)		6,115		7,669,351
Aegon Ltd.		534,105		3,150,919
AerCap Holdings NV(a)		52,414		4,012,816
Akzo Nobel NV		49,934		3,835,554
ASM International NV		13,345		7,396,247
ASML Holding NV		110,234		95,637,682
ASR Nederland NV		40,025		1,886,238
BE Semiconductor Industries NV		20,009		3,006,918
CNH Industrial NV		305,739		3,668,868
Davide Campari-Milano NV		195,408		1,979,724
EXOR NV, NVS		27,623		2,672,594
Ferrovial SE		154,696		5,899,367
Heineken Holding NV		38,158		3,201,747
Heineken NV		79,342		7,981,449
IMCD NV		14,902		2,274,652
ING Groep NV		982,871		13,965,088
Koninklijke Ahold Delhaize NV		267,444		7,521,368

20 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Netherlands (continued)
Koninklijke KPN NV		806,969	$	2,745,099
Koninklijke Philips NV(a)		254,279		5,379,414
NEPI Rockcastle NV		91,015		612,908
NN Group NV		70,041		2,870,857
OCI NV		25,502		728,439
Prosus NV		419,152		12,470,475
Qiagen NV, NVS		61,752		2,679,222
Randstad NV		25,597		1,455,451
Universal Music Group NV		224,146		6,607,314
Wolters Kluwer NV		71,467		10,535,453
				223,696,690
New Zealand — 0.0%
Auckland International Airport Ltd.		505,515		2,606,381
EBOS Group Ltd.		33,229		760,954
Fisher & Paykel Healthcare Corp. Ltd.		175,506		2,534,840
Meridian Energy Ltd.		269,486		912,962
Spark New Zealand Ltd.		749,019		2,433,408
				9,248,545
Norway — 0.2%
Adevinta ASA(a)		98,508		1,058,395
Aker BP ASA		98,215		2,606,781
DNB Bank ASA		259,518		5,044,955
Equinor ASA		243,514		6,968,661
Gjensidige Forsikring ASA		33,914		545,489
Kongsberg Gruppen ASA		25,662		1,307,821
Mowi ASA		107,419		1,933,577
Norsk Hydro ASA		410,765		2,407,289
Orkla ASA		240,060		1,880,420
Salmar ASA		17,474		969,989
Telenor ASA		191,619		2,126,215
Yara International ASA		51,930		1,716,424
				28,566,016
Peru — 0.0%
Cia. de Minas Buenaventura SAA, ADR		82,453		1,250,812
Credicorp Ltd.		18,786		2,788,406
Southern Copper Corp.		22,859		1,876,724
				5,915,942
Philippines — 0.1%
Aboitiz Equity Ventures Inc.		865,620		745,136
Ayala Corp.		51,850		624,749
Ayala Land Inc.		2,541,300		1,535,722
Bank of the Philippine Islands		792,428		1,552,820
BDO Unibank Inc.		1,145,156		2,947,961
JG Summit Holdings Inc.		576,359		392,123
Jollibee Foods Corp.		262,300		1,183,483
Metropolitan Bank & Trust Co.		530,980		537,852
PLDT Inc.		16,515		373,472
SM Investments Corp.		70,920		1,132,216
SM Prime Holdings Inc.		4,227,925		2,572,279
				13,597,813
Poland — 0.1%
Allegro.eu SA (a)(c)		122,096		921,715
Bank Polska Kasa Opieki SA		61,593		2,369,242
CD Projekt SA		16,970		442,965
Cyfrowy Polsat SA(a)(b)		211,671		572,985
Dino Polska SA(a)(b)(c)		14,477		1,562,468
KGHM Polska Miedz SA		54,855		1,528,295
LPP SA		303		1,178,205
ORLEN SA		149,804		2,335,808
Powszechna Kasa Oszczednosci Bank Polski SA		292,812		3,715,207
Powszechny Zaklad Ubezpieczen SA		170,708		2,055,352

Security	Shares		Value
Poland (continued)
Santander Bank Polska SA		9,761	$	1,182,235
				17,864,477
Portugal — 0.0%
Banco Espirito Santo SA, Registered,NVS(d)(e)		3		—
EDP - Energias de Portugal SA		872,584		3,892,106
Galp Energia SGPS SA		131,096		2,063,679
Jeronimo Martins SGPS SA		85,065		1,934,661
				7,890,446
Qatar — 0.1%
Commercial Bank PSQC (The)		900,003		1,294,863
Industries Qatar QSC		423,320		1,390,320
Masraf Al Rayan QSC		1,521,744		980,277
Mesaieed Petrochemical Holding Co.		1,233,545		568,469
Ooredoo QPSC		623,495		1,830,036
Qatar Islamic Bank SAQ		490,464		2,623,522
Qatar National Bank QPSC		1,207,001		5,127,607
				13,815,094
Russia — 0.0%
Alrosa PJSC(d)		472,000		53
Gazprom PJSC(a)(d)		3,457,370		384
Inter RAO UES PJSC(d)		11,798,500		1,311
LUKOIL PJSC(d)		127,513		14
MMC Norilsk Nickel PJSC(d)		19,665		2
Mobile TeleSystems PJSC(d)		482,206		54
Moscow Exchange MICEX-RTS PJSC(d)		490,370		55
Novatek PJSC(d)		290,740		32
Novolipetsk Steel PJSC(a)(d)		316,690		35
PhosAgro PJSC(d)		26,470		3
PhosAgro PJSC, New(d)		511		5
Polyus PJSC(a)(d)		9,781		1
Rosneft Oil Co. PJSC(d)		352,530		39
Sberbank of Russia PJSC(d)		2,557,600		284
Severstal PAO(a)(d)		47,814		5
Surgutneftegas PJSC(d)		2,443,710		272
Tatneft PJSC(d)		397,511		44
TCS Group Holding PLC, GDR(a)(d)		35,279		4
X5 Retail Group NV, GDR(a)(d)		24,002		3
Yandex NV(a)(d)		90,278		10
				2,610
Saudi Arabia — 0.4%
ACWA Power Co.		23,309		1,488,402
Al Rajhi Bank		530,229		11,836,254
Alinma Bank		374,215		4,121,703
Almarai Co. JSC		117,232		1,785,005
Arab National Bank		165,045		1,097,443
Bank AlBilad		126,339		1,497,846
Bank Al-Jazira(a)		322,003		1,730,072
Banque Saudi Fransi		242,476		2,578,787
Bupa Arabia for Cooperative Insurance Co.		20,459		1,126,457
Dar Al Arkan Real Estate Development Co.(a)		168,874		583,659
Dr Sulaiman Al Habib Medical Services Group Co.		23,514		1,817,684
Elm Co.		5,769		1,384,812
Etihad Etisalat Co.		113,443		1,576,059
Mouwasat Medical Services Co.		20,263		640,373
Rabigh Refining & Petrochemical Co.(a)		115,993		282,139
Reinet Investments SCA		31,273		783,792
Riyad Bank		487,340		3,678,112
SABIC Agri-Nutrients Co.		73,981		2,522,440
Sahara International Petrochemical Co.		101,323		848,376
Saudi Arabian Mining Co.(a)		408,537		5,041,561
Saudi Arabian Oil Co.(c)		723,525		5,893,900

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Saudi Arabia (continued)
Saudi Awwal Bank		271,338	$	2,592,189
Saudi Basic Industries Corp.		253,048		5,245,582
Saudi Electricity Co.		469,977		2,371,469
Saudi Industrial Investment Group		77,468		418,615
Saudi Investment Bank (The)		96,638		401,277
Saudi Kayan Petrochemical Co.(a)		195,819		478,344
Saudi National Bank (The)		864,920		9,340,728
Saudi Research & Media Group(a)		7,220		399,197
Saudi Tadawul Group Holding Co.		12,844		707,310
Saudi Telecom Co.		494,734		5,383,499
Savola Group (The)		66,245		794,035
Yanbu National Petrochemical Co.		64,223		656,868
				81,103,989
Singapore — 0.3%
CapitaLand Ascendas REIT		1,426,879		3,092,371
CapitaLand Integrated Commercial Trust		2,086,732		3,110,830
CapitaLand Investment Ltd./Singapore(b)		927,900		2,037,007
City Developments Ltd.(b)		111,500		506,075
DBS Group Holdings Ltd.		490,600		11,620,000
Genting Singapore Ltd.		2,646,900		1,987,833
Grab Holdings Ltd., Class A(a)		455,600		1,398,692
Jardine Cycle & Carriage Ltd.		30,000		578,881
Keppel Ltd.		520,300		2,764,750
Mapletree Logistics Trust		686,945		789,901
Mapletree Pan Asia Commercial Trust		546,400		591,704
Oversea-Chinese Banking Corp. Ltd.		884,700		8,462,482
Sea Ltd., ADR(a)		104,785		3,996,500
Seatrium Ltd.(a)(b)		11,383,430		844,801
Sembcorp Industries Ltd.		278,400		1,171,643
Singapore Airlines Ltd.		338,900		1,682,056
Singapore Exchange Ltd.		95,300		665,445
Singapore Technologies Engineering Ltd.		440,300		1,220,044
Singapore Telecommunications Ltd.		1,888,400		3,369,930
United Overseas Bank Ltd.		334,500		7,050,772
UOL Group Ltd.		86,200		400,276
Wilmar International Ltd.		425,000		1,040,692
				58,382,685
South Africa — 0.3%
Absa Group Ltd.		185,233		1,617,365
Anglo American Platinum Ltd.		15,298		647,661
Aspen Pharmacare Holdings Ltd.		105,329		1,091,855
Bid Corp. Ltd.		130,225		3,158,717
Bidvest Group Ltd. (The)		85,142		1,122,478
Capitec Bank Holdings Ltd.		24,906		2,652,664
Clicks Group Ltd.		54,661		878,605
Discovery Ltd.		94,243		697,315
Exxaro Resources Ltd.		51,288		510,963
FirstRand Ltd.		1,380,946		5,001,400
Gold Fields Ltd.		261,991		3,865,747
Harmony Gold Mining Co. Ltd.		133,997		837,581
Impala Platinum Holdings Ltd.		230,763		895,742
Kumba Iron Ore Ltd.		15,618		461,312
MTN Group Ltd.		489,229		2,496,512
Naspers Ltd., Class N		54,492		9,130,965
Nedbank Group Ltd.		158,159		1,837,339
Northam Platinum Holdings Ltd.		109,987		740,962
Old Mutual Ltd.		1,493,456		993,866
Remgro Ltd.		71,193		599,660
Sanlam Ltd.		803,552		3,065,708
Sasol Ltd.		163,853		1,423,179
Shoprite Holdings Ltd.		121,530		1,762,274

Security	Shares		Value
South Africa (continued)
Sibanye Stillwater Ltd.		636,895	$	767,547
Standard Bank Group Ltd.		359,854		3,839,083
Vodacom Group Ltd.		119,982		598,292
Woolworths Holdings Ltd./South Africa		394,101		1,460,210
				52,155,002
South Korea — 1.2%
Amorepacific Corp.(a)		10,418		918,970
Celltrion Inc.		41,862		5,617,486
CJ CheilJedang Corp.		3,900		851,644
CosmoAM&T Co. Ltd.(a)		6,522		644,738
Coway Co. Ltd.(a)		18,395		763,019
DB Insurance Co. Ltd.(a)		8,850		583,797
Doosan Bobcat Inc.		16,048		611,172
Doosan Enerbility Co. Ltd.(a)		116,986		1,351,417
Ecopro BM Co. Ltd.(a)		13,429		2,131,609
Ecopro Co. Ltd.(a)		5,425		2,023,561
Hana Financial Group Inc.		92,774		3,317,360
Hankook Tire & Technology Co. Ltd.(a)		31,868		1,219,719
Hanmi Pharm Co. Ltd.(a)		3,034		736,099
Hanmi Semiconductor Co. Ltd.(a)		11,950		521,136
Hanwha Aerospace Co. Ltd.(a)		9,930		1,025,504
Hanwha Ocean Co. Ltd.(a)		15,622		256,728
Hanwha Solutions Corp.(a)		29,255		726,770
HD Hyundai Co. Ltd.		11,874		632,880
HD Hyundai Heavy Industries Co. Ltd.(a)		5,390		459,259
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.(a)		14,162		1,201,597
HLB Inc.(a)		38,445		1,939,110
HMM Co. Ltd.(a)		75,792		1,089,312
Hotel Shilla Co. Ltd.		7,699		335,353
HYBE Co. Ltd.(a)		4,698		708,332
Hyundai Engineering & Construction Co. Ltd.(a)		16,025		414,741
Hyundai Glovis Co. Ltd.(a)		7,623		998,175
Hyundai Mipo Dockyard Co. Ltd.(a)		6,445		324,877
Hyundai Mobis Co. Ltd.		18,166		2,847,584
Hyundai Motor Co.		44,865		6,525,625
Hyundai Steel Co.(a)		37,049		927,765
JYP Entertainment Corp.(a)		7,360		414,217
Kakao Corp.(a)		94,110		3,680,243
KakaoBank Corp.(a)		43,220		878,454
Kangwon Land Inc.(a)		26,358		295,726
KB Financial Group Inc.		100,584		4,268,556
Kia Corp.(a)		70,666		5,427,930
Korea Aerospace Industries Ltd.(a)		29,765		1,121,451
Korea Electric Power Corp.(a)		74,027		1,097,740
Korea Zinc Co. Ltd.		3,607		1,277,815
Korean Air Lines Co. Ltd.(a)		36,118		607,249
Krafton Inc.(a)		7,591		1,217,266
KT Corp.(a)		8,741		231,532
KT&G Corp.		32,859		2,231,595
Kum Yang Co. Ltd.(a)		8,754		511,411
Kumho Petrochemical Co. Ltd.(a)		4,449		414,861
L&F Co. Ltd.(a)		7,140		761,276
LG Chem Ltd.		14,766		4,788,390
LG Corp.(a)		27,859		1,710,640
LG Display Co. Ltd.(a)		83,249		723,442
LG Electronics Inc.		31,534		2,198,055
LG Energy Solution Ltd.(a)		12,866		3,651,894
LG H&H Co. Ltd.		2,967		672,471
LG Innotek Co. Ltd.		4,287		611,438
LG Uplus Corp.		31,770		243,240
Lotte Chemical Corp.(a)		7,152		699,578

22 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
Meritz Financial Group Inc.(a)		26,284	$	1,349,423
Mirae Asset Securities Co. Ltd.(a)		66,099		388,643
NAVER Corp.(a)		35,193		5,248,052
NCSoft Corp.(a)		4,588		677,142
Netmarble Corp.(a)(c)		7,710		336,082
Orion Corp./Republic of Korea		11,194		774,232
Pearl Abyss Corp.(a)		9,872		241,073
Posco DX Co. Ltd.(a)		14,512		618,452
POSCO Future M Co. Ltd.(a)		8,747		1,647,627
POSCO Holdings Inc.		19,113		6,064,177
Posco International Corp.(a)		14,038		551,030
Samsung Biologics Co. Ltd.(a)(c)		5,315		3,345,645
Samsung C&T Corp.		26,762		2,764,633
Samsung Electro-Mechanics Co. Ltd.		13,906		1,446,237
Samsung Electronics Co. Ltd.		1,292,702		70,241,328
Samsung Engineering Co. Ltd.(a)		41,262		688,229
Samsung Fire & Marine Insurance Co. Ltd.(a)		11,146		2,205,566
Samsung Heavy Industries Co. Ltd.(a)		224,945		1,225,974
Samsung Life Insurance Co. Ltd.		16,022		832,592
Samsung SDI Co. Ltd.		15,408		4,276,084
Samsung SDS Co. Ltd.		7,375		838,689
Samsung Securities Co. Ltd.		4,334		121,821
Shinhan Financial Group Co. Ltd.		104,370		3,197,903
SK Biopharmaceuticals Co. Ltd.(a)		12,444		864,337
SK Bioscience Co. Ltd.(a)		6,601		313,709
SK Hynix Inc.		146,897		14,710,360
SK IE Technology Co. Ltd.(a)(c)		7,817		433,273
SK Inc.		9,620		1,318,696
SK Innovation Co. Ltd.(a)		16,628		1,449,025
SK Square Co. Ltd.(a)		20,824		808,975
SK Telecom Co. Ltd.		14,960		562,476
SKC Co. Ltd.(a)		6,357		364,465
S-Oil Corp.		11,194		569,106
Woori Financial Group Inc.		165,965		1,720,784
Yuhan Corp.(a)		13,475		595,585
				214,233,234
Spain — 0.6%
Acciona SA		5,077		656,734
ACS Actividades de Construccion y Servicios SA		69,588		2,745,977
Aena SME SA(c)		17,513		3,098,175
Amadeus IT Group SA		121,277		8,499,137
Banco Bilbao Vizcaya Argentaria SA		1,671,203		15,641,518
Banco Santander SA		4,413,529		17,738,234
CaixaBank SA		1,135,087		4,840,000
Cellnex Telecom SA(c)		151,473		5,828,282
EDP Renovaveis SA		78,056		1,263,979
Enagas SA		14,013		228,128
Endesa SA		88,166		1,746,741
Grifols SA(a)(b)		89,664		976,687
Iberdrola SA		1,646,522		19,825,699
Iberdrola SA, NVS		29,238		352,055
Industria de Diseno Textil SA		287,083		12,274,913
Naturgy Energy Group SA		47,992		1,292,317
Redeia Corp. SA		116,669		1,941,386
Repsol SA		354,227		5,231,324
Telefonica SA		1,400,732		5,699,345
				109,880,631
Sweden — 0.7%
Alfa Laval AB		85,253		3,128,172
Assa Abloy AB, Class B		274,354		7,524,355
Atlas Copco AB, Class A		772,638		12,330,849

Security	Shares		Value
Sweden (continued)
Atlas Copco AB, Class B		380,298	$	5,266,348
Beijer Ref AB, Class B		124,113		1,689,797
Boliden AB		81,231		2,156,087
Epiroc AB		180,997		3,197,991
EQT AB		90,239		2,423,111
Essity AB, Class B		161,544		3,793,585
Evolution AB(c)		50,877		5,940,581
Fastighets AB Balder, Class B(a)		191,158		1,268,771
Getinge AB, Class B		62,515		1,336,391
H & M Hennes & Mauritz AB, Class B		177,833		2,509,000
Hexagon AB, Class B		586,530		6,401,146
Holmen AB, Class B		24,672		972,306
Husqvarna AB, Class B		103,301		803,569
Industrivarden AB, Class A		16,672		524,868
Industrivarden AB, Class C		58,484		1,838,098
Indutrade AB		73,556		1,786,975
Investment AB Latour, Class B		39,962		1,005,068
Investor AB, Class B		491,525		11,572,841
L E Lundbergforetagen AB, Class B		17,171		895,310
Lifco AB, Class B		87,196		2,103,769
Nibe Industrier AB, Class B		421,365		2,517,732
Saab AB, Class B		23,098		1,487,302
Sagax AB, Class B		45,507		1,105,880
Sandvik AB		293,191		6,161,668
Securitas AB, Class B		122,768		1,192,575
Skandinaviska Enskilda Banken AB, Class A		428,216		6,081,582
Skanska AB, Class B		88,627		1,536,757
SKF AB, Class B		101,539		2,000,838
Svenska Cellulosa AB SCA, Class B		187,678		2,555,033
Svenska Handelsbanken AB, Class A		400,599		4,318,590
Swedbank AB, Class A		238,388		4,857,865
Swedish Orphan Biovitrum AB(a)		49,309		1,384,011
Tele2 AB, Class B		129,607		1,105,033
Telefonaktiebolaget LM Ericsson, Class B		790,437		4,381,768
Telia Co. AB		703,469		1,814,368
Volvo AB, Class B		426,075		10,211,024
Volvo Car AB, Class B(a)(b)		160,441		418,270
				133,599,284
Switzerland — 2.5%
ABB Ltd., Registered		441,643		18,686,711
Adecco Group AG, Registered		46,126		1,994,629
Alcon Inc.		134,145		10,097,764
Avolta AG, Registered(a)		24,763		946,066
Bachem Holding AG, Class B		8,562		573,172
Baloise Holding AG, Registered		11,869		1,895,967
Banque Cantonale Vaudoise, Registered		8,978		1,149,511
Barry Callebaut AG, Registered		707		1,032,649
BKW AG		5,568		884,579
Bunge Global SA		39,918		3,516,377
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		424		5,388,594
Chocoladefabriken Lindt & Spruengli AG, Registered		30		3,802,769
Cie. Financiere Richemont SA, Class A, Registered		139,960		20,788,895
Clariant AG, Registered		65,002		832,135
Coca-Cola HBC AG, Class DI		66,627		1,958,617
DSM-Firmenich AG		49,555		5,239,476
EMS-Chemie Holding AG, Registered		1,756		1,325,630
Geberit AG, Registered		10,041		5,779,880
Givaudan SA, Registered		2,518		10,471,195
Helvetia Holding AG, Registered		9,221		1,331,701

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Switzerland (continued)
Holcim AG		140,552	$	10,735,196
Julius Baer Group Ltd.		64,328		3,502,106
Kuehne + Nagel International AG, Registered		15,344		5,199,769
Logitech International SA, Registered		46,321		3,883,241
Lonza Group AG, Registered		20,783		10,160,927
Nestle SA, Registered		728,292		82,989,257
Novartis AG, Registered		558,203		57,725,848
Partners Group Holding AG		6,258		8,443,137
Roche Holding AG, Bearer		8,447		2,558,828
Roche Holding AG, NVS		192,111		54,697,143
Sandoz Group AG(a)		111,259		3,815,626
Schindler Holding AG, Participation Certificates, NVS		10,015		2,494,623
Schindler Holding AG, Registered		9,299		2,213,542
SGS SA		40,377		3,731,070
Siemens Energy AG(a)(b)		142,414		2,115,840
SIG Group AG		79,347		1,660,907
Sika AG, Registered		41,659		11,500,293
Sonova Holding AG, Registered		14,339		4,582,694
STMicroelectronics NV		183,005		8,035,293
Straumann Holding AG		29,589		4,494,610
Swatch Group AG (The), Bearer		10,357		2,431,397
Swiss Life Holding AG, Registered		8,498		6,102,652
Swiss Prime Site AG, Registered		27,709		2,806,516
Swiss Re AG		80,169		9,179,385
Swisscom AG, Registered		7,172		4,290,890
Temenos AG, Registered		18,374		1,869,929
UBS Group AG, Registered		901,921		26,996,847
VAT Group AG(c)		7,763		3,613,900
Zurich Insurance Group AG		40,084		20,366,260
				459,894,043
Taiwan — 1.7%
Accton Technology Corp.		166,000		2,792,544
Acer Inc.		808,000		1,186,623
Advantech Co. Ltd.		131,312		1,415,440
Airtac International Group		48,393		1,450,326
Alchip Technologies Ltd.		21,000		2,604,838
ASE Technology Holding Co. Ltd.		965,873		4,176,217
Asia Cement Corp.		754,000		956,160
Asustek Computer Inc.		206,000		2,925,058
AUO Corp.		1,830,400		1,069,685
Catcher Technology Co. Ltd.		155,000		963,130
Cathay Financial Holding Co. Ltd.		2,730,264		3,839,378
Chailease Holding Co. Ltd.		456,272		2,525,704
Chang Hwa Commercial Bank Ltd.		990,017		552,681
China Airlines Ltd.		815,000		529,367
China Development Financial Holding Corp.(a)		4,513,000		1,732,618
China Steel Corp.		2,940,305		2,356,163
Chunghwa Telecom Co. Ltd.		1,003,140		3,802,814
Compal Electronics Inc.		898,000		1,029,877
CTBC Financial Holding Co. Ltd.		4,830,142		4,381,960
Delta Electronics Inc.		561,000		5,020,161
E Ink Holdings Inc.		265,000		1,757,402
E.Sun Financial Holding Co. Ltd.		4,599,240		3,630,131
Eclat Textile Co. Ltd.		65,000		1,134,462
eMemory Technology Inc.		21,000		1,872,979
Eva Airways Corp.		729,000		734,819
Evergreen Marine Corp. Taiwan Ltd.		302,000		1,448,562
Far EasTone Telecommunications Co. Ltd.		445,000		1,142,235
Feng TAY Enterprise Co. Ltd.		152,096		784,210
First Financial Holding Co. Ltd.		2,932,942		2,488,953
Formosa Chemicals & Fibre Corp.		1,042,000		1,881,194

Security	Shares		Value
Taiwan (continued)
Formosa Plastics Corp.		1,148,160	$	2,638,524
Fubon Financial Holding Co. Ltd.		2,457,439		5,051,386
Gigabyte Technology Co. Ltd.		134,000		1,326,008
Global Unichip Corp.		24,000		1,178,321
Globalwafers Co. Ltd.		71,000		1,311,698
Hon Hai Precision Industry Co. Ltd.		3,597,000		11,766,591
Hotai Motor Co. Ltd.		102,000		2,066,320
Hua Nan Financial Holdings Co. Ltd.		2,394,398		1,649,378
Innolux Corp.		2,554,317		1,328,450
Inventec Corp.		706,000		1,239,960
Largan Precision Co. Ltd.		32,000		2,537,110
Lite-On Technology Corp.		658,000		2,278,728
MediaTek Inc.		430,000		13,268,776
Mega Financial Holding Co. Ltd.		2,852,654		3,426,666
Micro-Star International Co. Ltd.		269,000		1,560,207
momo.com Inc.		32,560		451,965
Nan Ya Plastics Corp.		1,312,830		2,544,276
Nan Ya Printed Circuit Board Corp.		86,000		620,872
Nanya Technology Corp.		331,000		725,971
Novatek Microelectronics Corp.		175,000		2,850,697
Parade Technologies Ltd.		25,000		886,928
Pegatron Corp.		450,000		1,186,276
PharmaEssentia Corp.(a)		74,000		743,028
Powerchip Semiconductor Manufacturing Corp.		873,000		750,629
President Chain Store Corp.		175,000		1,475,486
Quanta Computer Inc.		759,000		6,001,424
Realtek Semiconductor Corp.		153,000		2,289,705
Ruentex Development Co. Ltd.		588,600		670,488
Shanghai Commercial & Savings Bank Ltd. (The)		1,094,851		1,547,398
Silergy Corp.		100,000		1,230,674
SinoPac Financial Holdings Co. Ltd.		2,987,887		1,828,503
Taishin Financial Holding Co. Ltd.		2,691,063		1,474,195
Taiwan Cement Corp.		1,717,227		1,747,679
Taiwan Cooperative Financial Holding Co. Ltd.		3,260,968		2,645,611
Taiwan High Speed Rail Corp.		545,000		514,232
Taiwan Mobile Co. Ltd.		532,000		1,662,947
Taiwan Semiconductor Manufacturing Co. Ltd.		6,758,000		135,284,968
Unimicron Technology Corp.		388,000		2,176,788
Uni-President Enterprises Corp.		1,466,600		3,389,141
United Microelectronics Corp.		3,179,000		4,951,795
Vanguard International Semiconductor Corp.		314,000		736,760
Voltronic Power Technology Corp.		24,000		1,026,308
Walsin Lihwa Corp.		849,869		959,576
Wan Hai Lines Ltd.		234,600		366,280
Winbond Electronics Corp.		1,028,804		894,252
Wistron Corp.		789,000		2,888,783
Wiwynn Corp.		33,000		2,326,526
WPG Holdings Ltd.		267,000		743,302
Yageo Corp.		105,858		1,861,947
Yang Ming Marine Transport Corp.		525,000		800,533
Yuanta Financial Holding Co. Ltd.		3,692,037		3,182,882
Zhen Ding Technology Holding Ltd.		198,000		637,430
				310,890,069
Thailand — 0.2%
Advanced Info Service PCL, NVDR		338,200		2,085,809
Airports of Thailand PCL, NVDR(b)		1,643,300		2,767,078
Bangkok Dusit Medical Services PCL, NVDR		4,077,800		3,160,856
Bangkok Expressway & Metro PCL, NVDR		3,272,100		677,586
Banpu PCL, NVDR		1,942,103		339,029
BTS Group Holdings PCL, NVDR		2,719,400		459,501
Central Pattana PCL, NVDR		949,800		1,731,442
Charoen Pokphand Foods PCL, NVDR(b)		2,471,200		1,296,587

24 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Thailand (continued)
CP ALL PCL, NVDR		1,829,600	$	2,693,357
CP Axtra PCL(b)		226,400		181,487
Delta Electronics Thailand PCL, NVDR		975,800		2,159,463
Energy Absolute PCL, NVDR(b)		627,000		700,896
Global Power Synergy PCL, NVDR		432,000		598,337
Gulf Energy Development PCL, NVDR(b)		1,230,356		1,506,984
Indorama Ventures PCL, NVDR(b)		846,033		562,736
Intouch Holdings PCL, NVDR		712,900		1,480,421
Muangthai Capital PCL, NVDR		203,800		243,694
Osotspa PCL, NVDR		290,500		170,317
PTT Exploration & Production PCL, NVDR		456,300		1,925,728
PTT Global Chemical PCL, NVDR(b)		608,700		573,955
PTT Oil & Retail Business PCL, NVDR		818,900		412,659
PTT Public Co. Ltd., NVDR		2,715,300		2,577,575
Siam Cement PCL (The), NVDR		199,700		1,520,067
True Corp. PCL(a)(b)		2,367,090		402,509
				30,228,073
Turkey — 0.1%
Akbank TAS		1,082,756		1,409,434
Aselsan Elektronik Sanayi Ve Ticaret AS		535,777		893,403
BIM Birlesik Magazalar AS		203,952		2,557,546
Eregli Demir ve Celik Fabrikalari TAS(a)		518,327		734,945
Haci Omer Sabanci Holding AS		141,659		338,558
Hektas Ticaret TAS(a)		357,638		209,576
KOC Holding AS		152,236		804,026
Koza Altin Isletmeleri AS		465,519		318,477
Sasa Polyester Sanayi AS(a)		277,687		352,313
Turk Hava Yollari AO(a)		173,181		1,552,375
Turkcell Iletisim Hizmetleri AS		381,536		861,898
Turkiye Is Bankasi AS, Class C		826,360		696,784
Turkiye Petrol Rafinerileri AS		316,186		1,557,798
Turkiye Sise ve Cam Fabrikalari AS		551,199		894,036
Yapi ve Kredi Bankasi AS		741,537		532,609
				13,713,778
United Arab Emirates — 0.1%
Abu Dhabi Commercial Bank PJSC		804,167		1,970,488
Abu Dhabi Islamic Bank PJSC		313,509		955,989
Abu Dhabi National Oil Co. for Distribution PJSC		795,855		769,214
Aldar Properties PJSC		1,041,081		1,445,572
Emaar Properties PJSC		1,546,339		3,126,498
Emirates NBD Bank PJSC		669,356		3,225,636
Emirates Telecommunications Group Co. PJSC		958,385		5,004,649
First Abu Dhabi Bank PJSC		1,247,286		4,972,543
Multiply Group PJSC(a)		874,435		686,619
				22,157,208
United Kingdom — 3.4%
3i Group PLC		305,518		9,564,222
abrdn PLC		684,286		1,455,774
Admiral Group PLC		49,434		1,571,859
Anglo American PLC		317,578		7,570,323
Anglogold Ashanti PLC, NVS		105,306		1,884,460
Antofagasta PLC		130,910		2,853,216
Ashtead Group PLC		131,360		8,589,878
Associated British Foods PLC		96,996		2,872,958
AstraZeneca PLC		421,338		55,859,660
Auto Trader Group PLC(c)		287,336		2,643,456
Aviva PLC		640,838		3,498,062
BAE Systems PLC		897,003		13,362,173
Barclays PLC		4,262,871		7,921,809
Barratt Developments PLC		287,297		1,958,024
Berkeley Group Holdings PLC		43,392		2,627,586

Security	Shares		Value
United Kingdom (continued)
BP PLC		4,975,463	$	29,058,776
British American Tobacco PLC		573,740		16,915,924
BT Group PLC		1,881,423		2,665,471
Bunzl PLC		76,235		3,098,172
Burberry Group PLC		122,762		2,022,126
Centrica PLC		1,255,488		2,197,166
Coca-Cola Europacific Partners PLC		58,020		3,997,578
Compass Group PLC		461,359		12,707,558
Croda International PLC		29,451		1,782,568
DCC PLC		25,053		1,821,336
Diageo PLC		603,739		21,805,763
Endeavour Mining PLC		30,379		539,650
Entain PLC		166,704		2,030,520
Experian PLC		259,601		10,805,214
Glencore PLC		2,793,362		14,779,562
GSK PLC		1,113,216		22,016,889
Haleon PLC		1,306,335		5,306,023
Halma PLC		83,111		2,300,437
Hargreaves Lansdown PLC		82,269		793,848
Hikma Pharmaceuticals PLC		35,719		871,438
HSBC Holdings PLC		5,423,702		42,346,651
Imperial Brands PLC		254,373		6,106,256
Informa PLC		307,711		3,022,199
InterContinental Hotels Group PLC		35,818		3,393,865
Intertek Group PLC		49,591		2,814,818
J Sainsbury PLC		604,787		2,064,840
JD Sports Fashion PLC		620,378		916,741
Kingfisher PLC		634,826		1,765,023
Land Securities Group PLC		235,657		1,986,754
Legal & General Group PLC		1,682,820		5,412,693
Lloyds Banking Group PLC		18,716,799		10,033,240
London Stock Exchange Group PLC		115,386		13,051,777
M&G PLC		602,164		1,702,539
Melrose Industries PLC		352,463		2,627,078
Mondi PLC, NVS		74,578		1,336,410
National Grid PLC		1,000,813		13,329,932
NatWest Group PLC, NVS		1,411,506		3,983,465
Next PLC		40,029		4,273,357
NMC Health PLC, NVS(d)		19,275		—
Ocado Group PLC(a)		152,309		1,043,303
Pearson PLC		219,471		2,692,421
Persimmon PLC		89,964		1,656,966
Prudential PLC		758,210		7,788,763
Reckitt Benckiser Group PLC		187,824		13,579,843
RELX PLC		533,188		22,006,833
Rentokil Initial PLC		631,681		3,252,996
Rio Tinto PLC		326,916		22,628,934
Rolls-Royce Holdings PLC(a)		2,250,904		8,545,445
Sage Group PLC (The)		217,942		3,244,703
Schroders PLC		122,022		624,277
Segro PLC		263,624		2,927,826
Severn Trent PLC		90,600		2,978,115
Shell PLC		1,852,619		57,435,464
Smith & Nephew PLC		251,452		3,516,557
Smiths Group PLC		88,429		1,812,232
Spirax-Sarco Engineering PLC		16,979		2,136,991
SSE PLC		284,660		6,062,669
St. James’s Place PLC		221,610		1,824,361
Standard Chartered PLC		718,132		5,427,312
Taylor Wimpey PLC		1,058,467		1,976,149
Tesco PLC		1,939,361		7,027,506
Unilever PLC		687,560		33,456,817

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
United Utilities Group PLC		134,597	$	1,812,855
Vodafone Group PLC		6,569,150		5,584,700
Whitbread PLC		43,850		1,987,630
Wise PLC, Class A(a)		167,327		1,706,719
WPP PLC		351,666		3,400,783
				630,056,287
United States — 63.1%
3M Co.		152,936		14,429,512
A O Smith Corp.		37,315		2,896,017
Abbott Laboratories		472,223		53,432,032
AbbVie Inc.		482,848		79,380,211
Accenture PLC, Class A		171,522		62,413,425
Adobe Inc.(a)		125,189		77,339,260
Advanced Micro Devices Inc.(a)		443,525		74,374,707
AECOM		34,757		3,065,220
AES Corp. (The)		188,890		3,150,685
Aflac Inc.		150,555		12,697,809
Agilent Technologies Inc.		79,079		10,288,178
Air Products and Chemicals Inc.		60,996		15,597,287
Airbnb Inc.(a)(b)		116,945		16,856,452
Akamai Technologies Inc.(a)		42,299		5,212,506
Albemarle Corp.		31,759		3,644,028
Albertsons Companies Inc., Class A		73,299		1,555,405
Alexandria Real Estate Equities Inc.		49,423		5,975,241
Align Technology Inc.(a)		20,192		5,397,725
Allegion PLC		27,312		3,383,684
Alliant Energy Corp.		72,957		3,550,088
Allstate Corp. (The)		70,839		10,997,755
Ally Financial Inc.		78,583		2,882,424
Alnylam Pharmaceuticals Inc.(a)		33,530		5,797,672
Alphabet Inc., Class A(a)		1,629,493		228,291,969
Alphabet Inc., Class C, NVS(a)		1,440,095		204,205,471
Altria Group Inc.		481,859		19,332,183
Amazon.com Inc.(a)		2,549,750		395,721,200
Amcor PLC		420,328		3,963,693
Ameren Corp.		70,524		4,906,355
American Electric Power Co. Inc.		137,936		10,778,319
American Express Co.		174,079		34,944,618
American Financial Group Inc./OH		22,002		2,649,041
American Homes 4 Rent, Class A		81,958		2,872,628
American International Group Inc.		194,062		13,489,250
American Tower Corp.		128,920		25,223,198
American Water Works Co. Inc.		55,365		6,866,367
Ameriprise Financial Inc.		28,809		11,144,185
AMETEK Inc.		62,038		10,053,258
Amgen Inc.		145,267		45,651,607
Amphenol Corp., Class A		163,321		16,511,753
Analog Devices Inc.		135,921		26,145,764
Annaly Capital Management Inc.		132,748		2,547,434
Ansys Inc.(a)		24,555		8,049,866
Aon PLC, Class A		55,260		16,491,242
APA Corp.		83,515		2,616,525
Apollo Global Management Inc.		110,001		11,044,100
Apple Inc.		4,293,255		791,676,222
Applied Materials Inc.		228,662		37,569,167
Aptiv PLC(a)		78,377		6,374,401
Arch Capital Group Ltd.(a)		108,634		8,954,701
Archer-Daniels-Midland Co.		148,245		8,239,457
Ares Management Corp., Class A		45,170		5,487,252
Arista Networks Inc.(a)		72,048		18,637,377
Arthur J Gallagher & Co.		61,125		14,190,780
Aspen Technology Inc.(a)(b)		7,971		1,530,352

Security	Shares		Value
United States (continued)
Assurant Inc.		14,956	$	2,511,860
AT&T Inc.		1,963,467		34,733,731
Atlassian Corp., NVS(a)		41,890		10,462,865
Atmos Energy Corp.		37,633		4,287,904
Autodesk Inc.(a)		57,840		14,680,370
Automatic Data Processing Inc.		112,146		27,563,244
AutoZone Inc.(a)		5,058		13,970,854
AvalonBay Communities Inc.		37,485		6,710,190
Avantor Inc.(a)		169,865		3,905,196
Avery Dennison Corp.		23,754		4,737,735
Axon Enterprise Inc.(a)		18,966		4,723,672
Baker Hughes Co., Class A		271,242		7,730,397
Ball Corp.		87,857		4,871,671
Bank of America Corp.		1,964,134		66,800,197
Bank of New York Mellon Corp. (The)		218,222		12,102,592
Bath & Body Works Inc.		59,388		2,533,492
Baxter International Inc.		133,397		5,161,130
Becton Dickinson and Co.		78,477		18,741,092
Bentley Systems Inc., Class B		59,345		2,990,988
Berkshire Hathaway Inc., Class B(a)		359,260		137,862,432
Best Buy Co. Inc.		53,810		3,900,687
BILL Holdings Inc.(a)(b)		24,903		1,943,679
Biogen Inc.(a)		39,222		9,674,499
BioMarin Pharmaceutical Inc.(a)		50,825		4,476,666
Bio-Rad Laboratories Inc., Class A(a)		6,500		2,085,785
Bio-Techne Corp.		41,443		2,914,272
BlackRock Inc.(f)		40,779		31,575,587
Blackstone Inc., NVS		192,607		23,969,941
Block Inc.(a)		149,868		9,742,919
Boeing Co. (The)(a)		157,843		33,311,187
Booking Holdings Inc.(a)		9,782		34,310,072
Booz Allen Hamilton Holding Corp., Class A		38,366		5,400,782
BorgWarner Inc.		66,383		2,250,384
Boston Properties Inc.		41,482		2,758,553
Boston Scientific Corp.(a)		402,148		25,439,883
Bristol-Myers Squibb Co.		570,255		27,868,362
Broadcom Inc.		121,625		143,517,500
Broadridge Financial Solutions Inc.		34,593		7,063,891
Brown & Brown Inc.		67,901		5,266,402
Brown-Forman Corp., Class B		86,453		4,746,270
Builders FirstSource Inc.(a)		37,317		6,483,082
Burlington Stores Inc.(a)		18,104		3,460,580
Cadence Design Systems Inc.(a)		73,683		21,254,598
Caesars Entertainment Inc.(a)		56,948		2,498,309
Camden Property Trust		26,770		2,512,097
Campbell Soup Co.		58,367		2,604,919
Capital One Financial Corp.		102,678		13,894,387
Cardinal Health Inc.		67,998		7,424,702
Carlisle Companies Inc.		14,012		4,403,411
Carlyle Group Inc. (The)		54,260		2,171,485
CarMax Inc.(a)(b)		44,732		3,184,024
Carnival Corp.(a)		275,883		4,574,140
Carrier Global Corp.		227,144		12,427,048
Catalent Inc.(a)		47,850		2,470,974
Caterpillar Inc.		139,655		41,939,793
Cboe Global Markets Inc.		28,453		5,231,084
CBRE Group Inc., Class A(a)		84,791		7,318,311
CDW Corp./DE		38,259		8,674,080
Celanese Corp., Class A		30,586		4,474,426
Celsius Holdings Inc.(a)		41,557		2,073,694
Cencora Inc.		46,103		10,727,246
Centene Corp.(a)		150,444		11,329,938

26 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
CenterPoint Energy Inc.		188,789	$	5,274,765
Ceridian HCM Holding Inc.(a)(b)		39,169		2,723,029
CF Industries Holdings Inc.		52,767		3,984,436
CH Robinson Worldwide Inc.		33,395		2,808,186
Charles River Laboratories International Inc.(a)(b)		12,793		2,766,870
Charles Schwab Corp. (The)		409,466		25,763,601
Charter Communications Inc., Class A(a)		26,497		9,822,703
Cheniere Energy Inc.		66,004		10,823,996
Chesapeake Energy Corp.		30,752		2,371,287
Chevron Corp.		498,299		73,464,222
Chipotle Mexican Grill Inc., Class A(a)		7,494		18,051,322
Chubb Ltd.		111,827		27,397,615
Church & Dwight Co. Inc.		69,340		6,923,599
Cigna Group (The)		81,212		24,440,751
Cincinnati Financial Corp.		43,024		4,767,059
Cintas Corp.		26,300		15,900,191
Cisco Systems Inc.		1,114,194		55,910,255
Citigroup Inc.		523,719		29,417,296
Citizens Financial Group Inc.		135,093		4,417,541
Cleveland-Cliffs Inc.(a)		139,481		2,796,594
Clorox Co. (The)		33,700		4,894,925
Cloudflare Inc., Class A(a)(b)		77,428		6,120,683
CME Group Inc.		98,150		20,203,196
CMS Energy Corp.		79,470		4,542,505
Coca-Cola Co. (The)		1,128,294		67,122,210
Cognizant Technology Solutions Corp., Class A		141,832		10,938,084
Coinbase Global Inc., Class A(a)		46,084		5,907,969
Colgate-Palmolive Co.		213,570		17,982,594
Comcast Corp., Class A		1,132,048		52,685,514
Conagra Brands Inc.		138,265		4,030,425
Confluent Inc.(a)(b)		44,763		1,000,901
ConocoPhillips		326,791		36,558,109
Consolidated Edison Inc.		94,451		8,585,596
Constellation Brands Inc., Class A		45,897		11,248,437
Constellation Energy Corp.		90,398		11,028,556
Cooper Companies Inc. (The)		14,048		5,240,325
Copart Inc.(a)		228,574		10,980,695
Corning Inc.		210,779		6,848,210
Corteva Inc.		194,230		8,833,580
CoStar Group Inc.(a)		110,864		9,254,927
Costco Wholesale Corp.		121,320		84,302,842
Coterra Energy Inc.		210,918		5,247,640
Crowdstrike Holdings Inc., Class A(a)		62,783		18,364,028
Crown Castle Inc.		118,628		12,841,481
Crown Holdings Inc.		33,557		2,969,795
CSX Corp.		545,662		19,480,133
Cummins Inc.		39,074		9,350,408
CVS Health Corp.		348,562		25,922,556
Danaher Corp.		190,751		45,763,072
Darden Restaurants Inc.		35,048		5,698,104
Darling Ingredients Inc.(a)		40,793		1,766,337
Datadog Inc., Class A(a)		69,944		8,703,831
DaVita Inc.(a)		15,742		1,702,655
Deckers Outdoor Corp.(a)		6,824		5,143,454
Deere & Co.		74,274		29,232,761
Dell Technologies Inc., Class C		68,160		5,649,101
Delta Air Lines Inc.		43,511		1,703,021
Devon Energy Corp.		178,461		7,498,931
Dexcom Inc.(a)		105,717		12,828,758
Diamondback Energy Inc.		46,657		7,173,047
Dick’s Sporting Goods Inc.		16,742		2,495,730
Digital Realty Trust Inc.		83,978		11,795,550

Security	Shares		Value
United States (continued)
Discover Financial Services		71,855	$	7,582,140
DocuSign Inc., Class A(a)		54,580		3,325,014
Dollar General Corp.		62,121		8,204,320
Dollar Tree Inc.(a)(b)		59,967		7,832,890
Dominion Energy Inc.		231,792		10,597,530
Domino’s Pizza Inc.		9,535		4,064,008
DoorDash Inc., Class A(a)		67,516		7,035,167
Dover Corp.		40,352		6,043,923
Dow Inc.		193,116		10,351,018
DR Horton Inc.		86,346		12,339,707
DraftKings Inc., Class A (a)		112,483		4,392,461
Dropbox Inc., Class A(a)		88,152		2,792,655
DTE Energy Co.		53,522		5,642,289
Duke Energy Corp.		208,339		19,965,126
DuPont de Nemours Inc.		125,584		7,761,091
Dynatrace Inc.(a)		68,611		3,910,827
Eastman Chemical Co.		30,848		2,577,350
Eaton Corp. PLC		108,376		26,669,166
eBay Inc.		138,411		5,684,540
Ecolab Inc.		71,354		14,143,790
Edison International		100,728		6,797,125
Edwards Lifesciences Corp.(a)		164,252		12,888,854
Electronic Arts Inc.		69,479		9,558,921
Elevance Health Inc.		64,720		31,935,437
Eli Lilly & Co.		221,107		142,748,890
Emerson Electric Co.		153,892		14,116,513
Enphase Energy Inc.(a)(b)		36,819		3,833,962
Entegris Inc.		40,868		4,810,164
Entergy Corp.		54,852		5,472,036
EOG Resources Inc.		157,864		17,963,345
EPAM Systems Inc.(a)		16,110		4,480,352
EQT Corp.		105,613		3,738,700
Equifax Inc.		35,183		8,596,614
Equinix Inc.		25,328		21,016,415
Equitable Holdings Inc.		108,637		3,551,344
Equity LifeStyle Properties Inc.		47,480		3,213,921
Equity Residential		97,611		5,875,206
Erie Indemnity Co., Class A, NVS		7,046		2,436,718
Essential Utilities Inc.		65,991		2,366,437
Essex Property Trust Inc.		18,286		4,265,575
Estee Lauder Companies Inc. (The), Class A		64,472		8,509,659
Etsy Inc.(a)(b)		33,815		2,250,726
Everest Group Ltd.		12,038		4,634,269
Evergy Inc.		64,940		3,297,004
Eversource Energy		101,002		5,476,328
Exact Sciences Corp.(a)		48,197		3,152,084
Exelon Corp.		264,148		9,194,992
Expedia Group Inc.(a)		39,097		5,799,258
Expeditors International of Washington Inc.		41,439		5,234,989
Extra Space Storage Inc.		56,962		8,227,591
Exxon Mobil Corp.		1,097,085		112,791,309
F5 Inc.(a)		17,194		3,158,538
FactSet Research Systems Inc.		11,253		5,355,528
Fair Isaac Corp.(a)		7,134		8,552,453
Fastenal Co.		157,346		10,735,718
FedEx Corp.		66,692		16,092,113
Ferguson PLC		56,718		10,655,043
Fidelity National Financial Inc.		78,594		3,932,058
Fidelity National Information Services Inc.		160,707		10,005,618
Fifth Third Bancorp		188,609		6,457,972
First Citizens BancShares Inc./NC, Class A		2,989		4,513,390
First Solar Inc.(a)(b)		27,718		4,055,143

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
FirstEnergy Corp.		145,886	$	5,351,098
Fiserv Inc.(a)		168,902		23,962,127
FleetCor Technologies Inc.(a)		19,441		5,636,529
FMC Corp.		36,263		2,037,981
Ford Motor Co.		1,086,613		12,735,104
Fortinet Inc.(a)		179,588		11,581,630
Fortive Corp.		96,044		7,508,720
Fortune Brands Home & Security Inc., NVS		32,707		2,537,736
Fox Corp., Class A, NVS		103,107		3,330,356
Franklin Resources Inc.		82,406		2,194,472
Freeport-McMoRan Inc.		382,219		15,170,272
Gaming and Leisure Properties Inc.		67,031		3,059,965
Garmin Ltd.		41,621		4,973,293
Gartner Inc.(a)		21,488		9,829,471
GE HealthCare Technologies Inc., NVS(a)		111,424		8,174,065
Gen Digital Inc.		163,688		3,843,394
General Dynamics Corp.		63,807		16,908,217
General Electric Co.		298,922		39,583,251
General Mills Inc.		158,054		10,259,285
General Motors Co.		372,204		14,441,515
Genuine Parts Co.		41,176		5,774,110
Gilead Sciences Inc.		340,835		26,673,747
Global Payments Inc.		71,626		9,542,732
Globe Life Inc.		27,899		3,426,555
GoDaddy Inc., Class A(a)		40,348		4,303,518
Goldman Sachs Group Inc. (The)		90,571		34,780,170
Graco Inc.		45,496		3,880,809
Halliburton Co.		245,728		8,760,203
Hartford Financial Services Group Inc. (The)		81,812		7,114,372
Hasbro Inc.		35,583		1,741,788
HCA Healthcare Inc.		56,446		17,210,385
Healthpeak Properties Inc.		155,057		2,868,555
HEICO Corp.		13,594		2,441,346
HEICO Corp., Class A		17,405		2,462,285
Henry Schein Inc.(a)		38,742		2,899,451
Hershey Co. (The)		41,344		8,001,718
Hess Corp.		72,792		10,229,460
Hewlett Packard Enterprise Co.		360,625		5,513,956
HF Sinclair Corp.		41,042		2,318,463
Hilton Worldwide Holdings Inc.		74,809		14,285,527
Hologic Inc.(a)		67,863		5,051,722
Home Depot Inc. (The)		274,111		96,750,219
Honeywell International Inc.		179,870		36,380,506
Hormel Foods Corp.		82,677		2,510,901
Host Hotels & Resorts Inc.		197,424		3,794,489
Howmet Aerospace Inc.		111,313		6,262,469
HP Inc.		256,324		7,359,062
Hubbell Inc., Class B		14,889		4,996,302
HubSpot Inc.(a)		12,772		7,803,692
Humana Inc.		34,023		12,862,735
Huntington Bancshares Inc./OH		421,970		5,371,678
Huntington Ingalls Industries Inc.		12,359		3,199,992
Hyatt Hotels Corp., Class A(b)		10,966		1,407,705
IDEX Corp.		22,380		4,733,370
IDEXX Laboratories Inc.(a)		22,622		11,652,140
Illinois Tool Works Inc.		83,940		21,899,946
Illumina Inc.(a)		42,155		6,028,587
Incyte Corp.(a)		51,687		3,037,645
Ingersoll Rand Inc.		108,346		8,652,512
Insulet Corp.(a)		18,557		3,541,975
Intel Corp.		1,144,942		49,324,101
Intercontinental Exchange Inc.		156,311		19,903,080

Security	Shares		Value
United States (continued)
International Business Machines Corp.		250,207	$	45,953,018
International Flavors & Fragrances Inc.		70,220		5,665,350
International Paper Co.		88,283		3,163,180
Interpublic Group of Companies Inc. (The)		120,613		3,979,023
Intuit Inc.		77,229		48,756,985
Intuitive Surgical Inc.(a)		95,589		36,153,672
Invitation Homes Inc.		179,060		5,896,446
IQVIA Holdings Inc.(a)		52,836		11,002,040
Iron Mountain Inc.		82,328		5,558,787
Jabil Inc.		36,115		4,524,848
Jack Henry & Associates Inc.		20,393		3,381,771
Jacobs Solutions Inc., NVS		34,501		4,649,700
Jazz Pharmaceuticals PLC(a)		18,129		2,224,791
JB Hunt Transport Services Inc.		23,402		4,703,334
JM Smucker Co. (The)		28,382		3,733,652
Johnson & Johnson		659,553		104,802,972
Johnson Controls International PLC		184,421		9,717,143
JPMorgan Chase & Co.		798,154		139,166,131
Juniper Networks Inc.		88,826		3,283,009
Kellanova		72,315		3,959,969
Kenvue Inc.		463,500		9,622,260
Keurig Dr Pepper Inc.		283,409		8,910,379
KeyCorp		254,331		3,695,429
Keysight Technologies Inc.(a)		48,983		7,507,135
Kimberly-Clark Corp.		93,426		11,301,743
Kimco Realty Corp.		160,799		3,248,140
Kinder Morgan Inc.		592,314		10,021,953
KKR & Co. Inc.		159,680		13,825,094
KLA Corp.		37,176		22,084,031
Knight-Swift Transportation Holdings Inc.		45,098		2,587,723
Kraft Heinz Co. (The)		230,321		8,551,819
Kroger Co. (The)		184,995		8,535,669
L3Harris Technologies Inc.		51,286		10,689,028
Laboratory Corp. of America Holdings		23,786		5,287,628
Lam Research Corp.		36,482		30,103,852
Lamb Weston Holdings Inc.		40,019		4,099,546
Las Vegas Sands Corp.		98,789		4,832,758
Lattice Semiconductor Corp.(a)		38,010		2,313,289
Lear Corp.		18,089		2,404,028
Leidos Holdings Inc.		36,982		4,085,402
Lennar Corp., Class A		66,684		9,992,597
Lennox International Inc.		9,718		4,160,859
Liberty Broadband Corp., Class C (a)		29,702		2,330,122
Liberty Global Ltd., NVS(a)(b)		80,012		1,675,451
Liberty Media Corp.-Liberty Formula One, NVS(a)		56,761		3,817,177
Liberty Media Corp.-Liberty SiriusXM, NVS(a)		38,582		1,171,350
Linde PLC		134,239		54,343,974
Live Nation Entertainment Inc.(a)		47,260		4,199,051
LKQ Corp.		77,430		3,613,658
Lockheed Martin Corp.		61,816		26,544,409
Loews Corp.		46,949		3,420,704
Lowe’s Companies Inc.		157,662		33,556,780
LPL Financial Holdings Inc.		20,388		4,876,606
Lucid Group Inc.(a)(b)		247,658		837,084
Lululemon Athletica Inc.(a)		31,864		14,460,520
LyondellBasell Industries NV, Class A		72,526		6,826,147
M&T Bank Corp.		45,924		6,342,104
Manhattan Associates Inc.(a)		17,524		4,250,621
Marathon Oil Corp.		175,576		4,011,912
Marathon Petroleum Corp.		108,609		17,985,650
Markel Group Inc.(a)		3,517		5,266,461
MarketAxess Holdings Inc.		10,967		2,473,168

28 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Marriott International Inc./MD, Class A		70,667	$	16,941,000
Marsh & McLennan Companies Inc.		133,353		25,849,146
Martin Marietta Materials Inc.		16,611		8,445,365
Marvell Technology Inc.		231,170		15,650,209
Masco Corp.		63,608		4,280,182
Mastercard Inc., Class A		230,498		103,546,617
Match Group Inc.(a)(b)		70,872		2,720,067
McCormick & Co. Inc./MD, NVS		69,332		4,725,669
McDonald’s Corp.		201,010		58,839,647
McKesson Corp.		38,031		19,011,317
Medtronic PLC		360,817		31,585,920
MercadoLibre Inc.(a)		12,383		21,197,343
Merck & Co. Inc.		692,872		83,685,080
Meta Platforms Inc., Class A(a)(b)		609,665		237,854,703
MetLife Inc.		178,090		12,345,199
Mettler-Toledo International Inc.(a)		6,359		7,612,931
MGM Resorts International		86,663		3,758,574
Microchip Technology Inc.		148,844		12,678,532
Micron Technology Inc.		298,464		25,593,288
Microsoft Corp.		1,938,549		770,728,311
Mid-America Apartment Communities Inc.		32,732		4,136,670
Moderna Inc.(a)		90,247		9,119,459
Molina Healthcare Inc.(a)		15,788		5,627,475
Molson Coors Beverage Co., Class B		53,638		3,314,292
Mondelez International Inc., Class A		372,077		28,006,236
MongoDB Inc., Class A(a)(b)		19,862		7,955,128
Monolithic Power Systems Inc.		12,581		7,582,820
Monster Beverage Corp.(a)		211,645		11,644,708
Moody’s Corp.		44,983		17,635,135
Morgan Stanley		339,351		29,604,981
Mosaic Co. (The)		89,357		2,744,153
Motorola Solutions Inc.		45,880		14,658,660
MSCI Inc., Class A		22,800		13,648,536
Nasdaq Inc.		99,658		5,757,243
NetApp Inc.		65,023		5,670,006
Netflix Inc.(a)		121,614		68,603,674
Neurocrine Biosciences Inc.(a)		25,608		3,579,230
Newmont Corp.		308,539		10,647,681
News Corp., Class A, NVS		111,833		2,755,565
NextEra Energy Inc.		561,899		32,944,138
Nike Inc., Class B		337,482		34,264,547
NiSource Inc.		116,141		3,016,182
Nordson Corp.		14,086		3,545,728
Norfolk Southern Corp.		60,377		14,203,085
Northern Trust Corp.		55,733		4,438,576
Northrop Grumman Corp.		40,668		18,168,836
NRG Energy Inc.		68,603		3,638,703
Nucor Corp.		68,304		12,768,067
Nvidia Corp.		677,470		416,826,967
NVR Inc.(a)		893		6,318,234
NXP Semiconductors NV		70,165		14,774,644
O’Reilly Automotive Inc.(a)		16,816		17,203,609
Occidental Petroleum Corp.		184,140		10,600,940
Okta Inc.(a)		42,056		3,475,928
Old Dominion Freight Line Inc.		28,474		11,133,903
Omnicom Group Inc.		57,438		5,191,246
ON Semiconductor Corp.(a)		122,651		8,724,166
ONEOK Inc.		152,662		10,419,182
Oracle Corp.		452,521		50,546,596
Otis Worldwide Corp.		111,344		9,847,263
Ovintiv Inc.		69,810		2,961,340
Owens Corning		24,724		3,746,428

Security	Shares		Value
United States (continued)
PACCAR Inc.		142,805	$	14,336,194
Packaging Corp. of America		24,028		3,985,765
Palantir Technologies Inc.(a)		511,927		8,236,905
Palo Alto Networks Inc.(a)		84,577		28,630,160
Paramount Global, Class B, NVS		135,214		1,972,772
Parker-Hannifin Corp.		34,634		16,087,493
Paychex Inc.		89,098		10,845,900
Paycom Software Inc.		14,015		2,666,214
Paylocity Holding Corp.(a)		12,590		1,994,382
PayPal Holdings Inc.(a)		285,518		17,516,529
Pentair PLC		51,145		3,742,280
PepsiCo Inc.		377,150		63,561,090
Pfizer Inc.		1,554,122		42,085,624
PG&E Corp.		543,720		9,172,556
Philip Morris International Inc.		422,060		38,344,151
Phillips 66		125,077		18,049,862
Pinterest Inc., Class A(a)		157,488		5,901,075
Pioneer Natural Resources Co.		63,160		14,516,063
PNC Financial Services Group Inc. (The)		108,920		16,469,793
Pool Corp.		10,296		3,822,390
PPG Industries Inc.		64,536		9,102,157
PPL Corp.		195,440		5,120,528
Principal Financial Group Inc.		67,346		5,327,069
Procter & Gamble Co. (The)		645,466		101,428,527
Progressive Corp. (The)		158,971		28,336,581
Prologis Inc.		249,660		31,629,425
Prudential Financial Inc.		102,671		10,773,268
PTC Inc.(a)		32,523		5,875,280
Public Service Enterprise Group Inc.		137,752		7,988,238
Public Storage		42,700		12,092,213
PulteGroup Inc.		64,422		6,735,964
Qorvo Inc.(a)		28,846		2,877,100
Qualcomm Inc.		304,851		45,273,422
Quanta Services Inc.		39,258		7,618,015
Quest Diagnostics Inc.		30,460		3,911,978
Raymond James Financial Inc.		58,717		6,469,439
Realty Income Corp.		228,380		12,421,588
Regency Centers Corp.		46,465		2,911,962
Regeneron Pharmaceuticals Inc.(a)		29,477		27,790,326
Regions Financial Corp.		265,728		4,961,142
Reliance Steel & Aluminum Co.		16,306		4,654,059
Repligen Corp.(a)		15,579		2,950,663
Republic Services Inc., Class A		60,848		10,412,310
ResMed Inc.		40,042		7,615,988
Revvity Inc.		35,700		3,826,326
Rivian Automotive Inc., Class A(a)(b)		184,985		2,832,120
Robert Half Inc.		31,425		2,499,545
Robinhood Markets Inc.(a)		116,686		1,253,208
ROBLOX Corp., Class A(a)		113,017		4,386,190
Rockwell Automation Inc.		30,891		7,824,072
Roku Inc.(a)		32,355		2,849,181
Rollins Inc.		81,246		3,518,764
Roper Technologies Inc.		28,880		15,508,560
Ross Stores Inc.		92,615		12,992,032
Royal Caribbean Cruises Ltd.(a)		66,154		8,434,635
Royalty Pharma PLC, Class A		100,585		2,855,608
RPM International Inc.		36,150		3,855,759
RTX Corp.		397,820		36,249,358
S&P Global Inc.		89,948		40,328,186
Salesforce Inc.(a)		266,260		74,843,023
SBA Communications Corp., Class A		31,758		7,109,346
Schlumberger NV		397,739		19,369,889

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Seagate Technology Holdings PLC		52,915	$	4,533,757
SEI Investments Co.		41,497		2,624,270
Sempra Energy		172,838		12,368,287
ServiceNow Inc.(a)		55,686		42,622,064
Sherwin-Williams Co. (The)		67,243		20,467,424
Simon Property Group Inc.		87,663		12,150,968
Sirius XM Holdings Inc.(b)		221,339		1,126,616
Skyworks Solutions Inc.		45,161		4,717,518
Snap Inc., Class A, NVS(a)		283,749		4,508,772
Snap-on Inc.		15,649		4,537,115
Snowflake Inc., Class A(a)		78,136		15,286,527
Southern Co. (The)		296,331		20,600,931
Southwest Airlines Co.		40,024		1,196,317
Splunk Inc.(a)		44,106		6,764,537
SS&C Technologies Holdings Inc.		60,898		3,715,996
Stanley Black & Decker Inc.		41,504		3,872,323
Starbucks Corp.		311,856		29,011,964
State Street Corp.		92,608		6,840,953
Steel Dynamics Inc.		47,038		5,677,016
STERIS PLC		28,055		6,142,642
Stryker Corp.		93,218		31,272,775
Sun Communities Inc.		36,981		4,635,568
Super Micro Computer Inc.(a)		12,796		6,776,890
Synchrony Financial		120,872		4,698,295
Synopsys Inc.(a)		42,957		22,911,116
Sysco Corp.		133,427		10,798,247
T-Mobile U.S. Inc.		143,711		23,170,525
T Rowe Price Group Inc.		61,756		6,697,438
Take-Two Interactive Software Inc.(a)		45,648		7,528,725
Targa Resources Corp.		57,361		4,873,391
Target Corp.		124,160		17,268,173
TE Connectivity Ltd.		86,897		12,355,884
Teledyne Technologies Inc.(a)		12,824		5,366,459
Teleflex Inc.		13,416		3,257,807
Teradyne Inc.		42,788		4,132,893
Tesla Inc.(a)		785,235		147,066,663
Texas Instruments Inc.		246,331		39,442,520
Texas Pacific Land Corp.		1,734		2,533,946
Textron Inc.(b)		59,633		5,051,511
Thermo Fisher Scientific Inc.		105,177		56,688,299
TJX Companies Inc. (The)		310,326		29,453,041
Toast Inc.(a)(b)		85,456		1,518,553
Toro Co. (The)		28,466		2,632,536
Tractor Supply Co.		30,258		6,795,947
Trade Desk Inc. (The), Class A(a)		121,018		8,281,262
Tradeweb Markets Inc., Class A		29,921		2,854,164
Trane Technologies PLC		62,106		15,653,817
TransDigm Group Inc.		15,449		16,880,813
TransUnion		53,035		3,669,492
Travelers Cos. Inc. (The)		61,609		13,021,678
Trimble Inc.(a)		73,113		3,718,527
Truist Financial Corp.		359,683		13,329,852
Twilio Inc., Class A(a)		47,735		3,357,203
Tyler Technologies Inc.(a)		11,239		4,751,287
Tyson Foods Inc., Class A		77,766		4,258,466
U.S. Bancorp		419,944		17,444,474
Uber Technologies Inc.(a)		523,223		34,150,765
UDR Inc.		82,688		2,978,422
U-Haul Holding Co.(b)		22,619		1,444,676
UiPath Inc., Class A(a)(b)		96,226		2,211,273
Ulta Beauty Inc.(a)		13,518		6,786,712
Union Pacific Corp.		166,014		40,495,795

Security	Shares		Value
United States (continued)
United Parcel Service Inc., Class B		196,014	$	27,814,387
United Rentals Inc.		19,040		11,907,616
United Therapeutics Corp.(a)		12,111		2,601,201
UnitedHealth Group Inc.		253,958		129,960,467
Unity Software Inc.(a)(b)		66,708		2,161,339
Universal Health Services Inc., Class B		18,137		2,880,337
Vail Resorts Inc.		11,752		2,608,944
Valero Energy Corp.		99,237		13,784,019
Veeva Systems Inc., Class A(a)(b)		41,919		8,694,420
Ventas Inc.		103,499		4,801,319
Veralto Corp.		62,939		4,826,792
VeriSign Inc.(a)		25,243		5,020,328
Verisk Analytics Inc., Class A		39,686		9,585,360
Verizon Communications Inc.		1,146,380		48,549,193
Vertex Pharmaceuticals Inc.(a)		69,660		30,189,251
Vertiv Holdings Co., Class A		92,949		5,235,817
VF Corp.		81,901		1,348,090
Viatris Inc.		324,813		3,823,049
VICI Properties Inc., Class A		278,337		8,383,510
Visa Inc., Class A(b)		441,303		120,590,458
Vistra Corp.		104,699		4,295,800
Vulcan Materials Co.		36,277		8,198,965
W R Berkley Corp.		57,887		4,739,788
Walmart Inc.		406,580		67,187,345
Walgreens Boots Alliance Inc.		201,778		4,554,129
Walt Disney Co. (The)		500,113		48,035,854
Warner Bros. Discovery Inc.(a)		622,719		6,239,644
Waste Management Inc.		110,029		20,424,683
Waters Corp.(a)		15,654		4,973,432
Watsco Inc.		9,709		3,796,025
WEC Energy Group Inc.		86,462		6,982,671
Wells Fargo & Co.		1,013,508		50,857,831
Welltower Inc.		141,093		12,205,955
West Pharmaceutical Services Inc.		20,445		7,626,598
Western Digital Corp.(a)		87,189		4,991,570
Westinghouse Air Brake Technologies Corp.		47,810		6,290,362
Westlake Corp.		9,363		1,295,371
Westrock Co.		74,326		2,992,365
Weyerhaeuser Co.		196,489		6,438,945
Williams Cos. Inc. (The)		320,649		11,113,694
Willis Towers Watson PLC		29,790		7,337,277
Workday Inc., Class A(a)		56,710		16,506,580
WP Carey Inc.		64,078		3,970,273
WW Grainger Inc.		12,706		11,380,002
Wynn Resorts Ltd.		29,327		2,769,349
Xcel Energy Inc.		151,433		9,066,294
Xylem Inc./NY		65,073		7,316,808
Yum! Brands Inc.		76,934		9,962,184
Zebra Technologies Corp., Class A(a)		14,168		3,393,944
Zillow Group Inc., Class C (a)		41,490		2,358,292
Zimmer Biomet Holdings Inc.		57,087		7,170,127
Zoetis Inc.		126,120		23,686,597
Zoom Video Communications Inc., Class A(a)		67,823		4,382,044
Zscaler Inc.(a)		24,661		5,811,858
				11,712,398,960
Total Common Stocks — 99.4% (Cost: $14,902,802,352)				18,453,563,769

30 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Preferred Stocks
Brazil — 0.2%
Banco Bradesco SA, Preference Shares, NVS		1,699,742	$	5,266,236
Cia. Energetica de Minas Gerais, Preference Shares, NVS		489,506		1,138,202
Cia. Paranaense de Energia, Preference Shares, NVS		278,713		569,870
Gerdau SA, Preference Shares, NVS		304,890		1,294,786
Itau Unibanco Holding SA, Preference Shares, NVS		1,314,376		8,696,360
Itausa SA, Preference Shares, NVS		1,570,107		3,169,117
Petroleo Brasileiro SA, Preference Shares, NVS		1,373,171		11,211,199
				31,345,770
Chile — 0.0%
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares, NVS		40,234		1,727,650
Colombia — 0.0%
Bancolombia SA, Preference Shares, NVS		171,548		1,351,599
Germany — 0.1%
Bayerische Motoren Werke AG, Preference Shares, NVS		18,328		1,790,838
Dr Ing hc F Porsche AG, Preference Shares, NVS(c)		34,062		2,891,930
Henkel AG & Co. KGaA, Preference Shares, NVS		45,918		3,520,006
Porsche Automobil Holding SE, Preference Shares, NVS		43,331		2,163,255
Sartorius AG, Preference Shares, NVS		7,557		2,756,812
Volkswagen AG, Preference Shares, NVS		62,564		8,046,670
			21,169,511
Russia — 0.0%
Surgutneftegas PJSC, Preference Shares, NVS(d)		1,929,900		214
South Korea — 0.1%
Samsung Electronics Co. Ltd., Preference Shares, NVS		227,333		9,947,150
Total Preferred Stocks — 0.4% (Cost: $57,319,555)				65,541,894
Rights
Brazil — 0.0%
Localiza Rent a Car SA, (Expires 02/19/24, Strike Price BRL 45.35)(a)		758		1,377
South Korea — 0.0%
LG Display Co. Ltd., (Expires 03/14/24, Strike Price KWR 10070)(a)		26,464		31,329

Security	Shares		Value
Spain — 0.0%
ACS Actividades de Construccion y Servicios SA, (Expires 02/09/24)(a)		69,588	$	31,886
Total Rights — 0.0% (Cost: $34,565)				64,592
Warrants
Canada — 0.0%
Constellation Software Inc., (Issued 08/29/23, 1 Share for 1 Warrant, Expires 03/31/40, Strike Price CAD 11.50 )(d)		5,990		—
Total Warrants — 0.0% (Cost: $—)				—
Total Long-Term Investments — 99.8% (Cost: $14,960,156,472)				18,519,170,255
Short-Term Securities
Money Market Funds — 2.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.51%(f)(g)(h)		412,313,711		412,561,100
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.32%(f)(g)		20,790,000		20,790,000
Total Short-Term Securities — 2.3% (Cost: $433,176,915)				433,351,100
Total Investments — 102.1% (Cost: $15,393,333,387)				18,952,521,355
Liabilities in Excess of Other Assets — (2.1)%				(388,544,284	)
Net Assets — 100.0%			$	18,563,977,071

^(a) Non-income producing security.

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

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

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

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

^(f)  Affiliate of the Fund.

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

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

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI ACWI ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

	Affiliated Issuer	Value at 07/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/24		Shares Held at 01/31/24		Income			Capital Gain Distributions from Underlying Funds
	BlackRock Cash Funds: Institutional, SL Agency Shares	$	237,079,040	$	175,419,103	(a)	$	—		$	9,636	$	53,321	$	412,561,100		412,313,711	$	650,482	(b)	$	—
	BlackRock Cash Funds: Treasury, SL Agency Shares		32,270,000		—			(11,480,000	)(a)		—		—		20,790,000		20,790,000		863,545			—
	BlackRock Inc.		30,845,510		249,354			(1,077,758	)		505,394		1,053,087		31,575,587		40,779		419,440			—
										$	515,030	$	1,106,408	$	464,926,687			$	1,933,467		$	—

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

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI EAFE Index		81		03/15/24	$	9,044	$	197,153
MSCI Emerging Markets Index		84		03/15/24		4,119		(63,246	)
S&P 500 E-Mini Index		101		03/15/24		24,596		869,128
							$	1,003,035

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)	$	—	$	—	$	1,066,281	$	—	$	—	$	—	$	1,066,281
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	63,246	$	—	$	—	$	—	$	63,246

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

32 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI ACWI ETF

For the period ended January 31, 2024, 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	$	—	$	—	$	1,883,941		$	—	$	—	$	—	$	1,883,941
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(1,860,855	)	$	—	$	—	$	—	$	(1,860,855	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	38,015,983

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

Fair Value Hierarchy as of Period End

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

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

	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	12,576,143,151		$	5,877,418,000	$	2,618	$	18,453,563,769
Preferred Stocks		32,697,369			32,844,311		214		65,541,894
Rights		33,263			31,329		—		64,592
Warrants		—			—		—		—
Short-Term Securities
Money Market Funds		433,351,100			—		—		433,351,100
	$	13,042,224,883		$	5,910,293,640	$	2,832	$	18,952,521,355
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	1,066,281		$	—	$	—	$	1,066,281
Liabilities
Equity Contracts		(63,246	)		—		—		(63,246	)
	$	1,003,035		$	—	$	—		1,003,035

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

See notes to financial statements.

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

Schedule of Investments (unaudited) January 31, 2024 iShares^® MSCI ACWI Low Carbon Target ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 1.7%
ANZ Group Holdings Ltd.		34,643	$	611,254
Aristocrat Leisure Ltd.		16,330		470,804
Brambles Ltd.		96,350		918,675
CAR Group Ltd.		9,461		203,140
Cochlear Ltd.		1,495		296,681
Commonwealth Bank of Australia		21,645		1,650,526
Computershare Ltd.		33,646		557,287
CSL Ltd.		7,485		1,469,886
Endeavour Group Ltd./Australia		35,774		130,923
Goodman Group		34,710		576,157
GPT Group (The)		27,843		84,152
IDP Education Ltd.		6,250		80,036
IGO Ltd.		122,567		595,824
Insurance Australia Group Ltd.		24,189		94,952
James Hardie Industries PLC(a)		1,335		50,157
Lottery Corp. Ltd. (The)		49,159		161,359
Macquarie Group Ltd.		3,775		465,795
National Australia Bank Ltd.		14,973		315,786
Pilbara Minerals Ltd.		300,572		684,602
QBE Insurance Group Ltd.		18,506		190,549
Ramsay Health Care Ltd.		4,784		159,492
REA Group Ltd.		2,039		243,185
Scentre Group		143,552		285,388
SEEK Ltd.		14,597		240,636
Sonic Healthcare Ltd.		11,393		237,546
Stockland		48,207		142,361
Suncorp Group Ltd.		31,632		291,158
Telstra Corp. Ltd.		260,182		686,187
Transurban Group		121,578		1,068,091
Vicinity Ltd.		101,952		135,332
Westpac Banking Corp.		39,662		622,202
WiseTech Global Ltd.		5,517		259,746
Woolworths Group Ltd.		8,358		196,287
Xero Ltd.(a)		3,522		252,100
				14,428,256
Austria — 0.1%
Erste Group Bank AG		3,992		171,969
Verbund AG		5,498		447,088
				619,057
Belgium — 0.3%
Ageas SA/NV		7,030		302,093
Anheuser-Busch InBev SA/NV		18,585		1,149,623
Argenx SE(a)		448		169,179
Elia Group SA/NV		3,478		418,770
KBC Group NV		2,923		190,672
				2,230,337
Brazil — 0.4%
Ambev SA		20,116		53,108
Atacadao SA		15,019		31,557
B3 SA - Brasil, Bolsa, Balcao		96,466		254,872
Banco BTG Pactual SA		35,662		259,274
Banco do Brasil SA		66,353		756,020
BB Seguridade Participacoes SA		38,935		269,160
CCR SA		64,064		169,651
Cia. de Saneamento Basico do Estado de Sao Paulo		7,697		122,514
Equatorial Energia SA		5,128		36,671
Hapvida Participacoes e Investimentos SA(a)(b)		118,656		92,925
Hypera SA		30,242		193,682
Localiza Rent a Car SA		9,844		107,532
Lojas Renner SA		71,214		230,701

Security	Shares		Value
Brazil (continued)
Raia Drogasil SA		40,459	$	206,607
Sendas Distribuidora SA		57,338		158,089
Suzano SA		8,773		91,406
Telefonica Brasil SA		7,971		82,632
Tim SA		24,870		87,043
				3,203,444
Canada — 3.7%
Agnico Eagle Mines Ltd.		2,488		122,286
Bank of Montreal		3,291		309,995
Bank of Nova Scotia (The)		14,057		657,342
BCE Inc.		18,720		755,372
Brookfield Renewable Corp., Class A		16,127		450,541
CAE Inc.(a)		48,415		969,416
Canadian Imperial Bank of Commerce		3,580		161,792
Canadian National Railway Co.		9,035		1,120,798
Canadian Pacific Kansas City Ltd.		11,440		920,595
CGI Inc.(a)		1,753		196,312
Constellation Software Inc./Canada		463		1,279,663
Dollarama Inc.		9,672		709,834
Element Fleet Management Corp.		23,110		389,851
Enbridge Inc.		58,596		2,080,682
Fairfax Financial Holdings Ltd.		941		980,909
First Quantum Minerals Ltd.		31,094		282,158
Franco-Nevada Corp.		11,159		1,207,325
George Weston Ltd.		1,606		204,625
Hydro One Ltd.(b)		47,527		1,410,486
Intact Financial Corp.		1,623		253,811
Loblaw Companies Ltd.		5,365		536,121
Lundin Mining Corp.		9,288		75,854
Manulife Financial Corp.		75,400		1,666,769
Metro Inc./CN		2,696		141,553
Northland Power Inc.		10,702		196,934
Open Text Corp.		6,953		303,213
Pembina Pipeline Corp.		141,043		4,858,270
Power Corp. of Canada		5,824		169,766
Quebecor Inc., Class B		16,016		389,425
RB Global Inc.		5,231		334,843
Restaurant Brands International Inc.		5,200		405,921
Rogers Communications Inc., Class B, NVS		6,448		301,190
Royal Bank of Canada		19,961		1,948,070
Shopify Inc., Class A(a)		15,053		1,205,069
Stantec Inc.		8,224		660,819
Sun Life Financial Inc.		8,918		462,267
TELUS Corp.		9,568		171,369
Thomson Reuters Corp.		7,840		1,164,002
TMX Group Ltd.		5,436		134,439
Toronto-Dominion Bank (The)		18,982		1,153,081
Wheaton Precious Metals Corp.		23,490		1,100,900
WSP Global Inc.		3,016		443,073
				32,286,741
Chile — 0.1%
Banco de Chile		2,462,678		275,644
Banco de Credito e Inversiones SA		12,822		339,511
Banco Santander Chile		3,053,358		141,207
Cia. Sud Americana de Vapores SA		4,153,240		299,276
Falabella SA(a)		14,568		34,578
				1,090,216
China — 3.0%
Agricultural Bank of China Ltd., Class H		1,135,000		439,462
Alibaba Group Holding Ltd.		214,968		1,928,042
Alibaba Health Information Technology Ltd.(a)(c)		124,000		45,564

34 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI ACWI Low Carbon Target ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Anhui Gujing Distillery Co. Ltd., Class B		6,100	$	78,822
ANTA Sports Products Ltd.		17,000		143,488
Asia - Potash International Investment Guangzhou Co. Ltd.(a)		20,800		59,989
BAIC BluePark New Energy Technology Co. Ltd.		40,000		24,476
Baidu Inc.(a)		27,790		359,803
Bank of Beijing Co. Ltd., Class A		312,000		221,251
Bank of Changsha Co. Ltd., Class A		60,200		60,015
Bank of Chengdu Co. Ltd., Class A		57,200		99,689
Bank of China Ltd., Class H		1,368,000		513,370
Bank of Communications Co. Ltd., Class A		73,500		61,427
Bank of Communications Co. Ltd., Class H		416,000		246,108
Bank of Hangzhou Co. Ltd., Class A		86,000		130,497
Bank of Jiangsu Co. Ltd., Class A		276,400		281,503
Bank of Nanjing Co. Ltd., Class A		105,400		121,742
Bank of Ningbo Co. Ltd., Class A		30,400		91,128
Bank of Shanghai Co. Ltd., Class A		218,400		194,435
Beijing Enterprises Water Group Ltd.		236,000		57,418
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		65,400		45,195
BOC Aviation Ltd.(b)		42,700		320,137
BYD Co. Ltd., Class H		24,500		548,559
CGN Power Co. Ltd., Class H(b)		1,664,000		466,294
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		4,600		81,065
China Cinda Asset Management Co. Ltd., Class H		2,510,000		240,826
China CITIC Bank Corp. Ltd., Class H		1,472,000		729,526
China Construction Bank Corp., Class H		1,517,000		900,891
China Everbright Bank Co. Ltd., Class A		433,300		190,043
China Everbright Bank Co. Ltd., Class H		556,000		165,069
China Galaxy Securities Co. Ltd., Class H		436,000		213,625
China Life Insurance Co. Ltd., Class H		280,000		322,796
China Merchants Bank Co. Ltd., Class H		61,500		224,191
China Merchants Energy Shipping Co. Ltd., Class A		156,000		141,690
China Merchants Port Holdings Co. Ltd.		208,000		257,166
China Minsheng Banking Corp. Ltd., Class H		959,500		319,124
China National Nuclear Power Co. Ltd., Class A		216,698		249,955
China Oilfield Services Ltd., Class H		460,000		442,108
China Pacific Insurance Group Co. Ltd., Class H		58,000		106,718
China Ruyi Holdings Ltd.(a)(c)		200,000		33,553
China Three Gorges Renewables Group Co. Ltd., Class A		82,500		50,846
China Tourism Group Duty Free Corp. Ltd.(b)(c)		4,800		42,095
China Tower Corp. Ltd., Class H(b)		2,080,000		231,382
China Vanke Co. Ltd., Class H		82,900		65,225
China Yangtze Power Co. Ltd., Class A		151,600		514,876
China Zheshang Bank Co. Ltd., Class A		338,350		126,567
Chongqing Rural Commercial Bank Co. Ltd., Class A		135,200		81,437
CITIC Ltd.		1,233,000		1,190,084
CITIC Securities Co. Ltd., Class H		17,000		33,179
COSCO SHIPPING Energy Transportation Co. Ltd., Class A		72,200		132,359
COSCO SHIPPING Energy Transportation Co. Ltd., Class H		310,000		288,244
East Buy Holding Ltd.(a)(b)(c)		20,500		60,230
Far East Horizon Ltd.		323,000		236,323
Focus Media Information Technology Co. Ltd., Class A		173,200		136,242
Ganfeng Lithium Group Co. Ltd., Class H(b)		18,080		48,297
G-Bits Network Technology Xiamen Co. Ltd., Class A		1,000		25,180
Ginlong Technologies Co. Ltd., Class A		3,900		32,392
H World Group Ltd., ADR		820		26,051
Hoymiles Power Electronics Inc., NVS		1,400		36,530

Security	Shares		Value
China (continued)
Hoyuan Green Energy Co. Ltd., Class A		7,300	$	25,084
Huaxia Bank Co. Ltd., Class A		114,400		96,405
Industrial & Commercial Bank of China Ltd., Class H		786,000		382,884
Industrial Bank Co. Ltd., Class A		176,498		386,606
JD Health International Inc.(a)(b)		41,800		137,931
Jiangsu Expressway Co. Ltd., Class H		308,000		293,898
Jiangsu Hengli Hydraulic Co. Ltd., Class A		8,900		60,452
Jiangsu Pacific Quartz Co. Ltd., NVS		6,100		60,711
Kuaishou Technology(a)(b)		27,600		139,113
Kuang-Chi Technologies Co. Ltd., Class A(a)		35,200		58,339
Kweichow Moutai Co. Ltd., Class A		1,300		290,574
Li Auto Inc.(a)(c)		31,680		437,910
Li Ning Co. Ltd.		52,000		111,089
Luzhou Laojiao Co. Ltd., Class A		2,300		47,066
Meituan, Class B(a)(b)		54,800		440,769
MINISO Group Holding Ltd.		15,800		66,826
NARI Technology Co. Ltd., Class A		41,600		121,509
NetEase Inc.		32,600		633,682
New China Life Insurance Co. Ltd., Class H		52,200		93,158
New Oriental Education & Technology Group Inc.(a)		23,800		183,694
Ningbo Deye Technology Co. Ltd., NVS		5,700		53,670
NIO Inc., ADR(a)(c)		27,989		157,298
Nongfu Spring Co. Ltd., Class H(b)		25,200		136,764
Offshore Oil Engineering Co. Ltd., Class A		66,700		51,924
PDD Holdings Inc., ADR(a)		8,722		1,106,560
People.cn Co. Ltd.		13,200		39,530
People’s Insurance Co. Group of China Ltd. (The), Class H		936,000		290,982
Ping An Bank Co. Ltd., Class A		86,000		113,262
Ping An Insurance Group Co. of China Ltd., Class H		159,000		668,363
Qifu Technology Inc.		5,151		73,917
Shanghai Baosight Software Co. Ltd., Class B		38,200		75,260
Shanghai Pudong Development Bank Co. Ltd., Class A		96,900		92,137
Shanghai Putailai New Energy Technology Co. Ltd., Class A		31,110		71,200
Shanghai Rural Commercial Bank Co. Ltd.		134,500		118,311
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		4,100		114,353
Shenzhen Senior Technology Material Co. Ltd., Class A		21,500		32,532
Shenzhou International Group Holdings Ltd.		2,700		24,045
Sichuan Chuantou Energy Co. Ltd., Class A		62,400		134,790
Sunny Optical Technology Group Co. Ltd.		4,600		28,273
TAL Education Group, ADR(a)		7,991		85,024
Tencent Holdings Ltd.		87,900		3,051,123
Tencent Music Entertainment Group, ADR(a)		3,928		36,923
TravelSky Technology Ltd., Class H		69,000		69,403
Trip.com Group Ltd.(a)		3,710		135,042
Wuliangye Yibin Co. Ltd., Class A		5,900		104,001
WuXi AppTec Co. Ltd., Class H(b)(c)		4,200		29,060
Wuxi Biologics Cayman Inc.(a)(b)		43,000		113,156
XPeng Inc.(a)(c)		20,300		84,542
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		20,800		76,109
Yintai Gold Co. Ltd., Class A		41,600		81,665
Zangge Mining Co. Ltd.		26,800		92,353
Zhejiang Expressway Co. Ltd., Class H		434,720		322,936
ZTO Express Cayman Inc., ADR		1,772		28,990
				26,275,497
Colombia — 0.1%
Bancolombia SA		9,931		83,550

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI ACWI Low Carbon Target ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Colombia (continued)
Interconexion Electrica SA ESP		100,150	$	433,626
				517,176
Czech Republic — 0.0%
Komercni Banka AS		3,849		126,277
Denmark — 0.8%
Coloplast A/S, Class B		1,124		129,565
Danske Bank A/S		9,853		264,568
DSV A/S		1,694		303,073
Genmab A/S(a)		295		81,574
Novo Nordisk A/S		44,934		5,136,153
Novozymes A/S, Class B		9,013		461,832
Vestas Wind Systems A/S(a)		17,368		489,691
				6,866,456
Egypt — 0.0%
Commercial International Bank Egypt SAE		80,520		105,312
Eastern Co. SAE		225,240		111,348
EFG Holding S.A.E.(a)		283,950		76,312
				292,972
Finland — 0.1%
Kone OYJ, Class B		3,641		180,234
Sampo OYJ, Class A		6,445		269,759
				449,993
France — 2.4%
Aeroports de Paris SA		1,456		194,827
AXA SA		36,920		1,239,231
BioMerieux		520		55,967
BNP Paribas SA		15,496		1,041,086
Bureau Veritas SA		6,864		182,575
Capgemini SE		872		193,864
Credit Agricole SA		6,448		92,367
Dassault Systemes SE		5,720		296,515
Edenred SE		2,245		134,090
EssilorLuxottica SA		5,261		1,031,014
Eurazeo SE		1,524		129,815
Getlink SE		17,329		298,597
Hermes International SCA		689		1,453,555
Kering SA		1,647		676,544
Klepierre SA		16,980		439,623
Legrand SA		8,153		790,153
L’Oreal SA		2,224		1,064,304
LVMH Moet Hennessy Louis Vuitton SE		4,082		3,396,463
Orange SA		13,638		162,182
Pernod Ricard SA		4,014		658,238
Publicis Groupe SA		4,778		478,725
Remy Cointreau SA		552		55,931
Sanofi SA		18,196		1,822,248
Schneider Electric SE		12,482		2,452,089
Societe Generale SA		17,362		446,290
Teleperformance SE		2,288		357,326
Thales SA		531		77,661
Unibail-Rodamco-Westfield, New(a)		8,475		606,850
Vinci SA		4,599		580,956
Worldline SA/France(a)(b)		21,946		296,677
				20,705,763
Germany — 1.5%
Allianz SE, Registered		7,807		2,085,843
Bayer AG, Registered		6,552		203,876
Delivery Hero SE(a)(b)(c)		1,561		35,418
Deutsche Bank AG, Registered		53,479		690,827
Deutsche Boerse AG		3,438		684,642

Security	Shares		Value
Germany (continued)
Deutsche Telekom AG, Registered		59,590	$	1,462,804
Fresenius Medical Care AG & Co. KGaA		3,667		141,728
Fresenius SE & Co. KGaA		5,202		146,035
HelloFresh SE(a)		1,770		23,408
Infineon Technologies AG		18,408		671,099
LEG Immobilien SE(a)		893		74,101
Mercedes-Benz Group AG		7,801		526,667
Merck KGaA		1,417		232,495
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		1,657		705,416
SAP SE		15,642		2,709,923
Scout24 SE(b)		2,405		177,081
Siemens AG, Registered		8,514		1,524,209
Symrise AG, Class A		1,976		203,871
Vonovia SE		12,937		403,018
				12,702,461
Greece — 0.0%
Hellenic Telecommunications Organization SA		5,005		69,494
JUMBO SA		3,513		98,709
OPAP SA		2,172		37,603
				205,806
Hong Kong — 0.5%
AIA Group Ltd.		139,000		1,090,096
Budweiser Brewing Co. APAC Ltd.(b)		31,200		49,176
CK Asset Holdings Ltd.		73,000		329,401
Futu Holdings Ltd., ADR(a)		563		26,303
Galaxy Entertainment Group Ltd.		24,000		124,557
Hong Kong Exchanges & Clearing Ltd.		11,200		339,571
Hongkong Land Holdings Ltd.		38,200		119,241
Link REIT		91,000		456,427
MTR Corp. Ltd.		102,500		333,464
Power Assets Holdings Ltd.		52,000		304,470
Sands China Ltd.(a)		41,600		109,190
Sun Hung Kai Properties Ltd.		64,000		597,337
Techtronic Industries Co. Ltd.		15,500		164,627
				4,043,860
India — 1.7%
ABB India Ltd.		2,795		157,416
Adani Green Energy Ltd.(a)		16,853		341,381
Adani Ports & Special Economic Zone Ltd.		28,008		407,170
Apollo Hospitals Enterprise Ltd.		1,445		110,490
Asian Paints Ltd.		12,150		431,587
Astral Ltd.		6,957		153,272
Avenue Supermarts Ltd.(a)(b)		7,984		364,806
Axis Bank Ltd.		6,055		77,851
Bandhan Bank Ltd.(b)		21,680		59,726
Bharat Electronics Ltd.		544,400		1,219,328
Bharti Airtel Ltd.		66,138		932,977
Colgate-Palmolive India Ltd.		6,923		214,405
Divi’s Laboratories Ltd.		1,465		64,761
DLF Ltd.		37,204		359,148
Godrej Consumer Products Ltd.		7,696		107,922
HCL Technologies Ltd.		20,592		390,541
HDFC Bank Ltd.		20,671		363,517
Hindustan Unilever Ltd.		16,120		482,015
ICICI Bank Ltd.		36,690		454,411
Indian Hotels Co. Ltd., Class A		43,492		257,900
Infosys Ltd.		47,736		951,673
ITC Ltd.		135,096		718,182
Jio Financial Services Ltd., NVS(a)		57,425		171,454
Jubilant Foodworks Ltd.		7,063		44,192

36 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI ACWI Low Carbon Target ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
India (continued)
Kotak Mahindra Bank Ltd.		3,177	$	69,827
Max Healthcare Institute Ltd.		29,211		274,705
Nestle India Ltd., NVS		2,820		85,064
PI Industries Ltd.		9,044		367,523
Pidilite Industries Ltd.		6,018		183,423
Power Finance Corp. Ltd.		115,338		615,860
Power Grid Corp. of India Ltd.		362,721		1,132,903
Shriram Finance Ltd.		2,126		63,194
Siemens Ltd.		1,471		73,338
Sun Pharmaceutical Industries Ltd.		15,288		261,178
Supreme Industries Ltd.		2,279		113,386
Suzlon Energy Ltd.(a)		98,779		54,620
Tata Communications Ltd.		10,001		209,206
Tata Consultancy Services Ltd.		18,469		848,301
Tech Mahindra Ltd.		7,938		127,171
Titan Co. Ltd.		5,286		235,215
Trent Ltd.		8,739		324,938
United Spirits Ltd.		12,584		165,006
Varun Beverages Ltd.		11,188		172,591
Wipro Ltd.		51,102		292,275
Zomato Ltd.(a)		130,371		219,041
				14,724,890
Indonesia — 0.1%
Bank Mandiri Persero Tbk PT		394,400		166,048
Bank Rakyat Indonesia Persero Tbk PT		627,837		226,169
Sarana Menara Nusantara Tbk PT		1,800,900		101,300
Sumber Alfaria Trijaya Tbk PT		667,500		112,029
Telkom Indonesia Persero Tbk PT		2,109,900		529,220
Unilever Indonesia Tbk PT		488,900		96,045
				1,230,811
Ireland — 0.1%
AIB Group PLC		53,352		234,345
Bank of Ireland Group PLC		24,856		228,575
Flutter Entertainment PLC(a)		3,744		768,479
				1,231,399
Israel — 0.2%
Bank Hapoalim BM		8,990		76,486
Bank Leumi Le-Israel BM		33,438		253,967
Check Point Software Technologies Ltd.(a)(c)		3,120		495,861
Elbit Systems Ltd.		670		138,210
Isracard Ltd.		—		1
Israel Discount Bank Ltd., Class A		35,311		171,290
Mizrahi Tefahot Bank Ltd.		2,450		91,182
Nice Ltd.(a)		936		194,203
Teva Pharmaceutical Industries Ltd., ADR(a)		28,099		339,998
				1,761,198
Italy — 0.8%
Ferrari NV		5,230		1,823,895
Intesa Sanpaolo SpA		214,271		660,232
Moncler SpA		5,050		310,659
Nexi SpA(a)(b)		5,010		38,429
Poste Italiane SpA(b)		36,754		398,547
Snam SpA		159,935		781,114
Tenaris SA, NVS		100,696		1,590,422
Terna - Rete Elettrica Nazionale		75,683		638,163
UniCredit SpA		29,331		859,165
				7,100,626
Japan — 5.7%
Advantest Corp.		21,400		851,673
Asahi Intecc Co. Ltd.		4,900		93,104
Astellas Pharma Inc.		31,800		370,231

Security	Shares		Value
Japan (continued)
Bandai Namco Holdings Inc.		4,500	$	97,436
BayCurrent Consulting Inc.		5,600		130,194
Capcom Co. Ltd.		4,600		175,438
Central Japan Railway Co.		50,200		1,254,630
Chiba Bank Ltd. (The)		17,900		132,644
Chugai Pharmaceutical Co. Ltd.		19,200		690,628
Concordia Financial Group Ltd.		62,400		297,364
Dai-ichi Life Holdings Inc.		11,900		261,000
Daiichi Sankyo Co. Ltd.		29,200		874,220
Daiwa House Industry Co. Ltd.		900		27,830
Daiwa Securities Group Inc.		66,500		476,596
Dentsu Group Inc.		5,900		156,593
Disco Corp.		4,200		1,133,324
East Japan Railway Co.		12,300		703,469
FANUC Corp.		21,100		583,676
Fast Retailing Co. Ltd.		3,700		987,814
Fujitsu Ltd.		1,900		262,987
Hamamatsu Photonics KK		3,100		122,465
Hikari Tsushin Inc.		2,100		365,925
Hirose Electric Co. Ltd.		2,600		302,517
Hoya Corp.		9,600		1,219,479
Hulic Co. Ltd.		83,000		916,514
Ibiden Co. Ltd.		4,000		201,280
Japan Exchange Group Inc.		14,300		316,483
Japan Post Bank Co. Ltd.		27,700		288,076
Japan Post Holdings Co. Ltd.		70,700		676,789
Japan Tobacco Inc.		47,700		1,257,247
KDDI Corp.		27,200		901,273
Keisei Electric Railway Co. Ltd.		9,400		425,349
Keyence Corp.		3,700		1,655,372
Koei Tecmo Holdings Co. Ltd.		6,900		85,947
Konami Group Corp.		4,000		245,993
Kose Corp.		1,000		65,423
Lasertec Corp.		2,300		598,987
LY Corp.		52,000		161,774
M3 Inc.		17,400		274,572
MatsukiyoCocokara & Co.		5,500		99,972
Mitsubishi Estate Co. Ltd.		49,600		687,253
Mitsubishi HC Capital Inc.		154,400		1,094,765
Mitsubishi UFJ Financial Group Inc.		194,700		1,823,667
Mitsui Fudosan Co. Ltd.		37,100		931,350
Mizuho Financial Group Inc.		39,700		721,014
MS&AD Insurance Group Holdings Inc.		12,100		499,666
Murata Manufacturing Co. Ltd.		30,000		605,764
Nexon Co. Ltd.		16,500		263,324
Nintendo Co. Ltd.		16,600		927,457
Nippon Paint Holdings Co. Ltd.		19,700		155,164
Nippon Telegraph & Telephone Corp.		483,500		607,157
Nomura Holdings Inc.		142,200		765,910
Nomura Real Estate Holdings Inc.		10,400		284,603
Nomura Research Institute Ltd.		10,400		318,069
NTT Data Group Corp.		28,000		403,301
Obic Co. Ltd.		2,800		430,107
Odakyu Electric Railway Co. Ltd.		19,400		296,442
Olympus Corp.		13,500		199,849
Omron Corp.		2,700		121,406
Ono Pharmaceutical Co. Ltd.		8,600		155,007
Oracle Corp. Japan		1,700		133,975
Oriental Land Co. Ltd./Japan		28,400		1,054,778
ORIX Corp.		55,700		1,075,526
Pan Pacific International Holdings Corp.		7,700		166,447
Rakuten Group Inc.(a)		11,000		48,320

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI ACWI Low Carbon Target ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Recruit Holdings Co. Ltd.		26,200	$	1,034,866
Renesas Electronics Corp.(a)		28,500		467,616
Resona Holdings Inc.		73,000		402,979
SBI Holdings Inc.		4,700		115,459
Secom Co. Ltd.		10,400		754,835
Shimano Inc.		600		86,145
Shin-Etsu Chemical Co. Ltd.		34,600		1,361,931
Shionogi & Co. Ltd.		8,500		407,969
Shiseido Co. Ltd.		8,500		236,952
SMC Corp.		2,400		1,335,947
SoftBank Corp.		41,600		552,691
SoftBank Group Corp.		25,800		1,113,802
Sompo Holdings Inc.		3,700		191,850
Sony Group Corp.		22,800		2,235,957
Sumitomo Mitsui Financial Group Inc.		22,300		1,159,898
Sumitomo Mitsui Trust Holdings Inc.		5,600		114,762
Sumitomo Realty & Development Co. Ltd.		25,900		814,533
Sysmex Corp.		4,300		232,941
T&D Holdings Inc.		3,400		56,300
Takeda Pharmaceutical Co. Ltd.		28,775		845,711
Tobu Railway Co. Ltd.		4,200		111,230
Tokio Marine Holdings Inc.		36,700		967,684
Tokyo Electron Ltd.		4,000		742,290
Tokyu Corp.		4,000		46,937
Trend Micro Inc./Japan(a)		3,800		217,396
USS Co. Ltd.		19,700		372,555
West Japan Railway Co.		2,600		108,289
ZOZO Inc.		1,700		37,224
				49,639,358
Kazakhstan — 0.0%
Polymetal International PLC(a)(d)		12,434		1
Kuwait — 0.1%
Agility Public Warehousing Co. KSC(a)		287,940		541,814
Mabanee Co. KPSC		21,148		52,956
Mobile Telecommunications Co. KSCP		127,790		218,404
National Bank of Kuwait SAKP		55,984		178,254
				991,428
Malaysia — 0.1%
Dialog Group Bhd		949,600		367,247
Gamuda Bhd(c)		116,000		123,848
IHH Healthcare Bhd		60,500		78,057
Malaysia Airports Holdings Bhd		23,300		37,888
Telekom Malaysia Bhd		165,700		207,088
				814,128
Mexico — 0.3%
America Movil SAB de CV		158,090		142,829
Fibra Uno Administracion SA de CV		197,600		335,925
Grupo Aeroportuario del Centro Norte SAB de CV, Class B		20,800		190,422
Grupo Aeroportuario del Pacifico SAB de CV, Class B		19,600		305,134
Grupo Aeroportuario del Sureste SAB de CV, Class B		9,055		263,961
Grupo Financiero Banorte SAB de CV, Class O		13,101		133,252
Grupo Mexico SAB de CV, Series B		83,034		428,449
Prologis Property Mexico SA de CV		26,201		107,977
Promotora y Operadora de Infraestructura SAB de CV		5,565		54,756
Wal-Mart de Mexico SAB de CV		87,900		363,162
				2,325,867
Netherlands — 1.1%
Adyen NV(a)(b)		264		331,105
AerCap Holdings NV(a)		12,985		994,132

Security	Shares		Value
Netherlands (continued)
ASM International NV		227	$	125,811
ASML Holding NV		5,185		4,498,443
BE Semiconductor Industries NV		339		50,944
Davide Campari-Milano NV		4,480		45,388
EXOR NV, NVS		12,532		1,212,502
Ferrovial SE		3,688		140,643
NEPI Rockcastle NV		54,813		369,119
NN Group NV		6,894		282,573
Pepco Group NV(a)		20,310		111,203
Prosus NV		26,467		787,438
Universal Music Group NV		2,508		73,930
Wolters Kluwer NV		4,806		708,486
				9,731,717
Norway — 0.5%
Adevinta ASA(a)		17,160		184,371
DNB Bank ASA		78,163		1,519,466
Gjensidige Forsikring ASA		47,902		770,479
Mowi ASA		39,259		706,675
Salmar ASA		7,738		429,540
Telenor ASA		52,003		577,028
				4,187,559
Peru — 0.1%
Southern Copper Corp.		12,379		1,016,316
Philippines — 0.1%
Ayala Land Inc.		135,900		82,125
International Container Terminal Services Inc.		57,200		247,333
PLDT Inc.		4,080		92,266
SM Investments Corp.		9,360		149,430
SM Prime Holdings Inc.		155,100		94,363
				665,517
Poland — 0.1%
Allegro.eu SA (a)(b)		16,790		126,749
CD Projekt SA		2,880		75,176
Dino Polska SA(a)(b)		1,846		199,234
Powszechny Zaklad Ubezpieczen SA		42,466		511,298
				912,457
Qatar — 0.2%
Barwa Real Estate Co.		548,392		433,020
Commercial Bank PSQC (The)		18,824		27,083
Mesaieed Petrochemical Holding Co.		1,126,736		519,247
Ooredoo QPSC		150,904		442,922
Qatar Islamic Bank SAQ		16,744		89,565
Qatar National Bank QPSC		62,064		263,662
				1,775,499
Russia — 0.0%
Alrosa PJSC(d)		184,910		21
Mobile TeleSystems PJSC(d)		73,304		8
Moscow Exchange MICEX-RTS PJSC(d)		152,460		17
Ozon Holdings PLC, ADR(a)(d)		5,270		1
Polyus PJSC(a)(d)		1,430		—
Sberbank of Russia PJSC(d)		292,860		32
TCS Group Holding PLC, GDR(a)(d)(e)		4,185		—
United Co. RUSAL International PJSC(a)(d)		509,950		57
VK Co. Ltd.(a)(d)		22,940		3
VTB Bank PJSC(a)(d)		22,490,000		2
Yandex NV(a)(d)		9,920		1
				142
Saudi Arabia — 0.9%
Al Rajhi Bank		38,786		865,816
Alinma Bank		29,473		324,624

38 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI ACWI Low Carbon Target ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Saudi Arabia (continued)
Arab National Bank		12,793	$	85,065
Arabian Internet & Communications Services Co.		4,014		350,225
Bank AlBilad		8,997		106,666
Banque Saudi Fransi		3,887		41,339
Bupa Arabia for Cooperative Insurance Co.		2,287		125,921
Co. for Cooperative Insurance (The)		4,790		156,499
Dallah Healthcare Co.		3,848		169,513
Dar Al Arkan Real Estate Development Co.(a)		73,366		253,566
Dr Sulaiman Al Habib Medical Services Group Co.		7,016		542,352
Elm Co.		2,457		589,787
Etihad Etisalat Co.		25,711		357,202
Jarir Marketing Co.		40,847		165,998
Mouwasat Medical Services Co.		8,851		279,719
Nahdi Medical Co.		9,683		363,104
Reinet Investments SCA		8,973		224,889
Riyad Bank		40,456		305,335
Saudi Awwal Bank		6,370		60,855
Saudi Investment Bank (The)		14,040		58,299
Saudi National Bank (The)		38,343		414,086
Saudi Research & Media Group(a)		6,449		356,568
Saudi Tadawul Group Holding Co.		2,877		158,434
Saudi Telecom Co.		94,241		1,025,493
				7,381,355
Singapore — 0.3%
CapitaLand Ascendas REIT		129,102		279,793
CapitaLand Integrated Commercial Trust		49,100		73,197
CapitaLand Investment Ltd./Singapore		104,000		228,310
City Developments Ltd.		89,400		405,768
DBS Group Holdings Ltd.		4,700		111,321
Genting Singapore Ltd.		707,200		531,110
Grab Holdings Ltd., Class A(a)		32,154		98,713
Keppel Ltd.		32,000		170,040
Sea Ltd., ADR(a)		2,704		103,130
Seatrium Ltd.(a)(c)		349,822		25,961
Singapore Telecommunications Ltd.		293,600		523,942
United Overseas Bank Ltd.		2,300		48,481
UOL Group Ltd.		24,400		113,303
				2,713,069
South Africa — 0.2%
Capitec Bank Holdings Ltd.		936		99,690
FirstRand Ltd.		99,197		359,264
MTN Group Ltd.		61,599		314,337
Naspers Ltd., Class N		3,931		658,699
Sanlam Ltd.		61,984		236,481
				1,668,471
South Korea — 1.4%
Amorepacific Corp.(a)		935		82,476
Celltrion Inc.		3,178		426,458
DB Insurance Co. Ltd.(a)		1,664		109,767
Ecopro BM Co. Ltd.(a)		832		132,065
Ecopro Co. Ltd.(a)		310		115,632
F&F Co. Ltd./New(a)		2,702		143,493
Hana Financial Group Inc.		15,189		543,120
HLB Inc.(a)		2,617		131,998
Hotel Shilla Co. Ltd.		715		31,144
HYBE Co. Ltd.(a)		700		105,541
Industrial Bank of Korea(a)		66,808		626,820
JYP Entertainment Corp.(a)		1,696		95,450
Kakao Corp.(a)		9,321		364,505
KakaoBank Corp.(a)		2,214		45,000
Kangwon Land Inc.(a)		13,000		145,855

Security	Shares		Value
South Korea (continued)
KB Financial Group Inc.		13,238	$	561,791
Korea Investment Holdings Co. Ltd.(a)		10,668		489,834
Krafton Inc.(a)		312		50,031
KT&G Corp.		5,255		356,889
Kum Yang Co. Ltd.(a)		2,458		143,597
LG Energy Solution Ltd.(a)		1,146		325,281
LG H&H Co. Ltd.		208		47,143
Meritz Financial Group Inc.(a)		5,928		304,344
Mirae Asset Securities Co. Ltd.(a)		55,640		327,147
NAVER Corp.(a)		3,120		465,261
NCSoft Corp.(a)		694		102,427
NH Investment & Securities Co. Ltd.(a)		10,946		86,849
Posco DX Co. Ltd.(a)		2,777		118,346
POSCO Future M Co. Ltd.(a)		289		54,437
Samsung Biologics Co. Ltd.(a)(b)		377		237,311
Samsung Electronics Co. Ltd.		55,208		2,999,828
Samsung Life Insurance Co. Ltd.		2,184		113,493
Samsung SDI Co. Ltd.		88		24,422
Samsung Securities Co. Ltd.		13,201		371,055
Shinhan Financial Group Co. Ltd.		18,971		581,273
SK Hynix Inc.		2,954		295,816
SK IE Technology Co. Ltd.(a)(b)		5,013		277,855
SK Square Co. Ltd.(a)		5,014		194,785
Woori Financial Group Inc.		62,608		649,142
				12,277,681
Spain — 0.7%
Aena SME SA(b)		4,536		802,451
Amadeus IT Group SA		16,302		1,142,450
Banco Bilbao Vizcaya Argentaria SA		114,068		1,067,612
Banco Santander SA		255,216		1,025,728
Cellnex Telecom SA(b)		3,432		132,054
Corp. ACCIONA Energias Renovables SA		9,256		240,518
EDP Renovaveis SA		80,079		1,296,738
Grifols SA(a)		3,012		32,809
Iberdrola SA		13,344		160,675
Iberdrola SA, NVS		230		2,770
Redeia Corp. SA		9,559		159,063
Telefonica SA		98,856		402,229
				6,465,097
Sweden — 0.7%
Alfa Laval AB		7,050		258,684
Assa Abloy AB, Class B		1,028		28,194
Atlas Copco AB, Class A		27,805		443,751
Atlas Copco AB, Class B		72,539		1,004,517
Epiroc AB		3,681		65,039
Evolution AB(b)		3,436		401,200
Getinge AB, Class B		2,808		60,027
Hexagon AB, Class B		76,777		837,912
Industrivarden AB, Class C		21,313		669,848
Investment AB Latour, Class B		2,062		51,861
Investor AB, Class B		53,747		1,265,460
Nibe Industrier AB, Class B		32,272		192,831
Svenska Handelsbanken AB, Class A		23,524		253,596
Swedbank AB, Class A		12,888		262,631
Tele2 AB, Class B		16,120		137,440
				5,932,991
Switzerland — 2.3%
ABB Ltd., Registered		33,785		1,429,504
Alcon Inc.		7,142		537,614
Avolta AG, Registered(a)		8,945		341,742

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI ACWI Low Carbon Target ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Switzerland (continued)
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		9	$	114,381
Cie. Financiere Richemont SA, Class A, Registered		9,338		1,387,016
DSM-Firmenich AG		2,650		280,186
Geberit AG, Registered		518		298,175
Givaudan SA, Registered		260		1,081,219
Julius Baer Group Ltd.		1,867		101,642
Lonza Group AG, Registered		743		363,257
Nestle SA, Registered		21,699		2,472,612
Novartis AG, Registered		27,335		2,826,814
Roche Holding AG, NVS		8,216		2,339,230
Sandoz Group AG(a)		8,231		282,282
SGS SA		2,600		240,255
Sika AG, Registered		2,897		799,740
Sonova Holding AG, Registered		685		218,924
STMicroelectronics NV		9,558		419,668
Straumann Holding AG		1,872		284,359
Swatch Group AG (The), Registered		1,439		65,473
Swiss Life Holding AG, Registered		204		146,498
Swiss Re AG		4,135		473,459
Swisscom AG, Registered		51		30,512
Temenos AG, Registered		1,560		158,762
UBS Group AG, Registered		55,116		1,649,766
VAT Group AG(b)		832		387,320
Zurich Insurance Group AG		2,043		1,038,027
				19,768,437
Taiwan — 1.6%
Accton Technology Corp.		9,000		151,403
Advantech Co. Ltd.		14,000		150,909
Airtac International Group		10,000		299,698
Alchip Technologies Ltd.		1,000		124,040
Catcher Technology Co. Ltd.		70,000		434,962
Cathay Financial Holding Co. Ltd.		520,103		731,384
Chailease Holding Co. Ltd.		49,720		275,226
China Development Financial Holding Corp.(a)		1,206,542		463,212
Chunghwa Telecom Co. Ltd.		81,000		307,064
CTBC Financial Holding Co. Ltd.		313,400		284,320
Delta Electronics Inc.		30,000		268,458
E Ink Holdings Inc.		46,000		305,058
Eclat Textile Co. Ltd.		5,000		87,266
eMemory Technology Inc.		2,000		178,379
Fubon Financial Holding Co. Ltd.		196,538		403,993
Global Unichip Corp.		2,000		98,193
Globalwafers Co. Ltd.		10,000		184,746
Largan Precision Co. Ltd.		4,000		317,139
MediaTek Inc.		20,000		617,152
Nan Ya Printed Circuit Board Corp.		10,000		72,194
Novatek Microelectronics Corp.		4,000		65,159
PharmaEssentia Corp.(a)		5,000		50,205
Silergy Corp.		11,000		135,374
Taiwan High Speed Rail Corp.		282,000		266,080
Taiwan Semiconductor Manufacturing Co. Ltd.		347,000		6,946,417
Unimicron Technology Corp.		10,000		56,103
United Microelectronics Corp.		77,000		119,940
Voltronic Power Technology Corp.		2,000		85,526
Yageo Corp.		14,000		246,247
				13,725,847
Thailand — 0.1%
Airports of Thailand PCL, NVDR		393,200		662,092
Bangkok Dusit Medical Services PCL, NVDR		105,100		81,467
Bumrungrad Hospital PCL, NVDR		24,700		167,111

Security	Shares		Value
Thailand (continued)
Delta Electronics Thailand PCL, NVDR(c)		95,000	$	210,237
Minor International PCL, NVDR		136,800		117,617
				1,238,524
Turkey — 0.1%
Aselsan Elektronik Sanayi Ve Ticaret AS		255,904		426,717
Hektas Ticaret TAS(a)		151,943		89,039
Turkcell Iletisim Hizmetleri AS		19,982		45,140
Yapi ve Kredi Bankasi AS		19,476		13,989
				574,885
United Arab Emirates — 0.1%
Aldar Properties PJSC		47,196		65,533
Emaar Properties PJSC		253,391		512,324
Emirates NBD Bank PJSC		25,488		122,827
Emirates Telecommunications Group Co. PJSC		14,243		74,376
Multiply Group PJSC(a)		429,417		337,185
				1,112,245
United Kingdom — 3.2%
3i Group PLC		50,384		1,577,268
Admiral Group PLC		2,056		65,375
Antofagasta PLC		49,336		1,075,286
Ashtead Group PLC		18,785		1,228,387
AstraZeneca PLC		20,653		2,738,109
Auto Trader Group PLC(b)		5,879		54,086
Barclays PLC		398,432		740,417
British American Tobacco PLC		65,620		1,934,714
BT Group PLC		197,690		280,074
Burberry Group PLC		7,488		123,342
Compass Group PLC		14,977		412,523
Croda International PLC		6,989		423,020
Diageo PLC		44,785		1,617,539
Entain PLC		1,667		20,305
Experian PLC		17,439		725,853
GSK PLC		63,006		1,246,116
Haleon PLC		101,065		410,502
HSBC Holdings PLC		276,666		2,160,126
Imperial Brands PLC		23,921		574,227
Informa PLC		28,299		277,940
Intertek Group PLC		1,891		107,334
Legal & General Group PLC		146,492		471,183
Lloyds Banking Group PLC		1,005,264		538,877
London Stock Exchange Group PLC		4,368		494,082
National Grid PLC		53,144		707,830
NatWest Group PLC, NVS		170,328		480,689
Ocado Group PLC(a)		11,674		79,966
Pearson PLC		14,872		182,446
Prudential PLC		44,393		456,030
Reckitt Benckiser Group PLC		8,842		639,285
RELX PLC		37,282		1,538,779
Rentokil Initial PLC		46,674		240,359
Severn Trent PLC		16,015		526,429
Smiths Group PLC		15,674		321,217
Spirax-Sarco Engineering PLC		876		110,254
Standard Chartered PLC		17,483		132,129
Unilever PLC		25,794		1,255,142
United Utilities Group PLC		53,432		719,663
Vodafone Group PLC		416,936		354,454
Whitbread PLC		6,371		288,784
WPP PLC		15,784		152,639
				27,482,780
United States — 62.0%
Abbott Laboratories		21,603		2,444,379

40 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI ACWI Low Carbon Target ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
AbbVie Inc.		24,806	$	4,078,106
Accenture PLC, Class A		8,262		3,006,377
Adobe Inc.(a)		5,829		3,601,040
Advanced Micro Devices Inc.(a)		21,685		3,636,358
AECOM		2,456		216,595
Aflac Inc.		13,002		1,096,589
Agilent Technologies Inc.		3,495		454,699
Airbnb Inc.(a)		7,978		1,149,949
Akamai Technologies Inc.(a)		4,305		530,505
Albemarle Corp.		6,566		753,383
Alexandria Real Estate Equities Inc.		1,177		142,299
Align Technology Inc.(a)		1,144		305,814
Allegion PLC		4,914		608,795
Allstate Corp. (The)		1,299		201,670
Alphabet Inc., Class A(a)		78,959		11,062,156
Alphabet Inc., Class C, NVS(a)		64,081		9,086,686
Altria Group Inc.		54,801		2,198,616
Amazon.com Inc.(a)		119,059		18,477,957
American Express Co.		8,684		1,743,226
American Financial Group Inc./OH		885		106,554
American International Group Inc.		14,808		1,029,304
American Tower Corp.		6,755		1,321,616
American Water Works Co. Inc.		10,745		1,332,595
Ameriprise Financial Inc.		996		385,283
AMETEK Inc.		10,752		1,742,362
Amgen Inc.		8,300		2,608,358
Amphenol Corp., Class A		12,616		1,275,478
Analog Devices Inc.		8,175		1,572,543
Annaly Capital Management Inc.		11,071		212,452
Ansys Inc.(a)		631		206,861
Aon PLC, Class A		2,405		717,724
Apollo Global Management Inc.		5,390		541,156
Apple Inc.		202,824		37,400,751
Applied Materials Inc.		4,482		736,393
Arch Capital Group Ltd.(a)		7,084		583,934
Arista Networks Inc.(a)		3,596		930,213
Arthur J Gallagher & Co.		2,290		531,646
Aspen Technology Inc.(a)		600		115,194
AT&T Inc.		102,594		1,814,888
Atlassian Corp., NVS(a)		1,481		369,909
Autodesk Inc.(a)		2,767		702,292
Automatic Data Processing Inc.		8,328		2,046,856
AvalonBay Communities Inc.		1,645		294,471
Avery Dennison Corp.		57		11,369
Axon Enterprise Inc.(a)		4,424		1,101,841
Baker Hughes Co., Class A		69,495		1,980,607
Bank of America Corp.		87,281		2,968,427
Bank of New York Mellon Corp. (The)		11,974		664,078
Bath & Body Works Inc.		6,295		268,545
Baxter International Inc.		2,548		98,582
Becton Dickinson and Co.		5,114		1,221,274
Berkshire Hathaway Inc., Class B(a)		14,003		5,373,511
Biogen Inc.(a)		1,860		458,788
BlackRock Inc.(f)		1,585		1,227,281
Blackstone Inc., NVS		9,464		1,177,795
Block Inc.(a)		4,869		316,534
Booking Holdings Inc.(a)		492		1,725,675
Booz Allen Hamilton Holding Corp., Class A		2,762		388,807
Boston Properties Inc.		3,843		255,559
Boston Scientific Corp.(a)		20,912		1,322,893
Bristol-Myers Squibb Co.		42,687		2,086,114
Broadcom Inc.		6,407		7,560,260

Security	Shares		Value
United States (continued)
Broadridge Financial Solutions Inc.		3,433	$	701,019
Brown & Brown Inc.		2,209		171,330
Brown-Forman Corp., Class B		9,197		504,915
Burlington Stores Inc.(a)		296		56,580
Cadence Design Systems Inc.(a)		3,212		926,533
Caesars Entertainment Inc.(a)		2,188		95,988
Capital One Financial Corp.		4,576		619,224
Cardinal Health Inc.		4,034		440,472
Carlyle Group Inc. (The)		3,178		127,184
Carnival Corp.(a)		10,934		181,286
Catalent Inc.(a)(c)		1,518		78,390
Cboe Global Markets Inc.		385		70,782
CDW Corp./DE		986		223,546
Celsius Holdings Inc.(a)(c)		5,108		254,889
Centene Corp.(a)		2,751		207,178
Ceridian HCM Holding Inc.(a)		3,493		242,833
Charles River Laboratories International Inc.(a)		253		54,719
Charles Schwab Corp. (The)		19,248		1,211,084
Charter Communications Inc., Class A(a)		1,974		731,782
Chipotle Mexican Grill Inc., Class A(a)		441		1,062,268
Chubb Ltd.		7,155		1,752,975
Church & Dwight Co. Inc.		4,804		479,679
Cigna Group (The)		3,180		957,021
Cintas Corp.		1,875		1,133,569
Cisco Systems Inc.		71,817		3,603,777
Citigroup Inc.		34,265		1,924,665
Citizens Financial Group Inc.		23,914		781,988
Cloudflare Inc., Class A(a)		1,249		98,733
CME Group Inc.		4,647		956,538
Coca-Cola Co. (The)		66,456		3,953,467
Cognizant Technology Solutions Corp., Class A		7,723		595,598
Coinbase Global Inc., Class A(a)		2,275		291,655
Colgate-Palmolive Co.		13,523		1,138,637
Comcast Corp., Class A		60,268		2,804,873
Constellation Brands Inc., Class A		4,470		1,095,508
Constellation Energy Corp.		5,006		610,732
Cooper Companies Inc. (The)		972		362,585
Corteva Inc.		35,092		1,595,984
CoStar Group Inc.(a)		5,480		457,470
Costco Wholesale Corp.		4,285		2,977,561
Crowdstrike Holdings Inc., Class A(a)		1,949		570,082
Crown Castle Inc.		7,543		816,530
CSX Corp.		32,498		1,160,179
CVS Health Corp.		11,926		886,937
Danaher Corp.		9,422		2,260,432
Darden Restaurants Inc.		299		48,611
Darling Ingredients Inc.(a)		2,126		92,056
Datadog Inc., Class A(a)		2,288		284,719
DaVita Inc.(a)		2,313		250,174
Deckers Outdoor Corp.(a)		547		412,290
Deere & Co.		3,395		1,336,204
Dexcom Inc.(a)		5,287		641,577
Digital Realty Trust Inc.		3,568		501,161
Discover Financial Services		5,044		532,243
Dollar General Corp.		4,589		606,069
Dollar Tree Inc.(a)		4,640		606,077
Domino’s Pizza Inc.		85		36,229
DoorDash Inc., Class A(a)		3,889		405,234
DraftKings Inc., Class A (a)		7,035		274,717
Dropbox Inc., Class A(a)		4,540		143,827
Eaton Corp. PLC		3,637		894,993
eBay Inc.		22,880		939,682

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI ACWI Low Carbon Target ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Ecolab Inc.		6,212	$	1,231,343
Edison International		21,042		1,419,914
Edwards Lifesciences Corp.(a)		9,336		732,596
Electronic Arts Inc.		4,201		577,974
Elevance Health Inc.		2,582		1,274,062
Eli Lilly & Co.		10,487		6,770,512
Emerson Electric Co.		8,129		745,673
Enphase Energy Inc.(a)		3,165		329,571
Entegris Inc.		1,163		136,885
EPAM Systems Inc.(a)		708		196,902
Equifax Inc.		2,810		686,595
Equinix Inc.		1,242		1,030,574
Equitable Holdings Inc.		22,859		747,261
Equity Residential		3,116		187,552
Erie Indemnity Co., Class A, NVS		270		93,374
Essential Utilities Inc.		8,716		312,556
Essex Property Trust Inc.		323		75,346
Estee Lauder Companies Inc. (The), Class A		5,488		724,361
Etsy Inc.(a)(c)		2,992		199,147
Everest Group Ltd.		577		222,128
Eversource Energy		6,665		361,376
Exact Sciences Corp.(a)		1,377		90,056
Exelon Corp.		3,409		118,667
Extra Space Storage Inc.		3,382		488,496
F5 Inc.(a)		2,227		409,100
Fair Isaac Corp.(a)		312		374,035
Fastenal Co.		12,109		826,197
FedEx Corp.		958		231,156
Fidelity National Financial Inc.		3,777		188,963
Fidelity National Information Services Inc.		8,566		533,319
Fifth Third Bancorp		7,904		270,633
First Citizens BancShares Inc./NC, Class A		179		270,290
First Solar Inc.(a)		2,397		350,681
Fiserv Inc.(a)		9,177		1,301,941
FleetCor Technologies Inc.(a)		1,271		368,501
FMC Corp.		13,821		776,740
Fortinet Inc.(a)		6,838		440,983
Fortive Corp.		18,483		1,445,001
Fox Corp., Class A, NVS		1,810		58,463
Freeport-McMoRan Inc.		60,148		2,387,274
Gaming and Leisure Properties Inc.		1,643		75,003
Garmin Ltd.		5,042		602,469
Gartner Inc.(a)		1,277		584,151
Gen Digital Inc.		25,736		604,281
General Mills Inc.		2,735		177,529
Gilead Sciences Inc.		20,987		1,642,443
Global Payments Inc.		4,472		595,805
Goldman Sachs Group Inc. (The)		4,576		1,757,230
Graco Inc.		8,022		684,277
Halliburton Co.		127,728		4,553,503
Hartford Financial Services Group Inc. (The)		4,580		398,277
HCA Healthcare Inc.		3,432		1,046,417
HEICO Corp., Class A		6,450		912,481
Hershey Co. (The)		3,224		623,973
Hilton Worldwide Holdings Inc.		2,808		536,216
Hologic Inc.(a)		5,201		387,162
Home Depot Inc. (The)		13,469		4,754,018
Honeywell International Inc.		5,351		1,082,293
Host Hotels & Resorts Inc.		21,944		421,764
Hubbell Inc., Class B		1,708		573,154
HubSpot Inc.(a)		199		121,589
Humana Inc.		1,282		484,673

Security	Shares		Value
United States (continued)
Huntington Bancshares Inc./OH		13,624	$	173,434
IDEX Corp.		4,365		923,197
IDEXX Laboratories Inc.(a)		1,337		688,662
Illinois Tool Works Inc.		4,810		1,254,929
Illumina Inc.(a)		1,007		144,011
Incyte Corp.(a)		1,561		91,740
Ingersoll Rand Inc.		15,218		1,215,309
Insulet Corp.(a)		544		103,833
Intel Corp.		56,361		2,428,032
Intercontinental Exchange Inc.		7,148		910,155
International Business Machines Corp.		15,123		2,777,490
International Flavors & Fragrances Inc.		3,096		249,785
Interpublic Group of Companies Inc. (The)		6,291		207,540
Intuit Inc.		3,620		2,285,415
Intuitive Surgical Inc.(a)		4,772		1,804,866
Invitation Homes Inc.		5,668		186,647
IQVIA Holdings Inc.(a)		3,120		649,678
Iron Mountain Inc.		4,992		337,060
Jack Henry & Associates Inc.		206		34,161
Jacobs Solutions Inc., NVS		3,795		511,452
Jazz Pharmaceuticals PLC(a)		1,932		237,095
Johnson & Johnson		34,801		5,529,879
JPMorgan Chase & Co.		37,160		6,479,218
Kenvue Inc.		17,203		357,134
Keurig Dr Pepper Inc.		15,630		491,407
KeyCorp		16,750		243,377
Keysight Technologies Inc.(a)		3,609		553,115
Kimco Realty Corp.		3,676		74,255
Kinder Morgan Inc.		110,243		1,865,312
KKR & Co. Inc.		6,465		559,740
KLA Corp.		3,142		1,866,474
Laboratory Corp. of America Holdings		1,590		353,457
Lam Research Corp.		1,828		1,508,411
Las Vegas Sands Corp.		9,418		460,729
Lattice Semiconductor Corp.(a)		1,931		117,521
Leidos Holdings Inc.		2,916		322,130
Liberty Broadband Corp., Class C (a)		2,441		191,496
Liberty Media Corp.-Liberty Formula One, NVS(a)(c)		4,680		314,730
Liberty Media Corp.-Liberty SiriusXM, NVS(a)		11,544		350,476
Linde PLC		5,363		2,171,103
Live Nation Entertainment Inc.(a)		788		70,014
Loews Corp.		24,477		1,783,394
Lowe’s Companies Inc.		8,463		1,801,265
LPL Financial Holdings Inc.		651		155,713
Lucid Group Inc.(a)(c)		75,806		256,224
Lululemon Athletica Inc.(a)		1,781		808,253
M&T Bank Corp.		3,036		419,272
MarketAxess Holdings Inc.		520		117,265
Marriott International Inc./MD, Class A		2,322		556,653
Marsh & McLennan Companies Inc.		7,990		1,548,782
Marvell Technology Inc.		13,878		939,541
Masco Corp.		3,506		235,919
Mastercard Inc., Class A		11,172		5,018,798
Match Group Inc.(a)		2,123		81,481
McCormick & Co. Inc./MD, NVS		755		51,461
McDonald’s Corp.		11,963		3,501,809
Medtronic PLC		14,733		1,289,727
MercadoLibre Inc.(a)(c)		728		1,246,198
Merck & Co. Inc.		34,409		4,155,919
Meta Platforms Inc., Class A(a)		28,689		11,192,726
MetLife Inc.		13,245		918,143
Mettler-Toledo International Inc.(a)		283		338,805

42 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI ACWI Low Carbon Target ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
MGM Resorts International		8,042	$	348,782
Microchip Technology Inc.		10,511		895,327
Micron Technology Inc.		9,881		847,296
Microsoft Corp.		90,211		35,866,089
Mid-America Apartment Communities Inc.		418		52,827
Moderna Inc.(a)		2,175		219,784
Mondelez International Inc., Class A		16,218		1,220,729
MongoDB Inc., Class A(a)		609		243,917
Monolithic Power Systems Inc.		498		300,155
Monster Beverage Corp.(a)		14,189		780,679
Moody’s Corp.		1,357		531,998
Morgan Stanley		15,171		1,323,518
Motorola Solutions Inc.		3,581		1,144,129
NetApp Inc.		7,004		610,749
Netflix Inc.(a)		6,021		3,396,506
Newmont Corp.		8,905		307,312
NextEra Energy Inc.		27,297		1,600,423
Nike Inc., Class B		16,638		1,689,256
Nordson Corp.		861		216,731
Norfolk Southern Corp.		3,079		724,304
Northern Trust Corp.		2,409		191,853
Nvidia Corp.		32,202		19,812,925
NXP Semiconductors NV		4,502		947,986
O’Reilly Automotive Inc.(a)		289		295,661
Okta Inc.(a)		656		54,218
Old Dominion Freight Line Inc.		1,433		560,332
Omnicom Group Inc.		2,519		227,667
ON Semiconductor Corp.(a)		4,877		346,901
Oracle Corp.		24,073		2,688,954
Otis Worldwide Corp.		8,932		789,946
Palantir Technologies Inc.(a)		24,819		399,338
Palo Alto Networks Inc.(a)		3,731		1,262,981
Parker-Hannifin Corp.		5,945		2,761,452
Paychex Inc.		10,510		1,279,382
Paycom Software Inc.		1,985		377,626
Paylocity Holding Corp.(a)(c)		984		155,875
PayPal Holdings Inc.(a)		14,181		870,004
PepsiCo Inc.		16,219		2,733,388
Pfizer Inc.		82,120		2,223,810
PG&E Corp.		38,080		642,410
Philip Morris International Inc.		30,676		2,786,915
Pinterest Inc., Class A(a)		6,150		230,440
PNC Financial Services Group Inc. (The)		5,459		825,455
Pool Corp.		47		17,449
PPG Industries Inc.		794		111,986
Principal Financial Group Inc.		4,955		391,940
Procter & Gamble Co. (The)		35,952		5,649,497
Progressive Corp. (The)		7,280		1,297,660
Prologis Inc.		13,033		1,651,151
Prudential Financial Inc.		1,100		115,423
PTC Inc.(a)		1,875		338,719
Public Storage		3,018		854,667
Qualcomm Inc.		15,288		2,270,421
Quanta Services Inc.		197		38,228
Quest Diagnostics Inc.		2,646		339,826
Realty Income Corp.		2,198		119,549
Regency Centers Corp.		551		34,531
Regeneron Pharmaceuticals Inc.(a)		1,456		1,372,688
Regions Financial Corp.		15,767		294,370
Reliance Steel & Aluminum Co.		5,767		1,646,017
ResMed Inc.		1,059		201,422
Revvity Inc.		972		104,179

Security	Shares		Value
United States (continued)
Rivian Automotive Inc., Class A(a)(c)		20,719	$	317,208
Robert Half Inc.		1,884		149,853
ROBLOX Corp., Class A(a)		3,229		125,317
Rockwell Automation Inc.		1,144		289,752
Roku Inc.(a)		728		64,108
Rollins Inc.		5,616		243,229
Roper Technologies Inc.		3,008		1,615,296
Ross Stores Inc.		3,804		533,625
Royal Caribbean Cruises Ltd.(a)		3,714		473,535
Royalty Pharma PLC, Class A		16,071		456,256
S&P Global Inc.		3,308		1,483,142
Salesforce Inc.(a)		12,073		3,393,600
SBA Communications Corp., Class A		2,199		492,268
Schlumberger NV		43,818		2,133,937
Sempra Energy		3,779		270,425
ServiceNow Inc.(a)		2,239		1,713,731
Sherwin-Williams Co. (The)		3,475		1,057,720
Simon Property Group Inc.		6,760		937,004
Sirius XM Holdings Inc.(c)		50,760		258,368
Skyworks Solutions Inc.		1,352		141,230
Snap Inc., Class A, NVS(a)		11,441		181,797
Snap-on Inc.		926		268,475
Snowflake Inc., Class A(a)		2,936		574,399
Splunk Inc.(a)		1,081		165,793
SS&C Technologies Holdings Inc.		16,618		1,014,030
Starbucks Corp.		17,587		1,636,119
State Street Corp.		4,368		322,664
Steel Dynamics Inc.		1,413		170,535
STERIS PLC		1,648		360,830
Stryker Corp.		3,853		1,292,604
Sun Communities Inc.		707		88,622
Super Micro Computer Inc.(a)		903		478,238
Synchrony Financial		11,361		441,602
Synopsys Inc.(a)		1,707		910,428
T-Mobile U.S. Inc.		6,369		1,026,874
T Rowe Price Group Inc.		2,325		252,146
Take-Two Interactive Software Inc.(a)		1,866		307,759
Targa Resources Corp.		50,667		4,304,668
Target Corp.		5,681		790,113
TE Connectivity Ltd.		6,638		943,857
Teleflex Inc.		520		126,272
Teradyne Inc.(c)		4,571		441,513
Tesla Inc.(a)		38,548		7,219,655
Texas Instruments Inc.		14,256		2,282,671
Texas Pacific Land Corp.		991		1,448,178
Thermo Fisher Scientific Inc.		4,863		2,621,060
TJX Companies Inc. (The)		11,961		1,135,218
Trade Desk Inc. (The), Class A(a)		6,304		431,383
Tradeweb Markets Inc., Class A		975		93,005
TransDigm Group Inc.		766		836,993
TransUnion		7,228		500,105
Travelers Cos. Inc. (The)		3,127		660,923
Trimble Inc.(a)		10,989		558,901
Truist Financial Corp.		22,829		846,043
U.S. Bancorp		17,992		747,388
Uber Technologies Inc.(a)		19,659		1,283,143
U-Haul Holding Co.		204		13,029
Ulta Beauty Inc.(a)		1,346		675,759
Union Pacific Corp.		8,560		2,088,041
United Parcel Service Inc., Class B		7,474		1,060,561
United Rentals Inc.		3,069		1,919,353
United Therapeutics Corp.(a)		824		176,979

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI ACWI Low Carbon Target ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
UnitedHealth Group Inc.		12,178	$	6,231,970
Vail Resorts Inc.		1,104		245,088
Veeva Systems Inc., Class A(a)		3,605		747,713
VeriSign Inc.(a)		1,136		225,928
Verisk Analytics Inc., Class A		3,700		893,661
Verizon Communications Inc.		63,266		2,679,315
Vertex Pharmaceuticals Inc.(a)		3,432		1,487,360
Vertiv Holdings Co., Class A		5,285		297,704
Viatris Inc.		48,419		569,892
VICI Properties Inc., Class A		13,624		410,355
Visa Inc., Class A(c)		21,741		5,940,946
Vulcan Materials Co.		3,572		807,308
W R Berkley Corp.		2,090		171,129
Walmart Inc.		15,427		2,549,312
Walgreens Boots Alliance Inc.		3,901		88,046
Walt Disney Co. (The)		23,362		2,243,920
Warner Bros. Discovery Inc.(a)		16,330		163,627
Waters Corp.(a)		481		152,818
Wells Fargo & Co.		45,729		2,294,681
Welltower Inc.		5,488		474,767
West Pharmaceutical Services Inc.		936		349,156
Westinghouse Air Brake Technologies Corp.		2,263		297,743
Williams Cos. Inc. (The)		1,285		44,538
Willis Towers Watson PLC		1,796		442,355
Workday Inc., Class A(a)		1,560		454,069
WW Grainger Inc.		244		218,536
Wynn Resorts Ltd.		2,286		215,867
Xylem Inc./NY		7,241		814,178
Yum! Brands Inc.		2,919		377,981
Zillow Group Inc., Class C (a)		4,472		254,188
Zimmer Biomet Holdings Inc.		4,253		534,177
Zoetis Inc.		5,900		1,108,079
Zoom Video Communications Inc., Class A(a)		2,392		154,547
Zscaler Inc.(a)		176		41,478
			536,399,250
Total Common Stocks — 99.5% (Cost: $759,304,495)				860,893,857
Preferred Stocks
Brazil — 0.1%
Banco Bradesco SA, Preference Shares, NVS		113,347		351,178
Itau Unibanco Holding SA, Preference Shares, NVS		59,052		390,708
			741,886
Colombia — 0.0%
Bancolombia SA, Preference Shares, NVS		26,918		212,082
Germany — 0.1%
Dr Ing hc F Porsche AG, Preference Shares, NVS(b)		5,848		496,507
Sartorius AG, Preference Shares, NVS		116		42,317
			538,824
Total Preferred Stocks — 0.2% (Cost: $1,456,201)				1,492,792

Security	Shares		Value
Rights
Brazil — 0.0%
Localiza Rent a Car SA, (Expires 02/19/24, Strike Price BRL 45.35)(a)		35	$	64
Total Rights — 0.0% (Cost: $—)				64
Warrants
Canada — 0.0%
Constellation Software Inc., (Issued 08/29/23, 1 Share for 1 Warrant, Expires 03/31/40, Strike Price CAD 11.50 )(d)		555		—
Total Warrants — 0.0% (Cost: $—)				—
Total Long-Term Investments — 99.7% (Cost: $760,760,696)				862,386,713
Short-Term Securities
Money Market Funds — 1.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.51%(f)(g)(h)		10,358,627		10,364,842
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.32%(f)(g)		1,150,000		1,150,000
Total Short-Term Securities — 1.3% (Cost: $11,511,983)				11,514,842
Total Investments — 101.0% (Cost: $772,272,679)				873,901,555
Liabilities in Excess of Other Assets — (1.0)%				(8,529,170	)
Net Assets — 100.0%			$	865,372,385

^(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)  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.

44 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI ACWI Low Carbon Target ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 01/31/24		Shares Held at 01/31/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	7,598,918	$	2,767,581	(a)	$	—		$	(2,008	)	$	351	$	10,364,842		10,358,627	$	42,233	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,170,000		—			(20,000	)(a)		—			—		1,150,000		1,150,000		34,898			—
BlackRock Inc.		1,248,656		—			(79,896	)		33,499			25,022		1,227,281		1,585		16,450			—
									$	31,491		$	25,373	$	12,742,123			$	93,581		$	—

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

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI EAFE Index		5		03/15/24	$	558	$	15,124
MSCI Emerging Markets Index		10		03/15/24		491		(5,222	)
S&P 500 E-Mini Index		6		03/15/24		1,461		59,901
							$	69,803

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)	$	—	$	—	$	75,025	$	—	$	—	$	—	$	75,025
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	5,222	$	—	$	—	$	—	$	5,222

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

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI ACWI Low Carbon Target ETF

For the period ended January 31, 2024, 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	$	—	$	—	$	(21,209	)	$	—	$	—	$	—	$	(21,209	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(53,731	)	$	—	$	—	$	—	$	(53,731	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	2,850,256

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	$	587,481,919		$	273,411,795	$	143	$	860,893,857
Preferred Stocks		953,968			538,824		—		1,492,792
Rights		64			—		—		64
Warrants		—			—		—		—
Short-Term Securities
Money Market Funds		11,514,842			—		—		11,514,842
	$	599,950,793		$	273,950,619	$	143	$	873,901,555
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	75,025		$	—	$	—	$	75,025
Liabilities
Equity Contracts		(5,222	)		—		—		(5,222	)
	$	69,803		$	—	$	—		69,803

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

See notes to financial statements.

46 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) January 31, 2024 iShares^® MSCI All Country Asia ex Japan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
China — 29.2%
360 Security Technology Inc., Class A		145,600	$	137,906
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		72,849		168,359
3SBio Inc.(a)		728,000		548,584
AAC Technologies Holdings Inc.		273,000		613,031
AECC Aviation Power Co. Ltd., Class A		73,891		322,900
Agricultural Bank of China Ltd., Class A		2,275,000		1,231,112
Agricultural Bank of China Ltd., Class H		10,738,000		4,157,656
Aier Eye Hospital Group Co. Ltd., Class A		249,760		445,764
Air China Ltd., Class A(b)		254,819		252,232
Air China Ltd., Class H(b)		732,000		408,946
Akeso Inc.(a)(b)(c)		182,000		924,143
Alibaba Group Holding Ltd.		6,461,040		57,948,898
Alibaba Health Information Technology Ltd.(b)(c)		2,192,000		805,463
Aluminum Corp. of China Ltd., Class A		382,299		303,449
Aluminum Corp. of China Ltd., Class H		1,462,000		712,522
Angel Yeast Co. Ltd., Class A		36,498		156,821
Anhui Conch Cement Co. Ltd., Class A		109,280		351,376
Anhui Conch Cement Co. Ltd., Class H		455,000		911,334
Anhui Gujing Distillery Co. Ltd., Class A		18,635		516,482
Anhui Gujing Distillery Co. Ltd., Class B		36,400		470,350
Anhui Kouzi Distillery Co. Ltd., Class A		18,200		98,566
Anhui Yingjia Distillery Co. Ltd., Class A		18,600		130,273
ANTA Sports Products Ltd.		509,600		4,301,255
Autohome Inc., ADR		25,844		651,269
AVIC Industry-Finance Holdings Co. Ltd., Class A		273,000		128,997
AviChina Industry & Technology Co. Ltd., Class H		913,000		336,748
Baidu Inc.(b)		873,620		11,310,940
Bank of Beijing Co. Ltd., Class A		691,600		490,441
Bank of Chengdu Co. Ltd., Class A		91,000		158,596
Bank of China Ltd., Class A		946,400		568,983
Bank of China Ltd., Class H		31,668,000		11,884,054
Bank of Communications Co. Ltd., Class A		1,110,286		927,913
Bank of Communications Co. Ltd., Class H		3,458,100		2,045,829
Bank of Hangzhou Co. Ltd., Class A		182,060		276,259
Bank of Jiangsu Co. Ltd., Class A		382,200		389,257
Bank of Nanjing Co. Ltd., Class A		312,400		360,835
Bank of Ningbo Co. Ltd., Class A		182,025		545,641
Bank of Shanghai Co. Ltd., Class A		491,441		437,516
Baoshan Iron & Steel Co. Ltd., Class A		618,895		530,080
BeiGene Ltd.(b)		273,030		3,094,306
Beijing Dabeinong Technology Group Co. Ltd., Class A		127,400		83,994
Beijing Enlight Media Co. Ltd., Class A		91,000		93,626
Beijing Enterprises Holdings Ltd.		182,000		658,717
Beijing Enterprises Water Group Ltd.		1,820,000		442,798
Beijing Kingsoft Office Software Inc., Class A		14,800		439,387
Beijing New Building Materials PLC, Class A		55,226		205,297
Beijing Shiji Information Technology Co. Ltd., Class A		102,096		100,828
Beijing Tongrentang Co. Ltd., Class A		36,400		221,298
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		26,933		202,255
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		855,400		591,131
Bethel Automotive Safety Systems Co. Ltd.		18,200		130,745
Betta Pharmaceuticals Co. Ltd., Class A		18,200		96,125
BGI Genomics Co. Ltd., Class A		18,290		95,349
Bilibili Inc.(b)(c)		81,848		739,037
BOC Aviation Ltd.(a)		91,200		683,759

Security	Shares		Value
China (continued)
BOE Technology Group Co. Ltd., Class A		1,055,600	$	528,619
Bosideng International Holdings Ltd.		1,592,000		719,675
Brilliance China Automotive Holdings Ltd.		1,092,000		582,199
BYD Co. Ltd., Class A		36,450		867,988
BYD Co. Ltd., Class H(c)		421,000		9,426,256
BYD Electronic International Co. Ltd.		364,000		1,246,923
By-health Co. Ltd., Class A		54,600		114,272
C&D International Investment Group Ltd.		316,000		521,814
Caitong Securities Co. Ltd., Class A		193,208		199,867
Cambricon Technologies Corp. Ltd.		6,325		95,868
Canmax Technologies Co. Ltd., Class A		25,130		68,833
CGN Power Co. Ltd., Class H(a)		4,370,000		1,224,583
Changchun High & New Technology Industry Group Inc., Class A		18,200		289,275
Changjiang Securities Co. Ltd., Class A		292,000		200,440
Chaozhou Three-Circle Group Co. Ltd., Class A		72,897		231,455
Chengxin Lithium Group Co. Ltd., Class A		36,400		102,693
China Cinda Asset Management Co. Ltd., Class H		3,822,000		366,708
China CITIC Bank Corp. Ltd., Class H		3,822,200		1,894,289
China Coal Energy Co. Ltd., Class H		910,000		999,343
China Communications Services Corp. Ltd., Class H		1,092,000		449,651
China Construction Bank Corp., Class A		309,400		295,629
China Construction Bank Corp., Class H		37,492,390		22,265,352
China CSSC Holdings Ltd., Class A		145,600		619,430
China Eastern Airlines Corp. Ltd., Class A(b)		309,495		161,184
China Energy Engineering Corp. Ltd.		837,200		245,863
China Everbright Bank Co. Ltd., Class A		1,146,600		502,893
China Everbright Bank Co. Ltd., Class H		1,274,000		378,233
China Everbright Environment Group Ltd.		1,638,370		571,431
China Feihe Ltd.(a)		1,638,000		750,423
China Galaxy Securities Co. Ltd., Class A		109,251		176,817
China Galaxy Securities Co. Ltd., Class H		1,274,000		624,216
China Gas Holdings Ltd.		1,164,800		1,061,975
China Greatwall Technology Group Co. Ltd., Class A		91,000		105,207
China Hongqiao Group Ltd.		1,001,000		733,847
China International Capital Corp. Ltd., Class A		54,600		245,600
China International Capital Corp. Ltd., Class H(a)		655,200		778,799
China Jushi Co. Ltd., Class A		109,271		139,546
China Life Insurance Co. Ltd., Class A		72,890		292,127
China Life Insurance Co. Ltd., Class H		2,912,000		3,357,074
China Literature Ltd.(a)(b)		146,200		425,230
China Longyuan Power Group Corp. Ltd., Class H		1,277,000		770,301
China Medical System Holdings Ltd.		546,000		780,251
China Mengniu Dairy Co. Ltd.		1,274,000		2,822,827
China Merchants Bank Co. Ltd., Class A		527,804		2,258,550
China Merchants Bank Co. Ltd., Class H		1,547,446		5,641,036
China Merchants Energy Shipping Co. Ltd., Class A		254,800		231,427
China Merchants Port Holdings Co. Ltd.		728,180		900,304
China Merchants Securities Co. Ltd., Class A		218,465		406,707
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		91,060		111,315
China Minsheng Banking Corp. Ltd., Class A		1,128,498		620,250
China Minsheng Banking Corp. Ltd., Class H		2,275,020		756,658
China National Building Material Co. Ltd., Class H		1,456,000		513,595
China National Chemical Engineering Co. Ltd., Class A		200,256		178,611
China National Nuclear Power Co. Ltd., Class A		564,200		650,789
China National Software & Service Co. Ltd.,
Class A		24,650		91,004

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI All Country Asia ex Japan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		109,200	$	256,412
China Oilfield Services Ltd., Class H		868,000		834,239
China Overseas Land & Investment Ltd.		1,547,260		2,340,679
China Overseas Property Holdings Ltd.		835,000		553,430
China Pacific Insurance Group Co. Ltd., Class A		200,298		695,143
China Pacific Insurance Group Co. Ltd., Class H		837,200		1,540,425
China Petroleum & Chemical Corp., Class A		946,492		785,740
China Petroleum & Chemical Corp., Class H		9,464,000		4,923,202
China Power International Development Ltd.		2,003,000		749,382
China Railway Group Ltd., Class A		637,000		559,976
China Railway Group Ltd., Class H		1,638,000		749,118
China Resources Beer Holdings Co. Ltd.		728,000		2,632,696
China Resources Gas Group Ltd.		400,400		1,135,527
China Resources Land Ltd.		1,371,555		4,164,116
China Resources Microelectronics Ltd.		28,396		149,570
China Resources Mixc Lifestyle Services Ltd.(a)		255,400		737,547
China Resources Pharmaceutical Group Ltd.(a)		728,000		443,878
China Resources Power Holdings Co. Ltd.		728,000		1,472,817
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		36,473		265,519
China Ruyi Holdings Ltd.(b)(c)		2,184,000		366,395
China Shenhua Energy Co. Ltd., Class A		182,018		942,510
China Shenhua Energy Co. Ltd., Class H		1,365,000		5,178,379
China Southern Airlines Co. Ltd., Class A(b)		345,800		277,398
China Southern Airlines Co. Ltd., Class H(b)		728,000		269,334
China State Construction Engineering Corp. Ltd., Class A		1,110,200		795,528
China State Construction International Holdings Ltd.		728,000		768,987
China Taiping Insurance Holdings Co. Ltd.		618,990		513,839
China Three Gorges Renewables Group Co. Ltd., Class A		782,600		482,328
China Tourism Group Duty Free Corp. Ltd.(a)(c)		36,400		319,221
China Tourism Group Duty Free Corp. Ltd., Class A		55,698		619,261
China Tower Corp. Ltd., Class H(a)		18,200,000		2,024,592
China Traditional Chinese Medicine Holdings Co. Ltd.		1,102,000		421,343
China United Network Communications Ltd., Class A		673,400		423,246
China Vanke Co. Ltd., Class A		236,807		316,944
China Vanke Co. Ltd., Class H		837,284		658,772
China Yangtze Power Co. Ltd., Class A		619,048		2,102,459
China Zhenhua Group Science & Technology Co. Ltd., Class A		18,200		112,847
China Zheshang Bank Co. Ltd., Class A		995,700		372,464
Chinasoft International Ltd.		1,092,000		622,282
Chongqing Brewery Co. Ltd., Class A		19,896		154,062
Chongqing Changan Automobile Co. Ltd., Class A		236,778		421,717
Chongqing Zhifei Biological Products Co. Ltd., Class A		54,600		341,157
Chow Tai Fook Jewellery Group Ltd.		801,200		1,085,375
CITIC Ltd.		2,366,000		2,283,649
CITIC Securities Co. Ltd., Class A		291,202		831,873
CITIC Securities Co. Ltd., Class H		728,025		1,420,903
CMOC Group Ltd., Class A		709,800		530,594
CMOC Group Ltd., Class H		1,092,000		598,147
Contemporary Amperex Technology Co. Ltd., Class A		109,298		2,306,629
COSCO SHIPPING Energy Transportation Co. Ltd., Class A		91,000		166,824
COSCO SHIPPING Energy Transportation Co. Ltd., Class H		364,000		338,454

Security	Shares		Value
China (continued)
COSCO Shipping Holdings Co. Ltd., Class A		346,012	$	478,868
COSCO Shipping Holdings Co. Ltd., Class H		1,274,399		1,338,918
COSCO SHIPPING Ports Ltd.		728,000		445,811
Country Garden Holdings Co. Ltd.(b)(c)		4,368,838		354,338
Country Garden Services Holdings Co. Ltd.(c)		910,000		601,139
CRRC Corp. Ltd., Class A		738,500		584,153
CRRC Corp. Ltd., Class H		1,274,000		592,147
CSC Financial Co. Ltd., Class A		127,499		396,836
CSPC Innovation Pharmaceutical Co. Ltd.		28,600		107,247
CSPC Pharmaceutical Group Ltd.		3,641,440		2,678,969
Daqin Railway Co. Ltd., Class A		418,600		434,932
Daqo New Energy Corp., ADR(b)(c)		25,986		469,047
DaShenLin Pharmaceutical Group Co. Ltd., Class A		28,980		91,919
DHC Software Co. Ltd., Class A		127,400		88,602
Dong-E-E-Jiao Co. Ltd., Class A		36,400		266,044
Dongfang Electric Corp. Ltd., Class A		91,088		181,845
Dongfeng Motor Group Co. Ltd., Class H		1,092,000		421,699
Dongxing Securities Co. Ltd., Class A		146,498		161,785
East Buy Holding Ltd.(a)(b)(c)		182,000		534,727
East Money Information Co. Ltd., Class A		436,814		759,103
Ecovacs Robotics Co. Ltd., Class A		18,200		80,923
ENN Energy Holdings Ltd.		327,600		2,438,605
Eve Energy Co. Ltd., Class A		54,616		264,678
Everbright Securities Co. Ltd., Class A		110,293		240,104
Fangda Carbon New Material Co. Ltd., Class A		147,975		91,034
Far East Horizon Ltd.		546,000		399,481
First Capital Securities Co. Ltd., Class A		163,800		119,804
Flat Glass Group Co. Ltd., Class A		54,600		154,838
Flat Glass Group Co. Ltd., Class H(c)		182,000		273,732
Focus Media Information Technology Co. Ltd., Class A		419,740		330,175
Foshan Haitian Flavouring & Food Co. Ltd., Class A		125,092		591,821
Fosun International Ltd.		910,000		477,546
Founder Securities Co. Ltd., Class A		200,200		192,472
Foxconn Industrial Internet Co. Ltd., Class A		327,600		605,490
Fujian Sunner Development Co. Ltd., Class A		36,400		75,792
Fuyao Glass Industry Group Co. Ltd., Class A		72,899		386,391
Fuyao Glass Industry Group Co. Ltd., Class H(a)		218,400		987,367
Ganfeng Lithium Group Co. Ltd., Class A		54,657		258,928
Ganfeng Lithium Group Co. Ltd., Class H(a)(c)		155,920		416,510
GCL-Poly Energy Holdings Ltd.		8,528,000		981,256
GD Power Development Co. Ltd., Class A		509,600		317,159
GDS Holdings Ltd.(b)(c)		365,240		244,624
Geely Automobile Holdings Ltd.		2,366,000		2,242,633
Gemdale Corp., Class A		127,446		71,686
Genscript Biotech Corp.(b)(c)		364,000		604,208
GF Securities Co. Ltd., Class A		145,600		277,687
GF Securities Co. Ltd., Class H		436,800		439,598
GigaDevice Semiconductor Inc., Class A		18,335		159,370
Ginlong Technologies Co. Ltd., Class A		18,200		151,164
GoerTek Inc., Class A		91,297		193,159
Goldwind Science & Technology Co. Ltd., Class A		109,213		106,015
Gotion High-tech Co. Ltd., Class A		54,600		141,943
Great Wall Motor Co. Ltd.		54,800		155,939
Great Wall Motor Co. Ltd., Class H		1,001,000		985,591
Gree Electric Appliances Inc. of Zhuhai, Class A		72,800		357,545
Greentown China Holdings Ltd.		364,000		274,220
GRG Banking Equipment Co. Ltd., Class A		36,460		48,059
Guangdong Haid Group Co. Ltd., Class A		36,799		193,477
Guangdong Investment Ltd.		1,092,000		634,853
Guanghui Energy Co. Ltd., Class A		237,700		232,707
Guangzhou Automobile Group Co. Ltd., Class A		127,400		145,423

48 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI All Country Asia ex Japan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Guangzhou Automobile Group Co. Ltd., Class H		1,092,397	$	431,785
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		54,600		207,674
Guangzhou Haige Communications Group Inc. Co., Class A		127,411		170,790
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		19,898		144,648
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		19,258		91,689
Guangzhou Tinci Materials Technology Co. Ltd., Class A		54,600		141,906
Guosen Securities Co. Ltd., Class A		236,600		264,729
Guotai Junan Securities Co. Ltd., Class A		273,000		555,476
Guoyuan Securities Co. Ltd., Class A		182,030		161,949
H World Group Ltd., ADR		84,678		2,690,220
Haidilao International Holding Ltd.(a)		728,000		1,146,975
Haier Smart Home Co. Ltd., Class A		200,200		622,814
Haier Smart Home Co. Ltd., Class H		946,800		2,675,336
Hainan Airlines Holding Co. Ltd., Class A		816,600		155,425
Haitian International Holdings Ltd.		182,000		405,114
Haitong Securities Co. Ltd., Class A		400,400		490,407
Haitong Securities Co. Ltd., Class H		805,200		371,150
Hangzhou Chang Chuan Technology Co. Ltd.		18,200		60,671
Hangzhou First Applied Material Co. Ltd., Class A		54,623		172,803
Hangzhou Lion Microelectronics Co. Ltd.		18,200		51,754
Hangzhou Robam Appliances Co. Ltd., Class A		36,583		110,803
Hangzhou Silan Microelectronics Co. Ltd., Class A		18,400		46,492
Hangzhou Tigermed Consulting Co. Ltd., Class A		19,290		108,924
Hansoh Pharmaceutical Group Co. Ltd.(a)		364,000		546,708
Henan Shuanghui Investment & Development Co. Ltd., Class A		91,098		361,025
Hengan International Group Co. Ltd.		273,000		845,342
Hengli Petrochemical Co. Ltd., Class A(b)		218,499		356,773
Hengyi Petrochemical Co. Ltd., Class A		163,800		142,018
Hesteel Co. Ltd., Class A		345,800		100,072
Hithink RoyalFlush Information Network Co. Ltd., Class A		18,288		292,759
Hongfa Technology Co. Ltd., Class A		28,440		88,730
Hoshine Silicon Industry Co. Ltd., Class A		18,200		110,957
Hoyuan Green Energy Co. Ltd., Class A		26,584		91,347
Hua Hong Semiconductor Ltd.(a)(b)		182,000		329,719
Huadian Power International Corp. Ltd., Class A		291,200		246,357
Huadong Medicine Co. Ltd., Class A		54,687		220,307
Hualan Biological Engineering Inc., Class A		54,880		134,395
Huaneng Power International Inc., Class A		364,000		443,146
Huaneng Power International Inc., Class H(b)		1,460,000		823,317
Huatai Securities Co. Ltd., Class A		236,600		452,951
Huatai Securities Co. Ltd., Class H(a)		400,400		472,360
Huaxi Securities Co. Ltd., Class A		145,600		150,936
Huaxia Bank Co. Ltd., Class A		509,699		429,523
Huayu Automotive Systems Co. Ltd., Class A		91,200		206,331
Huizhou Desay Sv Automotive Co. Ltd., Class A		18,200		215,561
Hundsun Technologies Inc., Class A		50,935		148,876
Hygeia Healthcare Holdings Co. Ltd.(a)(c)		145,600		474,493
Hygon Information Technology Co. Ltd., NVS		47,320		434,197
IEIT Systems Co. Ltd., Class A		46,248		180,566
Iflytek Co. Ltd., Class A		54,600		290,101
Imeik Technology Development Co. Ltd., Class A		8,200		309,367
Industrial & Commercial Bank of China Ltd., Class A		1,656,200		1,191,259
Industrial & Commercial Bank of China Ltd., Class H		24,934,350		12,146,264

Security	Shares		Value
China (continued)
Industrial Bank Co. Ltd., Class A		564,225	$	1,235,892
Industrial Securities Co. Ltd., Class A		337,186		255,775
Ingenic Semiconductor Co. Ltd., Class A		18,600		122,996
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A(b)		1,310,496		258,740
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		564,200		279,306
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		182,091		686,762
Inner Mongolia Yitai Coal Co. Ltd., Class B		434,425		821,764
Innovent Biologics Inc.(a)(b)		455,000		1,833,155
iQIYI Inc., ADR(b)		178,360		597,506
JA Solar Technology Co. Ltd., Class A		91,032		216,449
Jason Furniture Hangzhou Co. Ltd., Class A		25,880		122,174
JCET Group Co. Ltd., Class A		37,200		116,032
JD Health International Inc.(a)(b)(c)		455,100		1,501,732
JD Logistics Inc.(a)(b)		782,600		683,347
JD.com Inc.		937,332		10,569,481
Jiangsu Eastern Shenghong Co. Ltd., Class A		182,000		250,474
Jiangsu Expressway Co. Ltd., Class H		728,000		694,668
Jiangsu Hengli Hydraulic Co. Ltd., Class A		36,465		247,685
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A		163,810		855,467
Jiangsu King’s Luck Brewery JSC Ltd., Class A		36,400		224,273
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		36,400		463,236
Jiangsu Yoke Technology Co. Ltd., Class A		18,600		100,238
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A		36,400		161,356
Jiangsu Zhongtian Technology Co. Ltd., Class A		91,200		146,834
Jiangxi Copper Co. Ltd., Class A		72,800		182,469
Jiangxi Copper Co. Ltd., Class H		546,000		763,597
Jinko Solar Co. Ltd.		159,548		175,909
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		91,000		136,070
Jointown Pharmaceutical Group Co. Ltd., Class A		153,176		148,286
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A		36,486		111,617
JOYY Inc., ADR		16,562		507,791
Juewei Food Co. Ltd., Class A		18,200		50,806
Kanzhun Ltd., ADR		87,924		1,223,023
KE Holdings Inc., ADR		268,086		3,798,779
Kingboard Holdings Ltd.		273,000		485,914
Kingboard Laminates Holdings Ltd.		364,000		218,771
Kingdee International Software Group Co. Ltd.(b)		1,092,000		1,055,596
Kingsoft Corp. Ltd.		400,800		975,048
Kuaishou Technology(a)(b)		910,000		4,586,706
Kunlun Energy Co. Ltd.		1,456,000		1,304,426
Kunlun Tech Co. Ltd., Class A		39,200		162,599
Kweichow Moutai Co. Ltd., Class A		32,372		7,235,743
LB Group Co. Ltd., Class A		72,800		163,150
Legend Biotech Corp., ADR(b)(c)		27,846		1,533,201
Lenovo Group Ltd.		2,912,000		3,049,070
Lens Technology Co. Ltd., Class A		145,686		211,631
Lepu Medical Technology Beijing Co. Ltd., Class A		54,600		99,593
Li Auto Inc.(b)		455,036		6,289,926
Li Ning Co. Ltd.		910,000		1,944,053
Lingyi iTech Guangdong Co., Class A		273,000		180,139
Livzon Pharmaceutical Group Inc., Class A		36,401		171,675
Longfor Group Holdings Ltd.(a)		819,000		908,112
LONGi Green Energy Technology Co. Ltd., Class A		200,228		539,039
Lufax Holding Ltd., Class A, ADR(c)		72,345		171,458
Luxshare Precision Industry Co. Ltd., Class A		182,230		645,316

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI All Country Asia ex Japan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Luzhou Laojiao Co. Ltd., Class A		36,400	$	744,863
Mango Excellent Media Co. Ltd., Class A		55,350		164,647
Maxscend Microelectronics Co. Ltd., Class A		18,264		234,051
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A		127,487		86,651
Meituan, Class B(a)(b)		2,002,050		16,102,935
Metallurgical Corp. of China Ltd., Class A		637,008		287,254
Microport Scientific Corp.(b)		345,800		255,378
Ming Yang Smart Energy Group Ltd., Class A		54,600		68,331
MINISO Group Holding Ltd.		160,160		677,399
Minth Group Ltd.		364,000		590,019
Montage Technology Co. Ltd., Class A		36,400		227,704
Muyuan Foods Co. Ltd., Class A		145,836		715,807
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A		50,201		90,950
NARI Technology Co. Ltd., Class A		218,467		638,119
NAURA Technology Group Co. Ltd., Class A		18,200		574,912
NavInfo Co. Ltd., Class A		72,800		65,684
NetEase Inc.		764,470		14,859,851
New China Life Insurance Co. Ltd., Class A		54,999		233,911
New China Life Insurance Co. Ltd., Class H		327,600		584,646
New Hope Liuhe Co. Ltd., Class A(b)		127,472		145,156
New Oriental Education & Technology Group Inc.(b)		582,480		4,495,724
Nine Dragons Paper Holdings Ltd.(b)		728,000		269,714
Ninestar Corp., Class A		55,100		148,360
Ningbo Deye Technology Co. Ltd., NVS		19,600		184,550
Ningbo Joyson Electronic Corp., Class A		36,400		73,215
Ningbo Orient Wires & Cables Co. Ltd.		18,200		89,455
Ningbo Tuopu Group Co. Ltd., Class A		39,000		264,594
Ningxia Baofeng Energy Group Co. Ltd., Class A		236,600		439,156
NIO Inc., ADR(b)(c)		550,004		3,091,022
Nongfu Spring Co. Ltd., Class H(a)		800,800		4,346,062
Offshore Oil Engineering Co. Ltd., Class A		128,200		99,801
Oppein Home Group Inc., Class A		18,200		155,223
Orient Overseas International Ltd.		70,000		1,044,974
Orient Securities Co. Ltd., Class A		247,613		285,076
Ovctek China Inc., Class A		36,480		88,403
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A		327,600		128,582
PDD Holdings Inc., ADR(b)		237,874		30,179,074
People.cn Co. Ltd.		37,200		111,402
People’s Insurance Co. Group of China Ltd. (The), Class H		4,186,000		1,301,334
Perfect World Co. Ltd., Class A		72,889		96,930
PetroChina Co. Ltd., Class A		564,200		656,383
PetroChina Co. Ltd., Class H		8,372,000		6,056,018
Pharmaron Beijing Co. Ltd., Class A		45,450		133,524
PICC Property & Casualty Co. Ltd., Class H		2,913,814		3,624,390
Ping An Bank Co. Ltd., Class A		528,038		695,429
Ping An Healthcare and Technology Co. Ltd.(a)(b)(c)		236,600		339,697
Ping An Insurance Group Co. of China Ltd., Class A		291,299		1,645,779
Ping An Insurance Group Co. of China Ltd., Class H		2,639,000		11,093,145
Poly Developments and Holdings Group Co. Ltd., Class A		273,295		364,215
Pop Mart International Group Ltd.(a)		182,600		409,504
Postal Savings Bank of China Co. Ltd., Class A		728,000		479,630
Postal Savings Bank of China Co. Ltd., Class H(a)		3,276,000		1,575,458
Power Construction Corp. of China Ltd., Class A		418,600		293,134
Qifu Technology Inc.		44,772		642,478
Qinghai Salt Lake Industry Co. Ltd., Class A(b)		145,600		290,425
Rockchip Electronics Co. Ltd.		18,600		119,665
Rongsheng Petrochemical Co. Ltd., Class A		291,268		383,597

Security	Shares		Value
China (continued)
SAIC Motor Corp. Ltd., Class A		236,698	$	450,568
Sanan Optoelectronics Co. Ltd., Class A		117,600		179,893
Sangfor Technologies Inc., Class A(b)		18,200		138,121
Sany Heavy Equipment International Holdings Co. Ltd.		546,000		355,363
Sany Heavy Industry Co. Ltd., Class A		236,699		431,132
Satellite Chemical Co. Ltd., Class A		115,591		219,761
SDIC Power Holdings Co. Ltd., Class A		156,800		305,552
Seazen Holdings Co. Ltd., Class A(b)		54,624		75,180
Seres Group Co. Ltd., NVS(b)		37,200		293,460
SF Holding Co. Ltd., Class A		127,495		626,857
Shaanxi Coal Industry Co. Ltd., Class A		291,299		981,613
Shan Xi Hua Yang Group New Energy Co. Ltd.		138,150		185,916
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		72,800		153,223
Shandong Gold Mining Co. Ltd., Class A		109,480		313,275
Shandong Gold Mining Co. Ltd., Class H(a)		318,500		458,542
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		72,820		246,860
Shandong Linglong Tyre Co. Ltd., Class A		36,600		99,878
Shandong Nanshan Aluminum Co. Ltd., Class A		691,600		275,908
Shandong Sun Paper Industry JSC Ltd., Class A		91,000		153,855
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		1,020,400		653,906
Shanghai Aiko Solar Energy Co. Ltd.		54,620		105,152
Shanghai Bairun Investment Holding Group Co. Ltd., Class A		36,468		100,272
Shanghai Baosight Software Co. Ltd., Class A		60,256		343,518
Shanghai Baosight Software Co. Ltd., Class B		182,004		358,577
Shanghai Construction Group Co. Ltd., Class A		345,800		111,691
Shanghai Electric Group Co. Ltd., Class A		455,000		251,861
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		72,800		221,148
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		182,000		309,019
Shanghai International Airport Co. Ltd., Class A		36,400		167,826
Shanghai International Port Group Co. Ltd., Class A		327,600		251,535
Shanghai Junshi Biosciences Co. Ltd.		26,564		103,452
Shanghai M&G Stationery Inc., Class A		18,500		78,848
Shanghai Moons’ Electric Co. Ltd.		18,600		96,084
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		91,000		214,823
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		273,000		385,888
Shanghai Pudong Development Bank Co. Ltd., Class A		800,895		761,527
Shanghai Putailai New Energy Technology Co. Ltd., Class A		56,060		128,302
Shanghai United Imaging Healthcare Co. Ltd., NVS		20,202		379,080
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		109,200		94,725
Shanxi Coking Coal Energy Group Co. Ltd., Class A		163,800		239,405
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		72,800		240,043
Shanxi Meijin Energy Co. Ltd., Class A(b)		127,400		94,969
Shanxi Securities Co. Ltd., Class A		163,840		112,862
Shanxi Taigang Stainless Steel Co. Ltd., Class A		201,300		99,916
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		36,480		1,017,459
Shengyi Technology Co. Ltd., Class A		91,000		181,906
Shennan Circuits Co. Ltd., Class A		18,220		133,921
Shenwan Hongyuan Group Co. Ltd., Class A		746,297		454,050

50 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI All Country Asia ex Japan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Shenzhen Energy Group Co. Ltd., Class A		345,886	$	298,411
Shenzhen Inovance Technology Co. Ltd., Class A		36,700		285,831
Shenzhen Kangtai Biological Products Co. Ltd., Class A		52,000		151,157
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		36,475		1,363,637
Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A		19,600		188,353
Shenzhen SC New Energy Technology Corp., Class A		18,200		143,198
Shenzhen Transsion Holdings Co. Ltd., Class A		23,197		440,948
Shenzhou International Group Holdings Ltd.		327,600		2,917,411
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		18,400		50,396
Sichuan Chuantou Energy Co. Ltd., Class A		145,600		314,510
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		36,400		117,158
Sichuan Road & Bridge Group Co. Ltd., Class A		254,800		284,924
Sino Biopharmaceutical Ltd.		4,186,250		1,510,550
Sinomine Resource Group Co. Ltd., Class A		27,360		118,773
Sinopec Shanghai Petrochemical Co. Ltd., Class A		163,800		60,749
Sinopharm Group Co. Ltd., Class H		582,400		1,531,411
Sinotruk Hong Kong Ltd.		279,000		633,663
Skshu Paint Co. Ltd., Class A		18,600		93,178
Smoore International Holdings Ltd.(a)(c)		728,000		440,224
Songcheng Performance Development Co. Ltd., Class A		102,120		126,411
SooChow Securities Co. Ltd., Class A		172,757		161,748
Southwest Securities Co. Ltd., Class A		364,000		187,055
Spring Airlines Co. Ltd., Class A		18,600		135,377
Sungrow Power Supply Co. Ltd., Class A		36,400		396,963
Sunny Optical Technology Group Co. Ltd.		291,200		1,789,827
Sunresin New Materials Co. Ltd., NVS		18,600		114,159
Sunwoda Electronic Co. Ltd., Class A		56,299		91,404
SUPCON Technology Co. Ltd.		31,524		154,795
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		72,800		126,386
Suzhou Maxwell Technologies Co. Ltd., Class A		1,740		24,844
Suzhou TFC Optical Communication Co. Ltd.		18,600		221,148
TAL Education Group, ADR(b)		179,452		1,909,369
TBEA Co. Ltd., Class A		166,006		324,306
TCL Technology Group Corp., Class A(b)		502,950		283,389
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		116,698		199,622
Tencent Holdings Ltd.		2,657,200		92,234,867
Tencent Music Entertainment Group, ADR(b)		296,428		2,786,423
Thunder Software Technology Co. Ltd., Class A		18,200		126,917
Tianma Microelectronics Co. Ltd., Class A		218,489		252,540
Tianqi Lithium Corp., Class A		36,800		238,516
Tianshui Huatian Technology Co. Ltd., Class A		145,800		132,067
Tingyi Cayman Islands Holding Corp.		730,000		726,889
Tongcheng Travel Holdings Ltd.(b)		509,600		1,039,509
Tongkun Group Co. Ltd., Class A		74,496		123,255
Tongling Nonferrous Metals Group Co. Ltd., Class A		434,200		182,581
Tongwei Co. Ltd., Class A		109,200		353,948
Topchoice Medical Corp., Class A		12,200		101,001
Topsports International Holdings Ltd.(a)		728,000		471,876
TravelSky Technology Ltd., Class H		366,000		368,136
Trina Solar Co. Ltd.		36,596		117,824
Trip.com Group Ltd.(b)		218,430		7,950,721
Tsingtao Brewery Co. Ltd., Class A		18,200		176,423
Tsingtao Brewery Co. Ltd., Class H		284,000		1,620,707

Security	Shares		Value
China (continued)
Unigroup Guoxin Microelectronics Co. Ltd., Class A(b)		18,299	$	133,047
Uni-President China Holdings Ltd.		548,000		307,824
Unisplendour Corp. Ltd., Class A(b)		91,020		196,517
Vinda International Holdings Ltd.		182,000		537,760
Vipshop Holdings Ltd., ADR(b)		141,820		2,253,520
Walvax Biotechnology Co. Ltd., Class A		54,600		125,371
Wanhua Chemical Group Co. Ltd., Class A		72,899		709,395
Want Want China Holdings Ltd.		2,004,000		1,104,796
Weibo Corp., ADR		26,208		212,285
Weichai Power Co. Ltd., Class A		182,000		373,498
Weichai Power Co. Ltd., Class H		728,600		1,286,317
Wens Foodstuffs Group Co. Ltd., Class A		182,098		475,919
Western Securities Co. Ltd., Class A		218,499		181,353
Will Semiconductor Co. Ltd. Shanghai, Class A		36,410		437,460
Wingtech Technology Co. Ltd., Class A(b)		36,400		169,494
Wuchan Zhongda Group Co. Ltd., Class A		182,099		109,725
Wuhan Guide Infrared Co. Ltd., Class A		215,360		161,505
Wuliangye Yibin Co. Ltd., Class A		91,099		1,605,831
WUS Printed Circuit Kunshan Co. Ltd., Class A		72,850		199,369
WuXi AppTec Co. Ltd., Class A		54,664		414,232
WuXi AppTec Co. Ltd., Class H(a)(c)		145,674		1,007,917
Wuxi Autowell Technology Co. Ltd.		6,208		61,855
Wuxi Biologics Cayman Inc.(a)(b)		1,547,000		4,070,984
XCMG Construction Machinery Co. Ltd., Class A		425,098		332,813
Xiamen C & D Inc., Class A		91,000		122,669
Xiaomi Corp., Class B(a)(b)		6,042,400		9,519,971
Xinjiang Daqo New Energy Co. Ltd.		41,948		152,849
Xinyi Solar Holdings Ltd.		2,184,000		1,002,765
XPeng Inc.(b)(c)		436,402		1,817,461
Xtep International Holdings Ltd.		637,000		313,697
Yadea Group Holdings Ltd.(a)		364,000		499,081
Yankuang Energy Group Co. Ltd., Class A		109,200		347,465
Yankuang Energy Group Co. Ltd., Class H		963,000		1,978,467
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		36,501		133,560
Yealink Network Technology Corp. Ltd., Class A		18,527		62,810
Yifeng Pharmacy Chain Co. Ltd., Class A		26,920		142,088
Yihai Kerry Arawana Holdings Co. Ltd., Class A		36,400		150,058
Yintai Gold Co. Ltd., Class A		54,821		107,619
Yonyou Network Technology Co. Ltd., Class A		91,290		141,962
YTO Express Group Co. Ltd., Class A		91,000		141,319
Yuexiu Property Co. Ltd.		728,600		456,253
Yum China Holdings Inc.		164,346		5,684,728
Yunda Holding Co. Ltd., Class A		91,020		78,985
Yunnan Aluminium Co. Ltd., Class A		74,400		111,206
Yunnan Baiyao Group Co. Ltd., Class A		55,315		358,122
Yunnan Energy New Material Co. Ltd., Class A		26,100		154,211
Zai Lab Ltd.(b)(c)		397,890		845,420
Zangge Mining Co. Ltd.		54,600		188,152
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		18,202		504,643
Zhaojin Mining Industry Co. Ltd., Class H		546,000		508,967
Zhejiang Century Huatong Group Co. Ltd., Class A(b)		236,672		138,260
Zhejiang China Commodities City Group Co. Ltd., Class A		130,200		134,882
Zhejiang Chint Electrics Co. Ltd., Class A		72,800		188,897
Zhejiang Dahua Technology Co. Ltd., Class A		109,200		235,626
Zhejiang Dingli Machinery Co. Ltd., Class A		18,247		131,053
Zhejiang Expressway Co. Ltd., Class H		1,007,400		748,357
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		54,625		87,925

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI All Country Asia ex Japan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Zhejiang Huayou Cobalt Co. Ltd., Class A		54,600	$	189,289
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		36,400		165,651
Zhejiang Leapmotor Technology Co. Ltd.(a)(b)(c)		200,237		541,095
Zhejiang NHU Co. Ltd., Class A		109,412		244,266
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		37,200		108,673
Zhejiang Supor Co. Ltd., Class A		19,899		140,188
Zhejiang Weixing New Building Materials Co. Ltd., Class A		56,296		106,495
Zheshang Securities Co. Ltd., Class A		127,400		171,095
ZhongAn Online P&C Insurance Co. Ltd., Class H(a)(b)		309,400		483,365
Zhongji Innolight Co. Ltd., Class A		18,299		260,623
Zhongsheng Group Holdings Ltd.		366,000		617,817
Zhuzhou CRRC Times Electric Co. Ltd.		254,800		625,497
Zijin Mining Group Co. Ltd., Class A		509,600		854,561
Zijin Mining Group Co. Ltd., Class H		2,184,000		3,240,759
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		291,737		292,162
ZTE Corp., Class A		109,200		333,538
ZTE Corp., Class H		291,200		506,039
ZTO Express Cayman Inc., ADR		169,988		2,781,004
				670,009,924
Hong Kong — 5.6%
AIA Group Ltd.		4,550,000		35,682,993
BOC Hong Kong Holdings Ltd.		1,456,000		3,489,731
Budweiser Brewing Co. APAC Ltd.(a)		527,800		831,887
CK Asset Holdings Ltd.		819,132		3,696,202
CK Hutchison Holdings Ltd.		1,092,132		5,640,665
CK Infrastructure Holdings Ltd.		273,000		1,621,304
CLP Holdings Ltd.		637,000		5,066,340
ESR Group Ltd.(a)		874,000		1,117,210
Futu Holdings Ltd., ADR(b)(c)		21,294		994,856
Galaxy Entertainment Group Ltd.		910,000		4,722,790
Hang Lung Properties Ltd.		728,000		845,178
Hang Seng Bank Ltd.		309,400		3,220,906
Henderson Land Development Co. Ltd.		546,166		1,423,102
HKT Trust & HKT Ltd., Class SS		1,638,640		1,968,432
Hong Kong & China Gas Co. Ltd.		4,004,763		2,849,897
Hong Kong Exchanges & Clearing Ltd.		473,253		14,348,462
Hongkong Land Holdings Ltd.		455,000		1,420,285
Jardine Matheson Holdings Ltd.		69,000		2,770,634
Link REIT		1,037,400		5,203,268
MTR Corp. Ltd.		638,000		2,075,612
New World Development Co. Ltd.(c)		546,166		669,410
Power Assets Holdings Ltd.		547,500		3,205,714
Sands China Ltd.(b)		946,400		2,484,082
Sino Land Co. Ltd.		1,457,200		1,522,138
SITC International Holdings Co. Ltd.		546,000		828,469
Sun Hung Kai Properties Ltd.		621,500		5,800,699
Swire Pacific Ltd., Class A		182,000		1,408,140
Swire Properties Ltd.		473,200		884,303
Techtronic Industries Co. Ltd.		546,000		5,799,123
WH Group Ltd.(a)		3,003,000		1,771,754
Wharf Holdings Ltd. (The)(c)		364,000		1,063,494
Wharf Real Estate Investment Co. Ltd.		728,000		2,132,919
Xinyi Glass Holdings Ltd.		728,000		603,530
				127,163,529
India — 21.0%
ABB India Ltd.		22,022		1,240,294

Security	Shares		Value
India (continued)
Adani Enterprises Ltd.		67,886	$	2,569,252
Adani Green Energy Ltd.(b)		129,727		2,627,803
Adani Ports & Special Economic Zone Ltd.		209,300		3,042,728
Adani Power Ltd.(b)		320,029		2,172,546
Ambuja Cements Ltd.		249,522		1,679,361
APL Apollo Tubes Ltd.		67,886		1,230,341
Apollo Hospitals Enterprise Ltd.		39,312		3,005,952
Ashok Leyland Ltd.		504,312		1,067,628
Asian Paints Ltd.		152,516		5,417,600
Astral Ltd.		50,024		1,102,097
AU Small Finance Bank Ltd.(a)		67,634		518,950
Aurobindo Pharma Ltd.		107,198		1,484,854
Avenue Supermarts Ltd.(a)(b)		66,034		3,017,233
Axis Bank Ltd.		904,176		11,625,269
Bajaj Auto Ltd.		27,482		2,540,516
Bajaj Finance Ltd.		108,472		8,978,388
Bajaj Finserv Ltd.		156,064		3,057,776
Bajaj Holdings & Investment Ltd.		11,284		1,136,463
Balkrishna Industries Ltd.		33,852		1,000,447
Bandhan Bank Ltd.(a)		276,094		760,614
Bank of Baroda		436,436		1,299,560
Berger Paints India Ltd.		123,760		842,256
Bharat Electronics Ltd.		1,460,914		3,272,105
Bharat Forge Ltd.		107,926		1,604,207
Bharat Petroleum Corp. Ltd.		295,932		1,793,660
Bharti Airtel Ltd.		884,520		12,477,502
Britannia Industries Ltd.		43,296		2,707,991
CG Power and Industrial Solutions Ltd.		257,712		1,453,900
Cholamandalam Investment and Finance Co. Ltd.		166,212		2,367,895
Cipla Ltd.		205,660		3,344,893
Coal India Ltd.		620,074		3,036,106
Colgate-Palmolive India Ltd.		48,412		1,499,319
Container Corp. of India Ltd.		112,840		1,204,470
Cummins India Ltd.		54,504		1,505,892
Dabur India Ltd.		235,144		1,527,385
Divi’s Laboratories Ltd.		47,838		2,114,689
DLF Ltd.		249,340		2,406,996
Dr. Reddy’s Laboratories Ltd.		43,680		3,209,473
Eicher Motors Ltd.		55,114		2,551,291
GAIL India Ltd.		925,468		1,925,702
Godrej Consumer Products Ltd.		161,252		2,261,250
Godrej Properties Ltd.(b)		53,690		1,533,985
Grasim Industries Ltd.		104,832		2,745,835
Havells India Ltd.		102,102		1,590,865
HCL Technologies Ltd.		374,010		7,093,357
HDFC Asset Management Co. Ltd.(a)		33,130		1,429,091
HDFC Bank Ltd.		1,109,836		19,517,419
HDFC Life Insurance Co. Ltd.(a)		378,196		2,626,107
Hero MotoCorp Ltd.		43,498		2,421,585
Hindalco Industries Ltd.		509,236		3,546,609
Hindustan Aeronautics Ltd., NVS		80,990		2,930,812
Hindustan Petroleum Corp. Ltd.(b)		240,786		1,343,769
Hindustan Unilever Ltd.		323,960		9,686,940
ICICI Bank Ltd.		2,055,690		25,459,992
ICICI Lombard General Insurance Co. Ltd.(a)		94,394		1,698,598
ICICI Prudential Life Insurance Co. Ltd.(a)		147,214		891,835
IDFC First Bank Ltd.(b)		1,418,088		1,439,489
Indian Hotels Co. Ltd., Class A		339,794		2,014,916
Indian Oil Corp. Ltd.		1,159,704		2,053,682
Indian Railway Catering & Tourism Corp. Ltd.		107,802		1,268,010
Indraprastha Gas Ltd.		128,914		668,774
IndusInd Bank Ltd.		117,208		2,163,793

52 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI All Country Asia ex Japan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
India (continued)
Info Edge India Ltd.		30,030	$	1,818,231
Infosys Ltd.		1,318,226		26,280,365
InterGlobe Aviation Ltd.(a)(b)		52,598		1,875,754
ITC Ltd.		1,195,740		6,356,653
Jindal Steel & Power Ltd.		155,610		1,419,226
Jio Financial Services Ltd., NVS(b)		1,240,324		3,703,246
JSW Steel Ltd.		242,970		2,392,362
Jubilant Foodworks Ltd.		162,890		1,019,182
Kotak Mahindra Bank Ltd.		431,340		9,480,339
Larsen & Toubro Ltd.		266,084		11,139,669
LTIMindtree Ltd.(a)		36,020		2,359,264
Lupin Ltd.		84,994		1,539,171
Macrotech Developers Ltd.		98,280		1,268,168
Mahindra & Mahindra Ltd.		370,006		7,357,593
Marico Ltd.		211,666		1,346,321
Maruti Suzuki India Ltd.		54,054		6,629,779
Max Healthcare Institute Ltd.		314,496		2,957,575
Mphasis Ltd.		29,796		931,073
MRF Ltd.		728		1,248,323
Muthoot Finance Ltd.		49,868		837,977
Nestle India Ltd., NVS		121,940		3,678,266
NTPC Ltd.		1,740,648		6,664,332
Oil & Natural Gas Corp. Ltd.		1,211,756		3,680,968
One 97 Communications Ltd., NVS(b)		90,454		827,043
Page Industries Ltd.		2,548		1,144,570
Persistent Systems Ltd.		20,384		2,045,777
Petronet LNG Ltd.		316,680		1,026,599
PI Industries Ltd.		34,944		1,420,025
Pidilite Industries Ltd.		60,606		1,847,213
Polycab India Ltd.		18,382		960,835
Power Finance Corp. Ltd.		592,410		3,163,237
Power Grid Corp. of India Ltd.		1,855,672		5,795,907
REC Ltd.		519,246		3,119,192
Reliance Industries Ltd.		1,208,116		41,506,644
Samvardhana Motherson International Ltd.		908,726		1,238,881
SBI Cards & Payment Services Ltd.		110,838		955,470
SBI Life Insurance Co. Ltd.(a)		173,810		2,938,905
Shree Cement Ltd.		3,640		1,251,032
Shriram Finance Ltd.		111,748		3,321,619
Siemens Ltd.		35,126		1,751,227
Sona Blw Precision Forgings Ltd.(a)		163,618		1,217,826
SRF Ltd.		59,094		1,652,875
State Bank of India		695,240		5,370,292
Sun Pharmaceutical Industries Ltd.		383,838		6,557,443
Supreme Industries Ltd.		23,962		1,192,168
Suzlon Energy Ltd.(b)		3,595,956		1,988,377
Tata Communications Ltd.		46,410		970,827
Tata Consultancy Services Ltd.		360,724		16,568,447
Tata Consumer Products Ltd.		218,582		2,943,558
Tata Elxsi Ltd.		14,014		1,282,752
Tata Motors Ltd.		648,648		6,903,459
Tata Motors Ltd., Class A		186,550		1,311,901
Tata Power Co. Ltd. (The)		572,696		2,685,525
Tata Steel Ltd.		2,871,414		4,701,945
Tech Mahindra Ltd.		210,028		3,364,767
Titan Co. Ltd.		141,232		6,284,515
Torrent Pharmaceuticals Ltd.		42,582		1,297,668
Trent Ltd.		74,920		2,785,716
Tube Investments of India Ltd.		43,640		2,051,303
TVS Motor Co. Ltd.		97,006		2,337,381
UltraTech Cement Ltd.		46,046		5,630,133
United Spirits Ltd.		117,026		1,534,483

Security	Shares		Value
India (continued)
UPL Ltd.		170,170	$	1,101,174
Varun Beverages Ltd.		186,550		2,877,809
Vedanta Ltd.		351,624		1,160,936
Wipro Ltd.		511,966		2,928,164
Yes Bank Ltd.(b)		5,272,358		1,531,203
Zomato Ltd.(b)		2,065,336		3,470,048
				481,808,825
Indonesia — 2.3%
Adaro Energy Indonesia Tbk PT		5,933,200		899,633
Amman Mineral Internasional PT(b)		2,657,200		1,267,606
Aneka Tambang Tbk		3,712,800		364,275
Astra International Tbk PT		8,099,000		2,624,402
Bank Central Asia Tbk PT		21,985,600		13,301,868
Bank Mandiri Persero Tbk PT		14,760,204		6,214,273
Bank Negara Indonesia Persero Tbk PT		6,002,230		2,183,704
Bank Rakyat Indonesia Persero Tbk PT		27,008,867		9,729,547
Barito Pacific Tbk PT		11,658,442		782,063
Charoen Pokphand Indonesia Tbk PT		3,094,000		878,144
GoTo Gojek Tokopedia Tbk PT(b)		341,049,800		1,891,906
Indah Kiat Pulp & Paper Tbk PT		1,090,400		540,143
Indofood CBP Sukses Makmur Tbk PT		873,600		650,931
Indofood Sukses Makmur Tbk PT		1,747,200		705,971
Kalbe Farma Tbk PT		8,429,600		806,741
Merdeka Copper Gold Tbk PT(b)		3,130,477		535,019
Sarana Menara Nusantara Tbk PT		8,608,600		484,231
Semen Indonesia Persero Tbk PT		1,476,925		580,044
Sumber Alfaria Trijaya Tbk PT		7,098,000		1,191,288
Telkom Indonesia Persero Tbk PT		19,583,200		4,911,992
Unilever Indonesia Tbk PT		3,185,000		625,697
United Tractors Tbk PT		618,843		898,936
				52,068,414
Malaysia — 1.6%
AMMB Holdings Bhd		782,600		700,662
Axiata Group Bhd		1,274,000		734,032
CELCOMDIGI Bhd		1,379,000		1,235,400
CIMB Group Holdings Bhd		2,548,000		3,356,081
Dialog Group Bhd		1,435,062		554,993
Gamuda Bhd(c)		764,400		816,114
Genting Bhd		873,600		870,290
Genting Malaysia Bhd		709,800		404,433
Hong Leong Bank Bhd		236,600		960,220
IHH Healthcare Bhd		819,000		1,056,673
Inari Amertron Bhd		1,308,800		876,153
IOI Corp. Bhd		982,800		828,649
Kuala Lumpur Kepong Bhd(c)		211,200		990,439
Malayan Banking Bhd		2,111,200		4,129,502
Malaysia Airports Holdings Bhd		327,600		532,708
Maxis Bhd		964,600		774,943
MISC Bhd		382,200		593,260
MR DIY Group M Bhd(a)		1,197,200		349,289
Nestle Malaysia Bhd		36,400		919,619
Petronas Chemicals Group Bhd		1,102,700		1,576,102
Petronas Dagangan Bhd		127,400		574,781
Petronas Gas Bhd		327,800		1,229,423
PPB Group Bhd		273,020		834,645
Press Metal Aluminium Holdings Bhd		1,547,000		1,548,302
Public Bank Bhd		5,660,250		5,247,146
QL Resources Bhd		527,800		650,544
RHB Bank Bhd		527,845		624,438
Sime Darby Bhd		709,800		364,189
Sime Darby Plantation Bhd		855,400		797,691

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI All Country Asia ex Japan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Malaysia (continued)
Telekom Malaysia Bhd		509,600	$	636,887
Tenaga Nasional Bhd		1,001,000		2,268,651
				37,036,259
Philippines — 0.8%
Aboitiz Equity Ventures Inc.		708,250		609,670
Ayala Corp.		110,238		1,328,277
Ayala Land Inc.		2,602,600		1,572,766
Bank of the Philippine Islands		700,702		1,373,076
BDO Unibank Inc.		944,584		2,431,631
International Container Terminal Services Inc.		386,400		1,670,796
JG Summit Holdings Inc.		1,255,925		854,462
Jollibee Foods Corp.		202,020		911,503
Manila Electric Co.		101,920		655,815
Metropolitan Bank & Trust Co.		863,600		874,776
PLDT Inc.		29,100		658,070
SM Investments Corp.		94,720		1,512,176
SM Prime Holdings Inc.		4,256,825		2,589,862
Universal Robina Corp.		389,480		772,440
				17,815,320
Singapore — 3.7%
CapitaLand Ascendas REIT		1,419,614		3,076,626
CapitaLand Integrated Commercial Trust		2,184,047		3,255,904
CapitaLand Investment Ltd./Singapore		1,019,200		2,237,437
City Developments Ltd.		200,200		908,666
DBS Group Holdings Ltd.		709,800		16,811,814
Genting Singapore Ltd.		2,493,400		1,872,554
Grab Holdings Ltd., Class A(b)		764,946		2,348,384
Jardine Cycle & Carriage Ltd.		36,400		702,375
Keppel Ltd.		600,600		3,191,445
Mapletree Logistics Trust(c)		1,365,061		1,569,650
Mapletree Pan Asia Commercial Trust		982,800		1,064,288
Oversea-Chinese Banking Corp. Ltd.		1,365,075		13,057,446
Sea Ltd., ADR(b)(c)		147,238		5,615,657
Seatrium Ltd.(b)(c)		17,344,685		1,287,204
Sembcorp Industries Ltd.		382,200		1,608,484
Singapore Airlines Ltd.(c)		582,800		2,892,601
Singapore Exchange Ltd.		345,800		2,414,595
Singapore Technologies Engineering Ltd.		655,600		1,816,627
Singapore Telecommunications Ltd.		3,185,000		5,683,768
United Overseas Bank Ltd.		491,400		10,357,994
UOL Group Ltd.		182,000		845,131
Wilmar International Ltd.		709,800		1,738,079
				84,356,729
South Korea — 13.5%
Amorepacific Corp.(b)		12,012		1,059,577
Celltrion Inc.		60,970		8,181,600
Celltrion Pharm Inc.(b)		8,287		631,298
CJ CheilJedang Corp.		3,278		715,818
CosmoAM&T Co. Ltd.(b)		9,810		969,777
Coway Co. Ltd.(b)		24,210		1,004,224
DB Insurance Co. Ltd.(b)		18,928		1,248,601
Doosan Bobcat Inc.		21,112		804,030
Doosan Enerbility Co. Ltd.(b)		183,638		2,121,377
Ecopro BM Co. Ltd.(b)(c)		19,656		3,120,032
Ecopro Co. Ltd.(b)		8,008		2,987,038
F&F Co. Ltd./New(b)		5,096		270,630
GS Holdings Corp.(b)		18,200		631,164
Hana Financial Group Inc.		118,664		4,243,120
Hankook Tire & Technology Co. Ltd.(b)		33,124		1,267,792
Hanmi Pharm Co. Ltd.(b)		2,787		676,173
Hanmi Semiconductor Co. Ltd.(b)		18,020		785,848

Security	Shares		Value
South Korea (continued)
Hanon Systems		78,806	$	367,809
Hanwha Aerospace Co. Ltd.(b)		15,123		1,561,802
Hanwha Ocean Co. Ltd.(b)		23,229		381,739
Hanwha Solutions Corp.(b)		42,952		1,067,039
HD Hyundai Co. Ltd.		17,769		947,082
HD Hyundai Heavy Industries Co. Ltd.(b)		9,100		775,372
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.(b)		17,294		1,467,336
HLB Inc.(b)		46,592		2,350,033
HMM Co. Ltd.(b)		100,100		1,438,676
Hotel Shilla Co. Ltd.		12,728		554,405
HYBE Co. Ltd.(b)		8,543		1,288,055
Hyundai Engineering & Construction Co. Ltd.(b)		29,420		761,416
Hyundai Glovis Co. Ltd.(b)		6,916		905,599
Hyundai Mipo Dockyard Co. Ltd.(b)		9,282		467,884
Hyundai Mobis Co. Ltd.		24,024		3,765,846
Hyundai Motor Co.		54,236		7,888,640
Hyundai Steel Co.(b)		35,502		889,026
Industrial Bank of Korea(b)		95,732		898,197
JYP Entertainment Corp.(b)		11,330		637,646
Kakao Corp.(b)		123,214		4,818,377
Kakao Pay Corp.(b)		11,284		398,237
KakaoBank Corp.(b)		68,614		1,394,592
Kangwon Land Inc.(b)		32,396		363,470
KB Financial Group Inc.		150,696		6,395,195
Kia Corp.(b)		102,466		7,870,521
Korea Aerospace Industries Ltd.(b)		28,756		1,083,435
Korea Electric Power Corp.(b)		100,100		1,484,374
Korea Investment Holdings Co. Ltd.(b)		15,834		727,037
Korea Zinc Co. Ltd.		3,276		1,160,555
Korean Air Lines Co. Ltd.(b)		73,528		1,236,220
Krafton Inc.(b)		11,830		1,897,017
KT Corp.(b)		26,928		713,269
KT&G Corp.		42,224		2,867,612
Kum Yang Co. Ltd.(b)		13,104		765,540
Kumho Petrochemical Co. Ltd.(b)		5,642		526,106
L&F Co. Ltd.(b)(c)		10,374		1,106,089
LG Chem Ltd.		19,656		6,374,143
LG Corp.(b)		34,762		2,134,509
LG Display Co. Ltd.(b)		99,222		862,249
LG Electronics Inc.		43,316		3,019,311
LG Energy Solution Ltd.(b)(c)		18,746		5,320,877
LG H&H Co. Ltd.		3,822		866,256
LG Innotek Co. Ltd.		5,644		804,981
LG Uplus Corp.		78,442		600,574
Lotte Chemical Corp.(b)		8,004		782,917
Meritz Financial Group Inc.(b)		42,006		2,156,591
Mirae Asset Securities Co. Ltd.(b)		99,736		586,419
NAVER Corp.(b)		52,234		7,789,240
NCSoft Corp.(b)		5,462		806,135
Netmarble Corp.(a)(b)		8,554		372,872
NH Investment & Securities Co. Ltd.(b)		54,782		434,658
Orion Corp./Republic of Korea		10,192		704,929
Pearl Abyss Corp.(b)		13,288		324,492
Posco DX Co. Ltd.(b)		21,658		922,991
POSCO Future M Co. Ltd.(b)		12,376		2,331,202
POSCO Holdings Inc.		28,574		9,065,965
Posco International Corp.(b)		21,133		829,529
Samsung Biologics Co. Ltd.(a)(b)		6,734		4,238,866
Samsung C&T Corp.		33,124		3,421,856
Samsung Electro-Mechanics Co. Ltd.		22,932		2,384,949
Samsung Electronics Co. Ltd.		1,897,714		103,115,761

54 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI All Country Asia ex Japan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
Samsung Engineering Co. Ltd.(b)		66,066	$	1,101,946
Samsung Fire & Marine Insurance Co. Ltd.(b)		12,012		2,376,930
Samsung Heavy Industries Co. Ltd.(b)		270,088		1,472,008
Samsung Life Insurance Co. Ltd.		28,756		1,494,322
Samsung SDI Co. Ltd.		22,022		6,111,625
Samsung SDS Co. Ltd.		14,560		1,655,772
Samsung Securities Co. Ltd.		27,118		762,236
Shinhan Financial Group Co. Ltd.		169,988		5,208,442
SK Biopharmaceuticals Co. Ltd.(b)		12,906		896,427
SK Bioscience Co. Ltd.(b)		11,102		527,617
SK Hynix Inc.		218,400		21,870,716
SK IE Technology Co. Ltd.(a)(b)		11,324		627,655
SK Inc.		13,650		1,871,122
SK Innovation Co. Ltd.(b)		24,594		2,143,211
SK Square Co. Ltd.(b)		39,130		1,520,129
SK Telecom Co. Ltd.		22,386		841,683
SKC Co. Ltd.(b)		8,190		469,556
S-Oil Corp.		17,634		896,517
Woori Financial Group Inc.		234,416		2,430,508
Yuhan Corp.(b)		23,889		1,055,876
				309,525,917
Taiwan — 19.4%
Accton Technology Corp.		182,000		3,061,705
Acer Inc.		1,092,830		1,604,923
Advantech Co. Ltd.		203,927		2,198,172
Airtac International Group		57,109		1,711,543
Alchip Technologies Ltd.		30,000		3,721,198
ASE Technology Holding Co. Ltd.		1,274,110		5,508,964
Asia Cement Corp.		910,448		1,154,554
Asustek Computer Inc.		301,100		4,275,412
AUO Corp.		2,774,264		1,621,279
Catcher Technology Co. Ltd.		244,000		1,516,153
Cathay Financial Holding Co. Ltd.		3,822,374		5,375,135
Chailease Holding Co. Ltd.		649,249		3,593,933
Chang Hwa Commercial Bank Ltd.		2,059,103		1,149,502
Cheng Shin Rubber Industry Co. Ltd.		728,303		1,055,998
China Airlines Ltd.		1,092,000		709,287
China Development Financial Holding Corp.(b)		6,552,763		2,515,718
China Steel Corp.		4,735,484		3,794,699
Chunghwa Telecom Co. Ltd.		1,456,110		5,519,982
Compal Electronics Inc.		1,640,000		1,880,844
CTBC Financial Holding Co. Ltd.		6,552,456		5,944,463
Delta Electronics Inc.		803,000		7,185,721
E Ink Holdings Inc.		364,000		2,413,940
E.Sun Financial Holding Co. Ltd.		5,737,742		4,528,738
Eclat Textile Co. Ltd.		72,208		1,260,265
eMemory Technology Inc.		24,000		2,140,547
Eva Airways Corp.		1,092,000		1,100,717
Evergreen Marine Corp. Taiwan Ltd.		364,376		1,747,753
Far Eastern New Century Corp.		1,274,040		1,257,025
Far EasTone Telecommunications Co. Ltd.		546,000		1,401,484
Feng TAY Enterprise Co. Ltd.		207,100		1,067,812
First Financial Holding Co. Ltd.		4,467,488		3,791,199
Formosa Chemicals & Fibre Corp.		1,456,740		2,629,952
Formosa Petrochemical Corp.		364,000		864,488
Formosa Plastics Corp.		1,456,400		3,346,874
Fubon Financial Holding Co. Ltd.		3,094,371		6,360,631
Gigabyte Technology Co. Ltd.		186,000		1,840,578
Global Unichip Corp.		33,000		1,620,191
Globalwafers Co. Ltd.		88,000		1,625,766
Hon Hai Precision Industry Co. Ltd.		4,914,516		16,076,480
Hotai Motor Co. Ltd.		123,980		2,511,592

Security	Shares		Value
Taiwan (continued)
Hua Nan Financial Holdings Co. Ltd.		3,796,466	$	2,615,191
Innolux Corp.		2,366,209		1,230,619
Inventec Corp.		1,092,460		1,918,707
Largan Precision Co. Ltd.		42,000		3,329,957
Lite-On Technology Corp.		728,371		2,522,430
MediaTek Inc.		604,391		18,650,067
Mega Financial Holding Co. Ltd.		4,645,287		5,580,013
Micro-Star International Co. Ltd.		351,000		2,035,809
momo.com Inc.		35,200		488,611
Nan Ya Plastics Corp.		2,002,000		3,879,894
Nan Ya Printed Circuit Board Corp.		94,000		678,627
Nanya Technology Corp.		546,000		1,197,523
Nien Made Enterprise Co. Ltd.		68,000		726,944
Novatek Microelectronics Corp.		242,000		3,942,107
Parade Technologies Ltd.		30,000		1,064,314
Pegatron Corp.		728,000		1,919,131
PharmaEssentia Corp.(b)		97,000		973,969
Pou Chen Corp.		728,000		732,868
Powerchip Semiconductor Manufacturing Corp.		1,274,000		1,095,419
President Chain Store Corp.		256,000		2,158,426
Quanta Computer Inc.		1,092,000		8,634,460
Realtek Semiconductor Corp.		182,642		2,733,310
Ruentex Development Co. Ltd.		546,898		622,984
Shanghai Commercial & Savings Bank Ltd. (The)		1,456,982		2,059,213
Shin Kong Financial Holding Co. Ltd.(b)		5,462,143		1,462,501
Silergy Corp.		132,000		1,624,489
SinoPac Financial Holdings Co. Ltd.		4,467,525		2,734,000
Synnex Technology International Corp.		546,950		1,255,784
Taishin Financial Holding Co. Ltd.		4,742,751		2,598,134
Taiwan Business Bank		2,614,528		1,114,199
Taiwan Cement Corp.		2,597,464		2,643,526
Taiwan Cooperative Financial Holding Co. Ltd.		4,186,447		3,396,449
Taiwan High Speed Rail Corp.		728,000		686,901
Taiwan Mobile Co. Ltd.		728,000		2,275,611
Taiwan Semiconductor Manufacturing Co. Ltd.		9,828,670		196,755,151
Unimicron Technology Corp.		546,000		3,063,212
Uni-President Enterprises Corp.		2,004,694		4,632,613
United Microelectronics Corp.		4,550,000		7,087,345
Vanguard International Semiconductor Corp.		366,000		858,771
Voltronic Power Technology Corp.		26,000		1,111,833
Walsin Lihwa Corp.		1,092,272		1,233,270
Wan Hai Lines Ltd.		182,875		285,522
Winbond Electronics Corp.		1,326,904		1,153,364
Wistron Corp.		1,092,000		3,998,164
Wiwynn Corp.		35,000		2,467,528
WPG Holdings Ltd.		548,100		1,525,857
Yageo Corp.		137,112		2,411,677
Yang Ming Marine Transport Corp.		756,000		1,152,768
Yuanta Financial Holding Co. Ltd.		4,257,973		3,670,772
Zhen Ding Technology Holding Ltd.		182,097		586,232
				445,261,483
Thailand — 2.0%
Advanced Info Service PCL, NVDR		436,800		2,693,913
Airports of Thailand PCL, NVDR(c)		1,547,000		2,604,923
Asset World Corp. PCL, NVDR(c)		3,913,000		439,561
Bangkok Dusit Medical Services PCL, NVDR		4,386,200		3,399,909
Bangkok Expressway & Metro PCL, NVDR		3,257,800		674,624
Banpu PCL, NVDR		3,033,000		529,465
Berli Jucker PCL, NVDR		527,800		351,746
BTS Group Holdings PCL, NVDR(c)		3,494,400		590,454
Bumrungrad Hospital PCL, NVDR		236,900		1,602,779
Central Pattana PCL, NVDR		782,600		1,426,644

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI All Country Asia ex Japan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Thailand (continued)
Central Retail Corp. PCL, NVDR(c)		746,274	$	697,797
Charoen Pokphand Foods PCL, NVDR(c)		1,492,400		783,031
CP ALL PCL, NVDR		2,111,200		3,107,901
CP Axtra PCL(c)		777,400		623,180
Delta Electronics Thailand PCL, NVDR(c)		1,255,800		2,779,108
Energy Absolute PCL, NVDR		673,600		752,989
Global Power Synergy PCL, NVDR		310,500		430,055
Gulf Energy Development PCL, NVDR(c)		1,292,400		1,582,978
Home Product Center PCL, NVDR		2,548,043		753,590
Indorama Ventures PCL, NVDR(c)		672,600		447,378
Intouch Holdings PCL, NVDR		418,625		869,324
Kasikornbank PCL, NVDR		236,600		801,378
Krung Thai Bank PCL, NVDR		1,292,275		579,216
Krungthai Card PCL, NVDR		400,400		493,646
Land & Houses PCL, NVDR		3,330,600		718,660
Minor International PCL, NVDR		1,401,420		1,204,908
Muangthai Capital PCL, NVDR		327,600		391,729
Osotspa PCL, NVDR		600,600		352,124
PTT Exploration & Production PCL, NVDR		546,084		2,304,645
PTT Global Chemical PCL, NVDR(c)		910,076		858,128
PTT Oil & Retail Business PCL, NVDR		1,164,800		586,964
PTT Public Co. Ltd., NVDR		4,022,200		3,818,186
SCB X PCL, NVS		327,600		958,880
SCG Packaging PCL, NVDR		509,600		451,940
Siam Cement PCL (The), NVDR		309,400		2,355,076
Thai Oil PCL, NVDR		509,600		784,009
TMBThanachart Bank PCL, NVDR		9,900,800		499,347
True Corp. PCL(b)(c)		4,331,656		736,571
			45,036,756
Total Common Stocks — 99.1% (Cost: $2,392,641,837)				2,270,083,156
Preferred Stocks
South Korea — 0.7%
Hyundai Motor Co.
Preference Shares, NVS		9,282		820,735
Series 2, Preference Shares, NVS		14,742		1,302,625
LG Chem Ltd., Preference Shares, NVS		3,276		664,168
Samsung Electronics Co. Ltd., Preference Shares, NVS		326,508		14,286,637
			17,074,165
Total Preferred Stocks — 0.7% (Cost: $5,131,991)				17,074,165

Security	Shares		Value
Rights
China — 0.0%
Kangmei Pharmaceutical Co. Ltd., (Expires 12/31/49)		38,498	$	—
South Korea — 0.0%
LG Display Co. Ltd., (Expires 03/14/24, Strike Price KWR 10070)(b)		31,542		37,340
Total Rights — 0.0% (Cost: $—)				37,340
Total Long-Term Investments — 99.8% (Cost: $2,397,773,828)				2,287,194,661
Short-Term Securities
Money Market Funds — 2.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.51%(d)(e)(f)		44,156,203		44,182,697
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.32%(d)(e)		16,610,000		16,610,000
Total Short-Term Securities — 2.7% (Cost: $60,770,047)				60,792,697
Total Investments — 102.5% (Cost: $2,458,543,875)				2,347,987,358
Liabilities in Excess of Other Assets — (2.5)%				(56,951,232	)
Net Assets — 100.0%			$	2,291,036,126

^(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.

56 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI All Country Asia ex Japan ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/24		Shares Held at 01/31/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	53,908,230	$	—		$	(9,734,447)	(a)	$	6,649	$	2,265	$	44,182,697		44,156,203	$	290,900	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		5,680,000		10,930,000	(a)		—			—		—		16,610,000		16,610,000		266,725			—
									$	6,649	$	2,265	$	60,792,697			$	557,625		$	—

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

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI China Index		17		03/15/24	$	329	$	(28,801	)
MSCI Emerging Markets Index		51		03/15/24		2,501		(87,587	)
							$	(116,388	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	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)	$	—	$	—	$	116,388	$	—	$	—	$	—	$	116,388

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

For the period ended January 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(137,934	)	$	—	$	—	$	—	$	(137,934	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(738,566	)	$	—	$	—	$	—	$	(738,566	)

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI All Country Asia ex Japan ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,460,846

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	$	90,333,594		$	2,179,749,562		$	—	$	2,270,083,156
Preferred Stocks		—			17,074,165			—		17,074,165
Rights		—			37,340			—		37,340
Short-Term Securities
Money Market Funds		60,792,697			—			—		60,792,697
	$	151,126,291		$	2,196,861,067		$	—	$	2,347,987,358
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(87,587	)	$	(28,801	)	$	—	$	(116,388	)

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

See notes to financial statements.

58 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited)  January 31, 2024 iShares^® MSCI Europe Financials ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Austria — 0.8%
Erste Group Bank AG		230,291	$	9,920,568
Belgium — 1.8%
Ageas SA/NV		106,662		4,583,479
Groupe Bruxelles Lambert NV		58,918		4,466,555
KBC Group NV		167,587		10,931,967
Sofina SA		10,214		2,442,812
				22,424,813
Denmark — 1.4%
Danske Bank A/S		461,812		12,400,325
Tryg A/S		233,784		4,996,925
				17,397,250
Finland — 3.1%
Nordea Bank Abp		2,142,769		26,404,038
Sampo OYJ, Class A		302,272		12,651,727
				39,055,765
France — 10.5%
Amundi SA(a)		41,008		2,773,682
AXA SA		1,207,312		40,523,802
BNP Paribas SA		703,006		47,230,872
Credit Agricole SA		715,384		10,247,769
Edenred SE		166,440		9,941,208
Eurazeo SE		29,466		2,509,921
Euronext NV(a)		57,428		5,051,204
Societe Generale SA		492,717		12,665,300
Worldline SA/France(a)(b)		159,592		2,157,442
				133,101,200
Germany — 13.7%
Allianz SE, Registered		269,722		72,063,233
Commerzbank AG		704,504		8,090,236
Deutsche Bank AG, Registered		1,293,826		16,713,289
Deutsche Boerse AG		127,220		25,334,546
Hannover Rueck SE		40,378		9,679,288
Muenchener Rueckversicherungs-Gesellschaft AG in
Muenchen, Registered		91,336		38,883,464
Talanx AG(b)		43,211		3,031,726
				173,795,782
Ireland — 0.9%
AIB Group PLC		1,053,770		4,628,604
Bank of Ireland Group PLC		707,475		6,505,926
				11,134,530
Italy — 8.0%
Assicurazioni Generali SpA		678,636		15,138,277
Banco BPM SpA		811,608		4,378,862
FinecoBank Banca Fineco SpA		410,085		5,912,753
Intesa Sanpaolo SpA		10,386,227		32,003,014
Mediobanca Banca di Credito Finanziario SpA		369,778		4,897,340
Nexi SpA(a)(b)		392,660		3,011,884
Poste Italiane SpA(a)		350,523		3,800,948
UniCredit SpA		1,073,399		31,442,065
				100,585,143
Netherlands — 6.5%
ABN AMRO Bank NV, CVA(a)		318,753		4,691,210
Adyen NV(a)(b)		14,551		18,249,670
Aegon Ltd.		1,087,220		6,413,986
ASR Nederland NV		106,047		4,997,623
EXOR NV, NVS		62,650		6,061,544
ING Groep NV		2,422,298		34,417,136

Security	Shares		Value
Netherlands (continued)
NN Group NV		181,273	$	7,430,060
				82,261,229
Norway — 1.1%
DNB Bank ASA		619,714		12,047,061
Gjensidige Forsikring ASA		134,136		2,157,507
				14,204,568
Spain — 7.3%
Banco Bilbao Vizcaya Argentaria SA		3,986,545		37,311,815
Banco Santander SA		10,830,923		43,530,121
CaixaBank SA		2,762,688		11,780,075
				92,622,011
Sweden — 6.3%
EQT AB		238,087		6,393,146
Industrivarden AB, Class A		87,086		2,741,641
Industrivarden AB, Class C		97,855		3,075,492
Investor AB, Class B		1,156,693		27,234,066
L E Lundbergforetagen AB, Class B		50,859		2,651,829
Skandinaviska Enskilda Banken AB, Class A		1,062,492		15,089,656
Svenska Handelsbanken AB, Class A		976,623		10,528,320
Swedbank AB, Class A		568,462		11,584,106
				79,298,256
Switzerland — 15.2%
Baloise Holding AG, Registered		30,679		4,900,698
Banque Cantonale Vaudoise, Registered		19,915		2,549,844
Helvetia Holding AG, Registered		24,696		3,566,607
Julius Baer Group Ltd.		137,935		7,509,374
Partners Group Holding AG		15,188		20,491,269
Swiss Life Holding AG, Registered		19,758		14,188,773
Swiss Re AG		201,966		23,125,195
UBS Group AG, Registered		2,201,092		65,884,421
Zurich Insurance Group AG		97,859		49,721,131
				191,937,312
United Kingdom — 22.7%
3i Group PLC		651,686		20,400,990
abrdn PLC		1,262,776		2,686,473
Admiral Group PLC		174,323		5,542,970
Aviva PLC		1,833,558		10,008,612
Barclays PLC		10,113,779		18,794,711
Hargreaves Lansdown PLC		237,462		2,291,369
HSBC Holdings PLC		13,033,906		101,764,859
Legal & General Group PLC		4,002,981		12,875,357
Lloyds Banking Group PLC		42,452,869		22,757,086
London Stock Exchange Group PLC		278,753		31,530,878
M&G PLC		1,504,832		4,254,712
NatWest Group PLC, NVS		3,847,344		10,857,737
Phoenix Group Holdings PLC		498,576		3,183,224
Prudential PLC		1,838,884		18,890,059
Schroders PLC		536,402		2,744,286
St. James’s Place PLC		363,460		2,992,113
Standard Chartered PLC		1,534,443		11,596,616
Wise PLC, Class A(b)		412,734		4,209,847
				287,381,899
Total Long-Term Investments — 99.3% (Cost: $1,301,612,444)				1,255,120,326

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI Europe Financials ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.32%(c)(d)		550,000	$	550,000
Total Short-Term Securities — 0.1% (Cost: $550,000)				550,000
Total Investments — 99.4% (Cost: $1,302,162,444)				1,255,670,326
Other Assets Less Liabilities — 0.6%				8,205,829
Net Assets — 100.0%			$	1,263,876,155

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

^(b)  Non-income producing security.

^(c)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 01/31/24		Shares Held at 01/31/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	3,289,592	$	—	$	(3,290,617)	(b)	$	1,338	$	(313	)	$	—		—	$	6,776	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		570,000		—		(20,000)	(b)		—		—			550,000		550,000		23,023			—
								$	1,338	$	(313	)	$	550,000			$	29,799		$	—

^(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
Euro STOXX 50 Index		107		03/15/24	$	5,380	$	101,370
FTSE 100 Index		34		03/15/24		3,274		827
							$	102,197

60 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI Europe Financials ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	102,197	$	—	$	—	$	—	$	102,197

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

For the period ended January 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	92,310		$	—	$	—	$	—	$	92,310
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(184,124	)	$	—	$	—	$	—	$	(184,124	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	9,214,985

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

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	—	$	1,255,120,326	$	—	$	1,255,120,326
Short-Term Securities
Money Market Funds		550,000		—		—		550,000
	$	550,000	$	1,255,120,326	$	—	$	1,255,670,326
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	102,197	$	—	$	102,197

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

See notes to financial statements.

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

Schedule of Investments (unaudited)  January 31, 2024 iShares^® MSCI Europe Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Austria — 2.1%
ams-OSRAM AG(a)		92,503	$	216,498
ANDRITZ AG		6,090		374,915
AT&S Austria Technologie & Systemtechnik AG(b)		2,178		52,617
BAWAG Group AG(c)		6,997		360,251
CA Immobilien Anlagen AG		3,369		110,598
DO&CO AG(b)		675		94,102
EVN AG		3,184		87,999
Immofinanz AG(a)		3,150		74,765
Lenzing AG(a)		1,722		57,597
Oesterreichische Post AG		3,084		104,374
Palfinger AG		1,317		34,084
Porr AG		1,460		20,485
Raiffeisen Bank International AG		13,277		276,816
Schoeller-Bleckmann Oilfield Equipment AG		905		42,985
Semperit AG Holding		713		11,173
UNIQA Insurance Group AG		11,103		93,159
Vienna Insurance Group AG Wiener Versicherung Gruppe		3,380		95,531
Wienerberger AG		9,468		320,851
				2,428,800
Belgium — 2.9%
Ackermans & van Haaren NV		2,086		348,790
Aedifica SA		4,233		275,840
Barco NV		6,300		104,658
Bekaert SA		3,235		157,781
bpost SA		9,276		37,913
Cofinimmo SA		3,265		237,291
Colruyt Group NV		4,136		188,966
Deme Group NV		690		86,594
Euronav NV		8,754		154,205
Exmar NV		1,065		8,632
Fagron		6,274		112,972
Galapagos NV(a)		4,120		154,552
Intervest Offices & Warehouses NV		2,693		60,535
KBC Ancora		3,170		146,003
Kinepolis Group NV		1,266		56,046
Melexis NV		1,798		154,059
Montea NV		1,247		107,036
Ontex Group NV(a)(b)		5,636		44,534
Proximus SADP		13,682		129,833
Recticel SA(b)		3,588		44,359
Retail Estates NV		1,059		69,375
Shurgard Self Storage Ltd.		2,441		113,218
Solvay SA		6,690		182,961
Tessenderlo Group SA		2,326		66,594
VGP NV		1,203		141,099
X-Fab Silicon Foundries SE(a)(b)(c)		5,388		51,782
Xior Student Housing NV		2,600		77,873
				3,313,501
China — 0.0%
Boshiwa International Holding Ltd.(d)		20,000		—
Denmark — 4.3%
ALK-Abello A/S(a)		11,618		187,478
Alm Brand A/S		76,819		139,455
Ambu A/S, Class B(a)		16,870		279,823
Bavarian Nordic A/S(a)(b)		7,043		161,800
Better Collective A/S(a)		2,748		76,842
cBrain A/S		1,052		38,138
Chemometec A/S		1,424		77,020

Security	Shares		Value
Denmark (continued)
D/S Norden A/S		1,999	$	107,560
Dfds A/S		3,173		107,502
FLSmidth & Co. A/S		4,604		189,019
GN Store Nord A/S(a)		12,121		285,844
H Lundbeck A/S		25,199		127,632
H Lundbeck A/S, Class A		3,497		15,430
ISS A/S		14,067		266,175
Jyske Bank A/S, Registered		4,345		332,812
Matas A/S		3,074		55,113
Netcompany Group A/S(a)(b)(c)		4,063		162,067
Nilfisk Holding A/S(a)		1,016		17,905
NKT A/S(a)		4,793		334,187
NTG Nordic Transport Group A/S, Class A(a)		485		21,767
Per Aarsleff Holding A/S		1,469		67,618
Ringkjoebing Landbobank A/S		2,453		395,359
Royal Unibrew A/S		4,514		295,692
Scandinavian Tobacco Group A/S, Class A(c)		5,139		92,162
Schouw & Co. A/S		1,159		92,674
Solar A/S, Class B		486		31,650
Spar Nord Bank A/S		6,478		110,217
Sydbank A/S		4,999		221,851
Topdanmark A/S		4,005		177,615
TORM PLC, Class A		3,025		106,281
Zealand Pharma A/S, Class A(a)(b)		4,437		303,099
				4,877,787
Finland — 2.5%
Cargotec OYJ, Class B		3,464		196,929
Citycon OYJ		7,617		39,833
Finnair OYJ(a)		824,668		31,549
Huhtamaki OYJ		8,651		339,534
Kemira OYJ		9,717		181,876
Kempower OYJ(a)(b)		1,488		47,616
Kojamo OYJ		10,901		129,236
Konecranes OYJ		6,036		259,225
Mandatum OYJ(a)		36,284		163,825
Marimekko OYJ		2,680		40,027
Metsa Board OYJ, Class B		14,653		118,018
Musti Group OYJ		2,898		81,733
Nokian Renkaat OYJ		10,673		96,188
Outokumpu OYJ		32,568		139,024
Puuilo OYJ		6,827		65,760
QT Group OYJ(a)(b)		1,681		118,570
Revenio Group OYJ		1,877		51,533
TietoEVRY OYJ		9,465		219,640
Tokmanni Group Corp.		4,358		74,726
Valmet OYJ		13,940		394,554
YIT OYJ(b)		11,812		25,162
				2,814,558
France — 7.8%
ABC arbitrage		3,074		14,700
Abivax SA, NVS		3,094		40,392
Air France-KLM, NVS(a)		10,336		131,744
Altarea SCA		349		30,550
Alten SA		2,649		409,589
Antin Infrastructure Partners SA		3,091		56,836
Aperam SA		4,592		141,508
Atos SE(a)(b)		9,743		41,592
Aubay		669		29,705
Believe SA(a)		2,166		25,515
Beneteau SACA		3,443		41,263
Boiron SA		318		13,754

62 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI Europe Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
France (continued)
Bonduelle SCA		1,068	$	11,347
Carmila SA		5,677		100,875
CGG SA(a)		60,241		28,891
Cie. des Alpes		1,940		31,603
Cie. Plastic Omnium SA		5,166		59,210
Clariane SE		6,321		15,974
Coface SA		9,339		126,196
Derichebourg SA		8,893		45,884
Elior Group SA(a)(c)		9,857		28,483
Elis SA		16,676		366,653
Equasens		467		26,873
Eramet SA		757		52,140
Esker SA		498		83,629
Etablissements Maurel et Prom SA		5,667		33,592
Euroapi SA(a)		4,599		30,736
Eutelsat Communications SACA(a)(b)		13,074		47,686
Exclusive Networks SA(a)		1,244		25,409
Fnac Darty SA		948		25,326
Forvia SE(a)		14,006		240,724
Gaztransport Et Technigaz SA		3,149		441,482
GL Events SACA		661		14,244
ICADE		3,109		105,259
ID Logistics Group SACA(a)(b)		251		89,514
Imerys SA		3,007		100,001
Interparfums SA		1,877		99,313
IPSOS SA		3,554		233,252
JCDecaux SE(a)		5,779		120,032
Kaufman & Broad SA		1,005		29,750
LISI SA		1,220		28,716
Manitou BF SA		979		21,954
Mercialys SA		8,366		95,178
Mersen SA		1,935		70,194
Metropole Television SA		2,371		33,627
Neoen SA(c)		6,092		176,138
Nexans SA		2,770		252,121
Nexity SA		3,994		66,573
OVH Groupe SAS, NVS(a)		3,348		35,761
Peugeot Invest		462		49,863
Pierre & Vacances SA, NVS(a)		11,856		17,133
Quadient SA		3,076		65,171
Rexel SA		21,751		579,300
Rubis SCA		8,779		221,990
SCOR SE		13,623		406,390
Seche Environnement SACA, NVS		201		25,024
SES SA, Class A		34,280		210,326
Societe BIC SA		2,146		148,487
Societe pour l’Informatique Industrielle, NVS		814		61,361
SOITEC(a)		2,234		322,878
Sopra Steria Group SACA		1,375		322,512
SPIE SA		12,571		415,818
Television Francaise 1 SA		3,570		31,482
Trigano SA		767		120,818
Ubisoft Entertainment SA(a)		8,637		190,516
Valeo SE		18,412		240,323
Vallourec SACA(a)		14,259		203,992
Valneva SE(a)(b)		9,265		37,768
Verallia SA(c)		6,603		232,850
Vicat SACA		1,635		63,611
Virbac SACA		379		136,777
Voltalia SA(a)		3,376		28,889
VusionGroup(a)		722		107,203
Waga Energy SA(a)		550		14,182

Security	Shares		Value
France (continued)
Wavestone		639	$	42,331
Wendel SE		2,409		218,406
				8,886,889
Germany — 8.4%
1&1 AG		3,108		61,376
About You Holding SE(a)		5,048		22,213
Adesso SE		277		27,790
Adtran Networks SE(a)		1,548		33,458
AIXTRON SE		10,133		377,132
Amadeus Fire AG		507		61,248
Aroundtown SA(a)(b)		83,352		185,936
Atoss Software AG		356		97,545
Aurubis AG		2,813		202,348
Auto1 Group SE(a)(c)		9,771		40,651
BayWa AG(b)		1,176		37,776
Befesa SA(c)		3,255		114,384
Bertrandt AG		462		24,690
Bilfinger SE		2,465		104,498
Borussia Dortmund GmbH & Co. KGaA(a)		6,572		26,999
CANCOM SE		3,127		99,262
Ceconomy AG(a)		13,027		31,644
Cewe Stiftung & Co. KGaA		462		50,348
CompuGroup Medical SE & Co. KgaA		2,449		105,000
CropEnergies AG		2,142		26,644
CTS Eventim AG & Co. KGaA		5,577		377,435
CureVac NV(a)		8,772		32,112
Datagroup SE		346		19,855
Dermapharm Holding SE		1,675		71,247
Deutsche Pfandbriefbank AG(b)(c)		12,344		74,287
Deutz AG		10,783		65,168
Duerr AG		4,653		106,384
Eckert & Ziegler Strahlen- und Medizintechnik AG		1,343		66,796
Elmos Semiconductor SE		547		38,205
ElringKlinger AG		3,209		17,689
Encavis AG(a)		10,755		149,734
Energiekontor AG		617		50,386
Evotec SE(a)		12,628		193,172
Fielmann Group AG		2,242		116,657
flatexDEGIRO AG(a)		6,488		70,947
Formycon AG(a)		776		42,209
Fraport AG Frankfurt Airport Services Worldwide(a)		3,323		195,033
Freenet AG		10,603		292,989
Gerresheimer AG		3,110		317,061
GFT Technologies SE		1,464		51,768
Grand City Properties SA(a)		6,371		61,842
GRENKE AG		2,467		59,744
Hamborner REIT AG(b)		6,790		47,994
Hamburger Hafen und Logistik AG, NVS(b)		2,137		38,160
Heidelberger Druckmaschinen AG(a)		24,655		29,107
Hensoldt AG		5,743		172,410
Hornbach Holding AG & Co. KGaA		738		52,988
Hugo Boss AG		5,074		316,895
Hypoport SE(a)(b)		394		83,690
Ionos SE(a)		1,848		39,067
Jenoptik AG		4,599		143,623
JOST Werke SE(c)		1,178		56,887
K+S AG, Registered		17,229		241,658
KION Group AG		6,433		293,505
Kloeckner & Co. SE		6,132		44,347
Knaus Tabbert AG		368		16,329
Kontron AG		3,337		77,387
Krones AG		1,268		157,137

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI Europe Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Germany (continued)
LANXESS AG		7,323	$	195,497
MBB SE		152		14,719
Medios AG(a)		1,251		20,373
METRO AG(a)		9,765		65,816
MorphoSys AG(a)(b)		3,099		129,792
Mutares SE & Co. KGaA		1,214		49,310
Nagarro SE(a)(b)		723		70,664
Nordex SE(a)(b)		10,639		108,553
Norma Group SE		2,805		45,615
Northern Data AG(a)(b)		1,419		42,317
Patrizia SE(b)		3,559		30,365
Pfeiffer Vacuum Technology AG		324		54,365
PNE AG		2,644		38,106
ProSiebenSat.1 Media SE(b)		12,374		87,048
PVA TePla AG(a)		1,890		42,772
Redcare Pharmacy NV(a)(c)		1,347		187,496
SAF-Holland SE		3,989		64,409
Salzgitter AG		2,111		58,879
Secunet Security Networks AG		156		27,943
SGL Carbon SE(a)(b)		5,530		35,006
Siltronic AG		1,632		153,389
Sixt SE		1,233		120,163
SMA Solar Technology AG(a)		1,376		70,575
Stabilus SE		2,207		154,652
Steico SE(b)		463		14,194
Stratec SE		686		31,322
Stroeer SE & Co. KGaA		2,945		172,907
Suedzucker AG		5,359		75,637
SUESS MicroTec SE		1,786		60,675
Synlab AG, NVS		6,090		65,466
TAG Immobilien AG(a)		15,865		222,060
Takkt AG		2,016		29,456
TeamViewer SE(a)(c)		11,967		171,567
thyssenkrupp AG		44,816		276,590
Thyssenkrupp Nucera AG & Co. KGaa(a)		2,284		37,249
United Internet AG, Registered		8,531		224,217
Varta AG(a)(b)		1,783		33,498
VERBIO Vereinigte BioEnergie AG		1,677		36,684
Vib Vermoegen AG(a)		1,036		16,122
Vitesco Technologies Group AG(a)(b)		716		62,574
Vossloh AG		829		36,773
Wacker Neuson SE		1,902		35,244
Wuestenrot & Wuerttembergische AG		2,189		31,691
				9,514,596
Hong Kong — 0.0%
Peace Mark Holdings Ltd.(d)		30,000		—
Ireland — 0.7%
Cairn Homes PLC		56,411		86,553
Dalata Hotel Group PLC		19,597		101,763
Glanbia PLC		17,766		317,563
Glenveagh Properties PLC(a)(c)		48,584		64,371
Greencore Group PLC(a)		44,838		58,187
Irish Residential Properties REIT PLC		39,956		49,743
Origin Enterprises PLC		10,208		37,508
Uniphar PLC(a)		20,975		63,696
				779,384
Italy — 6.2%
A2A SpA		139,652		276,883
ACEA SpA		3,972		62,681
Anima Holding SpA(c)		16,305		73,592
Arnoldo Mondadori Editore SpA		12,468		32,001

Security	Shares		Value
Italy (continued)
Ascopiave SpA		4,723	$	11,459
Azimut Holding SpA		9,613		267,998
Banca Generali SpA		5,194		198,010
Banca IFIS SpA		2,165		37,474
Banca Mediolanum SpA		20,141		206,117
Banca Monte dei Paschi di Siena SpA(a)		74,019		259,787
Banca Popolare di Sondrio SpA		32,783		249,085
BFF Bank SpA(c)		15,720		169,880
Bio On SpA(b)(d)		801		—
BPER Banca		88,558		319,416
Brembo SpA		13,359		164,540
Brunello Cucinelli SpA		3,039		301,277
Buzzi SpA		8,558		290,886
Carel Industries SpA(c)		3,952		95,701
CIR SpA-Compagnie Industriali(a)		57,475		26,398
Credito Emiliano SpA		7,552		68,651
d’Amico International Shipping SA, NVS		3,780		25,234
Danieli & C Officine Meccaniche SpA		1,052		35,755
Datalogic SpA		1,874		12,241
De’ Longhi SpA		6,718		217,590
Digital Value SpA		220		15,419
El.En. SpA		4,335		42,785
Enav SpA(c)		23,730		87,823
ERG SpA		5,409		158,605
Eurogroup Laminations SpA(a)		7,687		25,040
Ferretti SpA, NVS		13,768		43,745
Fila SpA		2,898		27,373
Fincantieri SpA(a)(b)		45,766		24,260
GVS SpA(a)(c)		5,995		38,235
Hera SpA		73,286		258,159
Industrie De Nora SpA		2,884		45,365
Interpump Group SpA		6,784		335,343
Iren SpA		57,113		119,867
Italgas SpA		44,006		250,896
Juventus Football Club SpA, NVS(a)(b)		9,512		23,129
Lottomatica Group SpA(a)		6,848		79,512
LU-VE SpA, NVS		776		19,582
Maire Tecnimont SpA(b)		13,445		69,874
MARR SpA		3,007		36,536
OVS SpA(c)		19,414		46,244
Pharmanutra SpA		328		21,946
Piaggio & C SpA		14,757		49,056
Pirelli & C SpA(c)		27,220		147,517
RAI Way SpA(c)		8,527		46,629
Reply SpA		2,030		278,334
Safilo Group SpA(a)(b)		18,971		22,695
Saipem SpA(a)		107,562		154,289
Salcef Group SpA		1,372		34,844
Salvatore Ferragamo SpA(b)		5,200		66,324
Sanlorenzo SpA/Ameglia		1,084		51,711
Saras SpA		42,415		71,814
Seco SpA(a)(b)		3,528		11,835
Sesa SpA		679		92,132
SOL SpA		3,187		91,724
Spaxs SpA		5,167		28,500
Tamburi Investment Partners SpA		8,333		81,368
Technogym SpA(c)		12,738		126,141
Technoprobe SpA(a)		13,409		133,289
Tinexta SpA		1,907		40,328
Tod’s SpA(a)		915		33,544
Unipol Gruppo SpA		35,834		222,515
Webuild SpA		35,527		74,727

64 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI Europe Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Italy (continued)
Wiit SpA(b)		924	$	18,423
Zignago Vetro SpA		2,823		41,242
				7,091,375
Netherlands — 3.6%
Aalberts NV		8,956		356,165
Alfen NV(a)(b)(c)		1,971		119,193
Allfunds Group PLC		31,127		223,155
AMG Critical Materials NV		2,715		57,617
Arcadis NV		6,452		354,224
Ariston Holding NV		5,509		36,156
Basic-Fit NV(a)(b)(c)		4,779		138,374
Brunel International NV		1,862		20,714
Cementir Holding NV		4,537		48,657
Corbion NV		5,293		102,495
Eurocommercial Properties NV		3,822		85,628
Fastned BV(a)		593		17,582
Flow Traders Ltd., NVS		3,047		54,728
Fugro NV(a)		10,214		188,579
InPost SA(a)		17,763		266,797
Iveco Group NV(a)		15,905		169,728
Just Eat Takeaway.com NV(a)(c)		16,697		252,114
Koninklijke BAM Groep NV		25,635		70,773
Koninklijke Vopak NV		6,138		191,743
MFE-MediaForEurope NV, NVS		5,148		18,599
MFE-MediaForEurope NV, Class A		14,739		37,623
NSI NV		1,714		36,676
Pharming Group NV(a)		60,290		76,007
PostNL NV		28,742		41,883
SBM Offshore NV		12,991		165,387
Signify NV(c)		11,418		342,365
Sligro Food Group NV		1,989		30,896
Technip Energies NV		12,963		268,342
TKH Group NV		3,606		145,205
TomTom NV(a)(b)		6,657		45,074
Van Lanschot Kempen NV		2,837		85,415
Vastned Retail NV		966		21,322
Wereldhave NV		2,762		41,372
				4,110,588
Norway — 4.9%
Aker ASA, Class A		1,993		118,427
Aker Carbon Capture ASA(a)		31,333		30,892
Aker Solutions ASA		21,593		80,089
Atea ASA		7,135		95,113
Austevoll Seafood ASA		8,428		61,097
Avance Gas Holding Ltd.(c)		1,751		20,412
Bakkafrost P/F		4,486		250,535
Belships ASA		7,778		16,196
BLUENORD ASA(a)		2,064		98,321
Borr Drilling Ltd.(b)		18,439		114,242
Borregaard ASA		8,336		142,193
BW Energy Ltd.(b)		6,044		15,858
BW LPG Ltd.(c)		8,226		101,522
BW Offshore Ltd.		7,972		18,283
Cadeler AS(a)(b)		15,046		69,213
Cool Co. Ltd.		2,123		25,131
Crayon Group Holding ASA(a)(b)(c)		6,279		52,786
DNO ASA		46,290		40,564
DOF Group ASA(a)		13,571		73,257
Elkem ASA(c)		25,260		52,415
Entra ASA(c)		6,396		70,058
Europris ASA(c)		13,874		103,987

Security	Shares		Value
Norway (continued)
Flex LNG Ltd.		2,667	$	79,524
Frontline PLC, NVS		11,989		267,986
Golden Ocean Group Ltd.		11,433		120,564
Gram Car Carriers ASA		1,059		22,907
Grieg Seafood ASA		4,485		28,145
Hafnia Ltd.		22,603		164,366
Hexagon Composites ASA(a)		10,847		24,299
Hoegh Autoliners ASA		8,622		86,816
Kitron ASA(b)		15,983		48,648
Leroy Seafood Group ASA		24,150		96,994
MPC Container Ships ASA		32,108		48,265
NEL ASA(a)(b)		147,818		73,799
Nordic Semiconductor ASA(a)(b)		15,682		157,469
Norske Skog ASA(b)(c)		6,450		22,226
Norwegian Air Shuttle ASA(a)(b)		65,759		80,510
Nykode Therapeutics ASA(a)(b)		13,223		22,719
Odfjell Drilling Ltd.		9,124		33,829
PGS ASA(a)		86,344		54,028
Protector Forsikring ASA		5,073		90,971
REC Silicon ASA(a)(b)		23,491		27,448
Scatec ASA(a)(c)		10,599		78,811
Schibsted ASA, Class A		6,576		201,732
Schibsted ASA, Class B		8,678		249,021
Seadrill Ltd.(a)(b)		3,249		139,846
SpareBank 1 Nord Norge		8,464		83,375
SpareBank 1 Oestlandet		3,257		37,905
SpareBank 1 SMN		11,732		159,727
SpareBank 1 SR-Bank ASA		16,051		194,656
Stolt-Nielsen Ltd.		2,059		76,961
Storebrand ASA		39,515		355,286
Subsea 7 SA		20,590		277,512
TGS ASA		11,866		115,548
TOMRA Systems ASA		21,094		211,885
Veidekke ASA		9,686		88,412
Wallenius Wilhelmsen ASA		9,336		90,759
				5,563,540
Portugal — 0.6%
Altri SGPS SA		6,833		33,309
Banco Comercial Portugues SA, Class R(a)		740,654		215,454
Corticeira Amorim SGPS SA		3,604		36,806
CTT-Correios de Portugal SA		7,519		29,834
Greenvolt Energias Renovaveis SA(a)(b)		4,823		42,115
Mota-Engil SGPS SA		8,080		46,343
Navigator Co. SA (The)		19,317		79,596
NOS SGPS SA		16,296		57,764
REN—Redes Energeticas Nacionais SGPS SA		35,961		88,355
Semapa-Sociedade de Investimento e Gestao		1,357		20,997
Sonae SGPS SA		74,253		71,783
				722,356
Singapore — 0.0%
Jurong Technologies Industrial Corp. Ltd.(d)		60,000		1
Spain — 3.9%
Acerinox SA		15,776		166,550
Aedas Homes SA(c)		1,063		20,311
Almirall SA		7,294		69,190
Applus Services SA		11,615		140,461
Atresmedia Corp. de Medios de Comunicacion SA		8,400		33,762
Audax Renovables SA(a)(b)		11,490		16,249
Banco de Sabadell SA		502,784		652,582
Bankinter SA		60,237		371,910
Cia. de Distribucion Integral Logista Holdings SA		5,244		148,326

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI Europe Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Spain (continued)
Cie. Automotive SA		3,669	$	96,799
Construcciones y Auxiliar de Ferrocarriles SA		1,593		57,253
Distribuidora Internacional de Alimentacion SA(a)(b)		1,335,510		17,319
eDreams ODIGEO SA(a)		7,844		59,584
Ence Energia y Celulosa SA(b)		12,200		38,574
Faes Farma SA		29,073		95,539
Fluidra SA		8,603		186,248
Gestamp Automocion SA(c)		15,370		50,984
Global Dominion Access SA(c)		7,949		30,712
Grenergy Renovables SA(a)(b)		1,250		43,609
Indra Sistemas SA		11,975		212,607
Inmobiliaria Colonial SOCIMI SA		23,955		144,025
Laboratorios Farmaceuticos Rovi SA		1,897		130,841
Lar Espana Real Estate SOCIMI SA		4,466		29,972
Linea Directa Aseguradora SA Cia de Segurosy Reaseguros		55,933		58,452
Mapfre SA		81,914		180,368
Melia Hotels International SA(a)		10,173		68,831
Merlin Properties SOCIMI SA		29,722		302,666
Neinor Homes SA(c)		2,336		26,356
Opdenergy Holdings SA, NVS(a)		3,811		23,764
Pharma Mar SA		1,411		58,900
Prosegur Cash SA(c)		25,404		13,782
Prosegur Cia. de Seguridad SA		18,031		34,118
Sacyr SA		36,115		119,062
Sacyr SA, NVS		757		2,499
Solaria Energia y Medio Ambiente SA(a)		7,430		109,697
Talgo SA(c)		5,335		24,115
Tecnicas Reunidas SA(a)		4,149		34,851
Unicaja Banco SA(c)		115,959		110,874
Vidrala SA		1,875		187,932
Viscofan SA		3,529		206,707
				4,376,381
Sweden — 11.5%
AAK AB		16,341		368,295
AcadeMedia AB(c)		7,972		43,550
AddLife AB, Class B		9,862		106,297
AddTech AB, Class B		23,347		481,642
AFRY AB		8,419		116,259
Alimak Group AB(c)		6,252		55,098
Alleima AB, NVS		17,008		112,912
Arjo AB, Class B		19,009		88,973
Atrium Ljungberg AB, Class B		4,558		91,365
Attendo AB(a)(c)		9,182		35,955
Avanza Bank Holding AB		11,234		225,663
Axfood AB		9,638		243,852
Betsson AB		10,165		110,627
Bilia AB, Class A		5,781		69,889
Billerud Aktiebolag		20,035		178,153
BioArctic AB, Class B(a)(c)		3,239		70,254
BioGaia AB, Class B		7,385		79,906
Biotage AB		6,100		86,703
BoneSupport Holding AB(a)(c)		4,867		96,358
Boozt AB(a)(c)		5,262		61,637
Bravida Holding AB(c)		18,449		139,894
Bufab AB		2,362		83,654
Bure Equity AB		4,885		139,522
Calliditas Therapeutics AB, Class B(a)(b)		4,196		45,844
Camurus AB(a)		2,705		134,101
Castellum AB(a)		35,075		451,551
Catena AB		2,855		121,728
Cibus Nordic Real Estate AB		4,589		54,069

Security	Shares		Value
Sweden (continued)
Clas Ohlson AB, Class B		3,345	$	47,601
Cloetta AB, Class B		15,587		28,054
Coor Service Management Holding AB(c)		9,018		37,998
Corem Property Group AB, Class B		46,946		47,299
Creades AB, Class A		4,929		32,577
Dios Fastigheter AB		9,060		70,274
Dometic Group AB(c)		28,796		229,156
Electrolux AB, Class B(a)		19,656		183,863
Electrolux Professional AB, Class B		21,605		114,797
Elekta AB, Class B		31,289		236,098
Embracer Group AB, Class B(a)(b)		67,644		129,096
Engcon AB(b)		3,498		27,991
Fabege AB		20,584		192,788
Fortnox AB		43,396		239,254
Granges AB		9,499		94,189
Hemnet Group AB		8,012		216,306
Hexatronic Group AB(b)		16,515		34,642
Hexpol AB		23,600		270,139
HMS Networks AB(b)		2,474		108,844
Hufvudstaden AB, Class A		10,077		130,305
Instalco AB		19,505		77,994
Intrum AB(b)		7,781		46,088
Investment AB Oresund		2,548		27,367
INVISIO AB		3,586		69,601
Inwido AB		4,864		59,416
JM AB		5,909		96,221
Kambi Group PLC, Class B(a)		2,101		28,164
Kindred Group PLC		20,447		240,543
Kinnevik AB, Class B(a)		21,596		232,028
Lindab International AB		6,600		125,325
Loomis AB, Class B		6,431		176,068
Medicover AB, Class B		5,841		96,328
MEKO AB		3,392		34,452
Millicom International Cellular SA, SDR(a)		12,416		212,991
MIPS AB		2,307		76,641
Modern Times Group MTG AB, Class B(a)		7,896		60,436
Munters Group AB(c)		11,667		186,220
Mycronic AB		6,626		184,294
NCAB Group AB(b)		16,054		103,830
NCC AB, Class B		7,019		89,633
New Wave Group AB, Class B		7,805		69,319
Nolato AB, Class B		17,204		83,318
Nordnet AB publ		12,230		192,446
Norion Bank AB(a)		4,217		16,700
Note AB(a)(b)		1,656		23,406
NP3 Fastigheter AB		2,642		52,049
Nyfosa AB		12,657		113,209
OX2 AB, Class B(a)		13,393		63,724
Pandox AB, Class B		8,400		115,183
Paradox Interactive AB		3,246		63,595
Peab AB, Class B(b)		15,628		77,154
Platzer Fastigheter Holding AB, Class B		5,101		41,554
Ratos AB, Class B		18,134		59,775
Resurs Holding AB(c)		10,588		14,550
Rvrc Holding AB		4,717		28,696
Samhallsbyggnadsbolaget i Norden AB(b)		91,743		42,036
Scandic Hotels Group AB(a)(b)(c)		12,803		58,986
Sdiptech AB, Class B(a)		2,598		64,479
Sectra AB, Class B		12,076		224,933
Sinch AB(a)(b)(c)		60,904		187,036
SkiStar AB		3,668		46,071
SSAB AB, Class A		20,752		161,447

66 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI Europe Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Sweden (continued)
SSAB AB, Class B		58,356	$	445,750
Stillfront Group AB(a)		40,824		42,308
Storskogen Group AB		122,953		84,875
Surgical Science Sweden AB(a)		3,123		53,374
Svolder AB		7,954		43,994
Sweco AB, Class B		19,261		225,774
SwedenCare AB		6,092		36,212
Synsam AB		4,774		21,239
Thule Group AB(c)		9,389		238,904
Trelleborg AB, Class B		20,250		616,353
Troax Group AB		3,578		77,730
Truecaller AB(a)		20,106		59,448
Vimian Group AB(a)(b)		13,557		37,206
Vitec Software Group AB, Class B		2,778		154,306
Vitrolife AB		6,554		107,901
Wallenstam AB, Class B(b)		31,696		159,106
Wihlborgs Fastigheter AB		24,834		222,007
Xvivo Perfusion AB(a)		2,278		63,306
				13,078,121
Switzerland — 8.9%
Accelleron Industries AG, NVS		8,542		273,342
Allreal Holding AG, Registered		1,330		236,569
ALSO Holding AG, Registered		582		170,390
Arbonia AG		4,842		56,068
Aryzta AG(a)		89,392		160,448
Autoneum Holding AG(a)		343		50,967
Basilea Pharmaceutica AG, Registered(a)		1,096		42,968
Belimo Holding AG, Registered		886		413,132
Bell Food Group AG, Registered		195		57,176
Bossard Holding AG, Class A, Registered		501		119,892
Bucher Industries AG, Registered		595		252,022
Burckhardt Compression Holding AG		279		156,091
Burkhalter Holding AG		685		69,933
Bystronic AG, Registered		125		62,632
Cembra Money Bank AG		2,689		207,327
Coltene Holding AG, Registered		267		17,580
Comet Holding AG, Registered		692		228,162
COSMO Pharmaceuticals NV(b)		774		57,403
Daetwyler Holding AG, Bearer		673		136,842
DKSH Holding AG		3,205		224,269
DocMorris AG(a)(b)		1,061		98,982
dormakaba Holding AG		280		140,263
Dottikon Es Holding AG(a)(b)		252		66,581
EFG International AG		8,580		110,180
Emmi AG, Registered		192		201,144
Flughafen Zurich AG, Registered		1,796		370,562
Forbo Holding AG, Registered		85		99,941
Galenica AG(c)		4,464		393,647
Georg Fischer AG		7,329		490,519
Gurit Holding AG(a)		231		20,237
Huber + Suhner AG, Registered		1,512		108,445
Idorsia Ltd.(a)(b)		9,886		17,642
Implenia AG, Registered		1,294		45,939
Inficon Holding AG, Registered		153		232,235
Interroll Holding AG, Registered		67		195,693
Intershop Holding AG		93		66,726
Kardex Holding AG, Registered		547		138,928
Komax Holding AG, Registered		338		64,997
Landis+Gyr Group AG		1,918		157,269
LEM Holding SA, Registered		43		98,263
Leonteq AG		843		31,368
Medacta Group SA(c)		627		93,832

Security	Shares		Value
Switzerland (continued)
Medmix AG(c)		2,257	$	45,247
Meier Tobler Group AG		410		17,674
Metall Zug AG, Class B, Registered		17		28,368
Meyer Burger Technology AG(a)(b)		293,572		37,760
Mobilezone Holding AG, Registered		3,932		60,384
Mobimo Holding AG, Registered		648		191,444
Montana Aerospace AG(a)(c)		2,450		47,842
OC Oerlikon Corp. AG, Registered		16,305		71,055
Orior AG		599		46,251
PolyPeptide Group AG(a)(b)(c)		1,322		24,266
PSP Swiss Property AG, Registered		4,100		545,698
Rieter Holding AG, Registered(b)		239		25,146
Schweiter Technologies AG, NVS		89		48,828
Sensirion Holding AG(a)(b)(c)		854		71,068
SFS Group AG		1,577		189,334
Siegfried Holding AG, Registered		360		358,613
SKAN Group AG		887		78,263
Softwareone Holding AG		9,944		186,376
St. Galler Kantonalbank AG, Class A, Registered		272		157,417
Stadler Rail AG		4,992		159,353
Sulzer AG, Registered		1,678		162,099
Swissquote Group Holding SA, Registered		1,023		256,745
Tecan Group AG, Registered		1,142		435,918
TX Group AG		233		35,101
u-blox Holding AG		606		59,725
Untrade Real Gold Mining(d)		27,000		—
Valiant Holding AG, Registered		1,408		168,709
Vetropack Holding AG, Class A, Registered		1,150		50,028
Vontobel Holding AG, Registered		2,527		166,451
V-ZUG Holding AG(a)		169		11,848
Ypsomed Holding AG, Registered		366		129,194
Zehnder Group AG, Registered		878		52,325
				10,155,136
United Kingdom — 29.9%
4imprint Group PLC		2,536		173,904
888 Holdings PLC(a)		30,084		29,585
AB Dynamics PLC		1,512		34,012
Advanced Medical Solutions Group PLC		19,382		51,459
AG Barr PLC		9,115		65,612
Airtel Africa PLC(c)		83,557		118,667
AJ Bell PLC		28,101		112,678
Alpha Financial Markets Consulting PLC		10,759		49,358
Alpha Group International PLC		3,015		62,839
Alphawave IP Group PLC(a)		28,867		47,379
AO World PLC(a)		28,043		32,358
Ascential PLC(a)		39,994		154,047
Ashmore Group PLC		42,093		113,197
ASOS PLC(a)(b)		5,389		25,171
Assura PLC		265,655		149,950
Aston Martin Lagonda Global Holdings PLC(a)(c)		25,159		60,684
Atalaya Mining PLC		8,658		38,184
Auction Technology Group PLC(a)		8,631		59,612
B&M European Value Retail SA		85,120		557,852
Babcock International Group PLC		22,237		127,090
Balanced Commercial Property Trust Ltd.		60,597		58,117
Balfour Beatty PLC		49,032		206,299
Bank of Georgia Group PLC		3,111		149,621
Beazley PLC		60,328		415,272
Bellway PLC		10,636		370,581
Big Yellow Group PLC		16,553		239,357
Bodycote PLC		16,951		136,678
boohoo Group PLC(a)(b)		68,788		31,714

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI Europe Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Breedon Group PLC		26,093	$	120,201
Bridgepoint Group PLC(c)		21,192		72,191
British Land Co. PLC (The)		78,442		377,049
Britvic PLC		22,580		252,533
Burford Capital Ltd.		16,812		256,309
Bytes Technology Group PLC		20,626		171,229
C&C Group PLC		34,961		68,054
Cab Payments Holdings PLC(b)		8,040		8,100
Capita PLC(a)		160,071		38,665
Capital & Counties Properties PLC		131,589		221,674
Carnival PLC(a)		12,509		187,937
Centamin PLC		104,647		127,483
Central Asia Metals PLC		15,609		32,877
Ceres Power Holdings PLC(a)(b)		11,258		34,127
Chemring Group PLC		25,031		111,661
Clarkson PLC		2,565		115,397
Close Brothers Group PLC		13,389		92,030
CLS Holdings PLC		15,330		19,066
Coats Group PLC		142,219		129,048
Computacenter PLC		7,743		282,877
ConvaTec Group PLC(c)		146,524		445,927
Craneware PLC		2,651		72,232
Cranswick PLC		4,779		243,711
Crest Nicholson Holdings PLC		22,060		58,541
Currys PLC		85,348		53,518
Custodian Property Income REIT PLC		38,447		34,755
CVS Group PLC		6,485		138,727
Darktrace PLC(a)		31,679		137,361
Deliveroo PLC, Class A(a)(c)		81,804		121,813
Derwent London PLC		8,564		230,816
Diploma PLC		11,977		493,713
Direct Line Insurance Group PLC(a)		117,365		250,451
DiscoverIE Group PLC		8,675		85,644
Diversified Energy Co. PLC		4,264		49,178
Domino’s Pizza Group PLC		32,413		143,143
Dowlais Group PLC		125,927		143,848
Dr. Martens PLC		53,325		60,041
Drax Group PLC		34,360		221,728
DS Smith PLC		123,080		438,853
Dunelm Group PLC		10,624		146,345
easyJet PLC(a)		27,080		189,588
Elementis PLC(a)		52,260		93,659
Empiric Student Property PLC		54,732		63,409
Energean PLC		13,745		165,153
EnQuest PLC(a)		146,362		23,928
Essentra PLC		26,728		58,599
FD Technologies PLC(a)		2,126		33,782
FDM Group Holdings PLC		8,447		49,189
Ferrexpo PLC		28,954		31,850
Fevertree Drinks PLC		9,213		117,924
Finablr PLC(a)(c)(d)		20,497		—
Firstgroup PLC		59,546		125,370
Forterra PLC(c)		18,813		39,387
Frasers Group PLC(a)		10,111		103,451
Future PLC		9,326		83,572
Games Workshop Group PLC		2,960		371,557
Gamma Communications PLC		8,384		126,863
GB Group PLC		22,134		79,046
Genuit Group PLC		21,972		117,504
Genus PLC		5,870		170,497
Grafton Group PLC		17,647		217,356
Grainger PLC		63,345		211,289

Security	Shares		Value
United Kingdom (continued)
Great Portland Estates PLC		17,926	$	94,321
Greatland Gold PLC(a)		418,572		38,193
Greggs PLC		9,217		310,477
Gulf Keystone Petroleum Ltd.		21,131		28,019
Halfords Group PLC		20,164		45,603
Hammerson PLC		338,563		115,537
Harbour Energy PLC		55,702		195,772
Hays PLC		142,249		177,008
Helios Towers PLC(a)		64,598		64,755
Hill & Smith PLC		7,087		167,754
Hilton Food Group PLC		6,805		67,784
Hiscox Ltd.		31,015		408,382
Hochschild Mining PLC(a)		28,741		37,787
Home REIT PLC(d)		61,201		22,134
Howden Joinery Group PLC		49,026		496,481
Hunting PLC		13,789		57,405
Ibstock PLC(c)		34,454		66,980
IG Group Holdings PLC		34,975		314,290
IMI PLC		23,310		494,395
Impact Healthcare REIT PLC, Class B		29,789		32,181
Impax Asset Management Group PLC		8,733		60,041
Inchcape PLC		33,012		284,258
Indivior PLC, NVS(a)		10,598		186,286
IntegraFin Holdings PLC		27,200		101,438
Intermediate Capital Group PLC		25,968		585,451
International Distributions Services PLC(a)		64,277		225,476
Investec PLC		57,648		375,318
IP Group PLC		92,945		61,722
ITM Power PLC(a)(b)		39,229		29,571
ITV PLC		322,453		244,245
IWG PLC(a)		67,874		160,847
J D Wetherspoon PLC(a)		8,282		88,165
JET2 PLC		15,401		260,756
John Wood Group PLC(a)		61,765		122,451
Johnson Matthey PLC		16,370		337,533
Johnson Service Group PLC		37,130		68,794
JTC PLC(c)		14,213		142,869
Judges Scientific PLC		517		60,278
Jupiter Fund Management PLC		38,713		38,783
Just Group PLC		91,351		98,432
Kainos Group PLC		7,917		115,081
Keller Group PLC		6,704		74,255
Keywords Studios PLC		6,631		138,666
Kier Group PLC(a)		37,095		60,079
Lancashire Holdings Ltd.		21,343		164,181
Learning Technologies Group PLC		54,427		55,513
Liontrust Asset Management PLC		5,901		46,578
LondonMetric Property PLC		97,017		237,051
LXI REIT PLC		143,860		191,866
Man Group PLC/Jersey		107,212		322,147
Marks & Spencer Group PLC		176,234		550,607
Marlowe PLC(a)		7,418		35,253
Marshalls PLC		20,467		72,627
Me Group International PLC		17,158		27,615
Mitchells & Butlers PLC(a)		24,356		80,314
Mitie Group PLC		113,749		149,055
Mobico Group PLC		45,616		49,362
Molten Ventures PLC(a)		13,762		41,613
Moneysupermarket.com Group PLC		45,403		146,493
Moonpig Group PLC(a)		26,374		55,807
Morgan Advanced Materials PLC		25,162		86,416
Morgan Sindall Group PLC		4,068		116,769

68 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI Europe Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
NCC Group PLC		26,497	$	40,699
Network International Holdings PLC(a)(c)		42,531		208,807
Next 15 Group PLC		7,780		90,215
Ninety One PLC		24,596		55,016
OSB Group PLC		35,662		202,927
Oxford Instruments PLC		4,931		138,729
Oxford Nanopore Technologies PLC(a)		52,461		106,574
Pagegroup PLC		29,240		169,938
Pan African Resources PLC		170,725		38,772
Paragon Banking Group PLC		18,729		166,811
Pennon Group PLC		23,383		208,193
Petrofac Ltd.(a)(b)		38,575		14,937
Pets at Home Group PLC		40,909		145,267
Picton Property Income Ltd.		47,608		40,390
Playtech PLC(a)		20,614		116,096
Plus500 Ltd.		7,064		159,766
Polar Capital Holdings PLC		7,965		45,778
Premier Foods PLC		57,401		103,442
Primary Health Properties PLC		120,953		148,915
PRS REIT PLC (The)		47,545		50,734
PZ Cussons PLC		20,477		34,568
QinetiQ Group PLC		46,923		211,915
Quilter PLC(c)		123,607		164,151
Rank Group PLC(a)		17,004		15,171
Rathbones Group PLC		5,726		119,779
Redde Northgate PLC		20,392		91,742
Redrow PLC		25,032		190,156
Renew Holdings PLC		7,182		80,112
Renewi PLC(a)		6,571		48,882
Renishaw PLC		3,234		143,029
RHI Magnesita NV		1,628		69,405
Rightmove PLC		72,186		510,873
Rotork PLC		77,576		305,813
RS GROUP PLC		42,304		419,189
RWS Holdings PLC		26,536		79,903
S4 Capital PLC(a)		39,412		21,976
Safestore Holdings PLC		19,401		202,046
Savills PLC		12,428		159,548
Serco Group PLC		98,606		215,172
Serica Energy PLC		23,327		62,348
SIG PLC(a)		68,107		28,354
Sirius Real Estate Ltd.		121,847		140,210
Smart Metering Systems PLC		11,857		142,901
Softcat PLC		11,579		212,187
SolGold PLC(a)		130,537		12,904
Spectris PLC		9,159		426,383
Spire Healthcare Group PLC(c)		25,508		76,446
Spirent Communications PLC		52,479		78,286
SSP Group PLC(a)		70,914		201,820
SThree PLC		12,340		63,854
Supermarket Income REIT PLC		112,428		115,409
Synthomer PLC(a)		10,878		21,720
Target Healthcare REIT PLC		56,214		59,156
Tate & Lyle PLC		36,168		285,556
TBC Bank Group PLC		4,254		157,150
Team17 Group PLC(a)		10,291		35,213
Telecom Plus PLC		6,828		125,816
THG PLC, Class B(a)		51,311		42,786
TI Fluid Systems PLC(c)		30,194		54,755
TP ICAP Group PLC		70,024		165,905
Trainline PLC(a)(c)		40,840		171,004
Travis Perkins PLC		19,114		190,655

Security	Shares		Value
United Kingdom (continued)
Tritax Big Box REIT PLC		169,934	$	355,772
Trustpilot Group PLC(a)(c)		26,754		60,928
TUI AG(a)		40,729		280,607
Tullow Oil PLC(a)		101,326		39,715
Tyman PLC		17,724		68,845
UK Commercial Property REIT Ltd.		70,644		57,224
UNITE Group PLC (The)		33,095		422,816
Urban Logistics REIT PLC		42,083		66,878
Vanquis Banking Group PLC		22,287		33,385
Vesuvius PLC		19,166		115,400
Victoria PLC(a)		4,854		17,163
Victrex PLC		7,828		135,215
Virgin Money UK PLC		101,930		201,319
Vistry Group PLC		29,511		373,294
Volex PLC		11,825		47,505
Volution Group PLC		17,759		97,229
Warehouse REIT PLC		34,314		37,746
Watches of Switzerland Group PLC(a)(c)		21,440		100,970
Weir Group PLC (The)		23,198		533,227
WH Smith PLC		11,656		178,118
Wickes Group PLC		24,222		48,060
Wincanton PLC		11,545		63,123
Workspace Group PLC		12,956		85,221
Yellow Cake PLC(a)(c)		19,601		172,268
YouGov PLC		9,372		138,369
Young & Co.‘s Brewery PLC, Series A, Class A		1,874		24,343
				33,979,417
Total Common Stocks — 98.2% (Cost: $150,414,530)				111,692,430
Preferred Stocks
Germany — 0.6%
Draegerwerk AG & Co. KGaA, Preference Shares, NVS		775		39,836
Einhell Germany AG, Preference Shares, NVS		160		26,974
Fuchs Petrolub SE, Preference Shares, NVS		6,181		270,935
Jungheinrich AG, Preference Shares, NVS		4,319		145,375
Schaeffler AG, Preference Shares, NVS(b)		10,985		69,418
Sixt SE, Preference Shares, NVS		1,514		103,686
STO SE & Co. KGaA, Preference Shares, NVS		237		37,548
				693,772
Italy — 0.1%
Danieli & C Officine Meccaniche SpA, Preference Shares, NVS		3,444		83,591
Total Preferred Stocks — 0.7% (Cost: $859,660)				777,363
Warrants
Italy — 0.0%
Webuild SpA (Issued/Exercisable 08/02/21, 1 Share for 1 Warrant, Expires 08/31/30, Strike Price EUR 0.001)(b)		5,910		—
Total Warrants — 0.0% (Cost: $—)				—
Total Long-Term Investments — 98.9% (Cost: $151,274,190)				112,469,793

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI Europe Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Securities
Money Market Funds — 4.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.51%(e)(f)(g)		5,108,225	$	5,111,290
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.32%(e)(f)		40,000		40,000
Total Short-Term Securities — 4.5%  (Cost: $5,149,443)			5,151,290
Total Investments — 103.4%  (Cost: $156,423,633)			117,621,083
Liabilities in Excess of Other Assets — (3.4)%				(3,872,310	)
Net Assets — 100.0%			$	113,748,773

^(a)  Non-income producing security.

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

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

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

^(e)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/24		Shares Held at 01/31/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	6,088,328	$	—		$	(978,661	)(a)	$	876	$	747	$	5,111,290		5,108,225	$	56,231	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		40,000		0	(a)		—			—		—		40,000		40,000		1,660			—
									$	876	$	747	$	5,151,290			$	57,891		$	—

^(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		18		03/15/24	$	905	$	24,743
FTSE 100 Index		4		03/15/24		385		(1,396	)
							$	23,347

70 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI Europe Small-Cap ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	24,743	$	—	$	—	$	—	$	24,743
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	1,396	$	—	$	—	$	—	$	1,396

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

For the period ended January 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	16,980		$	—	$	—	$	—	$	16,980
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(4,318	)	$	—	$	—	$	—	$	(4,318	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,145,982

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	$	18,048,739	$	93,621,556	$	22,135	$	111,692,430
Preferred Stocks		64,522		712,841		—		777,363
Warrants		—		—		—		—
Short-Term Securities
Money Market Funds		5,151,290		—		—		5,151,290
	$	23,264,551	$	94,334,397	$	22,135	$	117,621,083
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	24,743	$	—	$	24,743

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI Europe Small-Cap ETF

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2			Level 3		Total
Liabilities
Equity Contracts	$	—	$	(1,396	)	$	—	$	(1,396	)
	$	—	$	23,347		$	—		23,347

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

See notes to financial statements.

72 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited)  January 31, 2024 iShares^® MSCI Kokusai ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 2.1%
Ampol Ltd.		923	$	21,831
ANZ Group Holdings Ltd.		10,323		182,143
APA Group		4,458		24,658
Aristocrat Leisure Ltd.		2,037		58,728
ASX Ltd.		615		26,293
Aurizon Holdings Ltd.		5,114		12,606
BHP Group Ltd.		17,173		525,391
BlueScope Steel Ltd.		1,806		27,575
Brambles Ltd.		5,233		49,895
CAR Group Ltd.		1,228		26,367
Cochlear Ltd.		242		48,025
Coles Group Ltd.		4,880		50,642
Commonwealth Bank of Australia		5,689		433,811
Computershare Ltd.		1,844		30,543
CSL Ltd.		1,655		325,005
Dexus		3,613		18,284
Endeavour Group Ltd./Australia		4,266		15,612
Fortescue Ltd.		5,956		115,110
Goodman Group		5,610		93,121
GPT Group (The)		6,533		19,745
IDP Education Ltd.		692		8,862
IGO Ltd.		2,306		11,210
Insurance Australia Group Ltd.		7,417		29,115
James Hardie Industries PLC(a)		1,500		56,356
Lottery Corp. Ltd. (The)		7,132		23,410
Macquarie Group Ltd.		1,236		152,509
Medibank Pvt Ltd.		9,490		23,759
Mineral Resources Ltd.		571		22,023
Mirvac Group		14,867		20,894
National Australia Bank Ltd.		10,729		226,279
Northern Star Resources Ltd.		3,728		31,978
Orica Ltd.		1,345		14,186
Origin Energy Ltd.		6,071		33,883
Pilbara Minerals Ltd.(b)		8,584		19,551
Qantas Airways Ltd.(a)		2,536		9,143
QBE Insurance Group Ltd.		5,279		54,356
Ramsay Health Care Ltd.		615		20,503
REA Group Ltd.		154		18,367
Reece Ltd.		999		14,716
Rio Tinto Ltd.		1,231		105,924
Santos Ltd.		10,836		54,764
Scentre Group		19,233		38,236
SEEK Ltd.		1,076		17,738
Sonic Healthcare Ltd.		1,461		30,462
South32 Ltd.		16,636		36,020
Stockland		8,644		25,527
Suncorp Group Ltd.		4,228		38,917
Telstra Corp. Ltd.		14,637		38,603
Transurban Group		10,711		94,099
Treasury Wine Estates Ltd.		2,635		18,477
Vicinity Ltd.		11,335		15,046
Washington H Soul Pattinson & Co. Ltd.		730		16,318
Wesfarmers Ltd.		3,843		145,484
Westpac Banking Corp.		11,926		187,090
WiseTech Global Ltd.		500		23,541
Woodside Energy Group Ltd.		6,384		133,529
Woolworths Group Ltd.		4,184		98,261
Xero Ltd.(a)		511		36,577
				4,051,098

Security	Shares		Value
Austria — 0.1%
Erste Group Bank AG		1,230	$	52,986
OMV AG		538		23,947
Verbund AG		231		18,785
voestalpine AG		423		12,585
				108,303
Belgium — 0.3%
Ageas SA/NV		462		19,853
Anheuser-Busch InBev SA/NV		2,923		180,810
Argenx SE(a)		203		76,659
D’ieteren Group		84		16,969
Elia Group SA/NV		121		14,569
Groupe Bruxelles Lambert NV		385		29,187
KBC Group NV		846		55,186
Lotus Bakeries NV		1		8,527
Sofina SA		39		9,327
Syensqo SA(a)		269		23,980
UCB SA		424		39,884
Umicore SA		692		15,741
Warehouses De Pauw CVA		503		14,716
				505,408
Canada — 3.4%
Agnico Eagle Mines Ltd.		1,668		81,983
Air Canada(a)		461		6,247
Algonquin Power & Utilities Corp.		2,498		14,808
Alimentation Couche-Tard Inc.		2,634		154,343
AltaGas Ltd.		1,180		24,531
ARC Resources Ltd.		2,323		36,077
Bank of Montreal		2,416		227,574
Bank of Nova Scotia (The)		4,031		188,500
Barrick Gold Corp.		5,838		91,188
BCE Inc.		231		9,321
Brookfield Asset Management Ltd.		1,191		47,890
Brookfield Corp., Class A		4,765		189,119
Brookfield Renewable Corp., Class A		423		11,817
BRP Inc.		129		8,140
CAE Inc.(a)		976		19,543
Cameco Corp.		1,385		66,126
Canadian Apartment Properties REIT		269		9,338
Canadian Imperial Bank of Commerce		3,076		139,014
Canadian National Railway Co.		1,894		234,952
Canadian Natural Resources Ltd.		3,748		239,859
Canadian Pacific Kansas City Ltd.		3,193		256,946
Canadian Tire Corp. Ltd., Class A, NVS		148		15,731
Canadian Utilities Ltd., Class A, NVS		461		10,506
CCL Industries Inc., Class B, NVS		500		21,399
Cenovus Energy Inc.		4,893		79,266
CGI Inc.(a)		700		78,390
Constellation Software Inc./Canada		69		190,706
Descartes Systems Group Inc. (The)(a)		287		25,130
Dollarama Inc.		985		72,290
Element Fleet Management Corp.		1,328		22,403
Emera Inc.		851		30,073
Empire Co. Ltd., Class A, NVS		500		12,957
Enbridge Inc.		7,214		256,162
Fairfax Financial Holdings Ltd.		77		80,266
First Quantum Minerals Ltd.		2,057		18,666
FirstService Corp.		153		25,608
Fortis Inc./Canada		1,577		63,270
Franco-Nevada Corp.		653		70,650
George Weston Ltd.		209		26,629
GFL Environmental Inc.		800		27,181

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI Kokusai ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Canada (continued)
Gildan Activewear Inc.		692	$	22,853
Great-West Lifeco Inc.		1,000		33,382
Hydro One Ltd.(c)		1,115		33,090
iA Financial Corp. Inc.		385		26,174
IGM Financial Inc.		280		7,575
Imperial Oil Ltd.		627		36,166
Intact Financial Corp.		615		96,176
Ivanhoe Mines Ltd., Class A(a)(b)		2,037		21,378
Keyera Corp.		692		16,738
Kinross Gold Corp.		3,959		21,820
Loblaw Companies Ltd.		577		57,659
Lundin Mining Corp.		2,229		18,204
Magna International Inc.		962		54,674
Manulife Financial Corp.		6,340		140,150
MEG Energy Corp.(a)		979		18,510
Metro Inc./CN		754		39,589
National Bank of Canada		1,153		88,187
Northland Power Inc.		653		12,016
Nutrien Ltd.		1,639		81,728
Onex Corp.		270		19,936
Open Text Corp.		884		38,550
Pan American Silver Corp.		1,235		16,718
Parkland Corp.		500		17,063
Pembina Pipeline Corp.		1,738		59,866
Power Corp. of Canada		1,998		58,241
Quebecor Inc., Class B		461		11,209
RB Global Inc.		615		39,367
Restaurant Brands International Inc.		961		75,017
RioCan REIT		500		6,802
Rogers Communications Inc., Class B, NVS		1,290		60,257
Royal Bank of Canada		4,752		463,766
Saputo Inc.		1,000		20,618
Shopify Inc., Class A(a)		4,059		324,943
Stantec Inc.		378		30,373
Sun Life Financial Inc.		1,921		99,576
Suncor Energy Inc.		4,442		147,092
TC Energy Corp.		3,504		138,237
Teck Resources Ltd., Class B		1,607		64,318
TELUS Corp.		1,499		26,848
TFI International Inc.		270		35,484
Thomson Reuters Corp.		539		80,025
TMX Group Ltd.		948		23,445
Toromont Industries Ltd.		270		23,649
Toronto-Dominion Bank (The)		6,227		378,266
Tourmaline Oil Corp.		1,038		44,880
Waste Connections Inc.		884		137,250
West Fraser Timber Co. Ltd.		204		16,222
Wheaton Precious Metals Corp.		1,597		74,846
WSP Global Inc.		396		58,175
				6,601,707
Denmark — 1.0%
AP Moller - Maersk A/S, Class A		11		19,946
AP Moller - Maersk A/S, Class B, NVS		18		33,188
Carlsberg A/S, Class B		351		45,162
Coloplast A/S, Class B(b)		443		51,065
Danske Bank A/S		2,383		63,987
Demant A/S(a)		385		17,440
DSV A/S		639		114,323
Genmab A/S(a)		231		63,877
Novo Nordisk A/S		11,092		1,267,864
Novozymes A/S, Class B		1,183		60,618
Orsted A/S(c)		620		34,946

Security	Shares		Value
Denmark (continued)
Pandora A/S		278	$	40,621
Rockwool A/S, Class B		38		10,360
Tryg A/S		1,346		28,770
Vestas Wind Systems A/S(a)		3,306		93,213
				1,945,380
Finland — 0.3%
Elisa OYJ		538		24,512
Fortum OYJ		1,575		21,530
Kesko OYJ, Class B		923		18,026
Kone OYJ, Class B		1,114		55,144
Metso OYJ		2,245		22,438
Neste OYJ		1,422		49,023
Nokia OYJ		17,671		63,885
Nordea Bank Abp		10,844		133,624
Orion OYJ, Class B		346		15,929
Sampo OYJ, Class A		1,571		65,755
Stora Enso OYJ, Class R		1,806		22,981
UPM-Kymmene OYJ		1,869		67,980
Wartsila OYJ Abp		1,460		21,537
				582,364
France — 3.3%
Accor SA		654		25,829
Aeroports de Paris SA		115		15,388
Air Liquide SA		1,760		329,355
Airbus SE		2,051		326,695
Alstom SA		854		10,769
Amundi SA(c)		230		15,557
ArcelorMittal SA		1,766		48,636
Arkema SA		230		25,032
AXA SA		6,132		205,822
BioMerieux		154		16,575
BNP Paribas SA		3,553		238,705
Bollore SE		2,844		18,785
Bouygues SA		731		26,778
Bureau Veritas SA		884		23,513
Capgemini SE		531		118,053
Carrefour SA		1,960		33,462
Cie. de Saint-Gobain		1,513		106,979
Cie. Generale des Etablissements Michelin SCA		2,308		76,632
Covivio SA/France		192		9,297
Credit Agricole SA		3,887		55,681
Danone SA		2,232		148,704
Dassault Aviation SA		77		14,584
Dassault Systemes SE		2,305		119,487
Edenred SE		807		48,201
Eiffage SA		269		28,146
Engie SA		6,051		96,649
EssilorLuxottica SA		996		195,189
Eurazeo SE		154		13,118
Eurofins Scientific SE		424		25,532
Euronext NV(c)		307		27,003
Gecina SA		176		19,410
Getlink SE		1,177		20,281
Hermes International SCA		107		225,734
Ipsen SA		115		13,259
Kering SA		251		103,104
Klepierre SA		730		18,900
La Francaise des Jeux SAEM(c)		307		12,444
Legrand SA		871		84,414
L’Oreal SA		820		392,414
LVMH Moet Hennessy Louis Vuitton SE		942		783,799

74 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI Kokusai ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
France (continued)
Orange SA		6,272	$	74,586
Pernod Ricard SA		686		112,494
Publicis Groupe SA		731		73,241
Remy Cointreau SA		77		7,802
Renault SA		653		24,592
Safran SA		1,149		214,528
Sanofi SA		3,863		386,862
Sartorius Stedim Biotech		103		27,752
Schneider Electric SE		1,848		363,040
SEB SA		77		9,402
Societe Generale SA		2,394		61,538
Sodexo SA		308		34,745
Teleperformance SE		193		30,142
Thales SA		347		50,750
TotalEnergies SE		7,858		509,792
Unibail-Rodamco-Westfield, New(a)		399		28,570
Veolia Environnement SA		2,305		75,106
Vinci SA		1,725		217,906
Vivendi SE		2,421		27,284
Worldline SA/France(a)(c)		731		9,882
				6,457,929
Germany — 2.2%
adidas AG		549		103,645
Allianz SE, Registered		1,383		369,504
BASF SE		3,009		143,842
Bayer AG, Registered		3,376		105,050
Bayerische Motoren Werke AG		1,094		113,834
Bechtle AG		270		14,000
Beiersdorf AG		346		50,634
Brenntag SE		452		39,961
Carl Zeiss Meditec AG, Bearer		115		12,122
Commerzbank AG		3,766		43,247
Continental AG		347		28,347
Covestro AG(a)(c)		616		32,528
Daimler Truck Holding AG		1,617		57,787
Delivery Hero SE(a)(c)		538		12,207
Deutsche Bank AG, Registered		6,918		89,365
Deutsche Boerse AG		653		130,038
Deutsche Lufthansa AG, Registered(a)		1,653		13,745
Deutsche Post AG, Registered		3,383		162,026
Deutsche Telekom AG, Registered		10,950		268,799
E.ON SE		7,647		103,458
Evonik Industries AG		769		14,147
Fresenius Medical Care AG & Co. KGaA		654		25,277
Fresenius SE & Co. KGaA		1,422		39,920
GEA Group AG		621		24,870
Hannover Rueck SE		196		46,985
Heidelberg Materials AG		500		46,172
HelloFresh SE(a)		615		8,133
Henkel AG & Co. KGaA		384		26,262
Infineon Technologies AG		4,459		162,561
Knorr-Bremse AG		269		16,615
LEG Immobilien SE(a)		231		19,168
Mercedes-Benz Group AG		2,719		183,567
Merck KGaA		460		75,475
MTU Aero Engines AG		192		44,147
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		462		196,682
Nemetschek SE		192		17,717
Puma SE		346		13,924
Rational AG		17		13,059
Rheinmetall AG		147		51,475

Security	Shares		Value
Germany (continued)
RWE AG		2,100	$	77,544
SAP SE		3,548		614,679
Scout24 SE(c)		211		15,536
Siemens AG, Registered		2,604		466,178
Siemens Healthineers AG(c)		923		51,366
Symrise AG, Class A		479		49,420
Talanx AG(a)		215		15,085
Volkswagen AG		117		16,518
Vonovia SE		2,547		79,345
Wacker Chemie AG		63		6,831
Zalando SE(a)(c)		769		15,354
				4,328,151
Hong Kong — 0.6%
AIA Group Ltd.		38,600		302,717
BOC Hong Kong Holdings Ltd.		12,000		28,761
Budweiser Brewing Co. APAC Ltd.(c)		7,600		11,979
CK Asset Holdings Ltd.		6,836		30,846
CK Hutchison Holdings Ltd.		8,836		45,636
CK Infrastructure Holdings Ltd.		2,000		11,878
CLP Holdings Ltd.		6,000		47,721
ESR Group Ltd.(c)		7,800		9,971
Futu Holdings Ltd., ADR(a)		171		7,989
Galaxy Entertainment Group Ltd.		7,000		36,329
Hang Lung Properties Ltd.		7,000		8,127
Hang Seng Bank Ltd.		2,600		27,066
Henderson Land Development Co. Ltd.		4,523		11,785
HKT Trust & HKT Ltd., Class SS		12,740		15,304
Hong Kong & China Gas Co. Ltd.		38,618		27,482
Hong Kong Exchanges & Clearing Ltd.		4,100		124,307
Hongkong Land Holdings Ltd.		3,800		11,862
Jardine Matheson Holdings Ltd.		500		20,077
Link REIT		8,840		44,339
MTR Corp. Ltd.		4,500		14,640
New World Development Co. Ltd.		5,583		6,843
Power Assets Holdings Ltd.		4,500		26,348
Sands China Ltd.(a)		7,600		19,948
Sino Land Co. Ltd.		12,000		12,535
SITC International Holdings Co. Ltd.		4,000		6,069
Sun Hung Kai Properties Ltd.		4,500		42,000
Swire Pacific Ltd., Class A		1,500		11,606
Swire Properties Ltd.		4,000		7,475
Techtronic Industries Co. Ltd.		5,393		57,280
WH Group Ltd.(c)		27,000		15,930
Wharf Holdings Ltd. (The)(b)		3,000		8,765
Wharf Real Estate Investment Co. Ltd.		6,000		17,579
Xinyi Glass Holdings Ltd.		9,000		7,461
				1,078,655
Ireland — 0.2%
AIB Group PLC		5,145		22,599
Bank of Ireland Group PLC		3,589		33,004
CRH PLC		2,390		169,551
Flutter Entertainment PLC(a)		593		121,717
Kerry Group PLC, Class A		539		48,043
Kingspan Group PLC		538		43,695
Smurfit Kappa Group PLC		885		32,979
				471,588
Israel — 0.2%
Azrieli Group Ltd.		154		10,377
Bank Hapoalim BM		4,010		34,117
Bank Leumi Le-Israel BM		4,896		37,186
Check Point Software Technologies Ltd.(a)		346		54,990

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI Kokusai ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Israel (continued)
CyberArk Software Ltd.(a)		131	$	30,586
Elbit Systems Ltd.		113		23,310
Global-e Online Ltd.(a)(b)		308		11,633
ICL Group Ltd.		2,459		11,184
Isracard Ltd.		—		1
Israel Discount Bank Ltd., Class A		4,151		20,136
Mizrahi Tefahot Bank Ltd.		424		15,780
Monday.com Ltd.(a)		66		13,863
Nice Ltd.(a)		231		47,928
Teva Pharmaceutical Industries Ltd., ADR(a)		3,689		44,637
Wix.com Ltd.(a)		193		24,488
				380,216
Italy — 0.7%
Amplifon SpA		423		13,806
Assicurazioni Generali SpA		3,613		80,595
Banco BPM SpA		4,157		22,428
DiaSorin SpA		77		7,081
Enel SpA		27,774		189,512
Eni SpA		8,140		129,762
Ferrari NV		427		148,911
FinecoBank Banca Fineco SpA		2,072		29,875
Infrastrutture Wireless Italiane SpA(c)		845		10,218
Intesa Sanpaolo SpA		53,655		165,327
Leonardo SpA		939		16,389
Mediobanca Banca di Credito Finanziario SpA		2,190		29,004
Moncler SpA		723		44,477
Nexi SpA(a)(c)		2,186		16,768
Poste Italiane SpA(c)		1,806		19,584
Prysmian SpA		936		41,193
Recordati Industria Chimica e Farmaceutica SpA		384		21,195
Snam SpA		6,301		30,774
Stellantis NV		7,526		165,772
Telecom Italia SpA/Milano(a)(b)		33,891		10,215
Tenaris SA, NVS		1,614		25,492
Terna - Rete Elettrica Nazionale		4,535		38,239
UniCredit SpA		5,508		161,341
				1,417,958
Netherlands — 1.4%
ABN AMRO Bank NV, CVA(c)		1,575		23,180
Adyen NV(a)(c)		76		95,318
Aegon Ltd.		6,456		38,087
AerCap Holdings NV(a)		687		52,597
Akzo Nobel NV		615		47,240
ASM International NV		154		85,352
ASML Holding NV		1,370		1,188,595
ASR Nederland NV		544		25,637
BE Semiconductor Industries NV		263		39,523
CNH Industrial NV		3,343		40,116
Davide Campari-Milano NV		2,036		20,627
EXOR NV, NVS		347		33,573
Ferrovial SE		1,718		65,516
Heineken Holding NV		480		40,276
Heineken NV		979		98,483
IMCD NV		192		29,307
ING Groep NV		12,118		172,178
JDE Peet’s NV		269		6,640
Koninklijke Ahold Delhaize NV		3,278		92,188
Koninklijke KPN NV		11,526		39,208
Koninklijke Philips NV(a)		2,683		56,760
NN Group NV		884		36,234
OCI NV		356		10,169

Security	Shares		Value
Netherlands (continued)
Prosus NV		4,947	$	147,182
Qiagen NV, NVS		746		32,363
Randstad NV		423		24,052
Universal Music Group NV		2,765		81,506
Wolters Kluwer NV		852		125,599
				2,747,506
New Zealand — 0.1%
Auckland International Airport Ltd.		4,906		25,295
EBOS Group Ltd.		548		12,549
Fisher & Paykel Healthcare Corp. Ltd.		1,960		28,308
Mercury NZ Ltd.		2,344		9,671
Meridian Energy Ltd.		4,574		15,496
Spark New Zealand Ltd.		6,032		19,597
				110,916
Norway — 0.2%
Adevinta ASA(a)		1,524		16,374
Aker BP ASA		1,118		29,673
DNB Bank ASA		2,998		58,280
Equinor ASA		3,101		88,742
Gjensidige Forsikring ASA		693		11,147
Kongsberg Gruppen ASA		302		15,391
Mowi ASA		1,482		26,676
Norsk Hydro ASA		4,534		26,572
Orkla ASA		2,767		21,674
Salmar ASA		199		11,047
Telenor ASA		2,536		28,140
Yara International ASA		577		19,071
				352,787
Portugal — 0.0%
EDP - Energias de Portugal SA		10,187		45,438
Galp Energia SGPS SA		1,767		27,816
Jeronimo Martins SGPS SA		961		21,856
				95,110
Singapore — 0.4%
CapitaLand Ascendas REIT		11,477		24,873
CapitaLand Integrated Commercial Trust		21,131		31,501
CapitaLand Investment Ltd./Singapore		9,700		21,294
City Developments Ltd.		1,600		7,262
DBS Group Holdings Ltd.		6,400		151,586
Genting Singapore Ltd.		19,300		14,494
Grab Holdings Ltd., Class A(a)		7,543		23,157
Jardine Cycle & Carriage Ltd.(b)		400		7,718
Keppel Ltd.		4,300		22,849
Mapletree Logistics Trust		11,443		13,158
Mapletree Pan Asia Commercial Trust		7,700		8,339
Oversea-Chinese Banking Corp. Ltd.		11,525		110,241
Sea Ltd., ADR(a)(b)		1,213		46,264
Seatrium Ltd.(a)(b)		157,208		11,667
Sembcorp Industries Ltd.		3,300		13,888
Singapore Airlines Ltd.		6,100		30,276
Singapore Exchange Ltd.		1,400		9,776
Singapore Technologies Engineering Ltd.		4,700		13,024
Singapore Telecommunications Ltd.		26,900		48,004
United Overseas Bank Ltd.		4,300		90,638
UOL Group Ltd.		1,600		7,430
Wilmar International Ltd.		7,700		18,855
				726,294
Spain — 0.7%
Acciona SA		83		10,736
ACS Actividades de Construccion y Servicios SA		681		26,873
Aena SME SA(c)		271		47,942

76 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI Kokusai ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Spain (continued)
Amadeus IT Group SA		1,499	$	105,050
Banco Bilbao Vizcaya Argentaria SA		20,349		190,455
Banco Santander SA		55,950		224,866
CaixaBank SA		15,136		64,540
Cellnex Telecom SA(c)		1,911		73,530
Corp. ACCIONA Energias Renovables SA		223		5,795
EDP Renovaveis SA		975		15,788
Enagas SA		594		9,670
Endesa SA		1,039		20,585
Grifols SA(a)		1,039		11,318
Iberdrola SA		20,374		245,322
Iberdrola SA, NVS		351		4,230
Industria de Diseno Textil SA		3,612		154,440
Naturgy Energy Group SA		413		11,121
Redeia Corp. SA		961		15,991
Repsol SA		4,335		64,021
Telefonica SA		16,529		67,254
				1,369,527
Sweden — 0.9%
Alfa Laval AB		880		32,290
Assa Abloy AB, Class B		3,506		96,154
Atlas Copco AB, Class A		9,224		147,210
Atlas Copco AB, Class B		5,380		74,502
Beijer Ref AB, Class B		1,146		15,603
Boliden AB		884		23,464
Epiroc AB		2,306		40,744
Epiroc AB, Class B		1,345		20,971
EQT AB		1,375		36,922
Essity AB, Class B		2,037		47,835
Evolution AB(c)		664		77,531
Fastighets AB Balder, Class B(a)		2,076		13,779
Getinge AB, Class B		769		16,439
H & M Hennes & Mauritz AB, Class B		2,421		34,157
Hexagon AB, Class B		7,200		78,578
Holmen AB, Class B		317		12,493
Husqvarna AB, Class B		1,077		8,378
Industrivarden AB, Class A		423		13,317
Industrivarden AB, Class C		500		15,714
Indutrade AB		924		22,448
Investment AB Latour, Class B		500		12,575
Investor AB, Class B		5,813		136,866
L E Lundbergforetagen AB, Class B		270		14,078
Lifco AB, Class B		770		18,578
Nibe Industrier AB, Class B		4,842		28,932
Saab AB, Class B		275		17,707
Sagax AB, Class B		538		13,074
Sandvik AB		3,728		78,347
Securitas AB, Class B		1,811		17,592
Skandinaviska Enskilda Banken AB, Class A		5,340		75,839
Skanska AB, Class B		1,269		22,004
SKF AB, Class B		950		18,720
Svenska Cellulosa AB SCA, Class B		1,922		26,166
Svenska Handelsbanken AB, Class A		4,585		49,428
Swedbank AB, Class A		3,113		63,437
Swedish Orphan Biovitrum AB(a)		652		18,300
Tele2 AB, Class B		1,448		12,346
Telefonaktiebolaget LM Ericsson, Class B		9,990		55,379
Telia Co. AB		8,952		23,089
Volvo AB, Class A		692		17,013
Volvo AB, Class B		5,103		122,295

Security	Shares		Value
Sweden (continued)
Volvo Car AB, Class B(a)(b)		2,015	$	5,253
				1,675,547
Switzerland — 2.9%
ABB Ltd., Registered		5,472		231,530
Adecco Group AG, Registered		577		24,951
Alcon Inc.		1,698		127,817
Avolta AG, Registered(a)		337		12,875
Bachem Holding AG, Class B		80		5,356
Baloise Holding AG, Registered		154		24,600
Banque Cantonale Vaudoise, Registered		103		13,188
Barry Callebaut AG, Registered		12		17,527
BKW AG		73		11,597
Bunge Global SA		500		44,045
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		8		101,672
Cie. Financiere Richemont SA, Class A, Registered		1,748		259,638
Clariant AG, Registered		615		7,873
Coca-Cola HBC AG, Class DI		654		19,225
DSM-Firmenich AG		577		61,007
EMS-Chemie Holding AG, Registered		24		18,118
Geberit AG, Registered		114		65,622
Givaudan SA, Registered		31		128,915
Helvetia Holding AG, Registered		127		18,341
Holcim AG		1,766		134,885
Julius Baer Group Ltd.		752		40,940
Kuehne + Nagel International AG, Registered		192		65,065
Logitech International SA, Registered		534		44,767
Lonza Group AG, Registered		254		124,182
Nestle SA, Registered		9,049		1,031,138
Novartis AG, Registered		6,967		720,483
Partners Group Holding AG		78		105,236
Roche Holding AG, Bearer		103		31,202
Roche Holding AG, NVS		2,388		679,903
Sandoz Group AG(a)		1,266		43,417
Schindler Holding AG, Participation Certificates, NVS		154		38,360
Schindler Holding AG, Registered		77		18,329
SGS SA		535		49,437
Siemens Energy AG(a)		1,757		26,104
SIG Group AG		1,027		21,497
Sika AG, Registered		527		145,482
Sonova Holding AG, Registered		163		52,094
STMicroelectronics NV		2,366		103,885
Straumann Holding AG		390		59,242
Swatch Group AG (The), Bearer		93		21,833
Swatch Group AG (The), Registered		154		7,007
Swiss Life Holding AG, Registered		101		72,531
Swiss Prime Site AG, Registered		234		23,701
Swiss Re AG		1,050		120,225
Swisscom AG, Registered		82		49,059
Temenos AG, Registered		231		23,509
UBS Group AG, Registered		11,140		333,449
VAT Group AG(c)		78		36,311
Zurich Insurance Group AG		497		252,521
				5,669,691
United Kingdom — 4.0%
3i Group PLC		3,382		105,873
abrdn PLC		7,032		14,960
Admiral Group PLC		693		22,035
Anglo American PLC		4,212		100,404
Antofagasta PLC		1,192		25,980
Ashtead Group PLC		1,537		100,507

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI Kokusai ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Associated British Foods PLC		1,230	$	36,432
AstraZeneca PLC		5,268		698,415
Auto Trader Group PLC(c)		2,773		25,511
Aviva PLC		8,774		47,893
BAE Systems PLC		10,372		154,506
Barclays PLC		52,677		97,891
Barratt Developments PLC		3,306		22,531
Berkeley Group Holdings PLC		423		25,615
BP PLC		57,609		336,461
British American Tobacco PLC		7,272		214,405
BT Group PLC		23,669		33,533
Bunzl PLC		1,192		48,443
Burberry Group PLC		1,167		19,223
Centrica PLC		19,337		33,841
Coca-Cola Europacific Partners PLC		653		44,992
Compass Group PLC		5,755		158,514
Croda International PLC		500		30,263
DCC PLC		346		25,154
Diageo PLC		7,569		273,376
Endeavour Mining PLC		632		11,227
Entain PLC		2,249		27,394
Experian PLC		2,997		124,742
Glencore PLC		34,847		184,374
GSK PLC		14,030		277,482
Haleon PLC		18,855		76,585
Halma PLC		1,307		36,177
Hargreaves Lansdown PLC		1,191		11,492
Hikma Pharmaceuticals PLC		692		16,883
HSBC Holdings PLC		66,230		517,104
Imperial Brands PLC		2,874		68,991
Informa PLC		4,688		46,043
InterContinental Hotels Group PLC		572		54,199
Intertek Group PLC		577		32,751
J Sainsbury PLC		5,379		18,365
JD Sports Fashion PLC		9,337		13,797
Kingfisher PLC		7,378		20,513
Land Securities Group PLC		2,613		22,029
Legal & General Group PLC		19,670		63,267
Lloyds Banking Group PLC		215,989		115,782
London Stock Exchange Group PLC		1,442		163,110
M&G PLC		9,106		25,746
Melrose Industries PLC		4,577		34,115
Mondi PLC, NVS		1,536		27,525
National Grid PLC		12,404		165,210
NatWest Group PLC, NVS		18,336		51,747
Next PLC		424		45,265
Ocado Group PLC(a)		1,538		10,535
Pearson PLC		2,459		30,166
Persimmon PLC		1,039		19,136
Phoenix Group Holdings PLC		2,902		18,528
Prudential PLC		9,215		94,662
Reckitt Benckiser Group PLC		2,449		177,065
RELX PLC		6,448		266,135
Rentokil Initial PLC		8,442		43,474
Rio Tinto PLC		3,866		267,602
Rolls-Royce Holdings PLC(a)		28,081		106,608
Sage Group PLC (The)		3,690		54,936
Schroders PLC		2,488		12,729
Segro PLC		3,959		43,969
Severn Trent PLC		807		26,527
Shell PLC		22,491		697,273
Smith & Nephew PLC		2,997		41,913

Security	Shares		Value
United Kingdom (continued)
Smiths Group PLC		1,346	$	27,584
Spirax-Sarco Engineering PLC		269		33,857
SSE PLC		3,675		78,270
St. James’s Place PLC		1,806		14,868
Standard Chartered PLC		7,504		56,712
Taylor Wimpey PLC		13,794		25,753
Tesco PLC		23,402		84,800
Unilever PLC		8,521		414,634
United Utilities Group PLC		2,267		30,534
Vodafone Group PLC		78,017		66,325
Whitbread PLC		692		31,367
Wise PLC, Class A(a)		2,092		21,338
WPP PLC		3,630		35,104
				7,781,077
United States — 74.6%
3M Co.		1,909		180,114
A O Smith Corp.		385		29,880
Abbott Laboratories		5,893		666,793
AbbVie Inc.		5,986		984,098
Accenture PLC, Class A		2,133		776,156
Adobe Inc.(a)		1,546		955,088
Advanced Micro Devices Inc.(a)		5,484		919,612
AECOM		447		39,421
AES Corp. (The)		2,113		35,245
Aflac Inc.		1,943		163,873
Agilent Technologies Inc.		999		129,970
Air Products and Chemicals Inc.		755		193,061
Airbnb Inc.(a)		1,464		211,021
Akamai Technologies Inc.(a)		538		66,298
Albemarle Corp.		385		44,175
Albertsons Companies Inc., Class A		1,320		28,010
Alexandria Real Estate Equities Inc.		559		67,583
Align Technology Inc.(a)		237		63,355
Allegion PLC		270		33,450
Alliant Energy Corp.		929		45,205
Allstate Corp. (The)		868		134,757
Ally Financial Inc.		868		31,838
Alnylam Pharmaceuticals Inc.(a)		416		71,931
Alphabet Inc., Class A(a)		20,166		2,825,257
Alphabet Inc., Class C, NVS(a)		17,745		2,516,241
Altria Group Inc.		6,030		241,924
Amazon.com Inc.(a)		31,562		4,898,422
Amcor PLC		5,148		48,546
Ameren Corp.		936		65,118
American Electric Power Co. Inc.		1,774		138,620
American Express Co.		2,148		431,190
American Financial Group Inc./OH		243		29,257
American Homes 4 Rent, Class A		1,058		37,083
American International Group Inc.		2,435		169,257
American Tower Corp.		1,577		308,540
American Water Works Co. Inc.		663		82,225
Ameriprise Financial Inc.		354		136,938
AMETEK Inc.		790		128,019
Amgen Inc.		1,818		571,325
Amphenol Corp., Class A		2,037		205,941
Analog Devices Inc.		1,694		325,858
Annaly Capital Management Inc.		1,627		31,222
Ansys Inc.(a)		307		100,644
Aon PLC, Class A		680		202,932
APA Corp.		1,130		35,403
Apollo Global Management Inc.		1,313		131,825
Apple Inc.		53,140		9,799,016

78 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI Kokusai ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Applied Materials Inc.		2,849	$	468,091
Aptiv PLC(a)		999		81,249
Arch Capital Group Ltd.(a)		1,289		106,252
Archer-Daniels-Midland Co.		1,825		101,433
Ares Management Corp., Class A		524		63,656
Arista Networks Inc.(a)		881		227,897
Arthur J Gallagher & Co.		744		172,727
Aspen Technology Inc.(a)(b)		98		18,815
Assurant Inc.		181		30,399
AT&T Inc.		24,333		430,452
Atlassian Corp., NVS(a)		509		127,133
Atmos Energy Corp.		528		60,160
Autodesk Inc.(a)		731		185,535
Automatic Data Processing Inc.		1,418		348,516
AutoZone Inc.(a)		59		162,966
AvalonBay Communities Inc.		503		90,042
Avantor Inc.(a)		2,349		54,004
Avery Dennison Corp.		269		53,652
Axon Enterprise Inc.(a)		233		58,031
Baker Hughes Co., Class A		3,502		99,807
Ball Corp.		1,076		59,664
Bank of America Corp.		24,276		825,627
Bank of New York Mellon Corp. (The)		2,597		144,030
Bath & Body Works Inc.		808		34,469
Baxter International Inc.		1,720		66,547
Becton Dickinson and Co.		995		237,616
Bentley Systems Inc., Class B		756		38,102
Berkshire Hathaway Inc., Class B(a)		4,446		1,706,108
Best Buy Co. Inc.		672		48,713
BILL Holdings Inc.(a)(b)		339		26,459
Biogen Inc.(a)		500		123,330
BioMarin Pharmaceutical Inc.(a)		615		54,169
Bio-Rad Laboratories Inc., Class A(a)		77		24,709
Bio-Techne Corp.		556		39,098
BlackRock Inc.(d)		507		392,575
Blackstone Inc., NVS		2,397		298,307
Block Inc.(a)		1,858		120,789
Boeing Co. (The)(a)		1,957		413,005
Booking Holdings Inc.(a)		122		427,911
Booz Allen Hamilton Holding Corp., Class A		475		66,866
BorgWarner Inc.		733		24,849
Boston Properties Inc.		533		35,444
Boston Scientific Corp.(a)		5,021		317,628
Bristol-Myers Squibb Co.		7,060		345,022
Broadcom Inc.		1,508		1,779,440
Broadridge Financial Solutions Inc.		385		78,617
Brown & Brown Inc.		859		66,624
Brown-Forman Corp., Class B		1,038		56,986
Builders FirstSource Inc.(a)		423		73,488
Burlington Stores Inc.(a)		231		44,156
Cadence Design Systems Inc.(a)		923		266,249
Caesars Entertainment Inc.(a)		693		30,402
Camden Property Trust		359		33,689
Campbell Soup Co.		645		28,786
Capital One Financial Corp.		1,273		172,262
Cardinal Health Inc.		824		89,973
Carlisle Companies Inc.		174		54,681
Carlyle Group Inc. (The)		723		28,934
CarMax Inc.(a)(b)		539		38,366
Carnival Corp.(a)		3,306		54,813
Carrier Global Corp.		2,808		153,626
Catalent Inc.(a)		577		29,796

Security	Shares		Value
United States (continued)
Caterpillar Inc.		1,734	$	520,738
Cboe Global Markets Inc.		356		65,451
CBRE Group Inc., Class A(a)		1,022		88,209
CDW Corp./DE		438		99,303
Celanese Corp., Class A		333		48,715
Celsius Holdings Inc.(a)(b)		514		25,649
Cencora Inc.		585		136,118
Centene Corp.(a)		1,893		142,562
CenterPoint Energy Inc.		2,075		57,975
Ceridian HCM Holding Inc.(a)		461		32,049
CF Industries Holdings Inc.		679		51,271
CH Robinson Worldwide Inc.		390		32,795
Charles River Laboratories International Inc.(a)(b)		182		39,363
Charles Schwab Corp. (The)		5,100		320,892
Charter Communications Inc., Class A(a)		336		124,559
Cheniere Energy Inc.		828		135,784
Chesapeake Energy Corp.		427		32,926
Chevron Corp.		6,158		907,874
Chipotle Mexican Grill Inc., Class A(a)		94		226,424
Chubb Ltd.		1,385		339,325
Church & Dwight Co. Inc.		846		84,473
Cigna Group (The)		1,002		301,552
Cincinnati Financial Corp.		538		59,610
Cintas Corp.		308		186,208
Cisco Systems Inc.		13,768		690,878
Citigroup Inc.		6,582		369,711
Citizens Financial Group Inc.		1,520		49,704
Cleveland-Cliffs Inc.(a)		1,774		35,569
Clorox Co. (The)		423		61,441
Cloudflare Inc., Class A(a)		977		77,232
CME Group Inc.		1,235		254,212
CMS Energy Corp.		962		54,988
Coca-Cola Co. (The)		13,955		830,183
Cognizant Technology Solutions Corp., Class A		1,665		128,405
Coinbase Global Inc., Class A(a)		558		71,536
Colgate-Palmolive Co.		2,696		227,003
Comcast Corp., Class A		13,958		649,605
Conagra Brands Inc.		1,652		48,156
Confluent Inc.(a)		555		12,410
ConocoPhillips		4,056		453,745
Consolidated Edison Inc.		1,161		105,535
Constellation Brands Inc., Class A		572		140,186
Constellation Energy Corp.		1,115		136,030
Cooper Companies Inc. (The)		177		66,026
Copart Inc.(a)		2,920		140,277
Corning Inc.		2,767		89,900
Corteva Inc.		2,373		107,924
CoStar Group Inc.(a)		1,380		115,202
Costco Wholesale Corp.		1,505		1,045,794
Coterra Energy Inc.		2,623		65,260
Crowdstrike Holdings Inc., Class A(a)		759		222,007
Crown Castle Inc.		1,488		161,076
Crown Holdings Inc.		384		33,984
CSX Corp.		6,900		246,330
Cummins Inc.		484		115,821
CVS Health Corp.		4,411		328,046
Danaher Corp.		2,381		571,226
Darden Restaurants Inc.		424		68,934
Darling Ingredients Inc.(a)(b)		543		23,512
Datadog Inc., Class A(a)		882		109,756
DaVita Inc.(a)		193		20,875
Deckers Outdoor Corp.(a)		91		68,589

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI Kokusai ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Deere & Co.		930	$	366,029
Dell Technologies Inc., Class C		857		71,028
Delta Air Lines Inc.		500		19,570
Devon Energy Corp.		2,253		94,671
Dexcom Inc.(a)		1,291		156,663
Diamondback Energy Inc.		577		88,708
Dick’s Sporting Goods Inc.		212		31,603
Digital Realty Trust Inc.		1,019		143,129
Discover Financial Services		859		90,642
DocuSign Inc., Class A(a)		624		38,014
Dollar General Corp.		727		96,015
Dollar Tree Inc.(a)		710		92,740
Dominion Energy Inc.		2,772		126,736
Domino’s Pizza Inc.		116		49,442
DoorDash Inc., Class A(a)(b)		881		91,800
Dover Corp.		462		69,198
Dow Inc.		2,457		131,695
DR Horton Inc.		1,043		149,055
DraftKings Inc., Class A (a)		1,409		55,021
Dropbox Inc., Class A(a)		1,000		31,680
DTE Energy Co.		698		73,583
Duke Energy Corp.		2,625		251,554
DuPont de Nemours Inc.		1,548		95,666
Dynatrace Inc.(a)		917		52,269
Eastman Chemical Co.		372		31,081
Eaton Corp. PLC		1,347		331,470
eBay Inc.		1,770		72,694
Ecolab Inc.		888		176,019
Edison International		1,335		90,086
Edwards Lifesciences Corp.(a)		2,032		159,451
Electronic Arts Inc.		880		121,070
Elevance Health Inc.		806		397,713
Eli Lilly & Co.		2,743		1,770,908
Emerson Electric Co.		1,909		175,113
Enphase Energy Inc.(a)		455		47,379
Entegris Inc.		537		63,205
Entergy Corp.		693		69,134
EOG Resources Inc.		1,955		222,459
EPAM Systems Inc.(a)		192		53,397
EQT Corp.		1,308		46,303
Equifax Inc.		423		103,356
Equinix Inc.		314		260,548
Equitable Holdings Inc.		1,171		38,280
Equity LifeStyle Properties Inc.		631		42,712
Equity Residential		1,223		73,612
Erie Indemnity Co., Class A, NVS		77		26,629
Essential Utilities Inc.		906		32,489
Essex Property Trust Inc.		221		51,553
Estee Lauder Companies Inc. (The), Class A		802		105,856
Etsy Inc.(a)		423		28,155
Everest Group Ltd.		144		55,436
Evergy Inc.		808		41,022
Eversource Energy		1,226		66,474
Exact Sciences Corp.(a)		641		41,921
Exelon Corp.		3,343		116,370
Expedia Group Inc.(a)		447		66,304
Expeditors International of Washington Inc.		513		64,807
Extra Space Storage Inc.		717		103,563
Exxon Mobil Corp.		13,617		1,399,964
F5 Inc.(a)		193		35,454
FactSet Research Systems Inc.		126		59,966
Fair Isaac Corp.(a)		82		98,304

Security	Shares		Value
United States (continued)
Fastenal Co.		1,977	$	134,891
FedEx Corp.		806		194,480
Ferguson PLC		683		128,308
Fidelity National Financial Inc.		869		43,476
Fidelity National Information Services Inc.		2,036		126,761
Fifth Third Bancorp		2,268		77,656
First Citizens BancShares Inc./NC, Class A		39		58,890
First Solar Inc.(a)		325		47,547
FirstEnergy Corp.		1,767		64,814
Fiserv Inc.(a)		2,049		290,692
FleetCor Technologies Inc.(a)		230		66,684
FMC Corp.		456		25,627
Ford Motor Co.		13,113		153,684
Fortinet Inc.(a)		2,290		147,682
Fortive Corp.		1,191		93,112
Fortune Brands Home & Security Inc., NVS		423		32,821
Fox Corp., Class A, NVS		785		25,355
Fox Corp., Class B		577		17,316
Franklin Resources Inc.		1,076		28,654
Freeport-McMoRan Inc.		4,859		192,854
Gaming and Leisure Properties Inc.		858		39,168
Garmin Ltd.		538		64,286
Gartner Inc.(a)		270		123,509
GE HealthCare Technologies Inc., NVS(a)		1,381		101,310
Gen Digital Inc.		2,091		49,097
General Dynamics Corp.		802		212,522
General Electric Co.		3,709		491,146
General Mills Inc.		1,980		128,522
General Motors Co.		4,707		182,632
Genuine Parts Co.		496		69,554
Gilead Sciences Inc.		4,228		330,883
Global Payments Inc.		873		116,310
Globe Life Inc.		308		37,829
GoDaddy Inc., Class A(a)		506		53,970
Goldman Sachs Group Inc. (The)		1,126		432,395
Graco Inc.		572		48,792
Halliburton Co.		2,997		106,843
Hartford Financial Services Group Inc. (The)		991		86,177
Hasbro Inc.		462		22,615
HCA Healthcare Inc.		693		211,296
Healthpeak Properties Inc.		1,690		31,265
HEICO Corp.		132		23,706
HEICO Corp., Class A		231		32,680
Henry Schein Inc.(a)		399		29,861
Hershey Co. (The)		506		97,931
Hess Corp.		959		134,768
Hewlett Packard Enterprise Co.		4,543		69,462
HF Sinclair Corp.		550		31,069
Hilton Worldwide Holdings Inc.		879		167,854
Hologic Inc.(a)		846		62,976
Home Depot Inc. (The)		3,399		1,199,711
Honeywell International Inc.		2,244		453,871
Hormel Foods Corp.		1,000		30,370
Host Hotels & Resorts Inc.		2,536		48,742
Howmet Aerospace Inc.		1,384		77,864
HP Inc.		3,016		86,589
Hubbell Inc., Class B		182		61,074
HubSpot Inc.(a)		168		102,648
Humana Inc.		424		160,297
Huntington Bancshares Inc./OH		4,994		63,574
Huntington Ingalls Industries Inc.		124		32,106
Hyatt Hotels Corp., Class A		162		20,796

80 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI Kokusai ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
IDEX Corp.		272	$	57,528
IDEXX Laboratories Inc.(a)		284		146,283
Illinois Tool Works Inc.		1,040		271,336
Illumina Inc.(a)		536		76,653
Incyte Corp.(a)		616		36,202
Ingersoll Rand Inc.		1,330		106,214
Insulet Corp.(a)		231		44,091
Intel Corp.		14,292		615,699
Intercontinental Exchange Inc.		1,917		244,092
International Business Machines Corp.		3,108		570,815
International Flavors & Fragrances Inc.		846		68,255
International Paper Co.		1,192		42,709
Interpublic Group of Companies Inc. (The)		1,269		41,864
Intuit Inc.		953		601,657
Intuitive Surgical Inc.(a)		1,206		456,133
Invitation Homes Inc.		2,189		72,084
IQVIA Holdings Inc.(a)		614		127,853
Iron Mountain Inc.		961		64,887
Jabil Inc.		444		55,629
Jack Henry & Associates Inc.		230		38,141
Jacobs Solutions Inc., NVS		423		57,008
Jazz Pharmaceuticals PLC(a)		173		21,231
JB Hunt Transport Services Inc.		270		54,265
JM Smucker Co. (The)		385		50,647
Johnson & Johnson		8,185		1,300,596
Johnson Controls International PLC		2,299		121,134
JPMorgan Chase & Co.		9,878		1,722,328
Juniper Networks Inc.		1,162		42,948
Kellanova		884		48,408
Kenvue Inc.		5,910		122,692
Keurig Dr Pepper Inc.		3,594		112,995
KeyCorp		3,327		48,341
Keysight Technologies Inc.(a)		615		94,255
Kimberly-Clark Corp.		1,153		139,478
Kimco Realty Corp.		2,406		48,601
Kinder Morgan Inc.		6,840		115,733
KKR & Co. Inc.		1,954		169,177
KLA Corp.		464		275,635
Knight-Swift Transportation Holdings Inc.		607		34,830
Kraft Heinz Co. (The)		2,911		108,085
Kroger Co. (The)		2,298		106,030
L3Harris Technologies Inc.		628		130,888
Laboratory Corp. of America Holdings		312		69,358
Lam Research Corp.		449		370,501
Lamb Weston Holdings Inc.		487		49,888
Las Vegas Sands Corp.		1,326		64,868
Lattice Semiconductor Corp.(a)(b)		468		28,482
Lear Corp.		192		25,517
Leidos Holdings Inc.		424		46,839
Lennar Corp., Class A		834		124,975
Lennox International Inc.		115		49,238
Liberty Broadband Corp., Class C (a)		430		33,733
Liberty Global Ltd., NVS(a)(b)		594		12,438
Liberty Media Corp.-Liberty Formula One, NVS(a)		692		46,537
Liberty Media Corp.-Liberty SiriusXM, NVS(a)		624		18,945
Linde PLC		1,652		668,779
Live Nation Entertainment Inc.(a)(b)		580		51,533
LKQ Corp.		884		41,256
Lockheed Martin Corp.		759		325,922
Loews Corp.		653		47,578
Lowe’s Companies Inc.		1,962		417,592
LPL Financial Holdings Inc.		271		64,820

Security	Shares		Value
United States (continued)
Lucid Group Inc.(a)(b)		3,044	$	10,289
Lululemon Athletica Inc.(a)		384		174,267
LyondellBasell Industries NV, Class A		920		86,590
M&T Bank Corp.		552		76,231
Manhattan Associates Inc.(a)		211		51,180
Marathon Oil Corp.		2,137		48,830
Marathon Petroleum Corp.		1,371		227,038
Markel Group Inc.(a)		40		59,897
MarketAxess Holdings Inc.		127		28,640
Marriott International Inc./MD, Class A		870		208,565
Marsh & McLennan Companies Inc.		1,679		325,457
Martin Marietta Materials Inc.		205		104,226
Marvell Technology Inc.		2,881		195,044
Masco Corp.		769		51,746
Mastercard Inc., Class A		2,860		1,284,798
Match Group Inc.(a)		993		38,111
McCormick & Co. Inc./MD, NVS		884		60,253
McDonald’s Corp.		2,477		725,067
McKesson Corp.		464		231,949
Medtronic PLC		4,489		392,967
MercadoLibre Inc.(a)		154		263,619
Merck & Co. Inc.		8,625		1,041,727
Meta Platforms Inc., Class A(a)		7,554		2,947,118
MetLife Inc.		2,185		151,464
Mettler-Toledo International Inc.(a)		77		92,184
MGM Resorts International		882		38,252
Microchip Technology Inc.		1,883		160,394
Micron Technology Inc.		3,769		323,192
Microsoft Corp.		23,991		9,538,342
Mid-America Apartment Communities Inc.		385		48,656
Moderna Inc.(a)		1,107		111,862
Molina Healthcare Inc.(a)		192		68,436
Molson Coors Beverage Co., Class B		654		40,411
Mondelez International Inc., Class A		4,614		347,296
MongoDB Inc., Class A(a)		247		98,928
Monolithic Power Systems Inc.		154		92,819
Monster Beverage Corp.(a)		2,611		143,657
Moody’s Corp.		561		219,934
Morgan Stanley		4,224		368,502
Mosaic Co. (The)		1,099		33,750
Motorola Solutions Inc.		577		184,351
MSCI Inc., Class A		274		164,022
Nasdaq Inc.		1,158		66,898
NetApp Inc.		687		59,906
Netflix Inc.(a)		1,505		848,986
Neurocrine Biosciences Inc.(a)		311		43,468
Newmont Corp.		3,989		137,660
News Corp., Class A, NVS		1,307		32,204
NextEra Energy Inc.		6,965		408,358
Nike Inc., Class B		4,158		422,162
NiSource Inc.		1,269		32,956
Nordson Corp.		190		47,827
Norfolk Southern Corp.		768		180,664
Northern Trust Corp.		663		52,801
Northrop Grumman Corp.		492		219,806
NRG Energy Inc.		847		44,925
Nucor Corp.		864		161,508
Nvidia Corp.		8,395		5,165,192
NVR Inc.(a)		11		77,828
NXP Semiconductors NV		884		186,144
O’Reilly Automotive Inc.(a)		205		209,725
Occidental Petroleum Corp.		2,265		130,396

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI Kokusai ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Okta Inc.(a)		496	$	40,994
Old Dominion Freight Line Inc.		335		130,992
Omnicom Group Inc.		652		58,928
ON Semiconductor Corp.(a)		1,500		106,695
ONEOK Inc.		1,978		134,998
Oracle Corp.		5,560		621,052
Otis Worldwide Corp.		1,422		125,762
Ovintiv Inc.		860		36,481
Owens Corning		296		44,853
PACCAR Inc.		1,788		179,497
Packaging Corp. of America		307		50,925
Palantir Technologies Inc.(a)		6,117		98,423
Palo Alto Networks Inc.(a)		1,053		356,451
Paramount Global, Class B, NVS		1,646		24,015
Parker-Hannifin Corp.		443		205,773
Paychex Inc.		1,114		135,607
Paycom Software Inc.		191		36,336
Paylocity Holding Corp.(a)		140		22,177
PayPal Holdings Inc.(a)		3,587		220,062
Pentair PLC		577		42,219
PepsiCo Inc.		4,664		786,024
Pfizer Inc.		19,343		523,808
PG&E Corp.		6,949		117,230
Philip Morris International Inc.		5,241		476,145
Phillips 66		1,495		215,743
Pinterest Inc., Class A(a)		1,889		70,781
Pioneer Natural Resources Co.		799		183,634
PNC Financial Services Group Inc. (The)		1,369		207,006
Pool Corp.		132		49,005
PPG Industries Inc.		808		113,960
PPL Corp.		2,460		64,452
Principal Financial Group Inc.		782		61,856
Procter & Gamble Co. (The)		8,011		1,258,849
Progressive Corp. (The)		1,990		354,717
Prologis Inc.		3,137		397,427
Prudential Financial Inc.		1,262		132,422
PTC Inc.(a)		384		69,370
Public Service Enterprise Group Inc.		1,729		100,265
Public Storage		536		151,790
PulteGroup Inc.		737		77,061
Qorvo Inc.(a)		313		31,219
Qualcomm Inc.		3,820		567,308
Quanta Services Inc.		486		94,308
Quest Diagnostics Inc.		364		46,749
Raymond James Financial Inc.		653		71,948
Realty Income Corp.		2,827		153,761
Regency Centers Corp.		539		33,779
Regeneron Pharmaceuticals Inc.(a)		362		341,286
Regions Financial Corp.		2,995		55,917
Reliance Steel & Aluminum Co.		199		56,799
Repligen Corp.(a)		178		33,713
Republic Services Inc., Class A		764		130,736
ResMed Inc.		500		95,100
Revvity Inc.		457		48,981
Rivian Automotive Inc., Class A(a)(b)		2,188		33,498
Robert Half Inc.		384		30,543
Robinhood Markets Inc.(a)		1,444		15,509
ROBLOX Corp., Class A(a)		1,418		55,033
Rockwell Automation Inc.		385		97,513
Roku Inc.(a)		389		34,255
Rollins Inc.		1,042		45,129
Roper Technologies Inc.		366		196,542

Security	Shares		Value
United States (continued)
Ross Stores Inc.		1,161	$	162,865
Royal Caribbean Cruises Ltd.(a)		840		107,100
Royalty Pharma PLC, Class A		1,404		39,860
RPM International Inc.		461		49,170
RTX Corp.		4,914		447,764
S&P Global Inc.		1,099		492,737
Salesforce Inc.(a)		3,304		928,721
SBA Communications Corp., Class A		358		80,142
Schlumberger NV		4,891		238,192
Seagate Technology Holdings PLC		716		61,347
SEI Investments Co.		338		21,375
Sempra Energy		2,149		153,782
ServiceNow Inc.(a)		689		527,361
Sherwin-Williams Co. (The)		841		255,984
Simon Property Group Inc.		1,084		150,253
Sirius XM Holdings Inc.(b)		2,469		12,567
Skyworks Solutions Inc.		509		53,170
Snap Inc., Class A, NVS(a)		3,574		56,791
Snap-on Inc.		167		48,418
Snowflake Inc., Class A(a)		961		188,010
Southern Co. (The)		3,689		256,459
Southwest Airlines Co.		538		16,081
Splunk Inc.(a)		564		86,501
SS&C Technologies Holdings Inc.		769		46,924
Stanley Black & Decker Inc.		539		50,289
Starbucks Corp.		3,901		362,910
State Street Corp.		1,133		83,695
Steel Dynamics Inc.		537		64,811
STERIS PLC		346		75,757
Stryker Corp.		1,151		386,137
Sun Communities Inc.		396		49,639
Super Micro Computer Inc.(a)		160		84,738
Synchrony Financial		1,498		58,227
Synopsys Inc.(a)		523		278,942
Sysco Corp.		1,687		136,529
T-Mobile U.S. Inc.		1,782		287,312
T Rowe Price Group Inc.		769		83,398
Take-Two Interactive Software Inc.(a)		598		98,628
Targa Resources Corp.		733		62,276
Target Corp.		1,554		216,130
TE Connectivity Ltd.		1,076		152,996
Teledyne Technologies Inc.(a)		154		64,444
Teleflex Inc.		154		37,396
Teradyne Inc.		552		53,318
Tesla Inc.(a)		9,709		1,818,399
Texas Instruments Inc.		3,086		494,130
Texas Pacific Land Corp.		21		30,688
Textron Inc.		682		57,772
Thermo Fisher Scientific Inc.(b)		1,312		707,142
TJX Companies Inc. (The)		3,924		372,427
Toast Inc.(a)		1,215		21,591
Toro Co. (The)		351		32,460
Tractor Supply Co.		351		78,835
Trade Desk Inc. (The), Class A(a)		1,535		105,040
Tradeweb Markets Inc., Class A		384		36,630
Trane Technologies PLC		765		192,818
TransDigm Group Inc.		186		203,238
TransUnion		615		42,552
Travelers Cos. Inc. (The)		798		168,665
Trimble Inc.(a)		884		44,960
Truist Financial Corp.		4,483		166,140
Twilio Inc., Class A(a)		591		41,565

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Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI Kokusai ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Tyler Technologies Inc.(a)		151	$	63,835
Tyson Foods Inc., Class A		941		51,529
U.S. Bancorp		5,169		214,720
Uber Technologies Inc.(a)		6,185		403,695
UDR Inc.		1,084		39,046
U-Haul Holding Co.(b)		342		21,844
UiPath Inc., Class A(a)(b)		1,211		27,829
Ulta Beauty Inc.(a)		162		81,332
Union Pacific Corp.		2,076		506,399
United Parcel Service Inc., Class B		2,436		345,668
United Rentals Inc.		230		143,842
United Therapeutics Corp.(a)		156		33,506
UnitedHealth Group Inc.		3,148		1,610,958
Unity Software Inc.(a)(b)		760		24,624
Universal Health Services Inc., Class B		230		36,526
Vail Resorts Inc.		116		25,752
Valero Energy Corp.		1,172		162,791
Veeva Systems Inc., Class A(a)		499		103,498
Ventas Inc.		1,399		64,900
Veralto Corp.		793		60,815
VeriSign Inc.(a)		311		61,852
Verisk Analytics Inc., Class A		493		119,074
Verizon Communications Inc.		14,208		601,709
Vertex Pharmaceuticals Inc.(a)		873		378,341
Vertiv Holdings Co., Class A		1,174		66,131
VF Corp.		1,154		18,995
Viatris Inc.		4,151		48,857
VICI Properties Inc., Class A		3,527		106,233
Visa Inc., Class A		5,461		1,492,273
Vistra Corp.		1,144		46,938
Vulcan Materials Co.		461		104,191
W R Berkley Corp.		693		56,743
Walmart Inc.		5,032		831,538
Walgreens Boots Alliance Inc.		2,459		55,500
Walt Disney Co. (The)		6,238		599,160
Warner Bros. Discovery Inc.(a)		8,006		80,220
Waste Management Inc.		1,369		254,127
Waters Corp.(a)(b)		204		64,813
Watsco Inc.		116		45,354
WEC Energy Group Inc.		1,077		86,979
Wells Fargo & Co.		12,436		624,038
Welltower Inc.		1,782		154,161
West Pharmaceutical Services Inc.		260		96,988
Western Digital Corp.(a)		1,076		61,601
Westinghouse Air Brake Technologies Corp.		619		81,442
Westlake Corp.		130		17,985
Westrock Co.		884		35,590
Weyerhaeuser Co.		2,575		84,383
Williams Cos. Inc. (The)		4,112		142,522
Willis Towers Watson PLC		362		89,161
Workday Inc., Class A(a)		692		201,420
WP Carey Inc.		704		43,620
WW Grainger Inc.		154		137,929
Wynn Resorts Ltd.		326		30,784
Xcel Energy Inc.		1,895		113,454
Xylem Inc./NY		848		95,349
Yum! Brands Inc.		937		121,332
Zebra Technologies Corp., Class A(a)		166		39,765
Zillow Group Inc., Class C (a)		500		28,420
Zimmer Biomet Holdings Inc.		692		86,915
Zoetis Inc.		1,573		295,425
Zoom Video Communications Inc., Class A(a)		769		49,685

Security	Shares		Value
United States (continued)
Zscaler Inc.(a)		312	$	73,529
				144,964,462
Total Common Stocks — 99.6% (Cost: $196,719,883)				193,421,674
Preferred Stocks
Germany — 0.1%
Bayerische Motoren Werke AG, Preference Shares, NVS		193		18,858
Dr Ing hc F Porsche AG, Preference Shares, NVS(c)		383		32,518
Henkel AG & Co. KGaA, Preference Shares, NVS		615		47,145
Porsche Automobil Holding SE, Preference Shares, NVS		538		26,859
Sartorius AG, Preference Shares, NVS		88		32,103
Volkswagen AG, Preference Shares, NVS		698		89,773
				247,256
Total Preferred Stocks — 0.1% (Cost: $404,465)				247,256
Rights
Spain — 0.0%
ACS Actividades de Construccion y Servicios SA, (Expires 02/09/24)(a)		681		312
Total Rights — 0.0% (Cost: $338)				312
Warrants
Canada — 0.0%
Constellation Software Inc., (Issued 08/29/23, 1 Share for 1 Warrant, Expires 03/31/40, Strike Price CAD 11.50 )(e)		72		—
Total Warrants — 0.0% (Cost: $—)				—
Total Long-Term Investments — 99.7% (Cost: $197,124,686)				193,669,242
Short-Term Securities
Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.51%(d)(f)(g)		1,194,305		1,195,022
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.32%(d)(f)		290,000		290,000
Total Short-Term Securities — 0.8% (Cost: $1,484,542)				1,485,022
Total Investments — 100.5% (Cost: $198,609,228)				195,154,264
Liabilities in Excess of Other Assets — (0.5)%				(883,967	)
Net Assets — 100.0%			$	194,270,297

^(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 83

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI Kokusai ETF

^(d) Affiliate of the Fund.

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

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

	Affiliated Issuer	Value at 07/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 01/31/24		Shares Held at 01/31/24		Income			Capital Gain Distributions from Underlying Funds
	BlackRock Cash Funds: Institutional, SL Agency Shares	$	2,208,523	$	—		$	(1,013,896	)(a)	$	760		$	(365	)	$	1,195,022		1,194,305	$	3,747	(b)	$	—
	BlackRock Cash Funds: Treasury, SL Agency Shares		280,000		10,000	(a)		—			—			—			290,000		290,000		7,900			—
	BlackRock Inc.		403,412		—			(24,825	)		(4,653	)		18,641			392,575		507		5,265			—
										$	(3,893	)	$	18,276		$	1,877,597			$	16,912		$	—

^(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		6		03/15/24	$	302	$	7,074
S&P 500 E-Mini Index		1		03/15/24		243		11,452
							$	18,526

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)	$	—	$	—	$	18,526	$	—	$	—	$	—	$	18,526

^(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).

84 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI Kokusai ETF

For the period ended January 31, 2024, 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	$	—	$	—	$	5,333		$	—	$	—	$	—	$	5,333
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(13,461	)	$	—	$	—	$	—	$	(13,461	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	442,661

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	$	152,294,507	$	41,127,167	$	—	$	193,421,674
Preferred Stocks		—		247,256		—		247,256
Rights		312		—		—		312
Warrants		—		—		—		—
Short-Term Securities
Money Market Funds		1,485,022		—		—		1,485,022
	$	153,779,841	$	41,374,423	$	—	$	195,154,264
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	11,452	$	7,074	$	—	$	18,526

^(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 85

Statements of Assets and Liabilities (unaudited)

January 31, 2024

	iShares MSCI ACWI ETF			iShares MSCI ACWI Low Carbon Target ETF			iShares MSCI All Country Asia ex Japan ETF				iShares MSCI Europe Financials ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	18,487,594,668		$	861,159,432		$	2,287,194,661			$	1,255,120,326
Investments, at value — affiliated(c)		464,926,687			12,742,123			60,792,697				550,000
Cash		4,415			9,244			3,188				2,751
Cash pledged for futures contracts		1,748,000			102,000			108,000				—
Foreign currency collateral pledged for futures contracts(d)		—			—			—				551,080
Foreign currency, at value(e)		17,441,131			1,274,641			1,793,272				1,000,809
Receivables:
Investments sold		—			—			—				783,383
Securities lending income — affiliated		122,916			12,439			35,927				43
Dividends — unaffiliated		14,601,284			755,715			1,796,380				29,188
Dividends — affiliated		100,896			3,908			72,609				1,511
Tax reclaims		6,791,614			304,000			—				6,850,165
Total assets		18,993,331,611			876,363,502			2,351,796,734				1,264,889,256
LIABILITIES
Collateral on securities loaned, at value		412,429,522			10,369,994			44,151,065				—
Payables:
Capital shares redeemed		—			—			—				433,653
Deferred foreign capital gain tax		11,389,282			445,522			15,171,246				—
Investment advisory fees		5,050,842			145,627			1,424,390				520,367
Professional fees		7,017			—			—				—
Variation margin on futures contracts		477,877			29,974			13,907				59,081
Total liabilities		429,354,540			10,991,117			60,760,608				1,013,101
Commitments and contingent liabilities
NET ASSETS	$	18,563,977,071		$	865,372,385		$	2,291,036,126			$	1,263,876,155
NET ASSETS CONSIST OF
Paid-in capital	$	16,036,696,635		$	836,740,160		$	3,246,595,317			$	1,499,389,338
Accumulated earnings (loss)		2,527,280,436			28,632,225			(955,559,191	)			(235,513,183	)
NET ASSETS	$	18,563,977,071		$	865,372,385		$	2,291,036,126			$	1,263,876,155
NET ASSETVALUE
Shares outstanding		181,800,000			5,200,000			36,400,000				61,300,000
Net asset value	$	102.11		$	166.42		$	62.94			$	20.62
Shares authorized		Unlimited			Unlimited			Unlimited				Unlimited
Par value		None			None			None				None
(a) Investments, at cost — unaffiliated	$	14,934,513,166		$	759,517,474		$	2,397,773,828			$	1,301,612,444
(b) Securities loaned, at value	$	393,420,788		$	9,970,539		$	41,860,595			$	—
(c)  Investments, at cost — affiliated	$	458,820,221		$	12,755,205		$	60,770,047			$	550,000
(d) Foreign currency collateral pledged, at cost	$	—		$	—		$	—			$	555,268
(e) Foreign currency, at cost	$	17,445,470		$	1,298,039		$	1,805,142			$	992,598

See notes to financial statements.

86 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Statements of Assets and Liabilities (unaudited)(continued)

January 31, 2024

	iShares MSCI Europe Small-Cap ETF			iShares MSCI Kokusai ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	112,469,793		$	193,276,667
Investments, at value — affiliated(c)		5,151,290			1,877,597
Cash		3,175			5,681
Cash pledged for futures contracts		—			13,000
Foreign currency collateral pledged for futures contracts(d)		84,932			22,694
Foreign currency, at value(e)		821,161			208,730
Receivables:
Securities lending income — affiliated		6,979			684
Dividends — unaffiliated		87,427			130,573
Dividends — affiliated		97			1,073
Tax reclaims		285,546			41,526
Total assets		118,910,400			195,578,225
LIABILITIES
Collateral on securities loaned, at value		5,112,846			1,200,426
Payables:
Investment advisory fees		40,134			40,803
Professional fees		—			60,738
Variation margin on futures contracts		8,647			5,961
Total liabilities		5,161,627			1,307,928
Commitments and contingent liabilities
NET ASSETS	$	113,748,773		$	194,270,297
NET ASSETS CONSIST OF
Paid-in capital	$	172,982,977		$	225,432,937
Accumulated loss		(59,234,204	)		(31,162,640	)
NET ASSETS	$	113,748,773		$	194,270,297
NET ASSETVALUE
Shares outstanding		2,100,000			1,950,000
Net asset value	$	54.17		$	99.63
Shares authorized		Unlimited			Unlimited
Par value		None			None
(a) Investments, at cost — unaffiliated	$	151,274,190		$	196,681,391
(b) Securities loaned, at value	$	4,767,485		$	1,132,873
(c)  Investments, at cost — affiliated	$	5,149,443		$	1,927,837
(d) Foreign currency collateral pledged, at cost	$	86,961		$	24,050
(e) Foreign currency, at cost	$	823,946		$	208,620

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 87

Statements of Operations (unaudited)

Six Months Ended January 31, 2024

	iShares MSCI ACWI ETF			iShares MSCI ACWI Low Carbon Target ETF					iShares MSCI All Country Asia ex Japan ETF					iShares MSCI Europe Financials ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	160,085,947				$	7,394,397				$	21,671,031				$	13,084,481
Dividends — affiliated		1,282,985					51,348					266,725					23,023
Interest — unaffiliated		96,027					4,278					18,017					21,312
Securities lending income — affiliated — net		650,482					42,233					290,900					6,776
Other income — unaffiliated		867,849					—					—					—
Foreign taxes withheld		(6,068,047	)				(312,190	)				(2,350,683	)				(970,138	)
Foreign withholding tax claims		5,535,246					—					—					—
IRS compliance fee for foreign withholding tax claims		1,798					—					—					—
Other foreign taxes		(37,064	)				(559	)				(64,573	)				—
Total investment income		162,415,223					7,179,507					19,831,417					12,165,454
EXPENSES
Investment advisory		28,814,768					860,122					8,847,640					3,194,090
Professional		644,123					3,782					—					3,782
Commitment costs		19,473					1,726					19,473					—
Interest expense		—					2,477					24,448					—
Total expenses		29,478,364					868,107					8,891,561					3,197,872
Net investment income		132,936,859					6,311,400					10,939,856					8,967,582
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated(a)		(61,362,852	)				(11,369,361	)				871,479					(11,373,852	)
Investments — affiliated		9,636					(2,008	)				6,649					1,338
Foreign currency transactions		(392,364	)				(12,735	)				(225,560	)				(230,789	)
Futures contracts		1,883,941					(21,209	)				(137,934	)				92,310
In-kind redemptions — unaffiliated(b)		216,205,821					18,072,700					(23,623,233	)				31,363,831
In-kind redemptions — affiliated(b)		505,394					33,499					—					—
		156,849,576					6,700,886					(23,108,599	)				19,852,838
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated(c)		410,106,671					20,964,342					(260,012,601	)				(4,717,526	)
Investments — affiliated		1,106,408					25,373					2,265					(313	)
Foreign currency translations		(263,490	)				(20,223	)				(95,608	)				66,748
Futures contracts		(1,860,855	)				(53,731	)				(738,566	)				(184,124	)
		409,088,734					20,915,761					(260,844,510	)				(4,835,215	)
Net realized and unrealized gain (loss)		565,938,310					27,616,647					(283,953,109	)				15,017,623
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	698,875,169				$	33,928,047				$	(273,013,253	)			$	23,985,205
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable of	$	(275,567	)			$	(60,309	)			$	(1,336,076	)			$	—
(b) See Note 2 of the Notes to Financial Statements.
(c)  Net of increase in deferred foreign capital gain tax of	$	(4,803,718	)			$	(233,336	)			$	(5,901,273	)			$	—

See notes to financial statements.

88 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Statements of Operations (unaudited)(continued)

Six Months Ended January 31, 2024

	iShares MSCI Europe Small-Cap ETF			iShares MSCI Kokusai ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	1,027,870				$	1,631,870
Dividends — affiliated		1,660					13,165
Interest — unaffiliated		1,710					1,349
Securities lending income — affiliated — net		56,231					3,747
Other income — unaffiliated		6,487					184,447
Foreign taxes withheld		(72,157	)				(35,823	)
Foreign withholding tax claims		35,401					491,570
Total investment income		1,057,202					2,290,325
EXPENSES
Investment advisory		231,561					235,409
Professional		7,971					67,612
Total expenses		239,532					303,021
Net investment income		817,670					1,987,304
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(3,552,027	)				(1,059,939	)
Investments — affiliated		876					760
Foreign currency transactions		7,412					(529	)
Futures contracts		16,980					5,333
In-kind redemptions — unaffiliated(a)		555,015					837,569
In-kind redemptions — affiliated(a)		—					(4,653	)
		(2,971,744	)				(221,459	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		1,729,395					7,193,054
Investments — affiliated		747					18,276
Foreign currency translations		(6,529	)				(5,780	)
Futures contracts		(4,318	)				(13,461	)
		1,719,295					7,192,089
Net realized and unrealized gain (loss)		(1,252,449	)				6,970,630
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(434,779	)			$	8,957,934

^(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 89

Statements of Changes in Net Assets

	iShares MSCI ACWI ETF						iShares MSCI ACWI Low Carbon Target ETF
	Six Months Ended 01/31/24 (unaudited)			Year Ended 07/31/23			Six Months Ended 01/31/24 (unaudited)			Year Ended 07/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	132,936,859		$	339,696,186		$	6,311,400		$	16,979,849
Net realized gain		156,849,576			1,269,732,738			6,700,886			2,488,511
Net change in unrealized appreciation (depreciation)		409,088,734			576,844,350			20,915,761			80,842,922
Net increase in net assets resulting from operations		698,875,169			2,186,273,274			33,928,047			100,311,282
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(178,617,913	)		(315,032,351	)		(9,543,134	)		(15,702,910	)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(385,410,580	)		(1,569,487,274	)		(56,220,508	)		(94,713,446	)
NET ASSETS
Total increase (decrease) in net assets		134,846,676			301,753,649			(31,835,595	)		(10,105,074	)
Beginning of period		18,429,130,395			18,127,376,746			897,207,980			907,313,054
End of period	$	18,563,977,071		$	18,429,130,395		$	865,372,385		$	897,207,980

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

See notes to financial statements.

90 2 0 2 4  I S H A R E S  S E M I - A N 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 All Country Asia ex Japan ETF						iShares MSCI Europe Financials ETF
	Six Months Ended 01/31/24 (unaudited)			Year Ended 07/31/23			Six Months Ended 01/31/24 (unaudited)			Year Ended 07/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	10,939,856		$	52,404,701		$	8,967,582		$	66,329,701
Net realized gain (loss)		(23,108,599	)		(301,681,139	)		19,852,838			(40,296,686	)
Net change in unrealized appreciation (depreciation)		(260,844,510	)		359,262,891			(4,835,215	)		357,670,156
Net increase (decrease) in net assets resulting from operations		(273,013,253	)		109,986,453			23,985,205			383,703,171
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(40,334,658	)(b)		(50,273,411	)		(19,590,426	)		(63,365,245	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(305,811,063	)		(497,708,960	)		(301,071,497	)		268,062,230
NET ASSETS
Total increase (decrease) in net assets		(619,158,974	)		(437,995,918	)		(296,676,718	)		588,400,156
Beginning of period		2,910,195,100			3,348,191,018			1,560,552,873			972,152,717
End of period	$	2,291,036,126		$	2,910,195,100		$	1,263,876,155		$	1,560,552,873

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

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

See notes to financial statements.

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

Statements of Changes in Net Assets (continued)

	iShares MSCI Europe Small-Cap ETF						iShares MSCI Kokusai ETF
	Six Months Ended 01/31/24 (unaudited)			Year Ended 07/31/23			Six Months Ended 01/31/24 (unaudited)			Year Ended 07/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	817,670		$	3,510,766		$	1,987,304		$	3,276,510
Net realized loss		(2,971,744	)		(7,280,741	)		(221,459	)		(1,895,412	)
Net change in unrealized appreciation (depreciation)		1,719,295			11,889,543			7,192,089			22,438,764
Net increase (decrease) in net assets resulting from operations		(434,779	)		8,119,568			8,957,934			23,819,862
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(1,341,914	)		(3,109,383	)		(2,046,492	)(b)		(3,368,028	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(13,106,591	)		14,444,402			(13,220,121	)		12,882,742
NET ASSETS
Total increase (decrease) in net assets		(14,883,284	)		19,454,587			(6,308,679	)		33,334,576
Beginning of period		128,632,057			109,177,470			200,578,976			167,244,400
End of period	$	113,748,773		$	128,632,057		$	194,270,297		$	200,578,976

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

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

See notes to financial statements.

92 2 0 2 4  I S H A R E S  S E M I - A N 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 ACWI ETF
		Six Months Ended 01/31/24 (unaudited)			Year Ended 07/31/23			Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19
Net asset value, beginning of period		$	99.29		$	89.65		$	101.96		$	77.73		$	73.94		$	73.31
Net investment income(a)			0.72	(b)		1.72	(b)		1.72	(b)		1.42			1.48			1.60
Net realized and unrealized gain (loss)(c)			3.06			9.55			(12.09	)		24.22			3.87			0.58
Net increase (decrease) from investment operations			3.78			11.27			(10.37	)		25.64			5.35			2.18
Distributions from net investment income(d)			(0.96	)		(1.63	)		(1.94	)		(1.41	)		(1.56	)		(1.55	)
Net asset value, end of period		$	102.11		$	99.29		$	89.65		$	101.96		$	77.73		$	73.94
Total Return(e)
Based on net asset value			3.83	%(b)(f)		12.75	%(b)		(10.30	)%(b)		33.14	%		7.29	%		3.14	%
Ratios to Average Net Assets(g)
Total expenses			0.33	%(h)		0.32	%		0.32	%		0.32	%		0.32	%		0.32	%
Total expenses after fees waived			0.33	%(h)		0.32	%		0.32	%		0.31	%		0.31	%		0.31	%
Total expenses excluding professional fees for foreign withholding tax claims			0.32	%(h)		0.32	%		0.32	%		0.32	%		N/A			0.32	%
Net investment income			1.48	%(b)(h)		1.93	%(b)		1.77	%(b)		1.55	%		2.01	%		2.25	%
Supplemental Data
Net assets, end of period (000)		$	18,563,977		$	18,429,130		$	18,127,377		$	16,965,824		$	12,033,016		$	10,854,370
Portfolio turnover rate(i)			1	%		5	%		5	%		6	%		16	%		11	%

^(a)  Based on average shares outstanding.

^(b)  Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended January 31, 2024, for the year ended July 31, 2023 and July 31, 2022 respectively :

• Net investment income per share by $0.03, $0.01 and $0.02.

• Total return by 0.03%, 0.01% and 0.02%.

• Ratio of net investment income to average net assets by 0.05%, 0.01% and 0.02%.

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

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

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

^(f)  Not annualized.

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

^(h)  Annualized.

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

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 93

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI ACWI Low Carbon Target ETF
		Six Months Ended 01/31/24 (unaudited)			Year Ended 07/31/23			Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19
Net asset value, beginning of period		$	161.66		$	146.34		$	167.23		$	127.09		$	120.26		$	118.67
Net investment income(a)			1.16			2.86	(b)		2.83			2.49			2.49			2.58
Net realized and unrealized gain (loss)(c)			5.44			15.18			(20.67	)		39.88			6.91			1.70
Net increase (decrease) from investment operations			6.60			18.04			(17.84	)		42.37			9.40			4.28
Distributions from net investment income(d)			(1.84	)		(2.72	)		(3.05	)		(2.23	)		(2.57	)		(2.69	)
Net asset value, end of period		$	166.42		$	161.66		$	146.34		$	167.23		$	127.09		$	120.26
Total Return(e)
Based on net asset value			4.11	%(f)		12.50	%(b)		(10.78	)%		33.48	%		7.88	%		3.82	%
Ratios to Average Net Assets(g)
Total expenses			0.20	%(h)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Total expenses excluding professional fees for foreign withholding tax claims			0.20	%(h)		0.20	%		0.20	%		N/A			N/A			N/A
Net investment income			1.47	%(h)		1.97	%(b)		1.76	%		1.64	%		2.07	%		2.24	%
Supplemental Data
Net assets, end of period (000)		$	865,372		$	897,208		$	907,313		$	861,219		$	432,095		$	468,999
Portfolio turnover rate(i)			13	%		19	%		20	%		12	%		15	%		14	%

^(a)  Based on average shares outstanding.

^(b)  Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2023:

• Net investment income per share by $0.01.

• Total return by 0.00%.

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

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

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

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

^(f)  Not annualized.

^(g)  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.

94 2 0 2 4  I S H A R E S  S E M I - A N 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 All Country Asia ex Japan ETF
			Six Months Ended 01/31/24 (unaudited	)		Year Ended 07/31/23			Year Ended 07/31/22	(a)		Year Ended 07/31/21	(a)		Year Ended 07/31/20	(a)		Year Ended 07/31/19	(a)
Net asset value, beginning of period		$	70.64		$	68.05		$	87.65		$	75.15		$	68.54		$	72.59
Net investment income(b)			0.29			1.19			1.19			1.00			1.20			1.24
Net realized and unrealized gain (loss)(c)			(6.88	)		2.58			(18.91	)		12.46			6.61			(3.95	)
Net increase (decrease) from investment operations			(6.59	)		3.77			(17.72	)		13.46			7.81			(2.71	)
Distributions from net investment income(d)			(1.11	)(e)		(1.18	)		(1.88	)		(0.96	)		(1.20	)		(1.34	)
Net asset value, end of period		$	62.94		$	70.64		$	68.05		$	87.65		$	75.15		$	68.54
Total Return(f)
Based on net asset value			(9.35	)%(g)		5.64	%		(20.51	)%		17.88	%		11.52	%		(3.61	)%
Ratios to Average Net Assets(h)
Total expenses			0.72	%(i)		0.70	%		0.69	%		0.69	%		0.70	%		0.68	%
Net investment income			0.89	%(i)		1.80	%		1.49	%		1.12	%		1.75	%		1.82	%
Supplemental Data
Net assets, end of period (000)		$	2,291,036		$	2,910,195		$	3,348,191		$	5,574,503		$	4,043,280		$	4,030,348
Portfolio turnover rate(j)			4	%		15	%		20	%		31	%		23	%		17	%

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

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

^(g)  Not annualized.

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

⁽ⁱ⁾  Annualized.

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

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 95

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Europe Financials ETF
		Six Months Ended 01/31/24 (unaudited)			Year Ended 07/31/23			Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19
Net asset value, beginning of period		$	20.12		$	15.91		$	19.64		$	14.48		$	17.53		$	21.18
Net investment income(a)			0.13			0.86	(b)		0.86	(b)		0.48			0.31			0.68
Net realized and unrealized gain (loss)(c)			0.69			4.15			(3.51	)		5.17			(3.01	)		(3.35	)
Net increase (decrease) from investment operations			0.82			5.01			(2.65	)		5.65			(2.70	)		(2.67	)
Distributions(d)
From net investment income			(0.32	)		(0.80	)		(1.07	)		(0.49	)		(0.35	)		(0.98	)
Return of capital			—			—			(0.01	)		—			—			—
Total distributions			(0.32	)		(0.80	)		(1.08	)		(0.49	)		(0.35	)		(0.98	)
Net asset value, end of period		$	20.62		$	20.12		$	15.91		$	19.64		$	14.48		$	17.53
Total Return(e)
Based on net asset value			4.06	%(f)		31.94	%(b)		(13.92	)%(b)		38.98	%		(15.62	)%		(12.53	)%
Ratios to Average Net Assets(g)
Total expenses			0.48	%(h)		0.51	%		0.49	%		0.48	%		0.48	%		0.48	%
Total expenses excluding professional fees for foreign withholding tax claims			0.48	%(h)		0.48	%		0.48	%		0.48	%		N/A			0.48	%
Net investment income			1.35	%(h)		4.80	%(b)		4.51	%(b)		2.68	%		1.90	%		3.62	%
Supplemental Data
Net assets, end of period (000)		$	1,263,876		$	1,560,553		$	972,153		$	1,546,012		$	718,923		$	1,035,148
Portfolio turnover rate(i)			3	%		12	%		7	%		4	%		5	%		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 year ended July 31, 2023 and July 31, 2022 respectively:

• Net investment income per share by $0.05 and $0.01.

• Total return by 0.30% and 0.07%.

• Ratio of net investment income to average net assets by 0.26% and 0.05%.

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

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

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

^(f)  Not annualized.

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

^(h)  Annualized.

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

See notes to financial statements.

96 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Europe Small-Cap ETF
	Six Months Ended 01/31/24 (unaudited)			Year Ended 07/31/23			Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19
Net asset value, beginning of period	$	54.74		$	51.99		$	71.59		$	49.62		$	49.09		$	57.28
Net investment income(a)		0.37	(b)		1.59	(b)		1.15	(b)		1.25			0.81			1.51
Net realized and unrealized gain (loss)(c)		(0.33	)		2.53			(18.54	)		21.87			0.68			(7.50	)
Net increase (decrease) from investment operations		0.04			4.12			(17.39	)		23.12			1.49			(5.99	)
Distributions from net investment income(d)		(0.61	)		(1.37	)		(2.21	)		(1.15	)		(0.96	)		(2.20	)
Net asset value, end of period	$	54.17		$	54.74		$	51.99		$	71.59		$	49.62		$	49.09
Total Return(e)
Based on net asset value		0.06	%(b)(f)		8.07	%(b)		(24.65	)%(b)		46.76	%		2.98	%		(10.32	)%
Ratios to Average Net Assets(g)
Total expenses		0.41	%(h)		0.42	%		0.40	%		0.40	%		0.40	%		0.40	%
Total expenses excluding professional fees for foreign withholding tax claims		0.40	%(h)		0.40	%		0.40	%		N/A			N/A			0.40	%
Net investment income		1.41	%(b)(h)		3.11	%(b)		1.74	%(b)		1.98	%		1.67	%		2.95	%
Supplemental Data
Net assets, end of period (000)	$	113,749		$	128,632		$	109,177		$	443,861		$	124,046		$	139,918
Portfolio turnover rate(i)		8	%		13	%		16	%		14	%		20	%		17	%

^(a)  Based on average shares outstanding.

^(b)  Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended January 31, 2024, for the year ended July 31, 2023 and July 31, 2022 respectively:

• Net investment income per share by $0.01, $0.07 and $0.01.

• Total return by 0.03%, 0.13% and 0.02%.

• Ratio of net investment income to average net assets by 0.05%, 0.13% and 0.01%.

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

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

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

^(f)  Not annualized.

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

^(h)  Annualized.

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

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 97

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Kokusai ETF
	Six Months Ended 01/31/24 (unaudited)			Year Ended 07/31/23			Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19
Net asset value, beginning of period	$	95.51		$	85.77		$	96.92		$	72.42		$	68.33		$	66.90
Net investment income(a)		0.99	(b)		1.60	(b)		1.32	(b)		1.31			1.32			1.42
Net realized and unrealized gain (loss)(c)		4.18			9.80			(9.44	)		24.61			4.06			1.51
Net increase (decrease) from investment operations		5.17			11.40			(8.12	)		25.92			5.38			2.93
Distributions from net investment income(d)		(1.05	)(e)		(1.66	)		(3.03	)		(1.42	)		(1.29	)		(1.50	)
Net asset value, end of period	$	99.63		$	95.51		$	85.77		$	96.92		$	72.42		$	68.33
Total Return(f)
Based on net asset value		5.43	%(b)(g)		13.50	%(b)		(8.46	)%(b)		36.01	%		7.94	%		4.59	%
Ratios to Average Net Assets(h)
Total expenses		0.29	%(i)(j)		0.26	%		0.25	%		0.25	%		0.25	%		0.25	%
Total expenses excluding professional fees for foreign withholding tax claims		0.25	%(i)		0.25	%		0.25	%		0.25	%		N/A			N/A
Net investment income		2.11	%(b)(i)		1.87	%(b)		1.39	%(b)		1.53	%		1.93	%		2.17	%
Supplemental Data
Net assets, end of period (000)	$	194,270		$	200,579		$	167,244		$	484,592		$	152,085		$	143,483
Portfolio turnover rate(k)		2	%		3	%		9	%		3	%		4	%		4	%

^(a)  Based on average shares outstanding.

^(b)  Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended January 31, 2024, for the year ended July 31, 2023 and July 31, 2022 respectively:

• Net investment income per share by $0.21, $0.07 and $0.03.

• Total return by 0.23%,0.08% and 0.08%.

• Ratio of net investment income to average net assets by 0.45%, 0.08% and 0.04%.

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

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

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

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

^(g)  Not annualized.

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

⁽ⁱ⁾  Annualized.

^(j)  Professional fees were not annualized in the calculation of the expense ratio. If this expense was annualized, the total expense would have been 0.32%.

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

See notes to financial statements.

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Notes to Financial Statements (unaudited) 

1. ORGANIZATION

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

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of January 31, 2024, if any, are disclosed in the Statements of Assets and Liabilities.

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

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

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

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Notes to Financial Statements (unaudited) (continued)

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income, 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 NAV.

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

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

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

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

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

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

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

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

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

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Notes to Financial Statements (unaudited) (continued)

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

4. SECURITIES AND OTHER INVESTMENTS

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

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

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

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

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

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
MSCI ACWI
Barclays Bank PLC	$	7,635,375	$	(7,635,375	)	$	—		$	—
Barclays Capital, Inc.		1,195,105		(1,195,105	)		—			—
BNP Paribas SA		2,357,930		(2,357,930	)		—			—
BofA Securities, Inc.		11,191,706		(11,191,706	)		—			—
Citigroup Global Markets, Inc.		3,080,225		(3,080,225	)		—			—
Goldman Sachs & Co. LLC		19,860,136		(19,860,136	)		—			—
HSBC Bank PLC		98,464		(98,464	)		—			—
J.P. Morgan Securities LLC		196,939,633		(196,939,633	)		—			—
Jefferies LLC		248,141		(248,141	)		—			—
Morgan Stanley		15,668,482		(15,668,482	)		—			—
RBC Capital Markets LLC		13,466,883		(13,466,883	)		—			—
SG Americas Securities LLC		7,754,518		(7,754,518	)		—			—
State Street Bank & Trust Co.		1,288,423		(1,288,423	)		—			—
Toronto-Dominion Bank		110,609,734		(110,609,734	)		—			—
UBS AG		251,585		(251,585	)		—			—
Wells Fargo Bank N.A.		1,774,448		(1,774,448	)		—			—
	$	393,420,788	$	(393,420,788	)	$	—		$	—

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Notes to Financial Statements (unaudited) (continued)

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
MSCI ACWI Low Carbon Target
Barclays Capital, Inc.	$	255,783	$	(255,783	)	$	—		$	—
BofA Securities, Inc.		425,662		(425,662	)		—			—
Citigroup Global Markets Ltd.		61,924		(61,924	)		—			—
Citigroup Global Markets, Inc.		63,994		(63,994	)		—			—
Goldman Sachs & Co. LLC		635,822		(635,822	)		—			—
HSBC Bank PLC		536,791		(536,791	)		—			—
J.P. Morgan Securities LLC		35,055		(35,055	)		—			—
Jefferies LLC		1,232,503		(1,232,503	)		—			—
Morgan Stanley		278,420		(278,420	)		—			—
Scotia Capital (USA), Inc.		220,595		(220,595	)		—			—
State Street Bank & Trust Co.		14,661		(14,661	)		—			—
Toronto-Dominion Bank		6,028,680		(6,028,680	)		—			—
UBS AG		31,539		(31,539	)		—			—
Wells Fargo Bank N.A.		149,110		(149,110	)		—			—
	$	9,970,539	$	(9,970,539	)	$	—		$	—
MSCI All Country Asia ex Japan
Barclays Bank PLC	$	2,148	$	(2,148	)	$	—		$	—
Barclays Capital, Inc.		398,400		(398,400	)		—			—
BNP Paribas SA		1,379,151		(1,379,151	)		—			—
BofA Securities, Inc.		1,703,171		(1,703,171	)		—			—
Citigroup Global Markets Ltd.		408,057		(408,057	)		—			—
Citigroup Global Markets, Inc.		592,557		(592,557	)		—			—
Goldman Sachs & Co. LLC		4,518,818		(4,518,818	)		—			—
HSBC Bank PLC		28,754		(28,754	)		—			—
J.P. Morgan Securities LLC		5,746,485		(5,746,485	)		—			—
Jefferies LLC		324,424		(324,424	)		—			—
Morgan Stanley		23,295,996		(23,295,996	)		—			—
SG Americas Securities LLC		2,698,440		(2,698,440	)		—			—
State Street Bank & Trust Co.		37,418		(37,418	)		—			—
Toronto-Dominion Bank		25,383		(25,383	)		—			—
UBS AG		701,393		(701,393	)		—			—
	$	41,860,595	$	(41,860,595	)	$	—		$	—
MSCI Europe Small-Cap
Barclays Capital, Inc.	$	357,773	$	(357,773	)	$	—		$	—
BNP Paribas SA		59,108		(59,108	)		—			—
BofA Securities, Inc.		133,246		(133,246	)		—			—
Citigroup Global Markets, Inc.		103,192		(103,192	)		—			—
Goldman Sachs & Co. LLC		2,067,495		(2,067,495	)		—			—
HSBC Bank PLC		135,507		(135,507	)		—			—
J.P. Morgan Securities LLC		841,012		(841,012	)		—			—
Jefferies LLC		45,491		(45,491	)		—			—
Morgan Stanley		988,187		(988,187	)		—			—
Scotia Capital (USA), Inc.		36,474		(36,474	)		—			—
	$	4,767,485	$	(4,767,485	)	$	—		$	—

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Notes to Financial Statements (unaudited) (continued)

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
MSCI Kokusai
Barclays Bank PLC	$	62,450	$	(62,450	)	$	—		$	—
Barclays Capital, Inc.		21,650		(21,650	)		—			—
BNP Paribas SA		98,779		(98,779	)		—			—
BofA Securities, Inc.		77,022		(77,022	)		—			—
Citadel Clearing LLC		24,344		(24,344	)		—			—
Citigroup Global Markets, Inc.		28,665		(28,665	)		—			—
Goldman Sachs & Co. LLC		98,871		(98,871	)		—			—
HSBC Bank PLC		54,184		(54,184	)		—			—
J.P. Morgan Securities LLC		549,788		(549,788	)		—			—
Morgan Stanley		23,114		(23,114	)		—			—
RBC Capital Markets LLC		1,352		(1,352	)		—			—
SG Americas Securities LLC		19,356		(19,356	)		—			—
Toronto-Dominion Bank		27,530		(27,530	)		—			—
Virtu Americas LLC		45,768		(45,768	)		—			—
	$	1,132,873	$	(1,132,873	)	$	—		$	—

^(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).

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Notes to Financial Statements (unaudited) (continued)

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

Aggregate Average Daily Net Assets	Investment Advisory Fees
First $30 billion		0.350	%
Over $30 billion, up to and including $60 billion		0.320
Over $60 billion, up to and including $90 billion		0.280
Over $90 billion, up to and including $120 billion		0.252
Over $120 billion, up to and including $150 billion		0.227
Over $150 billion		0.204

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

iShares ETF	Investment Advisory Fees
MSCI ACWI Low Carbon Target		0.20	%
MSCI Europe Financials		0.48
MSCI Europe Small-Cap		0.40
MSCI Kokusai		0.25

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

Aggregate Average Daily Net Assets	Investment Advisory Fees
First $14 billion		0.75	%
Over $14 billion, up to and including $28 billion		0.68
Over $28 billion, up to and including $42 billion		0.61
Over $42 billion, up to and including $56 billion		0.54
Over $56 billion, up to and including $70 billion		0.47
Over $70 billion, up to and including $84 billion		0.41
Over $84 billion		0.35

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

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

For six months ended January 31, 2024, there were no fees waived by BFA pursuant to these arrangements.

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

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

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

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

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Notes to Financial Statements (unaudited) (continued)

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

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

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended January 31, 2024, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
MSCI ACWI	$	176,172
MSCI ACWI Low Carbon Target		9,984
MSCI All Country Asia ex Japan		63,942
MSCI Europe Financials		1,307
MSCI Europe Small-Cap		11,885
MSCI Kokusai		1,212

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

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

For the six months ended January 31, 2024, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
MSCI ACWI	$	41,559,577	$	25,015,855	$	(16,200,374	)
MSCI ACWI Low Carbon Target		37,707,940		53,602,800		(5,817,226	)
MSCI All Country Asia ex Japan		7,473,299		5,862,770		(8,582,484	)
MSCI Europe Financials		7,768,732		4,635,158		(807,662	)
MSCI Europe Small-Cap		1,841,467		3,705,202		817,812
MSCI Kokusai		690,506		185,319		(261,545	)

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

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

7. PURCHASES AND SALES

For the six months ended January 31, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
MSCI ACWI	$	367,403,720	$	260,682,458
MSCI ACWI Low Carbon Target		109,744,070		119,440,806
MSCI All Country Asia ex Japan		90,615,574		297,308,844
MSCI Europe Financials		41,593,321		37,044,588
MSCI Europe Small-Cap		9,356,009		9,551,819
MSCI Kokusai		3,428,050		3,828,751

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 105

Notes to Financial Statements (unaudited) (continued)

For the six months ended January 31, 2024, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI ACWI	$	—	$	511,533,913
MSCI ACWI Low Carbon Target		—		49,597,542
MSCI All Country Asia ex Japan		—		128,835,155
MSCI Europe Financials		24,263,884		338,833,593
MSCI Europe Small-Cap		—		12,801,151
MSCI Kokusai		—		12,800,899

8. INCOME TAX INFORMATION

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

Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 2024, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of July 31, 2023, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring Capital Loss Carryforwards
MSCI ACWI	$	(1,089,461,508	)
MSCI ACWI Low Carbon Target		(76,822,624	)
MSCI All Country Asia ex Japan		(890,673,987	)
MSCI Europe Financials		(195,271,680	)
MSCI Europe Small-Cap		(15,892,116	)
MSCI Kokusai		(27,092,169	)

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

As of January 31, 2024, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
MSCI ACWI	$	15,496,537,012	$	4,907,375,058	$	(1,450,387,680	)	$	3,456,987,378
MSCI ACWI Low Carbon Target		775,387,386		163,241,778		(64,657,806	)		98,583,972
MSCI All Country Asia ex Japan		2,365,729,540		634,137,899		(651,996,469	)		(17,858,570	)
MSCI Europe Financials		1,315,137,583		95,061,783		(154,426,843	)		(59,365,060	)
MSCI Europe Small-Cap		158,059,340		6,334,061		(46,748,971	)		(40,414,910	)
MSCI Kokusai		199,097,115		25,094,001		(29,018,326	)		(3,924,325	)

9. LINE OF CREDIT

The iShares MSCI ACWI, iShares MSCI ACWI Low Carbon Target and iShares MSCI All Country Asia ex Japan ETFs, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on October 16, 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 six months ended January 31, 2024, the iShares MSCI ACWI ETF did not borrow under the Syndicated Credit Agreement.

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Notes to Financial Statements (unaudited) (continued)

For the six months ended January 31, 2024, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Syndicated Credit Agreement were as follows:

iShares ETF	Maximum Amount Borrowed		Average Borrowing		Weighted Average Interest Rates
MSCI ACWI Low Carbon Target	$	100,000	$	2,174		6.47	%
MSCI All Country Asia ex Japan		14,510,000		743,120		6.43

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 an indexing approach to try to achieve each Fund’s investment objective. The Fund is not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

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

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

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 may significantly impact the resulting fair value and therefore each Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by each Fund, and each Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. Each Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

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

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 107

Notes to Financial Statements (unaudited) (continued)

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 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, supply chain diversification, institution of tariffs, sanctions 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.

iShares MSCI Europe Financials ETF invest a significant portion of its assets within the financials sector. Performance of companies in the financials sector may be adversely impacted by many factors, including, among others, changes in government regulations, economic conditions, and interest rates, credit rating downgrades,

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Notes to Financial Statements (unaudited) (continued)

adverse public perception, exposure concentration and decreased liquidity in credit markets. The impact of changes in capital requirements and recent or future regulation on any individual financial company, or on the financials sector as a whole, cannot be predicted, but may negatively impact the Fund.

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

11. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

	Six Months Ended 01/31/24						Year Ended 07/31/23
iShares ETF	Shares			Amount			Shares			Amount
MSCI ACWI
Shares sold		1,600,000		$	159,591,330			32,000,000		$	2,753,829,363
Shares redeemed		(5,400,000	)		(545,001,910	)		(48,600,000	)		(4,323,316,637	)
		(3,800,000	)	$	(385,410,580	)		(16,600,000	)	$	(1,569,487,274	)
MSCI ACWI Low Carbon Target
Shares sold		—		$	11,684			—		$	24,806
Shares redeemed		(350,000	)		(56,232,192	)		(650,000	)		(94,738,252	)
		(350,000	)	$	(56,220,508	)		(650,000	)	$	(94,713,446	)
MSCI All Country Asia ex Japan
Shares sold		—		$	659,630			4,000,000		$	289,083,612
Shares redeemed		(4,800,000	)		(306,470,693	)		(12,000,000	)		(786,792,572	)
		(4,800,000	)	$	(305,811,063	)		(8,000,000	)	$	(497,708,960	)
MSCI Europe Financials
Shares sold		2,050,000		$	42,440,639			32,900,000		$	554,975,187
Shares redeemed		(18,300,000	)		(343,512,136	)		(16,450,000	)		(286,912,957	)
		(16,250,000	)	$	(301,071,497	)		16,450,000		$	268,062,230
MSCI Europe Small-Cap
Shares sold		—		$	—			500,000		$	27,238,196
Shares redeemed		(250,000	)		(13,106,591	)		(250,000	)		(12,793,794	)
		(250,000	)	$	(13,106,591	)		250,000		$	14,444,402
MSCI Kokusai
Shares sold		—		$	—			250,000		$	21,573,570
Shares redeemed		(150,000	)		(13,220,121	)		(100,000	)		(8,690,828	)
		(150,000	)	$	(13,220,121	)		150,000		$	12,882,742

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. Authorized Participants 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. Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

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

12. FOREIGN WITHHOLDING TAX CLAIMS

The Internal Revenue Service (“IRS”) has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which iShares MSCI ACWI ETF, iShares MSCI Europe Small-Cap ETF and iShares MSCI Kokusai ETF is able to pass

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 109

Notes to Financial Statements (unaudited) (continued)

through to shareholders as a foreign tax credit in the current year, each of the Funds will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Funds.

13. SUBSEQUENT EVENTS

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

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Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares MSCI ACWI ETF, iShares MSCI ACWI Low Carbon Target ETF, iShares MSCI All Country Asia ex Japan ETF, iShares MSCI Europe Financials ETF, iShares MSCI Europe Small-Cap ETF and iShares MSCI Kokusai ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 8, 2023 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40Act Liquidity Risk Management Committee (the “Committee”).At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2022 through September 30, 2023 (the “Program Reporting Period”).

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

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

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

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

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

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

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review. There were no ETFs for which the custom baskets accepted by the ETF had a significant change in its liquidity profile.

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

S T A T E M E N T  R E G A R D I N G  L I Q U I D I T Y   R I S K  M A N A G E M E N T  P R O G R A M 111

Supplemental Information (unaudited)

Section 19(a) Notices

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

January 31, 2024

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
MSCI All Country Asia ex Japan(a)	$	1.040247	$	—	$	0.067848	$	1.108095		94	%		—	%		6	%		100	%
MSCI Kokusai(a)		1.027829		—		0.021654		1.049483		98			—			2			100

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

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.

112 2 0 2 4  I S H A R E S  S E M I - A N 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 113

Glossary of Terms Used in this Report

Portfolio Abbreviation

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

114 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

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Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

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

©2024 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-705-0124

JANUARY 31, 2024

    2024 Semi-Annual Report (Unaudited)  

iShares Trust

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

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

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

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

· iShares MSCI EAFE ETF | EFA | NYSE Arca

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

The Markets in Review

Dear Shareholder,

The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended January 31, 2024. Significantly tighter monetary policy helped to rein in inflation, and the Consumer Price Index decelerated substantially in the first half of the period before stalling between 3% and 4% in the second half. A moderating labor market helped ease inflationary pressure, although wages continued to grow. Wage and job growth powered robust consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were robust during the period, as interest rates stabilized and the economy proved to be more resilient than many investors expected. The U.S. economy continued to show strength, and growth further accelerated in the second half of 2023. Large-capitalization U.S. stocks posted particularly substantial gains, supported by the performance of a few notable technology companies, while small-capitalization U.S. stocks advanced at a significantly slower pace. Meanwhile, international developed market equities also gained, while emerging market stocks declined overall.

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. However, shorter-duration U.S. Treasuries gained, as higher yields boosted returns. The corporate bond market benefited from improving economic sentiment, 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”), attempting to manage persistent inflation, raised interest rates four times during the 12-month period, but paused its tightening in the second half of the period. The Fed also wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity.

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 stopped tightening for now, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period despite the market’s hopes for interest rate cuts, as reflected in the recent rally. In this new regime, we anticipate greater volatility and dispersion of returns, creating more opportunities for selective portfolio management.

Looking at developed market stocks, we have an overweight stance on U.S. stocks overall, particularly given the promise of emerging AI technologies. We are also overweight Japanese stocks as shareholder-friendly policies generate increased investor interest, although we maintain an underweight stance on European stocks. In credit, there are selective opportunities in the near term despite tighter 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 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 January 31, 2024
	6-Month		12-Month
U.S. large cap equities (S&P 500® Index)		6.43%		20.82%
U.S. small cap equities (Russell 2000® Index)		(2.02)		2.40
International equities (MSCI Europe, Australasia, Far East Index)		3.15		10.01
Emerging market equities (MSCI Emerging Markets Index)		(6.00)		(2.94)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		2.73		5.13
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		1.74		(0.38)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		3.15		2.10
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		2.70		2.90
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		6.18		9.28
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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

Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		10
Disclosure of Expenses		10
Schedules of Investments		11
Financial Statements:
Statements of Assets and Liabilities		83
Statements of Operations		85
Statements of Changes in Net Assets		87
Financial Highlights		90
Notes to Financial Statements		96
Statement Regarding Liquidity Risk Management Program		107
Supplemental Information		108
General Information		109
Glossary of Terms Used in this Report		110

3

Fund Summary as of January 31, 2024 iShares^® Currency Hedged MSCI ACWI ex U.S. ETF

Investment Objective

The iShares Currency Hedged MSCI ACWI ex U.S. ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization developed and emerging equities, excluding the U.S., while mitigating exposure to fluctuations between the value of the component currencies and the U.S. dollar, as represented by the MSCI ACWI ex USA 100% Hedged to USD Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI ACWI ex U.S. ETF.

Performance

				Average Annual Total Returns										Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			Since Inception				1 Year			5 Years			Since Inception
Fund NAV		2.31	%		9.25	%		8.38	%		6.65	%			9.25	%		49.54	%		73.97	%
Fund Market		2.15			9.19			8.36			6.65				9.19			49.43			73.91
Index		3.10			10.27			8.65			6.78				10.27			51.42			75.66

The inception date of the Fund was June 29, 2015. The first day of secondary market trading was July 1, 2015.

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

Expense Example

	Actual					Hypothetical 5% Return
		Beginning Account Value (08/01/23)	Ending Account Value (01/31/24)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/23)	Ending Account Value (01/31/24)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
		$   1,000.00	$  1,023.10	$  0.15			$  1,000.00	$  1,025.00	$  0.15		0.03	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

PORTFOLIO COMPOSITION

Investment Type	Percent of Net Assets
Investment Companies		99.5	%
Short-term Investments		0.3
Forward foreign currency exchange contracts, net cumulative appreciation		2.2
Other assets less liabilities		(2.0	)

SECTOR ALLOCATION (of the UNDERLYING FUND)

Sector	Percent of Total Investment(a)
Financials		21.3	%
Industrials		13.5
Information Technology		12.7
Consumer Discretionary		11.4
Health Care		9.5
Consumer Staples		8.0
Materials		7.5
Energy		5.7
Communication Services		5.2
Utilities		3.2
Real Estate		2.0

^(a)  Excludes money market funds.

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Fund Summary as of January 31, 2024 iShares^® Currency Hedged MSCI EAFE ETF

Investment Objective

The iShares Currency Hedged MSCI EAFE ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization equities in Europe, Australasia, and the Far East while mitigating exposure to fluctuations between the value of the component currencies and the U.S. dollar, as represented by the MSCI EAFE 100% Hedged to USD Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI EAFE ETF.

Performance

				Average Annual Total Returns										Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years				1 Year			5 Years			10 Years
Fund NAV		5.30	%		14.16	%		10.93	%		8.67	%			14.16	%		67.97	%		129.68	%
Fund Market		5.32			14.21			10.94			8.67				14.21			68.01			129.65
Index		6.26			15.57			11.15			8.81				15.57			69.68			132.60

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (08/01/23)	Ending Account Value (01/31/24)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/23)	Ending Account Value (01/31/24)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$   1,000.00	$  1,053.00	$  0.15			$  1,000.00	$  1,025.00	$  0.15		0.03	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

PORTFOLIO COMPOSITION

Investment Type	Percent of Net Assets
Investment Companies		99.4	%
Short-term Investments		11.2
Forward foreign currency exchange contracts, net cumulative appreciation		2.7
Other assets less liabilities		(13.3	)

SECTOR ALLOCATION (of the UNDERLYING FUND)

Sector	Percent of Total Investment(a)
Financials		18.9	%
Industrials		16.4
Health Care		13.1
Consumer Discretionary		12.0
Consumer Staples		9.2
Information Technology		9.0
Materials		7.4
Communication Services		4.2
Energy		4.2
Utilities		3.3
Real Estate		2.3

^(a)  Excludes money market funds.

F U N D  S U M M A R Y 5

Fund Summary as of January 31, 2024 iShares^® Currency Hedged MSCI EAFE Small-Cap ETF

Investment Objective

The iShares Currency Hedged MSCI EAFE Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization developed market equities, excluding the U.S. and Canada, while mitigating exposure to fluctuations between the value of the component currencies and the U.S. dollar, as represented by the MSCI EAFE Small-Cap 100% Hedged to USD Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI EAFE Small-Cap ETF.

Performance

				Average Annual Total Returns										Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			Since Inception				1 Year			5 Years			Since Inception
Fund NAV		3.54	%		9.66	%		9.07	%		8.10	%			9.66	%		54.39	%		95.33	%
Fund Market		3.42			9.57			9.04			8.09				9.57			54.16			95.12
Index		4.56			11.12			9.50			8.32				11.12			57.45			98.63

The inception date of the Fund was June 29, 2015. The first day of secondary market trading was July 1, 2015.

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

Expense Example

	Actual					Hypothetical 5% Return
		Beginning Account Value (08/01/23)	Ending Account Value (01/31/24)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/23)	Ending Account Value (01/31/24)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
		$   1,000.00	$  1,035.40	$  0.15			$  1,000.00	$  1,025.00	$  0.15		0.03	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

PORTFOLIO COMPOSITION
Investment Type	Percent of Net Assets
Investment Companies		99.3	%
Short-term Investments		0.1
Forward foreign currency exchange contracts, net cumulative appreciation		2.9
Other assets less liabilities		(2.3	)

SECTOR ALLOCATION (of the UNDERLYING FUND)
Sector	Percent of Total Investment(a)
Industrials		23.3	%
Consumer Discretionary		12.8
Financials		12.0
Real Estate		10.3
Information Technology		10.0
Materials		9.3
Consumer Staples		6.5
Health Care		6.1
Communication Services		4.1
Energy		3.2
Utilities		2.4

^(a)  Excludes money market funds.

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Fund Summary as of January 31, 2024 iShares^® MSCI ACWI ex U.S. ETF

Investment Objective

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

Performance

				Average Annual Total Returns										Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years				1 Year			5 Years			10 Years
Fund NAV		(0.44	)%		4.43	%		4.99	%		4.02	%			4.43	%		27.54	%		48.36	%
Fund Market		(0.52	)		4.36			4.98			4.10				4.36			27.49			49.45
Index		0.48			5.88			5.32			4.21				5.88			29.60			51.03

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

Expense Example

	Actual					Hypothetical 5% Return
		Beginning Account Value (08/01/23)	Ending Account Value (01/31/24)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/23)	Ending Account Value (01/31/24)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
		$   1,000.00	$  995.60	$  1.61			$  1,000.00	$  1,023.50	$  1.63		0.32	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of Total Investments	(a)
Financials	21.3	%
Industrials	13.5
Information Technology	12.7
Consumer Discretionary	11.4
Health Care	9.5
Consumer Staples	8.0
Materials	7.5
Energy	5.7
Communication Services	5.2
Utilities	3.2
Real Estate	2.0

GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	(a)
Japan	15.1	%
United Kingdom	9.3
Canada	7.7
France	7.6
China	6.8
Switzerland	6.7
Germany	5.4
India	4.9
Australia	4.8
Taiwan	4.6

^(a)  Excludes money market funds.

F U N D  S U M M A R Y 7

Fund Summary as of January 31, 2024 iShares^® MSCI EAFE ETF

Investment Objective

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

Performance

				Average Annual Total Returns										Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years				1 Year			5 Years			10 Years
Fund NAV		2.11	%		8.25	%		6.71	%		4.63	%			8.25	%		38.39	%		57.23	%
Fund Market		2.01			8.13			6.74			4.69				8.13			38.53			58.10
Index		3.15			10.01			6.92			4.77				10.01			39.72			59.33

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

Expense Example

	Actual					Hypothetical 5% Return
		Beginning Account Value (08/01/23)	Ending Account Value (01/31/24)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/23)	Ending Account Value (01/31/24)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
		$   1,000.00	$  1,021.10	$  1.63			$  1,000.00	$  1,023.50	$  1.63		0.32	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of Total Investments	(a)
Financials	18.9	%
Industrials	16.4
Health Care	13.1
Consumer Discretionary	12.0
Consumer Staples	9.2
Information Technology	9.0
Materials	7.4
Energy	4.2
Communication Services	4.2
Utilities	3.3
Real Estate	2.3

GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	(a)
Japan	23.2	%
United Kingdom	14.2
France	11.8
Switzerland	10.3
Germany	8.4
Australia	7.4
Netherlands	4.9
Denmark	3.5
Sweden	3.1
Italy	2.6

^(a)  Excludes money market funds.

8 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Fund Summary as of January 31, 2024 iShares^® MSCI EAFE Small-Cap ETF

Investment Objective

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

Performance

				Average Annual Total Returns										Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years				1 Year			5 Years			10 Years
Fund NAV		(0.16	)%		1.80	%		4.21	%		4.59	%			1.80	%		22.89	%		56.62	%
Fund Market		(0.26	)		1.71			4.23			4.64				1.71			22.99			57.32
Index		0.99			3.56			4.59			4.79				3.56			25.15			59.66

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

Expense Example

	Actual					Hypothetical 5% Return
		Beginning Account Value (08/01/23)	Ending Account Value (01/31/24)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/23)	Ending Account Value (01/31/24)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
		$   1,000.00	$   998.40	$  2.01			$  1,000.00	$  1,023.10	$  2.03		0.40	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Industrials	23.3	%
Consumer Discretionary	12.8
Financials	12.0
Real Estate	10.3
Information Technology	10.0
Materials	9.3
Consumer Staples	6.5
Health Care	6.1
Communication Services	4.1
Energy	3.2
Utilities	2.4

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
Japan	34.2	%
United Kingdom	15.0
Australia	9.4
Sweden	5.8
Germany	4.5
Switzerland	4.5
France	3.9
Italy	3.2
Israel	2.9
Norway	2.4

^(a)  Excludes money market funds.

F U N D  S U M M A R Y 9

About Fund Performance

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

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

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

Disclosure of Expenses

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

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

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

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

10 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) January 31, 2024 iShares^® Currency Hedged MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 99.5%
iShares MSCI ACWI ex U.S. ETF(a)		3,844,847	$	192,857,526
Total Investment Companies (Cost: $179,312,567)				192,857,526
Short-Term Securities
Money Market Funds — 0.3%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.32%(a)(b)		680,000		680,000
Total Short-Term Securities — 0.3% (Cost: $680,000)				680,000
Total Investments in Securities — 99.8% (Cost: $179,992,567)				193,537,526
Other Assets Less Liabilities — 0.2%				313,529
Net Assets — 100.0%			$	193,851,055

^(a)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

	Affiliated Issuer	Value at 07/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 01/31/24		Shares Held at 01/31/24		Income			Capital Gain Distributions from Underlying Funds
	BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	12,677,885	$	—		$	(12,688,179	)(b)	$	11,561		$	(1,267	)	$	—		—	$	35,729	(c)	$	—
	BlackRock Cash Funds: Treasury, SL Agency Shares		70,000		610,000	(b)		—			—			—			680,000		680,000		8,573			—
	iShares MSCI ACWI ex U.S. ETF		179,887,849		26,362,041			(10,716,926	)		(596,883	)		(2,078,555	)		192,857,526		3,844,847		2,662,688			—
										$	(585,322	)	$	(2,079,822	)	$	193,537,526			$	2,706,990		$	—

^(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)
CLP	295,552,000	USD	317,307	Citibank N.A.		02/05/24		$	460
MYR	3,293,000	USD	696,194	State Street Bank & Trust Company		02/05/24			—
TRY	10,143,000	USD	333,070	BNP Paribas SA		02/05/24			266
TRY	861,000	USD	28,282	JPMorgan Chase Bank N.A.		02/05/24			14
USD	8,833,650	AUD	12,936,000	Bank of America N.A.		02/05/24			346,166
USD	27,438	AUD	41,000	BNP Paribas SA		02/05/24			537
USD	447,382	AUD	655,000	Citibank N.A.		02/05/24			17,628
USD	41,178	AUD	62,000	HSBC Bank PLC		02/05/24			499
USD	56,805	AUD	86,000	JPMorgan Chase Bank N.A.		02/05/24			380

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

Schedule of Investments (unaudited)(continued) January 31, 2024 iShares^® Currency Hedged MSCI ACWI ex U.S. ETF

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date			Unrealized Appreciation (Depreciation)
USD	13,974	BRL	69,000	Citibank N.A.		02/05/24		$	52
USD	23,461	BRL	115,000	JPMorgan Chase Bank N.A.		02/05/24			258
USD	28,927	BRL	143,000	Morgan Stanley & Co. International PLC		02/05/24			75
USD	3,078,112	BRL	14,988,000	State Street Bank & Trust Company		02/05/24			54,047
USD	129,723	CAD	174,000	Bank of America N.A.		02/05/24			295
USD	267,765	CAD	354,000	BNP Paribas SA		02/05/24			4,446
USD	43,311	CAD	58,000	Deutsche Bank Securities Inc.		02/05/24			168
USD	23,945	CAD	32,000	HSBC Bank PLC		02/05/24			142
USD	14,277,531	CAD	18,818,000	State Street Bank & Trust Company		02/05/24			280,015
USD	106,954	CHF	91,000	Bank of America N.A.		02/05/24			1,468
USD	36,465	CHF	31,000	Deutsche Bank Securities Inc.		02/05/24			531
USD	35,990	CHF	31,000	HSBC Bank PLC		02/05/24			55
USD	2,355	CHF	2,000	JPMorgan Chase Bank N.A.		02/05/24			37
USD	12,109,291	CHF	10,158,000	Morgan Stanley & Co. International PLC		02/05/24			334,270
USD	2,411	CLP	2,218,000	Citibank N.A.		02/05/24			26
USD	4,266	CLP	3,828,000	Morgan Stanley & Co. International PLC		02/05/24			150
USD	328,110	CLP	287,730,000	State Street Bank & Trust Company		02/05/24			18,754
USD	41,758	CNH	297,000	Barclays Bank PLC		02/05/24			438
USD	20,890	CNH	150,000	BNP Paribas SA		02/05/24			21
USD	3,494	CNH	25,000	HSBC Bank PLC		02/05/24			16
USD	2,367,006	CNH	16,819,000	Morgan Stanley & Co. International PLC		02/05/24			27,085
USD	10,488	CNY	75,000	State Street Bank & Trust Company		02/05/24			4
USD	49,626	DKK	340,000	Bank of America N.A.		02/05/24			326
USD	12,610	DKK	85,000	Citibank N.A.		02/05/24			284
USD	25,264	DKK	173,000	HSBC Bank PLC		02/05/24			179
USD	30,670	DKK	209,000	JPMorgan Chase Bank N.A.		02/05/24			365
USD	4,029,296	DKK	27,147,000	Morgan Stanley & Co. International PLC		02/05/24			92,959
USD	256,526	EUR	236,000	Bank of America N.A.		02/05/24			1,450
USD	188,638	EUR	172,000	BNP Paribas SA		02/05/24			2,735
USD	131,102	EUR	121,000	HSBC Bank PLC		02/05/24			321
USD	659,733	EUR	601,000	JPMorgan Chase Bank N.A.		02/05/24			10,152
USD	41,243,681	EUR	37,290,000	State Street Bank & Trust Company		02/05/24			939,369
USD	84,176	GBP	66,000	Bank of America N.A.		02/05/24			532
USD	3,808	GBP	3,000	Barclays Bank PLC		02/05/24			6
USD	17,768,679	GBP	13,936,000	BNP Paribas SA		02/05/24			107,177
USD	26,775	GBP	21,000	Citibank N.A.		02/05/24			162
USD	189,318	GBP	149,000	HSBC Bank PLC		02/05/24			486
USD	190,452	GBP	150,000	JPMorgan Chase Bank N.A.		02/05/24			353
USD	13,419,796	HKD	104,714,000	Citibank N.A.		02/05/24			24,365
USD	102,725	HKD	802,000	HSBC Bank PLC		02/05/24			130
USD	324,402	HKD	2,532,000	JPMorgan Chase Bank N.A.		02/05/24			498
USD	59,019	HKD	461,000	State Street Bank & Trust Company		02/05/24			46
USD	3,039	IDR	47,243,000	Bank of America N.A.		02/05/24			44
USD	4,537	IDR	70,877,000	JPMorgan Chase Bank N.A.		02/05/24			45
USD	9,772	IDR	151,165,000	Morgan Stanley & Co. International PLC		02/05/24			191
USD	997,891	IDR	15,373,866,000	State Street Bank & Trust Company		02/05/24			23,498

12 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited)(continued) January 31, 2024 iShares^® Currency Hedged MSCI ACWI ex U.S. ETF

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date			Unrealized Appreciation (Depreciation)
USD	467,960	ILS	1,684,000	Citibank N.A.		02/05/24		$	6,267
USD	162,351	JPY	23,332,000	Bank of America N.A.		02/05/24			3,751
USD	85,578	JPY	12,323,000	JPMorgan Chase Bank N.A.		02/05/24			1,812
USD	28,245,656	JPY	3,962,922,000	Morgan Stanley & Co. International PLC		02/05/24			1,307,502
USD	99,354	KRW	129,453,000	Morgan Stanley & Co. International PLC		02/05/24			2,272
USD	7,087,976	KRW	9,180,954,000	State Street Bank & Trust Company		02/05/24			202,863
USD	3,175	MYR	15,000	Barclays Bank PLC		02/05/24			4
USD	10,047	MYR	47,000	Morgan Stanley & Co. International PLC		02/05/24			111
USD	1,446,351	MYR	6,728,000	State Street Bank & Trust Company		02/05/24			23,941
USD	14,691	NOK	153,000	Bank of America N.A.		02/05/24			142
USD	2,590	NOK	27,000	Barclays Bank PLC		02/05/24			22
USD	846,103	NOK	8,586,000	Citibank N.A.		02/05/24			29,668
USD	613	NZD	1,000	Bank of America N.A.		02/05/24			2
USD	244,423	NZD	386,000	Citibank N.A.		02/05/24			8,480
USD	624	NZD	1,000	Deutsche Bank Securities Inc.		02/05/24			13
USD	3,139	NZD	5,000	HSBC Bank PLC		02/05/24			83
USD	1,837	NZD	3,000	JPMorgan Chase Bank N.A.		02/05/24			4
USD	29,592	SEK	305,000	Bank of America N.A.		02/05/24			281
USD	4,022,498	SEK	40,488,000	BNP Paribas SA		02/05/24			131,438
USD	4,481	SGD	6,000	Bank of America N.A.		02/05/24			8
USD	1,488,039	SGD	1,960,000	Citibank N.A.		02/05/24			26,788
USD	2,259	SGD	3,000	Deutsche Bank Securities Inc.		02/05/24			22
USD	15,775	SGD	21,000	JPMorgan Chase Bank N.A.		02/05/24			119
USD	19,659	SGD	26,000	State Street Bank & Trust Company		02/05/24			275
USD	2,708	THB	96,000	Barclays Bank PLC		02/05/24			2
USD	942,584	THB	32,308,000	Citibank N.A.		02/05/24			31,713
USD	2,742	THB	97,000	HSBC Bank PLC		02/05/24			7
USD	4,152	THB	145,000	JPMorgan Chase Bank N.A.		02/05/24			64
USD	5,182	THB	180,000	State Street Bank & Trust Company		02/05/24			108
USD	26,662	TWD	831,000	Morgan Stanley & Co. International PLC		02/05/24			100
USD	8,492,135	TWD	257,789,000	State Street Bank & Trust Company		02/05/24			252,167
USD	63,863	TWD	1,971,000	UBS AG		02/05/24			862
USD	1,657,106	ZAR	30,389,000	Bank of America N.A.		02/05/24			34,391
USD	7,297	ZAR	136,000	Deutsche Bank Securities Inc.		02/05/24			35
USD	15,839	MXN	270,000	Bank of America N.A.		02/06/24			163
USD	2,241	MXN	38,000	BNP Paribas SA		02/06/24			35
USD	4,460	MXN	76,000	Deutsche Bank Securities Inc.		02/06/24			47
USD	1,341,772	MXN	22,843,000	HSBC Bank PLC		02/06/24			15,463
USD	114,817	MXN	1,955,000	Morgan Stanley & Co. International PLC		02/06/24			1,306
CLP	6,662,000	USD	7,121	Citibank N.A.		03/06/24			25
CNY	427,000	USD	59,560	State Street Bank & Trust Company		03/06/24			541
TRY	100,000	USD	3,186	BNP Paribas SA		03/06/24			10
USD	268,670	AUD	406,000	Bank of America N.A.		03/06/24			2,025
USD	9,145,494	AUD	13,821,000	Citibank N.A.		03/06/24			68,415
USD	3,075,170	BRL	15,249,000	Citibank N.A.		03/06/24			5,702
USD	618,502	CAD	826,000	BNP Paribas SA		03/06/24			3,853
USD	14,545,558	CAD	19,426,000	State Street Bank & Trust Company		03/06/24			90,143

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

Schedule of Investments (unaudited)(continued) January 31, 2024 iShares^® Currency Hedged MSCI ACWI ex U.S. ETF

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date			Unrealized Appreciation (Depreciation)
USD	728,820	CHF	623,000	Bank of America N.A.		03/06/24		$	4,308
USD	12,018,961	CHF	10,274,000	BNP Paribas SA		03/06/24			70,921
USD	2,329,438	CNH	16,675,000	HSBC Bank PLC		03/06/24			5,394
USD	293,558	DKK	2,011,000	Bank of America N.A.		03/06/24			1,503
USD	4,062,631	DKK	27,829,000	BNP Paribas SA		03/06/24			21,059
USD	41,484,208	EUR	38,137,000	BNP Paribas SA		03/06/24			212,727
USD	1,724,095	EUR	1,585,000	Citibank N.A.		03/06/24			8,824
USD	582,113	GBP	457,000	Bank of America N.A.		03/06/24			2,806
USD	18,169,355	GBP	14,264,000	BNP Paribas SA		03/06/24			87,881
USD	13,101,020	HKD	102,314,000	Citibank N.A.		03/06/24			1,350
USD	1,018,302	IDR	16,048,951,000	Citibank N.A.		03/06/24			1,303
USD	463,380	ILS	1,684,000	BNP Paribas SA		03/06/24			1,221
USD	12,933	ILS	47,000	Morgan Stanley & Co. International PLC		03/06/24			34
USD	9,506,922	INR	790,358,000	Citibank N.A.		03/06/24			4,493
USD	2,854,070	JPY	415,051,000	Citibank N.A.		03/06/24			19,437
USD	26,723,250	JPY	3,886,274,000	UBS AG		03/06/24			181,551
USD	7,079,219	KRW	9,410,902,000	Citibank N.A.		03/06/24			14,605
USD	1,463,981	MXN	25,283,000	HSBC Bank PLC		03/06/24			3,057
USD	28,663	MXN	495,000	Morgan Stanley & Co. International PLC		03/06/24			60
USD	7,752	NOK	81,000	Bank of America N.A.		03/06/24			44
USD	806,743	NOK	8,429,000	BNP Paribas SA		03/06/24			4,653
USD	8,002	NZD	13,000	Citibank N.A.		03/06/24			56
USD	245,599	NZD	399,000	UBS AG		03/06/24			1,697
USD	44,965	SEK	464,000	Bank of America N.A.		03/06/24			319
USD	3,856,846	SEK	39,797,000	BNP Paribas SA		03/06/24			27,585
USD	7,494	SGD	10,000	Bank of America N.A.		03/06/24			29
USD	1,515,878	SGD	2,023,000	Citibank N.A.		03/06/24			5,622
USD	912,538	THB	32,151,000	Citibank N.A.		03/06/24			3,993
USD	8,962,490	TWD	278,841,000	Citibank N.A.		03/06/24			15,019
USD	1,614,456	ZAR	30,110,000	BNP Paribas SA		03/06/24			10,633
									5,259,205
AUD	13,821,000	USD	9,136,372	Citibank N.A.		02/05/24			(68,228	)
BRL	15,249,000	USD	3,084,825	Citibank N.A.		02/05/24			(8,099	)
BRL	66,000	USD	13,574	Morgan Stanley & Co. International PLC		02/05/24			(257	)
CAD	159,000	USD	120,218	Morgan Stanley & Co. International PLC		02/05/24			(1,948	)
CAD	19,426,000	USD	14,539,875	State Street Bank & Trust Company		02/05/24			(90,107	)
CHF	91,000	USD	108,575	Bank of America N.A.		02/05/24			(3,089	)
CHF	10,274,000	USD	11,980,363	BNP Paribas SA		02/05/24			(70,876	)
CHF	58,000	USD	69,143	Citibank N.A.		02/05/24			(1,910	)
CNH	872,000	USD	122,730	Citibank N.A.		02/05/24			(1,414	)
CNH	16,675,000	USD	2,325,148	HSBC Bank PLC		02/05/24			(5,261	)
DKK	27,829,000	USD	4,056,259	BNP Paribas SA		02/05/24			(21,032	)
DKK	125,000	USD	18,554	Citibank N.A.		02/05/24			(429	)
EUR	38,137,000	USD	41,431,312	BNP Paribas SA		02/05/24			(211,533	)
EUR	283,000	USD	312,816	HSBC Bank PLC		02/05/24			(6,940	)
GBP	14,264,000	USD	18,164,862	BNP Paribas SA		02/05/24			(87,675	)
GBP	61,000	USD	77,772	Citibank N.A.		02/05/24			(465	)
HKD	109,584,000	USD	14,021,397	Citibank N.A.		02/05/24			(2,975	)

14 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited)(continued) January 31, 2024 iShares^® Currency Hedged MSCI ACWI ex U.S. ETF

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date			Unrealized Appreciation (Depreciation)
IDR	15,737,671,000	USD	999,185	Citibank N.A.		02/05/24		$	(1,735	)
ILS	1,684,000	USD	462,956	BNP Paribas SA		02/05/24			(1,263	)
ILS	26,000	USD	7,226	Citibank N.A.		02/05/24			(97	)
ILS	19,000	USD	5,267	JPMorgan Chase Bank N.A.		02/05/24			(58	)
INR	752,350,000	USD	9,060,092	Citibank N.A.		02/05/24			(2,805	)
JPY	20,779,000	USD	148,062	Bank of America N.A.		02/05/24			(6,816	)
JPY	156,466,000	USD	1,115,278	Citibank N.A.		02/05/24			(51,692	)
JPY	3,886,274,000	USD	26,598,730	UBS AG		02/05/24			(181,594	)
KRW	9,410,902,000	USD	7,069,116	Citibank N.A.		02/05/24			(11,557	)
MYR	15,000	USD	3,172	Barclays Bank PLC		02/05/24			(1	)
MYR	47,000	USD	9,939	Morgan Stanley & Co. International PLC		02/05/24			(3	)
MYR	3,445,000	USD	729,290	State Street Bank & Trust Company		02/05/24			(960	)
NOK	66,000	USD	6,507	Bank of America N.A.		02/05/24			(231	)
NOK	8,429,000	USD	806,156	BNP Paribas SA		02/05/24			(4,650	)
NOK	309,000	USD	30,451	Citibank N.A.		02/05/24			(1,069	)
NZD	399,000	USD	245,612	UBS AG		02/05/24			(1,723	)
SEK	39,797,000	USD	3,852,170	BNP Paribas SA		02/05/24			(27,518	)
SEK	1,355,000	USD	134,629	Citibank N.A.		02/05/24			(4,408	)
SEK	185,000	USD	18,367	HSBC Bank PLC		02/05/24			(588	)
SGD	2,031,000	USD	1,519,898	Citibank N.A.		02/05/24			(5,715	)
THB	32,151,000	USD	911,180	Citibank N.A.		02/05/24			(4,736	)
THB	1,020,000	USD	29,777	JPMorgan Chase Bank N.A.		02/05/24			(1,020	)
TWD	262,606,000	USD	8,411,467	Citibank N.A.		02/05/24			(17,528	)
TWD	791,000	USD	26,076	Morgan Stanley & Co. International PLC		02/05/24			(793	)
USD	26,871	AUD	41,000	Bank of America N.A.		02/05/24			(29	)
USD	110,398	CAD	149,000	Bank of America N.A.		02/05/24			(434	)
USD	71,684	CHF	62,000	Bank of America N.A.		02/05/24			(185	)
USD	53,061	CHF	46,000	BNP Paribas SA		02/05/24			(262	)
USD	2,304	CHF	2,000	HSBC Bank PLC		02/05/24			(15	)
USD	954	CLP	888,000	Morgan Stanley & Co. International PLC		02/05/24			—
USD	953	CLP	888,000	State Street Bank & Trust Company		02/05/24			(1	)
USD	7,347	CNH	53,000	BNP Paribas SA		02/05/24			(27	)
USD	6,948	CNH	50,000	JPMorgan Chase Bank N.A.		02/05/24			(8	)
USD	10,819	CNY	78,000	State Street Bank & Trust Company		02/05/24			(84	)
USD	39,270	HKD	307,000	Barclays Bank PLC		02/05/24			(3	)
USD	58,963	HKD	461,000	JPMorgan Chase Bank N.A.		02/05/24			(10	)
USD	39,272	HKD	307,000	State Street Bank & Trust Company		02/05/24			—
USD	2,987	IDR	47,260,000	Morgan Stanley & Co. International PLC		02/05/24			(9	)
USD	2,989	IDR	47,260,000	State Street Bank & Trust Company		02/05/24			(6	)
USD	6,977	ILS	26,000	Bank of America N.A.		02/05/24			(152	)
USD	1,640	ILS	6,000	Deutsche Bank Securities Inc.		02/05/24			(5	)
USD	3,496	ILS	13,000	JPMorgan Chase Bank N.A.		02/05/24			(68	)
USD	27,154	INR	2,259,000	Bank of America N.A.		02/05/24			(42	)
USD	40,766	INR	3,388,000	JPMorgan Chase Bank N.A.		02/05/24			(21	)
USD	74,175	INR	6,171,000	Morgan Stanley & Co. International PLC		02/05/24			(116	)
USD	8,889,147	INR	740,532,000	State Street Bank & Trust Company		02/05/24			(25,867	)
USD	237,002	JPY	35,006,000	Bank of America N.A.		02/05/24			(953	)

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

Schedule of Investments (unaudited)(continued) January 31, 2024 iShares^® Currency Hedged MSCI ACWI ex U.S. ETF

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date			Unrealized Appreciation (Depreciation)
USD	84,330	JPY	12,434,000	JPMorgan Chase Bank N.A.		02/05/24		$	(191	)
USD	118,364	JPY	17,502,000	State Street Bank & Trust Company		02/05/24			(607	)
USD	31,661	KRW	42,384,000	Citibank N.A.		02/05/24			(125	)
USD	22,384	KRW	29,855,000	Morgan Stanley & Co. International PLC		02/05/24			(6	)
USD	21,028	KRW	28,256,000	State Street Bank & Trust Company		02/05/24			(162	)
USD	2,111	MYR	10,000	State Street Bank & Trust Company		02/05/24			(3	)
USD	3,607	NOK	38,000	Bank of America N.A.		02/05/24			(6	)
USD	1,833	NZD	3,000	Bank of America N.A.		02/05/24			—
USD	23,526	SEK	246,000	Bank of America N.A.		02/05/24			(116	)
USD	11,403	SEK	119,000	Barclays Bank PLC		02/05/24			(34	)
USD	17,072	SEK	179,000	BNP Paribas SA		02/05/24			(131	)
USD	11,163	SGD	15,000	State Street Bank & Trust Company		02/05/24			(20	)
USD	2,899	THB	103,000	HSBC Bank PLC		02/05/24			(5	)
USD	4,075	THB	145,000	JPMorgan Chase Bank N.A.		02/05/24			(13	)
USD	2,722	THB	97,000	Morgan Stanley & Co. International PLC		02/05/24			(13	)
USD	3,550	TRY	109,000	BNP Paribas SA		02/05/24			(32	)
USD	2,819	TRY	86,000	JPMorgan Chase Bank N.A.		02/05/24			(7	)
USD	1,497	TRY	46,000	Morgan Stanley & Co. International PLC		02/05/24			(15	)
USD	1,501	TRY	46,000	State Street Bank & Trust Company		02/05/24			(11	)
USD	351,503	TRY	10,717,000	UBS AG		02/05/24			(698	)
USD	1,500	TWD	47,000	Morgan Stanley & Co. International PLC		02/05/24			(2	)
USD	87,654	TWD	2,759,000	State Street Bank & Trust Company		02/05/24			(535	)
USD	17,179	ZAR	325,000	Bank of America N.A.		02/05/24			(175	)
USD	4,781	ZAR	90,000	Barclays Bank PLC		02/05/24			(25	)
USD	11,960	ZAR	226,000	Deutsche Bank Securities Inc.		02/05/24			(108	)
ZAR	307,000	USD	16,717	Bank of America N.A.		02/05/24			(324	)
ZAR	30,110,000	USD	1,618,506	BNP Paribas SA		02/05/24			(10,689	)
ZAR	749,000	USD	40,846	Citibank N.A.		02/05/24			(850	)
MXN	25,283,000	USD	1,471,084	HSBC Bank PLC		02/06/24			(3,104	)
MXN	165,000	USD	9,671	JPMorgan Chase Bank N.A.		02/06/24			(91	)
USD	4,406	MXN	76,000	Bank of America N.A.		02/06/24			(7	)
USD	6,619	MXN	114,000	Deutsche Bank Securities Inc.		02/06/24			—
USD	4,400	MXN	76,000	Morgan Stanley & Co. International PLC		02/06/24			(12	)
AUD	62,000	USD	40,919	JPMorgan Chase Bank N.A.		03/06/24			(200	)
BRL	121,000	USD	24,401	Citibank N.A.		03/06/24			(45	)
BRL	218,000	USD	43,987	State Street Bank & Trust Company		03/06/24			(105	)
CAD	97,000	USD	72,419	JPMorgan Chase Bank N.A.		03/06/24			(238	)
CHF	59,000	USD	68,761	JPMorgan Chase Bank N.A.		03/06/24			(147	)
CNH	237,000	USD	33,108	Morgan Stanley & Co. International PLC		03/06/24			(77	)
DKK	162,000	USD	23,592	JPMorgan Chase Bank N.A.		03/06/24			(65	)
EUR	114,000	USD	123,780	JPMorgan Chase Bank N.A.		03/06/24			(410	)
GBP	26,000	USD	33,059	JPMorgan Chase Bank N.A.		03/06/24			(101	)
HKD	3,495,000	USD	447,549	Bank of America N.A.		03/06/24			(70	)
HKD	3,375,000	USD	432,125	HSBC Bank PLC		03/06/24			(10	)
ILS	22,000	USD	6,045	Bank of America N.A.		03/06/24			(8	)

16 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited)(continued) January 31, 2024 iShares^® Currency Hedged MSCI ACWI ex U.S. ETF

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold			Counterparty	Settlement Date			Unrealized Appreciation (Depreciation)
INR	12,017,000		USD	144,551	Morgan Stanley & Co. International PLC		03/06/24		$	(72	)
JPY	28,716,000		USD	196,948	JPMorgan Chase Bank N.A.		03/06/24			(829	)
KRW	267,490,000		USD	201,216	Citibank N.A.		03/06/24			(415	)
KRW	52,950,000		USD	39,838	Morgan Stanley & Co. International PLC		03/06/24			(89	)
MXN	17,000		USD	984	State Street Bank & Trust Company		03/06/24			(2	)
MYR	30,000		USD	6,386	Morgan Stanley & Co. International PLC		03/06/24			(15	)
NOK	93,000		USD	8,886	Bank of America N.A.		03/06/24			(36	)
NZD	2,000		USD	1,227	JPMorgan Chase Bank N.A.		03/06/24			(5	)
SEK	227,000		USD	21,940	Morgan Stanley & Co. International PLC		03/06/24			(98	)
SGD	10,000		USD	7,481	JPMorgan Chase Bank N.A.		03/06/24			(15	)
THB	270,000		USD	7,664	Morgan Stanley & Co. International PLC		03/06/24			(35	)
THB	195,000		USD	5,514	UBS AG		03/06/24			(3	)
TWD	3,414,000		USD	109,722	Morgan Stanley & Co. International PLC		03/06/24			(173	)
USD	317,282		CLP	296,360,000	Citibank N.A.		03/06/24			(603	)
USD	5,943		IDR	93,790,000	Morgan Stanley & Co. International PLC		03/06/24			(1	)
USD	738,845		MYR	3,492,000	State Street Bank & Trust Company		03/06/24			(2,833	)
USD	323,276		TRY	10,143,000	BNP Paribas SA		03/06/24			(914	)
USD	53,206		TRY	1,671,000	UBS AG		03/06/24			(202	)
ZAR	94,000		USD	5,032	BNP Paribas SA		03/06/24			(25	)
ZAR	292,000		USD	15,657	Citibank N.A.		03/06/24			(104	)
										(965,157	)
									$	4,294,048

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	$	—	$	—	$	—	$	5,259,205	$	—	$	—	$	5,259,205
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	965,157	$	—	$	—	$	965,157

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

Schedule of Investments (unaudited)(continued) January 31, 2024 iShares^® Currency Hedged MSCI ACWI ex U.S. ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)

For the period ended January 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts			Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	(1,409,198	)	$	—	$	—	$	(1,409,198	)
Net Change in Unrealized Appreciation (Depreciation) on
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	5,954,037		$	—	$	—	$	5,954,037

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	183,694,634
Average amounts sold — in USD	$	363,398,794

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	$	5,259,205	$	965,157
Total derivative assets and liabilities in the Statement of Assets and Liabilities		5,259,205		965,157
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA	$	5,259,205	$	965,157

The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:

Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Received		Cash Collateral Received	(b)	Net Amount of Derivative Assets	(c)(d)
Bank of America N.A.	$	400,053	$	(12,673	)	$	—	$	—		$ 387,380
Barclays Bank PLC		472		(63	)		—		—		409
BNP Paribas SA		687,198		(436,627	)		—		—		250,571
Citibank N.A.		294,737		(187,004	)		—		—		107,733
Deutsche Bank Securities Inc.		816		(113	)		—		—		703
HSBC Bank PLC		25,832		(15,923	)		—		—		9,909
JPMorgan Chase Bank N.A.		14,101		(3,497	)		—		—		10,604
Morgan Stanley & Co. International PLC		1,766,115		(3,734	)		—		(570,000	)	1,192,381
State Street Bank & Trust Company		1,885,771		(121,303	)		—		—		1,764,468
UBS AG		184,110		(184,110	)		—		—		—
	$	5,259,205	$	(965,047	)	$	—	$	(570,000)		$3,724,158

Counterparty	Derivative Liabilities Subject to an MNA by Counterparty	Derivatives Available for Offset	(a)	Non-Cash Collateral Pledged	Cash Collateral Pledged	Net Amount of Derivative Liabilities	(d)(e)
Bank of America N.A.	$ 12,673	$ (12,673	)	$   —	$   —	$   —
Barclays Bank PLC	63	(63	)	—	—	—
BNP Paribas SA	436,627	(436,627	)	—	—	—
Citibank N.A.	187,004	(187,004	)	—	—	—
Deutsche Bank Securities Inc.	113	(113	)	—	—	—

18 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited)(continued) January 31, 2024 iShares^® Currency Hedged MSCI ACWI ex U.S. ETF

	Derivative Liabilities Subject to an MNA by			Derivatives Available					Non-Cash Collateral		Cash Collateral	Net Amount of Derivative
Counterparty	Counterparty					for Offset	(a)		Pledged		Pledged			Liabilities	(d)(e)
HSBC Bank PLC		$	15,923		$	(15,923	)	$	—	$	—		$	—
JPMorgan Chase Bank N.A.			3,497			(3,497	)		—		—			—
Morgan Stanley & Co. International PLC			3,734			(3,734	)		—		—			—
State Street Bank & Trust Company			121,303			(121,303	)		—		—			—
UBS AG			184,220			(184,110	)		—		—			110
		$	965,157		$	(965,047	)	$	—	$	—		$	110

^(a)  The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

^(b)  Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

^(c)  Net amount represents the net amount receivable from the counterparty in the event of default.

^(d)  Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

^(e)  Net amount represents the net amount payable due to the counterparty in the event of default.

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2			Level 3		Total
Assets
Investments
Long-Term Investments
Investment Companies	$	192,857,526	$	—		$	—	$	192,857,526
Short-Term Securities
Money Market Funds		680,000		—			—		680,000
	$	193,537,526	$	—		$	—	$	193,537,526
Derivative Financial Instruments(a)
Assets
Foreign Currency Exchange Contracts	$	—	$	5,259,205		$	—	$	5,259,205
Liabilities
Foreign Currency Exchange Contracts		—		(965,157	)		—		(965,157	)
	$	—	$	4,294,048		$	—		4,294,048

^(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 (unaudited) January 31, 2024 iShares^® Currency Hedged MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 99.4%
iShares MSCI EAFE ETF(a)(b)		52,121,455	$	3,909,630,340
Total Investment Companies (Cost: $3,530,123,146)				3,909,630,340
Short-Term Securities
Money Market Funds — 11.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.51%(a)(c)(d)		438,112,547		438,375,414
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.32%(a)(c)		2,550,000		2,550,000
Total Short-Term Securities — 11.2% (Cost: $440,925,414)				440,925,414
Total Investments in Securities — 110.6% (Cost: $3,971,048,560)				4,350,555,754
Liabilities in Excess of Other Assets — (10.6)%				(416,029,543	)
Net Assets — 100.0%			$	3,934,526,211

^(a)  Affiliate of the Fund.

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

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

	Affiliated Issuer	Value at 07/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 01/31/24		Shares Held at 01/31/24		Income			Capital Gain Distributions from Underlying Funds
	BlackRock Cash Funds: Institutional, SL Agency Shares	$	813,520,005	$	—		$	(375,341,874	)(a)	$	277,171	$	(79,888	)	$	438,375,414		438,112,547	$	608,071	(b)	$	—
	BlackRock Cash Funds: Treasury, SL Agency Shares		1,130,000		1,420,000	(a)		—			—		—			2,550,000		2,550,000		75,703			—
	iShares MSCI EAFE ETF		3,545,298,008		628,606,005			(312,085,982	)		5,545,881		42,266,428			3,909,630,340		52,121,455		47,721,862			—
										$	5,823,052	$	42,186,540		$	4,350,555,754			$	48,405,636		$	—

^(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)
GBP	27,000	USD	34,102	Toronto Dominion Bank		02/02/24	$	116
ILS	3,000	USD	821	Bank of America N.A.		02/02/24		2
USD	1,277,754	AUD	1,898,000	Bank of America N.A.		02/02/24		32,571
USD	234,722	AUD	351,000	Bank of New York		02/02/24		4,448
USD	275,231,017	AUD	402,966,000	BNP Paribas SA		02/02/24		10,865,161

20 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited)(continued) January 31, 2024 iShares^® Currency Hedged MSCI EAFE ETF

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	13,818,304	AUD	20,232,000	Citibank N.A.		02/02/24	$	545,100
USD	231,083	AUD	351,000	HSBC Bank PLC		02/02/24		809
USD	589,986	AUD	877,000	JPMorgan Chase Bank N.A.		02/02/24		14,630
USD	1,022,198	AUD	1,499,000	State Street Bank & Trust Company		02/02/24		38,779
USD	236,292	AUD	351,000	Toronto Dominion Bank		02/02/24		6,018
USD	771,043	CHF	652,000	Bank of America N.A.		02/02/24		15,495
USD	382,179,398	CHF	320,694,000	BNP Paribas SA		02/02/24		10,554,159
USD	614,789	CHF	522,000	Toronto Dominion Bank		02/02/24		9,887
USD	937,754	DKK	6,363,000	Bank of America N.A.		02/02/24		15,253
USD	126,725,333	DKK	853,909,000	BNP Paribas SA		02/02/24		2,926,448
USD	471,072	DKK	3,177,000	Citibank N.A.		02/02/24		10,473
USD	103,766	DKK	706,000	HSBC Bank PLC		02/02/24		1,411
USD	102,686	DKK	706,000	JPMorgan Chase Bank N.A.		02/02/24		331
USD	103,553	DKK	706,000	Toronto Dominion Bank		02/02/24		1,198
USD	1,024,581	EUR	945,000	Bank of New York		02/02/24		3,319
USD	12,377,645	EUR	11,192,000	Citibank N.A.		02/02/24		282,448
USD	5,721,952	EUR	5,186,000	HSBC Bank PLC		02/02/24		117,440
USD	2,051,819	EUR	1,890,000	JPMorgan Chase Bank N.A.		02/02/24		9,295
USD	1,033,245	EUR	945,000	Natwest Markets PLC		02/02/24		11,983
USD	1,260,629,239	EUR	1,139,862,000	State Street Bank & Trust Company		02/02/24		28,780,139
USD	2,591,091	EUR	2,363,000	UBS AG		02/02/24		37,396
USD	459,964	GBP	362,000	Bank of New York		02/02/24		1,201
USD	561,005,229	GBP	440,003,000	BNP Paribas SA		02/02/24		3,389,325
USD	1,603,950	GBP	1,258,000	Citibank N.A.		02/02/24		9,686
USD	919,665	GBP	724,000	HSBC Bank PLC		02/02/24		2,140
USD	461,411	GBP	362,000	JPMorgan Chase Bank N.A.		02/02/24		2,648
USD	1,154,467	GBP	905,000	UBS AG		02/02/24		7,560
USD	291,225	HKD	2,274,000	BNP Paribas SA		02/02/24		356
USD	78,335,117	HKD	611,292,000	Citibank N.A.		02/02/24		144,287
USD	196,549	HKD	1,536,000	HSBC Bank PLC		02/02/24		79
USD	1,311,727	HKD	10,237,000	State Street Bank & Trust Company		02/02/24		2,305
USD	65,620	HKD	512,000	Toronto Dominion Bank		02/02/24		130
USD	54,257	ILS	197,000	BNP Paribas SA		02/02/24		251
USD	14,719,293	ILS	52,974,000	Citibank N.A.		02/02/24		196,916
USD	692,009	JPY	98,702,000	Bank of America N.A.		02/02/24		21,388
USD	888,219,194	JPY	124,650,550,000	Bank of New York		02/02/24		41,293,321
USD	3,985,501	JPY	562,470,000	BNP Paribas SA		02/02/24		163,854
USD	1,718,136	JPY	246,755,000	JPMorgan Chase Bank N.A.		02/02/24		41,584
USD	134,219	NOK	1,391,000	Bank of America N.A.		02/02/24		1,960
USD	98,933	NOK	1,005,000	BNP Paribas SA		02/02/24		3,376
USD	26,610,402	NOK	270,057,000	Citibank N.A.		02/02/24		932,873
USD	20,498	NOK	214,000	Natwest Markets PLC		02/02/24		151
USD	7,697,892	NZD	12,157,000	Citibank N.A.		02/02/24		266,926
USD	28,448	NZD	45,000	Commonwealth Bank of Australia		02/02/24		942
USD	58,093	NZD	92,000	HSBC Bank PLC		02/02/24		1,859
USD	15,638	NZD	25,000	State Street Bank & Trust Company		02/02/24		356
USD	6,242	NZD	10,000	Toronto Dominion Bank		02/02/24		130
USD	247,265	SEK	2,526,000	Bank of America N.A.		02/02/24		4,535
USD	126,523,779	SEK	1,273,600,000	BNP Paribas SA		02/02/24		4,140,495
USD	98,198	SEK	1,010,000	Toronto Dominion Bank		02/02/24		1,145
USD	76,804	SGD	103,000	BNP Paribas SA		02/02/24		24
USD	46,787,612	SGD	61,638,000	Citibank N.A.		02/02/24		840,538
USD	173,699	SGD	229,000	Commonwealth Bank of Australia		02/02/24		2,994

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

Schedule of Investments (unaudited)(continued) January 31, 2024 iShares^® Currency Hedged MSCI EAFE ETF

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	96,485	SGD	128,000	JPMorgan Chase Bank N.A.		02/02/24	$	1,069
USD	586,409	SGD	774,000	State Street Bank & Trust Company		02/02/24		9,443
USD	38,321	SGD	51,000	Toronto Dominion Bank		02/02/24		304
USD	10,722,712	AUD	16,205,000	Bank of America N.A.		03/04/24		80,597
USD	283,539,074	AUD	428,499,000	BNP Paribas SA		03/04/24		2,136,056
USD	398,473,270	CHF	340,708,000	BNP Paribas SA		03/04/24		2,336,645
USD	136,169,729	DKK	932,908,000	BNP Paribas SA		03/04/24		699,009
USD	63,914,576	EUR	58,763,000	Citibank N.A.		03/04/24		327,356
USD	1,255,468,378	EUR	1,154,321,000	Morgan Stanley & Co. International PLC		03/04/24		6,382,001
USD	563,353,619	GBP	442,290,000	Bank of America N.A.		03/04/24		2,702,289
USD	22,746,556	GBP	17,858,000	BNP Paribas SA		03/04/24		109,573
USD	80,096,526	HKD	625,563,000	BNP Paribas SA		03/04/24		6,758
USD	14,353,435	ILS	52,167,000	BNP Paribas SA		03/04/24		37,754
USD	538,757	ILS	1,958,000	Morgan Stanley & Co. International PLC		03/04/24		1,442
USD	95,920,995	JPY	13,953,723,000	Citibank N.A.		03/04/24		652,994
USD	828,769,796	JPY	120,564,623,000	UBS AG		03/04/24		5,623,848
USD	25,459,865	NOK	266,021,000	BNP Paribas SA		03/04/24		146,891
USD	332,408	NZD	540,000	Citibank N.A.		03/04/24		2,314
USD	7,607,276	NZD	12,358,000	UBS AG		03/04/24		53,017
USD	121,950,353	SEK	1,258,487,000	BNP Paribas SA		03/04/24		868,524
USD	570,989	SGD	762,000	Bank of America N.A.		03/04/24		2,173
USD	47,047,257	SGD	62,784,000	BNP Paribas SA		03/04/24		180,340
								128,120,041
AUD	26,000	USD	17,620	Bank of New York		02/02/24		(562	)
AUD	428,499,000	USD	283,259,264	BNP Paribas SA		02/02/24		(2,142,483	)
CHF	318,690,000	USD	371,498,514	BNP Paribas SA		02/02/24		(2,195,541	)
CHF	1,296,000	USD	1,544,525	Citibank N.A.		02/02/24		(42,700	)
CHF	2,646,000	USD	3,156,106	HSBC Bank PLC		02/02/24		(89,879	)
CHF	19,000	USD	22,431	Toronto Dominion Bank		02/02/24		(413	)
DKK	862,868,000	USD	125,749,512	BNP Paribas SA		02/02/24		(651,760	)
DKK	2,699,000	USD	400,488	Citibank N.A.		02/02/24		(9,190	)
EUR	70,000	USD	76,740	JPMorgan Chase Bank N.A.		02/02/24		(1,091	)
EUR	1,154,321,000	USD	1,253,881,186	Morgan Stanley & Co. International PLC		02/02/24		(6,406,242	)
EUR	7,992,000	USD	8,832,386	State Street Bank & Trust Company		02/02/24		(195,430	)
GBP	442,290,000	USD	563,234,201	Bank of America N.A.		02/02/24		(2,719,981	)
GBP	1,659,000	USD	2,114,718	Morgan Stanley & Co. International PLC		02/02/24		(12,266	)
HKD	625,563,000	USD	80,023,410	BNP Paribas SA		02/02/24		(7,165	)
HKD	762,000	USD	97,654	Citibank N.A.		02/02/24		(186	)
HKD	38,000	USD	4,865	State Street Bank & Trust Company		02/02/24		(5	)
ILS	576,000	USD	159,668	Bank of America N.A.		02/02/24		(1,762	)
ILS	52,167,000	USD	14,340,261	BNP Paribas SA		02/02/24		(39,116	)
ILS	746,000	USD	207,310	Citibank N.A.		02/02/24		(2,801	)
JPY	4,700,797,000	USD	33,491,727	Citibank N.A.		02/02/24		(1,552,625	)
JPY	581,845,000	USD	4,143,868	HSBC Bank PLC		02/02/24		(190,579	)
JPY	7,318,000	USD	51,778	JPMorgan Chase Bank N.A.		02/02/24		(2,056	)
JPY	120,564,623,000	USD	824,787,999	UBS AG		02/02/24		(5,623,555	)
NOK	16,000	USD	1,550	Bank of America N.A.		02/02/24		(29	)
NOK	261,382,000	USD	24,996,844	BNP Paribas SA		02/02/24		(144,150	)

22 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited)(continued) January 31, 2024 iShares^® Currency Hedged MSCI EAFE ETF

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
NOK	9,325,000	USD	918,899	Citibank N.A.		02/02/24	$	(32,260	)
NOK	1,944,000	USD	191,595	Toronto Dominion Bank		02/02/24		(6,756	)
NZD	1,000	USD	626	HSBC Bank PLC		02/02/24		(15	)
NZD	12,358,000	USD	7,606,967	UBS AG		02/02/24		(53,140	)
SEK	1,234,229,000	USD	119,452,883	BNP Paribas SA		02/02/24		(852,854	)
SEK	40,770,000	USD	4,050,361	Citibank N.A.		02/02/24		(132,674	)
SEK	5,168,000	USD	512,880	Toronto Dominion Bank		02/02/24		(16,274	)
SGD	62,784,000	USD	46,981,704	BNP Paribas SA		02/02/24		(180,362	)
SGD	135,000	USD	102,486	Citibank N.A.		02/02/24		(1,852	)
SGD	4,000	USD	3,020	Morgan Stanley & Co. International PLC		02/02/24		(38	)
USD	301,036	CHF	261,000	Bank of America N.A.		02/02/24		(1,415	)
USD	604,244	CHF	522,000	Toronto Dominion Bank		02/02/24		(658	)
USD	458,565	GBP	362,000	Toronto Dominion Bank		02/02/24		(198	)
USD	65,483	HKD	512,000	HSBC Bank PLC		02/02/24		(7	)
USD	40,677	ILS	150,000	Bank of America N.A.		02/02/24		(444	)
USD	11,612	ILS	43,000	Bank of New York		02/02/24		(176	)
USD	22,986	ILS	85,000	Commonwealth Bank of Australia		02/02/24		(316	)
USD	11,505	ILS	43,000	HSBC Bank PLC		02/02/24		(284	)
USD	2,002,448	JPY	296,106,000	HSBC Bank PLC		02/02/24		(9,415	)
USD	18,296	NZD	30,000	Toronto Dominion Bank		02/02/24		(41	)
USD	193,332	SEK	2,021,000	Bank of America N.A.		02/02/24		(871	)
USD	96,702	SEK	1,010,000	Bank of New York		02/02/24		(351	)
AUD	3,289,000	USD	2,170,567	JPMorgan Chase Bank N.A.		03/04/24		(10,621	)
CHF	2,915,000	USD	3,396,513	JPMorgan Chase Bank N.A.		03/04/24		(7,282	)
DKK	8,033,000	USD	1,169,707	JPMorgan Chase Bank N.A.		03/04/24		(3,208	)
EUR	7,441,000	USD	8,078,604	JPMorgan Chase Bank N.A.		03/04/24		(26,727	)
GBP	2,227,000	USD	2,831,636	JPMorgan Chase Bank N.A.		03/04/24		(8,668	)
HKD	15,264,000	USD	1,954,491	Bank of America N.A.		03/04/24		(267	)
HKD	22,625,000	USD	2,896,689	HSBC Bank PLC		03/04/24		(49	)
ILS	877,000	USD	240,967	Bank of America N.A.		03/04/24		(301	)
JPY	1,339,044,000	USD	9,180,666	State Street Bank & Trust Company		03/04/24		(38,443	)
NOK	3,723,000	USD	355,674	Bank of America N.A.		03/04/24		(1,415	)
NZD	125,000	USD	76,709	Toronto Dominion Bank		03/04/24		(299	)
SEK	10,893,000	USD	1,052,480	Bank of New York		03/04/24		(4,440	)
SGD	488,000	USD	365,029	JPMorgan Chase Bank N.A.		03/04/24		(747	)
								(23,424,435	)
							$	104,695,606

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	128,120,041	$	—	$	—	$	128,120,041

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

Schedule of Investments (unaudited)(continued) January 31, 2024 iShares^® Currency Hedged MSCI EAFE ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	23,424,435	$	—	$	—	$	23,424,435

For the period ended January 31, 2024, 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	$	—	$	—	$	—	$	(35,087,324	)	$	—	$	—	$	(35,087,324	)
Net Change in Unrealized Appreciation (Depreciation) on
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	140,481,292		$	—	$	—	$	140,481,292

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	3,773,197,893
Average amounts sold — in USD	$	7,508,681,865

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	$	128,120,041	$	23,424,435
Total derivative assets and liabilities in the Statement of Assets and Liabilities		128,120,041		23,424,435
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA	$	128,120,041	$	23,424,435

The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:

Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Received		Cash Collateral Received		Net Amount of Derivative Assets	(b)(c)
Bank of America N.A.	$	2,876,263	$	(2,726,485	)	$	—	$	—	$	149,778
Bank of New York		41,302,289		(5,529	)		—		—		41,296,760
BNP Paribas SA		38,564,999		(6,213,431	)		—		—		32,351,568
Citibank N.A.		4,211,911		(1,774,288	)		—		—		2,437,623
Commonwealth Bank of Australia		3,936		(316	)		—		—		3,620
HSBC Bank PLC		123,738		(123,738	)		—		—		—
JPMorgan Chase Bank N.A.		69,557		(60,400	)		—		—		9,157
Morgan Stanley & Co. International PLC		6,383,443		(6,383,443	)		—		—		—
Natwest Markets PLC		12,134		—			—		—		12,134
State Street Bank & Trust Company		28,831,022		(233,878	)		—		—		28,597,144
Toronto Dominion Bank		18,928		(18,928	)		—		—		—
UBS AG		5,721,821		(5,676,695	)		—		—		45,126
	$	128,120,041	$	(23,217,131	)	$	—	$	—	$	104,902,910

24 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited)(continued) January 31, 2024 iShares^® Currency Hedged MSCI EAFE ETF

Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Pledged		Cash Collateral Pledged		Net Amount of Derivative Liabilities	(c)(d)
Bank of America N.A.	$	2,726,485	$	(2,726,485	)	$	—	$	—	$	—
Bank of New York		5,529		(5,529	)		—		—		—
BNP Paribas SA		6,213,431		(6,213,431	)		—		—		—
Citibank N.A.		1,774,288		(1,774,288	)		—		—		—
Commonwealth Bank of Australia		316		(316	)		—		—		—
HSBC Bank PLC		290,228		(123,738	)		—		—		166,490
JPMorgan Chase Bank N.A.		60,400		(60,400	)		—		—		—
Morgan Stanley & Co. International PLC		6,418,546		(6,383,443	)		—		—		35,103
State Street Bank & Trust Company		233,878		(233,878	)		—		—		—
Toronto Dominion Bank		24,639		(18,928	)		—		—		5,711
UBS AG		5,676,695		(5,676,695	)		—		—		—
	$	23,424,435	$	(23,217,131	)	$	—	$	—	$	207,304

^(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	$	3,909,630,340	$	—		$	—	$	3,909,630,340
Short-Term Securities
Money Market Funds		440,925,414		—			—		440,925,414
	$	4,350,555,754	$	—		$	—	$	4,350,555,754
Derivative Financial Instruments(a)
Assets
Foreign Currency Exchange Contracts	$	—	$	128,120,041		$	—	$	128,120,041
Liabilities
Foreign Currency Exchange Contracts		—		(23,424,435	)		—		(23,424,435	)
	$	—	$	104,695,606		$	—		104,695,606

^(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 25

Schedule of Investments (unaudited) January 31, 2024 iShares^® Currency Hedged MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 99.3%
iShares MSCI EAFE Small-Cap ETF(a)		1,816,076	$	109,527,544
Total Investment Companies (Cost: $108,561,642)				109,527,544
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.32%(a)(b)		70,000		70,000
Total Short-Term Securities — 0.1% (Cost: $70,000)				70,000
Total Investments in Securities — 99.4% (Cost: $108,631,642)				109,597,544
Other Assets Less Liabilities — 0.6%				647,091
Net Assets — 100.0%			$	110,244,635

^(a)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 01/31/24		Shares Held at 01/31/24		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	40,000	$	30,000	(a)	$	—		$	—		$	—	$	70,000		70,000	$	2,122	$	—
iShares MSCI EAFE Small-Cap ETF		97,000,997		23,031,286			(9,713,428	)		(897,130	)		105,819		109,527,544		1,816,076		1,460,938		—
									$	(897,130	)	$	105,819	$	109,597,544			$	1,463,060	$	—

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

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	10,381,234	AUD	15,206,000	Bank of America N.A.		02/02/24	$	405,337
USD	53,985	AUD	82,000	Bank of New York		02/02/24		189
USD	3,297	AUD	5,000	Barclays Bank PLC		02/02/24		16
USD	40,929	AUD	60,000	Citibank N.A.		02/02/24		1,566
USD	55,142	AUD	82,000	Deutsche Bank Securities Inc.		02/02/24		1,346
USD	27,582	AUD	41,000	JPMorgan Chase Bank N.A.		02/02/24		684
USD	40,209	CHF	34,000	Bank of America N.A.		02/02/24		810
USD	4,969,231	CHF	4,170,000	Morgan Stanley & Co. International PLC		02/02/24		136,970
USD	12,161	DKK	83,000	Bank of America N.A.		02/02/24		128
USD	46,154	DKK	316,000	JPMorgan Chase Bank N.A.		02/02/24		340
USD	2,122,308	DKK	14,301,000	Morgan Stanley & Co. International PLC		02/02/24		48,963
USD	64,243	EUR	59,000	Bank of America N.A.		02/02/24		482
USD	112,758	EUR	104,000	Bank of New York		02/02/24		365
USD	230,522	EUR	212,000	BNP Paribas SA		02/02/24		1,413

26 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited)(continued) January 31, 2024 iShares^® Currency Hedged MSCI EAFE Small-Cap ETF

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	114,048	EUR	104,000	JPMorgan Chase Bank N.A.		02/02/24	$	1,655
USD	21,608,032	EUR	19,538,000	State Street Bank & Trust Company		02/02/24		493,311
USD	57,019	EUR	52,000	UBS AG		02/02/24		823
USD	185,418	GBP	146,000	Bank of America N.A.		02/02/24		392
USD	178,224	GBP	140,000	Bank of New York		02/02/24		802
USD	15,746,324	GBP	12,350,000	BNP Paribas SA		02/02/24		95,166
USD	606,900	GBP	476,000	Citibank N.A.		02/02/24		3,665
USD	44,396	GBP	35,000	JPMorgan Chase Bank N.A.		02/02/24		40
USD	44,648	GBP	35,000	UBS AG		02/02/24		292
USD	25,628	HKD	200,000	Bank of New York		02/02/24		46
USD	1,647,840	HKD	12,859,000	Citibank N.A.		02/02/24		3,035
USD	8,187	HKD	64,000	JPMorgan Chase Bank N.A.		02/02/24		1
USD	4,612	HKD	36,000	State Street Bank & Trust Company		02/02/24		7
USD	2,739,966	ILS	9,861,000	Citibank N.A.		02/02/24		36,656
USD	286,272	JPY	41,114,000	JPMorgan Chase Bank N.A.		02/02/24		6,927
USD	35,783,371	JPY	5,022,833,000	Morgan Stanley & Co. International PLC		02/02/24		1,656,227
USD	43,021	NOK	448,000	Bank of America N.A.		02/02/24		424
USD	2,545,684	NOK	25,835,000	Citibank N.A.		02/02/24		89,243
USD	97,061	NOK	985,000	Morgan Stanley & Co. International PLC		02/02/24		3,405
USD	849,080	NZD	1,341,000	Citibank N.A.		02/02/24		29,394
USD	1,876	NZD	3,000	State Street Bank & Trust Company		02/02/24		43
USD	51,684	SEK	528,000	Bank of America N.A.		02/02/24		947
USD	6,116,116	SEK	61,565,000	BNP Paribas SA		02/02/24		200,188
USD	262,266	SEK	2,640,000	Morgan Stanley & Co. International PLC		02/02/24		8,582
USD	1,971,294	SGD	2,597,000	Citibank N.A.		02/02/24		35,402
USD	15,829	SGD	21,000	JPMorgan Chase Bank N.A.		02/02/24		175
USD	20,313	SGD	27,000	State Street Bank & Trust Company		02/02/24		186
USD	254,090	AUD	384,000	Bank of America N.A.		03/04/24		1,910
USD	10,203,460	AUD	15,420,000	BNP Paribas SA		03/04/24		76,868
USD	5,133,276	CHF	4,389,000	Bank of America N.A.		03/04/24		30,244
USD	201,865	DKK	1,383,000	Bank of America N.A.		03/04/24		1,035
USD	2,143,746	DKK	14,687,000	BNP Paribas SA		03/04/24		10,998
USD	700,458	EUR	644,000	Citibank N.A.		03/04/24		3,588
USD	21,257,631	EUR	19,545,000	Morgan Stanley & Co. International PLC		03/04/24		108,060
USD	16,735,408	GBP	13,139,000	Bank of America N.A.		03/04/24		80,277
USD	1,541,298	HKD	12,038,000	Bank of America N.A.		03/04/24		93
USD	2,655,965	ILS	9,653,000	BNP Paribas SA		03/04/24		6,986
USD	148,860	ILS	541,000	Morgan Stanley & Co. International PLC		03/04/24		398
USD	3,014,587	JPY	438,535,000	Citibank N.A.		03/04/24		20,522
USD	35,347,443	JPY	5,142,141,000	UBS AG		03/04/24		239,860
USD	2,774,472	NOK	28,992,000	Bank of America N.A.		03/04/24		15,766
USD	52,939	NZD	86,000	Citibank N.A.		03/04/24		369
USD	707,911	NZD	1,150,000	UBS AG		03/04/24		4,934
USD	70,059	SEK	723,000	Bank of America N.A.		03/04/24		497
USD	6,393,906	SEK	65,983,000	BNP Paribas SA		03/04/24		45,535
USD	2,020,959	SGD	2,697,000	Bank of America N.A.		03/04/24		7,706
								3,921,289
AUD	15,420,000	USD	10,193,391	BNP Paribas SA		02/02/24		(77,100	)
AUD	100,000	USD	68,302	Morgan Stanley & Co. International PLC		02/02/24		(2,696	)
CHF	4,272,000	USD	4,980,649	Bank of America N.A.		02/02/24		(30,189	)
CHF	13,000	USD	15,493	Citibank N.A.		02/02/24		(428	)
DKK	13,000	USD	1,928	Bank of America N.A.		02/02/24		(44	)

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

Schedule of Investments (unaudited)(continued) January 31, 2024 iShares^® Currency Hedged MSCI EAFE Small-Cap ETF

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
DKK	14,687,000	USD	2,140,400	BNP Paribas SA		02/02/24	$	(11,094	)
EUR	126,000	USD	139,260	Bank of America N.A.		02/02/24		(3,092	)
EUR	19,943,000	USD	21,670,928	Morgan Stanley & Co. International PLC		02/02/24		(118,523	)
GBP	13,102,000	USD	16,684,742	Bank of America N.A.		02/02/24		(80,574	)
GBP	80,000	USD	101,999	Deutsche Bank Securities Inc.		02/02/24		(615	)
HKD	12,038,000	USD	1,539,928	Bank of America N.A.		02/02/24		(138	)
HKD	1,283,000	USD	164,422	Citibank N.A.		02/02/24		(313	)
ILS	9,653,000	USD	2,653,527	BNP Paribas SA		02/02/24		(7,238	)
ILS	407,000	USD	113,104	Citibank N.A.		02/02/24		(1,528	)
ILS	63,000	USD	17,463	JPMorgan Chase Bank N.A.		02/02/24		(192	)
JPY	7,783,000	USD	55,433	Bank of America N.A.		02/02/24		(2,552	)
JPY	12,867,000	USD	91,673	Citibank N.A.		02/02/24		(4,250	)
JPY	5,142,141,000	USD	35,177,617	UBS AG		02/02/24		(239,847	)
NOK	27,565,000	USD	2,636,601	Bank of America N.A.		02/02/24		(15,669	)
NZD	215,000	USD	136,144	Morgan Stanley & Co. International PLC		02/02/24		(4,725	)
NZD	1,150,000	USD	707,883	UBS AG		02/02/24		(4,945	)
SEK	15,000	USD	1,489	Bank of America N.A.		02/02/24		(48	)
SEK	65,983,000	USD	6,386,059	BNP Paribas SA		02/02/24		(45,594	)
SGD	2,655,000	USD	1,986,755	Bank of America N.A.		02/02/24		(7,627	)
SGD	26,000	USD	19,738	Citibank N.A.		02/02/24		(357	)
USD	26,869	AUD	41,000	Bank of America N.A.		02/02/24		(29	)
USD	1,967	AUD	3,000	BNP Paribas SA		02/02/24		(1	)
USD	40,424	CHF	35,000	Bank of America N.A.		02/02/24		(135	)
USD	51,881	CHF	45,000	JPMorgan Chase Bank N.A.		02/02/24		(266	)
USD	1,152	CHF	1,000	UBS AG		02/02/24		(7	)
USD	4,093	HKD	32,000	Barclays Bank PLC		02/02/24		—
USD	16,626	HKD	130,000	State Street Bank & Trust Company		02/02/24		(3	)
USD	56,443	ILS	211,000	Bank of America N.A.		02/02/24		(1,401	)
USD	13,769	ILS	51,000	BNP Paribas SA		02/02/24		(212	)
USD	563,448	JPY	83,300,000	Bank of America N.A.		02/02/24		(2,525	)
USD	105,120	JPY	15,544,000	JPMorgan Chase Bank N.A.		02/02/24		(492	)
USD	28,184	NOK	297,000	Bank of America N.A.		02/02/24		(55	)
USD	9,166	NZD	15,000	Bank of America N.A.		02/02/24		(2	)
USD	3,666	NZD	6,000	Deutsche Bank Securities Inc.		02/02/24		(1	)
USD	2,101	SEK	22,000	Bank of America N.A.		02/02/24		(12	)
USD	34,845	SEK	364,000	Bank of New York		02/02/24		(133	)
USD	16,862	SEK	176,000	Barclays Bank PLC		02/02/24		(50	)
USD	67,024	SEK	703,000	BNP Paribas SA		02/02/24		(529	)
USD	744	SGD	1,000	Morgan Stanley & Co. International PLC		02/02/24		(2	)
USD	26,046	SGD	35,000	State Street Bank & Trust Company		02/02/24		(44	)
AUD	91,000	USD	60,055	Bank of America N.A.		03/04/24		(293	)
CHF	35,000	USD	40,780	Bank of America N.A.		03/04/24		(86	)
DKK	32,000	USD	4,660	JPMorgan Chase Bank N.A.		03/04/24		(13	)
EUR	179,000	USD	194,340	JPMorgan Chase Bank N.A.		03/04/24		(645	)
GBP	101,000	USD	128,421	JPMorgan Chase Bank N.A.		03/04/24		(392	)
HKD	351,000	USD	44,944	Bank of America N.A.		03/04/24		(6	)
HKD	380,000	USD	48,652	Bank of New York		03/04/24		(1	)
ILS	200,000	USD	54,953	Bank of America N.A.		03/04/24		(69	)
JPY	70,892,000	USD	486,059	JPMorgan Chase Bank N.A.		03/04/24		(2,049	)
NOK	530,000	USD	50,633	Bank of America N.A.		03/04/24		(201	)
NZD	23,000	USD	14,115	Bank of America N.A.		03/04/24		(55	)
SEK	694,000	USD	67,052	Bank of New York		03/04/24		(281	)

28 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited)(continued) January 31, 2024 iShares^® Currency Hedged MSCI EAFE Small-Cap ETF

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
SGD	21,000	USD	15,708	JPMorgan Chase Bank N.A.		03/04/24	$	(32	)
								(669,400	)
								$3,251,889

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	$	—	$	—	$	—	$	3,921,289	$	—	$	—	$	3,921,289
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	669,400	$	—	$	—	$	669,400

For the period ended January 31, 2024, 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	$	—	$	—	$	—	$	(969,511	)	$	—	$	—	$	(969,511	)
Net Change in Unrealized Appreciation (Depreciation) on
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	4,335,593		$	—	$	—	$	4,335,593

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	107,417,421
Average amounts sold — in USD	$	211,931,196

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	$	3,921,289	$	669,400
Total derivative assets and liabilities in the Statement of Assets and Liabilities		3,921,289		669,400
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA	$	3,921,289	$	669,400

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

Schedule of Investments (unaudited)(continued) January 31, 2024 iShares^® Currency Hedged MSCI EAFE Small-Cap 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.		$	546,048		$	(144,802	)	$	—	$	—		$	401,246
Bank of New York			1,402			(415	)		—		—			987
Barclays Bank PLC			16			(16	)		—		—			—
BNP Paribas SA			437,154			(141,768	)		—		—			295,386
Citibank N.A.			223,440			(6,876	)		—		—			216,564
Deutsche Bank Securities Inc.			1,346			(616	)		—		—			730
JPMorgan Chase Bank N.A.			9,822			(4,081	)		—		—			5,741
Morgan Stanley & Co. International PLC			1,962,605			(125,946	)		—		—			1,836,659
State Street Bank & Trust Company			493,547			(47	)		—		—			493,500
UBS AG			245,909			(244,799	)		—		—			1,110
		$	3,921,289		$	(669,366	)	$	—	$	—		$	3,251,923
	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.		$	144,802		$	(144,802	)	$	—	$	—		$	—
Bank of New York			415			(415	)		—		—			—
Barclays Bank PLC			50			(16	)		—		—			34
BNP Paribas SA			141,768			(141,768	)		—		—			—
Citibank N.A.			6,876			(6,876	)		—		—			—
Deutsche Bank Securities Inc.			616			(616	)		—		—			—
JPMorgan Chase Bank N.A.			4,081			(4,081	)		—		—			—
Morgan Stanley & Co. International PLC			125,946			(125,946	)		—		—			—
State Street Bank & Trust Company			47			(47	)		—		—			—
UBS AG			244,799			(244,799	)		—		—			—
		$	669,400		$	(669,366	)	$	—	$	—		$	34

^(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	$	109,527,544	$	—	$	—	$	109,527,544
Short-Term Securities
Money Market Funds		70,000		—		—		70,000
	$	109,597,544	$	—	$	—	$	109,597,544

30 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited)(continued) January 31, 2024 iShares^® Currency Hedged MSCI EAFE Small-Cap 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	$	—	$	3,921,289		$	—	$	3,921,289
Liabilities
Foreign Currency Exchange Contracts		—		(669,400	)		—		(669,400	)
	$	—	$	3,251,889		$	—		3,251,889

^(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 31

Schedule of Investments (unaudited) January 31, 2024 iShares^® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 4.8%
Ampol Ltd.		44,772	$	1,058,969
ANZ Group Holdings Ltd.		537,685		9,487,119
APA Group		219,557		1,214,390
Aristocrat Leisure Ltd.		108,243		3,120,712
ASX Ltd.		35,975		1,538,016
Aurizon Holdings Ltd.		311,969		769,013
BHP Group Ltd.		915,450		28,007,285
BlueScope Steel Ltd.		85,908		1,311,670
Brambles Ltd.		251,413		2,397,164
CAR Group Ltd.		63,173		1,356,407
Cochlear Ltd.		12,230		2,427,030
Coles Group Ltd.		240,297		2,493,652
Commonwealth Bank of Australia		302,706		23,082,662
Computershare Ltd.		104,380		1,728,872
CSL Ltd.		86,908		17,066,778
Dexus		193,782		980,666
Endeavour Group Ltd./Australia		262,161		959,440
Fortescue Ltd.		306,691		5,927,339
Goodman Group		313,105		5,197,283
GPT Group (The)		339,015		1,024,630
IDP Education Ltd.		52,045		666,475
IGO Ltd.		130,957		636,610
Insurance Australia Group Ltd.		443,669		1,741,589
James Hardie Industries PLC(a)		83,143		3,123,719
Lottery Corp. Ltd. (The)		379,913		1,247,020
Macquarie Group Ltd.		66,191		8,167,269
Medibank Pvt Ltd.		511,735		1,281,200
Mineral Resources Ltd.		31,323		1,208,091
Mirvac Group		738,388		1,037,731
National Australia Bank Ltd.		561,762		11,847,784
Northern Star Resources Ltd.		206,717		1,773,178
Orica Ltd.		83,360		879,189
Origin Energy Ltd.		311,878		1,740,654
Pilbara Minerals Ltd.(b)		520,745		1,186,083
Qantas Airways Ltd.(a)		172,213		620,890
QBE Insurance Group Ltd.		262,089		2,698,621
Ramsay Health Care Ltd.		32,980		1,099,505
REA Group Ltd.		9,471		1,129,575
Reece Ltd.		47,170		694,830
Rio Tinto Ltd.		68,046		5,855,178
Santos Ltd.		600,495		3,034,866
Scentre Group		949,093		1,886,842
SEEK Ltd.		66,818		1,101,513
Sonic Healthcare Ltd.		82,196		1,713,803
South32 Ltd.		848,674		1,837,563
Stockland		435,435		1,285,887
Suncorp Group Ltd.		226,387		2,083,787
Telstra Corp. Ltd.		718,264		1,894,301
Transurban Group		580,225		5,097,410
Treasury Wine Estates Ltd.		149,434		1,047,849
Vicinity Ltd.		658,911		874,643
Washington H Soul Pattinson & Co. Ltd.		44,721		999,655
Wesfarmers Ltd.		204,942		7,758,477
Westpac Banking Corp.		628,044		9,852,515
WiseTech Global Ltd.		31,161		1,467,094
Woodside Energy Group Ltd.		338,259		7,075,098
Woolworths Group Ltd.		217,139		5,099,499
Xero Ltd.(a)		26,835		1,920,812
				215,815,902

Security	Shares		Value
Austria — 0.1%
Erste Group Bank AG		60,149	$	2,591,123
OMV AG		26,616		1,184,715
Verbund AG		13,368		1,087,063
voestalpine AG		20,538		611,041
				5,473,942
Belgium — 0.6%
Ageas SA/NV		29,683		1,275,538
Anheuser-Busch InBev SA/NV		157,660		9,752,468
Argenx SE(a)		10,601		4,003,277
D’ieteren Group		3,647		736,740
Elia Group SA/NV		5,856		705,093
Groupe Bruxelles Lambert NV		15,706		1,190,667
KBC Group NV		44,350		2,893,021
Lotus Bakeries NV		81		690,665
Sofina SA		3,053		730,165
Syensqo SA(a)		13,439		1,198,046
UCB SA		22,492		2,115,725
Umicore SA		36,714		835,113
Warehouses De Pauw CVA		31,003		907,059
				27,033,577
Brazil — 1.1%
Ambev SA		825,851		2,180,311
Atacadao SA		95,727		201,138
B3 SA - Brasil, Bolsa, Balcao		1,063,298		2,809,335
Banco Bradesco SA		259,819		717,408
Banco BTG Pactual SA		213,083		1,549,178
Banco do Brasil SA		148,484		1,691,814
Banco Santander Brasil SA		74,539		431,040
BB Seguridade Participacoes SA		125,370		866,689
CCR SA		179,616		475,650
Centrais Eletricas Brasileiras SA		200,810		1,654,097
Cia. de Saneamento Basico do Estado de Sao Paulo		65,539		1,043,195
Cia. Siderurgica Nacional SA		120,712		431,984
Cosan SA		235,209		867,364
CPFL Energia SA		37,324		273,165
Energisa SA		38,929		397,666
Eneva SA(a)		170,913		440,184
Engie Brasil Energia SA		42,277		346,278
Equatorial Energia SA		174,030		1,244,527
Hapvida Participacoes e Investimentos SA(a)(c)		902,827		707,042
Hypera SA		86,165		551,836
JBS SA		145,920		690,075
Klabin SA		134,884		579,622
Localiza Rent a Car SA		161,761		1,767,016
Lojas Renner SA		177,361		574,569
Magazine Luiza SA(a)		554,601		235,076
Natura & Co. Holding SA(a)		169,678		547,967
Petroleo Brasileiro SA		674,539		5,740,062
PRIO SA		148,152		1,313,644
Raia Drogasil SA		226,336		1,155,801
Rede D’Or Sao Luiz SA(c)		108,200		592,934
Rumo SA		234,686		1,092,334
Sendas Distribuidora SA		231,546		638,406
Suzano SA		135,268		1,409,360
Telefonica Brasil SA		75,738		785,141
Tim SA		181,264		634,409
TOTVS SA		95,144		605,308
Ultrapar Participacoes SA		135,243		768,972
Vale SA		618,556		8,459,824
Vibra Energia SA		209,100		1,002,367

32 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Brazil (continued)
WEG SA		309,386	$	2,019,527
				49,492,315
Canada — 7.6%
Agnico Eagle Mines Ltd.		88,647		4,357,019
Air Canada(a)		29,398		398,402
Algonquin Power & Utilities Corp.		120,297		713,130
Alimentation Couche-Tard Inc.		139,156		8,154,048
AltaGas Ltd.		51,370		1,067,940
ARC Resources Ltd.		108,544		1,685,744
Bank of Montreal		129,184		12,168,442
Bank of Nova Scotia (The)		216,693		10,133,132
Barrick Gold Corp.		317,597		4,960,792
BCE Inc.		13,052		526,662
Brookfield Asset Management Ltd.		60,621		2,437,555
Brookfield Corp., Class A		248,960		9,880,996
Brookfield Renewable Corp., Class A		24,453		683,145
BRP Inc.		6,623		417,937
CAE Inc.(a)		55,809		1,117,467
Cameco Corp.		79,251		3,783,794
Canadian Apartment Properties REIT		14,231		494,002
Canadian Imperial Bank of Commerce		167,429		7,566,653
Canadian National Railway Co.		101,274		12,563,113
Canadian Natural Resources Ltd.		196,051		12,546,564
Canadian Pacific Kansas City Ltd.		168,673		13,573,381
Canadian Tire Corp. Ltd., Class A, NVS		9,955		1,058,105
Canadian Utilities Ltd., Class A, NVS		27,450		625,585
CCL Industries Inc., Class B, NVS		28,531		1,221,075
Cenovus Energy Inc.		257,707		4,174,836
CGI Inc.(a)		38,887		4,354,812
Constellation Software Inc./Canada		3,638		10,054,891
Descartes Systems Group Inc. (The)(a)		14,457		1,265,854
Dollarama Inc.		50,595		3,713,198
Element Fleet Management Corp.		69,509		1,172,572
Emera Inc.		50,858		1,797,213
Empire Co. Ltd., Class A, NVS		29,641		768,115
Enbridge Inc.		382,373		13,577,661
Fairfax Financial Holdings Ltd.		3,880		4,044,556
First Quantum Minerals Ltd.		104,960		952,443
FirstService Corp.		6,881		1,151,670
Fortis Inc./Canada		87,086		3,493,933
Franco-Nevada Corp.		33,728		3,649,131
George Weston Ltd.		11,695		1,490,091
GFL Environmental Inc.		41,841		1,421,620
Gildan Activewear Inc.		34,155		1,127,957
Great-West Lifeco Inc.		48,045		1,603,823
Hydro One Ltd.(c)		65,040		1,930,229
iA Financial Corp. Inc.		18,216		1,238,382
IGM Financial Inc.		12,608		341,071
Imperial Oil Ltd.		36,092		2,081,844
Intact Financial Corp.		32,776		5,125,631
Ivanhoe Mines Ltd., Class A(a)(b)		107,209		1,125,158
Keyera Corp.		37,400		904,644
Kinross Gold Corp.		230,616		1,271,051
Loblaw Companies Ltd.		28,849		2,882,861
Lundin Mining Corp.		124,605		1,017,638
Magna International Inc.		47,694		2,710,624
Manulife Financial Corp.		330,450		7,304,826
MEG Energy Corp.(a)		50,596		956,637
Metro Inc./CN		42,477		2,230,244
National Bank of Canada		61,168		4,678,423
Northland Power Inc.		47,279		870,008
Nutrien Ltd.		88,718		4,423,857

Security	Shares		Value
Canada (continued)
Onex Corp.		13,555	$	1,000,859
Open Text Corp.		49,033		2,138,276
Pan American Silver Corp.		65,194		882,540
Parkland Corp.		28,018		956,128
Pembina Pipeline Corp.		99,351		3,422,176
Power Corp. of Canada		99,170		2,890,753
Quebecor Inc., Class B		25,387		617,279
RB Global Inc.		32,988		2,111,605
Restaurant Brands International Inc.		52,781		4,120,172
RioCan REIT		31,231		424,869
Rogers Communications Inc., Class B, NVS		63,823		2,981,207
Royal Bank of Canada		250,610		24,457,985
Saputo Inc.		45,564		939,443
Shopify Inc., Class A(a)		216,926		17,366,020
Stantec Inc.		19,414		1,559,965
Sun Life Financial Inc.		107,026		5,547,727
Suncor Energy Inc.		234,457		7,763,789
TC Energy Corp.		185,086		7,301,842
Teck Resources Ltd., Class B		81,874		3,276,909
TELUS Corp.		84,103		1,506,341
TFI International Inc.		14,435		1,897,073
Thomson Reuters Corp.		29,268		4,345,409
TMX Group Ltd.		50,732		1,254,668
Toromont Industries Ltd.		14,062		1,231,687
Toronto-Dominion Bank (The)		327,544		19,896,998
Tourmaline Oil Corp.		59,730		2,582,547
West Fraser Timber Co. Ltd.		9,813		780,325
Wheaton Precious Metals Corp.		81,089		3,800,378
WSP Global Inc.		23,731		3,486,266
				343,583,423
Chile — 0.1%
Banco de Chile		7,095,399		794,177
Banco de Credito e Inversiones SA		17,240		456,495
Banco Santander Chile		11,883,387		549,565
Cencosud SA		263,121		457,901
Cia. Sud Americana de Vapores SA		2,410,093		173,668
Empresas CMPC SA		206,869		337,069
Empresas Copec SA		75,245		478,362
Enel Americas SA		3,811,309		386,255
Enel Chile SA		6,658,578		400,245
Falabella SA(a)		150,263		356,651
Latam Airlines Group SA(a)		28,613,454		353,590
				4,743,978
China — 6.8%
3SBio Inc.(c)		370,500		279,190
AAC Technologies Holdings Inc.		125,000		280,692
AECC Aviation Power Co. Ltd., Class A		29,400		128,477
Agricultural Bank of China Ltd., Class A		1,784,700		965,787
Agricultural Bank of China Ltd., Class H		4,527,000		1,752,813
Aier Eye Hospital Group Co. Ltd., Class A		178,942		319,370
Air China Ltd., Class H(a)		450,000		251,401
Akeso Inc.(a)(b)(c)		99,000		502,693
Alibaba Group Holding Ltd.		2,946,964		26,431,243
Alibaba Health Information Technology Ltd.(a)		964,000		354,227
Aluminum Corp. of China Ltd., Class H		910,000		443,499
Anhui Conch Cement Co. Ltd., Class A		146,198		470,081
Anhui Conch Cement Co. Ltd., Class H		168,000		336,492
Anhui Gujing Distillery Co. Ltd., Class A		10,300		285,472
Anhui Gujing Distillery Co. Ltd., Class B		19,800		255,850
Anjoy Foods Group Co. Ltd., Class A		13,700		141,792
ANTA Sports Products Ltd.		231,000		1,949,745

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Asymchem Laboratories Tianjin Co. Ltd., Class A		11,000	$	131,186
Autohome Inc., ADR		13,964		351,893
AviChina Industry & Technology Co. Ltd., Class H		565,000		208,393
Baidu Inc.(a)		405,088		5,244,758
Bank of Beijing Co. Ltd., Class A		982,698		696,870
Bank of China Ltd., Class A		622,100		374,011
Bank of China Ltd., Class H		14,086,000		5,286,055
Bank of Communications Co. Ltd., Class A		1,065,900		890,818
Bank of Communications Co. Ltd., Class H		1,584,800		937,575
Bank of Jiangsu Co. Ltd., Class A		382,600		389,664
Bank of Ningbo Co. Ltd., Class A		137,777		413,003
Bank of Shanghai Co. Ltd., Class A		513,099		456,797
Baoshan Iron & Steel Co. Ltd., Class A		432,196		370,173
BeiGene Ltd.(a)		123,776		1,402,779
Beijing Enterprises Holdings Ltd.		90,000		325,739
Beijing Enterprises Water Group Ltd.		810,000		197,070
Beijing Kingsoft Office Software Inc., Class A		7,000		207,818
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		613,500		423,964
Bilibili Inc.(a)(b)		35,594		321,392
BOC Aviation Ltd.(c)		32,300		242,165
BOE Technology Group Co. Ltd., Class A		783,400		392,308
Bosideng International Holdings Ltd.(b)		632,000		285,700
Brilliance China Automotive Holdings Ltd.		488,000		260,177
BYD Co. Ltd., Class A		27,700		659,624
BYD Co. Ltd., Class H(b)		192,000		4,298,910
BYD Electronic International Co. Ltd.		161,000		551,524
C&D International Investment Group Ltd.		115,000		189,900
CGN Power Co. Ltd.		169,800		90,263
CGN Power Co. Ltd., Class H(c)		2,679,000		750,722
Changchun High & New Technology Industry Group Inc., Class A		14,300		227,288
China Cinda Asset Management Co. Ltd., Class H		1,574,000		151,020
China CITIC Bank Corp. Ltd., Class H		1,623,000		804,361
China Coal Energy Co. Ltd., Class H		390,000		428,290
China Communications Services Corp. Ltd., Class H		534,000		219,884
China Construction Bank Corp., Class H		17,698,050		10,510,221
China CSSC Holdings Ltd., Class A		89,500		380,762
China Energy Engineering Corp. Ltd.		342,100		100,465
China Everbright Bank Co. Ltd., Class A		933,200		409,297
China Everbright Bank Co. Ltd., Class H		566,000		168,037
China Everbright Environment Group Ltd.		873,037		304,498
China Feihe Ltd.(c)		704,000		322,526
China Galaxy Securities Co. Ltd., Class H		785,000		384,623
China Gas Holdings Ltd.		564,200		514,394
China Hongqiao Group Ltd.		457,000		335,033
China International Capital Corp. Ltd., Class H(c)		329,600		391,777
China Life Insurance Co. Ltd., Class A		89,100		357,093
China Life Insurance Co. Ltd., Class H		1,269,000		1,462,956
China Literature Ltd.(a)(c)		71,800		208,834
China Longyuan Power Group Corp. Ltd., Class H		626,000		377,610
China Medical System Holdings Ltd.		286,000		408,703
China Mengniu Dairy Co. Ltd.		552,000		1,223,077
China Merchants Bank Co. Ltd., Class A		290,200		1,241,808
China Merchants Bank Co. Ltd., Class H		672,093		2,450,038
China Merchants Port Holdings Co. Ltd.		240,000		296,730
China Merchants Securities Co. Ltd., Class A		275,860		513,557
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		126,577		154,733
China Minsheng Banking Corp. Ltd., Class A		952,095		523,295
China Minsheng Banking Corp. Ltd., Class H		1,200,740		399,359

Security	Shares		Value
China (continued)
China National Building Material Co. Ltd., Class H		712,000	$	251,154
China National Nuclear Power Co. Ltd., Class A		448,600		517,448
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		93,800		220,252
China Oilfield Services Ltd., Class H		356,000		342,153
China Overseas Land & Investment Ltd.		675,000		1,021,133
China Overseas Property Holdings Ltd.		240,000		159,070
China Pacific Insurance Group Co. Ltd., Class A		179,297		622,258
China Pacific Insurance Group Co. Ltd., Class H		401,800		739,301
China Petroleum & Chemical Corp., Class A		576,398		478,503
China Petroleum & Chemical Corp., Class H		4,345,000		2,260,283
China Power International Development Ltd.		1,007,000		376,749
China Railway Group Ltd., Class A		432,196		379,936
China Railway Group Ltd., Class H		562,000		257,024
China Renewable Energy Investment Ltd.(d)		7,401		—
China Resources Beer Holdings Co. Ltd.		292,000		1,055,971
China Resources Gas Group Ltd.		174,300		494,311
China Resources Land Ltd.		584,000		1,773,056
China Resources Mixc Lifestyle Services Ltd.(c)		121,600		351,158
China Resources Pharmaceutical Group Ltd.(c)		341,500		208,220
China Resources Power Holdings Co. Ltd.		356,000		720,224
China Ruyi Holdings Ltd.(a)(b)		1,360,000		228,158
China Shenhua Energy Co. Ltd., Class A		138,800		718,722
China Shenhua Energy Co. Ltd., Class H		612,500		2,323,631
China Southern Airlines Co. Ltd., Class H(a)		472,000		174,623
China State Construction Engineering Corp. Ltd., Class A		931,398		667,405
China State Construction International Holdings Ltd.		356,000		376,043
China Taiping Insurance Holdings Co. Ltd.		302,800		251,362
China Three Gorges Renewables Group Co. Ltd., Class A		678,700		418,293
China Tourism Group Duty Free Corp. Ltd.(b)(c)		8,900		78,051
China Tourism Group Duty Free Corp. Ltd., Class A		39,298		436,923
China Tower Corp. Ltd., Class H(c)		8,378,000		931,980
China Traditional Chinese Medicine Holdings Co. Ltd.		534,000		204,172
China United Network Communications Ltd., Class A		329,000		206,783
China Vanke Co. Ltd., Class A		210,800		282,136
China Vanke Co. Ltd., Class H		262,800		206,770
China Yangtze Power Co. Ltd., Class A		350,149		1,189,203
Chinasoft International Ltd.		518,000		295,185
Chongqing Changan Automobile Co. Ltd., Class A		205,900		366,722
Chongqing Zhifei Biological Products Co. Ltd., Class A		50,800		317,414
Chow Tai Fook Jewellery Group Ltd.		396,200		536,727
CITIC Ltd.		1,037,000		1,000,906
CITIC Securities Co. Ltd., Class A		185,400		529,630
CITIC Securities Co. Ltd., Class H		307,825		600,789
CMOC Group Ltd., Class A		452,400		338,181
CMOC Group Ltd., Class H		951,000		520,914
Contemporary Amperex Technology Co. Ltd., Class A		52,360		1,105,007
COSCO SHIPPING Energy Transportation Co. Ltd., Class H		270,000		251,051
COSCO Shipping Holdings Co. Ltd., Class A		281,730		389,904
COSCO Shipping Holdings Co. Ltd., Class H		523,749		550,265
COSCO SHIPPING Ports Ltd.		314,000		192,287
Country Garden Holdings Co. Ltd.(a)(b)		2,185,828		177,283
Country Garden Services Holdings Co. Ltd.		386,000		254,989
CRRC Corp. Ltd., Class A		661,400		523,167
CRRC Corp. Ltd., Class H		794,000		369,046

34 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
CSC Financial Co. Ltd., Class A		129,300	$	402,442
CSPC Pharmaceutical Group Ltd.		1,790,960		1,317,590
Daqin Railway Co. Ltd., Class A		371,100		385,579
Daqo New Energy Corp., ADR(a)(b)		11,781		212,647
Dongfeng Motor Group Co. Ltd., Class H		448,000		173,005
East Buy Holding Ltd.(a)(b)(c)		72,500		213,009
East Money Information Co. Ltd., Class A		273,642		475,540
ENN Energy Holdings Ltd.		144,200		1,073,403
Eve Energy Co. Ltd., Class A		54,100		262,177
Far East Horizon Ltd.		274,000		200,472
Flat Glass Group Co. Ltd., Class H(b)		130,000		195,523
Focus Media Information Technology Co. Ltd., Class A		251,550		197,874
Foshan Haitian Flavouring & Food Co. Ltd., Class A		78,196		369,952
Fosun International Ltd.		466,500		244,808
Foxconn Industrial Internet Co. Ltd., Class A		185,000		341,928
Fuyao Glass Industry Group Co. Ltd., Class H(c)		146,400		661,862
Ganfeng Lithium Group Co. Ltd., Class A		69,500		329,245
Ganfeng Lithium Group Co. Ltd., Class H(b)(c)		65,760		175,665
GCL-Poly Energy Holdings Ltd.		3,929,000		452,082
GDS Holdings Ltd.(a)(b)		213,944		143,292
Geely Automobile Holdings Ltd.		1,088,000		1,031,270
Genscript Biotech Corp.(a)(b)		220,000		365,181
GF Securities Co. Ltd., Class H		304,400		306,350
GoerTek Inc., Class A		113,000		239,076
Great Wall Motor Co. Ltd., Class H		490,500		482,950
Greentown China Holdings Ltd.		149,000		112,249
Guangdong Investment Ltd.		612,000		355,797
Guangzhou Automobile Group Co. Ltd., Class H		686,028		271,162
Guotai Junan Securities Co. Ltd., Class A		275,500		560,562
H World Group Ltd., ADR		35,857		1,139,177
Haidilao International Holding Ltd.(c)		295,000		464,777
Haier Smart Home Co. Ltd., Class A		179,400		558,106
Haier Smart Home Co. Ltd., Class H		438,800		1,239,900
Haitian International Holdings Ltd.		123,000		273,786
Haitong Securities Co. Ltd., Class A		349,292		427,810
Haitong Securities Co. Ltd., Class H		238,800		110,073
Hangzhou Tigermed Consulting Co. Ltd., Class A		30,900		174,481
Hansoh Pharmaceutical Group Co. Ltd.(c)		234,000		351,455
Henan Shuanghui Investment & Development Co. Ltd., Class A		111,000		439,897
Hengan International Group Co. Ltd.		111,500		345,259
Hengli Petrochemical Co. Ltd., Class A(a)		174,600		285,093
Hua Hong Semiconductor Ltd.(a)(c)		110,000		199,281
Huaneng Power International Inc., Class H(a)		968,000		545,870
Huatai Securities Co. Ltd., Class A		186,500		357,039
Huatai Securities Co. Ltd., Class H(c)		236,000		278,414
Huaxia Bank Co. Ltd., Class A		375,100		316,096
Hygeia Healthcare Holdings Co. Ltd.(b)(c)		76,400		248,979
Iflytek Co. Ltd., Class A		45,100		239,625
Industrial & Commercial Bank of China Ltd., Class A		1,170,910		842,203
Industrial & Commercial Bank of China Ltd., Class H		11,626,285		5,663,509
Industrial Bank Co. Ltd., Class A		338,742		741,989
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		122,599		462,386
Inner Mongolia Yitai Coal Co. Ltd., Class B		250,800		474,417
Innovent Biologics Inc.(a)(c)		225,000		906,505
iQIYI Inc., ADR(a)		73,949		247,729
JA Solar Technology Co. Ltd., Class A		96,524		229,507
JD Health International Inc.(a)(c)		201,450		664,742

Security	Shares		Value
China (continued)
JD Logistics Inc.(a)(c)		356,600	$	311,374
JD.com Inc.		419,658		4,732,120
Jiangsu Expressway Co. Ltd., Class H		218,000		208,019
Jiangsu Hengli Hydraulic Co. Ltd., Class A		38,600		262,187
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A		108,556		566,914
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		26,300		334,701
Jiangxi Copper Co. Ltd., Class H		226,000		316,068
JOYY Inc., ADR		9,255		283,758
Kanzhun Ltd., ADR		39,866		554,536
KE Holdings Inc., ADR		119,185		1,688,851
Kingboard Holdings Ltd.		126,000		224,268
Kingboard Laminates Holdings Ltd.		218,000		131,022
Kingdee International Software Group Co. Ltd.(a)		532,000		514,265
Kingsoft Corp. Ltd.		179,000		435,463
Kuaishou Technology(a)(c)		415,200		2,092,748
Kunlun Energy Co. Ltd.		702,000		628,920
Kweichow Moutai Co. Ltd., Class A		14,900		3,330,427
Legend Biotech Corp., ADR(a)		13,139		723,433
Lenovo Group Ltd.		1,310,000		1,371,663
Lens Technology Co. Ltd., Class A		215,225		312,646
Li Auto Inc.(a)		207,406		2,866,956
Li Ning Co. Ltd.		434,500		928,232
Longfor Group Holdings Ltd.(c)		327,000		362,580
LONGi Green Energy Technology Co. Ltd., Class A		129,296		348,081
Lufax Holding Ltd., Class A, ADR(b)		36,378		86,216
Luxshare Precision Industry Co. Ltd., Class A		114,588		405,781
Luzhou Laojiao Co. Ltd., Class A		25,100		513,628
Mango Excellent Media Co. Ltd., Class A		62,800		186,808
Meituan, Class B(a)(c)		916,960		7,375,314
Microport Scientific Corp.(a)		174,400		128,797
MINISO Group Holding Ltd.		71,432		302,122
Minth Group Ltd.		152,000		246,382
Muyuan Foods Co. Ltd., Class A		93,058		456,756
NARI Technology Co. Ltd., Class A		196,344		573,500
NAURA Technology Group Co. Ltd., Class A		10,200		322,203
NetEase Inc.		353,885		6,878,855
New China Life Insurance Co. Ltd., Class A		68,100		289,629
New China Life Insurance Co. Ltd., Class H		117,900		210,408
New Hope Liuhe Co. Ltd., Class A(a)		200,707		228,550
New Oriental Education & Technology Group Inc.(a)		269,410		2,079,373
Nine Dragons Paper Holdings Ltd.(a)		299,000		110,776
Ningbo Deye Technology Co. Ltd., NVS		14,313		134,768
Ningxia Baofeng Energy Group Co. Ltd., Class A		191,200		354,889
NIO Inc., ADR(a)(b)		257,980		1,449,848
Nongfu Spring Co. Ltd., Class H(c)		374,000		2,029,754
Orient Overseas International Ltd.		24,000		358,277
PDD Holdings Inc., ADR(a)		108,092		13,713,632
People’s Insurance Co. Group of China Ltd. (The), Class H		1,669,000		518,855
PetroChina Co. Ltd., Class A		207,100		240,937
PetroChina Co. Ltd., Class H		3,936,000		2,847,167
PICC Property & Casualty Co. Ltd., Class H		1,244,285		1,547,722
Ping An Bank Co. Ltd., Class A		350,900		462,137
Ping An Healthcare and Technology Co. Ltd.(a)(b)(c)		100,100		143,718
Ping An Insurance Group Co. of China Ltd., Class A		181,106		1,023,211
Ping An Insurance Group Co. of China Ltd., Class H		1,200,000		5,044,249
Poly Developments and Holdings Group Co. Ltd., Class A		254,300		338,901
Pop Mart International Group Ltd.(c)		87,200		195,557
Postal Savings Bank of China Co. Ltd., Class A		313,400		206,478
Postal Savings Bank of China Co. Ltd., Class H(c)		1,254,000		603,060

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Qifu Technology Inc.		20,570	$	295,179
Rongsheng Petrochemical Co. Ltd., Class A		194,150		255,694
SAIC Motor Corp. Ltd., Class A		225,400		429,061
Sany Heavy Equipment International Holdings Co. Ltd		296,000		192,651
Sany Heavy Industry Co. Ltd., Class A		165,227		300,950
Seres Group Co. Ltd., NVS(a)		21,900		172,763
SF Holding Co. Ltd., Class A		77,600		381,538
Shaanxi Coal Industry Co. Ltd., Class A		136,200		458,964
Shandong Gold Mining Co. Ltd., Class A		180,200		515,639
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		450,000		288,375
Shanghai Baosight Software Co. Ltd., Class B		178,534		351,741
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		122,500		207,994
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		214,700		303,480
Shanghai Pudong Development Bank Co. Ltd., Class A		554,500		527,243
Shanghai United Imaging Healthcare Co. Ltd., NVS		8,990		168,693
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		17,880		498,689
Shenwan Hongyuan Group Co. Ltd., Class A		837,606		509,603
Shenzhen Inovance Technology Co. Ltd., Class A		41,200		320,878
Shenzhen Kangtai Biological Products Co. Ltd., Class A		59,180		172,028
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		17,600		657,985
Shenzhou International Group Holdings Ltd.		147,400		1,312,657
Sino Biopharmaceutical Ltd.		1,939,000		699,661
Sinomine Resource Group Co. Ltd., Class A		31,120		135,095
Sinopharm Group Co. Ltd., Class H		253,600		666,837
Sinotruk Hong Kong Ltd.		94,500		214,628
Smoore International Holdings Ltd.(b)(c)		373,000		225,555
Sungrow Power Supply Co. Ltd., Class A		25,800		281,364
Sunny Optical Technology Group Co. Ltd.		129,700		797,186
Suzhou Maxwell Technologies Co. Ltd., Class A		7,200		102,804
TAL Education Group, ADR(a)		79,026		840,837
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		90,800		155,321
Tencent Holdings Ltd.		1,202,400		41,736,867
Tencent Music Entertainment Group, ADR(a)		139,322		1,309,627
Tingyi Cayman Islands Holding Corp.		358,000		356,474
Tongcheng Travel Holdings Ltd.(a)		251,200		512,411
Tongwei Co. Ltd., Class A		86,900		281,668
Topsports International Holdings Ltd.(c)		318,000		206,122
TravelSky Technology Ltd., Class H		142,000		142,829
Trina Solar Co. Ltd.		39,617		127,550
Trip.com Group Ltd.(a)		97,460		3,547,486
Tsingtao Brewery Co. Ltd., Class H		112,000		639,152
Uni-President China Holdings Ltd.		226,000		126,949
Vinda International Holdings Ltd.		73,000		215,695
Vipshop Holdings Ltd., ADR(a)		67,187		1,067,601
Wanhua Chemical Group Co. Ltd., Class A		55,231		537,464
Want Want China Holdings Ltd.		945,000		520,974
Weibo Corp., ADR		11,173		90,501
Weichai Power Co. Ltd., Class H		434,000		766,211
Wens Foodstuffs Group Co. Ltd., Class A		112,160		293,134
Will Semiconductor Co. Ltd. Shanghai, Class A		25,785		309,803
Wingtech Technology Co. Ltd., Class A(a)		35,500		165,303
Wuliangye Yibin Co. Ltd., Class A		52,800		930,722
WuXi AppTec Co. Ltd., Class A		47,014		356,262

Security	Shares		Value
China (continued)
WuXi AppTec Co. Ltd., Class H(b)(c)		58,236	$	402,934
Wuxi Biologics Cayman Inc.(a)(c)		684,500		1,801,285
Xiaomi Corp., Class B(a)(c)		2,777,400		4,375,872
Xinyi Solar Holdings Ltd.		902,000		414,145
XPeng Inc.(a)(b)		191,732		798,496
Xtep International Holdings Ltd.		271,500		133,703
Yadea Group Holdings Ltd.(c)		264,000		361,971
Yankuang Energy Group Co. Ltd., Class H		483,000		992,315
Yonyou Network Technology Co. Ltd., Class A		108,100		168,103
Yuexiu Property Co. Ltd.		253,200		158,555
Yum China Holdings Inc.		75,799		2,621,887
Yunnan Baiyao Group Co. Ltd., Class A		58,498		378,729
Yunnan Energy New Material Co. Ltd., Class A		25,100		148,302
Zai Lab Ltd.(a)		168,390		357,788
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		10,400		288,336
Zhaojin Mining Industry Co. Ltd., Class H		278,000		259,144
Zhejiang Expressway Co. Ltd., Class H		231,840		172,225
Zhejiang Huayou Cobalt Co. Ltd., Class A		47,300		163,981
Zhejiang Leapmotor Technology Co. Ltd.(a)(b)(c)		83,472		225,564
ZhongAn Online P&C Insurance Co. Ltd., Class H(a)(c)		124,700		194,815
Zhongsheng Group Holdings Ltd.		156,500		264,176
Zhuzhou CRRC Times Electric Co. Ltd.		117,000		287,218
Zijin Mining Group Co. Ltd., Class A		459,100		769,876
Zijin Mining Group Co. Ltd., Class H		986,000		1,463,090
ZTE Corp., Class A		43,200		131,949
ZTE Corp., Class H		130,800		227,301
ZTO Express Cayman Inc., ADR		77,391		1,266,117
				306,440,332
Colombia — 0.0%
Bancolombia SA		35,968		302,599
Interconexion Electrica SA ESP		75,843		328,382
				630,981
Czech Republic — 0.0%
CEZ AS		27,467		1,040,595
Komercni Banka AS		14,107		462,818
Moneta Money Bank AS(c)		63,542		273,452
				1,776,865
Denmark — 2.3%
AP Moller - Maersk A/S, Class A		658		1,193,132
AP Moller - Maersk A/S, Class B, NVS		760		1,401,287
Carlsberg A/S, Class B		17,491		2,250,522
Coloplast A/S, Class B(b)		25,057		2,888,363
Danske Bank A/S		122,090		3,278,294
Demant A/S(a)		18,581		841,698
DSV A/S		33,463		5,986,856
Genmab A/S(a)		12,090		3,343,151
Novo Nordisk A/S		589,383		67,369,061
Novozymes A/S, Class B		68,018		3,485,289
Orsted A/S(c)		35,276		1,988,323
Pandora A/S		15,828		2,312,739
Rockwool A/S, Class B		1,779		485,003
Tryg A/S		63,961		1,367,110
Vestas Wind Systems A/S(a)		185,416		5,227,806
				103,418,634
Egypt — 0.0%
Commercial International Bank Egypt SAE		462,852		605,365
Eastern Co. SAE		195,734		96,761
				702,126

36 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Finland — 0.7%
Elisa OYJ		25,256	$	1,150,700
Fortum OYJ		79,727		1,089,880
Kesko OYJ, Class B		52,508		1,025,460
Kone OYJ, Class B		60,058		2,972,949
Metso OYJ		118,830		1,187,663
Neste OYJ		77,368		2,667,224
Nokia OYJ		1,020,873		3,690,684
Nordea Bank Abp		570,732		7,032,783
Orion OYJ, Class B		20,073		924,115
Sampo OYJ, Class A		83,445		3,492,627
Stora Enso OYJ, Class R		104,092		1,324,546
UPM-Kymmene OYJ		97,543		3,547,856
Wartsila OYJ Abp		89,003		1,312,932
				31,419,419
France — 7.6%
Accor SA		32,357		1,277,891
Aeroports de Paris SA		5,541		741,440
Air Liquide SA		93,581		17,512,121
Airbus SE		106,136		16,905,962
Alstom SA		56,134		707,873
Amundi SA(c)		11,169		755,444
ArcelorMittal SA		85,138		2,344,702
Arkema SA		10,897		1,185,953
AXA SA		326,846		10,970,687
BioMerieux		8,607		926,356
BNP Paribas SA		189,703		12,745,038
Bollore SE		158,093		1,044,209
Bouygues SA		36,421		1,334,196
Bureau Veritas SA		54,128		1,439,744
Capgemini SE		29,069		6,462,661
Carrefour SA		103,767		1,771,541
Cie. de Saint-Gobain		84,625		5,983,540
Cie. Generale des Etablissements Michelin SCA		123,873		4,112,913
Covivio SA/France		9,353		452,909
Credit Agricole SA		211,238		3,025,953
Danone SA		113,128		7,536,996
Dassault Aviation SA		4,542		860,293
Dassault Systemes SE		118,926		6,164,918
Edenred SE		44,456		2,655,289
Eiffage SA		12,285		1,285,382
Engie SA		326,322		5,212,169
EssilorLuxottica SA		52,370		10,263,106
Eurazeo SE		7,578		645,496
Eurofins Scientific SE		24,358		1,466,760
Euronext NV(c)		15,183		1,335,454
Gecina SA		8,099		893,211
Getlink SE		64,314		1,108,200
Hermes International SCA		5,657		11,934,341
Ipsen SA		7,170		826,695
Kering SA		13,367		5,490,808
Klepierre SA		41,764		1,081,298
La Francaise des Jeux SAEM(c)		17,211		697,624
Legrand SA		48,542		4,704,477
L’Oreal SA		43,441		20,788,865
LVMH Moet Hennessy Louis Vuitton SE		49,689		41,344,157
Orange SA		326,445		3,882,059
Pernod Ricard SA		36,787		6,032,536
Publicis Groupe SA		41,670		4,175,064
Remy Cointreau SA		4,185		424,041
Renault SA		34,050		1,282,312
Safran SA		61,888		11,555,037
Sanofi SA		204,551		20,484,869

Security	Shares		Value
France (continued)
Sartorius Stedim Biotech		5,128	$	1,381,674
Schneider Electric SE		97,807		19,214,184
SEB SA		4,730		577,582
Societe Generale SA		130,863		3,363,836
Sodexo SA		15,729		1,774,372
Teleperformance SE		10,967		1,712,761
Thales SA		19,197		2,807,639
TotalEnergies SE		411,129		26,672,234
Unibail-Rodamco-Westfield, New(a)		21,060		1,507,995
Veolia Environnement SA		119,871		3,905,858
Vinci SA		94,399		11,924,695
Vivendi SE		119,096		1,342,159
Worldline SA/France(a)(c)		42,916		580,159
				342,597,738
Germany — 5.1%
adidas AG		29,055		5,485,235
Allianz SE, Registered		73,137		19,540,448
BASF SE		157,899		7,548,202
Bayer AG, Registered		178,488		5,553,942
Bayerische Motoren Werke AG		57,775		6,011,668
Bechtle AG		15,030		779,348
Beiersdorf AG		17,535		2,566,066
Brenntag SE		26,287		2,324,033
Carl Zeiss Meditec AG, Bearer		7,585		799,548
Commerzbank AG		190,992		2,193,274
Continental AG		19,998		1,633,650
Covestro AG(a)(c)		35,353		1,866,832
Daimler Truck Holding AG		93,142		3,328,630
Delivery Hero SE(a)(c)		33,246		754,328
Deutsche Bank AG, Registered		343,318		4,434,888
Deutsche Boerse AG		33,973		6,765,371
Deutsche Lufthansa AG, Registered(a)		109,398		909,685
Deutsche Post AG, Registered		178,583		8,553,081
Deutsche Telekom AG, Registered		584,469		14,347,434
E.ON SE		405,059		5,480,155
Evonik Industries AG		37,226		684,815
Fresenius Medical Care AG & Co. KGaA		36,321		1,403,792
Fresenius SE & Co. KGaA		77,830		2,184,909
GEA Group AG		27,425		1,098,345
Hannover Rueck SE		11,051		2,649,111
Heidelberg Materials AG		26,344		2,432,722
HelloFresh SE(a)		31,231		413,022
Henkel AG & Co. KGaA		19,708		1,347,843
Infineon Technologies AG		236,545		8,623,703
Knorr-Bremse AG		12,877		795,362
LEG Immobilien SE(a)		14,519		1,204,782
Mercedes-Benz Group AG		142,834		9,643,120
Merck KGaA		23,371		3,834,608
MTU Aero Engines AG		9,712		2,233,082
Muenchener Rueckversicherungs-Gesellschaft AGin Muenchen, Registered		24,766		10,543,355
Nemetschek SE		10,932		1,008,735
Puma SE		19,253		774,814
Rational AG		928		712,876
Rheinmetall AG		7,811		2,735,184
RWE AG		114,300		4,220,599
SAP SE		188,549		32,665,468
Scout24 SE(c)		15,193		1,118,665
Siemens AG, Registered		137,029		24,531,458
Siemens Healthineers AG(c)		50,637		2,818,011
Symrise AG, Class A		25,024		2,581,819
Talanx AG(a)		11,404		800,116

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Germany (continued)
Volkswagen AG		6,820	$	962,855
Vonovia SE		131,286		4,089,868
Wacker Chemie AG		3,483		377,629
Zalando SE(a)(b)(c)		39,845		795,570
				230,162,056
Greece — 0.1%
Alpha Services and Holdings SA(a)		416,946		742,526
Eurobank Ergasias Services and Holdings SA, Class A(a)		492,869		951,834
Hellenic Telecommunications Organization SA		34,927		484,956
JUMBO SA		23,107		649,265
Motor Oil Hellas Corinth Refineries SA		4,918		134,360
Mytilineos SA		20,645		847,820
National Bank of Greece SA(a)		142,027		1,079,843
OPAP SA		39,345		681,173
Piraeus Financial Holdings SA(a)		106,209		430,118
Public Power Corp. SA(a)		45,305		599,493
				6,601,388
Hong Kong — 1.3%
AIA Group Ltd.		2,095,200		16,431,430
BOC Hong Kong Holdings Ltd.		675,500		1,619,034
Budweiser Brewing Co. APAC Ltd.(c)		300,800		474,103
CK Asset Holdings Ltd.		344,060		1,552,516
CK Hutchison Holdings Ltd.		464,560		2,399,369
CK Infrastructure Holdings Ltd.		130,500		775,019
CLP Holdings Ltd.		295,500		2,350,241
ESR Group Ltd.(b)(c)		447,000		571,388
Futu Holdings Ltd., ADR(a)(b)		10,428		487,196
Galaxy Entertainment Group Ltd.		400,000		2,075,952
Hang Lung Properties Ltd.		361,000		419,106
Hang Seng Bank Ltd.		140,300		1,460,547
Henderson Land Development Co. Ltd.		234,617		611,323
HKT Trust & HKT Ltd., Class SS		658,000		790,429
Hong Kong & China Gas Co. Ltd.		2,026,748		1,442,288
Hong Kong Exchanges & Clearing Ltd.		224,400		6,803,538
Hongkong Land Holdings Ltd.		198,400		619,307
Jardine Matheson Holdings Ltd.		30,800		1,236,747
Link REIT		460,520		2,309,822
MTR Corp. Ltd.		259,000		842,607
New World Development Co. Ltd.		255,750		313,460
Power Assets Holdings Ltd.		248,500		1,455,013
Sands China Ltd.(a)		443,200		1,163,298
Sino Land Co. Ltd.		684,000		714,482
SITC International Holdings Co. Ltd.		282,000		427,891
Sun Hung Kai Properties Ltd.		261,000		2,436,014
Swire Pacific Ltd., Class A		94,500		731,149
Swire Properties Ltd.		208,800		390,200
Techtronic Industries Co. Ltd.		248,500		2,639,344
WH Group Ltd.(c)		1,477,500		871,717
Wharf Holdings Ltd. (The)(b)		177,000		517,139
Wharf Real Estate Investment Co. Ltd.		299,000		876,020
Xinyi Glass Holdings Ltd.		374,000		310,055
				58,117,744
Hungary — 0.1%
MOL Hungarian Oil & Gas PLC		84,267		690,614
OTP Bank Nyrt		41,318		1,914,213
Richter Gedeon Nyrt		28,192		761,032
				3,365,859
India — 4.9%
ABB India Ltd.		9,068		510,716
Adani Enterprises Ltd.		29,952		1,133,580

Security	Shares		Value
India (continued)
Adani Green Energy Ltd.(a)		56,270	$	1,139,828
Adani Ports & Special Economic Zone Ltd.		88,529		1,287,002
Adani Power Ltd.(a)		127,509		865,606
Ambuja Cements Ltd.		114,476		770,459
APL Apollo Tubes Ltd.		30,787		557,972
Apollo Hospitals Enterprise Ltd.		19,269		1,473,385
Ashok Leyland Ltd.		219,673		465,048
Asian Paints Ltd.		71,053		2,523,910
Astral Ltd.		18,828		414,807
AU Small Finance Bank Ltd.(c)		28,092		215,548
Aurobindo Pharma Ltd.		55,566		769,673
Avenue Supermarts Ltd.(a)(c)		29,425		1,344,491
Axis Bank Ltd.		409,687		5,267,472
Bajaj Auto Ltd.		12,908		1,193,253
Bajaj Finance Ltd.		49,083		4,062,673
Bajaj Finserv Ltd.		72,969		1,429,688
Bajaj Holdings & Investment Ltd.		4,297		432,770
Balkrishna Industries Ltd.		14,900		440,348
Bandhan Bank Ltd.(c)		125,976		347,053
Bank of Baroda		171,778		511,497
Berger Paints India Ltd.		36,180		246,225
Bharat Electronics Ltd.		602,023		1,348,390
Bharat Forge Ltd.		44,695		664,344
Bharat Petroleum Corp. Ltd.		156,356		947,682
Bharti Airtel Ltd.		408,244		5,758,904
Britannia Industries Ltd.		19,782		1,237,285
CG Power and Industrial Solutions Ltd.		121,260		684,097
Cholamandalam Investment and Finance Co. Ltd.		74,268		1,058,039
Cipla Ltd.		88,478		1,439,023
Coal India Ltd.		270,543		1,324,676
Colgate-Palmolive India Ltd.		24,645		763,255
Container Corp. of India Ltd.		37,246		397,569
Cummins India Ltd.		22,290		615,851
Dabur India Ltd.		111,309		723,011
Divi’s Laboratories Ltd.		22,430		991,523
DLF Ltd.		99,303		958,618
Dr. Reddy’s Laboratories Ltd.		19,554		1,436,768
Eicher Motors Ltd.		25,766		1,192,738
GAIL India Ltd.		483,517		1,006,096
Godrej Consumer Products Ltd.		77,408		1,085,499
Godrej Properties Ltd.(a)		19,131		546,595
Grasim Industries Ltd.		54,853		1,436,749
Havells India Ltd.		44,118		687,409
HCL Technologies Ltd.		166,967		3,166,644
HDFC Asset Management Co. Ltd.(c)		13,007		561,068
HDFC Bank Ltd.		509,439		8,958,922
HDFC Life Insurance Co. Ltd.(c)		167,815		1,165,269
Hero MotoCorp Ltd.		22,208		1,236,346
Hindalco Industries Ltd.		232,031		1,615,996
Hindustan Aeronautics Ltd., NVS		35,513		1,285,121
Hindustan Petroleum Corp. Ltd.(a)		113,306		632,334
Hindustan Unilever Ltd.		147,424		4,408,222
ICICI Bank Ltd.		967,790		11,986,207
ICICI Lombard General Insurance Co. Ltd.(c)		38,795		698,107
ICICI Prudential Life Insurance Co. Ltd.(c)		84,359		511,054
IDFC First Bank Ltd.(a)		545,399		553,630
Indian Hotels Co. Ltd., Class A		132,409		785,161
Indian Oil Corp. Ltd.		464,916		823,305
Indian Railway Catering & Tourism Corp. Ltd.		43,939		516,828
Indraprastha Gas Ltd.		72,405		375,619
IndusInd Bank Ltd.		51,421		949,290
Info Edge India Ltd.		14,757		893,494

38 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
India (continued)
Infosys Ltd.		593,459	$	11,831,294
InterGlobe Aviation Ltd.(a)(c)		25,644		914,518
ITC Ltd.		531,332		2,824,605
Jindal Steel & Power Ltd.		62,623		571,147
Jio Financial Services Ltd., NVS(a)		574,620		1,715,648
JSW Steel Ltd.		120,895		1,190,372
Jubilant Foodworks Ltd.		78,679		492,284
Kotak Mahindra Bank Ltd.		195,141		4,288,966
Larsen & Toubro Ltd.		120,841		5,059,037
LTIMindtree Ltd.(c)		16,341		1,070,315
Lupin Ltd.		43,658		790,610
Macrotech Developers Ltd.		42,029		542,326
Mahindra & Mahindra Ltd.		165,950		3,299,926
Marico Ltd.		109,998		699,652
Maruti Suzuki India Ltd.		23,663		2,902,292
Max Healthcare Institute Ltd.		136,720		1,285,738
Mphasis Ltd.		13,318		416,164
MRF Ltd.		431		739,049
Muthoot Finance Ltd.		17,747		298,219
Nestle India Ltd., NVS		61,330		1,849,992
NTPC Ltd.		771,654		2,954,393
Oil & Natural Gas Corp. Ltd.		580,068		1,762,080
One 97 Communications Ltd., NVS(a)		39,706		363,042
Page Industries Ltd.		1,218		547,130
Persistent Systems Ltd.		8,190		821,964
Petronet LNG Ltd.		173,867		563,634
PI Industries Ltd.		16,526		671,570
Pidilite Industries Ltd.		32,840		1,000,932
Polycab India Ltd.		7,965		416,334
Power Finance Corp. Ltd.		261,366		1,395,592
Power Grid Corp. of India Ltd.		746,587		2,331,850
REC Ltd.		233,507		1,402,713
Reliance Industries Ltd.		548,246		18,835,817
Samvardhana Motherson International Ltd.		388,398		529,509
SBI Cards & Payment Services Ltd.		42,010		362,144
SBI Life Insurance Co. Ltd.(c)		83,717		1,415,548
Shree Cement Ltd.		1,789		614,862
Shriram Finance Ltd.		50,066		1,488,171
Siemens Ltd.		12,895		642,887
Sona Blw Precision Forgings Ltd.(c)		72,953		542,997
SRF Ltd.		25,376		709,774
State Bank of India		332,608		2,569,188
Sun Pharmaceutical Industries Ltd.		164,305		2,806,967
Supreme Industries Ltd.		9,865		490,808
Suzlon Energy Ltd.(a)		1,577,752		872,415
Tata Communications Ltd.		16,285		340,657
Tata Consultancy Services Ltd.		162,768		7,476,112
Tata Consumer Products Ltd.		120,610		1,624,207
Tata Elxsi Ltd.		6,375		583,527
Tata Motors Ltd.		302,400		3,218,396
Tata Motors Ltd., Class A		73,575		517,412
Tata Power Co. Ltd. (The)		262,589		1,231,350
Tata Steel Ltd.		1,330,392		2,178,519
Tech Mahindra Ltd.		95,508		1,530,092
Titan Co. Ltd.		66,172		2,944,509
Torrent Pharmaceuticals Ltd.		14,640		446,148
Trent Ltd.		31,608		1,175,266
Tube Investments of India Ltd.		21,392		1,005,533
TVS Motor Co. Ltd.		41,047		989,037
UltraTech Cement Ltd.		21,354		2,610,995
United Spirits Ltd.		62,573		820,478
UPL Ltd.		94,523		611,660

Security	Shares		Value
India (continued)
Varun Beverages Ltd.		87,033	$	1,342,612
Vedanta Ltd.		144,202		476,103
Wipro Ltd.		221,547		1,267,127
Yes Bank Ltd.(a)		2,292,545		665,803
Zomato Ltd.(a)		923,204		1,551,109
				218,330,869
Indonesia — 0.5%
Adaro Energy Indonesia Tbk PT		3,117,700		472,727
Amman Mineral Internasional PT(a)		1,179,500		562,676
Aneka Tambang Tbk		1,614,900		158,443
Astra International Tbk PT		3,518,500		1,140,136
Bank Central Asia Tbk PT		9,907,700		5,994,420
Bank Mandiri Persero Tbk PT		6,696,168		2,819,190
Bank Negara Indonesia Persero Tbk PT		2,712,300		986,776
Bank Rakyat Indonesia Persero Tbk PT		12,306,416		4,433,205
Barito Pacific Tbk PT		5,896,632		395,553
Charoen Pokphand Indonesia Tbk PT		1,519,200		431,182
GoTo Gojek Tokopedia Tbk PT(a)		150,992,100		837,599
Indah Kiat Pulp & Paper Tbk PT		548,200		271,558
Indofood CBP Sukses Makmur Tbk PT		324,000		241,417
Indofood Sukses Makmur Tbk PT		591,300		238,920
Kalbe Farma Tbk PT		4,745,300		454,141
Merdeka Copper Gold Tbk PT(a)		2,740,707		468,404
Sarana Menara Nusantara Tbk PT		3,412,000		191,924
Semen Indonesia Persero Tbk PT		417,930		164,137
Sumber Alfaria Trijaya Tbk PT		3,092,100		518,960
Telkom Indonesia Persero Tbk PT		8,953,100		2,245,678
Unilever Indonesia Tbk PT		1,434,300		281,770
United Tractors Tbk PT		263,745		383,118
				23,691,934
Ireland — 0.6%
AIB Group PLC		280,111		1,230,366
Bank of Ireland Group PLC		179,962		1,654,927
CRH PLC		133,129		9,444,387
Flutter Entertainment PLC(a)		31,882		6,543,975
Kerry Group PLC, Class A		28,001		2,495,841
Kingspan Group PLC		29,618		2,405,473
Smurfit Kappa Group PLC		40,935		1,525,434
				25,300,403
Israel — 0.5%
Azrieli Group Ltd.		9,037		608,937
Bank Hapoalim BM		229,261		1,950,532
Bank Leumi Le-Israel BM		276,639		2,101,119
Check Point Software Technologies Ltd.(a)		16,554		2,630,927
CyberArk Software Ltd.(a)		8,067		1,883,483
Elbit Systems Ltd.		5,120		1,056,171
Global-e Online Ltd.(a)		18,385		694,401
ICL Group Ltd.		131,444		597,845
Isracard Ltd.		1		4
Israel Discount Bank Ltd., Class A		233,894		1,134,594
Mizrahi Tefahot Bank Ltd.		29,493		1,097,650
Monday.com Ltd.(a)		5,080		1,067,003
Nice Ltd.(a)		11,611		2,409,072
Teva Pharmaceutical Industries Ltd., ADR(a)		199,985		2,419,819
Wix.com Ltd.(a)		10,142		1,286,817
				20,938,374
Italy — 1.7%
Amplifon SpA		22,828		745,072
Assicurazioni Generali SpA		175,331		3,911,094
Banco BPM SpA		197,697		1,066,633
DiaSorin SpA		4,565		419,793

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Italy (continued)
Enel SpA		1,441,768	$	9,837,725
Eni SpA		417,259		6,651,667
Ferrari NV		22,900		7,986,081
FinecoBank Banca Fineco SpA		107,184		1,545,418
Infrastrutture Wireless Italiane SpA(c)		72,691		878,982
Intesa Sanpaolo SpA		2,818,893		8,685,837
Leonardo SpA		50,329		878,445
Mediobanca Banca di Credito Finanziario SpA		116,421		1,541,880
Moncler SpA		37,004		2,276,365
Nexi SpA(a)(c)		113,208		868,358
Poste Italiane SpA(c)		82,333		892,790
Prysmian SpA		46,632		2,052,266
Recordati Industria Chimica e Farmaceutica SpA		18,491		1,020,597
Snam SpA		376,091		1,836,807
Stellantis NV		400,027		8,811,252
Telecom Italia SpA/Milano(a)(b)		1,752,915		528,341
Tenaris SA, NVS		88,138		1,392,077
Terna - Rete Elettrica Nazionale		257,302		2,169,583
UniCredit SpA		294,552		8,628,034
				74,625,097
Japan — 15.1%
Advantest Corp.		139,500		5,551,796
Aeon Co. Ltd.		115,900		2,769,683
AGC Inc.		35,600		1,338,853
Aisin Corp.		26,300		981,913
Ajinomoto Co. Inc.		81,300		3,338,578
ANA Holdings Inc.(a)		27,900		616,539
Asahi Group Holdings Ltd.		86,500		3,215,027
Asahi Intecc Co. Ltd.		41,600		790,437
Asahi Kasei Corp.		223,400		1,694,163
Astellas Pharma Inc.		331,500		3,859,480
Azbil Corp.		23,500		759,395
Bandai Namco Holdings Inc.		110,000		2,381,779
BayCurrent Consulting Inc.		24,700		574,250
Bridgestone Corp.		104,200		4,515,265
Brother Industries Ltd.		45,500		762,242
Canon Inc.		179,400		4,941,954
Capcom Co. Ltd.		33,100		1,262,393
Central Japan Railway Co.		130,900		3,271,536
Chiba Bank Ltd. (The)		93,500		692,859
Chubu Electric Power Co. Inc.		112,000		1,452,941
Chugai Pharmaceutical Co. Ltd.		122,700		4,413,546
Concordia Financial Group Ltd.		163,600		779,627
Dai Nippon Printing Co. Ltd.		40,800		1,180,750
Daifuku Co. Ltd.		56,900		1,122,068
Dai-ichi Life Holdings Inc.		169,400		3,715,410
Daiichi Sankyo Co. Ltd.		335,700		10,050,534
Daikin Industries Ltd.		47,800		7,659,099
Daito Trust Construction Co. Ltd.		10,600		1,205,755
Daiwa House Industry Co. Ltd.		106,300		3,287,002
Daiwa House REIT Investment Corp.		467		825,143
Daiwa Securities Group Inc.		249,500		1,788,132
Denso Corp.		337,900		5,307,750
Dentsu Group Inc.		37,600		997,952
Disco Corp.		16,700		4,506,311
East Japan Railway Co.		53,700		3,071,244
Eisai Co. Ltd.		46,600		2,194,330
ENEOS Holdings Inc.		517,700		2,090,759
FANUC Corp.		176,700		4,887,940
Fast Retailing Co. Ltd.		31,700		8,463,163
Fuji Electric Co. Ltd.		22,900		1,146,832
FUJIFILM Holdings Corp.		67,800		4,297,496

Security	Shares		Value
Japan (continued)
Fujitsu Ltd.		32,500	$	4,498,463
GLP J-REIT		922		823,192
Hamamatsu Photonics KK		27,900		1,102,187
Hankyu Hanshin Holdings Inc.		41,200		1,260,536
Hikari Tsushin Inc.		3,900		679,574
Hirose Electric Co. Ltd.		6,700		779,564
Hitachi Construction Machinery Co. Ltd.		19,000		539,076
Hitachi Ltd.		168,500		13,235,734
Honda Motor Co. Ltd.		831,400		9,293,439
Hoshizaki Corp.		23,500		854,962
Hoya Corp.		64,600		8,206,078
Hulic Co. Ltd.		68,300		754,192
Ibiden Co. Ltd.		22,000		1,107,039
Idemitsu Kosan Co. Ltd.		177,860		987,653
Iida Group Holdings Co. Ltd.		25,700		387,991
Inpex Corp.		176,100		2,393,631
Isuzu Motors Ltd.		103,700		1,414,980
ITOCHU Corp.		214,200		9,721,275
Japan Airlines Co. Ltd.		26,200		503,453
Japan Exchange Group Inc.		92,700		2,051,609
Japan Metropolitan Fund Invest		1,283		870,956
Japan Post Bank Co. Ltd.		266,900		2,775,719
Japan Post Holdings Co. Ltd.		387,600		3,710,371
Japan Post Insurance Co. Ltd.		34,400		644,033
Japan Real Estate Investment Corp.		222		851,046
Japan Tobacco Inc.		217,500		5,732,731
JFE Holdings Inc.		100,200		1,582,040
JSR Corp.		35,300		962,795
Kajima Corp.		72,600		1,295,682
Kansai Electric Power Co. Inc. (The)		133,500		1,821,225
Kao Corp.		82,300		3,256,410
Kawasaki Kisen Kaisha Ltd.		27,200		1,325,287
KDDI Corp.		266,300		8,823,860
KDX Realty Investment Corp.		750		813,556
Keisei Electric Railway Co. Ltd.		24,400		1,104,097
Keyence Corp.		35,300		15,793,145
Kikkoman Corp.		26,200		1,612,039
Kintetsu Group Holdings Co. Ltd.		33,300		1,027,553
Kirin Holdings Co. Ltd.		138,800		1,995,105
Kobe Bussan Co. Ltd.		27,400		700,144
Koei Tecmo Holdings Co. Ltd.		21,700		270,299
Koito Manufacturing Co. Ltd.		39,000		597,062
Komatsu Ltd.		163,800		4,660,102
Konami Group Corp.		17,200		1,057,769
Kose Corp.		6,300		412,163
Kubota Corp.		181,700		2,750,477
Kyocera Corp.		232,800		3,408,208
Kyowa Kirin Co. Ltd.		49,300		776,572
Lasertec Corp.		14,100		3,672,049
LY Corp.		468,100		1,456,274
M3 Inc.		81,800		1,290,804
Makita Corp.		42,300		1,138,504
Marubeni Corp.		260,300		4,439,849
MatsukiyoCocokara & Co.		62,800		1,141,501
Mazda Motor Corp.		102,800		1,246,290
McDonald’s Holdings Co. Japan Ltd.		15,000		667,867
MEIJI Holdings Co. Ltd.		41,180		995,922
MINEBEA MITSUMI Inc.		68,400		1,413,842
MISUMI Group Inc.		57,100		978,973
Mitsubishi Chemical Group Corp.		221,900		1,337,999
Mitsubishi Corp.		620,300		10,690,835
Mitsubishi Electric Corp.		349,100		5,180,748

40 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Mitsubishi Estate Co. Ltd.		206,100	$	2,855,704
Mitsubishi HC Capital Inc.		143,600		1,018,188
Mitsubishi Heavy Industries Ltd.		57,600		3,842,120
Mitsubishi UFJ Financial Group Inc.		2,055,300		19,251,063
Mitsui & Co. Ltd.		234,300		9,502,558
Mitsui Chemicals Inc.		30,900		909,395
Mitsui Fudosan Co. Ltd.		161,600		4,056,769
Mitsui OSK Lines Ltd.		61,100		2,194,740
Mizuho Financial Group Inc.		434,660		7,894,104
MonotaRO Co. Ltd.		47,000		442,656
MS&AD Insurance Group Holdings Inc.		78,400		3,237,507
Murata Manufacturing Co. Ltd.		314,500		6,350,422
NEC Corp.		45,800		2,992,787
Nexon Co. Ltd.		63,300		1,010,206
Nidec Corp.		78,600		2,931,530
Nintendo Co. Ltd.		187,000		10,447,856
Nippon Building Fund Inc.		263		1,064,127
Nippon Express Holdings Inc.		13,400		797,586
Nippon Paint Holdings Co. Ltd.		178,000		1,401,986
Nippon Prologis REIT Inc.		451		802,420
Nippon Sanso Holdings Corp.		35,400		897,011
Nippon Steel Corp.		152,086		3,659,898
Nippon Telegraph & Telephone Corp.		5,418,300		6,804,053
Nippon Yusen KK		90,400		3,115,262
Nissan Chemical Corp.		24,600		981,117
Nissan Motor Co. Ltd.		410,600		1,611,944
Nissin Foods Holdings Co. Ltd.		39,000		1,261,704
Nitori Holdings Co. Ltd.		15,000		1,963,226
Nitto Denko Corp.		27,200		2,256,453
Nomura Holdings Inc.		541,900		2,918,752
Nomura Real Estate Holdings Inc.		23,200		634,884
Nomura Real Estate Master Fund Inc.		725		793,342
Nomura Research Institute Ltd.		73,100		2,235,655
NTT Data Group Corp.		116,100		1,672,261
Obayashi Corp.		116,900		1,082,089
Obic Co. Ltd.		12,800		1,966,202
Odakyu Electric Railway Co. Ltd.		59,500		909,189
Oji Holdings Corp.		142,400		556,760
Olympus Corp.		217,800		3,224,238
Omron Corp.		34,100		1,533,315
Ono Pharmaceutical Co. Ltd.		71,600		1,290,528
Open House Group Co. Ltd.		16,000		500,354
Oracle Corp. Japan		7,900		622,592
Oriental Land Co. Ltd./Japan		195,800		7,272,026
ORIX Corp.		213,900		4,130,252
Osaka Gas Co. Ltd.		72,700		1,530,833
Otsuka Corp.		19,200		807,893
Otsuka Holdings Co. Ltd.		74,300		2,920,608
Pan Pacific International Holdings Corp.		69,000		1,491,537
Panasonic Holdings Corp.		403,000		3,795,767
Rakuten Group Inc.(a)		267,000		1,172,866
Recruit Holdings Co. Ltd.		260,700		10,297,315
Renesas Electronics Corp.(a)		270,700		4,441,531
Resona Holdings Inc.		386,300		2,132,476
Ricoh Co. Ltd.		106,300		835,517
Rohm Co. Ltd.		65,000		1,121,850
SBI Holdings Inc.		47,400		1,164,412
SCSK Corp.		26,900		528,171
Secom Co. Ltd.		38,600		2,801,601
Seiko Epson Corp.		50,500		737,169
Sekisui Chemical Co. Ltd.		67,400		962,306
Sekisui House Ltd.		108,600		2,451,557

Security	Shares		Value
Japan (continued)
Seven & i Holdings Co. Ltd.		135,200	$	5,339,699
SG Holdings Co. Ltd.		58,100		752,401
Sharp Corp./Japan(a)		49,200		330,836
Shimadzu Corp.		42,200		1,166,913
Shimano Inc.		14,100		2,024,412
Shimizu Corp.		98,000		656,024
Shin-Etsu Chemical Co. Ltd.		329,500		12,969,839
Shionogi & Co. Ltd.		49,100		2,356,624
Shiseido Co. Ltd.		73,100		2,037,786
Shizuoka Financial Group Inc., NVS		81,600		745,824
SMC Corp.		10,500		5,844,767
SoftBank Corp.		524,200		6,964,439
SoftBank Group Corp.		183,900		7,939,074
Sompo Holdings Inc.		55,900		2,898,495
Sony Group Corp.		227,200		22,281,120
Square Enix Holdings Co. Ltd.		14,400		562,698
Subaru Corp.		108,200		2,158,515
SUMCO Corp.		60,600		918,721
Sumitomo Chemical Co. Ltd.		249,400		587,232
Sumitomo Corp.		190,100		4,371,889
Sumitomo Electric Industries Ltd.		126,200		1,677,400
Sumitomo Metal Mining Co. Ltd.		45,200		1,249,268
Sumitomo Mitsui Financial Group Inc.		228,300		11,874,647
Sumitomo Mitsui Trust Holdings Inc.		111,600		2,287,048
Sumitomo Realty & Development Co. Ltd.		50,500		1,588,181
Suntory Beverage & Food Ltd.		23,300		760,157
Suzuki Motor Corp.		67,700		3,040,993
Sysmex Corp.		30,800		1,668,506
T&D Holdings Inc.		95,400		1,579,704
Taisei Corp.		31,600		1,152,091
Takeda Pharmaceutical Co. Ltd.		288,113		8,467,779
TDK Corp.		72,200		3,592,297
Terumo Corp.		121,300		4,106,242
TIS Inc.		40,500		900,794
Tobu Railway Co. Ltd.		34,600		916,321
Toho Co. Ltd./Tokyo		19,500		635,207
Tokio Marine Holdings Inc.		325,700		8,587,869
Tokyo Electric Power Co. Holdings Inc.(a)		270,200		1,438,586
Tokyo Electron Ltd.		85,500		15,866,442
Tokyo Gas Co. Ltd.		71,300		1,637,894
Tokyu Corp.		94,000		1,103,022
TOPPAN Holdings Inc.		47,500		1,309,311
Toray Industries Inc.		247,200		1,235,117
Tosoh Corp.		47,300		609,917
TOTO Ltd.		23,800		644,153
Toyota Industries Corp.		27,200		2,300,552
Toyota Motor Corp.		1,914,100		38,220,395
Toyota Tsusho Corp.		39,100		2,562,279
Trend Micro Inc./Japan(a)		25,400		1,453,118
Unicharm Corp.		72,500		2,494,607
USS Co. Ltd.		41,800		790,497
West Japan Railway Co.		38,900		1,620,166
Yakult Honsha Co. Ltd.		46,300		1,011,265
Yamaha Corp.		25,800		567,356
Yamaha Motor Co. Ltd.		156,000		1,474,472
Yamato Holdings Co. Ltd.		47,900		828,020
Yaskawa Electric Corp.		45,300		1,707,189
Yokogawa Electric Corp.		44,300		870,526
Zensho Holdings Co. Ltd.		17,200		842,262
ZOZO Inc.		23,500		514,568
				678,822,223

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Kazakhstan — 0.0%
Polymetal International PLC(a)(d)		52,614	$	6
Kuwait — 0.2%
Agility Public Warehousing Co. KSC(a)		309,479		582,344
Boubyan Bank KSCP		318,056		633,928
Gulf Bank KSCP		193,536		182,158
Kuwait Finance House KSCP		1,430,546		3,585,669
Mabanee Co. KPSC		120,124		300,798
Mobile Telecommunications Co. KSCP		476,021		813,559
National Bank of Kuwait SAKP		1,327,443		4,226,609
				10,325,065
Malaysia — 0.4%
AMMB Holdings Bhd		139,600		124,984
Axiata Group Bhd		582,100		335,385
CELCOMDIGI Bhd		717,700		642,963
CIMB Group Holdings Bhd		1,107,700		1,458,999
Dialog Group Bhd		747,300		289,009
Gamuda Bhd(b)		101,500		108,367
Genting Bhd		416,800		415,221
Genting Malaysia Bhd		550,800		313,837
Hong Leong Bank Bhd		146,700		595,369
IHH Healthcare Bhd		496,400		640,455
Inari Amertron Bhd		572,900		383,518
IOI Corp. Bhd		620,200		522,922
Kuala Lumpur Kepong Bhd(b)		84,500		396,270
Malayan Banking Bhd		975,600		1,908,271
Malaysia Airports Holdings Bhd		211,200		343,431
Maxis Bhd		599,300		481,467
MISC Bhd		168,200		261,084
MR DIY Group M Bhd(c)		318,700		92,982
Petronas Chemicals Group Bhd		478,500		683,925
Petronas Dagangan Bhd		61,800		278,819
Petronas Gas Bhd		180,600		677,345
PPB Group Bhd		192,800		589,405
Press Metal Aluminium Holdings Bhd		829,400		830,098
Public Bank Bhd		2,650,000		2,456,594
RHB Bank Bhd		385,595		456,157
Sime Darby Bhd		511,200		262,290
Sime Darby Plantation Bhd		413,900		385,977
Telekom Malaysia Bhd		131,500		164,346
Tenaga Nasional Bhd		410,400		930,124
				17,029,614
Mexico — 0.8%
Alfa SAB de CV, Class A		371,500		292,253
America Movil SAB de CV		3,370,274		3,044,927
Arca Continental SAB de CV		80,400		913,519
Banco del Bajio SA(c)		133,600		508,272
Cemex SAB de CV, NVS(a)		2,795,708		2,322,786
Coca-Cola Femsa SAB de CV		90,200		858,738
Fibra Uno Administracion SA de CV		623,900		1,060,646
Fomento Economico Mexicano SAB de CV		351,300		4,764,486
Gruma SAB de CV, Class B		29,315		548,778
Grupo Aeroportuario del Centro Norte SAB de CV, Class B		54,142		495,666
Grupo Aeroportuario del Pacifico SAB de CV, Class B		73,800		1,148,924
Grupo Aeroportuario del Sureste SAB de CV, Class B		40,195		1,171,719
Grupo Bimbo SAB de CV, Series A		269,300		1,228,564
Grupo Carso SAB de CV, Series A1		102,600		961,888
Grupo Financiero Banorte SAB de CV, Class O		466,100		4,740,753
Grupo Financiero Inbursa SAB de CV, Class O(a)		362,500		1,070,977

Security	Shares		Value
Mexico (continued)
Grupo Mexico SAB de CV, Series B		579,729	$	2,991,357
Industrias Penoles SAB de CV(a)		34,780		457,375
Kimberly-Clark de Mexico SAB de CV, Class A		351,800		802,059
Operadora De Sites Mexicanos SAB de CV		291,600		316,818
Orbia Advance Corp. SAB de CV		168,400		335,792
Prologis Property Mexico SA de CV		132,408		545,664
Promotora y Operadora de Infraestructura SAB de CV		31,720		312,104
Wal-Mart de Mexico SAB de CV		924,600		3,820,022
				34,714,087
Netherlands — 3.2%
ABN AMRO Bank NV, CVA(c)		85,834		1,263,252
Adyen NV(a)(c)		3,958		4,964,071
Aegon Ltd.		301,617		1,779,370
AerCap Holdings NV(a)		36,350		2,782,956
Akzo Nobel NV		30,841		2,368,973
ASM International NV		8,398		4,654,454
ASML Holding NV		73,081		63,404,190
ASR Nederland NV		27,036		1,274,112
BE Semiconductor Industries NV		14,536		2,184,445
Davide Campari-Milano NV		92,270		934,809
EXOR NV, NVS		18,723		1,811,497
Ferrovial SE		97,163		3,705,333
Heineken Holding NV		22,572		1,893,963
Heineken NV		51,353		5,165,881
IMCD NV		10,516		1,605,170
ING Groep NV		653,118		9,279,804
JDE Peet’s NV		21,279		525,280
Koninklijke Ahold Delhaize NV		173,838		4,888,872
Koninklijke KPN NV		613,932		2,088,438
Koninklijke Philips NV(a)		143,385		3,033,390
NEPI Rockcastle NV		87,596		589,884
NN Group NV		49,547		2,030,844
OCI NV		18,659		532,975
Pepco Group NV(a)		30,809		168,688
Prosus NV		264,245		7,861,732
Qiagen NV, NVS		41,464		1,798,990
Randstad NV		20,048		1,139,933
Universal Music Group NV		147,679		4,353,241
Wolters Kluwer NV		45,135		6,653,668
				144,738,215
New Zealand — 0.1%
Auckland International Airport Ltd.		224,237		1,156,142
EBOS Group Ltd.		28,947		662,895
Fisher & Paykel Healthcare Corp. Ltd.		101,024		1,459,094
Mercury NZ Ltd.		117,078		483,056
Meridian Energy Ltd.		260,835		883,654
Spark New Zealand Ltd.		385,721		1,253,128
				5,897,969
Norway — 0.4%
Adevinta ASA(a)		63,775		685,215
Aker BP ASA		55,062		1,461,432
DNB Bank ASA		169,750		3,299,891
Equinor ASA		161,473		4,620,886
Gjensidige Forsikring ASA		43,442		698,742
Kongsberg Gruppen ASA		18,139		924,424
Mowi ASA		80,358		1,446,470
Norsk Hydro ASA		244,345		1,431,984
Orkla ASA		136,260		1,067,342
Salmar ASA		13,555		752,444
Telenor ASA		120,875		1,341,236

42 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Norway (continued)
Yara International ASA		30,274	$	1,000,636
				18,730,702
Peru — 0.1%
Cia. de Minas Buenaventura SAA, ADR		36,531		554,175
Credicorp Ltd.		11,880		1,763,348
Southern Copper Corp.		14,677		1,204,982
				3,522,505
Philippines — 0.2%
Aboitiz Equity Ventures Inc.		288,830		248,628
Ayala Corp.		36,090		434,855
Ayala Land Inc.		1,357,420		820,297
Bank of the Philippine Islands		317,113		621,406
BDO Unibank Inc.		437,774		1,126,956
International Container Terminal Services Inc.		218,860		946,352
JG Summit Holdings Inc.		732,830		498,577
Jollibee Foods Corp.		113,570		512,422
Manila Electric Co.		13,350		85,902
Metropolitan Bank & Trust Co.		622,428		630,483
PLDT Inc.		16,890		381,952
SM Investments Corp.		36,055		575,607
SM Prime Holdings Inc.		1,990,200		1,210,842
Universal Robina Corp.		111,110		220,360
				8,314,639
Poland — 0.3%
Allegro.eu SA (a)(b)(c)		95,797		723,181
Bank Polska Kasa Opieki SA		32,443		1,247,955
Budimex SA		1,862		319,002
CD Projekt SA		12,184		318,037
Cyfrowy Polsat SA(a)(b)		54,251		146,855
Dino Polska SA(a)(c)		9,810		1,058,770
KGHM Polska Miedz SA		27,470		765,332
LPP SA		207		804,913
mBank SA(a)		2,539		337,493
ORLEN SA		98,358		1,533,640
PGE Polska Grupa Energetyczna SA(a)		166,457		350,516
Powszechna Kasa Oszczednosci Bank Polski SA		154,586		1,961,392
Powszechny Zaklad Ubezpieczen SA		109,043		1,312,895
Santander Bank Polska SA		7,031		851,582
				11,731,563
Portugal — 0.1%
Banco Espirito Santo SA, Registered,NVS(d)(e)		4		—
EDP - Energias de Portugal SA		581,612		2,594,244
Galp Energia SGPS SA		84,190		1,325,297
Jeronimo Martins SGPS SA		49,895		1,134,778
				5,054,319
Qatar — 0.2%
Barwa Real Estate Co.		298,500		235,701
Commercial Bank PSQC (The)		590,431		849,472
Dukhan Bank		125,508		134,717
Industries Qatar QSC		284,601		934,722
Masraf Al Rayan QSC		1,025,817		660,811
Mesaieed Petrochemical Holding Co.		774,051		356,715
Ooredoo QPSC		218,915		642,543
Qatar Electricity & Water Co. QSC		125,426		595,752
Qatar Fuel QSC		91,366		393,022
Qatar Gas Transport Co. Ltd.		495,420		471,381
Qatar International Islamic Bank QSC		142,967		408,678
Qatar Islamic Bank SAQ		288,834		1,544,990
Qatar National Bank QPSC		821,944		3,491,800
				10,720,304

Security	Shares		Value
Russia — 0.0%
Alrosa PJSC(d)		504,040	$	56
Gazprom PJSC(a)(d)		2,086,234		232
Inter RAO UES PJSC(d)		5,597,000		622
LUKOIL PJSC(d)		71,534		8
MMC Norilsk Nickel PJSC(d)		11,400		1
Mobile TeleSystems PJSC(d)		193,438		22
Moscow Exchange MICEX-RTS PJSC(d)		287,200		32
Novatek PJSC(d)		162,260		18
Novolipetsk Steel PJSC(a)(d)		223,890		25
Ozon Holdings PLC, ADR(a)(d)		8,288		1
PhosAgro PJSC(d)		9,664		1
PhosAgro PJSC, GDR(a)(d)(e)		1		—
PhosAgro PJSC, New(d)		187		2
Polyus PJSC(a)(d)		5,198		1
Rosneft Oil Co. PJSC(d)		165,180		18
Sberbank of Russia PJSC(d)		1,882,550		209
Severstal PAO(a)(d)		30,098		3
Surgutneftegas PJSC(d)		1,575,550		175
Tatneft PJSC(d)		206,881		23
TCS Group Holding PLC, GDR(a)(d)		20,990		2
United Co. RUSAL International PJSC(a)(d)		563,790		63
VK Co. Ltd.(a)(d)		21,979		2
VTB Bank PJSC(a)(d)		493,800,000		55
X5 Retail Group NV, GDR(a)(d)		16,185		2
Yandex NV(a)(d)		54,504		6
				1,579
Saudi Arabia — 1.2%
ACWA Power Co.		17,815		1,137,581
Advanced Petrochemical Co.		31,386		318,337
Al Rajhi Bank		359,913		8,034,305
Alinma Bank		180,125		1,983,944
Almarai Co. JSC		35,704		543,638
Arab National Bank		113,139		752,302
Arabian Internet & Communications Services Co.		3,491		304,592
Bank AlBilad		101,884		1,207,913
Bank Al-Jazira(a)		90,256		484,931
Banque Saudi Fransi		115,116		1,224,285
Bupa Arabia for Cooperative Insurance Co.		15,419		848,959
Co. for Cooperative Insurance (The)		12,569		410,655
Dallah Healthcare Co.		7,921		348,937
Dar Al Arkan Real Estate Development Co.(a)		115,959		400,775
Dr Sulaiman Al Habib Medical Services Group Co.		15,813		1,222,380
Elm Co.		4,881		1,171,653
Etihad Etisalat Co.		69,482		965,311
Jarir Marketing Co.		143,557		583,400
Mobile Telecommunications Co. Saudi Arabia		82,068		291,935
Mouwasat Medical Services Co.		15,773		498,475
Nahdi Medical Co.		4,793		179,733
National Industrialization Co.(a)		52,344		162,979
Power & Water Utility Co. for Jubail & Yanbu		11,428		188,480
Rabigh Refining & Petrochemical Co.(a)		79,475		193,314
Reinet Investments SCA		24,150		605,269
Riyad Bank		255,336		1,927,103
SABIC Agri-Nutrients Co.		40,223		1,371,435
Sahara International Petrochemical Co.		64,321		538,559
Saudi Arabian Mining Co.(a)		243,823		3,008,904
Saudi Arabian Oil Co.(c)		481,813		3,924,892
Saudi Aramco Base Oil Co.		9,047		351,282
Saudi Awwal Bank		168,795		1,612,559
Saudi Basic Industries Corp.		154,900		3,211,014
Saudi Electricity Co.		191,906		968,343
Saudi Industrial Investment Group		51,088		276,065

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Saudi Arabia (continued)
Saudi Investment Bank (The)		80,209	$	333,058
Saudi Kayan Petrochemical Co.(a)		151,256		369,486
Saudi National Bank (The)		522,833		5,646,350
Saudi Research & Media Group(a)		6,207		343,188
Saudi Tadawul Group Holding Co.		8,801		484,665
Saudi Telecom Co.		339,243		3,691,508
Savola Group (The)		45,800		548,975
Yanbu National Petrochemical Co.		42,216		431,782
				53,103,251
Singapore — 0.9%
CapitaLand Ascendas REIT		722,277		1,565,338
CapitaLand Integrated Commercial Trust		959,021		1,429,676
CapitaLand Investment Ltd./Singapore		464,400		1,019,491
City Developments Ltd.		103,400		469,311
DBS Group Holdings Ltd.		332,700		7,880,094
Genting Singapore Ltd.		1,131,200		849,536
Grab Holdings Ltd., Class A(a)		328,452		1,008,348
Jardine Cycle & Carriage Ltd.		22,900		441,879
Keppel Ltd.		274,000		1,455,970
Mapletree Logistics Trust		585,197		672,904
Mapletree Pan Asia Commercial Trust		373,300		404,252
Oversea-Chinese Banking Corp. Ltd.		607,775		5,813,592
Sea Ltd., ADR(a)		67,185		2,562,436
Seatrium Ltd.(a)		7,963,626		591,006
SembCorp. Industries Ltd.		151,000		635,482
Singapore Airlines Ltd.		254,150		1,261,418
Singapore Exchange Ltd.		122,700		856,769
Singapore Technologies Engineering Ltd.		303,700		841,534
Singapore Telecommunications Ltd.		1,464,600		2,613,641
United Overseas Bank Ltd.		229,400		4,835,417
UOL Group Ltd.		70,400		326,908
Wilmar International Ltd.		343,200		840,390
				38,375,392
South Africa — 0.8%
Absa Group Ltd.		141,652		1,236,837
Anglo American Platinum Ltd.		11,683		494,615
Aspen Pharmacare Holdings Ltd.		74,939		776,828
Bid Corp. Ltd.		66,154		1,604,621
Bidvest Group Ltd. (The)		55,738		734,828
Capitec Bank Holdings Ltd.		16,499		1,757,260
Clicks Group Ltd.		51,595		829,323
Discovery Ltd.		90,010		665,995
Exxaro Resources Ltd.		53,409		532,094
FirstRand Ltd.		905,525		3,279,558
Gold Fields Ltd.		162,298		2,394,750
Harmony Gold Mining Co. Ltd.		107,463		671,723
Impala Platinum Holdings Ltd.		151,891		589,588
Kumba Iron Ore Ltd.		11,248		332,234
MTN Group Ltd.		308,961		1,576,613
Naspers Ltd., Class N		34,052		5,705,931
Nedbank Group Ltd.		72,201		838,762
Northam Platinum Holdings Ltd.		66,111		445,377
Old Mutual Ltd.		897,313		597,144
OUTsurance Group Ltd., NVS		84,820		189,596
Pepkor Holdings Ltd.(b)(c)		366,364		377,665
Remgro Ltd.		93,619		788,555
Sanlam Ltd.		285,195		1,088,075
Sasol Ltd.		103,070		895,236
Shoprite Holdings Ltd.		88,100		1,277,515
Sibanye Stillwater Ltd.		554,777		668,583
Standard Bank Group Ltd.		232,469		2,480,083

Security	Shares		Value
South Africa (continued)
Vodacom Group Ltd.		102,068	$	508,963
Woolworths Holdings Ltd./South Africa		202,203		749,196
				34,087,548
South Korea — 3.1%
Amorepacific Corp.(a)		5,475		482,949
Celltrion Inc.		27,642		3,709,296
Celltrion Pharm Inc.(a)		4,264		324,829
CJ CheilJedang Corp.		1,791		391,101
CosmoAM&T Co. Ltd.(a)		4,243		419,446
Coway Co. Ltd.(a)		10,565		438,233
DB Insurance Co. Ltd.(a)		8,860		584,457
Doosan Bobcat Inc.		10,525		400,834
Doosan Enerbility Co. Ltd.(a)		80,612		931,226
Ecopro BM Co. Ltd.(a)		9,022		1,432,078
Ecopro Co. Ltd.(a)		3,578		1,334,618
F&F Co. Ltd./New(a)		3,241		172,118
GS Holdings Corp.(a)		8,060		279,515
Hana Financial Group Inc.		49,929		1,785,333
Hankook Tire & Technology Co. Ltd.(a)		16,796		642,852
Hanmi Pharm Co. Ltd.(a)		1,574		381,879
Hanmi Semiconductor Co. Ltd.(a)		7,493		326,768
Hanon Systems		42,005		196,049
Hanwha Aerospace Co. Ltd.(a)		6,995		722,397
Hanwha Ocean Co. Ltd.(a)		11,020		181,100
Hanwha Solutions Corp.(a)		21,940		545,047
HD Hyundai Co. Ltd.		7,857		418,775
HD Hyundai Heavy Industries Co. Ltd.(a)		3,669		312,620
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.(a)		7,792		661,124
HLB Inc.(a)		21,613		1,090,128
HMM Co. Ltd.(a)		41,722		599,645
Hotel Shilla Co. Ltd.		6,760		294,452
HYBE Co. Ltd.(a)		3,790		571,430
Hyundai Engineering & Construction Co. Ltd.(a)		15,111		391,086
Hyundai Glovis Co. Ltd.(a)		3,680		481,869
Hyundai Mipo Dockyard Co. Ltd.(a)		3,660		184,492
Hyundai Mobis Co. Ltd.		10,817		1,695,602
Hyundai Motor Co.		24,576		3,574,585
Hyundai Steel Co.(a)		17,691		443,011
Industrial Bank of Korea(a)		54,041		507,035
JYP Entertainment Corp.(a)		5,998		337,564
Kakao Corp.(a)		56,254		2,199,856
Kakao Pay Corp.(a)		5,005		176,637
KakaoBank Corp.(a)		30,806		626,137
Kangwon Land Inc.(a)		14,772		165,736
KB Financial Group Inc.		68,699		2,915,429
Kia Corp.(a)		46,928		3,604,589
Korea Aerospace Industries Ltd.(a)		14,358		540,964
Korea Electric Power Corp.(a)		45,099		668,769
Korea Investment Holdings Co. Ltd.(a)		7,728		354,840
Korea ZInc Co. Ltd.		1,584		561,148
Korean Air Lines Co. Ltd.(a)		28,789		484,027
Krafton Inc.(a)		5,484		879,395
KT Corp.(a)		5,721		151,538
KT&G Corp.		17,964		1,220,012
Kum Yang Co. Ltd.(a)		5,776		337,436
Kumho Petrochemical Co. Ltd.(a)		2,949		274,989
L&F Co. Ltd.(a)		4,507		480,542
LG Chem Ltd.		8,788		2,849,815
LG Corp.(a)		17,224		1,057,614
LG Display Co. Ltd.(a)		44,694		388,395
LG Electronics Inc.		19,778		1,378,611

44 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
LG Energy Solution Ltd.(a)		8,280	$	2,350,201
LG H&H Co. Ltd.		1,583		358,787
LG Innotek Co. Ltd.		3,085		440,001
LG Uplus Corp.		39,381		301,512
Lotte Chemical Corp.(a)		3,444		336,877
Meritz Financial Group Inc.(a)		18,941		972,432
Mirae Asset Securities Co. Ltd.(a)		50,690		298,043
NAVER Corp.(a)		23,597		3,518,833
NCSoft Corp.(a)		2,679		395,393
Netmarble Corp.(a)(c)		4,521		197,072
NH Investment & Securities Co. Ltd.(a)		27,473		217,979
Orion Corp./Republic of Korea		5,136		355,231
Pearl Abyss Corp.(a)		5,832		142,417
Posco DX Co. Ltd.(a)		8,887		378,734
POSCO Future M Co. Ltd.(a)		5,665		1,067,086
POSCO Holdings Inc.		12,911		4,096,405
Posco International Corp.(a)		9,176		360,183
Samsung Biologics Co. Ltd.(a)(c)		3,160		1,989,132
Samsung C&T Corp.		13,882		1,434,072
Samsung Electro-Mechanics Co. Ltd.		10,047		1,044,897
Samsung Electronics Co. Ltd.		864,089		46,951,856
Samsung Engineering Co. Ltd.(a)		29,559		493,029
Samsung Fire & Marine Insurance Co. Ltd.(a)		5,625		1,113,073
Samsung Heavy Industries Co. Ltd.(a)		118,098		643,647
Samsung Life Insurance Co. Ltd.		13,387		695,663
Samsung SDI Co. Ltd.		9,871		2,739,435
Samsung SDS Co. Ltd.		6,712		763,293
Samsung Securities Co. Ltd.		11,521		323,834
Shinhan Financial Group Co. Ltd.		75,607		2,316,603
SK Biopharmaceuticals Co. Ltd.(a)		6,548		454,812
SK Bioscience Co. Ltd.(a)		4,392		208,728
SK Hynix Inc.		97,566		9,770,322
SK IE Technology Co. Ltd.(a)(c)		6,155		341,153
SK Inc.		6,677		915,274
SK Innovation Co. Ltd.(a)		10,710		933,309
SK Square Co. Ltd.(a)		17,705		687,807
SK Telecom Co. Ltd.		9,890		371,851
SKC Co. Ltd.(a)		4,303		246,703
S-Oil Corp.		8,698		442,208
Woori Financial Group Inc.		94,356		978,316
Yuhan Corp.(a)		11,016		486,899
				140,695,124
Spain — 1.6%
Acciona SA		4,530		585,977
ACS Actividades de Construccion y Servicios SA		40,359		1,592,586
Aena SME SA(c)		12,759		2,257,159
Amadeus IT Group SA		80,678		5,653,944
Banco Bilbao Vizcaya Argentaria SA		1,087,716		10,180,409
Banco Santander SA		2,943,454		11,829,916
CaixaBank SA		746,192		3,181,755
Cellnex Telecom SA(c)		102,338		3,937,696
Corp. ACCIONA Energias Renovables SA		12,330		320,396
EDP Renovaveis SA		62,529		1,012,547
Enagas SA		22,741		370,219
Endesa SA		58,368		1,156,384
Grifols SA(a)		52,713		574,189
Iberdrola SA		1,078,446		12,985,521
Iberdrola SA, NVS		19,011		228,912
Industria de Diseno Textil SA		196,916		8,419,609
Naturgy Energy Group SA		25,709		692,286
Redeia Corp. SA		64,486		1,073,055
Repsol SA		231,501		3,418,872

Security	Shares		Value
Spain (continued)
Telefonica SA		929,914	$	3,783,665
				73,255,097
Sweden — 2.0%
Alfa Laval AB		52,857		1,939,472
Assa Abloy AB, Class B		181,786		4,985,612
Atlas Copco AB, Class A		479,716		7,655,986
Atlas Copco AB, Class B		287,455		3,980,663
Beijer Ref AB, Class B		77,401		1,053,814
Boliden AB		48,722		1,293,212
Epiroc AB		119,297		2,107,829
Epiroc AB, Class B		65,262		1,017,558
EQTAB		66,054		1,773,691
Essity AB, Class B		110,091		2,585,299
Evolution AB(c)		33,452		3,905,975
Fastighets AB Balder, Class B(a)		126,387		838,867
Getinge AB, Class B		41,629		889,908
H & M Hennes & Mauritz AB, Class B		120,478		1,699,793
Hexagon AB, Class B		384,058		4,191,450
Holmen AB, Class B		16,336		643,790
Husqvarna AB, Class B		61,135		475,564
Industrivarden AB, Class A		24,072		757,834
Industrivarden AB, Class C		26,210		823,756
Indutrade AB		51,844		1,259,502
Investment AB Latour, Class B		29,939		752,984
Investor AB, Class B		316,694		7,456,486
L E Lundbergforetagen AB, Class B		12,793		667,037
Lifco AB, Class B		43,359		1,046,118
Nibe Industrier AB, Class B		285,737		1,707,330
Saab AB, Class B		16,758		1,079,063
Sagax AB, Class B		39,023		948,310
Sandvik AB		187,787		3,946,510
Securitas AB, Class B		84,290		818,798
Skandinaviska Enskilda Banken AB, Class A		279,127		3,964,200
Skanska AB, Class B		60,513		1,049,271
SKF AB, Class B		63,700		1,255,216
Svenska Cellulosa AB SCA, Class B		111,472		1,517,571
Svenska Handelsbanken AB, Class A		260,394		2,807,134
Swedbank AB, Class A		155,343		3,165,576
Swedish Orphan Biovitrum AB(a)		33,171		931,048
Tele2 AB, Class B		97,382		830,282
Telefonaktiebolaget LM Ericsson, Class B		538,113		2,983,016
Telia Co. AB		420,747		1,085,179
Volvo AB, Class A		36,017		885,483
Volvo AB, Class B		268,227		6,428,146
Volvo Car AB, Class B(a)(b)		102,619		267,528
				89,471,861
Switzerland — 6.7%
ABB Ltd., Registered		286,987		12,142,937
Adecco Group AG, Registered		28,230		1,220,752
Alcon Inc.		89,378		6,727,929
Avolta AG, Registered(a)		17,558		670,801
Bachem Holding AG, Class B		7,123		476,840
Baloise Holding AG, Registered		7,963		1,272,018
Banque Cantonale Vaudoise, Registered		6,332		810,726
Barry Callebaut AG, Registered		686		1,001,976
BKWAG		3,949		627,371
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		192		2,440,118
Chocoladefabriken Lindt & Spruengli AG, Registered		19		2,408,420
Cie. Financiere Richemont SA, Class A, Registered		94,191		13,990,617

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Switzerland (continued)
Clariant AG, Registered		45,235	$	579,084
Coca-Cola HBC AG, Class DI		39,481		1,160,613
DSM-Firmenich AG		33,874		3,581,515
EMS-Chemie Holding AG, Registered		1,353		1,021,400
Geberit AG, Registered		5,958		3,429,591
Givaudan SA, Registered		1,683		6,998,817
Helvetia Holding AG, Registered		5,882		849,481
Holcim AG		92,440		7,060,459
Julius Baer Group Ltd.		37,369		2,034,421
Kuehne + Nagel International AG, Registered		9,802		3,321,698
Logitech International SA, Registered		30,039		2,518,268
Lonza Group AG, Registered		13,489		6,594,849
Nestle SA, Registered		482,816		55,017,138
Novartis AG, Registered		370,574		38,322,435
Partners Group Holding AG		4,114		5,550,506
Roche Holding AG, Bearer		5,656		1,713,358
Roche Holding AG, NVS		126,773		36,094,346
Sandoz Group AG(a)		73,999		2,537,795
Schindler Holding AG, Participation Certificates, NVS		7,883		1,963,566
Schindler Holding AG, Registered		3,789		901,937
SGS SA		26,548		2,453,190
Siemens Energy AG(a)		96,235		1,429,760
SIG Group AG		54,115		1,132,746
Sika AG, Registered		27,139		7,491,933
Sonova Holding AG, Registered		9,080		2,901,936
STMicroelectronics NV		124,948		5,486,155
Straumann Holding AG		20,637		3,134,788
Swatch Group AG (The), Bearer		5,182		1,216,520
Swatch Group AG (The), Registered		8,545		388,789
Swiss Life Holding AG, Registered		5,417		3,890,099
Swiss Prime Site AG, Registered		14,408		1,459,319
Swiss Re AG		53,669		6,145,124
Swisscom AG, Registered		4,597		2,750,309
Temenos AG, Registered		11,391		1,159,267
UBS Group AG, Registered		590,787		17,683,795
VAT Group AG(c)		4,945		2,302,040
Zurich Insurance Group AG		26,578		13,504,003
				299,571,555
Taiwan — 4.5%
Accton Technology Corp.		95,000		1,598,143
Acer Inc.		590,792		867,633
Advantech Co. Ltd.		105,360		1,135,698
Airtac International Group		28,928		866,965
Alchip Technologies Ltd.		14,000		1,736,559
ASE Technology Holding Co. Ltd.		577,762		2,498,112
Asia Cement Corp.		362,440		459,616
Asustek Computer Inc.		127,000		1,803,312
AUO Corp.		1,200,800		701,747
Catcher Technology Co. Ltd.		120,000		745,649
Cathay Financial Holding Co. Ltd.		1,673,019		2,352,649
Chailease Holding Co. Ltd.		272,163		1,506,565
Chang Hwa Commercial Bank Ltd.		849,063		473,993
Cheng Shin Rubber Industry Co. Ltd.		371,000		537,929
China Airlines Ltd.		555,000		360,489
China Development Financial Holding Corp.(a)		2,891,358		1,110,042
China Steel Corp.		2,088,288		1,673,414
Chunghwa Telecom Co. Ltd.		677,000		2,566,446
Compal Electronics Inc.		726,000		832,618
CTBC Financial Holding Co. Ltd.		3,187,036		2,891,315
Delta Electronics Inc.		359,000		3,212,545
E Ink Holdings Inc.		164,000		1,087,600

Security	Shares		Value
Taiwan (continued)
E.Sun Financial Holding Co. Ltd.		2,436,713	$	1,923,272
Eclat Textile Co. Ltd.		35,000		610,864
eMemory Technology Inc.		13,000		1,159,463
Eva Airways Corp.		492,000		495,927
Evergreen Marine Corp. Taiwan Ltd.		178,200		854,748
Far Eastern New Century Corp.		535,000		527,855
Far EasTone Telecommunications Co. Ltd.		283,000		726,410
Feng TAY Enterprise Co. Ltd.		92,512		476,994
First Financial Holding Co. Ltd.		1,962,700		1,665,586
Formosa Chemicals & Fibre Corp.		625,340		1,128,969
Formosa Petrochemical Corp.		229,000		543,867
Formosa Plastics Corp.		681,960		1,567,175
Fubon Financial Holding Co. Ltd.		1,392,895		2,863,164
Gigabyte Technology Co. Ltd.		104,000		1,029,141
Global Unichip Corp.		18,000		883,740
Globalwafers Co. Ltd.		41,000		757,459
Hon Hai Precision Industry Co. Ltd.		2,202,377		7,204,467
Hotai Motor Co. Ltd.		55,080		1,115,813
Hua Nan Financial Holdings Co. Ltd.		1,596,529		1,099,767
Innolux Corp.		1,536,150		798,922
Inventec Corp.		526,000		923,823
Largan Precision Co. Ltd.		19,000		1,506,409
Lite-On Technology Corp.		385,000		1,333,298
MediaTek Inc.		280,000		8,640,133
Mega Financial Holding Co. Ltd.		2,038,968		2,449,250
Micro-Star International Co. Ltd.		136,000		788,804
momo.com Inc.		20,020		277,897
Nan Ya Plastics Corp.		892,840		1,730,332
Nan Ya Printed Circuit Board Corp.		41,000		295,997
Nanya Technology Corp.		231,000		506,644
Nien Made Enterprise Co. Ltd.		42,000		448,995
Novatek Microelectronics Corp.		109,000		1,775,577
Parade Technologies Ltd.		17,000		603,111
Pegatron Corp.		348,000		917,387
PharmaEssentia Corp.(a)		43,000		431,760
Pou Chen Corp.		391,000		393,615
Powerchip Semiconductor Manufacturing Corp.		644,000		553,728
President Chain Store Corp.		85,000		716,665
Quanta Computer Inc.		498,000		3,937,693
Realtek Semiconductor Corp.		91,000		1,361,851
Ruentex Development Co. Ltd.		308,700		351,647
Shanghai Commercial & Savings Bank Ltd. (The)		678,784		959,353
Shin Kong Financial Holding Co. Ltd.(a)		2,320,983		621,448
Silergy Corp.		67,000		824,551
SinoPac Financial Holdings Co. Ltd.		2,137,690		1,308,207
Synnex Technology International Corp.		281,750		646,891
Taishin Financial Holding Co. Ltd.		2,069,840		1,133,882
Taiwan Business Bank		901,648		384,243
Taiwan Cement Corp.		1,198,553		1,219,807
Taiwan Cooperative Financial Holding Co. Ltd.		1,990,906		1,615,215
Taiwan High Speed Rail Corp.		378,000		356,660
Taiwan Mobile Co. Ltd.		234,000		731,447
Taiwan Semiconductor Manufacturing Co. Ltd.		4,447,000		89,022,234
Unimicron Technology Corp.		264,000		1,481,113
Uni-President Enterprises Corp.		895,972		2,070,486
United Microelectronics Corp.		2,045,000		3,185,411
Vanguard International Semiconductor Corp.		169,000		396,536
Voltronic Power Technology Corp.		13,000		555,917
Walsin Lihwa Corp.		496,754		560,878
Wan Hai Lines Ltd.		123,435		192,719
Winbond Electronics Corp.		629,562		547,225
Wistron Corp.		487,000		1,783,064

46 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Taiwan (continued)
Wiwynn Corp.		19,000	$	1,339,515
WPG Holdings Ltd.		368,000		1,024,476
Yageo Corp.		65,898		1,159,087
Yang Ming Marine Transport Corp.		384,000		585,533
Yuanta Financial Holding Co. Ltd.		1,769,721		1,525,666
Zhen Ding Technology Holding Ltd.		133,000		428,172
				204,056,994
Thailand — 0.5%
Advanced Info Service PCL, NVDR		246,200		1,518,410
Airports of Thailand PCL, NVDR		870,800		1,466,301
Asset World Corp. PCL, NVDR(b)		2,921,300		328,160
Bangkok Dusit Medical Services PCL, NVDR		2,016,500		1,563,065
Bangkok Expressway & Metro PCL, NVDR		1,562,500		323,562
Banpu PCL, NVDR		727,620		127,019
Berli Jucker PCL, NVDR		375,800		250,448
BTS Group Holdings PCL, NVDR(b)		3,008,300		508,317
Bumrungrad Hospital PCL, NVDR		58,500		395,790
Central Pattana PCL, NVDR		508,900		927,701
Charoen Pokphand Foods PCL, NVDR		1,092,400		573,160
CP ALL PCL, NVDR		1,182,600		1,740,907
CP Axtra PCL		429,500		344,296
Delta Electronics Thailand PCL, NVDR		603,400		1,335,335
Global Power Synergy PCL, NVDR		311,700		431,717
Gulf Energy Development PCL, NVDR		430,100		526,802
Indorama Ventures PCL, NVDR(b)		494,788		329,107
Intouch Holdings PCL, NVDR		301,600		626,308
Kasikornbank PCL, NVDR		115,500		391,205
Krungthai Card PCL, NVDR(b)		316,500		390,207
Land & Houses PCL, NVDR		2,056,500		443,741
Minor International PCL, NVDR		751,920		646,483
Osotspa PCL, NVDR		299,100		175,359
PTT Exploration & Production PCL, NVDR		281,399		1,187,591
PTT Global Chemical PCL, NVDR		455,901		429,878
PTT Oil & Retail Business PCL, NVDR		86,968		43,825
PTT Public Co. Ltd., NVDR		2,006,700		1,904,916
SCB X PCL, NVS		169,700		496,709
Siam Cement PCL (The), NVDR		146,800		1,117,405
Thai Oil PCL, NVDR		392,000		603,084
True Corp. PCL(a)		2,280,996		387,869
				21,534,677
Turkey — 0.2%
Akbank TAS		649,098		844,937
Aselsan Elektronik Sanayi Ve Ticaret AS		252,684		421,348
BIM Birlesik Magazalar AS		88,206		1,106,098
Eregli Demir ve Celik Fabrikalari TAS(a)		259,119		367,409
Ford Otomotiv Sanayi AS		13,571		394,451
Haci Omer Sabanci Holding AS		177,430		424,049
Hektas Ticaret TAS(a)		192,205		112,632
KOC Holding AS		153,750		812,022
Koza Altin Isletmeleri AS		228,436		156,281
Pegasus Hava Tasimaciligi AS(a)		9,776		241,659
Sasa Polyester Sanayi AS(a)		249,752		316,871
Tofas Turk Otomobil Fabrikasi AS		11,906		96,581
Turk Hava Yollari AO(a)		99,667		893,404
Turkcell Iletisim Hizmetleri AS		216,428		488,915
Turkiye Is Bankasi AS, Class C		640,800		540,321
Turkiye Petrol Rafinerileri AS		183,926		906,174
Turkiye Sise ve Cam Fabrikalari AS		280,548		455,044
Yapi ve Kredi Bankasi AS		529,913		380,610
				8,958,806

Security	Shares		Value
United Arab Emirates — 0.4%
Abu Dhabi Commercial Bank PJSC		562,357	$	1,377,969
Abu Dhabi Islamic Bank PJSC		303,694		926,060
Abu Dhabi National Oil Co. for Distribution PJSC		606,609		586,303
Aldar Properties PJSC		744,583		1,033,876
Americana Restaurants International PLC		466,502		395,002
Dubai Islamic Bank PJSC		522,732		899,459
Emaar Properties PJSC		1,189,710		2,405,440
Emirates NBD Bank PJSC		360,944		1,739,394
Emirates Telecommunications Group Co. PJSC		621,592		3,245,929
First Abu Dhabi Bank PJSC		785,261		3,130,592
Multiply Group PJSC(a)		694,948		545,684
				16,285,708
United Kingdom — 9.3%
3i Group PLC		170,518		5,338,055
abrdn PLC		343,434		730,633
Admiral Group PLC		43,014		1,367,722
Anglo American PLC		227,258		5,417,304
Anglogold Ashanti PLC, NVS		77,483		1,386,565
Antofagasta PLC		67,001		1,460,303
Ashtead Group PLC		80,106		5,238,283
Associated British Foods PLC		64,328		1,905,353
AstraZeneca PLC		278,099		36,869,487
Auto Trader Group PLC(c)		176,650		1,625,159
Aviva PLC		515,184		2,812,170
BAE Systems PLC		551,947		8,222,059
Barclays PLC		2,810,153		5,222,184
Barratt Developments PLC		188,738		1,286,312
Berkeley Group Holdings PLC		20,196		1,222,961
BP PLC		3,161,866		18,466,614
British American Tobacco PLC		376,864		11,111,310
BT Group PLC		1,187,900		1,682,935
Bunzl PLC		61,866		2,514,220
Burberry Group PLC		69,335		1,142,081
Centrica PLC		968,188		1,694,377
Coca-Cola Europacific Partners PLC		37,755		2,601,319
Compass Group PLC		310,881		8,562,829
Croda International PLC		26,387		1,597,115
DCC PLC		18,277		1,328,725
Diageo PLC		402,365		14,532,564
Endeavour Mining PLC		25,477		452,571
Entain PLC		112,042		1,364,716
Experian PLC		164,872		6,862,367
Glencore PLC		1,902,945		10,068,402
GSK PLC		734,761		14,531,907
Haleon PLC		957,478		3,889,049
Halma PLC		67,674		1,873,155
Hargreaves Lansdown PLC		62,003		598,293
Hikma Pharmaceuticals PLC		29,501		719,737
HSBC Holdings PLC		3,547,080		27,694,545
Imperial Brands PLC		158,642		3,808,221
Informa PLC		260,315		2,556,697
InterContinental Hotels Group PLC		32,362		3,066,399
Intertek Group PLC		28,850		1,637,545
J Sainsbury PLC		326,183		1,113,641
JD Sports Fashion PLC		458,187		677,069
Kingfisher PLC		383,498		1,066,249
Land Securities Group PLC		112,416		947,746
Legal & General Group PLC		1,063,598		3,421,001
Lloyds Banking Group PLC		11,934,109		6,397,343
London Stock Exchange Group PLC		76,326		8,633,542
M&G PLC		429,870		1,215,400
Melrose Industries PLC		245,459		1,829,525

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Mondi PLC, NVS		79,513	$	1,424,843
National Grid PLC		654,101		8,712,039
NatWest Group PLC, NVS		1,023,071		2,887,248
Next PLC		22,872		2,441,735
NMC Health PLC, NVS(d)		14,180		—
Ocado Group PLC(a)		111,150		761,367
Pearson PLC		125,296		1,537,103
Persimmon PLC		59,171		1,089,818
Phoenix Group Holdings PLC		101,256		646,482
Prudential PLC		499,035		5,126,371
Reckitt Benckiser Group PLC		127,642		9,228,631
RELX PLC		343,228		14,166,413
Rentokil Initial PLC		457,344		2,355,205
Rio Tinto PLC		199,958		13,840,976
Rolls-Royce Holdings PLC(a)		1,510,142		5,733,179
Sage Group PLC (The)		185,411		2,760,384
Schroders PLC		129,916		664,663
Segro PLC		209,876		2,330,897
Severn Trent PLC		53,157		1,747,325
Shell PLC		1,206,099		37,391,852
Smith & Nephew PLC		157,182		2,198,191
Smiths Group PLC		62,120		1,273,065
Spirax-Sarco Engineering PLC		13,211		1,662,747
SSE PLC		200,285		4,265,656
St. James’s Place PLC		107,705		886,660
Standard Chartered PLC		422,961		3,196,545
Taylor Wimpey PLC		631,827		1,179,616
Tesco PLC		1,317,536		4,774,249
Unilever PLC		450,373		21,915,247
United Utilities Group PLC		129,128		1,739,194
Vodafone Group PLC		4,070,529		3,460,521
Whitbread PLC		35,929		1,628,588
Wise PLC, Class A(a)		116,604		1,189,349
WPP PLC		195,921		1,894,652
				415,874,570
Total Common Stocks — 98.8% (Cost: $4,200,381,471)				4,439,136,329
Preferred Stocks
Brazil — 0.4%
Banco Bradesco SA, Preference Shares, NVS		966,255		2,993,705
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS		67,459		624,156
Cia. Energetica de Minas Gerais, Preference Shares, NVS		261,107		607,128
Cia. Paranaense de Energia, Preference Shares, NVS		175,176		358,173
Gerdau SA, Preference Shares, NVS		222,178		943,530
Itau Unibanco Holding SA, Preference Shares, NVS		856,822		5,669,027
Itausa SA, Preference Shares, NVS		935,543		1,888,306
Petroleo Brasileiro SA, Preference Shares, NVS		858,042		7,005,450
				20,089,475
Chile — 0.0%
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares, NVS		25,747		1,105,577
Colombia — 0.0%
Bancolombia SA, Preference Shares, NVS		92,125		725,838

Security	Shares		Value
Germany — 0.3%
Bayerische Motoren Werke AG, Preference Shares, NVS		10,064	$	983,358
Dr Ing hc F Porsche AG, Preference Shares, NVS(c)		22,175		1,882,700
Henkel AG & Co. KGaA, Preference Shares, NVS		28,967		2,220,567
Porsche Automobil Holding SE, Preference Shares, NVS		27,938		1,394,776
Sartorius AG, Preference Shares, NVS		4,782		1,744,486
Volkswagen AG, Preference Shares, NVS		35,388		4,551,429
				12,777,316
Russia — 0.0%
Surgutneftegas PJSC, Preference Shares, NVS(d)		1,151,800		128
South Korea — 0.2%
Hyundai Motor Co.
Preference Shares, NVS		4,449		393,390
Series 2, Preference Shares, NVS		6,332		559,505
LG Chem Ltd., Preference Shares, NVS		1,392		282,211
Samsung Electronics Co. Ltd., Preference Shares, NVS		143,713		6,288,285
				7,523,391
Total Preferred Stocks — 0.9% (Cost: $35,111,120)				42,221,725
Rights
Brazil — 0.0%
Localiza Rent a Car SA, (Expires 02/19/24, Strike Price BRL 45.35)(a)		593		1,077
South Korea — 0.0%
LG Display Co. Ltd., (Expires 03/14/24, Strike Price KWR 10070)(a)		14,207		16,819
Spain — 0.0%
ACS Actividades de Construccion y Servicios SA, (Expires 02/09/24)(a)		41,299		18,924
Total Rights — 0.0% (Cost: $20,514)				36,820
Warrants
Canada — 0.0%
Constellation Software Inc., (Issued 08/29/23, 1 Share for 1 Warrant, Expires 03/31/40, Strike Price CAD 11.50)(d)		3,748		—
Total Warrants — 0.0% (Cost: $—)				—
Total Long-Term Investments — 99.7% (Cost: $4,235,513,105)				4,481,394,874
Short-Term Securities
Money Market Funds — 0.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.51%(f)(g)(h)		20,575,936		20,588,281

48 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited)(continued) January 31, 2024 iShares^® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.32%(f)(g)		3,880,000	$	3,880,000
Total Short-Term Securities — 0.6% (Cost: $24,449,256)				24,468,281
Total Investments — 100.3% (Cost: $4,259,962,361)				4,505,863,155
Liabilities in Excess of Other Assets — (0.3)%				(12,038,129	)
Net Assets — 100.0%			$	4,493,825,026

^(a)  Non-income producing security.

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

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

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

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

^(f)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/24		Shares Held at 01/31/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	30,996,743	$	—	$	(10,418,714	)(a)	$	4,975	$	5,277	$	20,588,281		20,575,936	$	160,877	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		7,320,000		—		(3,440,000	)(a)		—		—		3,880,000		3,880,000		203,972			—
								$	4,975	$	5,277	$	24,468,281			$	364,849		$	—

^(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		63		03/15/24	$	7,034	$	243,283
MSCI Emerging Markets Index		58		03/15/24		2,844		(4,546	)
							$	238,737

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

Schedule of Investments (unaudited)(continued) January 31, 2024 iShares^® MSCI ACWI ex U.S. ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	243,283	$	—	$	—	$	—	$	243,283
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	4,546	$	—	$	—	$	—	$	4,546

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

For the period ended January 31, 2024, 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	$	—	$	—	$	39,179		$	—	$	—	$	—	$	39,179
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(496,771	)	$	—	$	—	$	—	$	(496,771	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	13,944,915

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	$	555,120,007	$	3,884,014,737	$	1,585	$	4,439,136,329
Preferred Stocks		20,815,313		21,406,284		128		42,221,725
Rights		20,001		16,819		—		36,820
Warrants		—		—		—		—
Short-Term Securities
Money Market Funds		24,468,281		—		—		24,468,281
	$	600,423,602	$	3,905,437,840	$	1,713	$	4,505,863,155
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	243,283	$	—	$	—	$	243,283

50 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited)(continued) January 31, 2024 iShares^® MSCI ACWI ex U.S. ETF

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2		Level 3		Total
Liabilities
Equity Contracts	$	(4,546	)	$	—	$	—	$	(4,546	)
	$	238,737		$	—	$	—		238,737

^(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 (unaudited) January 31, 2024 iShares^® MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 7.4%
Ampol Ltd.		745,311	$	17,628,450
ANZ Group Holdings Ltd.		9,427,499		166,342,377
APA Group		4,012,763		22,194,965
Aristocrat Leisure Ltd.		1,830,827		52,783,863
ASX Ltd.		607,216		25,959,914
Aurizon Holdings Ltd.		5,772,661		14,229,790
BHP Group Ltd.		15,900,643		486,464,400
BlueScope Steel Ltd.		1,438,938		21,970,149
Brambles Ltd.		4,346,770		41,445,435
CAR Group Ltd.		1,120,007		24,048,018
Cochlear Ltd.		205,563		40,793,755
Coles Group Ltd.		4,192,457		43,506,690
Commonwealth Bank of Australia		5,258,144		400,956,570
Computershare Ltd.		1,784,925		29,564,154
CSL Ltd.		1,515,373		297,585,207
Dexus		3,363,834		17,023,239
Endeavour Group Ltd./Australia		4,456,638		16,310,117
Fortescue Ltd.		5,312,103		102,665,674
Goodman Group		5,361,749		89,000,582
GPT Group (The)		5,991,105		18,107,363
IDP Education Ltd.		826,875		10,588,758
IGO Ltd.		2,134,141		10,374,513
Insurance Australia Group Ltd.		7,558,478		29,670,237
James Hardie Industries PLC(a)		1,376,765		51,725,661
Lottery Corp. Ltd. (The)		6,981,116		22,914,701
Macquarie Group Ltd.		1,151,736		142,112,032
Medibank Pvt Ltd.		8,567,184		21,449,148
Mineral Resources Ltd.		549,419		21,190,434
Mirvac Group		12,340,699		17,343,621
National Australia Bank Ltd.		9,815,461		207,011,971
Northern Star Resources Ltd.		3,594,594		30,833,728
Orica Ltd.		1,424,530		15,024,369
Origin Energy Ltd.		5,396,103		30,116,733
Pilbara Minerals Ltd.(b)		8,941,751		20,366,316
Qantas Airways Ltd.(a)		2,815,187		10,149,767
QBE Insurance Group Ltd.		4,679,632		48,184,214
Ramsay Health Care Ltd.		574,077		19,138,895
REA Group Ltd.		165,753		19,768,807
Reece Ltd.		707,003		10,414,388
Rio Tinto Ltd.		1,164,469		100,199,473
Santos Ltd.		10,171,172		51,404,491
Scentre Group		16,284,414		32,374,187
SEEK Ltd.		1,114,107		18,366,365
Sonic Healthcare Ltd.		1,409,636		29,391,193
South32 Ltd.		14,186,016		30,715,794
Stockland		7,466,295		22,048,791
SunCorp Group Ltd.		3,984,492		36,675,398
Telstra Corp. Ltd.		12,566,388		33,141,749
Transurban Group		9,685,989		85,093,643
Treasury Wine Estates Ltd.		2,511,092		17,608,083
Vicinity Ltd.		12,101,610		16,063,754
Washington H Soul Pattinson & Co. Ltd.		733,803		16,402,799
Wesfarmers Ltd.		3,558,921		134,729,858
Westpac Banking Corp.		11,007,886		172,687,523
WiseTech Global Ltd.		523,556		24,649,593
Woodside Energy Group Ltd.		5,956,287		124,582,973
Woolworths Group Ltd.		3,832,020		89,994,811
Xero Ltd.(a)		451,420		32,312,023
				3,735,401,506

Security	Shares		Value
Austria — 0.2%
Erste Group Bank AG		1,069,833	$	46,086,694
OMV AG		460,615		20,502,619
Verbund AG		214,041		17,405,454
voestalpine AG		362,916		10,797,373
				94,792,140
Belgium — 0.9%
Ageas SA/NV		496,373		21,330,137
Anheuser-Busch InBev SA/NV		2,724,747		168,546,285
Argenx SE(a)		185,321		69,983,143
D’ieteren Group		67,370		13,609,583
Elia Group SA/NV		91,958		11,072,233
Groupe Bruxelles Lambert NV		275,280		20,868,890
KBC Group NV		782,949		51,073,012
Lotus Bakeries NV		1,266		10,794,833
Sofina SA(b)		48,190		11,525,268
Syensqo SA(a)		232,620		20,737,366
UCB SA		396,707		37,316,513
Umicore SA		655,178		14,902,980
Warehouses De Pauw CVA		549,748		16,084,058
				467,844,301
Denmark — 3.5%
AP Moller - Maersk A/S, Class A		9,541		17,300,412
AP Moller - Maersk A/S, Class B, NVS		15,480		28,542,009
Carlsberg A/S, Class B		308,026		39,632,915
Coloplast A/S, Class B		427,388		49,265,743
Danske Bank A/S		2,157,631		57,935,536
Demant A/S(a)		311,928		14,129,989
DSV A/S		583,136		104,328,696
Genmab A/S(a)		206,669		57,148,528
Novo Nordisk A/S		10,237,260		1,170,163,706
Novozymes A/S, Class B		1,146,834		58,764,554
Orsted A/S(c)		587,807		33,131,595
Pandora A/S		279,810		40,884,974
Rockwool A/S, Class B		27,845		7,591,295
Tryg A/S		1,109,577		23,716,223
Vestas Wind Systems A/S(a)		3,159,065		89,069,866
				1,791,606,041
Finland — 1.1%
Elisa OYJ		444,870		20,268,927
Fortum OYJ		1,403,136		19,181,073
Kesko OYJ, Class B		854,810		16,694,100
Kone OYJ, Class B		1,066,188		52,777,697
Metso OYJ		2,074,241		20,731,285
Neste OYJ		1,323,364		45,622,333
Nokia OYJ		16,914,160		61,148,463
Nordea Bank Abp		10,043,517		123,760,146
Orion OYJ, Class B		338,106		15,565,619
Sampo OYJ, Class A		1,430,956		59,893,290
Stora Enso OYJ, Class R		1,819,642		23,154,519
UPM-Kymmene OYJ		1,674,227		60,895,353
Wartsila OYJ Abp		1,480,589		21,840,986
				541,533,791
France — 11.8%
Accor SA		621,410		24,541,651
Aeroports de Paris SA		108,323		14,494,678
Air Liquide SA		1,642,972		307,454,770
Airbus SE		1,859,605		296,208,752
Alstom SA(b)		901,319		11,365,999
Amundi SA(c)		189,319		12,805,081
ArcelorMittal SA		1,600,566		44,079,614
Arkema SA		188,294		20,492,595

52 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
France (continued)
AXA SA		5,710,766	$	191,683,631
BioMerieux		128,708		13,852,614
BNP Paribas SA		3,295,281		221,390,707
Bollore SE		2,283,630		15,083,445
Bouygues SA		631,752		23,142,712
Bureau Veritas SA		914,722		24,330,581
Capgemini SE		490,060		108,950,821
Carrefour SA		1,853,290		31,639,917
Cie. de Saint-Gobain		1,439,338		101,770,595
Cie. Generale des Etablissements Michelin SCA		2,128,099		70,658,551
Covivio SA/France		156,209		7,564,248
Credit Agricole SA		3,342,187		47,876,331
Danone SA		2,017,051		134,383,229
Dassault Aviation SA		63,856		12,094,860
Dassault Systemes SE		2,096,188		108,662,750
Edenred SE		782,893		46,761,008
Eiffage SA		228,369		23,894,286
Engie SA		5,729,407		91,512,789
EssilorLuxottica SA		924,894		181,254,254
Eurazeo SE		136,639		11,638,943
Eurofins Scientific SE		423,335		25,491,868
Euronext NV(c)		266,558		23,445,684
Gecina SA		142,567		15,723,227
Getlink SE		1,108,710		19,104,273
Hermes International SCA		99,077		209,018,691
Ipsen SA		117,956		13,600,223
Kering SA		233,517		95,922,570
Klepierre SA		667,185		17,273,868
La Francaise des Jeux SAEM(c)		326,717		13,243,015
Legrand SA		831,287		80,564,680
L’Oreal SA		756,644		362,095,025
LVMH Moet Hennessy Louis Vuitton SE		866,217		720,743,252
Orange SA		5,832,914		69,364,561
Pernod Ricard SA		641,526		105,200,993
Publicis Groupe SA		717,959		71,934,847
Remy Cointreau SA		70,995		7,193,501
Renault SA		597,250		22,492,243
Safran SA		1,072,240		200,196,697
Sanofi SA		3,570,795		357,599,178
Sartorius Stedim Biotech		86,030		23,179,683
Schneider Electric SE		1,707,133		335,366,265
SEB SA		78,082		9,534,619
Societe Generale SA		2,310,657		59,395,484
Sodexo SA		274,419		30,956,917
Teleperformance SE		186,481		29,123,489
Thales SA		330,123		48,281,826
TotalEnergies SE		7,188,877		466,382,596
Unibail-Rodamco-Westfield, New(a)		370,696		26,543,574
Veolia Environnement SA		2,125,946		69,271,486
Vinci SA		1,588,164		200,620,473
Vivendi SE		2,205,312		24,852,891
Worldline SA/France(a)(c)		744,802		10,068,597
				5,963,375,708
Germany — 7.9%
adidas AG		508,181		95,938,468
Allianz SE, Registered		1,265,197		338,030,214
BASF SE		2,799,803		133,841,758
Bayer AG, Registered		3,081,777		95,894,465
Bayerische Motoren Werke AG		1,000,330		104,087,432
Bechtle AG		256,126		13,280,862
Beiersdorf AG		316,018		46,245,964
Brenntag SE		434,948		38,453,749

Security	Shares		Value
Germany (continued)
Carl Zeiss Meditec AG, Bearer		125,868	$	13,267,962
Commerzbank AG		3,301,861		37,917,224
Continental AG		344,565		28,147,736
Covestro AG(a)(c)		605,030		31,948,898
Daimler Truck Holding AG		1,677,957		59,965,415
Delivery Hero SE(a)(c)		551,732		12,518,404
Deutsche Bank AG, Registered		6,079,957		78,539,214
Deutsche Boerse AG		596,018		118,690,815
Deutsche Lufthansa AG, Registered(a)		1,876,413		15,603,072
Deutsche Post AG, Registered		3,105,630		148,741,505
Deutsche Telekom AG, Registered		10,153,663		249,250,181
E.ON SE		7,042,791		95,283,864
Evonik Industries AG		728,655		13,404,442
Fresenius Medical Care AG & Co. KGaA		643,333		24,864,563
Fresenius SE & Co. KGaA		1,321,362		37,094,374
GEA Group AG		514,487		20,604,709
Hannover Rueck SE		187,612		44,973,763
Heidelberg Materials AG		446,689		41,249,245
HelloFresh SE(a)		503,198		6,654,669
Henkel AG & Co. KGaA		325,040		22,229,698
Infineon Technologies AG		4,096,629		149,350,489
Knorr-Bremse AG		226,972		14,019,178
LEG Immobilien SE(a)		232,440		19,287,791
Mercedes-Benz Group AG		2,517,039		169,932,293
Merck KGaA		405,507		66,533,760
MTU Aero Engines AG		168,857		38,825,318
Muenchener Rueckversicherungs-Gesellschaft AGin Muenchen, Registered		427,510		181,999,098
Nemetschek SE		180,616		16,666,095
Puma SE		330,195		13,288,299
Rational AG		16,071		12,345,509
Rheinmetall AG		136,896		47,936,976
RWE AG		1,983,355		73,236,615
SAP SE		3,275,758		567,513,853
Scout24 SE(c)		245,668		18,088,606
Siemens AG, Registered		2,384,120		426,814,328
Siemens Healthineers AG(c)		884,589		49,228,463
Symrise AG, Class A		415,357		42,853,923
Talanx AG(a)		201,895		14,165,153
Volkswagen AG		93,054		13,137,465
Vonovia SE		2,299,901		71,647,327
Wacker Chemie AG		57,068		6,187,354
Zalando SE(a)(c)		701,136		13,999,322
				3,993,779,880
Hong Kong — 2.0%
AIA Group Ltd.		36,009,200		282,399,125
BOC Hong Kong Holdings Ltd.		11,511,000		27,589,484
Budweiser Brewing Co. APAC Ltd.(c)		5,394,300		8,502,179
CK Asset Holdings Ltd.		6,141,184		27,711,110
CK Hutchison Holdings Ltd.		8,410,184		43,437,087
CK Infrastructure Holdings Ltd.		1,971,292		11,707,190
CLP Holdings Ltd.		5,157,500		41,019,858
ESR Group Ltd.(c)		6,767,400		8,650,584
Futu Holdings Ltd., ADR(a)(b)		184,673		8,627,923
Galaxy Entertainment Group Ltd.		6,791,000		35,244,472
Hang Lung Properties Ltd.		6,163,000		7,154,992
Hang Seng Bank Ltd.		2,378,900		24,764,749
Henderson Land Development Co. Ltd.		4,543,764		11,839,327
HKT Trust & HKT Ltd., Class SS		11,716,440		14,074,488
Hong Kong & China Gas Co. Ltd.		34,781,513		24,751,462
Hong Kong Exchanges & Clearing Ltd.		3,791,200		114,944,628
Hongkong Land Holdings Ltd.		3,431,200		10,710,508

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Hong Kong (continued)
Jardine Matheson Holdings Ltd.		495,800	$	19,908,410
Link REIT		8,033,929		40,295,630
MTR Corp. Ltd.		4,861,000		15,814,339
New World Development Co. Ltd.(b)		4,653,033		5,703,000
Power Assets Holdings Ltd.		4,338,500		25,402,719
Sands China Ltd.(a)		7,595,200		19,935,648
Sino Land Co. Ltd.		11,538,000		12,052,178
SITC International Holdings Co. Ltd.		4,119,000		6,249,936
Sun Hung Kai Properties Ltd.		4,533,000		42,308,238
Swire Pacific Ltd., Class A		1,495,500		11,570,729
Swire Properties Ltd.		3,599,655		6,726,939
Techtronic Industries Co. Ltd.		4,315,533		45,835,727
WH Group Ltd.(c)		25,510,500		15,051,056
Wharf Holdings Ltd. (The)(b)		3,345,168		9,773,537
Wharf Real Estate Investment Co. Ltd.		5,220,912		15,296,401
Xinyi Glass Holdings Ltd.		5,641,000		4,676,525
				999,730,178
Ireland — 0.9%
AIB Group PLC		4,914,354		21,585,926
Bank of Ireland Group PLC		3,314,230		30,477,591
CRH PLC		2,219,504		157,455,202
Flutter Entertainment PLC(a)		554,222		113,757,448
Kerry Group PLC, Class A		490,964		43,761,588
Kingspan Group PLC		483,890		39,299,897
Smurfit Kappa Group PLC		816,807		30,438,137
				436,775,789
Israel — 0.7%
Azrieli Group Ltd.		129,148		8,702,333
Bank Hapoalim BM		3,952,516		33,627,654
Bank Leumi Le-Israel BM		4,775,493		36,270,660
Check Point Software Technologies Ltd.(a)(b)		293,459		46,639,439
CyberArk Software Ltd.(a)(b)		130,639		30,501,594
Elbit Systems Ltd.		83,867		17,300,361
Global-e Online Ltd.(a)(b)		282,894		10,684,906
ICL Group Ltd.		2,419,301		11,003,683
Isracard Ltd.		1		4
Israel Discount Bank Ltd., Class A		3,847,990		18,666,175
Mizrahi Tefahot Bank Ltd.		480,364		17,877,855
Monday.com Ltd.(a)		83,047		17,443,192
Nice Ltd.(a)		198,102		41,102,573
Teva Pharmaceutical Industries Ltd., ADR(a)		3,515,894		42,542,318
Wix.com Ltd.(a)		175,180		22,226,838
				354,589,585
Italy — 2.6%
Amplifon SpA		392,710		12,817,470
Assicurazioni Generali SpA		3,180,016		70,936,355
Banco BPM SpA		3,809,197		20,551,730
DiaSorin SpA		77,210		7,100,152
Enel SpA		25,513,913		174,091,016
Eni SpA		7,413,097		118,174,697
Ferrari NV		395,411		137,894,508
FinecoBank Banca Fineco SpA		1,917,311		27,644,482
Infrastrutture Wireless Italiane SpA(c)		1,059,058		12,806,158
Intesa Sanpaolo SpA		48,749,212		150,210,631
Leonardo SpA		887,232		15,485,802
Mediobanca Banca di Credito Finanziario SpA		1,735,154		22,980,380
Moncler SpA		646,055		39,743,186
Nexi SpA(a)(c)		1,859,454		14,262,871
Poste Italiane SpA(c)		1,643,203		17,818,314
Prysmian SpA		823,947		36,261,769
Recordati Industria Chimica e Farmaceutica SpA		329,039		18,161,066

Security	Shares		Value
Italy (continued)
Snam SpA		6,327,150	$	30,901,444
Stellantis NV		6,941,026		152,887,506
Telecom Italia SpA/Milano(a)(b)		31,605,329		9,526,077
Tenaris SA, NVS		1,476,994		23,328,066
Terna - Rete Elettrica Nazionale		4,413,258		37,212,807
UniCredit SpA		5,038,573		147,590,168
				1,298,386,655
Japan — 23.1%
Advantest Corp.		2,400,400		95,530,685
Aeon Co. Ltd.		2,050,800		49,008,328
AGC Inc.		627,900		23,614,215
Aisin Corp.		457,200		17,069,602
Ajinomoto Co. Inc.		1,397,900		57,404,647
ANA Holdings Inc.(a)		488,000		10,783,903
Asahi Group Holdings Ltd.		1,507,100		56,015,804
Asahi Intecc Co. Ltd.		674,200		12,810,399
Asahi Kasei Corp.		3,901,000		29,583,392
Astellas Pharma Inc.		5,668,150		65,991,280
Azbil Corp.		357,500		11,552,499
Bandai Namco Holdings Inc.		1,877,500		40,652,640
BayCurrent Consulting Inc.(b)		409,400		9,518,140
Bridgestone Corp.		1,786,000		77,392,170
Brother Industries Ltd.		712,400		11,934,531
Canon Inc.		3,138,000		86,442,876
Capcom Co. Ltd.		538,800		20,549,168
Central Japan Railway Co.		2,255,500		56,370,893
Chiba Bank Ltd. (The)		1,644,800		12,188,398
Chubu Electric Power Co. Inc.		2,001,100		25,959,642
Chugai Pharmaceutical Co. Ltd.		2,106,700		75,778,460
Concordia Financial Group Ltd.		3,317,500		15,809,362
Dai Nippon Printing Co. Ltd.		678,600		19,638,645
Daifuku Co. Ltd.		950,100		18,735,967
Dai-ichi Life Holdings Inc.		2,941,152		64,507,587
Daiichi Sankyo Co. Ltd.		5,802,185		173,711,814
Daikin Industries Ltd.		827,800		132,640,209
Daito Trust Construction Co. Ltd.		192,100		21,851,473
Daiwa House Industry Co. Ltd.		1,849,500		57,190,132
Daiwa House REIT Investment Corp.		7,253		12,815,330
Daiwa Securities Group Inc.		4,148,400		29,731,010
Denso Corp.		5,922,900		93,037,207
Dentsu Group Inc.		653,200		17,336,756
Disco Corp.		288,200		77,767,594
East Japan Railway Co.		948,800		54,264,359
Eisai Co. Ltd.		788,600		37,134,092
ENEOS Holdings Inc.		8,960,450		36,187,253
FANUC Corp.		2,989,000		82,682,803
Fast Retailing Co. Ltd.		549,000		146,570,244
Fuji Electric Co. Ltd.		393,800		19,721,505
FUJIFILM Holdings Corp.		1,167,700		74,014,546
Fujitsu Ltd.		550,600		76,210,883
GLP J-REIT		14,457		12,907,694
Hamamatsu Photonics KK		438,800		17,334,752
Hankyu Hanshin Holdings Inc.		715,400		21,888,036
Hikari Tsushin Inc.		62,400		10,873,188
Hirose Electric Co. Ltd.		95,148		11,070,734
Hitachi Construction Machinery Co. Ltd.		336,500		9,547,314
Hitachi Ltd.		2,919,800		229,351,308
Honda Motor Co. Ltd.		14,489,400		161,963,381
Hoshizaki Corp.		339,900		12,366,022
Hoya Corp.		1,109,200		140,900,644
Hulic Co. Ltd.		1,200,100		13,251,917
Ibiden Co. Ltd.		352,600		17,742,809

54 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Idemitsu Kosan Co. Ltd.		3,191,315	$	17,721,306
Iida Group Holdings Co. Ltd.		489,780		7,394,178
Inpex Corp.		3,019,343		41,040,286
Isuzu Motors Ltd.		1,823,400		24,880,186
ITOCHU Corp.		3,729,000		169,237,315
Japan Airlines Co. Ltd.		441,200		8,477,996
Japan Exchange Group Inc.		1,562,200		34,574,144
Japan Metropolitan Fund Invest		21,883		14,855,123
Japan Post Bank Co. Ltd.		4,549,800		47,317,220
Japan Post Holdings Co. Ltd.		6,495,300		62,177,438
Japan Post Insurance Co. Ltd.		615,400		11,521,445
Japan Real Estate Investment Corp.		4,003		15,345,663
Japan Tobacco Inc.		3,758,800		99,072,135
JFE Holdings Inc.		1,799,575		28,413,162
JSR Corp.		550,400		15,011,972
Kajima Corp.		1,303,700		23,266,947
Kansai Electric Power Co. Inc. (The)		2,204,500		30,074,090
Kao Corp.		1,457,400		57,665,764
Kawasaki Kisen Kaisha Ltd.		431,200		21,009,695
KDDI Corp.		4,695,200		155,575,620
KDX Realty Investment Corp.		12,864		13,954,117
Keisei Electric Railway Co. Ltd.		404,800		18,317,145
Keyence Corp.		610,692		273,222,304
Kikkoman Corp.		444,600		27,355,447
Kintetsu Group Holdings Co. Ltd.		566,700		17,486,920
Kirin Holdings Co. Ltd.		2,432,700		34,967,523
Kobe Bussan Co. Ltd.		471,600		12,050,654
Koei Tecmo Holdings Co. Ltd.		357,000		4,446,849
Koito Manufacturing Co. Ltd.		649,000		9,935,729
Komatsu Ltd.		2,902,000		82,561,757
Konami Group Corp.		311,900		19,181,286
Kose Corp.		104,300		6,823,582
Kubota Corp.		3,149,300		47,672,416
Kyocera Corp.		4,015,600		58,788,665
Kyowa Kirin Co. Ltd.		837,000		13,184,395
Lasertec Corp.		236,400		61,565,414
LY Corp.		8,366,722		26,029,142
M3 Inc.		1,380,100		21,777,974
Makita Corp.		701,000		18,867,408
Marubeni Corp.		4,491,400		76,608,296
MatsukiyoCocokara & Co.		1,076,000		19,558,206
Mazda Motor Corp.		1,762,600		21,368,784
McDonald’s Holdings Co. Japan Ltd.(b)		269,500		11,999,346
MEIJI Holdings Co. Ltd.		726,408		17,567,893
MINEBEA MITSUMI Inc.		1,134,900		23,458,617
MISUMI Group Inc.		889,900		15,257,240
Mitsubishi Chemical Group Corp.		4,009,100		24,173,830
Mitsubishi Corp.		10,822,000		186,516,545
Mitsubishi Electric Corp.		6,061,400		89,952,988
Mitsubishi Estate Co. Ltd.		3,520,800		48,783,901
Mitsubishi HC Capital Inc.		2,696,100		19,116,546
Mitsubishi Heavy Industries Ltd.		1,002,500		66,870,229
Mitsubishi UFJ Financial Group Inc.		35,820,280		335,512,314
Mitsui & Co. Ltd.		4,086,300		165,728,989
Mitsui Chemicals Inc.		566,000		16,657,528
Mitsui Fudosan Co. Ltd.		2,788,100		69,991,811
Mitsui OSK Lines Ltd.		1,078,800		38,750,998
Mizuho Financial Group Inc.		7,556,416		137,236,300
MonotaRO Co. Ltd.		759,500		7,153,134
MS&AD Insurance Group Holdings Inc.		1,345,288		55,553,311
Murata Manufacturing Co. Ltd.		5,405,400		109,146,494
NEC Corp.		781,900		51,093,024

Security	Shares		Value
Japan (continued)
Nexon Co. Ltd.		1,070,000	$	17,076,158
Nidec Corp.		1,307,300		48,758,128
Nintendo Co. Ltd.		3,259,200		182,094,400
Nippon Building Fund Inc.		4,767		19,287,801
Nippon Express Holdings Inc.		235,900		14,041,080
Nippon Paint Holdings Co. Ltd.		2,972,500		23,412,372
Nippon Prologis REIT Inc.		7,023		12,495,332
Nippon Sanso Holdings Corp.		538,900		13,655,350
Nippon Steel Corp.		2,675,435		64,383,427
Nippon Telegraph & Telephone Corp.		93,467,600		117,372,326
Nippon Yusen KK		1,520,000		52,380,506
Nissan Chemical Corp.		394,000		15,713,826
Nissan Motor Co. Ltd.		7,269,600		28,539,177
Nissin Foods Holdings Co. Ltd.		627,000		20,284,312
Nitori Holdings Co. Ltd.		251,100		32,864,397
Nitto Denko Corp.		461,000		38,243,565
Nomura Holdings Inc.		9,412,400		50,696,557
Nomura Real Estate Holdings Inc.		364,500		9,974,799
Nomura Real Estate Master Fund Inc.		13,303		14,557,011
Nomura Research Institute Ltd.		1,217,571		37,237,608
NTT Data Group Corp.		1,976,755		28,472,438
Obayashi Corp.		2,015,800		18,659,329
Obic Co. Ltd.		216,900		33,317,910
Odakyu Electric Railway Co. Ltd.		968,700		14,802,212
Oji Holdings Corp.		2,638,500		10,316,089
Olympus Corp.		3,762,500		55,698,779
Omron Corp.		549,900		24,726,392
Ono Pharmaceutical Co. Ltd.		1,215,600		21,910,129
Open House Group Co. Ltd.		247,900		7,752,357
Oracle Corp. Japan		120,600		9,504,381
Oriental Land Co. Ltd./Japan		3,423,100		127,134,174
ORIX Corp.		3,669,500		70,855,350
Osaka Gas Co. Ltd.		1,172,700		24,693,370
Otsuka Corp.		357,800		15,055,424
Otsuka Holdings Co. Ltd.		1,308,500		51,434,937
Pan Pacific International Holdings Corp.		1,190,900		25,743,070
Panasonic Holdings Corp.		6,918,468		65,163,505
Rakuten Group Inc.(a)(b)		4,640,700		20,385,471
Recruit Holdings Co. Ltd.		4,522,400		178,628,990
Renesas Electronics Corp.(a)		4,607,000		75,589,706
Resona Holdings Inc.		6,654,900		36,736,771
Ricoh Co. Ltd.		1,725,700		13,563,992
Rohm Co. Ltd.		1,084,000		18,709,011
SBI Holdings Inc.		771,880		18,961,738
SCSK Corp.		480,400		9,432,468
Secom Co. Ltd.		658,600		47,801,405
Seiko Epson Corp.		902,600		13,175,621
Sekisui Chemical Co. Ltd.		1,189,800		16,987,415
Sekisui House Ltd.		1,893,700		42,748,751
Seven & i Holdings Co. Ltd.		2,357,080		93,092,443
SG Holdings Co. Ltd.		979,700		12,687,213
Sharp Corp./Japan(a)		804,500		5,409,702
Shimadzu Corp.		741,700		20,509,464
Shimano Inc.		239,600		34,400,643
Shimizu Corp.		1,727,300		11,562,761
Shin-Etsu Chemical Co. Ltd.		5,706,700		224,628,156
Shionogi & Co. Ltd.		818,700		39,294,663
Shiseido Co. Ltd.		1,253,200		34,935,063
Shizuoka Financial Group Inc., NVS		1,446,300		13,219,187
SMC Corp.		179,300		99,806,357
SoftBank Corp.		9,018,900		119,823,690
SoftBank Group Corp.		3,223,300		139,151,803

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Sompo Holdings Inc.		964,750	$	50,023,675
Sony Group Corp.		3,956,200		387,977,838
Square Enix Holdings Co. Ltd.		264,300		10,327,848
Subaru Corp.		1,927,000		38,442,316
SUMCO Corp.(b)		1,085,600		16,458,150
Sumitomo Chemical Co. Ltd.		4,524,000		10,652,122
Sumitomo Corp.		3,256,800		74,899,355
Sumitomo Electric Industries Ltd.		2,219,400		29,499,379
Sumitomo Metal Mining Co. Ltd.		774,300		21,400,624
Sumitomo Mitsui Financial Group Inc.		3,986,400		207,346,012
Sumitomo Mitsui Trust Holdings Inc.		2,046,120		41,931,664
Sumitomo Realty & Development Co. Ltd.		887,700		27,917,396
Suntory Beverage & Food Ltd.		432,000		14,093,899
Suzuki Motor Corp.		1,154,200		51,845,115
Sysmex Corp.		526,100		28,500,040
T&D Holdings Inc.		1,567,600		25,957,487
Taisei Corp.		552,400		20,139,723
Takeda Pharmaceutical Co. Ltd.		4,964,010		145,894,632
TDK Corp.		1,216,000		60,501,850
Terumo Corp.		2,107,800		71,353,142
TIS Inc.		687,100		15,282,367
Tobu Railway Co. Ltd.		590,900		15,648,958
Toho Co. Ltd./Tokyo		348,300		11,345,783
Tokio Marine Holdings Inc.		5,638,100		148,662,159
Tokyo Electric Power Co. Holdings Inc.(a)		4,786,500		25,484,058
Tokyo Electron Ltd.		1,479,600		274,572,950
Tokyo Gas Co. Ltd.		1,217,800		27,975,134
Tokyu Corp.		1,635,400		19,190,241
TOPPAN Holdings Inc.		763,400		21,042,692
Toray Industries Inc.		4,341,600		21,692,491
Tosoh Corp.		807,300		10,409,843
TOTO Ltd.		434,000		11,746,326
Toyota Industries Corp.		458,800		38,804,892
Toyota Motor Corp.		33,267,120		664,271,695
Toyota Tsusho Corp.		666,400		43,670,142
Trend Micro Inc./Japan(a)		419,500		23,999,328
Unicharm Corp.		1,266,100		43,564,436
USS Co. Ltd.		654,280		12,373,354
West Japan Railway Co.		682,600		28,429,959
Yakult Honsha Co. Ltd.		795,200		17,368,429
Yamaha Corp.		430,400		9,464,735
Yamaha Motor Co. Ltd.		2,800,700		26,471,504
Yamato Holdings Co. Ltd.		876,700		15,155,009
Yaskawa Electric Corp.		750,600		28,287,333
Yokogawa Electric Corp.		707,600		13,904,834
Zensho Holdings Co. Ltd.		287,100		14,058,915
ZOZO Inc.		434,200		9,507,462
				11,714,882,736
Netherlands — 4.9%
ABN AMRO Bank NV, CVA(c)		1,488,993		21,914,080
Adyen NV(a)(c)		68,114		85,427,671
Aegon Ltd.		5,250,319		30,973,924
AerCap Holdings NV(a)		627,159		48,015,293
Akzo Nobel NV		535,102		41,102,506
ASM International NV		147,506		81,752,782
ASML Holding NV		1,264,657		1,097,201,086
ASR Nederland NV		494,938		23,324,692
BE Semiconductor Industries NV		239,847		36,043,795
Davide Campari-Milano NV		1,643,901		16,654,744
EXOR NV, NVS(b)		292,754		28,324,682
Ferrovial SE		1,603,946		61,166,843
Heineken Holding NV		406,549		34,112,561

Security	Shares		Value
Netherlands (continued)
Heineken NV		903,429	$	90,880,897
IMCD NV		178,748		27,284,224
ING Groep NV		11,338,646		161,104,754
JDE Peet’s NV		385,076		9,505,741
Koninklijke Ahold Delhaize NV		3,018,515		84,890,154
Koninklijke KPN NV		10,495,211		35,701,985
Koninklijke Philips NV(a)		2,469,209		52,237,492
NN Group NV		846,892		34,712,606
OCI NV		327,615		9,357,990
Prosus NV		4,588,592		136,518,306
Qiagen NV, NVS		691,869		30,017,981
Randstad NV		342,309		19,463,759
Universal Music Group NV		2,571,480		75,801,376
Wolters Kluwer NV		778,518		114,766,817
				2,488,258,741
New Zealand — 0.2%
Auckland International Airport Ltd.		4,145,853		21,375,575
EBOS Group Ltd.		493,674		11,305,288
Fisher & Paykel Healthcare Corp. Ltd.		1,820,500		26,293,551
Mercury NZ Ltd.		2,175,008		8,973,946
Meridian Energy Ltd.		4,017,115		13,609,139
Spark New Zealand Ltd.		5,711,772		18,556,367
				100,113,866
Norway — 0.6%
Adevinta ASA(a)		1,093,576		11,749,658
Aker BP ASA		973,529		25,838,995
DNB Bank ASA		2,881,223		56,010,141
Equinor ASA		2,826,138		80,875,826
Gjensidige Forsikring ASA		617,747		9,936,135
Kongsberg Gruppen ASA		277,747		14,154,915
Mowi ASA		1,455,675		26,202,624
Norsk Hydro ASA		4,142,526		24,277,284
Orkla ASA		2,302,354		18,034,626
Salmar ASA		223,088		12,383,708
Telenor ASA		2,174,187		24,124,902
Yara International ASA		513,445		16,970,716
				320,559,530
Portugal — 0.2%
EDP - Energias de Portugal SA		9,719,078		43,351,332
Galp Energia SGPS SA		1,530,391		24,091,021
Jeronimo Martins SGPS SA		888,155		20,199,594
				87,641,947
Singapore — 1.3%
CapitaLand Ascendas REIT		11,672,900		25,297,824
CapitaLand Integrated Commercial Trust		16,717,125		24,921,327
CapitaLand Investment Ltd./Singapore		8,137,300		17,863,712
City Developments Ltd.		1,563,600		7,096,851
DBS Group Holdings Ltd.		5,681,800		134,575,040
Genting Singapore Ltd.		18,808,000		14,124,885
Grab Holdings Ltd., Class A(a)		5,928,298		18,199,875
Jardine Cycle & Carriage Ltd.		306,800		5,920,021
Keppel Ltd.		4,555,800		24,208,431
Mapletree Logistics Trust		10,858,628		12,486,070
Mapletree Pan Asia Commercial Trust		7,423,000		8,038,470
Oversea-Chinese Banking Corp. Ltd.		10,621,998		101,603,334
Sea Ltd., ADR(a)(b)		1,148,311		43,796,582
Seatrium Ltd.(a)		142,248,184		10,556,692
SembCorp.Industries Ltd.		2,795,100		11,763,145
Singapore Airlines Ltd.(b)		4,656,900		23,113,509
Singapore Exchange Ltd.		2,654,800		18,537,496
Singapore Technologies Engineering Ltd.		4,919,100		13,630,520

56 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Singapore (continued)
Singapore Telecommunications Ltd.		25,660,285	$	45,791,874
United Overseas Bank Ltd.		3,966,800		83,614,351
UOL Group Ltd.		1,452,900		6,746,651
Wilmar International Ltd.		5,898,200		14,442,852
				666,329,512
Spain — 2.5%
Acciona SA		75,462		9,761,366
ACS Actividades de Construccion y Servicios SA		671,914		26,514,057
Aena SME SA(c)		234,603		41,502,953
Amadeus IT Group SA		1,409,250		98,760,761
Banco Bilbao Vizcaya Argentaria SA		18,687,871		174,907,943
Banco Santander SA		50,769,065		204,043,879
CaixaBank SA		12,822,480		54,674,929
Cellnex Telecom SA(c)		1,772,907		68,216,787
Corp. ACCIONA Energias Renovables SA		200,810		5,218,063
EDP Renovaveis SA		951,003		15,399,814
Enagas SA		820,886		13,363,845
Endesa SA		988,051		19,575,220
Grifols SA(a)		932,701		10,159,675
Iberdrola SA		18,945,257		228,119,013
Iberdrola SA, NVS		328,971		3,961,129
Industria de Diseno Textil SA		3,412,366		145,903,780
Naturgy Energy Group SA		386,104		10,396,913
Redeia Corp. SA		1,347,914		22,429,450
Repsol SA		4,089,727		60,398,236
Telefonica SA		15,399,556		62,658,222
				1,275,966,035
Sweden — 3.0%
Alfa Laval AB		908,775		33,345,503
Assa Abloy AB, Class B		3,139,816		86,111,709
Atlas Copco AB, Class A		8,425,988		134,473,826
Atlas Copco AB, Class B		4,896,252		67,803,060
Beijer Ref AB, Class B		1,205,438		16,412,027
Boliden AB		857,858		22,769,838
Epiroc AB		2,069,298		36,561,907
Epiroc AB, Class B		1,221,439		19,044,550
EQT AB		1,113,897		29,910,521
Essity AB, Class B		1,912,064		44,901,553
Evolution AB(c)		574,087		67,032,456
Fastighets AB Balder, Class B(a)		2,041,758		13,551,744
Getinge AB, Class B		716,378		15,314,104
H & M Hennes & Mauritz AB, Class B		2,026,288		28,588,376
Hexagon AB, Class B		6,512,640		71,076,256
Holmen AB, Class B		240,730		9,486,997
Husqvarna AB, Class B		1,106,020		8,603,629
Industrivarden AB, Class A		407,017		12,813,704
Industrivarden AB, Class C		457,108		14,366,482
Indutrade AB		855,833		20,791,674
Investment AB Latour, Class B		464,291		11,677,196
Investor AB, Class B		5,429,505		127,836,424
L E Lundbergforetagen AB, Class B		238,004		12,409,720
Lifco AB, Class B		725,099		17,494,393
Nibe Industrier AB, Class B		4,746,958		28,363,932
Saab AB, Class B		252,472		16,256,910
Sagax AB, Class B		618,387		15,027,615
Sandvik AB		3,344,574		70,289,176
Securitas AB, Class B		1,542,390		14,982,858
Skandinaviska Enskilda Banken AB, Class A		4,977,740		70,694,542
Skanska AB, Class B		1,065,604		18,477,146
SKF AB, Class B		1,067,345		21,032,158
Svenska Cellulosa AB SCA, Class B		1,897,755		25,835,880

Security	Shares		Value
Sweden (continued)
Svenska Handelsbanken AB, Class A		4,568,934	$	49,254,624
Swedbank AB, Class A		2,659,542		54,196,087
Swedish Orphan Biovitrum AB(a)		610,647		17,139,719
Tele2 AB, Class B		1,670,709		14,244,517
Telefonaktiebolaget LM Ericsson, Class B		9,172,776		50,849,060
Telia Co. AB		7,379,000		19,031,710
Volvo AB, Class A		630,907		15,510,940
Volvo AB, Class B		4,733,781		113,446,578
Volvo Car AB, Class B(a)		1,865,075		4,862,253
				1,541,873,354
Switzerland — 10.3%
ABB Ltd., Registered		5,017,759		212,310,428
Adecco Group AG, Registered		500,697		21,651,671
Alcon Inc.		1,567,289		117,977,672
Avolta AG, Registered(a)		301,174		11,506,303
Bachem Holding AG, Class B		103,312		6,916,090
Baloise Holding AG, Registered		143,530		22,927,641
Banque Cantonale Vaudoise, Registered		94,365		12,082,152
Barry Callebaut AG, Registered		10,886		15,900,168
BKW AG		66,165		10,511,527
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		3,072		39,041,889
Chocoladefabriken Lindt & Spruengli AG, Registered		345		43,731,845
Cie. Financiere Richemont SA, Class A, Registered		1,632,813		242,529,131
Clariant AG, Registered		674,005		8,628,393
Coca-Cola HBC AG, Class DI		695,716		20,451,786
DSM-Firmenich AG		581,543		61,486,839
EMS-Chemie Holding AG, Registered		21,923		16,549,994
Geberit AG, Registered		105,040		60,463,957
Givaudan SA, Registered		28,964		120,447,854
Helvetia Holding AG, Registered		114,027		16,467,830
Holcim AG		1,634,749		124,860,206
Julius Baer Group Ltd.		661,553		36,015,870
Kuehne + Nagel International AG, Registered		169,927		57,584,800
Logitech International SA, Registered		515,629		43,226,864
Lonza Group AG, Registered		233,237		114,030,896
Nestle SA, Registered		8,375,663		954,411,210
Novartis AG, Registered		6,429,852		664,934,902
Partners Group Holding AG		71,181		96,035,623
Roche Holding AG, Bearer		100,393		30,411,794
Roche Holding AG, NVS		2,203,881		627,480,961
Sandoz Group AG(a)		1,283,783		44,027,317
Schindler Holding AG, Participation Certificates, NVS		127,281		31,704,260
Schindler Holding AG, Registered		73,350		17,460,294
SGS SA		469,329		43,368,735
Siemens Energy AG(a)		1,629,558		24,210,288
SIG Group AG		955,604		20,002,895
Sika AG, Registered		478,178		132,004,777
Sonova Holding AG, Registered		161,459		51,601,733
STMicroelectronics NV		2,143,565		94,118,596
Straumann Holding AG		350,009		53,166,844
Swatch Group AG (The), Bearer		88,999		20,893,303
Swatch Group AG (The), Registered		161,650		7,354,920
Swiss Life Holding AG, Registered		95,069		68,271,710
Swiss Prime Site AG, Registered		240,112		24,319,826
Swiss Re AG		943,374		108,016,733
Swisscom AG, Registered		80,994		48,457,378
Temenos AG, Registered		199,641		20,317,544
UBS Group AG, Registered		10,316,856		308,810,394

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Switzerland (continued)
VAT Group AG(c)		84,425	$	39,302,270
Zurich Insurance Group AG		457,806		232,606,425
				5,200,592,538
United Kingdom — 14.2%
3i Group PLC		3,049,227		95,455,862
abrdn PLC		6,277,140		13,354,205
Admiral Group PLC		814,483		25,898,218
Anglo American PLC		3,986,223		95,022,315
Antofagasta PLC		1,237,062		26,962,069
Ashtead Group PLC		1,371,799		89,704,527
Associated British Foods PLC		1,087,919		32,223,451
AstraZeneca PLC		4,862,100		644,601,852
Auto Trader Group PLC(c)		2,851,561		26,234,015
Aviva PLC		8,596,661		46,925,509
BAE Systems PLC		9,538,807		142,094,496
Barclays PLC		48,407,824		89,957,578
Barratt Developments PLC		3,080,709		20,996,045
Berkeley Group Holdings PLC		335,273		20,302,331
BP PLC		53,768,651		314,031,316
British American Tobacco PLC		6,664,831		196,503,248
BT Group PLC		21,429,683		30,360,105
Bunzl PLC		1,050,324		42,684,920
Burberry Group PLC		1,193,916		19,666,092
Centrica PLC		17,484,433		30,598,616
Coca-Cola Europacific Partners PLC		641,661		44,210,443
Compass Group PLC		5,385,097		148,325,774
Croda International PLC		434,532		26,300,739
DCC PLC		309,420		22,494,623
Diageo PLC		7,051,881		254,698,879
Endeavour Mining PLC		570,828		10,140,132
Entain PLC		1,985,155		24,179,967
Experian PLC		2,885,421		120,098,119
Glencore PLC		32,940,194		174,285,189
GSK PLC		12,828,607		253,720,768
Haleon PLC		17,357,649		70,502,659
Halma PLC		1,181,416		32,700,516
Hargreaves Lansdown PLC		1,092,292		10,539,978
Hikma Pharmaceuticals PLC		520,152		12,690,176
HSBC Holdings PLC		61,126,805		477,259,902
Imperial Brands PLC		2,706,010		64,958,115
Informa PLC		4,372,144		42,941,226
InterContinental Hotels Group PLC		537,916		50,969,187
Intertek Group PLC		502,241		28,507,534
J Sainsbury PLC		5,064,673		17,291,604
JD Sports Fashion PLC		7,904,188		11,680,128
Kingfisher PLC		6,067,473		16,869,546
Land Securities Group PLC		2,213,579		18,662,022
Legal & General Group PLC		18,411,928		59,220,902
Lloyds Banking Group PLC		200,160,296		107,296,993
London Stock Exchange Group PLC		1,315,265		148,774,939
M&G PLC		7,017,333		19,840,576
Melrose Industries PLC		4,225,851		31,497,325
Mondi PLC, NVS		1,362,259		24,411,171
National Grid PLC		11,553,915		153,887,792
NatWest Group PLC, NVS		18,031,583		50,887,619
Next PLC		374,949		40,028,249
NMC Health PLC, NVS(d)		473,933		6
Ocado Group PLC(a)		1,761,492		12,066,059
Pearson PLC		2,020,245		24,783,915
Persimmon PLC		999,249		18,404,272
Phoenix Group Holdings PLC		2,301,446		14,693,883
Prudential PLC		8,557,006		87,902,419

Security	Shares		Value
United Kingdom (continued)
Reckitt Benckiser Group PLC		2,248,080	$	162,538,193
RELX PLC		5,927,053		244,633,534
Rentokil Initial PLC		7,842,082		40,384,726
Rio Tinto PLC		3,532,301		244,503,805
Rolls-Royce Holdings PLC(a)		26,403,425		100,239,284
Sage Group PLC (The)		3,185,911		47,431,592
Schroders PLC		2,475,239		12,663,567
Segro PLC		3,718,194		41,294,520
Severn Trent PLC		836,794		27,506,275
Shell PLC		20,758,412		643,558,677
Smith & Nephew PLC		2,714,475		37,961,937
Smiths Group PLC		1,127,005		23,096,433
Spirax-Sarco Engineering PLC		229,582		28,895,379
SSE PLC		3,416,549		72,765,429
St. James’s Place PLC		1,692,138		13,930,192
Standard Chartered PLC		7,419,088		56,070,063
Taylor Wimpey PLC		10,824,654		20,209,540
Tesco PLC		22,558,747		81,744,314
Unilever PLC		7,843,881		381,684,928
United Utilities Group PLC		2,101,819		28,308,899
Vodafone Group PLC		72,101,481		61,296,388
Whitbread PLC		622,094		28,198,240
Wise PLC, Class A(a)(b)		1,890,487		19,282,783
WPP PLC		3,308,055		31,990,515
				7,181,489,329
Total Common Stocks — 99.3% (Cost: $42,831,846,081)				50,255,523,162
Preferred Stocks
Germany — 0.4%
Bayerische Motoren Werke AG, Preference Shares, NVS		185,315		18,107,217
Dr Ing hc F Porsche AG, Preference Shares, NVS(c)		357,319		30,337,074
Henkel AG & Co. KGaA, Preference Shares, NVS		529,430		40,585,321
Porsche Automobil Holding SE, Preference Shares, NVS		478,940		23,910,580
Sartorius AG, Preference Shares, NVS(b)		82,249		30,004,640
Volkswagen AG, Preference Shares, NVS		646,841		83,193,471
				226,138,303
Total Preferred Stocks — 0.4% (Cost: $281,203,138)				226,138,303
Rights
Spain — 0.0%
ACS Actividades de Construccion y Servicios SA, (Expires 02/09/24)(a)		676,786		310,115
Total Rights — 0.0% (Cost: $336,169)				310,115
Total Long-Term Investments — 99.7% (Cost: $43,113,385,388)				50,481,971,580
Short-Term Securities
Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.51%(e)(f)(g)		130,963,542		131,042,120

58 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited)(continued) January 31, 2024 iShares^® MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.32%(e)(f)		60,210,000	$	60,210,000
Total Short-Term Securities — 0.4% (Cost: $191,150,860)				191,252,120
Total Investments — 100.1% (Cost: $43,304,536,248)				50,673,223,700
Liabilities in Excess of Other Assets — (0.1)%				(39,759,287	)
Net Assets — 100.0%			$	50,633,464,413

^(a)  Non-income producing security.

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

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

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

^(e)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

	Affiliated Issuer	Value at 07/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/24		Shares Held at 01/31/24		Income			Capital Gain Distributions from Underlying Funds
	BlackRock Cash Funds: Institutional, SL Agency Shares	$	125,894,889	$	5,109,569	(a)	$	—		$	13,121	$	24,541	$	131,042,120		130,963,542	$	341,592	(b)	$	—
	BlackRock Cash Funds: Treasury, SL Agency Shares		60,760,000		—			(550,000	)(a)		—		—		60,210,000		60,210,000		1,646,832			—
										$	13,121	$	24,541	$	191,252,120			$	1,988,424		$	—

^(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		230		03/07/24	$	39,476	$	2,705,928
Euro STOXX 50 Index		1,181		03/15/24		59,377		1,148,716
FTSE 100 Index		318		03/15/24		30,627		(74,752	)
SPI 200 Index		145		03/21/24		17,971		258,790
							$	4,038,682

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

Schedule of Investments (unaudited)(continued) January 31, 2024 iShares^® MSCI EAFE ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	4,113,434	$	—	$	—	$	—	$	4,113,434
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	74,752	$	—	$	—	$	—	$	74,752

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

For the period ended January 31, 2024, 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	$	—	$	—	$	8,450,400		$	—	$	—	$	—	$	8,450,400
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(1,996,837	)	$	—	$	—	$	—	$	(1,996,837	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	184,106,427

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	$	595,245,433	$	49,660,277,723	$	6	$	50,255,523,162
Preferred Stocks		—		226,138,303		—		226,138,303
Rights		310,115		—		—		310,115
Short-Term Securities
Money Market Funds		191,252,120		—		—		191,252,120
	$	786,807,668	$	49,886,416,026	$	6	$	50,673,223,700
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	4,113,434	$	—	$	4,113,434

60 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited)(continued) January 31, 2024 iShares^® MSCI EAFE ETF

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2			Level 3		Total
Liabilities
Equity Contracts	$	—	$	(74,752	)	$	—	$	(74,752	)
	$	—	$	4,038,682		$	—		4,038,682

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

See notes to financial statements.

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

Schedule of Investments (unaudited) January 31, 2024 iShares^® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 9.4%
Abacus Group		1,687,377	$	1,200,725
Abacus Storage King		1,687,112		1,256,252
Accent Group Ltd.		1,445,979		1,899,727
Adbri Ltd.(a)		1,486,439		2,956,687
AET&D Holdings No. 1 Pty Ltd.(b)		169,200		1
AGL Energy Ltd.		2,358,839		13,322,592
Alpha HPA Ltd., NVS(a)		2,130,183		1,197,199
ALS Ltd.		1,763,303		14,487,354
Altium Ltd.		464,293		14,915,788
Alumina Ltd.(a)		9,585,144		7,211,034
AMP Ltd.		10,614,864		6,437,593
Ansell Ltd.		487,051		7,660,252
APM Human Services International Ltd.		1,094,184		528,175
ARB Corp. Ltd.		299,327		6,543,392
Arena REIT		1,353,871		3,069,773
Atlas Arteria Ltd.		4,455,361		15,706,928
AUB Group Ltd.		396,349		7,887,387
Audinate Group Ltd.(a)		291,910		3,142,632
Aussie Broadband Ltd.(a)		835,859		2,092,661
Austal Ltd.		1,187,876		1,575,877
Australian Agricultural Co. Ltd.(a)		718,883		688,570
Australian Clinical Labs Ltd.(c)		467,465		917,014
AVZ Minerals Ltd.(a)(b)(c)		10,717,468		3,290,599
Bank of Queensland Ltd.(c)		2,514,941		9,873,557
Bapcor Ltd.		1,316,045		4,817,394
Beach Energy Ltd.		6,133,322		6,581,891
Bega Cheese Ltd.		1,049,895		2,558,685
Bellevue Gold Ltd.(a)		4,411,469		3,816,005
Bendigo & Adelaide Bank Ltd.		2,175,137		13,896,812
Boral Ltd.(a)		1,061,327		3,657,784
Boss Energy Ltd. (a)		1,540,011		5,572,390
Breville Group Ltd.		385,827		6,818,663
Brickworks Ltd.		292,117		5,575,953
BWP Trust		1,833,816		4,106,342
Calix Ltd.(a)(c)		536,653		589,515
Capricorn Metals Ltd.(a)		1,140,612		3,400,569
Centuria Capital Group		2,511,290		2,801,384
Centuria Industrial REIT		2,087,885		4,423,084
Centuria Office REIT		1,368,678		1,185,039
Cettire Ltd.(a)		948,284		1,928,656
Chalice Mining Ltd.(a)(c)		1,333,876		959,025
Challenger Ltd.		1,728,376		7,332,082
Champion Iron Ltd.		1,484,995		8,146,728
Charter Hall Group		1,813,025		14,141,039
Charter Hall Long Wale REIT		2,548,006		6,204,150
Charter Hall Retail REIT		2,066,350		4,992,420
Charter Hall Social Infrastructure REIT		1,239,469		2,236,103
Cleanaway Waste Management Ltd.		8,149,738		13,796,924
Clinuvel Pharmaceuticals Ltd.		142,755		1,460,392
Codan Ltd./Australia		374,731		1,980,749
Collins Foods Ltd.		429,372		3,366,233
Core Lithium Ltd.(a)(c)		7,251,342		910,731
Coronado Global Resources Inc.(d)		2,897,122		3,081,602
Corporate Travel Management Ltd.		475,546		6,290,579
Costa Group Holdings Ltd.		1,514,581		3,151,231
Credit Corp. Group Ltd.		258,377		2,872,422
Cromwell Property Group		5,595,319		1,509,323
CSR Ltd.		1,803,972		8,123,228
Data#3 Ltd.		551,872		3,509,680
De Grey Mining Ltd.(a)		5,518,376		4,391,432

Security	Shares		Value
Australia (continued)
Deep Yellow Ltd.(a)(c)		2,757,680	$	2,604,459
Deterra Royalties Ltd.		1,624,217		5,849,525
Dexus Industria REIT		753,552		1,376,787
Dicker Data Ltd.		270,670		1,991,263
Domain Holdings Australia Ltd.		963,490		2,090,720
Domino’s Pizza Enterprises Ltd.		256,821		6,605,805
Downer EDI Ltd.		2,542,259		6,923,714
Eagers Automotive Ltd.		593,200		5,469,894
Elders Ltd.		607,938		3,551,467
Evolution Mining Ltd.		7,240,530		15,167,058
EVT Ltd.		354,493		2,891,865
Firefinch Ltd.(a)(b)(c)		4,681,624		399,279
FleetPartners Group Ltd., NVS(a)		1,021,507		2,039,820
Flight Centre Travel Group Ltd.		671,400		9,275,986
G8 Education Ltd.		2,822,119		1,953,849
Genesis Minerals Ltd.(a)(c)		3,689,667		3,911,332
Gold Road Resources Ltd.		4,135,023		4,085,599
GrainCorp Ltd., Class A		869,280		4,567,103
Growthpoint Properties Australia Ltd.		1,140,120		1,784,319
GUD Holdings Ltd.		548,150		4,350,991
Hansen Technologies Ltd.		650,881		2,186,597
Harvey Norman Holdings Ltd.		2,155,595		6,194,766
Healius Ltd.(a)		2,189,640		1,969,914
HealthCo REIT		1,739,541		1,549,850
Helia Group Ltd.		1,295,130		4,164,624
HMC Capital Ltd.		857,845		3,402,337
HomeCo Daily Needs REIT		6,383,263		5,254,759
HUB24 Ltd.		294,317		7,112,459
Iluka Resources Ltd.		1,654,078		7,725,506
Imdex Ltd.		1,874,165		2,067,832
Incitec Pivot Ltd.		7,440,908		12,994,655
Ingenia Communities Group		1,566,556		4,537,601
Inghams Group Ltd.		1,448,852		4,054,323
Insignia Financial Ltd.		2,044,945		2,839,487
Integral Diagnostics Ltd.(c)		738,641		954,633
IPH Ltd.		833,294		3,708,189
IRESS Ltd.		721,159		3,828,918
JB Hi-Fi Ltd.		420,847		15,656,544
Johns Lyng Group Ltd.		843,241		3,721,820
Judo Capital Holdings Ltd.(a)(c)		2,422,128		1,855,285
Jumbo Interactive Ltd.		200,362		2,054,608
Karoon Energy Ltd.(a)		3,065,059		3,856,362
Kelsian Group Ltd.		682,239		3,173,098
Latin Resources Ltd., NVS(c)		8,985,266		988,826
Lendlease Corp. Ltd.		2,508,041		12,039,804
Leo Lithium Ltd.(a)(b)		4,370,759		1,303,250
Lifestyle Communities Ltd.		338,367		3,937,699
Link Administration Holdings Ltd.		1,957,869		2,774,035
Liontown Resources Ltd.(a)(c)		4,661,163		3,103,758
Lovisa Holdings Ltd.		250,233		3,722,839
Lynas Rare Earths Ltd.(a)(c)		3,578,499		13,606,454
MA Financial Group Ltd.		433,622		1,652,292
Maas Group Holdings Ltd.(c)		370,096		983,346
Mader Group Ltd.(c)		126,356		533,783
Magellan Financial Group Ltd.		694,463		4,070,516
McMillan Shakespeare Ltd.		211,811		2,385,082
Megaport Ltd.(a)(c)		591,527		4,830,532
Metcash Ltd.		3,527,408		8,367,586
Monadelphous Group Ltd.		353,622		3,169,030
Mount Gibson Iron Ltd.(a)		2,610,143		901,497
Nanosonics Ltd.(a)(c)		964,696		1,851,245
National Storage REIT		4,667,669		7,000,162

62 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Australia (continued)
Netwealth Group Ltd.		474,750	$	5,156,565
Neuren Pharmaceuticals Ltd., NVS(a)		436,465		6,686,951
New Hope Corp. Ltd.		2,105,357		7,363,778
NEXTDC Ltd.(a)		1,978,117		17,908,205
nib holdings Ltd.		1,844,712		9,756,419
Nick Scali Ltd.		260,116		2,103,042
Nickel Industries Ltd.		6,567,191		3,365,684
Nine Entertainment Co. Holdings Ltd.		5,510,457		7,069,896
NRW Holdings Ltd.		1,548,556		2,736,447
Nufarm Ltd./Australia		1,394,687		5,027,308
Objective Corp. Ltd.		123,534		991,174
oOh!media Ltd.		2,186,647		2,282,403
Orora Ltd.		5,160,907		9,380,372
Paladin Energy Ltd.(a)		10,860,717		9,099,438
Pepper Money Ltd./Australia		607,357		529,947
Perenti Ltd.(a)		3,067,482		1,631,283
Perpetual Ltd.		431,870		7,267,272
Perseus Mining Ltd.		5,291,818		6,231,107
PEXA Group Ltd.(a)		510,356		3,813,878
Pinnacle Investment Management Group Ltd.		551,133		3,635,607
Platinum Asset Management Ltd.		1,679,358		1,286,338
PolyNovo Ltd.(a)		2,311,772		2,840,894
Premier Investments Ltd.		335,968		6,117,025
Pro Medicus Ltd.		200,763		13,226,066
PWR Holdings Ltd.		305,397		2,093,717
Qube Holdings Ltd.		6,430,071		13,670,679
Ramelius Resources Ltd.		4,150,761		4,311,277
Red 5 Ltd.(a)		9,937,207		2,038,326
Redox Ltd./Australia, NVS		703,096		1,051,687
Region RE Ltd.		4,524,041		6,660,788
Regis Resources Ltd.(a)		3,057,279		4,169,724
Reliance Worldwide Corp. Ltd.		3,025,938		8,273,206
Resolute Mining Ltd.(a)		8,312,044		2,334,997
Rural Funds Group		1,436,564		1,942,583
Sandfire Resources Ltd.(a)		1,747,128		8,210,782
Sayona Mining Ltd.(a)(c)		34,247,691		879,989
Select Harvests Ltd.(a)(c)		435,489		1,062,814
Seven Group Holdings Ltd.		631,963		14,791,169
Sigma Healthcare Ltd.		5,010,239		3,384,518
Silex Systems Ltd.(a)(c)		658,409		2,194,405
Silver Lake Resources Ltd.(a)		3,589,598		2,824,871
Sims Ltd.		634,591		5,943,980
SiteMinder Ltd.(a)		819,626		2,802,142
SmartGroup Corp. Ltd.		486,525		3,066,701
Stanmore Resources Ltd.		1,037,490		2,662,357
Star Entertainment Grp Ltd. (The)(a)		9,610,952		3,487,575
Steadfast Group Ltd.		3,581,075		13,856,516
Strike Energy Ltd.(a)(c)		8,872,219		2,486,097
Super Retail Group Ltd.		607,240		6,266,827
Tabcorp Holdings Ltd.		8,714,026		4,527,049
Technology One Ltd.		1,120,271		11,446,014
Telix Pharmaceuticals Ltd.(a)		923,323		6,884,096
Temple & Webster Group Ltd.(a)(c)		325,246		1,926,658
Tyro Payments Ltd.(a)		1,721,285		1,221,113
Ventia Services Group Pty Ltd.		3,140,606		6,738,092
Viva Energy Group Ltd.(d)		4,152,326		9,458,432
Vulcan Steel Ltd.		259,006		1,252,614
Waypoint REIT Ltd.		2,582,121		4,156,979
Webjet Ltd.(a)		1,492,829		7,242,771
Weebit Nano Ltd.(a)(c)		665,433		1,496,727
West African Resources Ltd.(a)		3,739,231		2,370,040
Westgold Resources Ltd.(a)		1,722,101		2,484,383

Security	Shares		Value
Australia (continued)
Whitehaven Coal Ltd.		3,059,077	$	16,723,195
Worley Ltd.		1,417,767		13,615,553
Yancoal Australia Ltd., NVS		1,280,107		4,993,789
				919,537,077
Austria — 1.1%
ams-OSRAM AG(a)(c)		3,946,018		9,235,406
ANDRITZ AG		259,327		15,964,809
AT&S Austria Technologie & Systemtechnik AG(c)		95,994		2,319,070
BAWAG Group AG(d)		300,736		15,483,860
CA Immobilien Anlagen AG		143,455		4,709,349
DO & CO AG(c)		27,998		3,903,210
EVN AG		140,228		3,875,620
Immofinanz AG(a)		132,946		3,155,465
Lenzing AG(a)(c)		72,421		2,422,314
Oesterreichische Post AG		131,946		4,465,518
Palfinger AG		58,855		1,523,155
Porr AG		84,118		1,180,262
Raiffeisen Bank International AG		568,491		11,852,611
Schoeller-Bleckmann Oilfield Equipment AG		39,355		1,869,268
Semperit AG Holding		38,022		595,811
UNIQA Insurance Group AG		490,663		4,116,872
Vienna Insurance Group AG Wiener Versicherung Gruppe		148,887		4,208,093
Wienerberger AG		409,358		13,872,310
				104,753,003
Belgium — 1.4%
Ackermans & van Haaren NV		91,413		15,284,720
Aedifica SA		185,649		12,097,685
Barco NV		267,785		4,448,551
Bekaert SA		140,426		6,848,996
bpost SA		377,936		1,544,703
Cofinimmo SA		142,641		10,366,761
Colruyt Group NV		180,618		8,252,076
Deme Group NV		28,534		3,580,989
Euronav NV		381,375		6,718,078
Fagron		264,003		4,753,741
Galapagos NV(a)(c)		178,446		6,693,992
Intervest Offices & Warehouses NV		112,501		2,528,861
KBC Ancora		135,887		6,258,658
Kinepolis Group NV		51,847		2,295,293
Melexis NV		77,200		6,614,750
Montea NV		54,313		4,661,937
Ontex Group NV(a)(c)		243,341		1,922,800
Proximus SADP		595,578		5,651,634
Recticel SA(c)		155,275		1,919,675
Retail Estates NV		41,049		2,689,131
Shurgard Self Storage Ltd.		107,497		4,985,912
Solvay SA		282,844		7,735,354
Tessenderlo Group SA		97,749		2,798,561
VGP NV		52,903		6,204,936
X-Fab Silicon Foundries SE(a)(c)(d)		212,452		2,041,802
Xior Student Housing NV		108,843		3,259,968
				142,159,564
Denmark — 2.1%
ALK-Abello A/S(a)		511,505		8,254,094
Alm Brand A/S		3,268,294		5,933,162
Amagerbanken A/S(b)		130,550		—
Ambu A/S, Class B(a)(c)		723,361		11,998,419
Bavarian Nordic A/S(a)(c)		303,530		6,973,064
Better Collective A/S(a)		113,990		3,187,490
cBrain A/S(c)		41,132		1,491,143

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Denmark (continued)
Chemometec A/S(c)		59,870	$	3,238,181
D/S Norden A/S		86,668		4,663,320
Dfds A/S		135,734		4,598,697
FLSmidth & Co. A/S(c)		197,796		8,120,599
GN Store Nord A/S(a)		524,480		12,368,558
H Lundbeck A/S		1,070,919		5,424,150
H Lundbeck A/S, Class A		183,908		811,462
ISS A/S		607,904		11,502,747
Jyske Bank A/S, Registered		184,683		14,146,091
Matas A/S		136,627		2,449,571
Netcompany Group A/S(a)(c)(d)		173,642		6,926,308
Nilfisk Holding A/S(a)		44,730		788,260
NKT A/S(a)(c)		206,924		14,427,551
NTG Nordic Transport Group A/S, Class A(a)		25,054		1,124,456
Per Aarsleff Holding A/S		66,047		3,040,130
Ringkjoebing Landbobank A/S		105,340		16,978,044
Royal Unibrew A/S		193,524		12,676,891
Scandinavian Tobacco Group A/S, Class A(d)		219,499		3,936,474
Schouw & Co. A/S		49,877		3,988,172
Solar A/S, Class B		19,735		1,285,195
Spar Nord Bank A/S		279,554		4,756,364
Sydbank A/S		219,597		9,745,533
Topdanmark A/S		172,478		7,649,102
TORM PLC, Class A		129,381		4,545,691
Zealand Pharma A/S, Class A(a)		191,753		13,098,960
				210,127,879
Finland — 1.2%
Cargotec OYJ, Class B		146,185		8,310,632
Citycon OYJ		307,768		1,609,482
Finnair OYJ(a)		35,355,555		1,352,590
Huhtamaki OYJ		374,379		14,693,596
Kemira OYJ		412,224		7,715,712
Kempower OYJ(a)(c)		64,387		2,060,370
Kojamo OYJ		475,992		5,643,078
Konecranes OYJ		258,104		11,084,666
Mandatum OYJ(a)		1,545,018		6,975,860
Marimekko OYJ		109,720		1,638,699
Metsa Board OYJ, Class B		624,789		5,032,182
Musti Group OYJ		121,838		3,436,208
Nokian Renkaat OYJ		454,470		4,095,830
Outokumpu OYJ		1,403,990		5,993,239
Puuilo OYJ		235,101		2,264,583
QT Group OYJ(a)(c)		73,960		5,216,809
Revenio Group OYJ		82,370		2,261,487
TietoEVRY OYJ		408,742		9,485,059
TietoEVRY OYJ, New		12,844		296,608
Tokmanni Group Corp.		182,627		3,131,490
Valmet OYJ		604,082		17,097,756
YIT OYJ(c)		474,217		1,010,179
				120,406,115
France — 3.9%
ABC arbitrage		83,506		399,334
Abivax SA, NVS		72,366		944,728
Air France-KLM, NVS(a)(c)		444,432		5,664,800
Altarea SCA		15,256		1,335,460
Alten SA		112,889		17,454,921
Antin Infrastructure Partners SA		128,986		2,371,761
Aperam SA		195,752		6,032,319
Atos SE(a)(c)		434,122		1,853,230
Aubay		28,268		1,255,169
Believe SA(a)(c)		71,120		837,767

Security	Shares		Value
France (continued)
Beneteau SACA		141,210	$	1,692,341
Boiron SA		13,589		587,746
Bonduelle SCA		49,102		521,672
Carmila SA		238,967		4,246,205
CGG SA(a)		2,810,097		1,347,697
Cie. des Alpes		83,565		1,361,307
Cie. Plastic Omnium SA		221,082		2,533,921
Clariane SE(c)		299,582		757,086
Coface SA		403,954		5,458,540
Derichebourg SA		346,478		1,787,674
Elior Group SA(a)(c)(d)		468,982		1,355,161
Elis SA		715,017		15,720,982
Equasens		19,934		1,147,083
Eramet SA(c)		32,191		2,217,223
Esker SA(c)		20,691		3,474,623
Etablissements Maurel et Prom SA		219,945		1,303,743
Euroapi SA(a)		200,523		1,340,129
Eutelsat Communications SACA(a)(c)		547,567		1,997,179
Exclusive Networks SA(a)(c)		52,598		1,074,326
Fnac Darty SA		42,718		1,141,211
Forvia SE(a)		603,291		10,368,903
Gaztransport Et Technigaz SA		135,256		18,962,559
ICADE		131,458		4,450,670
ID Logistics Group SACA(a)		10,786		3,846,623
Imerys SA		129,101		4,293,411
Interparfums SA		78,859		4,172,451
IPSOS SA		150,911		9,904,399
JCDecaux SE(a)		243,121		5,049,701
Kaufman & Broad SA		48,427		1,433,541
LISI SA		69,945		1,646,363
Manitou BF SA(c)		45,315		1,016,168
Mercialys SA		360,197		4,097,871
Mersen SA		85,219		3,091,391
Metropole Television SA		92,394		1,310,378
Neoen SA(d)		261,382		7,557,351
Nexans SA		117,704		10,713,216
Nexity SA(c)		171,181		2,853,290
OVH Groupe SAS, NVS(a)(c)		145,600		1,555,218
Peugeot Invest		19,222		2,074,609
Pierre & Vacances SA, NVS(a)		501,676		724,961
Quadient SA		131,671		2,789,715
Rexel SA		935,505		24,915,557
Rubis SCA		372,155		9,410,506
SCOR SE		585,215		17,457,640
Seche Environnement SACA, NVS		8,644		1,076,149
SES SA, Class A		1,469,433		9,015,750
Societe BIC SA		93,587		6,475,521
Societe pour l’Informatique Industrielle, NVS		34,314		2,586,658
SOITEC(a)		96,217		13,906,150
Sopra Steria Group SACA		59,229		13,892,405
SPIE SA		535,959		17,728,219
Television Francaise 1 SA		154,604		1,363,378
Trigano SA		33,421		5,264,490
Ubisoft Entertainment SA(a)(c)		367,205		8,099,838
Valeo SE		792,339		10,342,043
Vallourec SACA(a)(c)		609,203		8,715,377
Valneva SE(a)(c)		398,853		1,625,902
Verallia SA(d)		283,421		9,994,656
Vicat SACA		64,973		2,527,811
Virbac SACA		16,254		5,865,882
Voltalia SA(a)(c)		141,296		1,209,107
VusionGroup(a)		30,630		4,547,974

64 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
France (continued)
Waga Energy SA(a)(c)		17,120	$	441,446
Wavestone		28,802		1,908,020
Wendel SE		101,997		9,247,307
				378,745,913
Germany — 4.2%
1&1 AG		137,243		2,710,237
About You Holding SE(a)		158,510		697,508
Adesso SE		11,536		1,157,348
Adtran Networks SE(a)		71,981		1,555,798
AIXTRON SE		434,472		16,170,276
Amadeus Fire AG		20,863		2,520,336
Aroundtown SA(a)(c)		3,574,120		7,972,914
Atoss Software AG		15,091		4,134,955
Aurubis AG		121,191		8,717,667
Auto1 Group SE(a)(d)		415,189		1,727,354
BayWa AG(c)		53,844		1,729,579
Befesa SA(d)		138,556		4,868,995
Bertrandt AG		22,435		1,198,940
Bilfinger SE		107,700		4,565,686
Borussia Dortmund GmbH & Co. KGaA(a)		285,080		1,171,174
CANCOM SE		141,241		4,483,495
Ceconomy AG(a)		541,068		1,314,334
Cewe Stiftung & Co. KGaA		19,092		2,080,621
CompuGroup Medical SE & Co. KgaA		102,426		4,391,482
CropEnergies AG(c)		103,337		1,285,416
CTS Eventim AG & Co. KGaA		239,113		16,182,486
CureVac NV(a)		380,461		1,392,748
Datagroup SE		17,442		1,000,912
Dermapharm Holding SE		71,890		3,057,885
Deutsche Pfandbriefbank AG(c)(d)		522,144		3,142,307
Deutz AG		444,619		2,687,105
Duerr AG		199,494		4,561,119
Eckert & Ziegler Strahlen- und Medizintechnik AG		56,136		2,791,996
Elmos Semiconductor SE		30,274		2,114,449
ElringKlinger AG		104,459		575,813
Encavis AG(a)		466,436		6,493,869
Energiekontor AG		26,735		2,183,254
Evotec SE(a)		544,058		8,322,512
Fielmann Group AG		97,463		5,071,237
flatexDEGIRO AG(a)(c)		275,430		3,011,844
Formycon AG(a)		33,915		1,844,723
Fraport AG Frankfurt Airport Services Worldwide(a)		141,983		8,333,264
Freenet AG		455,518		12,587,187
Gerresheimer AG		135,002		13,763,311
GFT Technologies SE		63,609		2,249,252
Grand City Properties SA(a)		269,979		2,620,613
GRENKE AG(c)		108,114		2,618,229
Hamborner REIT AG(c)		273,750		1,934,971
Hamburger Hafen und Logistik AG, NVS		100,550		1,795,480
Heidelberger Druckmaschinen AG(a)		980,728		1,157,819
Hensoldt AG		244,228		7,331,942
Hornbach Holding AG & Co. KGaA		34,051		2,444,825
Hugo Boss AG		216,334		13,511,054
Hypoport SE(a)(c)		17,062		3,624,178
Ionos SE(a)(c)		80,253		1,696,552
Jenoptik AG		198,810		6,208,681
JOST Werke SE(d)		48,928		2,362,773
K+S AG, Registered(c)		732,249		10,270,693
KION Group AG		276,715		12,625,098
Kloeckner & Co. SE		209,411		1,514,487
Knaus Tabbert AG(c)		15,801		701,135
Kontron AG		146,899		3,406,655

Security	Shares		Value
Germany (continued)
Krones AG		54,217	$	6,718,835
LANXESS AG		317,484		8,475,653
MBB SE(c)		8,158		789,958
Medios AG(a)		50,397		820,748
METRO AG(a)		415,730		2,802,004
MorphoSys AG(a)(c)		131,481		5,506,655
Mutares SE & Co. KGaA		51,336		2,085,173
Nagarro SE(a)(c)		31,403		3,069,260
Nordex SE(a)(c)		455,843		4,651,094
Norma Group SE		115,258		1,874,336
Northern Data AG(a)(c)		60,647		1,808,618
Patrizia SE		160,408		1,368,599
Pfeiffer Vacuum Technology AG		13,132		2,203,458
PNE AG		131,687		1,897,899
ProSiebenSat.1 Media SE(c)		538,010		3,784,746
PVA TePla AG(a)		81,681		1,848,488
Redcare Pharmacy NV(a)(d)		58,005		8,074,024
SAF-Holland SE		174,120		2,811,472
Salzgitter AG		89,469		2,495,415
Secunet Security Networks AG		6,127		1,097,476
SGL Carbon SE(a)(c)		234,968		1,487,414
Siltronic AG		69,256		6,509,247
Sixt SE(c)		53,196		5,184,269
SMA Solar Technology AG(a)(c)		59,245		3,038,672
Stabilus SE		94,220		6,602,315
Steico SE(c)		20,108		616,443
Stratec SE(c)		28,899		1,319,516
Stroeer SE & Co. KGaA		130,573		7,666,212
Suedzucker AG		233,811		3,299,996
SUESS MicroTec SE		70,026		2,378,956
Synlab AG, NVS		254,960		2,740,749
TAG Immobilien AG(a)		671,763		9,402,554
Takkt AG		94,987		1,387,861
TeamViewer SE(a)(d)		532,797		7,638,520
thyssenkrupp AG		1,910,911		11,793,542
Thyssenkrupp Nucera AG & Co. KGaa(a)		96,668		1,576,513
United Internet AG, Registered(e)		368,320		9,680,418
Varta AG(a)(c)		73,291		1,376,957
VERBIO Vereinigte BioEnergie AG		72,627		1,588,692
Vib Vermoegen AG(a)		30,231		470,457
Vitesco Technologies Group AG(a)		30,731		2,685,700
Vossloh AG		43,853		1,945,235
Wacker Neuson SE		80,953		1,500,064
Wuestenrot & Wuerttembergische AG		102,690		1,486,679
				409,207,465
Hong Kong — 1.4%
ASMPT Ltd.		1,184,200		11,427,975
Bank of East Asia Ltd. (The)		4,156,000		4,726,034
Brightoil Petroleum Holdings Ltd.(b)		12,938,512		17
Cafe de Coral Holdings Ltd.		1,270,000		1,277,391
Champion REIT		8,712,000		2,074,484
Chow Sang Sang Holdings International Ltd.		1,292,000		1,408,026
CITIC Telecom International Holdings Ltd.		6,709,000		2,392,248
Citychamp Watch & Jewellery Group Ltd.(a)		5,546,000		766,145
CK Life Sciences International Holdings Inc.(c)		14,480,000		984,146
C-Mer Eye Care Holdings Ltd.(a)(c)		2,438,000		823,988
Comba Telecom Systems Holdings Ltd.		7,230,000		603,377
Cowell e Holdings Inc.(a)(c)		983,000		2,015,313
Dah Sing Banking Group Ltd.		1,849,200		1,111,653
Dah Sing Financial Holdings Ltd.		716,400		1,442,789
EC Healthcare(c)		1,687,000		248,574
E-Commodities Holdings Ltd.		5,528,000		1,048,813

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Hong Kong (continued)
Far East Consortium International Ltd.		5,036,500	$	812,715
First Pacific Co. Ltd.		9,080,000		3,448,918
Fortune REIT		6,025,000		3,449,902
Fosun Tourism Group(a)(d)		968,000		496,402
Giordano International Ltd.(c)		3,860,000		1,012,158
Guotai Junan International Holdings Ltd.		10,187,000		640,112
Hang Lung Group Ltd.		3,099,000		3,730,648
Health and Happiness H&H International Holdings Ltd.(c)		860,500		1,124,116
HKBN Ltd.(c)		3,224,000		1,339,770
Hutchison Telecommunications Hong Kong Holdings Ltd.		8,596,000		1,141,187
Hysan Development Co. Ltd.		2,445,000		4,220,051
IGG Inc.(a)(c)		2,982,000		1,061,405
Johnson Electric Holdings Ltd.		1,412,250		1,852,006
JS Global Lifestyle Co. Ltd.(c)(d)		5,151,500		796,460
Kerry Logistics Network Ltd.(c)		1,343,388		1,492,577
Kerry Properties Ltd.(c)		2,232,500		3,545,171
Luk Fook Holdings International Ltd.		1,350,000		3,344,527
Man Wah Holdings Ltd.		6,004,000		3,742,617
Melco International Development Ltd.(a)(c)		2,612,000		1,694,089
Melco Resorts & Entertainment Ltd., ADR(a)		839,940		6,559,931
Nissin Foods Co. Ltd.		1,050,000		774,578
NWS Holdings Ltd.		3,742,000		3,251,501
Pacific Basin Shipping Ltd.		20,342,000		5,662,385
PAX Global Technology Ltd.		2,698,000		1,887,715
PCCW Ltd.		16,616,000		8,594,659
Perfect Medical Health Management Ltd.		1,872,000		719,700
Realord Group Holdings Ltd.(a)(c)		1,664,000		1,132,328
Sa Sa International Holdings Ltd.(a)		5,154,000		540,382
Shangri-La Asia Ltd.(a)		4,788,000		2,975,280
Shun Tak Holdings Ltd.(a)		5,044,000		503,612
SJM Holdings Ltd.(a)(c)		9,770,000		2,745,649
SmarTone Telecommunications Holdings Ltd.		1,278,000		639,168
Stella International Holdings Ltd.		1,822,000		2,402,896
SUNeVision Holdings Ltd.		2,382,000		817,319
Texhong Textile Group Ltd.(a)		1,002,000		474,216
Theme International Holdings Ltd.(a)(c)		18,330,000		973,377
United Energy Group Ltd.(c)		30,204,000		3,209,785
United Laboratories International Holdings Ltd. (The)(c)		3,794,000		3,279,724
Value Partners Group Ltd.(c)		4,833,000		1,112,869
Vitasoy International Holdings Ltd.(c)		3,296,000		2,529,940
Viva Goods Co. Ltd.(a)(c)		14,968,000		1,341,465
Vobile Group Ltd.(a)(c)		5,617,000		1,041,812
VSTECS Holdings Ltd.(c)		3,040,000		1,638,078
VTech Holdings Ltd.		659,000		3,816,920
Xinyi Electric Storage Holdings Ltd.(a)		1		—
Yue Yuen Industrial Holdings Ltd.		3,098,500		2,921,969
				132,843,062
Ireland — 0.3%
Cairn Homes PLC		2,531,615		3,884,321
Dalata Hotel Group PLC		806,228		4,186,552
Glanbia PLC		770,980		13,781,099
Glenveagh Properties PLC(a)(d)		2,154,216		2,854,204
Greencore Group PLC(a)		1,937,710		2,514,596
Irish Residential Properties REIT PLC		1,654,535		2,059,814
Origin Enterprises PLC		430,977		1,583,573
Uniphar PLC(a)		888,982		2,699,632
				33,563,791

Security	Shares		Value
Israel — 2.8%
Africa Israel Residences Ltd.		22,481	$	1,194,385
Airport City Ltd.(a)		265,820		4,435,460
Alony Hetz Properties & Investments Ltd.(c)		585,292		4,429,848
Amot Investments Ltd.		922,244		4,791,496
Ashtrom Group Ltd.(c)		169,843		2,554,571
Aura Investments Ltd.(c)		350,880		997,404
Azorim-Investment Development & Construction Co. Ltd.(a)		349,523		1,465,983
Bezeq The Israeli Telecommunication Corp. Ltd.		7,454,468		9,860,499
Big Shopping Centers Ltd.(a)(c)		51,781		5,265,237
Blue Square Real Estate Ltd.(c)		23,741		1,523,926
Camtek Ltd./Israel(a)		112,379		8,709,353
Cellcom Israel Ltd.(a)(c)		463,086		1,895,041
Cellebrite DI Ltd.(a)		177,834		1,607,619
Clal Insurance Enterprises Holdings Ltd.(a)(c)		252,777		3,933,094
Danel Adir Yeoshua Ltd.		21,757		1,883,340
Danya Cebus Ltd.		27,367		671,093
Delek Automotive Systems Ltd.		218,415		1,306,794
Delek Group Ltd.		35,884		4,443,577
Delta Galil Ltd.		51,799		2,395,584
Elco Ltd.(c)		34,011		1,049,558
Electra Consumer Products 1970 Ltd.(c)		42,954		915,956
Electra Ltd./Israel		8,085		3,081,481
Electra Real Estate Ltd.(c)		100,045		1,018,056
Energix-Renewable Energies Ltd.		1,073,626		3,916,770
Enlight Renewable Energy Ltd.(a)(c)		448,209		8,096,162
Equital Ltd.(a)(c)		97,789		2,782,939
Fattal Holdings 1998 Ltd.(a)(c)		28,569		3,243,281
FIBI Holdings Ltd.		63,626		2,699,515
First International Bank Of Israel Ltd. (The)		215,733		8,651,567
Fiverr International Ltd.(a)(c)		127,706		3,437,846
Formula Systems 1985 Ltd.		37,654		2,522,300
Fox Wizel Ltd.		30,284		2,145,938
G City Ltd.		334,583		1,070,396
Gav-Yam Lands Corp. Ltd.		—		2
Harel Insurance Investments & Financial Services Ltd.		402,988		3,342,765
Hilan Ltd.		59,529		3,308,912
Inmode Ltd.(a)(c)		302,670		7,170,252
Isracard Ltd.		764,074		2,742,383
Israel Canada T.R Ltd.(c)		557,757		1,881,218
Israel Corp Ltd.(a)		14,903		3,415,398
Isras Holdings Ltd., NVS		11,516		1,102,745
Isras Investment Co. Ltd.		6,555		1,383,689
Ituran Location and Control Ltd.		55,987		1,392,957
Kenon Holdings Ltd./Singapore(c)		81,773		2,019,334
Kornit Digital Ltd.(a)		194,851		3,333,901
Kvutzat Acro Ltd., NVS(c)		61,115		703,211
M Yochananof & Sons Ltd.(c)		18,017		809,536
Magic Software Enterprises Ltd.		94,348		958,029
Matrix IT Ltd.		136,160		2,563,454
Maytronics Ltd.		183,140		2,009,346
Mega Or Holdings Ltd.		90,813		2,075,305
Melisron Ltd.		91,411		6,703,510
Menora Mivtachim Holdings Ltd.		88,826		2,231,399
Migdal Insurance & Financial Holdings Ltd.		1,560,698		1,728,366
Mivne Real Estate KD Ltd.		2,316,094		6,267,044
Nano Dimension Ltd., ADR(a)(c)		960,392		2,304,941
Nano-X Imaging Ltd.(a)(c)		213,669		1,162,359
Naphtha Israel Petroleum Corp. Ltd.		204,623		1,022,448
Nayax Ltd.(a)		28,334		691,957
NEOGAMES SA(a)		52,130		1,458,597

66 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Israel (continued)
Nova Ltd.(a)		110,386	$	15,719,685
Oddity Tech Ltd., NVS(c)		60,558		2,501,045
Oil Refineries Ltd.		9,829,787		3,395,389
One Software Technologies Ltd.		153,519		1,930,043
OPC Energy Ltd.(a)(c)		425,292		3,013,457
OY Nofar Energy Ltd.(a)		58,061		1,475,977
Pagaya Technologies Ltd., NVS		921,103		1,077,691
Partner Communications Co. Ltd.(a)(c)		502,093		2,321,550
Paz Oil Co. Ltd.		39,331		3,233,005
Perion Network Ltd.(a)		179,680		5,330,739
Phoenix Holdings Ltd. (The)		686,412		6,981,194
Prashkovsky Investments and Construction Ltd.(c)		32,077		718,900
Radware Ltd.(a)(c)		151,066		2,761,487
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		36,278		2,029,365
Reit 1 Ltd.		743,450		3,318,834
Retailors Ltd.		71,637		1,423,804
Riskified Ltd.(a)		324,849		1,491,057
Sapiens International Corp. NV		119,529		3,338,463
Sella Capital Real Estate Ltd.		804,726		1,813,253
Shapir Engineering and Industry Ltd.		555,069		3,129,073
Shikun & Binui Ltd.(a)		1,245,220		3,249,317
Shufersal Ltd.(a)(c)		1,007,899		5,407,841
SimilarWeb Ltd.(a)		53,850		334,947
Strauss Group Ltd.(a)		203,346		3,949,262
Summit Real Estate Holdings Ltd.		137,752		1,823,046
Tadiran Group Ltd.(c)		12,534		832,270
Taro Pharmaceutical Industries Ltd.(a)		35,723		1,537,875
Tel Aviv Stock Exchange Ltd.		370,447		2,295,141
Tower Semiconductor Ltd.(a)(c)		421,106		12,008,043
WalkMe Ltd.(a)		83,856		863,717
YH Dimri Construction & Development Ltd.(c)		27,865		2,053,692
ZIM Integrated Shipping Services Ltd.(c)		372,436		5,586,540
				278,724,829
Italy — 3.1%
A2A SpA		6,017,993		11,931,655
ACEA SpA		157,325		2,482,684
Anima Holding SpA(d)		695,412		3,138,705
Arnoldo Mondadori Editore SpA		490,976		1,260,170
Ascopiave SpA		272,720		661,666
Azimut Holding SpA		412,726		11,506,267
Banca Generali SpA		224,435		8,556,111
Banca IFIS SpA		101,015		1,748,447
Banca Mediolanum SpA		851,789		8,716,975
Banca Monte dei Paschi di Siena SpA(a)		3,148,105		11,049,014
Banca Popolare di Sondrio SpA		1,547,963		11,761,433
BFF Bank SpA(d)		698,314		7,546,431
Bio On SpA(b)(c)		19,879		—
BPER Banca		3,797,542		13,697,209
Brembo SpA		577,224		7,109,559
Brunello Cucinelli SpA		130,229		12,910,496
Buzzi SpA		368,890		12,538,568
Carel Industries SpA(d)		166,561		4,033,435
CIR SpA-Compagnie Industriali(a)		4,684,741		2,151,690
Credito Emiliano SpA		325,947		2,962,990
d’Amico International Shipping SA, NVS		160,557		1,071,842
Danieli & C Officine Meccaniche SpA		38,692		1,315,065
Datalogic SpA		93,522		610,863
De’ Longhi SpA		288,924		9,357,999
Digital Value SpA		14,493		1,015,791
El.En. SpA		167,288		1,651,070
Enav SpA(d)		1,040,401		3,850,439

Security	Shares		Value
Italy (continued)
ERG SpA		227,009	$	6,656,471
Eurogroup Laminations SpA(a)(c)		314,618		1,024,834
Ferretti SpA, NVS		582,921		1,852,091
Fila SpA		119,208		1,125,958
Fincantieri SpA(a)(c)		2,127,104		1,127,543
GVS SpA(a)(d)		261,910		1,670,423
Hera SpA		3,147,073		11,085,963
Industrie De Nora SpA(c)		122,270		1,923,286
Interpump Group SpA		291,996		14,433,780
Iren SpA		2,498,096		5,242,930
Italgas SpA		1,863,171		10,622,682
Juventus Football Club SpA, NVS(a)(c)		392,379		954,099
Lottomatica Group SpA(a)(c)		255,198		2,963,115
LU-VE SpA, NVS		32,925		830,841
Maire Tecnimont SpA(c)		562,861		2,925,199
MARR SpA		126,467		1,536,598
OVS SpA(d)		792,467		1,887,661
Pharmanutra SpA		14,073		941,588
Piaggio & C SpA		615,679		2,046,677
Pirelli & C SpA(d)		1,152,208		6,244,304
RAI Way SpA(d)		354,790		1,940,113
Reply SpA		86,395		11,845,652
Safilo Group SpA(a)(c)		842,128		1,007,423
Saipem SpA(a)		4,530,424		6,498,525
Salcef Group SpA		72,629		1,844,519
Salvatore Ferragamo SpA(c)		218,254		2,783,755
Sanlorenzo SpA/Ameglia		53,356		2,545,287
Saras SpA(c)		1,997,182		3,381,493
Seco SpA(a)(c)		145,656		488,625
Sesa SpA		29,761		4,038,206
SOL SpA		130,710		3,761,903
Spaxs SpA(c)		218,385		1,204,569
Tamburi Investment Partners SpA		354,788		3,464,356
Technogym SpA(d)		501,577		4,966,994
Technoprobe SpA(a)		577,149		5,737,016
Tinexta SpA		77,996		1,649,396
Tod’s SpA(a)		37,059		1,358,572
Unipol Gruppo SpA		1,515,812		9,412,597
Webuild SpA		1,542,910		3,245,327
Wiit SpA(c)		36,128		720,317
Zignago Vetro SpA		135,391		1,977,984
				305,605,246
Japan — 34.0%
77 Bank Ltd. (The)		202,300		4,865,983
Abalance Corp.		39,600		725,816
ABC-Mart Inc.		375,700		6,511,070
Activia Properties Inc.		2,615		7,121,601
Adastria Co. Ltd.		95,480		2,225,742
ADEKA Corp.		295,200		5,776,088
Advance Logistics Investment Corp.		2,292		1,991,707
Advance Residence Investment Corp.		5,191		11,431,383
Aeon Delight Co. Ltd.		75,000		1,921,124
AEON Financial Service Co. Ltd.		408,900		3,724,113
Aeon Hokkaido Corp.		194,200		1,257,985
Aeon Mall Co. Ltd.		347,700		4,303,844
AEON REIT Investment Corp.		6,496		6,121,060
Ai Holdings Corp.		132,600		2,225,961
Aica Kogyo Co. Ltd.		193,900		4,492,852
Aichi Corp.		124,700		938,103
Aichi Financial Group Inc., NVS		166,100		2,932,234
Aida Engineering Ltd.		171,800		976,812
Aiful Corp.		1,200,500		3,009,835

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Ain Holdings Inc.		107,400	$	3,504,834
Air Water Inc.		707,300		9,342,880
Airtrip Corp.(c)		50,800		625,261
Alfresa Holdings Corp.		701,000		11,495,656
Alpen Co. Ltd.		73,600		1,013,498
Alps Alpine Co. Ltd.		713,400		5,294,517
Amada Co. Ltd.		1,304,400		14,076,608
Amano Corp.		203,900		4,698,798
Amvis Holdings Inc.		155,000		2,855,570
Anicom Holdings Inc.		262,200		1,041,231
Anritsu Corp.		510,900		4,045,631
Anycolor Inc.(a)(c)		83,900		2,128,633
AOKI Holdings Inc.		147,700		1,175,490
Aozora Bank Ltd.(c)		441,400		9,703,238
Appier Group Inc.(a)(c)		252,700		2,956,713
Arata Corp.		111,000		2,463,782
ARCLANDS Corp.		200,262		2,293,305
Arcs Co. Ltd.		147,800		2,940,818
Argo Graphics Inc.		63,100		1,851,561
Ariake Japan Co. Ltd.		69,200		2,218,944
Artience Co. Ltd.		129,700		2,426,904
As One Corp.		110,400		4,167,784
Asahi Holdings Inc.		278,200		3,873,826
Asahi Yukizai Corp.		44,900		1,249,091
Asics Corp.		618,100		18,781,660
ASKUL Corp.		150,100		2,028,850
Atom Corp.(a)(c)		436,000		2,770,298
Autobacs Seven Co. Ltd.		238,500		2,592,757
Avex Inc.		120,000		1,151,112
Awa Bank Ltd. (The)		121,900		2,044,618
Axial Retailing Inc.		46,400		1,283,587
AZ-COM MARUWA Holdings Inc.		145,600		1,499,351
Bank of Nagoya Ltd. (The)		39,400		1,481,468
Base Co. Ltd.		27,900		617,157
Belc Co. Ltd.		39,600		1,691,912
Bell System24 Holdings Inc.		121,700		1,483,506
Belluna Co. Ltd.		228,000		981,110
Benefit One Inc.(c)		304,300		4,342,304
Benesse Holdings Inc.		255,800		4,523,676
Bengo4.com Inc.(a)(c)		32,900		888,247
Bic Camera Inc.		348,600		3,249,474
BIPROGY Inc.		294,100		8,610,789
BML Inc.		77,700		1,501,678
Bunka Shutter Co. Ltd.		200,400		1,996,227
C Uyemura & Co. Ltd.		40,700		3,088,509
C.I. Takiron Corp.		177,700		784,226
Calbee Inc.		306,100		6,434,283
Canon Electronics Inc.		48,300		686,733
Canon Marketing Japan Inc.		180,500		5,491,735
Casio Computer Co. Ltd.		714,000		6,156,326
Cawachi Ltd.		59,100		1,083,072
Central Glass Co. Ltd.		81,500		1,524,873
Change Holdings Inc.(c)		169,500		1,558,756
Chiyoda Corp.(a)(c)		595,300		1,365,299
Chofu Seisakusho Co. Ltd.		65,300		934,124
Chudenko Corp.		102,500		1,932,679
Chugin Financial Group Inc., NVS		552,000		3,908,741
Chugoku Electric Power Co. Inc. (The)		1,109,000		7,885,322
Chugoku Marine Paints Ltd.		151,500		1,927,203
Citizen Watch Co. Ltd.		690,000		4,376,188
CKD Corp.		196,300		3,461,374
Coca-Cola Bottlers Japan Holdings Inc.		513,500		6,969,231

Security	Shares		Value
Japan (continued)
COLOPL Inc.		215,200	$	919,213
Colowide Co. Ltd.		274,500		4,388,545
Comforia Residential REIT Inc.		2,616		5,482,689
COMSYS Holdings Corp.		439,800		9,629,459
Comture Corp.		90,900		1,124,042
Cosmo Energy Holdings Co. Ltd.		234,800		9,751,974
Cosmos Pharmaceutical Corp.		76,400		8,206,439
Cover Corp.(a)(c)		91,100		1,751,755
CRE Logistics REIT Inc.		2,461		2,574,623
Create Restaurants Holdings Inc.		439,700		3,300,043
Create SD Holdings Co. Ltd.		103,200		2,245,768
Credit Saison Co. Ltd.		562,300		10,437,119
Curves Holdings Co. Ltd.		196,400		909,880
CyberAgent Inc.		1,646,100		10,623,645
CYBERDYNE Inc.(a)(c)		400,400		556,673
Cybozu Inc.		112,200		1,684,421
Daicel Corp.		868,800		8,511,779
Daido Steel Co. Ltd.		500,900		5,219,560
Daiei Kankyo Co. Ltd.		153,500		2,611,394
Daihen Corp.		71,000		3,364,309
Daiho Corp.		27,500		722,332
Daiichikosho Co. Ltd.		286,800		3,929,118
Daiki Aluminium Industry Co. Ltd.		97,700		827,469
Daikokutenbussan Co. Ltd.		21,200		1,200,075
Daio Paper Corp.		313,000		2,357,590
Daiseki Co. Ltd.		155,260		4,439,328
Daishi Hokuetsu Financial Group Inc.		140,600		3,896,677
Daiwa Industries Ltd.		119,700		1,276,844
Daiwa Office Investment Corp.		1,121		4,778,836
Daiwa Securities Living Investments Corp.		7,802		5,613,216
Daiwabo Holdings Co. Ltd.		312,700		6,799,565
DCM Holdings Co. Ltd.		412,200		3,839,822
Demae-Can Co. Ltd.(a)(c)		202,200		575,387
DeNA Co. Ltd.		275,400		2,780,576
Denka Co. Ltd.		305,000		5,318,657
Dentsu Soken Inc.		102,600		3,830,652
Descente Ltd.		133,200		3,076,525
Dexerials Corp.		210,800		6,074,934
DIC Corp.		292,500		5,520,433
Digital Arts Inc.		40,700		1,395,083
Digital Garage Inc.		128,600		3,100,462
Dip Corp.		134,200		2,291,895
DMG Mori Co. Ltd.		433,700		8,684,221
Doshisha Co. Ltd.		98,800		1,487,714
Doutor Nichires Holdings Co. Ltd.		121,400		1,792,480
Dowa Holdings Co. Ltd.		200,400		6,989,016
DTS Corp.		155,300		3,819,672
Duskin Co. Ltd.		151,700		3,522,234
DyDo Group Holdings Inc.		74,800		1,502,118
Eagle Industry Co. Ltd.		51,900		601,216
Earth Corp.		63,500		1,943,901
Ebara Corp.		363,200		22,746,162
EDION Corp.		257,700		2,837,621
eGuarantee Inc.		135,000		1,759,546
Eiken Chemical Co. Ltd.		120,100		1,496,931
Eizo Corp.		51,500		1,778,276
Elan Corp.		121,900		874,105
Elecom Co. Ltd.		163,100		1,896,859
Electric Power Development Co. Ltd.		556,200		9,342,780
EM Systems Co. Ltd.		182,900		870,364
en Japan Inc.		120,300		2,223,316
Enplas Corp.(c)		22,500		1,828,119

68 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
eRex Co. Ltd.(c)		120,400	$	669,624
ES-Con Japan Ltd.(a)		142,600		981,110
Euglena Co. Ltd.(a)(c)		395,800		1,854,804
Exedy Corp.		120,800		2,317,605
EXEO Group Inc.		361,900		8,082,710
Ezaki Glico Co. Ltd.		190,300		5,567,892
Fancl Corp.		301,400		4,759,596
FCC Co. Ltd.		138,300		1,801,755
Ferrotec Holdings Corp.		181,600		3,502,404
Financial Partners Group Co. Ltd.		242,100		2,776,593
Food & Life Companies Ltd.		428,300		8,570,459
FP Corp.		180,400		3,495,017
FP Partner Inc.		28,800		1,198,018
Freee KK(a)(c)		163,200		3,072,108
Frontier Real Estate Investment Corp.		1,856		5,486,108
Fuji Co. Ltd./Ehime		119,700		1,613,497
Fuji Corp./Aichi		280,600		4,754,339
Fuji Kyuko Co. Ltd.		81,600		2,411,987
Fuji Media Holdings Inc.		177,600		2,103,981
Fuji Oil Holdings Inc.		167,600		2,684,771
Fuji Seal International Inc.		149,800		1,766,561
Fuji Soft Inc.		206,200		9,038,237
Fujicco Co. Ltd.		39,600		543,527
Fujikura Ltd.		906,600		7,452,714
Fujimi Inc.		200,500		4,017,983
Fujimori Kogyo Co. Ltd.		43,100		1,190,375
Fujio Food Group Inc.(a)		79,600		792,801
Fujitec Co. Ltd.		212,400		5,419,481
Fujitsu General Ltd.		227,200		3,328,967
Fujiya Co. Ltd.(c)		39,200		658,442
Fukuda Denshi Co. Ltd.		59,900		3,193,948
Fukui Computer Holdings Inc.		39,600		698,962
Fukuoka Financial Group Inc.		632,900		15,554,956
Fukuoka REIT Corp.		2,434		2,879,033
Fukushima Galilei Co. Ltd.		39,600		1,379,233
Fukuyama Transporting Co. Ltd.		79,900		2,209,806
Fullcast Holdings Co. Ltd.		69,700		841,487
Funai Soken Holdings Inc.		142,560		2,482,197
Furukawa Co. Ltd.		93,100		1,220,340
Furukawa Electric Co. Ltd.		260,300		4,734,971
Fuso Chemical Co. Ltd.		73,000		2,055,678
Future Corp.		164,300		1,950,019
Fuyo General Lease Co. Ltd.		63,900		5,714,337
G-7 Holdings Inc.		78,100		665,800
Genky DrugStores Co. Ltd.		33,200		1,510,526
Geo Holdings Corp.		104,300		1,704,067
Giken Ltd.		59,100		866,845
Global One Real Estate Investment Corp.		3,735		2,782,584
GLOBERIDE Inc.		58,500		823,364
Glory Ltd.		159,100		3,287,236
GMO Financial Gate Inc.		17,500		1,204,473
GMO Financial Holdings Inc.		181,500		927,558
GMO internet group Inc.		252,500		4,550,648
GMO Payment Gateway Inc.		161,200		9,726,529
GNI Group Ltd.(a)		190,797		3,419,728
Goldcrest Co. Ltd.		66,400		1,058,958
Goldwin Inc.		82,200		5,529,533
Gree Inc.		241,500		960,728
GS Yuasa Corp.		317,200		4,574,900
G-Tekt Corp.		80,100		995,633
GungHo Online Entertainment Inc.(a)		167,330		2,813,215
Gunma Bank Ltd. (The)		1,224,100		6,036,284

Security	Shares		Value
Japan (continued)
Gunze Ltd.		54,700	$	1,999,343
H.U. Group Holdings Inc.		207,300		3,853,680
H2O Retailing Corp.		356,800		3,820,011
Hachijuni Bank Ltd. (The)		1,379,300		7,517,058
Hakuhodo DY Holdings Inc.		819,800		6,297,065
Hakuto Co. Ltd.		39,600		1,639,401
Halows Co. Ltd.		28,500		845,051
Hamakyorex Co. Ltd.		55,800		1,553,702
Hankyu Hanshin REIT Inc.		2,308		2,285,336
Hanwa Co. Ltd.		120,100		4,392,835
Harmonic Drive Systems Inc.		202,300		4,902,465
Haseko Corp.		921,300		11,980,479
Hazama Ando Corp.		623,000		5,031,155
Heiwa Corp.		203,900		3,029,514
Heiwa Real Estate Co. Ltd.		118,100		3,122,369
Heiwa Real Estate REIT Inc.		3,740		3,475,729
Heiwado Co. Ltd.		108,400		1,618,872
Hiday Hidaka Corp.		97,300		1,961,247
Hino Motors Ltd.(a)		1,079,500		3,675,258
Hioki E.E. Corp.		39,300		1,743,972
Hirata Corp.		36,500		1,669,719
Hirogin Holdings Inc.		939,800		6,306,338
HIS Co. Ltd.(a)(c)		214,600		2,607,051
Hisamitsu Pharmaceutical Co. Inc.		200,300		5,709,008
Hitachi Zosen Corp.		603,100		3,721,311
Hogy Medical Co. Ltd.		85,200		2,053,992
Hokkaido Electric Power Co. Inc.		658,400		2,937,493
Hokkoku Financial Holdings Inc.		77,400		2,302,904
Hokuetsu Corp.(c)		433,200		4,095,649
Hokuhoku Financial Group Inc.		418,600		4,434,670
Hokuriku Electric Power Co.(a)		636,300		3,111,348
Hokuto Corp.		96,900		1,182,056
Horiba Ltd.		138,800		11,136,487
Hoshino Resorts REIT Inc.		935		3,263,155
Hosiden Corp.		147,200		1,806,968
House Foods Group Inc.		235,100		5,174,894
Hulic REIT Inc.		4,958		5,221,104
Hyakugo Bank Ltd. (The)		773,700		3,000,676
Ichibanya Co. Ltd.		49,400		2,177,354
Ichigo Inc.		969,100		2,583,409
Ichigo Office REIT Investment Corp.		3,479		1,954,957
Idec Corp./Japan		110,500		2,211,272
IDOM Inc.		213,600		1,275,832
IHI Corp.		530,400		10,144,638
Iino Kaiun Kaisha Ltd.		253,200		2,211,265
I’ll Inc.		33,800		750,434
Inaba Denki Sangyo Co. Ltd.		179,400		4,286,547
Inabata & Co. Ltd.		172,100		3,744,803
Inageya Co. Ltd.(c)		99,000		850,765
Industrial & Infrastructure Fund Investment Corp.		7,893		7,142,712
Infocom Corp.		88,200		1,464,424
Infomart Corp.		733,800		1,969,432
INFRONEER Holdings Inc.		676,328		7,069,974
Insource Co. Ltd.		202,300		1,143,533
Internet Initiative Japan Inc.		422,200		8,187,055
Invincible Investment Corp.		25,772		10,594,891
Iriso Electronics Co. Ltd.		75,200		1,758,573
Isetan Mitsukoshi Holdings Ltd.		1,292,100		15,107,629
Ispace Inc./Japan, NVS(c)		86,400		630,377
Ito En Ltd.		210,400		6,107,817
Itochu Enex Co. Ltd.		230,700		2,470,808
Itochu-Shokuhin Co. Ltd.		23,200		1,185,293

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Itoham Yonekyu Holdings Inc.		100,140	$	2,805,874
Iwatani Corp.		170,000		7,596,702
Iyogin Holdings Inc., NVS		1,020,400		6,940,689
Izumi Co. Ltd.		122,000		2,871,975
J Front Retailing Co. Ltd.		937,100		8,678,797
J Trust Co. Ltd.(c)		267,800		866,569
JAC Recruitment Co. Ltd.		308,800		1,410,840
Jaccs Co. Ltd.		79,700		3,053,059
JAFCO Group Co. Ltd.		198,200		2,350,789
Japan Airport Terminal Co. Ltd.		231,800		9,205,454
Japan Aviation Electronics Industry Ltd.		180,700		3,106,701
Japan Display Inc.(a)(c)		2,469,700		333,507
Japan Elevator Service Holdings Co. Ltd.		256,500		3,876,097
Japan Excellent Inc.		4,550		3,761,902
Japan Hotel REIT Investment Corp.		17,744		9,118,613
Japan Lifeline Co. Ltd.		216,300		1,930,082
Japan Logistics Fund Inc.		3,416		6,316,258
Japan Material Co. Ltd.		241,800		4,085,886
Japan Petroleum Exploration Co. Ltd.		124,000		5,044,056
Japan Prime Realty Investment Corp.		3,259		7,803,073
Japan Pulp & Paper Co. Ltd.		39,600		1,355,627
Japan Securities Finance Co. Ltd.		314,600		3,334,080
Japan Steel Works Ltd. (The)		230,700		3,796,858
Japan Wool Textile Co. Ltd. (The)		191,100		1,927,606
JCR Pharmaceuticals Co. Ltd.		263,600		1,942,262
JCU Corp.		70,500		1,779,173
JDC Corp.		162,300		601,963
Jeol Ltd.		167,400		7,652,501
JGC Holdings Corp.		843,900		9,884,990
JINS Holdings Inc.		49,500		1,395,628
JMDC Inc.(c)		84,900		2,246,662
J-Oil Mills Inc.		40,600		562,744
Joshin Denki Co. Ltd.		66,800		1,114,810
Joyful Honda Co. Ltd.		193,000		2,559,756
JTEKT Corp.		786,300		7,194,518
JTOWER Inc.(a)(c)		39,700		1,223,037
Juroku Financial Group Inc.		120,500		3,378,393
Justsystems Corp.		131,000		2,737,102
JVCKenwood Corp.		595,300		2,895,013
Kadokawa Corp.		327,434		6,927,655
Kaga Electronics Co. Ltd.		65,000		3,008,850
Kagome Co. Ltd.		290,200		7,144,752
Kakaku.com Inc.		504,700		5,741,115
Kaken Pharmaceutical Co. Ltd.		116,100		2,741,900
Kameda Seika Co. Ltd.		48,100		1,366,067
Kamigumi Co. Ltd.		366,500		8,431,616
Kanamoto Co. Ltd.		110,600		2,112,566
Kandenko Co. Ltd.		432,300		4,445,789
Kaneka Corp.		180,500		4,389,295
Kanematsu Corp.		291,300		4,516,405
Kansai Paint Co. Ltd.		681,500		11,394,553
Kanto Denka Kogyo Co. Ltd.		179,000		1,071,310
Kappa Create Co. Ltd.(a)(c)		112,900		1,350,401
Kasumigaseki Capital Co. Ltd.(c)		23,500		1,991,589
Katakura Industries Co. Ltd.		55,100		634,624
Katitas Co. Ltd.		200,100		2,487,761
Kato Sangyo Co. Ltd.		89,200		2,908,591
Kawasaki Heavy Industries Ltd.		580,800		13,149,238
KeePer Technical Laboratory Co. Ltd.		54,000		2,383,080
Keihan Holdings Co. Ltd.		390,100		9,514,191
Keihanshin Building Co. Ltd.		108,100		1,092,366
Keikyu Corp.		835,700		7,299,353

Security	Shares		Value
Japan (continued)
Keio Corp.		393,600	$	11,516,860
Keiyo Bank Ltd. (The)		368,500		1,803,900
Kenedix Residential Next Investment Corp.(a)		1		—
Kenedix Retail REIT Corp.(a)		1		—
Kewpie Corp.		382,300		6,803,565
KFC Holdings Japan Ltd.		48,500		1,112,685
KH Neochem Co. Ltd.		120,100		1,871,597
Kinden Corp.		472,700		7,877,330
Kintetsu Department Store Co. Ltd.		40,300		696,354
Kisoji Co. Ltd.		109,700		1,989,461
Kissei Pharmaceutical Co. Ltd.		110,700		2,363,772
Ki-Star Real Estate Co. Ltd.		37,400		883,285
Kitz Corp.		221,000		1,806,878
Kiyo Bank Ltd. (The)		219,900		2,478,460
Koa Corp.		120,000		1,227,863
Kobayashi Pharmaceutical Co. Ltd.		194,400		8,773,377
Kobe Steel Ltd.		1,366,200		18,864,328
Kohnan Shoji Co. Ltd.(c)		86,800		2,305,806
Kokuyo Co. Ltd.		313,300		5,045,538
KOMEDA Holdings Co. Ltd.		180,000		3,450,107
Komeri Co. Ltd.		119,700		2,682,071
Konica Minolta Inc.(a)		1,731,300		4,751,051
Konishi Co. Ltd.		202,800		1,942,143
Konoike Transport Co. Ltd.		87,000		1,157,393
Kosaido Holdings Co. Ltd.		312,500		1,585,613
Koshidaka Holdings Co. Ltd.		220,400		1,404,075
Kotobuki Spirits Co. Ltd.		349,500		4,702,393
Krosaki Harima Corp.		17,300		1,444,661
K’s Holdings Corp.		536,140		4,872,535
Kumagai Gumi Co. Ltd.		120,000		3,123,124
Kumiai Chemical Industry Co. Ltd.		282,100		1,617,648
Kura Sushi Inc.		78,700		2,108,873
Kuraray Co. Ltd.		1,083,800		11,370,975
Kureha Corp.		157,400		3,012,984
Kurita Water Industries Ltd.		400,300		14,619,356
Kusuri no Aoki Holdings Co. Ltd.		174,800		3,773,887
KYB Corp.		64,200		2,226,040
Kyoei Steel Ltd.		85,500		1,228,953
Kyokuto Kaihatsu Kogyo Co. Ltd.		125,500		1,717,787
Kyorin Pharmaceutical Co. Ltd.		140,800		1,701,105
Kyoritsu Maintenance Co. Ltd.		120,100		4,935,057
Kyoto Financial Group Inc.		886,400		14,731,489
Kyudenko Corp.		160,900		6,120,319
Kyushu Electric Power Co. Inc.(a)		1,551,400		11,618,614
Kyushu Financial Group Inc.		1,223,400		7,785,225
Kyushu Railway Co.		515,500		11,330,686
LaSalle Logiport REIT		7,173		7,263,734
Lawson Inc.		176,700		10,113,971
Leopalace21 Corp.(a)		672,100		1,880,020
Life Corp.		100,600		2,554,701
LIFENET INSURANCE Co.(a)		217,500		1,843,998
Link And Motivation Inc.		228,900		858,711
Lintec Corp.		147,200		2,787,791
Lion Corp.		895,700		7,984,374
LITALICO Inc.		83,100		1,210,801
Lixil Corp.		1,099,300		14,689,912
M&A Capital Partners Co. Ltd.		53,600		825,501
M&A Research Institute Holdings Inc., NVS(a)		95,800		3,409,675
Mabuchi Motor Co. Ltd.		364,400		6,315,895
Macnica Holdings Inc.		175,350		9,278,798
Maeda Kosen Co. Ltd.		65,700		1,432,238
Makino Milling Machine Co. Ltd.		86,400		3,499,612

70 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Management Solutions Co. Ltd.		39,600	$	801,447
Mandom Corp.		140,900		1,226,584
Mani Inc.		290,300		4,032,913
Maruha Nichiro Corp.		140,400		2,777,972
Marui Group Co. Ltd.		679,000		11,227,375
Maruichi Steel Tube Ltd.		225,500		5,745,637
MARUKA FURUSATO Corp.		67,000		1,112,567
Maruwa Co. Ltd./Aichi		34,700		6,942,977
Maruzen Showa Unyu Co. Ltd.		39,700		1,096,068
Matsuda Sangyo Co. Ltd.		58,100		1,081,308
Matsui Securities Co. Ltd.(c)		467,400		2,625,865
Matsuyafoods Holdings Co. Ltd.		38,400		1,544,534
Max Co. Ltd.		94,100		2,091,381
Maxell Ltd.		148,900		1,637,685
Maxvalu Tokai Co. Ltd.		39,600		873,144
MCJ Co. Ltd.		231,700		1,942,897
Mebuki Financial Group Inc.		3,752,600		11,232,268
Medipal Holdings Corp.		738,400		11,785,588
Medley Inc.(a)		81,900		2,567,887
Megachips Corp.		50,000		1,614,425
Megmilk Snow Brand Co. Ltd.		181,100		2,840,245
Meidensha Corp.		120,100		2,152,832
Meiko Electronics Co. Ltd.		76,900		2,094,582
MEITEC Group Holdings Inc.		266,100		5,264,344
Melco Holdings Inc.		24,000		534,063
Menicon Co. Ltd.		232,700		3,379,280
Mercari Inc.(a)(c)		439,100		7,260,011
METAWATER Co. Ltd.		99,400		1,448,601
Micronics Japan Co. Ltd.		112,200		3,331,589
Mie Kotsu Group Holdings Inc.		211,600		900,918
Milbon Co. Ltd.		104,400		2,494,910
Mimasu Semiconductor Industry Co. Ltd.		69,300		1,493,583
Mirai Corp.		6,587		2,014,145
MIRAIT ONE corp.		347,400		4,589,828
Mitani Sekisan Co. Ltd.		39,400		1,353,735
Mitsubishi Estate Logistics REIT Investment Corp.		1,936		4,850,473
Mitsubishi Gas Chemical Co. Inc.		600,600		9,808,324
Mitsubishi Logisnext Co. Ltd.		139,800		1,447,913
Mitsubishi Logistics Corp.		203,700		6,292,116
Mitsubishi Materials Corp.		482,800		8,838,856
Mitsubishi Motors Corp.		2,636,800		8,308,730
Mitsubishi Pencil Co. Ltd.		129,500		1,760,951
Mitsubishi Research Institute Inc.		39,600		1,327,381
Mitsubishi Shokuhin Co. Ltd.		66,100		2,247,142
Mitsuboshi Belting Ltd.		85,800		2,862,095
Mitsui DM Sugar Holdings Co. Ltd.		50,900		1,169,573
Mitsui Fudosan Logistics Park Inc.		2,242		6,721,359
Mitsui High-Tec Inc.		75,700		3,494,050
Mitsui Mining & Smelting Co. Ltd.		208,300		6,439,653
Mitsui-Soko Holdings Co. Ltd.		80,300		2,682,078
Mitsuuroko Group Holdings Co. Ltd.		132,200		1,379,333
Miura Co. Ltd.		334,700		6,116,171
Mixi Inc.		152,500		2,615,825
Mizuho Leasing Co. Ltd.		106,300		3,852,393
Mizuno Corp.		75,800		2,261,316
Mochida Pharmaceutical Co. Ltd.		79,300		1,792,872
Modec Inc.(a)		87,000		1,358,637
Monex Group Inc.		686,970		3,575,158
Money Forward Inc.(a)(c)		167,900		6,553,473
Monogatari Corp. (The)		120,000		4,231,251
Mori Hills REIT Investment Corp.		5,977		5,562,545
Mori Trust REIT Inc.		9,562		4,855,836

Security	Shares		Value
Japan (continued)
Morinaga & Co. Ltd./Japan		269,400	$	5,141,727
Morinaga Milk Industry Co. Ltd.		272,900		5,588,584
Morita Holdings Corp.		105,500		1,139,313
MOS Food Services Inc.		101,800		2,367,679
Musashi Seimitsu Industry Co. Ltd.		175,100		1,987,446
Musashino Bank Ltd. (The)		96,200		1,812,381
Nabtesco Corp.		424,100		8,151,588
Nachi-Fujikoshi Corp.		52,500		1,224,345
Nafco Co. Ltd.		71,800		1,088,193
Nagaileben Co. Ltd.(c)		88,600		1,405,866
Nagase & Co. Ltd.		350,100		5,724,370
Nagawa Co. Ltd.(c)		38,000		1,835,408
Nagoya Railroad Co. Ltd.		715,600		11,033,058
Nakanishi Inc.		252,900		4,138,923
Nankai Electric Railway Co. Ltd.		386,400		7,534,787
Nanto Bank Ltd. (The)		103,100		1,864,887
NEC Networks & System Integration Corp.		254,800		4,114,822
NET One Systems Co. Ltd.		315,200		5,124,868
Nextage Co. Ltd.(c)		170,200		2,564,349
NGK Insulators Ltd.		895,200		11,183,494
NH Foods Ltd.		317,900		10,886,860
NHK Spring Co. Ltd.		749,700		6,189,274
Nichias Corp.		201,000		4,698,266
Nichicon Corp.		165,500		1,446,442
Nichiden Corp.		40,700		759,029
Nichiha Corp.		94,800		1,904,470
Nichirei Corp.		412,300		9,958,151
Nifco Inc./Japan		289,200		7,504,958
Nihon Kohden Corp.		303,100		9,237,547
Nihon M&A Center Holdings Inc.		1,171,700		7,042,948
Nihon Parkerizing Co. Ltd.		363,100		2,884,077
Nikkiso Co. Ltd.		190,100		1,395,574
Nikkon Holdings Co. Ltd.		202,300		4,345,937
Nikon Corp.		1,138,200		11,615,938
Nippn Corp., New		176,400		2,708,099
Nippon Accommodations Fund Inc.		1,973		8,213,858
Nippon Carbon Co. Ltd.		40,700		1,236,706
Nippon Ceramic Co. Ltd.		82,000		1,484,970
Nippon Densetsu Kogyo Co. Ltd.		138,900		1,926,663
Nippon Electric Glass Co. Ltd.		313,100		6,959,871
Nippon Gas Co. Ltd.		397,100		6,151,337
Nippon Kanzai Holdings Co. Ltd.		64,400		1,149,844
Nippon Kayaku Co. Ltd.		490,700		4,380,628
Nippon Light Metal Holdings Co. Ltd.		202,290		2,492,590
Nippon Paper Industries Co. Ltd.(a)		367,100		3,402,722
Nippon Parking Development Co. Ltd.		911,400		1,134,687
Nippon Pillar Packing Co. Ltd.		63,700		2,094,539
NIPPON REIT Investment Corp.		1,703		3,943,382
Nippon Road Co. Ltd. (The)		78,500		1,131,681
Nippon Seiki Co. Ltd.		167,500		1,552,567
Nippon Shinyaku Co. Ltd.		202,300		7,146,847
Nippon Shokubai Co. Ltd.		108,900		4,096,828
Nippon Signal Co. Ltd.		186,800		1,191,837
Nippon Soda Co. Ltd.		83,000		3,203,946
Nippon Television Holdings Inc.		197,200		2,300,670
Nipro Corp.		545,600		4,393,790
Nishimatsu Construction Co. Ltd.		127,600		3,507,596
Nishimatsuya Chain Co. Ltd.		140,600		2,030,640
Nishi-Nippon Financial Holdings Inc.		449,500		5,175,602
Nishi-Nippon Railroad Co. Ltd.		227,800		3,786,488
Nishio Holdings Co. Ltd.		75,300		2,062,605
Nissan Shatai Co. Ltd.		276,400		1,823,755

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Nissha Co. Ltd.		141,900	$	1,574,132
Nisshin Oillio Group Ltd. (The)		97,600		2,981,449
Nisshin Seifun Group Inc.		757,400		10,565,112
Nisshinbo Holdings Inc.		517,800		4,273,603
Nissui Corp.		1,068,000		5,835,491
Niterra Co. Ltd.		591,700		15,933,655
Nitta Corp.		64,900		1,679,502
Nittetsu Mining Co. Ltd.		38,800		1,382,874
Nitto Boseki Co. Ltd.		88,600		3,025,473
Nitto Kogyo Corp.		96,700		2,631,471
Noevir Holdings Co. Ltd.		55,500		1,973,065
NOF Corp.		256,900		11,602,561
Nohmi Bosai Ltd.		86,900		1,312,455
Nojima Corp.		231,900		2,922,650
NOK Corp.		295,500		3,914,037
Nomura Co. Ltd.		296,000		1,749,514
Noritake Co. Ltd./Nagoya Japan		39,000		2,074,695
Noritsu Koki Co. Ltd.		66,300		1,497,685
Noritz Corp.		95,700		1,008,098
North Pacific Bank Ltd.		989,400		2,523,048
NS Solutions Corp.		120,000		4,002,348
NS United Kaiun Kaisha Ltd.		40,700		1,431,407
NSD Co. Ltd.		266,980		5,010,132
NSK Ltd.		1,346,400		7,340,061
NTN Corp.		1,493,700		2,731,618
NTT UD REIT Investment Corp.		5,366		4,556,626
Obara Group Inc.		39,600		1,077,224
OBIC Business Consultants Co. Ltd.		121,200		5,861,263
Ogaki Kyoritsu Bank Ltd. (The)		134,000		1,793,989
Ohsho Food Service Corp.		49,000		2,709,108
Oiles Corp.		78,100		1,129,789
Oisix ra daichi Inc.(a)(c)		116,000		1,097,225
Okamoto Industries Inc.		36,100		1,223,213
Okamura Corp.		203,500		3,049,886
Okasan Securities Group Inc.		550,300		2,693,295
Oki Electric Industry Co. Ltd.		307,300		2,159,172
Okinawa Cellular Telephone Co.		88,900		2,166,275
Okinawa Electric Power Co. Inc. (The)		174,977		1,386,709
Okinawa Financial Group Inc.		78,600		1,350,800
OKUMA Corp.		89,900		4,044,970
Okumura Corp.		117,200		4,098,410
One REIT Inc.		854		1,570,494
Onward Holdings Co. Ltd.		452,200		1,660,055
Open Up Group Inc.		208,431		3,228,501
Optex Group Co. Ltd.		125,200		1,554,866
Optorun Co. Ltd.		120,000		1,386,607
Organo Corp.		100,900		4,167,484
Orient Corp.		195,260		1,473,425
Orix JREIT Inc.		10,135		11,723,248
Osaka Organic Chemical Industry Ltd.		49,900		992,558
Osaka Soda Co. Ltd.		56,900		3,994,406
OSAKA Titanium Technologies Co. Ltd.(c)		117,800		2,228,343
OSG Corp.		318,300		4,331,526
Outsourcing Inc.(a)		433,500		5,061,292
Pacific Industrial Co. Ltd.		163,800		1,590,025
PAL GROUP Holdings Co. Ltd.		177,600		2,840,226
PALTAC Corp.		111,600		3,397,709
Paramount Bed Holdings Co. Ltd.		142,000		2,564,678
Park24 Co. Ltd.(a)		487,700		6,372,668
Pasona Group Inc.		75,300		1,373,177
Penta-Ocean Construction Co. Ltd.		1,036,000		5,550,856
PeptiDream Inc.(a)(c)		379,200		3,323,117

Security	Shares		Value
Japan (continued)
Persol Holdings Co. Ltd.		7,138,600	$	11,348,312
Pharma Foods International Co. Ltd.(c)		76,000		517,355
PHC Holdings Corp.		102,500		1,060,611
Pigeon Corp.		479,800		5,243,588
Pilot Corp.		113,700		3,175,165
Piolax Inc.		121,800		2,063,037
PKSHA Technology Inc.(a)(c)		74,000		1,936,034
Plus Alpha Consulting Co. Ltd.		95,400		1,662,677
Pola Orbis Holdings Inc.		339,900		3,516,264
Pressance Corp.		93,700		1,059,829
Prestige International Inc.		354,500		1,455,634
Prima Meat Packers Ltd.		86,800		1,420,190
Raito Kogyo Co. Ltd.		152,400		2,130,413
Raiznext Corp.		94,300		1,003,476
Raksul Inc.(a)		195,800		1,519,428
Rakus Co. Ltd.		313,800		5,157,652
Rakuten Bank Ltd., NVS(a)(c)		368,500		5,744,523
Relo Group Inc.		400,300		4,018,103
Rengo Co. Ltd.		712,500		4,620,604
RENOVA Inc.(a)		150,600		1,293,886
Resonac Holdings Corp.		673,400		13,428,596
Resorttrust Inc.		284,100		4,938,674
Restar Holdings Corp.		77,800		1,612,361
Retail Partners Co. Ltd.		92,100		1,090,179
Ricoh Leasing Co. Ltd.		53,700		1,843,353
Riken Keiki Co. Ltd.		49,800		2,460,451
Riken Vitamin Co. Ltd.		87,900		1,376,503
Ringer Hut Co. Ltd.(c)		95,800		1,583,748
Rinnai Corp.		407,400		9,229,982
Riso Kagaku Corp.		75,400		1,523,770
Riso Kyoiku Co. Ltd.		437,800		722,464
Rohto Pharmaceutical Co. Ltd.		735,800		15,055,664
Roland Corp.		53,900		1,790,765
Rorze Corp.		40,600		4,509,341
Round One Corp.		750,600		3,324,432
Royal Holdings Co. Ltd.		119,200		2,097,835
RS Technologies Co. Ltd.		54,700		1,061,876
Ryobi Ltd.		81,700		1,506,220
Ryohin Keikaku Co. Ltd.		968,100		15,053,128
Ryosan Co. Ltd.		52,000		1,713,380
Ryoyo Electro Corp.		71,000		1,811,845
S Foods Inc.		67,500		1,517,864
Saibu Gas Holdings Co. Ltd.		88,000		1,153,853
Saizeriya Co. Ltd.		112,200		3,851,746
Sakai Moving Service Co. Ltd.		80,500		1,530,102
Sakata INX Corp.		173,700		1,675,903
Sakata Seed Corp.		110,100		2,741,773
SAMTY Co. Ltd.		100,800		1,717,492
Samty Residential Investment Corp.		1,578		1,149,876
San-A Co. Ltd.		77,600		2,396,733
San-Ai Obbli Co. Ltd.		191,200		2,155,880
SanBio Co. Ltd.(a)(c)		206,800		791,179
Sangetsu Corp.		171,400		3,775,317
San-In Godo Bank Ltd. (The)		497,400		3,507,697
Sanken Electric Co. Ltd.		87,400		4,015,433
Sanki Engineering Co. Ltd.		144,700		1,856,365
Sankyo Co. Ltd.		152,700		9,340,134
Sankyu Inc.		192,700		7,203,562
Sanrio Co. Ltd.		205,000		8,560,223
Sansan Inc.(a)		288,100		2,681,986
Santen Pharmaceutical Co. Ltd.		1,290,400		13,036,036
Sanwa Holdings Corp.		707,700		10,816,612

72 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Sanyo Chemical Industries Ltd.		40,600	$	1,186,625
Sanyo Denki Co. Ltd.		36,000		1,496,868
Sanyo Special Steel Co. Ltd.		74,500		1,279,661
Sapporo Holdings Ltd.		242,200		11,199,041
Sato Holdings Corp.		94,900		1,395,333
Sawai Group Holdings Co. Ltd.		148,600		5,624,511
SB Technology Corp.		40,800		687,056
SBI Sumishin Net Bank Ltd., NVS(c)		195,200		2,249,713
SBS Holdings Inc.		60,000		1,015,616
SCREEN Holdings Co. Ltd.		317,800		31,163,230
Sega Sammy Holdings Inc.		594,300		8,746,670
Seibu Holdings Inc.		925,300		13,076,729
Seiko Group Corp.		106,900		1,907,106
Seino Holdings Co. Ltd.		470,700		6,874,025
Seiren Co. Ltd.		161,100		2,703,840
Sekisui House REIT Inc.		15,780		8,393,200
Sekisui Jushi Corp.		105,100		1,810,229
Senko Group Holdings Co. Ltd.		423,000		3,307,185
Senshu Ikeda Holdings Inc.		865,900		2,006,097
Septeni Holdings Co. Ltd.		332,800		1,114,311
Seria Co. Ltd.		178,300		3,267,382
Seven Bank Ltd.		2,252,000		4,714,163
Shibaura Machine Co. Ltd.		88,200		2,138,403
Shibaura Mechatronics Corp.(c)		48,100		2,278,460
Shibuya Corp.		65,100		1,106,391
SHIFT Inc.(a)(c)		47,700		8,599,037
Shiga Bank Ltd. (The)		129,600		3,222,392
Shikoku Chemicals Corp.		125,400		1,550,590
Shikoku Electric Power Co. Inc.		546,500		3,864,187
Shima Seiki Manufacturing Ltd.		99,000		1,006,788
Shimamura Co. Ltd.		85,800		9,412,988
Shin Nippon Biomedical Laboratories Ltd.(c)		82,900		960,853
Shin-Etsu Polymer Co. Ltd.		179,000		1,969,030
Shinko Electric Industries Co. Ltd.		261,500		9,668,213
Shinmaywa Industries Ltd.		200,400		1,663,526
Ship Healthcare Holdings Inc.		290,100		4,402,806
Shizuoka Gas Co. Ltd.		137,000		935,951
SHO-BOND Holdings Co. Ltd.		153,200		6,823,608
Shochiku Co. Ltd.		38,800		2,663,048
Shoei Co. Ltd.		185,200		2,475,079
Shoei Foods Corp.		40,600		1,232,881
Showa Sangyo Co. Ltd.		69,800		1,599,659
Siix Corp.		119,300		1,261,520
Simplex Holdings Inc.		115,300		2,101,513
SKY Perfect JSAT Holdings Inc.		566,800		2,982,698
Skylark Holdings Co. Ltd.		877,400		14,314,040
SMS Co. Ltd.		267,500		4,831,081
Snow Peak Inc.(c)		106,700		644,041
Socionext Inc.		685,000		15,698,884
Sohgo Security Services Co. Ltd.		1,458,500		7,961,934
Sojitz Corp.		865,820		20,434,572
Solasto Corp.		205,500		802,921
Sosei Group Corp.(a)		284,100		2,757,718
SOSiLA Logistics REIT Inc.		2,706		2,197,564
Sotetsu Holdings Inc.		300,300		5,503,935
SPARX Group Co. Ltd.		91,820		1,130,760
SRE Holdings Corp.(a)(c)		40,700		918,514
Stanley Electric Co. Ltd.		490,000		9,359,246
Star Asia Investment Corp.		8,644		3,389,335
Star Micronics Co. Ltd.		139,200		1,661,237
Starts Corp. Inc.		118,600		2,432,937
Starts Proceed Investment Corp.		974		1,344,603

Security	Shares		Value
Japan (continued)
Strike Co. Ltd.		39,700	$	1,280,884
Sugi Holdings Co. Ltd.		130,600		6,240,021
Sumitomo Bakelite Co. Ltd.		133,100		6,614,740
Sumitomo Densetsu Co. Ltd.		76,400		1,579,187
Sumitomo Forestry Co. Ltd.		610,300		17,939,908
Sumitomo Heavy Industries Ltd.		430,000		11,156,130
Sumitomo Mitsui Construction Co. Ltd.		447,580		1,255,366
Sumitomo Osaka Cement Co. Ltd.		124,600		3,138,957
Sumitomo Pharma Co. Ltd.		671,900		1,972,343
Sumitomo Riko Co. Ltd.		130,900		1,124,951
Sumitomo Rubber Industries Ltd.		656,500		7,605,207
Sumitomo Warehouse Co. Ltd. (The)		185,000		3,327,081
Sun Frontier Fudousan Co. Ltd.		122,200		1,461,421
Sundrug Co. Ltd.		280,200		8,450,904
SUNWELS Co. Ltd.(c)		41,300		644,783
Suruga Bank Ltd.		617,400		3,598,035
Suzuken Co. Ltd.		237,300		7,366,024
Systena Corp.		1,075,600		2,174,095
T Hasegawa Co. Ltd.		120,000		2,692,865
Tadano Ltd.		360,000		2,930,574
Taihei Dengyo Kaisha Ltd.		46,600		1,407,485
Taiheiyo Cement Corp.		438,400		9,023,280
Taikisha Ltd.		89,000		2,653,698
Taisho Pharmaceutical Holdings Co. Ltd.		64,600		3,759,299
Taiyo Holdings Co. Ltd.		154,800		3,410,832
Taiyo Yuden Co. Ltd.		449,200		10,850,759
Takamatsu Construction Group Co. Ltd.		42,000		843,433
Takara Bio Inc.		183,100		1,556,498
Takara Holdings Inc.		526,200		4,451,878
Takara Leben Real Estate Investment Corp.		2,355		1,675,083
Takara Standard Co. Ltd.		158,600		1,894,952
Takasago International Corp.		28,900		690,187
Takasago Thermal Engineering Co. Ltd.		166,000		3,835,632
Takashimaya Co. Ltd.		548,400		7,639,894
Takeuchi Manufacturing Co. Ltd.		127,200		4,348,681
Takuma Co. Ltd.		231,600		2,725,073
Tama Home Co. Ltd.		52,300		1,443,670
Tamron Co. Ltd.		69,500		2,633,499
TBS Holdings Inc.		123,300		2,859,257
TechMatrix Corp.		140,200		1,497,649
TechnoPro Holdings Inc.		417,000		9,613,857
Teijin Ltd.		683,200		6,285,018
Tenma Corp.		39,600		609,704
T-Gaia Corp.		64,200		868,791
THK Co. Ltd.		441,200		8,482,788
TKC Corp.		100,600		2,605,824
TKP Corp.(a)		77,400		877,920
Toa Corp./Tokyo		51,500		1,361,322
Toagosei Co. Ltd.		360,100		3,446,778
Tocalo Co. Ltd.		200,400		2,131,681
Toda Corp.		864,500		5,450,691
Toei Animation Co. Ltd.		32,400		4,335,000
Toei Co. Ltd.		24,900		3,494,546
Toenec Corp.		13,500		442,872
Toho Bank Ltd. (The)		669,900		1,420,679
Toho Gas Co. Ltd.		281,600		5,657,314
Toho Holdings Co. Ltd.		199,700		4,325,200
Toho Titanium Co. Ltd.(c)		120,400		1,601,499
Tohoku Electric Power Co. Inc.		1,728,500		11,539,120
Tokai Carbon Co. Ltd.		766,900		5,393,506
Tokai Corp./Gifu		40,700		581,265
TOKAI Holdings Corp.		376,200		2,536,765

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Tokai Rika Co. Ltd.		200,400	$	3,170,536
Tokai Tokyo Financial Holdings Inc.		694,200		2,677,900
Token Corp.		24,500		1,571,121
Tokushu Tokai Paper Co. Ltd.		36,000		960,799
Tokuyama Corp.		227,100		3,640,199
Tokyo Century Corp.		557,600		6,195,706
Tokyo Electron Device Ltd.		70,600		2,797,246
Tokyo Kiraboshi Financial Group Inc.		88,200		2,579,969
Tokyo Ohka Kogyo Co. Ltd.		365,300		8,343,632
Tokyo Seimitsu Co. Ltd.		151,100		9,787,304
Tokyo Steel Manufacturing Co. Ltd.		237,700		2,870,965
Tokyo Tatemono Co. Ltd.		721,000		11,111,997
Tokyotokeiba Co. Ltd.(c)		56,900		1,782,049
Tokyu Construction Co. Ltd.		281,540		1,567,171
Tokyu Fudosan Holdings Corp.		2,384,000		15,943,168
Tokyu REIT Inc.		3,332		3,885,425
TOMONY Holdings Inc.		577,400		1,589,932
Tomy Co. Ltd.		304,400		4,994,174
Topcon Corp.		375,200		4,310,537
Topre Corp.		126,000		1,833,965
Toridoll Holdings Corp.		169,900		5,201,518
Torii Pharmaceutical Co. Ltd.		46,100		1,174,777
Tosei Corp.		113,600		1,640,435
Toshiba TEC Corp.		107,900		2,238,450
Totetsu Kogyo Co. Ltd.		88,500		1,817,173
Towa Corp.		76,700		3,956,958
Towa Pharmaceutical Co. Ltd.		101,100		1,769,188
Toyo Construction Co. Ltd.		191,800		1,689,936
Toyo Gosei Co. Ltd.(c)		24,000		1,404,287
Toyo Seikan Group Holdings Ltd.		491,800		7,811,990
Toyo Suisan Kaisha Ltd.		350,300		18,240,636
Toyo Tanso Co. Ltd.		49,600		1,673,780
Toyo Tire Corp.		438,000		7,252,538
Toyobo Co. Ltd.		307,100		2,304,919
Toyoda Gosei Co. Ltd.		252,900		4,883,105
Toyota Boshoku Corp.		320,700		5,284,278
Trancom Co. Ltd.		29,700		1,407,500
Transcosmos Inc.		91,600		1,912,718
TRE Holdings Corp.		167,200		1,418,420
Tri Chemical Laboratories Inc.		102,800		2,535,112
Trusco Nakayama Corp.		191,400		3,269,950
TS Tech Co. Ltd.		330,800		4,190,226
Tsubakimoto Chain Co.		103,700		2,999,051
Tsuburaya Fields Holdings Inc.		144,300		1,777,855
Tsugami Corp.		142,700		1,152,395
Tsumura & Co.		221,000		3,998,376
Tsuruha Holdings Inc.		151,500		11,988,896
Tsurumi Manufacturing Co. Ltd.(c)		57,800		1,425,171
TV Asahi Holdings Corp.		89,600		1,067,982
UACJ Corp.		123,594		3,413,824
UBE Corp.		348,300		5,790,666
Ulvac Inc.		179,800		8,800,029
Union Tool Co.		34,800		801,463
United Arrows Ltd.		87,400		1,146,171
United Super Markets Holdings Inc.		200,400		1,377,998
United Urban Investment Corp.		10,700		10,834,034
Universal Entertainment Corp.		91,500		1,323,355
Usen-Next Holdings Co. Ltd.		69,100		2,005,623
Ushio Inc.		355,500		4,980,288
UT Group Co. Ltd.(a)		120,100		1,924,238
Valor Holdings Co. Ltd.		134,500		2,297,896
ValueCommerce Co. Ltd.		58,400		498,078

Security	Shares		Value
Japan (continued)
Vector Inc.		122,900	$	986,940
Vision Inc./Tokyo Japan(a)(c)		149,000		1,182,753
Visional Inc.(a)		83,200		5,207,216
VT Holdings Co. Ltd.		284,000		1,023,663
Wacoal Holdings Corp.		160,400		3,742,005
Wacom Co. Ltd.		539,300		2,485,270
Wakita & Co. Ltd.		113,100		1,225,559
WDB Holdings Co. Ltd.		31,100		489,771
WealthNavi Inc.(a)(c)		141,500		1,628,493
Weathernews Inc.		26,600		964,817
Welcia Holdings Co. Ltd.		360,900		6,087,962
West Holdings Corp.		91,130		2,096,100
WingArc1st Inc.		74,400		1,415,369
Workman Co. Ltd.(c)		77,700		2,221,218
W-Scope Corp.(a)(c)		200,700		1,036,830
YAMABIKO Corp.		120,000		1,344,687
Yamada Holdings Co. Ltd.		2,219,800		6,780,553
Yamaguchi Financial Group Inc.		700,100		6,654,496
YA-MAN Ltd.(c)		125,700		863,560
Yamato Kogyo Co. Ltd.		147,100		8,142,542
Yamazaki Baking Co. Ltd.		425,300		10,084,855
Yamazen Corp.		189,800		1,623,125
Yaoko Co. Ltd.		67,600		3,900,374
Yellow Hat Ltd.		120,100		1,491,033
Yodogawa Steel Works Ltd.		79,000		2,080,606
Yokogawa Bridge Holdings Corp.		120,000		2,322,388
Yokohama Rubber Co. Ltd. (The)		451,400		10,683,590
Yokorei Co. Ltd.		171,400		1,303,889
Yonex Co. Ltd.		228,500		1,856,788
Yoshinoya Holdings Co. Ltd.		237,700		5,300,789
Yuasa Trading Co. Ltd.		58,600		1,952,501
Yurtec Corp.		91,900		725,879
Zenkoku Hosho Co. Ltd.		201,700		7,505,946
Zenrin Co. Ltd.		168,600		1,013,979
Zeon Corp.		528,900		4,798,404
ZERIA Pharmaceutical Co. Ltd.		105,400		1,459,729
ZIGExN Co. Ltd.		206,300		737,696
Zojirushi Corp.		143,700		1,390,744
Zuken Inc.		62,000		1,694,619
				3,338,174,836
Netherlands — 1.8%
Aalberts NV		385,046		15,312,628
Alfen NV(a)(c)(d)		84,151		5,088,908
Allfunds Group PLC		1,345,648		9,647,211
AMG Critical Materials NV		121,781		2,584,411
Arcadis NV		279,884		15,366,036
Ariston Holding NV		243,725		1,599,588
Basic-Fit NV(a)(c)(d)		202,637		5,867,280
Brunel International NV		96,341		1,071,746
Cementir Holding NV		186,415		1,999,189
Corbion NV		229,016		4,434,747
Eurocommercial Properties NV		166,464		3,729,458
Fastned BV(a)(c)		29,718		881,122
Flow Traders Ltd., NVS		123,693		2,221,679
Fugro NV(a)		435,411		8,038,922
InPost SA(a)		772,398		11,601,280
Iveco Group NV(a)		677,094		7,225,511
Just Eat Takeaway.com NV(a)(c)(d)		720,271		10,875,636
Koninklijke BAM Groep NV		1,059,758		2,925,764
Koninklijke Vopak NV		264,377		8,258,781
MFE-MediaForEurope NV, NVS(c)		312,243		1,128,065
MFE-MediaForEurope NV, Class A(c)		608,879		1,554,233

74 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Netherlands (continued)
NSI NV		73,553	$	1,573,877
Pharming Group NV(a)		2,502,889		3,155,348
PostNL NV		1,206,649		1,758,329
SBM Offshore NV		549,507		6,995,701
Signify NV(d)		493,869		14,808,487
Sligro Food Group NV		79,315		1,232,047
Technip Energies NV		563,493		11,664,631
TKH Group NV		154,625		6,226,398
TomTom NV(a)(c)		278,016		1,882,422
Van Lanschot Kempen NV		125,594		3,781,339
Vastned Retail NV		43,938		969,838
Wereldhave NV		122,903		1,840,946
				177,301,558
New Zealand — 0.7%
Air New Zealand Ltd.		6,283,788		2,439,013
Contact Energy Ltd.		3,025,585		14,924,566
Fletcher Building Ltd.		3,002,394		8,295,163
Goodman Property Trust		4,109,125		5,626,213
Infratil Ltd.		3,195,754		20,615,758
Kiwi Property Group Ltd.		6,368,635		3,386,760
Oceania Healthcare Ltd.		2,527,226		1,081,337
Ryman Healthcare Ltd.(a)		2,226,597		7,735,003
Warehouse Group Ltd. (The)(c)		420,468		408,648
				64,512,461
Norway — 2.4%
Aker ASA, Class A		86,326		5,129,637
Aker Carbon Capture ASA(a)(c)		1,380,181		1,360,771
Aker Solutions ASA		961,589		3,566,554
Atea ASA		305,592		4,073,688
Austevoll Seafood ASA(c)		356,382		2,583,507
Avance Gas Holding Ltd.(d)		77,237		900,355
Bakkafrost P/F		192,101		10,728,490
BLUENORD ASA(a)(c)		90,894		4,329,829
Borr Drilling Ltd.(c)		785,370		4,865,880
Borregaard ASA		366,948		6,259,286
BW LPG Ltd.(d)		348,312		4,298,738
BW Offshore Ltd.		414,057		949,588
Cadeler AS(a)(c)		668,134		3,073,458
Cool Co. Ltd.		92,212		1,091,578
Crayon Group Holding ASA(a)(c)(d)		291,017		2,446,519
DNO ASA		1,866,511		1,635,634
DOF Group ASA(a)		577,845		3,119,243
Elkem ASA(c)(d)		1,142,952		2,371,634
Entra ASA(d)		281,704		3,085,626
Europris ASA(d)		610,099		4,572,754
Flex LNG Ltd.		109,861		3,275,800
Frontline PLC, NVS		512,990		11,466,691
Golden Ocean Group Ltd.(c)		513,361		5,413,519
Gram Car Carriers ASA		44,812		969,334
Grieg Seafood ASA		193,183		1,212,301
Hafnia Ltd.		981,349		7,136,233
Hexagon Composites ASA(a)		453,900		1,016,795
Hoegh Autoliners ASA		365,103		3,676,285
Kitron ASA(c)		674,420		2,052,775
Leroy Seafood Group ASA		1,055,799		4,240,430
MPC Container Ships ASA		1,336,867		2,009,591
NEL ASA(a)(c)		6,591,332		3,290,775
Nordic Semiconductor ASA(a)(c)		664,159		6,669,074
Norske Skog ASA(c)(d)		284,389		979,993
Norwegian Air Shuttle ASA(a)(c)		2,820,986		3,453,802
Nykode Therapeutics ASA(a)(c)		558,594		959,737

Security	Shares		Value
Norway (continued)
Odfjell Drilling Ltd.		331,479	$	1,229,014
PGS ASA(a)		3,656,061		2,287,704
Protector Forsikring ASA		230,040		4,125,179
REC Silicon ASA(a)(c)		1,032,371		1,206,284
Scatec ASA(a)(d)		469,824		3,493,451
Schibsted ASA, Class A		280,072		8,591,757
Schibsted ASA, Class B		373,968		10,731,279
Seadrill Ltd.(a)(c)		138,800		5,974,327
SpareBank 1 Nord Norge		313,576		3,088,875
SpareBank 1 Oestlandet		100,907		1,174,358
SpareBank 1 SMN		506,937		6,901,747
SpareBank 1 SR-Bank ASA		684,237		8,297,970
Stolt-Nielsen Ltd.		89,519		3,346,042
Storebrand ASA		1,702,132		15,304,141
Subsea 7 SA		878,993		11,847,051
TGS ASA		504,478		4,912,483
TOMRA Systems ASA		934,967		9,391,534
Veidekke ASA		394,545		3,601,352
Wallenius Wilhelmsen ASA		402,895		3,916,724
				237,687,176
Portugal — 0.3%
Altri SGPS SA		290,528		1,416,243
Banco Comercial Portugues SA, Class R(a)		32,018,095		9,313,949
Corticeira Amorim SGPS SA		111,671		1,140,453
CTT-Correios de Portugal SA		352,546		1,398,838
Greenvolt Energias Renovaveis SA(a)(c)		213,899		1,867,778
Mota-Engil SGPS SA		351,309		2,014,933
Navigator Co. SA (The)		834,991		3,440,609
NOS SGPS SA		691,371		2,450,700
REN - Redes Energeticas Nacionais SGPS SA		1,593,238		3,914,550
Semapa-Sociedade de Investimento e Gestao		77,927		1,205,753
Sonae SGPS SA		3,089,644		2,986,850
				31,150,656
Singapore — 1.9%
AEM Holdings Ltd.(c)		994,300		1,978,533
AIMS APAC REIT(c)		2,229,575		2,173,205
Best World International Ltd.(a)		499,600		628,344
CapitaLand Ascott Trust(c)		10,091,296		7,194,421
CapitaLand China Trust(c)		4,562,334		2,833,864
Capitaland India Trust		4,090,842		3,201,926
CDL Hospitality Trusts		3,550,200		2,719,350
ComfortDelGro Corp. Ltd.		8,299,100		8,631,763
Cromwell European Real Estate Investment Trust		1,182,160		1,785,121
Digital Core REIT Management Pte Ltd.(c)		3,027,600		1,946,114
Eagle Hospitality Trust(a)(b)(c)		1,640,200		16
ESR-LOGOS REIT		26,476,973		6,118,421
Far East Hospitality Trust		3,708,800		1,797,033
First Resources Ltd.		2,139,800		2,355,031
Frasers Centrepoint Trust		4,050,338		6,927,784
Frasers Hospitality Trust		3,159,800		1,095,272
Frasers Logistics & Commercial Trust		11,360,536		9,456,971
Golden Agri-Resources Ltd.(c)		24,745,200		4,980,398
Hong Fok Corp. Ltd.(c)		1,152,800		737,760
Hutchison Port Holdings Trust, Class U(c)		18,301,000		2,740,703
iFAST Corp. Ltd.		522,000		2,862,431
Keppel DC REIT		5,318,400		6,677,889
Keppel Infrastructure Trust(c)		15,125,090		5,684,080
Keppel REIT		8,659,300		5,955,139
Lendlease Global Commercial REIT(c)		7,006,229		3,280,524
Mapletree Industrial Trust		8,217,393		14,966,791
Maxeon Solar Technologies Ltd.(a)(c)		146,601		664,103

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Singapore (continued)
Nanofilm Technologies International Ltd.(c)		1,162,900	$	593,238
NetLink NBN Trust		11,227,000		7,071,796
Olam Group Ltd.(c)		3,696,900		2,456,745
Paragon REIT		4,479,036		2,921,473
Parkway Life REIT		1,523,600		3,992,628
Raffles Medical Group Ltd.		3,209,100		2,411,514
Riverstone Holdings Ltd./Singapore		1,916,900		997,132
Sasseur Real Estate Investment Trust		2,476,100		1,236,666
SATS Ltd.(a)		4,071,579		8,313,096
Sheng Siong Group Ltd.(c)		2,551,100		2,962,448
SIA Engineering Co. Ltd.(c)		1,141,600		1,953,087
Singapore Post Ltd.(c)		5,225,900		1,597,182
Starhill Global REIT		5,462,600		2,097,085
StarHub Ltd.(c)		2,240,700		1,770,512
Straits Trading Co. Ltd.(c)		542,434		670,210
Suntec REIT(c)		7,812,300		6,906,294
Super Hi International Holding Ltd.(a)(c)		661,000		711,033
UMS Holdings Ltd.		1,935,400		1,834,712
Venture Corp. Ltd.		1,062,500		10,585,225
Yangzijiang Financial Holding Ltd.		8,930,000		2,088,941
Yangzijiang Shipbuilding Holdings Ltd.		9,911,400		12,373,587
Yanlord Land Group Ltd.(a)		2,216,400		856,507
				185,794,098
Spain — 1.9%
Acerinox SA		688,530		7,268,941
Aedas Homes SA(d)		25,045		478,529
Almirall SA		311,168		2,951,703
Applus Services SA		512,127		6,193,170
Atresmedia Corp. de Medios de Comunicacion SA		324,450		1,304,069
Audax Renovables SA(a)(c)		591,932		837,118
Banco de Sabadell SA		21,990,226		28,541,908
Bankinter SA		2,582,832		15,946,713
Cia. de Distribucion Integral Logista Holdings SA		229,973		6,504,781
Cie. Automotive SA		161,810		4,269,003
Construcciones y Auxiliar de Ferrocarriles SA		62,316		2,239,672
Distribuidora Internacional de Alimentacion SA(a)(c)		65,957,017		855,357
eDreams ODIGEO SA(a)		343,648		2,610,381
Ence Energia y Celulosa SA		512,040		1,618,984
Faes Farma SA		1,168,086		3,838,537
Fluidra SA		365,474		7,912,224
Gestamp Automocion SA(d)		640,220		2,123,661
Global Dominion Access SA(d)		331,508		1,280,845
Grenergy Renovables SA(a)(c)		52,923		1,846,340
Indra Sistemas SA(c)		507,173		9,004,464
Inmobiliaria Colonial SOCIMI SA		1,038,416		6,243,268
Laboratorios Farmaceuticos Rovi SA		83,304		5,745,685
Lar Espana Real Estate SOCIMI SA		209,471		1,405,791
Let’s Gowex SA.(a)(b)(c)		51,450		1
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros		2,237,299		2,338,060
Mapfre SA		3,554,165		7,825,965
Melia Hotels International SA(a)(c)		404,277		2,735,367
Merlin Properties SOCIMI SA		1,259,494		12,825,707
Neinor Homes SA(d)		98,310		1,109,184
Opdenergy Holdings SA, NVS(a)		161,638		1,007,916
Pharma Mar SA		59,942		2,502,182
Prosegur Cash SA(d)		1,190,519		645,870
Prosegur Cia. de Seguridad SA		699,079		1,322,772
Sacyr SA		1,581,858		5,214,986
Sacyr SA, NVS		31,796		105,009
Solaria Energia y Medio Ambiente SA(a)		316,344		4,670,541
Talgo SA(d)		276,282		1,248,827

Security	Shares		Value
Spain (continued)
Tecnicas Reunidas SA(a)(c)		202,326	$	1,699,526
Unicaja Banco SA(d)		5,325,812		5,092,244
Vidrala SA		80,738		8,092,401
Viscofan SA		151,834		8,893,517
				188,351,219
Sweden — 5.7%
AAK AB		704,281		15,873,146
AcadeMedia AB(c)(d)		301,104		1,644,887
AddLife AB, Class B		436,268		4,702,304
AddTech AB, Class B		998,353		20,595,727
AFRY AB		361,287		4,989,061
Alimak Group AB(d)		244,682		2,156,354
Alleima AB, NVS		758,780		5,037,345
Arjo AB, Class B		858,732		4,019,368
Atrium Ljungberg AB, Class B		199,310		3,995,144
Attendo AB(a)(d)		420,053		1,644,829
Avanza Bank Holding AB		482,272		9,687,623
Axfood AB		419,422		10,611,850
Betsson AB		442,092		4,811,338
Bilia AB, Class A		241,979		2,925,376
Billerud Aktiebolag		868,406		7,721,943
BioArctic AB, Class B(a)(c)(d)		140,873		3,055,543
BioGaia AB, Class B		326,722		3,535,134
Biotage AB		260,409		3,701,369
BoneSupport Holding AB(a)(d)		234,631		4,645,297
Boozt AB(a)(d)		221,682		2,596,708
Bravida Holding AB(d)		787,760		5,973,365
Bufab AB		101,186		3,583,652
Bure Equity AB		213,696		6,103,452
Calliditas Therapeutics AB, Class B(a)(c)		176,854		1,932,255
Camurus AB(a)		117,565		5,828,326
Castellum AB(a)		1,518,170		19,544,744
Catena AB		124,983		5,328,863
Cibus Nordic Real Estate AB		202,146		2,381,753
Clas Ohlson AB, Class B		150,822		2,146,280
Cloetta AB, Class B		750,390		1,350,560
Coor Service Management Holding AB(d)		366,874		1,545,866
Corem Property Group AB, Class B		1,920,100		1,934,540
Creades AB, Class A		198,114		1,309,367
Dios Fastigheter AB		381,147		2,956,378
Dometic Group AB(d)		1,225,709		9,754,083
Electrolux AB, Class B(a)		856,063		8,007,628
Electrolux Professional AB, Class B		908,191		4,825,614
Elekta AB, Class B		1,341,148		10,119,909
Embracer Group AB, Class B(a)(c)		2,971,414		5,670,846
Engcon AB(c)		148,824		1,190,905
Fabege AB		891,915		8,353,596
Fortnox AB		1,876,624		10,346,362
Granges AB		410,414		4,069,528
Hemnet Group AB		341,124		9,209,600
Hexatronic Group AB(c)		717,614		1,505,278
Hexpol AB		1,015,700		11,626,265
HMS Networks AB		107,668		4,736,859
Hufvudstaden AB, Class A		425,718		5,504,911
Instalco AB		811,373		3,244,427
Intrum AB(c)		325,472		1,927,815
Investment AB Oresund		153,607		1,649,849
INVISIO AB		154,498		2,998,684
Inwido AB		193,434		2,362,880
JM AB(c)		252,017		4,103,817
Kambi Group PLC, Class B(a)		88,690		1,188,880
Kindred Group PLC		879,488		10,346,474

76 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Sweden (continued)
Kinnevik AB, Class B(a)		950,562	$	10,212,851
Lindab International AB		289,294		5,493,316
Loomis AB, Class B		277,088		7,586,110
Medicover AB, Class B		240,411		3,964,794
MEKO AB		137,783		1,399,457
Millicom International Cellular SA, SDR(a)		525,119		9,008,169
MIPS AB		101,812		3,382,298
Modern Times Group MTG AB, Class B(a)		358,325		2,742,624
Munters Group AB(d)		490,206		7,824,291
Mycronic AB		281,909		7,840,973
NCAB Group AB(c)		687,983		4,449,574
NCC AB, Class B		299,183		3,820,589
New Wave Group AB, Class B		344,179		3,056,777
Nolato AB, Class B		746,564		3,615,548
Nordnet AB publ		528,172		8,311,077
Norion Bank AB(a)		233,823		925,964
Note AB(a)(c)		69,553		983,082
NP3 Fastigheter AB		100,242		1,974,848
Nyfosa AB		578,294		5,172,483
OX2 AB, Class B(a)(c)		586,968		2,792,782
Pandox AB, Class B		353,145		4,842,417
Paradox Interactive AB		138,967		2,722,596
Peab AB, Class B		654,016		3,228,836
Platzer Fastigheter Holding AB, Class B		221,471		1,804,154
Ratos AB, Class B		754,764		2,487,923
Resurs Holding AB(c)(d)		472,926		649,894
Rvrc Holding AB		182,990		1,113,221
Samhallsbyggnadsbolaget i Norden AB(c)		4,179,991		1,915,250
Scandic Hotels Group AB(a)(c)(d)		542,918		2,501,314
Sdiptech AB, Class B(a)		110,353		2,738,825
Sectra AB, Class B		521,192		9,707,959
Sinch AB(a)(c)(d)		2,632,417		8,084,150
SkiStar AB		157,569		1,979,094
SSAB AB, Class A		874,099		6,800,322
SSAB AB, Class B		2,507,579		19,154,041
Stillfront Group AB(a)		1,779,149		1,843,811
Storskogen Group AB		5,240,176		3,617,299
Surgical Science Sweden AB(a)(c)		141,159		2,412,486
Svolder AB		335,129		1,853,610
Sweco AB, Class B		827,571		9,700,625
SwedenCare AB		272,038		1,617,069
Synsam AB(c)		181,403		807,031
Thule Group AB(d)		404,765		10,299,285
Trelleborg AB, Class B		870,124		26,484,124
Troax Group AB		147,966		3,214,497
Truecaller AB(a)(c)		901,999		2,666,961
Vimian Group AB(a)(c)		635,262		1,743,412
Vitec Software Group AB, Class B(c)		120,475		6,691,870
Vitrolife AB		285,080		4,693,382
Wallenstam AB, Class B(c)		1,336,565		6,709,238
Wihlborgs Fastigheter AB		1,053,114		9,414,471
Xvivo Perfusion AB(a)		87,745		2,438,454
				563,109,185
Switzerland — 4.4%
Accelleron Industries AG, NVS		363,128		11,620,002
Allreal Holding AG, Registered		58,157		10,344,466
ALSO Holding AG, Registered		24,436		7,154,044
Arbonia AG		193,074		2,235,696
Aryzta AG(a)		3,831,478		6,877,027
Autoneum Holding AG(a)(c)		11,843		1,759,776
Basilea Pharmaceutica AG, Registered(a)		46,268		1,813,917
Belimo Holding AG, Registered		38,155		17,791,271

Security	Shares		Value
Switzerland (continued)
Bell Food Group AG, Registered		8,419	$	2,468,554
Bossard Holding AG, Class A, Registered		21,705		5,194,129
Bucher Industries AG, Registered		25,734		10,900,056
Burckhardt Compression Holding AG		11,794		6,598,357
Burkhalter Holding AG		28,692		2,929,214
Bystronic AG, Registered		5,055		2,532,856
Cembra Money Bank AG		117,192		9,035,732
Coltene Holding AG, Registered		9,945		654,793
Comet Holding AG, Registered		29,890		9,855,146
COSMO Pharmaceuticals NV		36,313		2,693,125
Daetwyler Holding AG, Bearer		28,922		5,880,748
DKSH Holding AG		138,372		9,682,554
DocMorris AG(a)(c)		45,917		4,283,644
dormakaba Holding AG		12,140		6,081,412
Dottikon Es Holding AG(a)(c)		10,784		2,849,240
EFG International AG		356,054		4,572,271
Emmi AG, Registered		8,315		8,710,990
Flughafen Zurich AG, Registered		76,930		15,872,657
Forbo Holding AG, Registered		3,708		4,359,759
Galenica AG(d)		192,495		16,974,697
Georg Fischer AG		316,039		21,152,010
Gurit Holding AG(a)		11,032		966,475
Huber + Suhner AG, Registered		65,383		4,689,458
Idorsia Ltd.(a)(c)		426,739		761,525
Implenia AG, Registered		56,457		2,004,290
Inficon Holding AG, Registered		6,554		9,948,154
Interroll Holding AG, Registered		2,793		8,157,771
Intershop Holding AG		4,308		3,090,916
Kardex Holding AG, Registered		23,837		6,054,179
Komax Holding AG, Registered		14,924		2,869,873
Landis+Gyr Group AG		82,494		6,764,222
LEM Holding SA, Registered		1,757		4,015,069
Leonteq AG		35,015		1,302,913
Medacta Group SA(d)		27,116		4,057,975
Medmix AG(d)		92,406		1,852,510
Meier Tobler Group AG		17,251		743,655
Metall Zug AG, Class B, Registered		724		1,208,135
Meyer Burger Technology AG(a)(c)		12,659,667		1,628,336
Mobilezone Holding AG, Registered		160,463		2,464,254
Mobimo Holding AG, Registered		27,883		8,237,703
Montana Aerospace AG(a)(d)		103,722		2,025,427
OC Oerlikon Corp. AG, Registered		729,628		3,179,598
Orior AG		22,171		1,711,907
PolyPeptide Group AG(a)(c)(d)		55,124		1,011,830
PSP Swiss Property AG, Registered		176,627		23,508,532
Rieter Holding AG, Registered(c)		9,431		992,249
Schweiter Technologies AG, NVS		3,696		2,027,748
Sensirion Holding AG(a)(c)(d)		35,946		2,991,341
SFS Group AG		66,820		8,022,383
Siegfried Holding AG, Registered		15,455		15,395,463
SKAN Group AG(c)		38,923		3,434,326
Softwareone Holding AG		424,182		7,950,254
St. Galler Kantonalbank AG, Class A, Registered		11,140		6,447,135
Stadler Rail AG		226,672		7,235,740
Sulzer AG, Registered		72,724		7,025,302
Swissquote Group Holding SA, Registered		44,386		11,139,683
Tecan Group AG, Registered		49,241		18,796,015
TX Group AG		11,677		1,759,094
u-blox Holding AG		26,018		2,564,251
Valiant Holding AG, Registered		61,213		7,334,636
Vetropack Holding AG, Class A, Registered		48,829		2,124,168
Vontobel Holding AG, Registered		108,467		7,144,626

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Switzerland (continued)
V-ZUG Holding AG(a)(c)		9,133	$	640,300
Ypsomed Holding AG, Registered		15,760		5,563,096
Zehnder Group AG, Registered		34,743		2,070,542
				435,791,202
United Kingdom — 14.9%
4imprint Group PLC		108,854		7,464,551
888 Holdings PLC(a)		1,470,428		1,446,056
AB Dynamics PLC		66,332		1,492,110
Advanced Medical Solutions Group PLC		851,364		2,260,366
AG Barr PLC		344,263		2,478,096
Airtel Africa PLC(d)		3,634,819		5,162,129
AJ Bell PLC		1,190,519		4,773,669
Alpha Financial Markets Consulting PLC		430,915		1,976,877
Alpha Group International PLC		132,824		2,768,334
Alphawave IP Group PLC(a)(c)		956,474		1,569,857
AO World PLC(a)(c)		1,635,286		1,886,919
Ascential PLC(a)		1,704,060		6,563,626
Ashmore Group PLC		1,782,456		4,793,400
ASOS PLC(a)(c)		228,662		1,068,034
Assura PLC		11,376,647		6,421,611
Aston Martin Lagonda Global Holdings PLC(a)(d)		1,067,255		2,574,226
Atalaya Mining PLC		403,267		1,778,490
Auction Technology Group PLC(a)(c)		368,317		2,543,887
B&M European Value Retail SA		3,662,735		24,004,531
Babcock International Group PLC		967,826		5,531,360
Balanced Commercial Property Trust Ltd.		2,719,908		2,608,593
Balfour Beatty PLC		2,154,961		9,066,865
Bank of Georgia Group PLC		132,467		6,370,874
Beazley PLC		2,576,445		17,735,125
Bellway PLC		457,466		15,939,087
Big Yellow Group PLC		720,639		10,420,454
Bodycote PLC		739,991		5,966,626
boohoo Group PLC(a)(c)		2,919,076		1,345,822
Breedon Group PLC		1,160,506		5,346,029
Bridgepoint Group PLC(d)		932,261		3,175,750
British Land Co. PLC (The)		3,396,124		16,324,214
Britvic PLC		967,913		10,825,066
Burford Capital Ltd.		721,013		10,992,292
Bytes Technology Group PLC		874,009		7,255,692
C&C Group PLC		1,464,691		2,851,128
Capita PLC(a)		6,491,159		1,567,923
Capital & Counties Properties PLC		5,663,539		9,540,744
Carnival PLC(a)		533,052		8,008,654
Centamin PLC		4,429,206		5,395,765
Central Asia Metals PLC		686,778		1,446,528
Ceres Power Holdings PLC(a)(c)		507,274		1,537,741
Chemring Group PLC		1,085,480		4,842,214
Clarkson PLC		111,045		4,995,821
Close Brothers Group PLC		578,317		3,975,101
CLS Holdings PLC		667,094		829,651
Coats Group PLC		6,177,349		5,605,246
Computacenter PLC		330,086		12,059,106
ConvaTec Group PLC(d)		6,346,690		19,315,355
Craneware PLC		115,612		3,150,075
Cranswick PLC		205,242		10,466,554
Crest Nicholson Holdings PLC		935,811		2,483,387
Currys PLC		4,129,499		2,589,444
Custodian Property Income REIT PLC		1,515,188		1,369,668
CVS Group PLC		279,108		5,970,686
Darktrace PLC(a)		1,341,795		5,818,041
Deliveroo PLC, Class A(a)(d)		3,508,080		5,223,804
Derwent London PLC		370,202		9,977,623

Security	Shares		Value
United Kingdom (continued)
Diploma PLC		517,202	$	21,319,963
Direct Line Insurance Group PLC(a)		5,029,848		10,733,462
DiscoverIE Group PLC		364,358		3,597,129
Diversified Energy Co. PLC		181,395		2,092,092
Domino’s Pizza Group PLC		1,442,065		6,368,486
Dowlais Group PLC		5,341,962		6,102,185
Dr. Martens PLC		2,262,888		2,547,903
Drax Group PLC		1,518,752		9,800,648
DS Smith PLC		5,278,260		18,820,123
Dunelm Group PLC		464,951		6,404,692
easyJet PLC(a)		1,147,861		8,036,220
Elementis PLC(a)		2,246,058		4,025,347
Empiric Student Property PLC		2,293,607		2,657,245
Energean PLC		582,091		6,994,129
EnQuest PLC(a)		5,443,910		889,980
Essentra PLC		1,116,290		2,447,387
FD Technologies PLC(a)(c)		90,096		1,431,628
FDM Group Holdings PLC		296,713		1,727,832
Ferrexpo PLC		1,086,941		1,195,653
Fevertree Drinks PLC		406,946		5,208,800
Finablr PLC(a)(b)(d)		1,080,679		14
Firstgroup PLC		2,553,552		5,376,323
Forterra PLC(d)		808,226		1,692,086
Frasers Group PLC(a)		434,954		4,450,229
Future PLC		423,866		3,798,323
Games Workshop Group PLC		126,901		15,929,386
Gamma Communications PLC(c)		358,378		5,422,820
GB Group PLC		969,401		3,461,975
Genuit Group PLC		957,684		5,121,591
Genus PLC		252,395		7,330,939
Grafton Group PLC		770,187		9,486,309
Grainger PLC		2,667,649		8,898,035
Great Portland Estates PLC		794,194		4,178,799
Greatland Gold PLC(a)(c)		17,856,180		1,629,298
Greggs PLC		393,307		13,248,663
Gulf Keystone Petroleum Ltd.		889,581		1,179,570
Halfords Group PLC		839,593		1,898,839
Hammerson PLC		14,367,551		4,903,014
Harbour Energy PLC		2,359,774		8,293,748
Hays PLC		6,007,167		7,475,053
Helios Towers PLC(a)		2,826,320		2,833,201
Hill & Smith PLC		309,078		7,316,068
Hilton Food Group PLC		291,527		2,903,895
Hiscox Ltd.		1,329,873		17,510,769
Hochschild Mining PLC(a)		1,286,872		1,691,894
Home REIT PLC(b)		3,524,118		1,274,540
Howden Joinery Group PLC		2,116,023		21,428,715
Hunting PLC		545,581		2,271,298
Ibstock PLC(d)		1,536,873		2,987,740
IG Group Holdings PLC		1,504,538		13,519,981
IMI PLC		999,449		21,197,862
Impact Healthcare REIT PLC, Class B		1,228,282		1,326,896
Impax Asset Management Group PLC(c)		382,378		2,628,923
Inchcape PLC		1,433,140		12,340,410
Indivior PLC, NVS(a)		451,304		7,932,775
IntegraFin Holdings PLC		1,132,871		4,224,846
Intermediate Capital Group PLC		1,116,213		25,165,131
International Distributions Services PLC(a)		2,747,530		9,638,025
Investec PLC		2,488,248		16,199,777
IP Group PLC		3,911,970		2,597,804
ITM Power PLC(a)(c)		1,786,095		1,346,377
ITV PLC		13,922,732		10,545,916

78 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
IWG PLC(a)		2,907,286	$	6,889,659
J D Wetherspoon PLC(a)		345,920		3,682,430
JET2 PLC		660,102		11,176,273
John Wood Group PLC(a)		2,673,250		5,299,819
Johnson Matthey PLC		702,342		14,481,572
Johnson Service Group PLC		1,605,350		2,974,381
JTC PLC(d)		602,896		6,060,307
Judges Scientific PLC		22,884		2,668,083
Jupiter Fund Management PLC		1,747,556		1,750,703
Just Group PLC		4,016,468		4,327,817
Kainos Group PLC		336,626		4,893,173
Keller Group PLC		279,719		3,098,225
Keywords Studios PLC		291,466		6,095,092
Kier Group PLC(a)		1,687,430		2,732,978
Lancashire Holdings Ltd.		934,398		7,187,868
Learning Technologies Group PLC		2,237,439		2,282,101
Liontrust Asset Management PLC		237,269		1,872,805
LondonMetric Property PLC		4,194,439		10,248,668
LXI REIT PLC		6,358,678		8,480,572
Man Group PLC/Jersey		4,601,497		13,826,435
Marks & Spencer Group PLC		7,714,385		24,102,019
Marlowe PLC(a)(c)		308,203		1,464,697
Marshalls PLC		880,641		3,124,944
Me Group International PLC		592,305		953,298
Mitchells & Butlers PLC(a)		1,046,770		3,451,740
Mitie Group PLC		4,917,294		6,443,565
Mobico Group PLC		2,070,370		2,240,383
Molten Ventures PLC(a)(c)		574,889		1,738,337
Moneysupermarket.com Group PLC		1,959,319		6,321,767
Moonpig Group PLC(a)(c)		912,180		1,930,158
Morgan Advanced Materials PLC		1,104,906		3,794,671
Morgan Sindall Group PLC		160,780		4,615,085
NCC Group PLC		1,177,643		1,808,822
Network International Holdings PLC(a)(d)		1,836,973		9,018,658
Next 15 Group PLC		327,833		3,801,485
Ninety One PLC		1,146,461		2,564,387
OSB Group PLC		1,520,829		8,653,938
Oxford Instruments PLC		211,196		5,941,802
Oxford Nanopore Technologies PLC(a)		2,230,897		4,532,028
Pagegroup PLC		1,262,437		7,337,080
Pan African Resources PLC(c)		6,208,107		1,409,862
Paragon Banking Group PLC		795,855		7,088,347
Pennon Group PLC		1,007,728		8,972,400
Petrofac Ltd.(a)(c)		1,651,835		639,634
Pets at Home Group PLC		1,735,968		6,164,379
Picton Property Income Ltd.		2,016,654		1,710,920
Playtech PLC(a)		882,780		4,971,713
Plus500 Ltd.		309,137		6,991,711
Polar Capital Holdings PLC		332,400		1,910,448
Premier Foods PLC		2,508,147		4,519,934
Primary Health Properties PLC		5,219,010		6,425,552
PRS REIT PLC (The)		2,071,660		2,210,600
PZ Cussons PLC		928,915		1,568,129
QinetiQ Group PLC		2,014,664		9,098,670
Quilter PLC(d)		5,394,078		7,163,391
Rank Group PLC(a)		797,627		711,626
Rathbones Group PLC		228,283		4,775,334
Redde Northgate PLC		879,658		3,957,507
Redrow PLC		1,080,098		8,205,002
Renew Holdings PLC		312,407		3,484,756
Renewi PLC(a)		289,463		2,153,330
Renishaw PLC		140,173		6,199,391

Security	Shares		Value
United Kingdom (continued)
RHI Magnesita NV		72,437	$	3,088,133
Rightmove PLC		3,113,459		22,034,486
Rotork PLC		3,297,375		12,998,597
RS GROUP PLC		1,818,163		18,016,102
RWS Holdings PLC		1,165,120		3,508,299
S4 Capital PLC(a)(c)		1,411,601		787,099
Safestore Holdings PLC		833,702		8,682,365
Savills PLC		527,211		6,768,204
Serco Group PLC		4,247,959		9,269,642
Serica Energy PLC		945,860		2,528,069
SIG PLC(a)		2,579,826		1,074,003
Sirius Real Estate Ltd.		5,161,991		5,939,948
Smart Metering Systems PLC		512,776		6,179,989
Softcat PLC		496,500		9,098,443
SolGold PLC(a)(c)		5,726,459		566,057
Spectris PLC		394,530		18,366,714
Spire Healthcare Group PLC(d)		1,061,551		3,181,426
Spirent Communications PLC		2,307,873		3,442,800
SSP Group PLC(a)		3,085,909		8,782,423
SThree PLC		482,878		2,498,664
Supermarket Income REIT PLC		4,794,817		4,921,943
Synthomer PLC(a)		467,831		934,113
Target Healthcare REIT PLC		2,383,885		2,508,635
Tate & Lyle PLC		1,546,061		12,206,585
TBC Bank Group PLC		180,287		6,660,127
Team17 Group PLC(a)		446,267		1,526,997
Telecom Plus PLC		290,309		5,349,392
THG PLC, Class B(a)(c)		2,233,551		1,862,470
TI Fluid Systems PLC(d)		1,306,632		2,369,490
TP ICAP Group PLC		2,995,779		7,097,786
Trainline PLC(a)(d)		1,748,353		7,320,634
Travis Perkins PLC		808,601		8,065,487
Tritax Big Box REIT PLC		7,349,029		15,385,836
Trustpilot Group PLC(a)(d)		1,125,887		2,564,026
TUI AG(a)		1,754,944		12,090,863
Tullow Oil PLC(a)		4,551,468		1,783,968
Tyman PLC		736,511		2,860,811
UK Commercial Property REIT Ltd.		2,944,069		2,384,778
UNITE Group PLC (The)		1,435,538		18,340,198
Urban Logistics REIT PLC		1,824,766		2,899,908
Vanquis Banking Group PLC		966,779		1,448,186
Vesuvius PLC		833,525		5,018,730
Victoria PLC(a)(c)		221,337		782,596
Victrex PLC		334,459		5,777,211
Virgin Money UK PLC		4,400,481		8,691,273
Vistry Group PLC		1,264,272		15,992,157
Volex PLC		507,536		2,038,946
Volution Group PLC		765,274		4,189,798
Warehouse REIT PLC		1,593,970		1,753,393
Watches of Switzerland Group PLC(a)(c)(d)		923,645		4,349,854
Weir Group PLC (The)		1,016,991		23,376,469
WH Smith PLC		504,234		7,705,315
Wickes Group PLC		939,502		1,864,115
Wincanton PLC		449,366		2,456,919
Workspace Group PLC		555,247		3,652,253
Yellow Cake PLC(a)(d)		830,172		7,296,159
YouGov PLC		404,991		5,979,306
Young & Co’s Brewery PLC, Series A, Class A(c)		81,434		1,057,814
				1,459,586,103
Total Common Stocks — 98.9% (Cost: $10,867,159,918)				9,717,132,438

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Preferred Stocks
Germany — 0.3%
Draegerwerk AG & Co. KGaA, Preference Shares, NVS		31,344	$	1,611,124
Einhell Germany AG, Preference Shares, NVS		6,020		1,014,907
Fuchs Petrolub SE, Preference Shares, NVS		266,389		11,676,769
Jungheinrich AG, Preference Shares, NVS		184,355		6,205,275
Schaeffler AG, Preference Shares, NVS		477,170		3,015,386
Sixt SE, Preference Shares, NVS		63,675		4,360,789
STO SE & Co. KGaA, Preference Shares, NVS		10,578		1,675,879
				29,560,129
Italy — 0.0%
Danieli & C Officine Meccaniche SpA, Preference Shares, NVS		182,120		4,420,308
Total Preferred Stocks — 0.3% (Cost: $32,865,749)				33,980,437
Warrants
Australia — 0.0%
PointsBet Holdings Ltd. (Issued/Exercisable 06/20/22, 1 Share for 1 Warrant, Expires 07/08/24, Strike Price AUD 10.00)		42,124		—
Italy — 0.0%
Webuild SpA (Issued/Exercisable 08/02/21, 1 Share for 1 Warrant, Expires 08/31/30, Strike Price EUR 0.001)(c)		96,743		1
Spain — 0.0%
Abengoa SA (Issued 03/31/17, Exercisable 06/30/17, 1 Share for 1 Warrant, Expires 03/31/25, Strike Price EUR 0.001)(a)(b)(c)		3,096,556		34
Total Warrants — 0.0% (Cost: $—)				35
Total Long-Term Investments — 99.2% (Cost: $10,900,025,667)				9,751,112,910

Security	Shares		Value
Short-Term Securities
Money Market Funds — 3.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.51%(f)(g)(h)		378,727,438	$	378,954,674
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.32%(f)(g)		3,110,000		3,110,000
Total Short-Term Securities — 3.9% (Cost: $381,871,566)				382,064,674
Total Investments — 103.1% (Cost: $11,281,897,233)				10,133,177,584
Liabilities in Excess of Other Assets — (3.1)%				(302,931,305	)
Net Assets — 100.0%			$	9,830,246,279

^(a)  Non-income producing security.

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

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

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

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

^(f)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/24		Shares Held at 01/31/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	422,283,531	$	—	$	(43,455,226	)(a)	$	52,405	$	73,964	$	378,954,674		378,727,438	$	4,950,610	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		3,300,000		—		(190,000	)(a)		—		—		3,110,000		3,110,000		153,389			—
								$	52,405	$	73,964	$	382,064,674			$	5,103,999		$	—

^(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.

80 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI EAFE 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
TOPIX Index		158		03/07/24	$	27,119	$	1,209,446
Euro STOXX 50 Index		557		03/15/24		28,004		678,617
FTSE 100 Index		233		03/15/24		22,440		(58,867	)
							$	1,829,196

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)	$	—	$	—	$	1,888,063	$	—	$	—	$	—	$	1,888,063
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	58,867	$	—	$	—	$	—	$	58,867

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

For the period ended January 31, 2024, 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	$	—	$	—	$	1,938,175	$	—	$	—	$	—	$	1,938,175
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	148,665	$	—	$	—	$	—	$	148,665

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$75,665,028

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 81

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI EAFE Small-Cap ETF

Fair Value Hierarchy as of Period End

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

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

	Level 1			Level 2			Level 3			Total
Assets
Investments
Long-Term Investments
Common Stocks	$	917,853,766		$	8,793,010,955		$	6,267,717		$	9,717,132,438
Preferred Stocks		2,690,786			31,289,651			—			33,980,437
Warrants		—			1			34			35
Short-Term Securities
Money Market Funds		382,064,674			—			—			382,064,674
	$	1,302,609,226		$	8,824,300,607		$	6,267,751		$	10,133,177,584
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—		$	1,888,063		$	—		$	1,888,063
Liabilities
Equity Contracts		—			(58,867	)		—			(58,867	)
	$	—		$	1,829,196		$	—			1,829,196

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

See notes to financial statements.

82 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Statements of Assets and Liabilities (unaudited)

January 31, 2024

	iShares Currency Hedged MSCI ACWI ex U.S. ETF			iShares Currency Hedged MSCI EAFE ETF			iShares Currency Hedged MSCI EAFE Small-Cap ETF			iShares MSCI ACWI ex U.S. ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	—		$	—		$	—		$	4,481,394,874
Investments, at value — affiliated(c)		193,537,526			4,350,555,754			109,597,544			24,468,281
Cash		7,436			3,710			442			8,359
Cash pledged for futures contracts		—			—			—			300,000
Foreign currency, at value(d)		—			—			—			7,750,576
Receivables:
Securities lending income — affiliated		—			82,874			—			16,639
Capital shares sold		12,261			—			—			—
Dividends — unaffiliated		—			—			—			4,163,325
Dividends — affiliated		1,985			21,560			651			19,786
Tax reclaims		—			—			—			5,133,646
Unrealized appreciation on forward foreign currency exchange contracts		5,259,205			128,120,041			3,921,289			—
Total assets		198,818,413			4,478,783,939			113,519,926			4,523,255,486
LIABILITIES
Cash received as collateral for OTC derivatives		570,000			—			—			—
Collateral on securities loaned, at value		—			438,376,400			—			20,588,286
Payables:
Investments purchased		3,427,545			82,367,889			2,603,144			—
Deferred foreign capital gain tax		—			—			—			7,510,760
Investment advisory fees		4,656			89,004			2,747			1,232,193
Professional fees		—			—			—			45,847
Variation margin on futures contracts		—			—			—			53,374
Unrealized depreciation on forward foreign currency exchange contracts		965,157			23,424,435			669,400			—
Total liabilities		4,967,358			544,257,728			3,275,291			29,430,460
Commitments and contingent liabilities
NET ASSETS	$	193,851,055		$	3,934,526,211		$	110,244,635		$	4,493,825,026
NET ASSETS CONSIST OF
Paid-in capital	$	191,510,193		$	3,848,267,915		$	123,665,246		$	4,890,237,367
Accumulated earnings (loss)		2,340,862			86,258,296			(13,420,611	)		(396,412,341	)
NET ASSETS	$	193,851,055		$	3,934,526,211		$	110,244,635		$	4,493,825,026
NET ASSET VALUE
Shares outstanding		6,660,000			122,150,000			3,750,000			89,600,000
Net asset value	$	29.11		$	32.21		$	29.40		$	50.15
Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited
Par value		None			None			None			None
(a) Investments, at cost — unaffiliated	$	—		$	—		$	—		$	4,235,513,105
(b) Securities loaned, at value	$	—		$	427,046,932		$	—		$	19,526,951
(c)  Investments, at cost — affiliated	$	179,992,567		$	3,971,048,560		$	108,631,642		$	24,449,256
(d) Foreign currency, at cost	$	—		$	—		$	—		$	7,813,238

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 83

Statements of Assets and Liabilities (unaudited) (continued)

January 31, 2024

	iShares MSCI EAFE ETF			iShares MSCI EAFE Small-Cap ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	50,481,971,580		$	9,751,112,910
Investments, at value — affiliated(c)		191,252,120			382,064,674
Cash		8,158			53,024
Foreign currency collateral pledged for futures contracts(d)		9,041,585			4,276,138
Foreign currency, at value(e)		35,884,795			43,543,880
Receivables:
Investments sold		—			4,468,367
Securities lending income — affiliated		49,966			619,731
Dividends — unaffiliated		35,758,848			14,282,036
Dividends — affiliated		196,006			12,800
Tax reclaims		88,995,210			12,567,727
Foreign withholding tax claims		40,940,056			—
Total assets		50,884,098,324			10,213,001,287
LIABILITIES
Collateral on securities loaned, at value		130,631,576			378,713,044
Payables:
Capital shares redeemed		—			305,954
Deferred foreign capital gain tax		—			47,504
Foreign taxes		—			675
Investment advisory fees		13,655,151			3,318,122
IRS compliance fee for foreign withholding tax claims		101,635,502			—
Professional fees		4,094,677			—
Variation margin on futures contracts		617,005			369,709
Total liabilities		250,633,911			382,755,008
Commitments and contingent liabilities
NET ASSETS	$	50,633,464,413		$	9,830,246,279
NET ASSETS CONSIST OF
Paid-in capital	$	52,245,600,452		$	11,773,446,237
Accumulated loss		(1,612,136,039	)		(1,943,199,958	)
NET ASSETS	$	50,633,464,413		$	9,830,246,279
NET ASSET VALUE
Shares outstanding		675,000,000			163,000,000
Net asset value	$	75.01		$	60.31
Shares authorized		Unlimited			Unlimited
Par value		None			None
(a) Investments, at cost — unaffiliated	$	43,113,385,388		$	10,900,025,667
(b) Securities loaned, at value	$	124,041,954		$	344,151,900
(c)  Investments, at cost — affiliated	$	191,150,860		$	381,871,566
(d) Foreign currency collateral pledged, at cost	$	9,908,433		$	4,341,033
(e) Foreign currency, at cost	$	35,434,760		$	43,548,059

See notes to financial statements.

84 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Statements of Operations (unaudited)

Six Months Ended January 31, 2024

	iShares Currency Hedged MSCI ACWI ex U.S. ETF			iShares Currency Hedged MSCI EAFE ETF			iShares Currency Hedged MSCI EAFE Small-Cap ETF			iShares MSCI ACWI ex U.S. ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	—		$	—		$	—		$	47,062,236
Dividends — affiliated		2,671,261			47,797,565			1,463,060			203,972
Interest — unaffiliated		—			—			—			34,913
Securities lending income — affiliated — net		35,729			608,071			—			160,877
Other income — unaffiliated		—			—			—			43,104
Foreign taxes withheld		—			—			—			(3,957,265	)
Foreign withholding tax claims		—			—			—			411,730
Other foreign taxes		—			—			—			(25,251	)
Total investment income		2,706,990			48,405,636			1,463,060			43,934,316
EXPENSES
Investment advisory		344,337			6,954,117			219,187			7,053,237
Interest expense		214			—			—			12,461
Commitment costs		—			17,912			—			19,473
Professional		—			—			—			49,271
Total expenses		344,551			6,972,029			219,187			7,134,442
Less:
Investment advisory fees waived		(317,366	)		(6,423,020	)		(203,895	)		—
Total expenses after fees waived		27,185			549,009			15,292			7,134,442
Net investment income		2,679,805			47,856,627			1,447,768			36,799,874
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated(a)		—			—			—			(34,018,300	)
Investments — affiliated		(585,322	)		1,286,286			(952,204	)		4,975
Forward foreign currency exchange contracts		(1,409,198	)		(35,087,324	)		(969,511	)		—
Foreign currency transactions		25,689			—			—			(36,763	)
Futures contracts		—			—			—			39,179
In-kind redemptions — unaffiliated(b)		—			—			—			32,562,915
In-kind redemptions — affiliated(b)		—			4,536,766			55,074			—
		(1,968,831	)		(29,264,272	)		(1,866,641	)		(1,447,994	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated(c)		—			—			—			(58,877,310	)
Investments — affiliated		(2,079,822	)		42,186,540			105,819			5,277
Forward foreign currency exchange contracts		5,954,037			140,481,292			4,335,593			—
Foreign currency translations		(207	)		—			—			(163,607	)
Futures contracts		—			—			—			(496,771	)
		3,874,008			182,667,832			4,441,412			(59,532,411	)
Net realized and unrealized gain (loss)		1,905,177			153,403,560			2,574,771			(60,980,405	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	4,584,982		$	201,260,187		$	4,022,539		$	(24,180,531	)
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable of	$	—		$	—		$	—		$	(159,622	)
(b) See Note 2 of the Notes to Financial Statements.
(c)  Net of increase in deferred foreign capital gain tax of	$	—		$	—		$	—		$	(3,275,704	)

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 85

Statements of Operations (unaudited) (continued)

Six Months Ended January 31, 2024

	iShares MSCI EAFE ETF			iShares MSCI EAFE Small-Cap ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	501,926,857		$	116,267,172
Dividends — affiliated		1,646,832			153,389
Interest — unaffiliated		234,866			76,672
Securities lending income — affiliated — net		341,592			4,950,610
Other income — unaffiliated		6,839			—
Foreign taxes withheld		(27,544,072	)		(8,342,404	)
Foreign withholding tax claims		970,490			—
Total investment income		477,583,404			113,105,439
EXPENSES
Investment advisory		77,809,237			19,770,167
Professional		101,515			3,782
Total expenses		77,910,752			19,773,949
Net investment income		399,672,652			93,331,490
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated(a)		(288,237,715	)		(153,829,129	)
Investments — affiliated		13,121			52,405
Foreign currency transactions		849,275			(536,840	)
Futures contracts		8,450,400			1,938,175
In-kind redemptions — unaffiliated(b)		481,882,496			52,778,837
		202,957,577			(99,596,552	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated(c)		382,488,250			(149,465,195	)
Investments — affiliated		24,541			73,964
Foreign currency translations		(1,527,451	)		(371,989	)
Futures contracts		(1,996,837	)		148,665
		378,988,503			(149,614,555	)
Net realized and unrealized gain (loss)		581,946,080			(249,211,107	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	981,618,732		$	(155,879,617	)
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable of	$	—		$	(675	)
(b) See Note 2 of the Notes to Financial Statements.
(c)  Net of increase in deferred foreign capital gain tax of	$	—		$	(9,708	)

See notes to financial statements.

86 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Statements of Changes in Net Assets

	iShares Currency Hedged MSCI ACWI ex U.S. ETF									iShares Currency Hedged MSCI EAFE ETF
	Six Months Ended 01/31/24 (unaudited)					Year Ended 07/31/23				Six Months Ended 01/31/24 (unaudited)				Year Ended 07/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income			$	2,679,805		$	3,847,827				$	47,856,627		$	74,633,925
Net realized loss				(1,968,831	)		(4,357,692	)				(29,264,272	)		(47,137,260	)
Net change in unrealized appreciation (depreciation)				3,874,008			23,263,272					182,667,832			490,789,318
Net increase in net assets resulting from operations				4,584,982			22,753,407					201,260,187			518,285,983
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders				(2,638,743	)		(21,121,660	)				(47,700,724	)(b)		(667,586,056	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions				11,609,597			58,363,034					224,407,708			42,219,759
NET ASSETS
Total increase (decrease) in net assets				13,555,836			59,994,781					377,967,171			(107,080,314	)
Beginning of period				180,295,219			120,300,438					3,556,559,040			3,663,639,354
End of period			$	193,851,055		$	180,295,219				$	3,934,526,211		$	3,556,559,040

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

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

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 87

Statements of Changes in Net Assets (continued)

	iShares Currency Hedged MSCI EAFE Small-Cap ETF									iShares MSCI ACWI ex U.S. ETF
	Six Months Ended 01/31/24 (unaudited)					Year Ended 07/31/23				Six Months Ended 01/31/24 (unaudited)				Year Ended 07/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income			$	1,447,768		$	1,576,592				$	36,799,874		$	127,198,735
Net realized loss				(1,866,641	)		(4,643,212	)				(1,447,994	)		(58,790,597	)
Net change in unrealized appreciation (depreciation)				4,441,412			12,327,854					(59,532,411	)		459,856,412
Net increase (decrease) in net assets resulting from operations				4,022,539			9,261,234					(24,180,531	)		528,264,550
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders				(1,455,713	)(b)		(23,380,016	)				(64,409,204	)		(105,154,738	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions				10,403,860			3,625,183					(37,020,035	)		70,469,185
NET ASSETS
Total increase (decrease) in net assets				12,970,686			(10,493,599	)				(125,609,770	)		493,578,997
Beginning of period				97,273,949			107,767,548					4,619,434,796			4,125,855,799
End of period			$	110,244,635		$	97,273,949				$	4,493,825,026		$	4,619,434,796

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

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

See notes to financial statements.

88 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)

	iShares MSCI EAFE ETF								iShares MSCI EAFE Small-Cap ETF
	Six Months Ended 01/31/24 (unaudited)				Year Ended 07/31/23				Six Months Ended 01/31/24 (unaudited)				Year Ended 07/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	399,672,652		$	1,388,414,350				$	93,331,490		$	308,860,288
Net realized gain (loss)			202,957,577			334,166,170					(99,596,552	)		(42,615,482	)
Net change in unrealized appreciation (depreciation)			378,988,503			5,367,130,331					(149,614,555	)		519,104,892
Net increase (decrease) in net assets resulting from operations			981,618,732			7,089,710,851					(155,879,617	)		785,349,698
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(624,884,738	)		(1,079,699,701	)				(134,857,772	)		(180,867,327	)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions			(877,571,384	)		(2,449,920,920	)				(919,523,772	)		(530,465,081	)
NET ASSETS
Total increase (decrease) in net assets			(520,837,390	)		3,560,090,230					(1,210,261,161	)		74,017,290
Beginning of period			51,154,301,803			47,594,211,573					11,040,507,440			10,966,490,150
End of period		$	50,633,464,413		$	51,154,301,803				$	9,830,246,279		$	11,040,507,440

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

See notes to financial statements.

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

Financial Highlights

(For a share outstanding throughout each period)

	iShares Currency Hedged MSCI ACWI ex U.S. ETF
	Six Months Ended 01/31/24 (unaudited)					Year Ended 07/31/23				Year Ended 07/31/22				Year Ended 07/31/21				Year Ended 07/31/20				Year Ended 07/31/19
Net asset value, beginning of period			$	28.85			$	29.49			$	32.11			$	25.83			$	26.66			$	26.88
Net investment income(a)				0.42				0.71				1.04				0.64				0.76				0.88
Net realized and unrealized gain (loss)(b)				0.25				2.92				(2.63	)			6.25				(0.82	)			(0.43	)
Net increase (decrease) from investment operations				0.67				3.63				(1.59	)			6.89				(0.06	)			0.45
Distributions(c)
From net investment income				(0.41	)			(0.65	)			(1.03	)			(0.61	)			(0.77	)			(0.67	)
From net realized gain				—				(3.62	)			—				—				—				—
Total distributions				(0.41	)			(4.27	)			(1.03	)			(0.61	)			(0.77	)			(0.67	)
Net asset value, end of period			$	29.11			$	28.85			$	29.49			$	32.11			$	25.83			$	26.66
Total Return(d)
Based on net asset value				2.31	%(e)			13.81	%			(5.03	)%			26.76	%			(0.36	)%			1.75	%
Ratios to Average Net Assets(f)
Total expenses				0.38	%(g)			0.38	%			0.38	%			0.38	%			0.38	%			0.38	%
Total expenses after fees waived				0.03	%(g)			0.03	%			0.03	%			0.03	%			0.03	%			0.03	%
Net investment income				2.96	%(g)			2.55	%			3.33	%			2.12	%			2.90	%			3.37	%
Supplemental Data
Net assets, end of period (000)			$	193,851			$	180,295			$	120,300			$	120,406			$	71,027			$	70,650
Portfolio turnover rate(h)				6	%			12	%			5	%			10	%			9	%			7	%

^(a)  Based on average shares outstanding.

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

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

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

^(e)  Not annualized.

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

^(g)  Annualized.

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

See notes to financial statements.

90 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Financial Highlights(continued)

(For a share outstanding throughout each period)

	iShares Currency Hedged MSCI EAFE ETF
	Six Months Ended 01/31/24 (unaudited)				Year Ended 07/31/23			Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19
Net asset value, beginning of period		$	30.97		$	32.77		$	34.28		$	26.72		$	29.40		$	29.96
Net investment income(a)			0.40			0.68			1.47			0.75			0.70			0.86
Net realized and unrealized gain (loss)(b)			1.24			4.08			(1.59	)		7.55			(1.98	)		(0.20	)
Net increase (decrease) from investment operations			1.64			4.76			(0.12	)		8.30			(1.28	)		0.66
Distributions(c)
From net investment income			(0.40	)(d)		(0.67	)		(1.39	)		(0.74	)		(0.73	)		(0.91	)
From net realized gain			—			(5.89	)		—			—			(0.67	)		(0.31	)
Total distributions			(0.40	)		(6.56	)		(1.39	)		(0.74	)		(1.40	)		(1.22	)
Net asset value, end of period		$	32.21		$	30.97		$	32.77		$	34.28		$	26.72		$	29.40
Total Return(e)
Based on net asset value			5.30	%(f)		16.89	%		(0.29	)%		31.22	%		(4.74	)%		2.45	%
Ratios to Average Net Assets(g)
Total expenses			0.38	%(h)		0.38	%		0.38	%		0.38	%		0.38	%		0.38	%
Total expenses after fees waived			0.03	%(h)		0.03	%		0.03	%		0.03	%		0.03	%		0.03	%
Net investment income			2.62	%(h)		2.24	%		4.32	%		2.42	%		2.47	%		3.01	%
Supplemental Data
Net assets, end of period (000)		$	3,934,526		$	3,556,559		$	3,663,639		$	2,838,619		$	2,260,359		$	2,891,083
Portfolio turnover rate(i)			7	%		15	%		7	%		12	%		8	%		7	%

^(a)  Based on average shares outstanding.

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

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

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

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

^(f)  Not annualized.

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

^(h)  Annualized.

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

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 91

Financial Highlights(continued)

(For a share outstanding throughout each period)

	iShares Currency Hedged MSCI EAFE Small-Cap ETF
	Six Months Ended 01/31/24 (unaudited)				Year Ended 07/31/23					Year Ended 07/31/22					Year Ended 07/31/21				Year Ended 07/31/20				Year Ended 07/31/19
Net asset value, beginning of period		$	28.78				$	32.76				$	36.63			$	26.78			$	28.62			$	31.37
Net investment income(a)			0.40					0.48					1.37				0.62				0.87				0.84
Net realized and unrealized gain (loss)(b)			0.62					2.35					(3.91	)			9.78				(1.51	)			(1.93	)
Net increase (decrease) from investment operations			1.02					2.83					(2.54	)			10.40				(0.64	)			(1.09	)
Distributions(c)
From net investment income			(0.40	)(d)				(0.47	)				(1.33	)			(0.55	)			(0.88	)			(0.80	)
From net realized gain			—					(6.34	)				—				—				(0.32	)			(0.86	)
Total distributions			(0.40	)				(6.81	)				(1.33	)			(0.55	)			(1.20	)			(1.66	)
Net asset value, end of period		$	29.40				$	28.78				$	32.76			$	36.63			$	26.78			$	28.62
Total Return(e)
Based on net asset value			3.54	%(f)				10.67	%				(6.97	)%			38.96	%			(2.62	)%			(3.05	)%
Ratios to Average Net Assets(g)
Total expenses			0.43	%(h)				0.43	%				0.43	%			0.43	%			0.43	%			0.43	%
Total expenses after fees waived			0.03	%(h)				0.03	%				0.03	%			0.03	%			0.03	%			0.03	%
Net investment income			2.84	%(h)				1.64	%				3.92	%			1.85	%			3.16	%			2.94	%
Supplemental Data
Net assets, end of period (000)		$	110,245				$	97,274				$	107,768			$	98,178			$	44,187			$	25,759
Portfolio turnover rate(i)			7	%				17	%				7	%			11	%			9	%			10	%

^(a)  Based on average shares outstanding.

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

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

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

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

^(f)  Not annualized.

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

^(h)  Annualized.

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

See notes to financial statements.

92 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Financial Highlights(continued)

(For a share outstanding throughout each period)

	iShares MSCI ACWI ex U.S. ETF
	Six Months Ended 01/31/24 (unaudited)					Year Ended 07/31/23				Year Ended 07/31/22				Year Ended 07/31/21				Year Ended 07/31/20				Year Ended 07/31/19
Net asset value, beginning of period			$	51.10			$	46.36			$	56.45			$	45.11			$	46.26			$	48.60
Net investment income(a)				0.41	(b)			1.43	(b)			1.38	(b)			1.14				1.12				1.32
Net realized and unrealized gain (loss)(c)				(0.65	)			4.49				(9.73	)			11.31				(0.97	)			(2.49	)
Net increase (decrease) from investment operations				(0.24	)			5.92				(8.35	)			12.45				0.15				(1.17	)
Distributions from net investment income(d)				(0.71	)			(1.18	)			(1.74	)			(1.11	)			(1.30	)			(1.17	)
Net asset value, end of period			$	50.15			$	51.10			$	46.36			$	56.45			$	45.11			$	46.26
Total Return(e)
Based on net asset value				(0.44	)%(b)(f)			12.96	%(b)			(15.04	)%(b)			27.66	%			0.29	%			(2.27	)%
Ratios to Average Net Assets(g)
Total expenses				0.32	%(h)			0.34	%			0.32	%			0.32	%			0.32	%			0.32	%
Total expenses after fees waived				0.32	%(h)			0.34	%			0.32	%			0.31	%			0.30	%			0.30	%
Total expenses excluding professional fees for foreign withholding tax claims				0.32	%(h)			0.32	%			0.32	%			0.32	%			N/A				0.32	%
Net investment income				1.67	%(b)(h)			3.04	%(b)			2.62	%(b)			2.14	%			2.50	%			2.91	%
Supplemental Data
Net assets, end of period (000)			$	4,493,825			$	4,619,435			$	4,125,856			$	4,290,381			$	2,995,541			$	3,867,472
Portfolio turnover rate(i)				2	%			5	%			8	%			10	%			17	%			15	%

^(a)  Based on average shares outstanding.

^(b)  Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended January 31, 2024, the years ended July 31, 2023 and July 31, 2022 respectively:

• Net investment income per share by $0.00, $0.06 and $0.01.

• Total return by 0.00%, 0.12% and 0.02%.

• Ratio of net investment income to average net assets by 0.02%, 0.12% and 0.02%.

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

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

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

^(f)  Not annualized.

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

^(h)  Annualized.

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

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 93

Financial Highlights(continued)

(For a share outstanding throughout each period)

	iShares MSCI EAFE ETF
	Six Months Ended 01/31/24 (unaudited)				Year Ended 07/31/23			Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19
Net asset value, beginning of period		$	74.40		$	65.61		$	79.41		$	62.17		$	64.94		$	68.87
Net investment income(a)			0.59	(b)		2.00	(b)		2.09	(b)		1.90			1.48			1.95
Net realized and unrealized gain (loss)(c)			0.95			8.37			(12.88	)		17.14			(2.62	)		(3.87	)
Net increase (decrease) from investment operations			1.54			10.37			(10.79	)		19.04			(1.14	)		(1.92	)
Distributions from net investment income(d)			(0.93	)		(1.58	)		(3.01	)		(1.80	)		(1.63	)		(2.01	)
Net asset value, end of period		$	75.01		$	74.40		$	65.61		$	79.41		$	62.17		$	64.94
Total Return(e)
Based on net asset value			2.11	%(b)(f)		15.94	%(b)		(13.84	)%(b)		30.73	%		(1.80	)%		(2.64	)%
Ratios to Average Net Assets(g)
Total expenses			0.32	%(h)		0.33	%		0.33	%		0.37	%		0.32	%		0.32	%
Total expenses excluding professional fees for foreign withholding tax claims			0.32	%(h)		0.32	%		0.32	%		0.32	%		0.32	%		0.32	%
Net investment income			1.64	%(b)(h)		2.96	%(b)		2.82	%(b)		2.60	%		2.34	%		3.03	%
Supplemental Data
Net assets, end of period (000)		$	50,633,464		$	51,154,302		$	47,594,212		$	57,269,991		$	46,405,254		$	60,080,634
Portfolio turnover rate(i)			1	%		2	%		5	%		5	%		4	%		4	%

^(a)  Based on average shares outstanding.

^(b)  Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended January 31, 2024, the years ended July 31, 2023 and July 31, 2022 respectively:

• Net investment income per share by $0.00, $0.03 and $0.07.

• Total return by 0.00%, 0.04% and 0.10%.

• Ratio of net investment income to average net assets by 0.00%, 0.04% and 0.09%.

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

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

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

^(f)  Not annualized.

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

^(h)  Annualized.

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

See notes to financial statements.

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Financial Highlights(continued)

(For a share outstanding throughout each period)

	iShares MSCI EAFE Small-Cap ETF
	Six Months Ended 01/31/24 (unaudited)					Year Ended 07/31/23			Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19
Net asset value, beginning of period			$	61.27		$	58.15		$	75.41		$	55.23		$	57.03		$	63.44
Net investment income(a)				0.54	(b)		1.65	(b)		1.70	(b)		1.39			1.12			1.43
Net realized and unrealized gain (loss)(c)				(0.67	)		2.47			(16.38	)		20.00			(1.12	)		(6.23	)
Net increase (decrease) from investment operations				(0.13	)		4.12			(14.68	)		21.39			—			(4.80	)
Distributions from net investment income(d)				(0.83	)		(1.00	)		(2.58	)		(1.21	)		(1.80	)		(1.61	)
Net asset value, end of period			$	60.31		$	61.27		$	58.15		$	75.41		$	55.23		$	57.03
Total Return(e)
Based on net asset value				(0.16	)%(b)(f)		7.12	%(b)		(19.80	)%(b)		38.84	%		(0.16	)%		(7.41	)%(g)
Ratios to Average Net Assets(h)
Total expenses				0.40	%(i)		0.40	%		0.39	%		0.39	%		0.40	%		0.40	%
Total expenses excluding professional fees for foreign withholding tax claims				0.40	%(i)		0.39	%		0.39	%		0.39	%		N/A			0.40	%
Net investment income				1.87	%(b)(i)		2.88	%(b)		2.50	%(b)		2.03	%		2.01	%		2.47	%
Supplemental Data
Net assets, end of period (000)			$	9,830,246		$	11,040,507		$	10,966,490		$	13,135,610		$	8,527,860		$	9,455,843
Portfolio turnover rate(j)				6	%		11	%		15	%		17	%		20	%		10	%

^(a)  Based on average shares outstanding.

^(b)  Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended January 31, 2024, the years ended July 31, 2023 and July 2022 respectively:

• Net investment income per share by $0.00, $0.01 and $0.03.

• Total return by 0.00%, 0.03% and 0.04%.

• Ratio of net investment income to average net assets by 0.00%, 0.02% and 0.04%.

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

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

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

^(f)  Not annualized.

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

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

⁽ⁱ⁾  Annualized.

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

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 95

Notes to Financial Statements(unaudited)

1. ORGANIZATION

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

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

iShares ETF	Diversification Classification
Currency Hedged MSCI ACWI ex U.S.		Diversified
Currency Hedged MSCI EAFE		Diversified
Currency Hedged MSCI EAFE Small-Cap		Diversified
MSCI ACWI ex U.S.		Diversified
MSCI EAFE		Diversified
MSCI EAFE Small-Cap		Diversified

Currently each Fund seeks to achieve its investment objective by investing a substantial portion of its assets in an iShares fund (an “underlying fund”). The financial statements, including the accounting policies, and Schedules of Investments for the underlying funds are included in this report and should be read in conjunction with the financial statements of the Funds.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest.

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

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

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of January 31, 2024, 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.

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Notes to Financial Statements(unaudited) (continued)

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

• Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price.

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

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

• Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the New York Stock Exchange (“NYSE”) based on that day’s prevailing forward exchange rate for the underlying currencies.

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

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

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

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

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

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

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

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

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 97

Notes to Financial Statements(unaudited) (continued)

4. SECURITIES AND OTHER INVESTMENTS

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

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

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

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

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

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
Currency Hedged MSCI EAFE
J.P. Morgan Securities LLC	$	165,959,625	$	(165,959,625	)	$	—		$	—
Morgan Stanley		128,409,619		(128,409,619	)		—			—
SG Americas Securities LLC		106,836,743		(106,836,743	)		—			—
Toronto-Dominion Bank		13,141,752		(13,141,752	)		—			—
Wells Fargo Bank N.A.		12,699,193		(12,699,193	)		—			—
	$	427,046,932	$	(427,046,932	)	$	—		$	—
MSCI ACWI ex U.S.
Barclays Bank PLC	$	208,387	$	(208,387	)	$	—		$	—
Barclays Capital, Inc.		136,096		(136,096	)		—			—
BNP Paribas SA		477,432		(477,432	)		—			—
BofA Securities, Inc.		4,087,751		(4,087,751	)		—			—
Citigroup Global Markets Ltd.		54,130		(54,130	)		—			—
Citigroup Global Markets, Inc.		1,102,766		(1,102,766	)		—			—
Goldman Sachs & Co. LLC		1,163,956		(1,163,956	)		—			—
HSBC Bank PLC		37,559		(37,559	)		—			—
J.P. Morgan Securities LLC		1,234,772		(1,234,772	)		—			—
Morgan Stanley		9,821,717		(9,821,717	)		—			—
SG Americas Securities LLC		479,061		(479,061	)		—			—
State Street Bank & Trust Co.		450,463		(450,463	)		—			—
Toronto-Dominion Bank		84,372		(84,372	)		—			—
UBS AG		188,489		(188,489	)		—			—
	$	19,526,951	$	(19,526,951	)	$	—		$	—

98 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Notes to Financial Statements(unaudited) (continued)

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
MSCI EAFE
BNP Paribas SA	$	4,672	$	(4,672	)	$	—		$	—
BofA Securities, Inc.		7,103,852		(7,103,852	)		—			—
Goldman Sachs & Co. LLC		3,936,664		(3,936,664	)		—			—
HSBC Bank PLC		31,200,334		(31,200,334	)		—			—
J.P. Morgan Securities LLC		28,035,750		(28,035,750	)		—			—
Morgan Stanley		38,509,997		(38,509,997	)		—			—
Scotia Capital (USA), Inc.		441,031		(441,031	)		—			—
SG Americas Securities LLC		3,617,506		(3,617,506	)		—			—
State Street Bank & Trust Co.		11,028,712		(11,028,712	)		—			—
Wells Fargo Bank N.A.		163,436		(163,436	)		—			—
	$	124,041,954	$	(124,041,954	)	$	—		$	—
MSCI EAFE Small-Cap
Barclays Bank PLC	$	382,607	$	(382,607	)	$	—		$	—
Barclays Capital, Inc.		18,817,397		(18,817,397	)		—			—
BNP Paribas SA		9,806,001		(9,806,001	)		—			—
BofA Securities, Inc.		13,080,545		(13,080,545	)		—			—
Citigroup Global Markets, Inc.		11,953,870		(11,953,870	)		—			—
Credit Suisse Securities (USA) LLC		145,441		(145,441	)		—			—
Deutsche Bank Securities, Inc.		3		(3	)		—			—
Goldman Sachs & Co. LLC		107,760,988		(107,760,988	)		—			—
HSBC Bank PLC		27,402,274		(27,402,274	)		—			—
J.P. Morgan Securities LLC		40,342,845		(40,342,845	)		—			—
Jefferies LLC		2,079,838		(2,079,838	)		—			—
Macquarie Bank Ltd.		10,687,506		(10,687,506	)		—			—
Morgan Stanley		79,994,391		(79,994,391	)		—			—
National Financial Services LLC		70,215		(70,215	)		—			—
Nomura Securities International, Inc.		1,484,222		(1,484,222	)		—			—
Scotia Capital (USA), Inc.		7,392,046		(7,392,046	)		—			—
SG Americas Securities LLC		408,990		(408,990	)		—			—
State Street Bank & Trust Co.		5,264,623		(5,264,623	)		—			—
UBS AG		7,040,018		(7,040,018	)		—			—
UBS Securities LLC		19		(19	)		—			—
Wells Fargo Securities LLC		38,061		(38,061	)		—			—
	$	344,151,900	$	(344,151,900	)	$	—		$	—

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

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

5. DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 99

Notes to Financial Statements(unaudited) (continued)

Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market. The contracts are traded over-the-counter (“OTC”) and not on an organized exchange.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities. A fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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 ACWI ex U.S.		0.38	%
Currency Hedged MSCI EAFE		0.38
Currency Hedged MSCI EAFE Small-Cap		0.43

For its investment advisory services to each of the iShares MSCI ACWI ex U.S. and iShares MSCI EAFE ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fees
First $30 billion		0.350	%
Over $30 billion, up to and including $60 billion		0.320
Over $60 billion, up to and including $90 billion		0.280
Over $90 billion, up to and including $120 billion		0.252
Over $120 billion, up to and including $150 billion		0.227
Over $150 billion		0.204

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Notes to Financial Statements(unaudited) (continued)

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

Aggregate Average Daily Net Assets	Investment Advisory Fees
First $12 billion		0.4000	%
Over $12 billion, up to and including $18 billion		0.3800
Over $18 billion, up to and including $24 billion		0.3610
Over $24 billion, up to and including $30 billion		0.3430
Over $30 billion		0.3259

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

For the iShares Currency Hedged MSCI ACWI ex U.S. ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through November 30, 2025 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investments in the iShares MSCI ACWI ex U.S. ETF (“ACWX”), after taking into account any fee waivers by ACWX, plus 0.03%.

For the iShares Currency Hedged MSCI EAFE ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through November 30, 2025 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investments in the iShares MSCI EAFE ETF (“EFA”), after taking into account any fee waivers by EFA, plus 0.03%.

For the iShares Currency Hedged MSCI EAFE Small-Cap ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through November 30, 2025 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investments in the iShares MSCI EAFE Small-Cap ETF (“SCZ”), taking into account any fee waivers by SCZ, plus 0.03%.

For ACWX, BFA has contractually agreed to waive a portion of its investment advisory fees for the Fund through November 30, 2026 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other iShares funds.

These amounts are included in investment advisory fees waived in the Statements of Operations. For the six months ended January 31, 2024, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:

iShares ETF	Amounts Waived
Currency Hedged MSCI ACWI ex U.S.	$	317,366
Currency Hedged MSCI EAFE		6,423,020
Currency Hedged MSCI EAFE Small-Cap		203,895

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

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

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

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

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

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 101

Notes to Financial Statements(unaudited) (continued)

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended January 31, 2024, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
Currency Hedged MSCI ACWI ex U.S.	$	7,603
Currency Hedged MSCI EAFE		221,162
MSCI ACWI ex U.S.		36,105
MSCI EAFE		95,764
MSCI EAFE Small-Cap		1,032,438

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

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

For the six months ended January 31, 2024, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
MSCI ACWI ex U.S.	$	13,220,411	$	10,143,175	$	(7,747,521	)
MSCI EAFE		195,571,899		84,186,370		(84,304,271	)
MSCI EAFE Small-Cap		225,260,330		232,250,933		79,611,297

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

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

7. PURCHASES AND SALES

For the six months ended January 31, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Currency Hedged MSCI ACWI ex U.S.	$	14,869,014	$	10,716,926
Currency Hedged MSCI EAFE		336,430,295		244,194,504
Currency Hedged MSCI EAFE Small-Cap		10,553,700		7,473,145
MSCI ACWI ex U.S.		117,997,009		86,467,870
MSCI EAFE		1,089,218,988		665,642,784
MSCI EAFE Small-Cap		671,531,303		568,797,955

For the six months ended January 31, 2024, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind  Sales
Currency Hedged MSCI ACWI ex U.S.	$	11,493,028	$	—
Currency Hedged MSCI EAFE		292,175,709		67,891,478
Currency Hedged MSCI EAFE Small-Cap		12,477,585		2,240,283
MSCI ACWI ex U.S.		30,411,607		119,706,239
MSCI EAFE		—		1,486,686,655
MSCI EAFE Small-Cap		35,375,859		1,076,978,180

8. INCOME TAX INFORMATION

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

Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 2024, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

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Notes to Financial Statements(unaudited) (continued)

As of July 31, 2023, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains and qualified late-year losses as follows:

iShares ETF	Non-Expiring Capital Loss Carryforwards			Qualified   Late-Year   Ordinary   Losses
Currency Hedged MSCI ACWI ex U.S.	$	—		$	(12,999,382	)
Currency Hedged MSCI EAFE		—			(366,550,263	)
Currency Hedged MSCI EAFE Small-Cap		—			(15,237,267	)
MSCI ACWI ex U.S.		(565,379,041	)		—
MSCI EAFE		(8,112,401,820	)		—
MSCI EAFE Small-Cap		(549,772,709	)		—

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

As of January 31, 2024, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized   Appreciation   (Depreciation)
Currency Hedged MSCI ACWI ex U.S.	$	182,173,791	$	18,804,164	$	(3,146,381	)	$	15,657,783
Currency Hedged MSCI EAFE		4,008,280,087		507,627,235		(60,655,962	)		446,971,273
Currency Hedged MSCI EAFE Small-Cap		110,204,905		4,887,191		(2,242,663	)		2,644,528
MSCI ACWI ex U.S.		4,332,188,289		873,487,704		(699,574,101	)		173,913,603
MSCI EAFE		44,445,007,571		14,656,421,384		(8,424,166,573	)		6,232,254,811
MSCI EAFE Small-Cap		11,435,409,910		1,134,884,420		(2,435,287,550	)		(1,300,403,130	)

9. LINE OF CREDIT

The iShares Currency Hedged MSCI EAFE ETF and iShares MSCI ACWI ex U.S. ETF, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on October 16, 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 six months ended January 31, 2024, the iShares Currency Hedged MSCI EAFE ETF did not borrow under the Syndicated Credit Agreement.

For the six months ended January 31, 2024, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Syndicated Credit Agreement were as follows:

iShares ETF	Maximum Amount Borrowed		Average Borrowing		Weighted Average Interest Rates
MSCI ACWI ex U.S.	$	7,230,000	$	363,332		6.43	%

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 an indexing approach to try to achieve each Fund’s investment objective. The Fund is not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

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.

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

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 103

Notes to Financial Statements(unaudited) (continued)

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 may significantly impact the resulting fair value and therefore each Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by each Fund, and each Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. Each Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

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 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.

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Notes to Financial Statements(unaudited) (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.

11. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

	Six Months Ended 01/31/24						Year Ended 07/31/23
iShares ETF	Shares			Amount			Shares			Amount
Currency Hedged MSCI ACWI ex U.S.
Shares sold		410,000		$	11,609,597			2,370,000		$	64,248,699
Shares redeemed		—			—			(200,000	)		(5,885,665	)
		410,000		$	11,609,597			2,170,000		$	58,363,034
Currency Hedged MSCI EAFE
Shares sold		9,550,000		$	292,122,531			26,450,000		$	792,872,009
Shares redeemed		(2,250,000	)		(67,714,823	)		(23,400,000	)		(750,652,250	)
		7,300,000		$	224,407,708			3,050,000		$	42,219,759
Currency Hedged MSCI EAFE Small-Cap
Shares sold		450,000		$	12,683,882			1,270,000		$	36,532,479
Shares redeemed		(80,000	)		(2,280,022	)		(1,180,000	)		(32,907,296	)
		370,000		$	10,403,860			90,000		$	3,625,183
MSCI ACWI ex U.S.
Shares sold		2,200,000		$	109,641,014			6,200,000		$	283,860,289
Shares redeemed		(3,000,000	)		(146,661,049	)		(4,800,000	)		(213,391,104	)
		(800,000	)	$	(37,020,035	)		1,400,000		$	70,469,185
MSCI EAFE
Shares sold		8,400,000		$	616,842,357			11,400,000		$	803,713,926
Shares redeemed		(21,000,000	)		(1,494,413,741	)		(49,200,000	)		(3,253,634,846	)
		(12,600,000	)	$	(877,571,384	)		(37,800,000	)	$	(2,449,920,920	)
MSCI EAFE Small-Cap
Shares sold		2,800,000		$	167,940,620			5,200,000		$	266,170,873
Shares redeemed		(20,000,000	)		(1,087,464,392	)		(13,600,000	)		(796,635,954	)
		(17,200,000	)	$	(919,523,772	)		(8,400,000	)	$	(530,465,081	)

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. Authorized Participants 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. Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

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

12. FOREIGN WITHHOLDING TAX CLAIMS

The iShares MSCI EAFE ETF has filed claims to recover taxes withheld by Sweden on dividend income based upon certain provisions in the Treaty on the Functioning of the European Union. The Fund has recorded receivables for all recoverable taxes withheld by Sweden based upon previous determinations made by the Swedish tax authorities. Professional and other fees associated with the filing of these claims for foreign withholding taxes have been approved by the Board as appropriate expenses of the Fund. Swedish tax claim receivables and related liabilities are disclosed in the statements of assets and liabilities. Collection of these receivables, and any payment of associated liabilities, depends upon future determinations made by the Swedish tax authorities, the outcome of which is uncertain. If such future determinations are unfavorable, the potential negative impact to the Fund, as of January 31, 2024, is $36,845,379 or $0.05 per share.

The Internal Revenue Service (“IRS”) has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which each of the iShares MSCI ACWI ex U.S. ETF and iShares MSCI EAFE ETF is able to pass through to shareholders as a foreign tax credit in the current year, each of the Funds will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Funds.

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 105

Notes to Financial Statements(unaudited) (continued)

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

13. SUBSEQUENT EVENTS

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

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Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Currency Hedged MSCI ACWI ex U.S. ETF, iShares Currency Hedged MSCI EAFE ETF, iShares Currency Hedged MSCI EAFE Small-Cap ETF, iShares MSCI ACWI ex U.S. ETF, iShares MSCI EAFE ETF and iShares MSCI EAFE Small-Cap ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 8, 2023 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2022 through September 30, 2023 (the “Program Reporting Period”).

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

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

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

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

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

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

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review. There were no ETFs for which the custom baskets accepted by the ETF had a significant change in its liquidity profile.

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

S T A T E M E N T  R E G A R D I N G  L I Q U I D I T Y  R I S K  M A N A G E M E N T  P R O G R A M 107

Supplemental Information (unaudited)

Section 19(a) Notices

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

January 31, 2024

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Currency Hedged MSCI EAFE(a)	$	0.396091	$	—	$	0.000259	$	0.396350		100	%		—	%		0	%(b)		100	%
Currency Hedged MSCI EAFE Small-Cap(a)		0.400781		—		0.000242		0.401023		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.

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General Information

Electronic Delivery

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

To enroll in electronic delivery:

• Go to icsdelivery.com.

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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

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

Glossary of Terms Used in this Report

Currency Abbreviation
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CLP	Chilean Peso
CNH	Chinese Yuan
CNY	Chinese Yuan
DKK	Danish Krone
EUR	Euro
GBP	British Pound
HKD	Hong Kong Dollar
IDR	Indonesian Rupiah
ILS	Israeli Shekel
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Peso
MYR	Malaysian Ringgit
NOK	Norwegian Krone
NZD	New Zealand Dollar
SEK	Swedish Krona
SGD	Singapore Dollar
THB	Thai Baht
TRY	Turkish Lira
TWD	New Taiwan Dollar
USD	United States Dollar
ZAR	South African Rand
Portfolio Abbreviation
ADR	American Depositary Receipt
GDR	Global Depositary Receipt
JSC	Joint Stock Company
NVDR	Non-Voting Depositary Receipt
NVS	Non-Voting Shares
PJSC	Public Joint Stock Company
REIT	Real Estate Investment Trust
SDR	Swedish Depositary Receipt

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iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

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

©2024 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-703-0124

   

JANUARY 31, 2024

    2024 Semi-Annual Report
(Unaudited)  

iShares Trust

· iShares MSCI EAFE Growth ETF | EFG | Cboe BZX

· iShares MSCI EAFE Value ETF | EFV | Cboe BZX

The Markets in Review

Dear Shareholder,

The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended January 31, 2024. Significantly tighter monetary policy helped to rein in inflation, and the Consumer Price Index decelerated substantially in the first half of the period before stalling between 3% and 4% in the second half. A moderating labor market helped ease inflationary pressure, although wages continued to grow. Wage and job growth powered robust consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were robust during the period, as interest rates stabilized and the economy proved to be more resilient than many investors expected. The U.S. economy continued to show strength, and growth further accelerated in the second half of 2023. Large-capitalization U.S. stocks posted particularly substantial gains, supported by the performance of a few notable technology companies, while small-capitalization U.S. stocks advanced at a significantly slower pace. Meanwhile, international developed market equities also gained, while emerging market stocks declined overall.

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. However, shorter-duration U.S. Treasuries gained, as higher yields boosted returns. The corporate bond market benefited from improving economic sentiment, 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”), attempting to manage persistent inflation, raised interest rates four times during the 12-month period, but paused its tightening in the second half of the period. The Fed also wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity.

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 stopped tightening for now, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period despite the market’s hopes for interest rate cuts, as reflected in the recent rally. In this new regime, we anticipate greater volatility and dispersion of returns, creating more opportunities for selective portfolio management.

Looking at developed market stocks, we have an overweight stance on U.S. stocks overall, particularly given the promise of emerging AI technologies. We are also overweight Japanese stocks as shareholder-friendly policies generate increased investor interest, although we maintain an underweight stance on European stocks. In credit, there are selective opportunities in the near term despite tighter 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 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 January 31, 2024
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	6.43%	20.82%
U.S. small cap equities (Russell 2000® Index)	(2.02)	2.40
International equities (MSCI Europe, Australasia, Far East Index)	3.15	10.01
Emerging market equities (MSCI Emerging Markets Index)	(6.00)	(2.94)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	2.73	5.13
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	1.74	(0.38)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	3.15	2.10
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	2.70	2.90
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	6.18	9.28
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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

Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		6
Disclosure of Expenses		6
Schedules of Investments		7
Financial Statements:
Statements of Assets and Liabilities		20
Statements of Operations		21
Statements of Changes in Net Assets		22
Financial Highlights		23
Notes to Financial Statements		25
Statement Regarding Liquidity Risk Management Program		33
Supplemental Information		34
General Information		35
Glossary of Terms Used in this Report		36

3

Fund Summary as of January 31, 2024 iShares^® MSCI EAFE Growth ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		1.19	%		7.75	%		7.27	%		5.40	%		7.75	%		42.04	%		69.20	%
Fund Market		1.27			7.79			7.33			5.47			7.79			42.42			70.29
Index		2.19			9.66			7.71			5.76			9.66			44.96			75.03

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

Expense Example

Actual				Hypothetical 5% Return
Beginning Account Value (08/01/23)	Ending    Account Value (01/31/24)	Expenses     Paid During the Period	(a)	Beginning Account Value (08/01/23)	Ending    Account Value (01/31/24)	Expenses     Paid During the Period	(a)	Annualized   Expense   Ratio
$   1,000.00	$   1,011.90	$  1.82		$  1,000.00	$  1,023.30	$  1.83		0.36%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of Total Investments	(a)
Industrials	18.6	%
Consumer Discretionary	16.1
Health Care	15.7
Information Technology	15.6
Consumer Staples	12.4
Financials	11.1
Materials	5.9
Communication Services	3.4
Other (each representing less than 1%)	1.2

GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	(a)
Japan	22.8	%
France	12.9
United Kingdom	11.8
Switzerland	11.0
Australia	7.5
Netherlands	7.2
Germany	7.0
Denmark	6.2
Sweden	3.7
Hong Kong	1.9

^(a)  Excludes money market funds.

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Fund Summary as of January 31, 2024 iShares^® MSCI EAFE Value ETF

Investment Objective

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

Performance 

				Average Annual Total Returns										Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years				1 Year			5 Years			10 Years
Fund NAV		2.92	%		8.64	%		5.43	%		3.31	%			8.64	%		30.25	%		38.44	%
Fund Market		2.87			8.71			5.50			3.39				8.71			30.67			39.51
Index		4.05			10.35			5.69			3.53				10.35			31.86			41.50

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

Expense Example

Actual				Hypothetical 5% Return
Beginning Account Value (08/01/23)	Ending    Account Value (01/31/24)	Expenses     Paid During the Period	(a)	Beginning Account Value (08/01/23)	Ending    Account Value (01/31/24)	Expenses     Paid During the Period	(a)	Annualized   Expense   Ratio
$   1,000.00	$  1,029.20	$  1.68		$  1,000.00	$  1,023.50	$  1.68		0.33%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of Total Investments	(a)
Financials	27.2	%
Industrials	14.1
Health Care	10.3
Materials	8.9
Energy	8.5
Consumer Discretionary	7.7
Utilities	6.2
Consumer Staples	5.8
Communication Services	5.0
Real Estate	4.3
Information Technology	2.0

GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	(a)
Japan	23.6	%
United Kingdom	16.8
France	10.7
Germany	9.8
Switzerland	9.5
Australia	7.3
Italy	4.0
Spain	3.7
Netherlands	2.5
Sweden	2.4

^(a) Excludes money market funds.

F U N D   S U M M A R Y 5

About Fund Performance

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. 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, index returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, index returns would be lower.

Disclosure of Expenses

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

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

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

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

6 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited)  January 31, 2024 iShares^® MSCI EAFE Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 7.4%
Aristocrat Leisure Ltd.		787,609	$	22,707,249
ASX Ltd.		130,792		5,591,666
BHP Group Ltd.		2,387,287		73,036,678
Brambles Ltd.		1,875,263		17,880,194
CAR Group Ltd.		483,435		10,379,983
Cochlear Ltd.		87,921		17,447,827
Coles Group Ltd.		1,796,538		18,643,345
Commonwealth Bank of Australia		2,255,414		171,985,222
Computershare Ltd.		733,426		12,147,916
CSL Ltd.		650,005		127,646,376
Endeavour Group Ltd./Australia		1,935,254		7,082,518
Goodman Group		2,299,580		38,171,119
IDP Education Ltd.		342,028		4,379,927
IGO Ltd.		323,832		1,574,216
Insurance Australia Group Ltd.		3,289,028		12,910,832
James Hardie Industries PLC(a)		593,883		22,312,443
Lottery Corp. Ltd. (The)		3,005,275		9,864,465
Medibank Pvt Ltd.		3,718,511		9,309,815
Mineral Resources Ltd.		234,893		9,059,542
Northern Star Resources Ltd.		1,551,170		13,305,635
Orica Ltd.		615,315		6,489,663
Origin Energy Ltd.		2,325,462		12,978,870
Pilbara Minerals Ltd.(b)		2,510,758		5,718,666
Qantas Airways Ltd.(a)		1,142,455		4,118,963
QBE Insurance Group Ltd.		2,005,051		20,645,172
Ramsay Health Care Ltd.		247,851		8,262,993
REA Group Ltd.		71,358		8,510,631
Reece Ltd.		301,189		4,436,614
SEEK Ltd.		481,067		7,930,524
Telstra Corp. Ltd.		2,730,932		7,202,377
Transurban Group		1,458,737		12,815,340
Treasury Wine Estates Ltd.		701,289		4,917,524
Washington H Soul Pattinson & Co. Ltd.		111,230		2,486,339
Wesfarmers Ltd.		1,526,753		57,798,196
WiseTech Global Ltd.		224,439		10,566,835
Woolworths Group Ltd.		1,643,862		38,606,023
Xero Ltd.(a)		194,218		13,901,858
				832,823,556
Austria — 0.1%
Verbund AG		91,951		7,477,301
Belgium — 1.2%
Anheuser-Busch InBev SA/NV		1,168,863		72,303,049
Argenx SE(a)		79,480		30,014,193
D’ieteren Group		29,024		5,863,211
Elia Group SA/NV		19,917		2,398,113
Lotus Bakeries NV		550		4,689,699
UCB SA		170,615		16,049,015
				131,317,280
Denmark — 6.2%
AP Moller - Maersk A/S, Class A		1,432		2,596,603
Carlsberg A/S, Class B		86,412		11,118,410
Coloplast A/S, Class B		184,364		21,251,953
Demant A/S(a)		135,702		6,147,149
DSV A/S		250,496		44,816,168
Genmab A/S(a)		88,802		24,555,708
Novo Nordisk A/S		4,390,954		501,905,295
Novozymes A/S, Class B		492,279		25,224,711
Pandora A/S		114,104		16,672,525

Security	Shares		Value
Denmark (continued)
Vestas Wind Systems A/S(a)		1,358,770	$	38,310,532
				692,599,054
Finland — 0.3%
Elisa OYJ		67,521		3,076,355
Kone OYJ, Class B		298,186		14,760,596
Metso OYJ		885,021		8,845,463
Orion OYJ, Class B		145,468		6,697,011
				33,379,425
France — 12.8%
Accor SA		255,129		10,075,935
Aeroports de Paris SA		16,420		2,197,157
Air Liquide SA		704,747		131,881,631
Airbus SE		797,671		127,057,699
BioMerieux		55,962		6,023,091
Bureau Veritas SA		258,951		6,887,807
Capgemini SE		210,236		46,739,960
Carrefour SA		272,492		4,652,064
Dassault Aviation SA		27,299		5,170,659
Dassault Systemes SE		899,273		46,616,753
Edenred SE		336,804		20,116,791
EssilorLuxottica SA		257,901		50,541,633
Eurofins Scientific SE		118,491		7,135,146
Getlink SE		169,343		2,917,963
Hermes International SCA		42,609		89,890,463
Ipsen SA		33,147		3,821,820
Kering SA		100,187		41,154,154
Legrand SA		357,621		34,659,054
L’Oreal SA		324,554		155,316,620
LVMH Moet Hennessy Louis Vuitton SE		371,539		309,142,198
Pernod Ricard SA		275,221		45,132,267
Remy Cointreau SA		30,982		3,139,222
Safran SA		459,946		85,875,988
Sartorius Stedim Biotech		37,339		10,060,516
Schneider Electric SE		732,264		143,853,257
Sodexo SA		119,412		13,470,741
Teleperformance SE		40,211		6,279,914
Thales SA		141,830		20,743,212
Vivendi SE		452,385		5,098,179
Worldline SA/France(a)(c)		162,856		2,201,567
				1,437,853,461
Germany — 6.8%
adidas AG		218,019		41,159,368
Bechtle AG		110,384		5,723,724
Beiersdorf AG		136,024		19,905,705
Brenntag SE		187,650		16,590,135
Carl Zeiss Meditec AG, Bearer		54,053		5,697,819
Covestro AG(a)(c)		91,504		4,831,912
Delivery Hero SE(a)(c)		237,098		5,379,584
Deutsche Boerse AG		255,690		50,918,017
Hannover Rueck SE		80,928		19,399,808
HelloFresh SE(a)		210,409		2,782,607
Infineon Technologies AG		1,757,366		64,068,157
Knorr-Bremse AG		97,996		6,052,832
Merck KGaA		173,703		28,500,405
MTU Aero Engines AG		46,727		10,743,947
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		183,635		78,176,895
Nemetschek SE		77,993		7,196,698
Puma SE		142,649		5,740,737
Rational AG		6,912		5,309,698
Rheinmetall AG		58,443		20,465,029

S C H E D U L E  O F  I N V E S T M E N T S 7

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI EAFE Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Germany (continued)
SAP SE		1,405,062	$	243,422,179
Scout24 SE(c)		101,284		7,457,570
Siemens AG, Registered		357,955		64,082,480
Siemens Healthineers AG(c)		378,749		21,077,847
Symrise AG, Class A		178,205		18,386,071
Zalando SE(a)(c)		302,637		6,042,640
				759,111,864
Hong Kong — 1.9%
AIA Group Ltd.		15,444,200		121,119,841
Budweiser Brewing Co. APAC Ltd.(c)		2,292,400		3,613,146
ESR Group Ltd.(c)		2,944,600		3,764,002
Futu Holdings Ltd., ADR(a)		74,705		3,490,216
Galaxy Entertainment Group Ltd.		1,474,000		7,649,882
Hong Kong Exchanges & Clearing Ltd.		1,564,500		47,433,760
Sands China Ltd.(a)		1,146,400		3,009,036
Techtronic Industries Co. Ltd.		1,857,000		19,723,391
Xinyi Glass Holdings Ltd.		1,140,000		945,087
				210,748,361
Ireland — 1.4%
AIB Group PLC		1,061,991		4,664,714
Bank of Ireland Group PLC		499,945		4,597,484
CRH PLC		951,968		67,534,149
Flutter Entertainment PLC(a)		237,678		48,784,860
Kerry Group PLC, Class A		215,118		19,174,329
Kingspan Group PLC		207,597		16,860,321
				161,615,857
Israel — 0.7%
Check Point Software Technologies Ltd.(a)		125,587		19,959,542
CyberArk Software Ltd.(a)		56,373		13,161,968
Elbit Systems Ltd.		23,415		4,830,123
Global-e Online Ltd.(a)		120,969		4,568,999
Mizrahi Tefahot Bank Ltd.		73,210		2,724,679
Monday.com Ltd.(a)		35,860		7,532,034
Nice Ltd.(a)		84,952		17,626,000
Wix.com Ltd.(a)		73,319		9,302,715
				79,706,060
Italy — 1.3%
Amplifon SpA		168,247		5,491,332
Banco BPM SpA		574,166		3,097,793
DiaSorin SpA		30,296		2,785,989
Ferrari NV		169,628		59,155,586
Infrastrutture Wireless Italiane SpA(c)		454,099		5,490,977
Moncler SpA		276,275		16,995,532
Nexi SpA(a)(c)		795,873		6,104,714
Prysmian SpA		354,436		15,598,669
Recordati Industria Chimica e Farmaceutica SpA		141,213		7,794,148
UniCredit SpA		754,564		22,102,732
				144,617,472
Japan — 22.7%
Advantest Corp.		1,030,600		41,015,633
Aeon Co. Ltd.		877,300		20,964,992
Ajinomoto Co. Inc.		598,100		24,560,927
ANA Holdings Inc.(a)		75,800		1,675,041
Asahi Intecc Co. Ltd.		293,000		5,567,260
Astellas Pharma Inc.		2,433,100		28,327,300
Azbil Corp.		155,200		5,015,239
Bandai Namco Holdings Inc.		809,000		17,516,903
BayCurrent Consulting Inc.(b)		178,500		4,149,946
Capcom Co. Ltd.		233,600		8,909,216
Chugai Pharmaceutical Co. Ltd.		902,800		32,473,913
Daifuku Co. Ltd.		410,200		8,089,142

Security	Shares		Value
Japan (continued)
Dai-ichi Life Holdings Inc.		1,263,700	$	27,716,431
Daiichi Sankyo Co. Ltd.		2,489,100		74,521,249
Daikin Industries Ltd.		354,700		56,834,359
Denso Corp.		2,550,300		40,060,239
Dentsu Group Inc.		136,900		3,633,499
Disco Corp.		123,400		33,298,130
Eisai Co. Ltd.		170,100		8,009,776
FANUC Corp.		1,281,800		35,457,617
Fast Retailing Co. Ltd.		235,300		62,819,633
Fuji Electric Co. Ltd.		85,600		4,286,848
Fujitsu Ltd.		154,000		21,315,794
Hamamatsu Photonics KK		189,200		7,474,328
Hankyu Hanshin Holdings Inc.		154,500		4,727,008
Hikari Tsushin Inc.		18,200		3,171,346
Hirose Electric Co. Ltd.		41,100		4,782,099
Hitachi Ltd.		436,000		34,247,952
Hoshizaki Corp.		95,000		3,456,229
Hoya Corp.		475,900		60,453,134
Ibiden Co. Ltd.(b)		151,700		7,633,534
Inpex Corp.		458,900		6,237,578
Japan Exchange Group Inc.		677,400		14,992,014
JSR Corp.		155,400		4,238,482
Kao Corp.		220,300		8,716,734
Kawasaki Kisen Kaisha Ltd.		64,800		3,157,301
Keisei Electric Railway Co. Ltd.		87,200		3,945,788
Keyence Corp.		261,748		117,105,499
Kikkoman Corp.		182,700		11,241,206
Kintetsu Group Holdings Co. Ltd.		244,400		7,541,562
Kobe Bussan Co. Ltd.		202,100		5,164,201
Koei Tecmo Holdings Co. Ltd.		158,900		1,979,284
Konami Group Corp.		135,800		8,351,454
Kose Corp.		16,200		1,059,847
Kubota Corp.		475,000		7,190,295
Kyowa Kirin Co. Ltd.		365,100		5,751,043
Lasertec Corp.		102,200		26,615,843
M3 Inc.		596,200		9,408,034
Makita Corp.		302,200		8,133,710
MatsukiyoCocokara & Co.		463,300		8,421,298
McDonald’s Holdings Co. Japan Ltd.(b)		116,300		5,178,196
MINEBEA MITSUMI Inc.		490,200		10,132,535
MISUMI Group Inc.		384,300		6,588,782
Mitsui & Co. Ltd.		1,131,700		45,898,612
MonotaRO Co. Ltd.		339,600		3,198,426
Murata Manufacturing Co. Ltd.		1,506,000		30,409,335
NEC Corp.		318,000		20,779,616
Nexon Co. Ltd.		462,000		7,373,070
Nidec Corp.		560,400		20,901,136
Nintendo Co. Ltd.		1,397,500		78,079,567
Nippon Paint Holdings Co. Ltd.		1,280,700		10,087,208
Nippon Sanso Holdings Corp.		234,100		5,931,931
Nippon Telegraph & Telephone Corp.		40,219,100		50,505,301
Nippon Yusen KK		228,900		7,888,091
Nissan Chemical Corp.		169,800		6,772,101
Nissin Foods Holdings Co. Ltd.		257,100		8,317,539
Nitori Holdings Co. Ltd.		108,300		14,174,489
Nitto Denko Corp.		193,900		16,085,525
Nomura Research Institute Ltd.		520,870		15,930,038
NTT Data Group Corp.		852,300		12,276,209
Obic Co. Ltd.		93,100		14,301,048
Olympus Corp.		1,616,000		23,922,718
Omron Corp.		153,400		6,897,670
Ono Pharmaceutical Co. Ltd.		523,800		9,441,038

8 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI EAFE Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Open House Group Co. Ltd.		53,000	$	1,657,422
Oracle Corp. Japan		51,100		4,027,147
Oriental Land Co. Ltd./Japan		1,468,200		54,529,051
Otsuka Corp.		153,400		6,454,729
Otsuka Holdings Co. Ltd.		564,800		22,201,339
Pan Pacific International Holdings Corp.		514,400		11,119,519
Panasonic Holdings Corp.		1,491,100		14,044,338
Rakuten Group Inc.(a)		2,023,700		8,889,624
Recruit Holdings Co. Ltd.		1,939,500		76,607,758
Renesas Electronics Corp.(a)		1,975,400		32,411,527
SBI Holdings Inc.		166,700		4,095,095
SCSK Corp.		208,800		4,099,707
Secom Co. Ltd.		98,700		7,163,678
Seven & i Holdings Co. Ltd.		1,013,500		40,027,997
SG Holdings Co. Ltd.		432,400		5,599,623
Sharp Corp./Japan(a)		229,200		1,541,210
Shimadzu Corp.		319,900		8,845,864
Shimano Inc.		104,100		14,946,189
Shin-Etsu Chemical Co. Ltd.		2,451,300		96,488,513
Shionogi & Co. Ltd.		350,100		16,803,544
Shiseido Co. Ltd.		351,100		9,787,505
SMC Corp.		77,400		43,084,284
SoftBank Group Corp.		486,000		20,980,913
Sony Group Corp.		1,697,100		166,431,725
Square Enix Holdings Co. Ltd.		114,500		4,474,229
Sysmex Corp.		226,500		12,270,023
T&D Holdings Inc.		336,800		5,576,985
TDK Corp.		522,000		25,972,011
Terumo Corp.		904,600		30,622,475
TIS Inc.		297,000		6,605,826
Tobu Railway Co. Ltd.		126,900		3,360,726
Toho Co. Ltd./Tokyo		75,900		2,472,423
Tokio Marine Holdings Inc.		2,425,000		63,940,997
Tokyo Electron Ltd.		634,600		117,764,257
Tokyo Gas Co. Ltd.		498,800		11,458,365
Tokyu Corp.		236,800		2,778,677
Toyota Motor Corp.		7,135,000		142,470,359
Trend Micro Inc./Japan(a)		63,000		3,604,190
Unicharm Corp.		541,500		18,632,132
USS Co. Ltd.		179,200		3,388,924
Yakult Honsha Co. Ltd.		346,600		7,570,294
Yamato Holdings Co. Ltd.		358,700		6,200,641
Yaskawa Electric Corp.		323,500		12,191,517
Yokogawa Electric Corp.		308,800		6,068,136
Zensho Holdings Co. Ltd.		125,000		6,121,088
ZOZO Inc.		187,400		4,103,405
				2,551,972,052
Netherlands — 7.2%
Adyen NV(a)(c)		29,207		36,631,030
Akzo Nobel NV		228,945		17,585,831
ASM International NV		60,957		33,784,418
ASML Holding NV		542,435		470,610,032
BE Semiconductor Industries NV		104,030		15,633,450
Davide Campari-Milano NV		829,284		8,401,669
Ferrovial SE		449,773		17,152,195
Heineken NV		387,501		38,980,859
IMCD NV		76,925		11,741,888
Prosus NV		1,968,460		58,564,985
Qiagen NV, NVS		298,540		12,952,695
Universal Music Group NV		1,102,335		32,494,326

Security	Shares		Value
Netherlands (continued)
Wolters Kluwer NV		334,439	$	49,302,007
				803,835,385
New Zealand — 0.2%
Fisher & Paykel Healthcare Corp. Ltd.		785,702		11,347,924
Mercury NZ Ltd.		471,662		1,946,048
Meridian Energy Ltd.		1,747,564		5,920,378
Spark New Zealand Ltd.		871,139		2,830,151
				22,044,501
Norway — 0.1%
Adevinta ASA(a)		472,600		5,077,734
Kongsberg Gruppen ASA		118,846		6,056,789
Salmar ASA		34,438		1,911,668
				13,046,191
Portugal — 0.1%
Galp Energia SGPS SA		398,852		6,278,625
Jeronimo Martins SGPS SA		382,377		8,696,523
				14,975,148
Singapore — 1.2%
CapitaLand Ascendas REIT		5,037,500		10,917,406
DBS Group Holdings Ltd.		2,436,900		57,718,666
Grab Holdings Ltd., Class A(a)		2,557,410		7,851,249
Sea Ltd., ADR(a)(b)		491,354		18,740,242
Seatrium Ltd.(a)		30,042,800		2,229,572
Sembcorp Industries Ltd.		1,196,000		5,033,352
Singapore Exchange Ltd.		1,116,300		7,794,714
Singapore Technologies Engineering Ltd.		2,108,900		5,843,631
Singapore Telecommunications Ltd.		11,142,000		19,883,374
UOL Group Ltd.		315,600		1,465,512
				137,477,718
Spain — 1.4%
Aena SME SA(c)		50,056		8,855,265
Amadeus IT Group SA		607,755		42,591,695
Cellnex Telecom SA(c)		759,944		29,240,642
Corp. ACCIONA Energias Renovables SA		86,714		2,253,270
EDP Renovaveis SA		145,626		2,358,156
Grifols SA(a)		403,103		4,390,899
Industria de Diseno Textil SA		1,467,951		62,765,717
				152,455,644
Sweden — 3.7%
Alfa Laval AB		387,836		14,230,791
Assa Abloy AB, Class B		1,348,497		36,983,499
Atlas Copco AB, Class A		3,614,708		57,688,619
Atlas Copco AB, Class B		2,098,730		29,063,111
Beijer Ref AB, Class B		519,996		7,079,741
Epiroc AB		884,170		15,622,178
Epiroc AB, Class B		526,597		8,210,646
EQT AB		480,008		12,889,243
Essity AB, Class B		821,954		19,302,184
Evolution AB(c)		246,368		28,766,811
Getinge AB, Class B		308,642		6,597,879
H & M Hennes & Mauritz AB, Class B		871,743		12,299,198
Hexagon AB, Class B		2,792,483		30,476,003
Husqvarna AB, Class B		472,983		3,679,292
Industrivarden AB, Class A		61,683		1,941,903
Industrivarden AB, Class C		69,328		2,178,915
Indutrade AB		368,935		8,962,936
Investment AB Latour, Class B		200,097		5,032,559
Investor AB, Class B		2,329,252		54,841,693
Lifco AB, Class B		314,823		7,595,704
Nibe Industrier AB, Class B		2,045,694		12,223,391

S C H E D U L E  O F  I N V E S T M E N T S 9

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI EAFE Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Sweden (continued)
Saab AB, Class B		108,160	$	6,964,524
Sagax AB, Class B		266,171		6,468,304
Sandvik AB		714,704		15,020,136
Swedish Orphan Biovitrum AB(a)		262,774		7,375,574
				411,494,834
Switzerland — 11.0%
ABB Ltd., Registered		2,153,677		91,125,956
Alcon Inc.		673,033		50,662,556
Avolta AG, Registered(a)		46,510		1,776,907
Bachem Holding AG, Class B		45,795		3,065,688
Barry Callebaut AG, Registered		3,150		4,600,912
BKW AG		28,501		4,527,908
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		1,287		16,356,417
Chocoladefabriken Lindt & Spruengli AG, Registered		138		17,492,738
Cie. Financiere Richemont SA, Class A, Registered		702,735		104,380,421
Coca-Cola HBC AG, Class DI		147,788		4,344,486
EMS-Chemie Holding AG, Registered		4,758		3,591,884
Geberit AG, Registered		45,015		25,911,891
Givaudan SA, Registered		12,434		51,707,244
Logitech International SA, Registered		222,436		18,647,537
Lonza Group AG, Registered		100,303		49,038,707
Nestle SA, Registered		3,592,981		409,422,077
Partners Group Holding AG		30,570		41,244,279
Roche Holding AG, Bearer		43,347		13,130,995
Schindler Holding AG, Participation Certificates, NVS		55,138		13,734,253
Schindler Holding AG, Registered		20,672		4,920,780
SGS SA		132,053		12,202,467
SIG Group AG		415,045		8,687,805
Sika AG, Registered		205,331		56,683,229
Sonova Holding AG, Registered		68,525		21,900,351
STMicroelectronics NV		920,755		40,428,057
Straumann Holding AG		150,251		22,823,332
Swiss Re AG		264,907		30,331,967
Temenos AG, Registered		86,717		8,825,223
UBS Group AG, Registered		2,878,323		86,155,710
VAT Group AG(c)		36,311		16,903,817
				1,234,625,594
United Kingdom — 11.8%
Admiral Group PLC		175,589		5,583,225
Ashtead Group PLC		589,118		38,523,540
AstraZeneca PLC		2,085,404		276,476,272
Auto Trader Group PLC(c)		1,222,385		11,245,794
BAE Systems PLC		4,091,293		60,945,799
Bunzl PLC		453,234		18,419,323
Burberry Group PLC		490,230		8,075,030
Compass Group PLC		2,306,195		63,521,262
Croda International PLC		94,171		5,699,849
Diageo PLC		3,024,623		109,242,923
Entain PLC		861,579		10,494,370
Experian PLC		1,237,584		51,511,204
Haleon PLC		7,447,632		30,250,517
Halma PLC		512,064		14,173,464
HSBC Holdings PLC		9,176,266		71,645,554
Informa PLC		1,855,675		18,225,603
InterContinental Hotels Group PLC		222,999		21,129,838
Intertek Group PLC		217,683		12,355,832

Security	Shares		Value
United Kingdom (continued)
JD Sports Fashion PLC		3,495,486	$	5,165,328
London Stock Exchange Group PLC		560,360		63,384,584
Next PLC		162,471		17,344,838
NMC Health PLC, NVS(d)		50,450		1
Ocado Group PLC(a)		387,394		2,653,613
Prudential PLC		3,704,201		38,051,653
Reckitt Benckiser Group PLC		482,451		34,881,639
RELX PLC		2,542,166		104,925,509
Rentokil Initial PLC		3,383,281		17,423,036
Rolls-Royce Holdings PLC(a)		11,324,257		42,991,976
Sage Group PLC (The)		1,385,056		20,620,605
Severn Trent PLC		181,509		5,966,387
Smith & Nephew PLC		589,013		8,237,348
Spirax-Sarco Engineering PLC		99,505		12,523,781
Unilever PLC		2,186,808		106,410,545
Whitbread PLC		130,327		5,907,455
Wise PLC, Class A(a)		829,331		8,459,096
				1,322,466,793
Total Common Stocks — 99.5% (Cost: $10,157,907,232)				11,155,643,551
Preferred Stocks
Germany — 0.2%
Dr Ing hc F Porsche AG, Preference Shares, NVS(c)		153,699		13,049,342
Sartorius AG, Preference Shares, NVS		35,376		12,905,253
				25,954,595
Total Preferred Stocks — 0.2% (Cost: $27,854,311)				25,954,595
Total Long-Term Investments — 99.7% (Cost: $10,185,761,543)				11,181,598,146
Short-Term Securities
Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.51%(e)(f)(g)		19,413,628		19,425,276
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.32%(e)(f)		4,840,000		4,840,000
Total Short-Term Securities — 0.2% (Cost: $24,251,359)				24,265,276
Total Investments — 99.9% (Cost: $10,210,012,902)				11,205,863,422
Other Assets Less Liabilities — 0.1%				10,097,413
Net Assets — 100.0%			$	11,215,960,835

^(a)  Non-income producing security.

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

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

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

^(e)  Affiliate of the Fund.

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

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

10 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI EAFE Growth ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 01/31/24		Shares Held at 01/31/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	66,747,566	$	—		$	(47,333,062	)(a)	$	14,567	$	(3,795	)	$	19,425,276		19,413,628	$	53,372	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		3,720,000		1,120,000	(a)		—			—		—			4,840,000		4,840,000		105,296			—
									$	14,567	$	(3,795	)	$	24,265,276			$	158,668		$	—

^(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		60		03/07/24	$	10,298	$	706,078
Euro STOXX 50 Index		323		03/15/24		16,240		301,520
FTSE 100 Index		33		03/15/24		3,178		456
							$	1,008,054

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)	$	—	$	—	$	1,008,054	$	—	$	—	$	—	$	1,008,054

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

For the period ended January 31, 2024, 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	$	—	$	—	$	1,363,513		$	—	$	—	$	—	$	1,363,513
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(365,974	)	$	—	$	—	$	—	$	(365,974	)

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI EAFE Growth ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	39,435,013

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	$	157,715,582	$	10,997,927,968	$	1	$	11,155,643,551
Preferred Stocks		—		25,954,595		—		25,954,595
Short-Term Securities
Money Market Funds		24,265,276		—		—		24,265,276
	$	181,980,858	$	11,023,882,563	$	1	$	11,205,863,422
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	1,008,054	$	—	$	1,008,054

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

See notes to financial statements.

12 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited)  January 31, 2024 iShares^® MSCI EAFE Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 7.3%
Ampol Ltd.		519,483	$	12,287,059
ANZ Group Holdings Ltd.		6,551,333		115,594,210
APA Group		2,847,502		15,749,798
ASX Ltd.		214,400		9,166,105
Aurizon Holdings Ltd.		4,073,766		10,041,960
BHP Group Ltd.		7,182,193		219,732,070
BlueScope Steel Ltd.		984,752		15,035,497
Dexus		2,344,663		11,865,555
Fortescue Ltd.		3,691,571		71,346,061
GPT Group (The)		4,175,836		12,620,941
IGO Ltd.		965,715		4,694,546
Macquarie Group Ltd.		800,370		98,757,186
Mirvac Group		8,601,723		12,088,863
National Australia Bank Ltd.		6,820,908		143,855,659
Pilbara Minerals Ltd.		2,181,345		4,968,374
Rio Tinto Ltd.		809,228		69,631,926
Santos Ltd.		7,079,937		35,781,575
Scentre Group		11,314,693		22,494,146
Sonic Healthcare Ltd.		982,432		20,483,904
South32 Ltd.		9,886,835		21,407,137
Stockland		5,203,881		15,367,634
Suncorp Group Ltd.		2,769,091		25,488,196
Telstra Corp. Ltd.		4,478,947		11,812,474
Transurban Group		4,375,271		38,437,763
Treasury Wine Estates Ltd.		623,056		4,368,945
Vicinity Ltd.		8,435,119		11,196,831
Washington H Soul Pattinson & Co. Ltd.		335,045		7,489,307
Westpac Banking Corp.		7,649,563		120,003,431
Woodside Energy Group Ltd.		4,139,153		86,575,409
				1,248,342,562
Austria — 0.3%
Erste Group Bank AG		751,850		32,388,496
OMV AG		325,258		14,477,689
voestalpine AG		256,852		7,641,787
				54,507,972
Belgium — 0.7%
Ageas SA/NV		348,300		14,967,145
Elia Group SA/NV		32,793		3,948,452
Groupe Bruxelles Lambert NV		191,878		14,546,211
KBC Group NV		545,642		35,593,098
Sofina SA(a)		32,859		7,858,659
Syensqo SA(b)		164,521		14,666,547
Umicore SA		463,524		10,543,530
Warehouses De Pauw CVA		389,243		11,388,140
				113,511,782
Denmark — 0.7%
AP Moller - Maersk A/S, Class A		4,296		7,789,809
AP Moller - Maersk A/S, Class B, NVS		10,627		19,594,052
Carlsberg A/S, Class B		76,279		9,814,623
Danske Bank A/S		1,507,234		40,471,429
Orsted A/S(c)		412,382		23,243,809
Rockwool A/S, Class B		19,410		5,291,687
Tryg A/S		765,955		16,371,608
				122,577,017
Finland — 1.9%
Elisa OYJ		195,393		8,902,390
Fortum OYJ		997,895		13,641,370
Kesko OYJ, Class B		595,408		11,628,081
Kone OYJ, Class B		259,329		12,837,124

Security	Shares		Value
Finland (continued)
Neste OYJ		922,257	$	31,794,364
Nokia OYJ		11,816,498		42,719,277
Nordea Bank Abp		6,993,548		86,177,235
Sampo OYJ, Class A		984,104		41,190,104
Stora Enso OYJ, Class R		1,292,761		16,450,081
UPM-Kymmene OYJ		1,163,510		42,319,442
Wartsila OYJ Abp		1,052,674		15,528,576
				323,188,044
France — 10.6%
Aeroports de Paris SA		50,208		6,718,322
Alstom SA(a)		639,070		8,058,932
Amundi SA(c)		130,091		8,799,042
ArcelorMittal SA		1,119,050		30,818,655
Arkema SA		132,597		14,430,925
AXA SA		3,940,536		132,265,312
BNP Paribas SA		2,294,537		154,156,556
Bollore SE		1,576,815		10,414,910
Bouygues SA		415,810		15,232,197
Bureau Veritas SA		230,209		6,123,302
Carrefour SA		828,534		14,144,978
Cie. de Saint-Gobain		995,561		70,392,663
Cie. Generale des Etablissements Michelin SCA		1,481,869		49,201,995
Covivio SA/France		106,581		5,161,067
Credit Agricole SA		2,336,027		33,463,239
Danone SA		1,406,446		93,702,517
Eiffage SA		160,225		16,764,368
Engie SA		3,989,571		63,723,308
EssilorLuxottica SA		225,472		44,186,425
Eurazeo SE		92,752		7,900,638
Eurofins Scientific SE		100,777		6,068,466
Euronext NV(c)		189,226		16,643,781
Gecina SA		101,939		11,242,503
Getlink SE		506,563		8,728,628
Ipsen SA		28,777		3,317,963
Klepierre SA		469,004		12,142,829
La Francaise des Jeux SAEM(c)		234,274		9,495,968
Orange SA		4,067,280		48,367,778
Publicis Groupe SA		499,979		50,094,661
Renault SA		421,662		15,879,656
Sanofi SA		2,486,373		248,999,156
SEB SA		52,998		6,471,603
Societe Generale SA		1,614,153		41,491,835
Teleperformance SE		64,891		10,134,289
TotalEnergies SE		5,005,660		324,745,118
Unibail-Rodamco-Westfield, New(b)		259,010		18,546,332
Veolia Environnement SA		1,484,667		48,376,153
Vinci SA		1,106,723		139,803,756
Vivendi SE		741,392		8,355,160
Worldline SA/France(b)(c)		268,157		3,625,077
				1,818,190,063
Germany — 9.1%
Allianz SE, Registered		880,964		235,372,396
BASF SE		1,949,549		93,196,223
Bayer AG, Registered		2,145,923		66,773,858
Bayerische Motoren Werke AG		696,551		72,478,287
Commerzbank AG		2,298,066		26,390,052
Continental AG		239,800		19,589,416
Covestro AG(b)(c)		274,080		14,472,925
Daimler Truck Holding AG		1,166,089		41,672,708
Deutsche Bank AG, Registered		4,233,705		54,689,838
Deutsche Lufthansa AG, Registered(b)		1,304,276		10,845,540

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI EAFE Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Germany (continued)
Deutsche Post AG, Registered		2,165,196	$	103,700,219
Deutsche Telekom AG, Registered		7,079,795		173,793,456
E.ON SE		4,904,050		66,348,247
Evonik Industries AG		515,103		9,475,909
Fresenius Medical Care AG & Co. KGaA		447,736		17,304,817
Fresenius SE & Co. KGaA		920,866		25,851,317
GEA Group AG		356,887		14,292,981
Heidelberg Materials AG		305,511		28,212,242
Henkel AG & Co. KGaA		226,535		15,492,877
LEG Immobilien SE(b)		161,553		13,405,612
Mercedes-Benz Group AG		1,752,646		118,325,999
MTU Aero Engines AG		42,161		9,694,086
RWE AG		1,381,065		50,996,683
Siemens AG, Registered		1,079,051		193,175,859
Talanx AG(b)		140,731		9,873,826
Volkswagen AG		64,328		9,081,897
Vonovia SE		1,601,621		49,894,262
Wacker Chemie AG		40,398		4,379,980
				1,548,781,512
Hong Kong — 2.1%
BOC Hong Kong Holdings Ltd.		8,108,500		19,434,396
CK Asset Holdings Ltd.		4,257,500		19,211,287
CK Hutchison Holdings Ltd.		5,844,500		30,185,791
CK Infrastructure Holdings Ltd.		1,415,000		8,403,460
CLP Holdings Ltd.		3,580,000		28,473,309
Galaxy Entertainment Group Ltd.		2,384,000		12,372,673
Hang Lung Properties Ltd.		3,983,088		4,624,203
Hang Seng Bank Ltd.		1,667,100		17,354,792
Henderson Land Development Co. Ltd.		3,165,794		8,248,859
HKT Trust & HKT Ltd., Class SS		8,072,000		9,696,569
Hong Kong & China Gas Co. Ltd.		24,876,650		17,702,895
Hongkong Land Holdings Ltd.		2,438,700		7,612,414
Jardine Matheson Holdings Ltd.		347,500		13,953,555
Link REIT		5,584,860		28,011,880
MTR Corp. Ltd.		3,316,500		10,789,602
New World Development Co. Ltd.(a)		3,348,250		4,103,790
Power Assets Holdings Ltd.		3,080,500		18,036,897
Sands China Ltd.(b)		3,440,400		9,030,256
Sino Land Co. Ltd.		8,116,000		8,477,680
SITC International Holdings Co. Ltd.		2,873,000		4,359,327
Sun Hung Kai Properties Ltd.		3,158,500		29,479,499
Swire Pacific Ltd., Class A		948,000		7,334,705
Swire Properties Ltd.		2,512,800		4,695,853
WH Group Ltd.(c)		18,180,000		10,726,101
Wharf Holdings Ltd. (The)(a)		2,332,276		6,814,183
Wharf Real Estate Investment Co. Ltd.		3,640,419		10,665,820
Xinyi Glass Holdings Ltd.		1,841,000		1,526,233
				351,326,029
Ireland — 0.2%
AIB Group PLC		1,718,183		7,546,988
Bank of Ireland Group PLC		1,497,210		13,768,313
Smurfit Kappa Group PLC		570,204		21,248,529
				42,563,830
Israel — 0.7%
Azrieli Group Ltd.		94,645		6,377,430
Bank Hapoalim BM		2,769,400		23,561,809
Bank Leumi Le-Israel BM		3,322,575		25,235,507
Elbit Systems Ltd.		20,810		4,292,755
ICL Group Ltd.		1,712,222		7,787,682
Isracard Ltd.		1		4
Israel Discount Bank Ltd., Class A		2,696,606		13,080,938

Security	Shares		Value
Israel (continued)
Mizrahi Tefahot Bank Ltd.		220,623	$	8,210,994
Teva Pharmaceutical Industries Ltd., ADR(b)		2,451,785		29,666,598
				118,213,717
Italy — 3.9%
Assicurazioni Generali SpA		2,213,932		49,385,999
Banco BPM SpA		1,757,101		9,480,073
Enel SpA		17,765,779		121,222,586
Eni SpA		5,161,876		82,287,218
FinecoBank Banca Fineco SpA		1,361,783		19,634,678
Intesa Sanpaolo SpA		33,945,071		104,594,727
Leonardo SpA(a)		748,917		13,071,643
Mediobanca Banca di Credito Finanziario SpA		1,227,819		16,261,235
Poste Italiane SpA(c)		1,163,131		12,612,583
Snam SpA		4,473,421		21,847,936
Stellantis NV		4,832,594		106,445,826
Telecom Italia SpA/Milano(a)(b)		22,019,496		6,636,837
Tenaris SA, NVS		1,048,008		16,552,539
Terna - Rete Elettrica Nazionale		3,119,816		26,306,441
UniCredit SpA		2,280,485		66,800,097
				673,140,418
Japan — 23.5%
AGC Inc.		426,900		16,054,958
Aisin Corp.		321,200		11,992,030
ANA Holdings Inc.(b)		226,500		5,005,234
Asahi Group Holdings Ltd.		1,050,000		39,026,338
Asahi Kasei Corp.		2,734,800		20,739,467
Bridgestone Corp.		1,247,200		54,044,521
Brother Industries Ltd.		513,400		8,600,769
Canon Inc.		2,185,000		60,190,467
Central Japan Railway Co.		1,575,800		39,383,398
Chiba Bank Ltd. (The)		1,155,600		8,563,298
Chubu Electric Power Co. Inc.		1,404,500		18,220,138
Concordia Financial Group Ltd.		2,310,400		11,010,083
Dai Nippon Printing Co. Ltd.		445,900		12,904,321
Daito Trust Construction Co. Ltd.		135,200		15,379,069
Daiwa House Industry Co. Ltd.		1,293,600		40,000,625
Daiwa House REIT Investment Corp.		5,125		9,055,365
Daiwa Securities Group Inc.		2,922,200		20,943,004
Dentsu Group Inc.		225,900		5,995,672
East Japan Railway Co.		660,900		37,798,603
Eisai Co. Ltd.		274,800		12,939,955
ENEOS Holdings Inc.		6,280,850		25,365,546
Fuji Electric Co. Ltd.		138,300		6,926,065
FUJIFILM Holdings Corp.		815,100		51,665,030
Fujitsu Ltd.		135,000		18,685,923
GLP J-REIT		10,200		9,106,901
Hankyu Hanshin Holdings Inc.		250,300		7,658,059
Hikari Tsushin Inc.		15,800		2,753,147
Hitachi Construction Machinery Co. Ltd.		227,500		6,454,722
Hitachi Ltd.		1,316,400		103,403,679
Honda Motor Co. Ltd.		10,089,700		112,783,271
Hoshizaki Corp.		81,900		2,979,633
Hulic Co. Ltd.		837,000		9,242,442
Idemitsu Kosan Co. Ltd.		2,110,415		11,719,091
Iida Group Holdings Co. Ltd.		338,500		5,110,314
Inpex Corp.		1,375,400		18,695,063
Isuzu Motors Ltd.		1,287,700		17,570,591
ITOCHU Corp.		2,596,400		117,835,281
Japan Airlines Co. Ltd.		320,300		6,154,810
Japan Metropolitan Fund Invest		15,236		10,342,853
Japan Post Bank Co. Ltd.		3,164,000		32,905,113

14 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI EAFE Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Japan Post Holdings Co. Ltd.		4,537,200	$	43,433,170
Japan Post Insurance Co. Ltd.		417,700		7,820,129
Japan Real Estate Investment Corp.		2,792		10,703,245
Japan Tobacco Inc.		2,621,200		69,087,975
JFE Holdings Inc.		1,261,000		19,909,699
JSR Corp.		137,100		3,739,356
Kajima Corp.		921,900		16,453,017
Kansai Electric Power Co. Inc. (The)		1,534,800		20,937,951
Kao Corp.		660,200		26,122,504
Kawasaki Kisen Kaisha Ltd.		197,100		9,603,457
KDDI Corp.		3,269,400		108,331,686
KDX Realty Investment Corp.		9,169		9,945,996
Keisei Electric Railway Co. Ltd.		140,900		6,375,706
Kirin Holdings Co. Ltd.		1,693,600		24,343,732
Koito Manufacturing Co. Ltd.		428,200		6,555,438
Komatsu Ltd.		2,020,800		57,491,661
Kose Corp.		48,300		3,159,914
Kubota Corp.		1,429,300		21,635,978
Kyocera Corp.		2,805,500		41,072,716
LY Corp.		5,901,900		18,361,001
Marubeni Corp.		3,128,300		53,358,359
Mazda Motor Corp.		1,239,600		15,028,223
MEIJI Holdings Co. Ltd.		512,800		12,401,867
Mitsubishi Chemical Group Corp.		2,791,100		16,829,607
Mitsubishi Corp.		7,535,900		129,880,801
Mitsubishi Electric Corp.		4,221,100		62,642,386
Mitsubishi Estate Co. Ltd.		2,461,000		34,099,404
Mitsubishi HC Capital Inc.		1,762,300		12,495,489
Mitsubishi Heavy Industries Ltd.		700,300		46,712,440
Mitsubishi UFJ Financial Group Inc.		24,942,600		233,626,020
Mitsui & Co. Ltd.		990,000		40,151,653
Mitsui Chemicals Inc.		364,300		10,721,444
Mitsui Fudosan Co. Ltd.		1,944,300		48,809,253
Mitsui OSK Lines Ltd.		749,900		26,936,757
Mizuho Financial Group Inc.		5,269,220		95,697,253
MS&AD Insurance Group Holdings Inc.		934,908		38,606,778
Murata Manufacturing Co. Ltd.		1,314,900		26,550,621
Nippon Building Fund Inc.		3,386		13,700,125
Nippon Express Holdings Inc.		158,300		9,422,225
Nippon Prologis REIT Inc.		4,951		8,808,827
Nippon Steel Corp.		1,868,800		44,972,032
Nippon Yusen KK		686,700		23,664,272
Nissan Motor Co. Ltd.		5,060,500		19,866,637
Nomura Holdings Inc.		6,571,400		35,394,517
Nomura Real Estate Holdings Inc.		239,500		6,554,086
Nomura Real Estate Master Fund Inc.		9,251		10,123,048
Obayashi Corp.		1,418,400		13,129,473
Odakyu Electric Railway Co. Ltd.		682,800		10,433,520
Oji Holdings Corp.		1,850,800		7,236,315
Omron Corp.		135,800		6,106,281
Open House Group Co. Ltd.		87,400		2,733,183
ORIX Corp.		2,562,500		49,479,993
Osaka Gas Co. Ltd.		834,200		17,565,626
Panasonic Holdings Corp.		2,407,600		22,676,647
Resona Holdings Inc.		4,634,700		25,584,744
Ricoh Co. Ltd.		1,168,800		9,186,761
Rohm Co. Ltd.		718,500		12,400,760
SBI Holdings Inc.		269,000		6,608,161
Secom Co. Ltd.		298,900		21,694,260
Seiko Epson Corp.		639,100		9,329,204
Sekisui Chemical Co. Ltd.		838,500		11,971,716
Sekisui House Ltd.		1,304,900		29,457,065

Security	Shares		Value
Japan (continued)
Sharp Corp./Japan(b)		198,500	$	1,334,774
Shimizu Corp.		1,134,800		7,596,492
Shiseido Co. Ltd.		305,200		8,507,965
Shizuoka Financial Group Inc., NVS		1,020,400		9,326,460
SoftBank Corp.		6,280,300		83,439,080
SoftBank Group Corp.		1,461,000		63,072,250
Sompo Holdings Inc.		646,300		33,511,585
Subaru Corp.		1,341,400		26,760,001
SUMCO Corp.		763,400		11,573,463
Sumitomo Chemical Co. Ltd.		3,121,800		7,350,529
Sumitomo Corp.		2,270,900		52,225,788
Sumitomo Electric Industries Ltd.		1,565,400		20,806,672
Sumitomo Metal Mining Co. Ltd.		538,900		14,894,481
Sumitomo Mitsui Financial Group Inc.		2,775,500		144,363,048
Sumitomo Mitsui Trust Holdings Inc.		1,428,410		29,272,774
Sumitomo Realty & Development Co. Ltd.		622,700		19,583,376
Suntory Beverage & Food Ltd.		303,100		9,888,566
Suzuki Motor Corp.		805,300		36,172,996
T&D Holdings Inc.		546,800		9,054,321
Taisei Corp.		362,700		13,223,529
Takeda Pharmaceutical Co. Ltd.		3,456,300		101,582,313
Tobu Railway Co. Ltd.		205,800		5,450,255
Toho Co. Ltd./Tokyo		124,100		4,042,525
Tokyo Electric Power Co. Holdings Inc.(b)		3,328,000		17,718,781
Tokyu Corp.		690,900		8,107,214
TOPPAN Holdings Inc.		545,600		15,039,158
Toray Industries Inc.		3,023,000		15,104,202
Tosoh Corp.		546,800		7,050,789
TOTO Ltd.		294,600		7,973,428
Toyota Industries Corp.		319,600		27,031,481
Toyota Motor Corp.		11,582,080		231,268,830
Toyota Tsusho Corp.		463,100		30,347,603
Trend Micro Inc./Japan(b)		192,500		11,012,802
USS Co. Ltd.		153,600		2,904,792
West Japan Railway Co.		484,800		20,191,685
Yamaha Corp.		291,700		6,414,645
Yamaha Motor Co. Ltd.		1,946,700		18,399,713
				4,014,535,379
Netherlands — 2.5%
ABN AMRO Bank NV, CVA(c)		1,037,794		15,273,612
Aegon Ltd.		3,556,039		20,978,626
AerCap Holdings NV(b)		437,775		33,516,054
ASR Nederland NV		350,006		16,494,555
EXOR NV, NVS		205,088		19,842,777
Ferrovial SE		420,666		16,042,193
Heineken Holding NV		282,549		23,708,015
ING Groep NV		7,906,151		112,334,269
JDE Peet’s NV		212,520		5,246,134
Koninklijke Ahold Delhaize NV		2,094,380		58,900,565
Koninklijke KPN NV		7,343,499		24,980,679
Koninklijke Philips NV(b)		1,725,080		36,495,028
NN Group NV		590,218		24,191,992
OCI NV		233,777		6,677,603
Randstad NV		243,771		13,860,869
				428,542,971
New Zealand — 0.2%
Auckland International Airport Ltd.		2,938,634		15,151,283
EBOS Group Ltd.		341,007		7,809,166
Mercury NZ Ltd.		1,481,954		6,114,449
Spark New Zealand Ltd.		2,625,271		8,528,963
				37,603,861

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI EAFE Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Norway — 1.2%
Aker BP ASA		688,884	$	18,284,068
DNB Bank ASA		2,017,679		39,223,095
Equinor ASA		1,963,973		56,203,178
Gjensidige Forsikring ASA		443,210		7,128,799
Mowi ASA		1,028,407		18,511,661
Norsk Hydro ASA		2,930,061		17,171,630
Orkla ASA		1,528,139		11,970,104
Salmar ASA		104,325		5,791,125
Telenor ASA		1,381,483		15,329,013
Yara International ASA		360,936		11,929,890
				201,542,563
Portugal — 0.2%
EDP - Energias de Portugal SA		6,840,675		30,512,398
Galp Energia SGPS SA		362,568		5,707,452
				36,219,850
Singapore — 1.4%
CapitaLand Integrated Commercial Trust		11,829,304		17,634,728
CapitaLand Investment Ltd./Singapore		5,671,300		12,450,133
City Developments Ltd.		1,104,800		5,014,455
Genting Singapore Ltd.		13,439,400		10,093,044
Jardine Cycle & Carriage Ltd.		220,400		4,252,844
Keppel Ltd.		3,175,000		16,871,190
Mapletree Logistics Trust		7,569,200		8,703,638
Mapletree Pan Asia Commercial Trust		5,214,500		5,646,854
Oversea-Chinese Banking Corp. Ltd.		7,396,400		70,749,298
Seatrium Ltd.(b)		48,213,500		3,578,078
Singapore Airlines Ltd.		3,289,400		16,326,220
United Overseas Bank Ltd.		2,756,500		58,102,995
UOL Group Ltd.		518,200		2,406,301
Wilmar International Ltd.		4,083,500		9,999,218
				241,828,996
Spain — 3.7%
Acciona SA		61,214		7,918,320
ACS Actividades de Construccion y Servicios SA		457,099		18,037,351
Aena SME SA(c)		82,316		14,562,291
Banco Bilbao Vizcaya Argentaria SA		13,030,467		121,957,829
Banco Santander SA		35,351,260		142,078,808
CaixaBank SA		9,018,098		38,453,081
EDP Renovaveis SA		441,955		7,156,680
Enagas SA		186,158		3,030,612
Endesa SA		741,507		14,690,702
Iberdrola SA		13,404,546		161,403,554
Iberdrola SA, NVS		231,113		2,782,818
Naturgy Energy Group SA		305,990		8,239,623
Redeia Corp. SA		396,106		6,591,251
Repsol SA		2,791,618		41,227,398
Telefonica SA		10,655,287		43,354,584
				631,484,902
Sweden — 2.4%
Boliden AB		596,237		15,825,720
Fastighets AB Balder, Class B(b)		1,421,262		9,433,331
Holmen AB, Class B		166,161		6,548,286
Industrivarden AB, Class A		187,016		5,887,635
Industrivarden AB, Class C		210,232		6,607,398
L E Lundbergforetagen AB, Class B		162,139		8,454,058
Sandvik AB		1,162,154		24,423,693
Securitas AB, Class B		1,086,174		10,551,151
Skandinaviska Enskilda Banken AB, Class A		3,466,569		49,232,686
Skanska AB, Class B		741,685		12,860,520
SKF AB, Class B		757,967		14,935,828
Svenska Cellulosa AB SCA, Class B		1,328,196		18,081,950

Security	Shares		Value
Sweden (continued)
Svenska Handelsbanken AB, Class A		3,189,015	$	34,378,639
Swedbank AB, Class A		1,855,938		37,820,263
Tele2 AB, Class B		1,182,338		10,080,650
Telefonaktiebolaget LM Ericsson, Class B		6,400,693		35,482,086
Telia Co. AB		5,012,934		12,929,219
Volvo AB, Class A		436,519		10,731,883
Volvo AB, Class B		3,296,222		78,995,016
Volvo Car AB, Class B(b)		1,321,307		3,444,649
				406,704,661
Switzerland — 9.5%
Adecco Group AG, Registered		355,475		15,371,827
Avolta AG, Registered(b)		140,748		5,377,254
Baloise Holding AG, Registered		100,474		16,049,828
Banque Cantonale Vaudoise, Registered		63,865		8,177,043
Barry Callebaut AG, Registered		2,785		4,067,791
Clariant AG, Registered		455,785		5,834,812
Coca-Cola HBC AG, Class DI		244,436		7,185,623
DSM-Firmenich AG		405,410		42,864,207
EMS-Chemie Holding AG, Registered		7,648		5,773,587
Helvetia Holding AG, Registered		82,148		11,863,851
Holcim AG		1,138,491		86,956,603
Julius Baer Group Ltd.		450,943		24,549,967
Kuehne + Nagel International AG, Registered		118,759		40,245,006
Novartis AG, Registered		4,477,254		463,009,483
Roche Holding AG, NVS		1,534,618		436,930,841
Sandoz Group AG(b)		895,507		30,711,398
Schindler Holding AG, Registered		17,833		4,244,982
SGS SA		115,394		10,663,078
Siemens Energy AG(a)(b)		1,154,764		17,156,290
Swatch Group AG (The), Bearer		63,516		14,910,943
Swatch Group AG (The), Registered		114,267		5,199,039
Swiss Life Holding AG, Registered		64,490		46,312,074
Swiss Prime Site AG, Registered		167,242		16,939,163
Swiss Re AG		231,006		26,450,287
Swisscom AG, Registered		56,630		33,880,797
UBS Group AG, Registered		2,514,461		75,264,372
Zurich Insurance Group AG		319,046		162,103,925
				1,618,094,071
United Kingdom — 16.7%
3i Group PLC		2,126,090		66,557,115
abrdn PLC		4,111,321		8,746,567
Admiral Group PLC		283,528		9,015,375
Anglo American PLC		2,775,606		66,164,012
Antofagasta PLC		864,304		18,837,718
Associated British Foods PLC		751,364		22,254,911
Aviva PLC		5,969,698		32,586,037
Barclays PLC		32,996,459		61,318,219
Barratt Developments PLC		2,124,535		14,479,405
Berkeley Group Holdings PLC		235,330		14,250,320
BP PLC		37,278,413		217,721,458
British American Tobacco PLC		4,640,722		136,825,217
BT Group PLC		14,156,730		20,056,284
Centrica PLC		11,998,911		20,998,684
Coca-Cola Europacific Partners PLC		450,115		31,012,924
Croda International PLC		152,198		9,212,025
DCC PLC		215,313		15,653,108
Endeavour Mining PLC		402,473		7,149,490
Glencore PLC		22,864,218		120,973,622
GSK PLC		8,926,895		176,553,748
Hargreaves Lansdown PLC		788,785		7,611,313
Hikma Pharmaceuticals PLC		353,555		8,625,700

16 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI EAFE Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
HSBC Holdings PLC		27,665,693	$	216,005,498
Imperial Brands PLC		1,860,421		44,659,643
J Sainsbury PLC		3,613,477		12,336,989
Kingfisher PLC		4,124,467		11,467,358
Land Securities Group PLC		1,542,517		13,004,499
Legal & General Group PLC		13,063,874		42,019,196
Lloyds Banking Group PLC		138,805,116		74,407,222
M&G PLC		4,924,884		13,924,455
Melrose Industries PLC		2,992,474		22,304,366
Mondi PLC, NVS		967,237		17,332,530
National Grid PLC		8,056,037		107,299,192
NatWest Group PLC, NVS		12,593,694		35,541,145
Ocado Group PLC(b)		640,783		4,389,305
Pearson PLC		1,401,880		17,197,951
Persimmon PLC		696,317		12,824,839
Phoenix Group Holdings PLC		1,637,442		10,454,462
Reckitt Benckiser Group PLC		783,743		56,665,319
Rio Tinto PLC		2,454,613		169,906,874
Schroders PLC		1,757,106		8,989,528
Segro PLC		2,551,499		28,337,125
Severn Trent PLC		298,418		9,809,305
Shell PLC		14,454,086		448,110,022
Smith & Nephew PLC		951,972		13,313,330
Smiths Group PLC		762,362		15,623,571
SSE PLC		2,380,795		50,706,010
St. James’s Place PLC		1,195,918		9,845,159
Standard Chartered PLC		5,008,668		37,853,214
Taylor Wimpey PLC		7,700,619		14,376,992
Tesco PLC		15,522,598		56,247,988
Unilever PLC		1,911,593		93,018,524
United Utilities Group PLC		1,494,074		20,123,327
Vodafone Group PLC		50,286,206		42,750,339
Whitbread PLC		211,909		9,605,399
WPP PLC		2,343,075		22,658,685
				2,849,712,613
Total Common Stocks — 98.8% (Cost: $16,042,786,310)				16,880,612,813
Preferred Stocks
Germany — 0.7%
Bayerische Motoren Werke AG, Preference Shares, NVS		128,443		12,550,226

Security	Shares		Value
Germany (continued)
Henkel AG & Co. KGaA, Preference Shares, NVS		370,249	$	28,382,741
Porsche Automobil Holding SE, Preference Shares, NVS		333,803		16,664,767
Volkswagen AG, Preference Shares, NVS		450,417		57,930,394
				115,528,128
Total Preferred Stocks — 0.7% (Cost: $152,390,194)				115,528,128
Rights
Spain — 0.0%
ACS Actividades de Construccion y Servicios SA, (Expires 02/09/24)(b)		454,786		208,391
Total Rights — 0.0% (Cost: $225,898)				208,391
Total Long-Term Investments — 99.5% (Cost: $16,195,402,402)				16,996,349,332
Short-Term Securities
Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.51%(d)(e)(f)		46,323,607		46,351,401
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.32%(d)(e)		5,140,000		5,140,000
Total Short-Term Securities — 0.3% (Cost: $51,478,737)				51,491,401
Total Investments — 99.8% (Cost: $16,246,881,139)				17,047,840,733
Other Assets Less Liabilities — 0.2%				27,755,301
Net Assets — 100.0%			$	17,075,596,034

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

^(b)  Non-income producing security.

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

^(d)  Affiliate of the Fund.

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

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

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI EAFE Value ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/23		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/24		Shares Held at 01/31/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	20,634,209	$	25,708,045	(a)	$	—	$	7,031	$	2,116	$	46,351,401		46,323,607	$	83,548	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		—		5,140,000	(a)		—		—		—		5,140,000		5,140,000		331,128			—
								$	7,031	$	2,116	$	51,491,401			$	414,676		$	—

^(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		109		03/07/24	$	18,708	$	1,251,626
Euro STOXX 50 Index		454		03/15/24		22,826		450,508
FTSE 100 Index		343		03/15/24		33,035		(50,839	)
							$	1,651,295

Derivative Financial Instruments Categorized by Risk Exposure

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

	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)	$	—	$	—	$	1,702,134	$	—	$	—	$	—	$	1,702,134
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	50,839	$	—	$	—	$	—	$	50,839

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

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Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI EAFE Value ETF

For the period ended January 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	2,874,228		$	—	$	—	$	—	$	2,874,228
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(455,717	)	$	—	$	—	$	—	$	(455,717	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	92,376,200

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	$	160,622,668	$	16,719,990,145		$	—	$	16,880,612,813
Preferred Stocks		—		115,528,128			—		115,528,128
Rights		208,391		—			—		208,391
Short-Term Securities
Money Market Funds		51,491,401		—			—		51,491,401
	$	212,322,460	$	16,835,518,273		$	—	$	17,047,840,733
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	1,702,134		$	—	$	1,702,134
Liabilities
Equity Contracts		—		(50,839	)		—		(50,839	)
	$	—	$	1,651,295		$	—		1,651,295

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

See notes to financial statements.

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

Statements of Assets and Liabilities (unaudited) 

January 31, 2024

	iShares MSCI EAFE Growth ETF				iShares MSCI EAFE Value ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	11,181,598,146			$	16,996,349,332
Investments, at value — affiliated(c)		24,265,276				51,491,401
Cash		7,534				3,291
Foreign currency collateral pledged for futures contracts(d)		1,831,666				4,194,052
Foreign currency, at value(e)		8,886,619				23,349,383
Receivables:
Securities lending income — affiliated		9,419				11,543
Capital shares sold		1,216,551				—
Dividends — unaffiliated		3,722,302				18,551,183
Dividends — affiliated		10,177				15,441
Tax reclaims		18,556,171				33,104,131
Total assets		11,240,103,861				17,127,069,757
LIABILITIES
Collateral on securities loaned, at value		19,405,583				46,339,725
Payables:
Investments purchased		1,216,548				—
Investment advisory fees		3,253,955				4,717,774
Professional fees		127,467				—
Variation margin on futures contracts		139,473				416,224
Total liabilities		24,143,026				51,473,723
Commitments and contingent liabilities
NET ASSETS	$	11,215,960,835			$	17,075,596,034
NET ASSETS CONSIST OF
Paid-in capital	$	11,217,960,186			$	17,591,173,892
Accumulated loss		(1,999,351	)			(515,577,858	)
NET ASSETS	$	11,215,960,835			$	17,075,596,034
NET ASSET VALUE
Shares outstanding		115,600,000				332,000,000
Net asset value	$	97.02			$	51.43
Shares authorized		Unlimited				Unlimited
Par value		None				None
(a) Investments, at cost — unaffiliated	$	10,185,761,543			$	16,195,402,402
(b) Securities loaned, at value	$	18,057,750			$	43,867,989
(c)  Investments, at cost — affiliated	$	24,251,359			$	51,478,737
(d) Foreign currency collateral pledged, at cost	$	1,859,374			$	4,264,814
(e) Foreign currency, at cost	$	8,932,286			$	23,518,403

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Statements of Operations (unaudited)

Six Months Ended January 31, 2024

	iShares MSCI EAFE Growth ETF			iShares MSCI EAFE Value ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	67,777,412		$	250,308,649
Dividends — affiliated		105,296			331,128
Interest — unaffiliated		66,583			134,255
Securities lending income — affiliated — net		53,372			83,548
Other income — unaffiliated		148,247			—
Foreign taxes withheld		(3,716,181	)		(13,724,338	)
Foreign withholding tax claims		1,126,422			—
Total investment income		65,561,151			237,133,242
EXPENSES
Investment advisory		19,782,415			27,694,204
Professional		128,930			3,782
Interest expense		15,050			—
Total expenses		19,926,395			27,697,986
Net investment income		45,634,756			209,435,256
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(250,879,817	)		52,081,877
Investments — affiliated		14,567			7,031
Foreign currency transactions		456,984			719,210
Futures contracts		1,363,513			2,874,228
In-kind redemptions — unaffiliated(a)		292,682,405			125,178,802
		43,637,652			180,861,148
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(234,904,755	)		87,682,789
Investments — affiliated		(3,795	)		2,116
Foreign currency translations		(217,865	)		(1,057,263	)
Futures contracts		(365,974	)		(455,717	)
		(235,492,389	)		86,171,925
Net realized and unrealized gain (loss)		(191,854,737	)		267,033,073
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(146,219,981	)	$	476,468,329

^(a)  See Note 2 of the 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 EAFE Growth ETF						iShares MSCI EAFE Value ETF
	Six Months Ended 01/31/24 (unaudited)			Year Ended 07/31/23			Six Months Ended 01/31/24 (unaudited)			Year Ended 07/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	45,634,756		$	176,336,688		$	209,435,256		$	642,640,998
Net realized gain		43,637,652			96,447,934			180,861,148			51,124,366
Net change in unrealized appreciation (depreciation)		(235,492,389	)		1,144,191,883			86,171,925			2,074,500,708
Net increase (decrease) in net assets resulting from operations		(146,219,981	)		1,416,976,505			476,468,329			2,768,266,072
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(72,895,047	)		(151,624,443	)		(317,872,736	)		(577,034,652	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(1,502,485,384	)		1,536,591,246			(190,831,205	)		643,286,775
NET ASSETS
Total increase (decrease) in net assets		(1,721,600,412	)		2,801,943,308			(32,235,612	)		2,834,518,195
Beginning of period		12,937,561,247			10,135,617,939			17,107,831,646			14,273,313,451
End of period	$	11,215,960,835		$	12,937,561,247		$	17,075,596,034		$	17,107,831,646

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

22 2 0 2 4  I S H A R E S  S E M I - A N 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 EAFE Growth ETF
	Six Months Ended 01/31/24 (unaudited)				Year Ended 07/31/23			Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19
Net asset value, beginning of period		$	96.55		$	86.78		$	108.95		$	86.52		$	80.40		$	80.65
Net investment income(a)			0.38	(b)		1.39	(b)		1.19	(b)		1.15			1.06			1.42
Net realized and unrealized gain (loss)(c)			0.75			9.48			(21.67	)		22.53			6.06			(0.29	)
Net increase (decrease) from investment operations			1.13			10.87			(20.48	)		23.68			7.12			1.13
Distributions from net investment income(d)			(0.66	)		(1.10	)		(1.69	)		(1.25	)		(1.00	)		(1.38	)
Net asset value, end of period		$	97.02		$	96.55		$	86.78		$	108.95		$	86.52		$	80.40
Total Return(e)
Based on net asset value			1.19	%(b)(f)		12.58	%(b)		(18.92	)%(b)		27.42	%		8.91	%		1.52	%
Ratios to Average Net Assets(g)
Total expenses			0.36	%(h)		0.36	%		0.36	%		0.36	%		0.39	%		0.40	%
Total expenses excluding professional fees for foreign withholding tax claims			0.36	%(h)		0.35	%		0.36	%		0.36	%		N/A			0.40	%
Net investment income			0.82	%(b)(h)		1.57	%(b)		1.19	%(b)		1.15	%		1.31	%		1.86	%
Supplemental Data
Net assets, end of period (000)		$	11,215,961		$	12,937,561		$	10,135,618		$	12,115,330		$	7,994,330		$	3,955,693
Portfolio turnover rate(i)			11	%		19	%		25	%		24	%		33	%		22	%

^(a)  Based on average shares outstanding.

^(b)  Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended January 31, 2024 and year ended July 31, 2023 and July 31, 2022:

• Net investment income per share by $0.01, $0.03 and $0.01

• Total return by 0.01%, 0.03% and 0.01%.

• Ratio of net investment income to average net assets by 0.02%, 0.03% and 0.01%.

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

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

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

^(f)  Not annualized.

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

^(h)  Annualized.

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

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 EAFE Value ETF
	Six Months Ended 01/31/24 (unaudited)				Year Ended 07/31/23			Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19
Net asset value, beginning of period		$	50.92		$	44.33		$	51.48		$	39.94		$	47.08		$	52.87
Net investment income(a)			0.62			1.99	(b)		2.06	(b)		1.67			1.48			2.03
Net realized and unrealized gain (loss)(c)			0.85			6.45			(6.66	)		11.39			(7.18	)		(5.81	)
Net increase (decrease) from investment operations			1.47			8.44			(4.60	)		13.06			(5.70	)		(3.78	)
Distributions from net investment income(d)			(0.96	)		(1.85	)		(2.55	)		(1.52	)		(1.44	)		(2.01	)
Net asset value, end of period		$	51.43		$	50.92		$	44.33		$	51.48		$	39.94		$	47.08
Total Return(e)
Based on net asset value			2.92	%(f)		19.39	%(b)		(9.23	)%(b)		32.79	%		(12.48	)%		(7.05	)%
Ratios to Average Net Assets(g)
Total expenses			0.33	%(h)		0.34	%		0.35	%		0.36	%		0.39	%		0.39	%
Total expenses excluding professional fees for foreign withholding tax claims			0.33	%(h)		0.34	%		0.33	%		0.36	%		N/A			0.39	%
Net investment income			2.47	%(h)		4.29	%(b)		4.17	%(b)		3.42	%		3.36	%		4.17	%
Supplemental Data
Net assets, end of period (000)		$	17,075,596		$	17,107,832		$	14,273,313		$	14,434,306		$	5,799,502		$	5,423,659
Portfolio turnover rate(i)			13	%		22	%		26	%		25	%		27	%		21	%

^(a)  Based on average shares outstanding.

^(b)  Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2023 and July 31, 2022 respectively:

• Net investment income per share by $0.02 and $0.06 .

• Total return by 0.04% and 0.12%.

• Ratio of net investment income to average net assets by 0.04% and 0.13%.

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

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

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

^(f)  Not annualized.

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

^(h)  Annualized.

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

24 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Notes to Financial Statements (unaudited)

1. ORGANIZATION

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

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

iShares ETF	Diversification Classification
MSCI EAFE Growth	Diversified
MSCI EAFE Value	Diversified

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of January 31, 2024, 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 25

Notes to Financial Statements (unaudited) (continued)

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

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

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

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

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

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

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

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

26 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

4. SECURITIES AND OTHER INVESTMENTS

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

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

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

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

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
MSCI EAFE Growth
BofA Securities, Inc.	$	7,432,255	$	(7,432,255	)	$	—		$	—
Goldman Sachs & Co. LLC		2,695,835		(2,695,835	)		—			—
HSBC Bank PLC		546,995		(546,995	)		—			—
SG Americas Securities LLC		1,804,162		(1,804,162	)		—			—
State Street Bank & Trust Co.		3,900,343		(3,900,343	)		—			—
Virtu Americas LLC		1,678,160		(1,678,160	)		—			—
	$	18,057,750	$	(18,057,750	)	$	—		$	—
MSCI EAFE Value
BofA Securities, Inc.	$	2,969,193	$	(2,969,193	)	$	—		$	—
Goldman Sachs & Co. LLC		20,160,110		(20,160,110	)		—			—
J.P. Morgan Securities LLC		9,589,519		(9,589,519	)		—			—
Morgan Stanley		11,149,167		(11,149,167	)		—			—
	$	43,867,989	$	(43,867,989	)	$	—		$	—

^(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

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 27

Notes to Financial Statements (unaudited) (continued)

in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

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

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

For its investment advisory services to the iShares MSCI EAFE Growth ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund as follows:

Average Daily Net Assets	Investment Advisory Fees
First $3 billion		0.4000	%
Over $3 billion, up to and including $4.5 billion		0.3800
Over $4.5 billion, up to and including $6 billion		0.3610
Over $6 billion, up to and including $7.5 billion		0.3430
Over $7.5 billion, up to and including $9 billion		0.3258
Over $9 billion, up to and including $10.5 billion		0.3095
Over $10.5 billion		0.2940

For its investment advisory services to the iShares MSCI EAFE Value ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund as follows:

Average Daily Net Assets	Investment Advisory Fees
First $3 billion		0.4000	%
Over $3 billion, up to and including $4.5 billion		0.3800
Over $4.5 billion, up to and including $6 billion		0.3610
Over $6 billion, up to and including $7.5 billion		0.3430
Over $7.5 billion, up to and including $9 billion		0.3258
Over $9 billion, up to and including $10.5 billion		0.3096
Over $10.5 billion, up to and including $12 billion		0.2941
Over $12 billion, up to and including $13.5 billion		0.2793
Over $13.5 billion, up to and including $15 billion		0.2653
Over $15 billion		0.2520

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

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

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

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

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Notes to Financial Statements (unaudited) (continued)

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

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended January 31, 2024, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
MSCI EAFE Growth	$	16,556
MSCI EAFE Value		21,960

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

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

For the six months ended January 31, 2024, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
MSCI EAFE Growth	$	1,069,376,065	$	979,712,525	$	(190,426,932	)
MSCI EAFE Value		1,019,601,177		1,168,114,180		57,940,540

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

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

7. PURCHASES AND SALES

For the six months ended January 31, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
MSCI EAFE Growth	$	1,229,667,512	$	1,245,987,651
MSCI EAFE Value		2,178,132,421		2,280,596,314

For the six months ended January 31, 2024, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind  Sales
MSCI EAFE Growth	$	379,942,640	$	1,883,982,768
MSCI EAFE Value		601,914,359		794,251,205

8. INCOME TAX INFORMATION

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

Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 2024, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of July 31, 2023, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring Capital Loss Carryforwards
MSCI EAFE Growth	$	(991,427,803	)
MSCI EAFE Value		(1,169,804,663	)

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 29

Notes to Financial Statements (unaudited) (continued)

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

As of January 31, 2024, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized  Appreciation  (Depreciation)
MSCI EAFE Growth	$	10,279,194,556	$	1,636,429,479	$	(708,752,559)		$	927,676,920
MSCI EAFE Value		16,575,987,882		1,956,911,065		(1,483,406,919	)		473,504,146

9. PRINCIPAL RISKS

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

BFA uses an indexing approach to try to achieve each Fund’s investment objective. The Fund is not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

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.

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 may significantly impact the resulting fair value and therefore each Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by each Fund, and each Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. Each Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

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

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

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

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Notes to Financial Statements (unaudited) (continued)

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 securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. These events and actions have adversely affected, and may in the future adversely affect, the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but have been, and may continue to be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

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

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

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:

	Six Months Ended 01/31/24						Year Ended 07/31/23
iShares ETF	Shares			Amount			Shares			Amount
MSCI EAFE Growth
Shares sold		4,400,000		$	424,451,977			32,800,000		$	2,965,743,755
Shares redeemed		(22,800,000	)		(1,926,937,361	)		(15,600,000	)		(1,429,152,509	)
		(18,400,000	)	$	(1,502,485,384	)		17,200,000		$	1,536,591,246
MSCI EAFE Value
Shares sold		12,800,000		$	620,254,600			55,200,000		$	2,579,661,094
Shares redeemed		(16,800,000	)		(811,085,805	)		(41,200,000	)		(1,936,374,319	)
		(4,000,000	)	$	(190,831,205	)		14,000,000		$	643,286,775

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. Authorized Participants 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. Authorized Participants 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.

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 31

Notes to Financial Statements (unaudited) (continued)

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

11. FOREIGN WITHHOLDING TAX CLAIMS

The Internal Revenue Service has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which the iShares MSCI EAFE Growth ETF is able to pass through to its shareholders as a foreign tax credit in the current year, the iShares MSCI EAFE Growth ETF will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Fund.

12. SUBSEQUENT EVENTS

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

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Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares MSCI EAFE Growth ETF and iShares MSCI EAFE Value ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 8, 2023 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2022 through September 30, 2023 (the “Program Reporting Period”).

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

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

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

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

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

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

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review. There were no ETFs for which the custom baskets accepted by the ETF had a significant change in its liquidity profile.

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

S T A T E M E N T  R E G A R D I N G  L I Q U I D I T Y   R I S K  M A N A G E M E N T  P R O G R A M 33

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.

34 2 0 2 4  I S H A R E S  S E M I - A N 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 35

Glossary of Terms Used in this Report

Portfolio Abbreviation
ADR	American Depositary Receipt
NVS	Non-Voting Shares
REIT	Real Estate Investment Trust

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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.

©2024 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-702-0124

    

JANUARY 31, 2024

2024 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares China Large-Cap ETF | FXI | NYSE Arca

· iShares MSCI China A ETF | CNYA | Cboe BZX

The Markets in Review

Dear Shareholder,

The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended January 31, 2024. Significantly tighter monetary policy helped to rein in inflation, and the Consumer Price Index decelerated substantially in the first half of the period before stalling between 3% and 4% in the second half. A moderating labor market helped ease inflationary pressure, although wages continued to grow. Wage and job growth powered robust consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were robust during the period, as interest rates stabilized and the economy proved to be more resilient than many investors expected. The U.S. economy continued to show strength, and growth further accelerated in the second half of 2023. Large-capitalization U.S. stocks posted particularly substantial gains, supported by the performance of a few notable technology companies, while small-capitalization U.S. stocks advanced at a significantly slower pace. Meanwhile, international developed market equities also gained, while emerging market stocks declined overall.

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. However, shorter-duration U.S. Treasuries gained, as higher yields boosted returns. The corporate bond market benefited from improving economic sentiment, 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”), attempting to manage persistent inflation, raised interest rates four times during the 12-month period, but paused its tightening in the second half of the period. The Fed also wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity.

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 stopped tightening for now, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period despite the market’s hopes for interest rate cuts, as reflected in the recent rally. In this new regime, we anticipate greater volatility and dispersion of returns, creating more opportunities for selective portfolio management.

Looking at developed market stocks, we have an overweight stance on U.S. stocks overall, particularly given the promise of emerging AI technologies. We are also overweight Japanese stocks as shareholder-friendly policies generate increased investor interest, although we maintain an underweight stance on European stocks. In credit, there are selective opportunities in the near term despite tighter 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 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 January 31, 2024
	6-Month		12-Month
U.S. large cap equities (S&P 500® Index)		6.43%		20.82%
U.S. small cap equities (Russell 2000® Index)		(2.02)		2.40
International equities (MSCI Europe, Australasia, Far East Index)		3.15		10.01
Emerging market equities (MSCI Emerging Markets Index)		(6.00)		(2.94)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		2.73		5.13
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		1.74		(0.38)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		3.15		2.10
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		2.70		2.90
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped  Index)		6.18		9.28
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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

Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		6
Disclosure of Expenses		6
Schedules of Investments		7
Financial Statements:
Statements of Assets and Liabilities		18
Statements of Operations		19
Statements of Changes in Net Assets		20
Financial Highlights		21
Notes to Financial Statements		23
Statement Regarding Liquidity Risk Management Program		31
Supplemental Information		32
General Information		33
Glossary of Terms Used in this Report		34

3

Fund Summary as of January 31, 2024 iShares^® China Large-Cap ETF

Investment Objective

The iShares China Large-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization Chinese equities that trade on the Hong Kong Stock Exchange, as represented by the FTSE China 50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns								Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years		1 Year			5 Years			10 Years
Fund NAV		(26.63	)%		(29.43	)%		(10.45	)%	(2.22)%			(29.43	)%		(42.43	)%		(20.11	)%
Fund Market		(26.57	)		(29.36	)		(10.62	)	(2.08)			(29.36	)		(42.95	)		(18.94	)
Index		(25.92	)		(29.05	)		(9.79	)	(1.50)			(29.05	)		(40.25	)		(14.01	)

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (08/01/23)	Ending Account Value (01/31/24)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/23)	Ending Account Value (01/31/24)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$    1,000.00	$  733.70	$   3.22			$  1,000.00	$  1,021.40	$   3.76		0.74	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of    Total Investments(a)
Consumer Discretionary	31.6%
Financials	30.8
Communication Services	19.2
Energy	5.5
Information Technology	3.1
Health Care	2.6
Real Estate	2.2
Consumer Staples	2.1
Industrials	1.8
Materials	1.1

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS
Security	Percent of    Total Investments(a)
Alibaba Group Holding Ltd	9.6%
Tencent Holdings Ltd	8.6
China Construction Bank Corp., Class H	7.9
Meituan, Class B	6.1
Industrial & Commercial Bank of China Ltd., Class H	5.1
NetEase Inc	5.0
Bank of China Ltd., Class H	4.2
Baidu Inc	3.9
Ping An Insurance Group Co. of China Ltd., Class H	3.6
JD.com Inc	3.6

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Fund Summary as of January 31, 2024 iShares^® MSCI China A ETF

Investment Objective

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

Performance

				Average Annual Total Returns								Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			Since Inception		1 Year			5 Years			Since Inception
Fund NAV		(20.89	)%		(28.20	)%		1.26	%	1.94%			(28.20	)%		6.45	%		15.78	%
Fund Market		(20.59	)		(28.30	)		1.04		1.95			(28.30	)		5.32			15.85
Index		(20.53	)		(27.58	)		1.60		1.29			(27.58	)		8.27			10.24

The inception date of the Fund was June 13, 2016. The first day of secondary market trading was June 15, 2016.

Index performance through April 25, 2018 reflects the performance of the MSCI China A International Index. Index performance beginning on April 26, 2018 reflects the performance of the MSCI China A Inclusion Index.

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (08/01/23)	Ending Account Value (01/31/24)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/23)	Ending Account Value (01/31/24)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$  1,000.00	$  791.10	$   1.31			$  1,000.00	$  1,023.70	$  1.48		0.29	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of    Total Investments(a)
Financials	20.3%
Industrials	15.0
Consumer Staples	14.2
Information Technology	13.9
Materials	10.4
Health Care	8.2
Consumer Discretionary	6.0
Utilities	4.8
Energy	4.0
Communication Services	1.7
Real Estate	1.5

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS
Security	Percent of    Total Investments(a)
Kweichow Moutai Co. Ltd., Class A	5.9%
Contemporary Amperex Technology Co. Ltd., Class A	2.0
China Merchants Bank Co. Ltd., Class A	1.8
China Yangtze Power Co. Ltd., Class A	1.8
Wuliangye Yibin Co. Ltd., Class A	1.4
Ping An Insurance Group Co. of China Ltd., Class A	1.3
Agricultural Bank of China Ltd., Class A	1.0
Industrial Bank Co. Ltd., Class A	1.0
Industrial & Commercial Bank of China Ltd., Class A	1.0
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A	1.0

F U N D S U M M A R Y 5

About Fund Performance

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

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

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

Disclosure of Expenses

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

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

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

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

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Schedule of Investments (unaudited) January 31, 2024 iShares^® China Large-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Automobiles — 5.3%
BYD Co. Ltd., Class H(a)		5,372,000	$	120,279,926
Great Wall Motor Co. Ltd., Class H(a)		12,760,500		12,564,072
Li Auto Inc.(a)(b)		5,928,500		81,949,179
				214,793,177
Banks — 23.0%
Agricultural Bank of China Ltd., Class H		169,221,000		65,520,829
Bank of China Ltd., Class H		455,574,000		170,963,308
Bank of Communications Co. Ltd., Class H		40,062,200		23,700,991
China CITIC Bank Corp. Ltd., Class H		51,273,000		25,410,984
China Construction Bank Corp., Class H		540,269,320		320,846,081
China Everbright Bank Co. Ltd., Class H		17,051,000		5,062,201
China Merchants Bank Co. Ltd., Class H		20,830,438		75,934,965
China Minsheng Banking Corp. Ltd., Class H		35,086,600		11,669,587
Industrial & Commercial Bank of China Ltd., Class H		421,396,995		205,275,011
Postal Savings Bank of China Co. Ltd., Class H(c)		59,642,000		28,682,378
				933,066,335
Beverages — 2.1%
China Resources Beer Holdings Co. Ltd		8,642,000		31,252,414
Nongfu Spring Co. Ltd., Class H(c)		9,604,200		52,123,442
				83,375,856
Biotechnology — 1.0%
BeiGene Ltd.(b)		3,471,000		39,337,563
Broadline Retail — 13.1%
Alibaba Group Holding Ltd		43,394,500		389,204,129
JD.com Inc.		12,813,800		144,490,123
				533,694,252
Capital Markets — 0.9%
China International Capital Corp. Ltd., Class H(c)		8,133,200		9,667,477
CITIC Securities Co. Ltd., Class H		12,345,700		24,095,382
CSC Financial Co. Ltd., Class H(c)		4,962,500		3,778,920
				37,541,779
Construction & Engineering — 0.3%
China Railway Group Ltd., Class H		22,240,000		10,171,181
Entertainment — 5.0%
NetEase Inc.		10,414,700		202,442,075
Hotels, Restaurants & Leisure — 10.6%
Meituan, Class B(b)(c)		30,941,320		248,867,936
Trip.com Group Ltd.(b)		2,912,900		106,027,818
Yum China Holdings Inc.(a)		2,223,900		76,515,302
				431,411,056
Household Durables — 0.9%
Haier Smart Home Co. Ltd., Class H(a)		12,732,400		35,977,452
Industrial Conglomerates — 0.8%
CITIC Ltd.		35,029,000		33,809,779
Insurance — 6.9%
China Life Insurance Co. Ltd., Class H		40,951,000		47,210,011
China Pacific Insurance Group Co. Ltd., Class H		14,209,400		26,144,903
People’s Insurance Co. Group of China Ltd. (The), Class H		45,152,000		14,036,754
PICC Property & Casualty Co. Ltd., Class H		37,004,000		46,027,965
Ping An Insurance Group Co. of China Ltd., Class H.		34,441,500		144,776,260
				278,195,893
Interactive Media & Services — 14.2%
Baidu Inc.(b)		12,137,850		157,151,266

Security	Shares		Value
Interactive Media & Services (continued)
Kuaishou Technology(b)(c)		14,397,000	$	72,565,721
Tencent Holdings Ltd.		10,010,300		347,470,529
				577,187,516
Life Sciences Tools & Services — 1.6%
WuXi AppTec Co. Ltd., Class H(a)(c)		1,893,152		13,098,705
Wuxi Biologics Cayman Inc.(b)(c)		19,563,000		51,480,709
				64,579,414
Machinery — 0.2%
CRRC Corp. Ltd., Class H		21,810,000		10,137,143
Marine Transportation — 0.4%
COSCO Shipping Holdings Co. Ltd., Class H		16,795,100		17,645,389
Metals & Mining — 1.2%
Zijin Mining Group Co. Ltd., Class H		31,552,000		46,818,875
Oil, Gas & Consumable Fuels — 5.5%
China Petroleum & Chemical Corp., Class H		136,402,600		70,957,059
China Shenhua Energy Co. Ltd., Class H		18,586,500		70,511,308
PetroChina Co. Ltd., Class H		114,516,000		82,836,948
				224,305,315
Real Estate Management & Development — 2.2%
China Overseas Land & Investment Ltd.		21,082,500		31,893,388
China Resources Land Ltd.		15,153,333		46,006,346
China Vanke Co. Ltd., Class H		12,147,300		9,557,454
				87,457,188
Specialty Retail — 0.1%
China Tourism Group Duty Free Corp. Ltd.(a)(c)		598,200		5,246,095
Technology Hardware, Storage & Peripherals — 3.1%
Xiaomi Corp., Class B(b)(c)		80,630,200		127,035,147
Textiles, Apparel & Luxury Goods — 1.4%
ANTA Sports Products Ltd.		6,892,600		58,176,673
Total Long-Term Investments — 99.8% (Cost: $5,582,678,466)				4,052,405,153
Short-Term Securities
Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 5.51%(d)(e)(f)		25,659,529		25,674,925
BlackRock Cash Funds: Treasury, SL Agency
Shares, 5.32%(d)(e)		6,800,000		6,800,000
Total Short-Term Securities — 0.8% (Cost: $32,475,851)				32,474,925
Total Investments — 100.6% (Cost: $5,615,154,317)				4,084,880,078
Liabilities in Excess of Other Assets — (0.6)%				(25,311,912	)
Net Assets — 100.0%			$	4,059,568,166

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

^(b)  Non-income producing security.

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

^(d)  Affiliate of the Fund.

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

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

S C H E D U L E O F I N V E S T M E N T S 7

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® China Large-Cap ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 01/31/24		Shares Held at 01/31/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	12,275,636	$	13,408,704	(a)	$	—		$	(5,438	)	$	(3,977	)	$	25,674,925		25,659,529	$	54,213	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		8,890,000		—			(2,090,000	)(a)		—			—			6,800,000		6,800,000		171,792			—
									$	(5,438	)	$	(3,977	)	$	32,474,925			$	226,005		$	—

^(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 China H50		259		02/28/24	$	5,172	$	(271,286	)

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)	$	—	$	—	$	271,286	$	—	$	—	$	—	$	271,286

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

For the period ended January 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(3,902,355	)	$	—	$	—	$	—	$	(3,902,355	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(7,405,488	)	$	—	$	—	$	—	$	(7,405,488	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	9,894,251

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

8 2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® China Large-Cap ETF

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2			Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	—	$	4,052,405,153		$	—	$	4,052,405,153
Short-Term Securities
Money Market Funds		32,474,925		—			—		32,474,925
	$	32,474,925	$	4,052,405,153		$	—	$	4,084,880,078
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	—	$	(271,286	)	$	—	$	(271,286	)

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

See notes to financial statements.

S C H E D U L E O F I N V E S T M E N T S 9

Schedule of Investments (unaudited) January 31, 2024 iShares^® MSCI China A ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.4%
AECC Aero-Engine Control Co. Ltd., Class A		44,498	$	93,975
AECC Aviation Power Co. Ltd., Class A		104,098		454,903
Avicopter PLC, Class A		14,899		68,262
Kuang-Chi Technologies Co. Ltd., Class A(a)		74,740		123,870
				741,010
Air Freight & Logistics — 0.7%
SF Holding Co. Ltd., Class A		178,115		875,742
YTO Express Group Co. Ltd., Class A		118,400		183,870
Yunda Holding Co. Ltd., Class A		104,000		90,248
				1,149,860
Automobile Components — 1.2%
Bethel Automotive Safety Systems Co. Ltd.		14,800		106,320
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		11,997		211,422
Fuyao Glass Industry Group Co. Ltd., Class A		74,000		392,227
Huayu Automotive Systems Co. Ltd., Class A		119,200		269,678
Huizhou Desay Sv Automotive Co. Ltd., Class A		20,200		239,250
Ningbo Joyson Electronic Corp., Class A		44,800		90,110
Ningbo Tuopu Group Co. Ltd., Class A		43,705		296,515
Sailun Group Co. Ltd., Class A		118,400		198,789
Shandong Linglong Tyre Co. Ltd., Class A		44,800		122,255
Shenzhen Kedali Industry Co. Ltd., Class A		11,200		105,321
				2,031,887
Automobiles — 2.3%
AIMA Technology Group Co. Ltd.		30,000		112,579
Anhui Jianghuai Automobile Group Corp. Ltd.		74,000		125,635
BAIC BluePark New Energy Technology Co. Ltd.		207,200		126,786
Beiqi Foton Motor Co. Ltd.		281,200		95,055
BYD Co. Ltd., Class A		66,573		1,585,311
Chongqing Changan Automobile Co. Ltd., Class A		310,838		553,623
Great Wall Motor Co. Ltd.		88,889		252,943
Guangzhou Automobile Group Co. Ltd., Class A		162,800		185,831
SAIC Motor Corp. Ltd., Class A		296,406		564,225
Seres Group Co. Ltd., NVS(a)		59,200		467,012
				4,069,000
Banks — 11.5%
Agricultural Bank of China Ltd., Class A		3,172,200		1,716,629
Bank of Beijing Co. Ltd., Class A		806,200		571,708
Bank of Changsha Co. Ltd., Class A		148,000		147,546
Bank of Chengdu Co. Ltd., Class A		133,277		232,277
Bank of China Ltd., Class A		1,310,000		787,582
Bank of Communications Co. Ltd., Class A		1,467,602		1,226,537
Bank of Hangzhou Co. Ltd., Class A		222,488		337,605
Bank of Jiangsu Co. Ltd., Class A		667,000		679,315
Bank of Nanjing Co. Ltd., Class A		386,080		445,939
Bank of Ningbo Co. Ltd., Class A		240,921		722,189
Bank of Shanghai Co. Ltd., Class A		547,669		487,574
Bank of Suzhou Co. Ltd.		133,200		131,045
China Construction Bank Corp., Class A		355,300		339,486
China Everbright Bank Co. Ltd., Class A		1,746,400		765,962
China Merchants Bank Co. Ltd., Class A		755,902		3,234,614
China Minsheng Banking Corp. Ltd., Class A		1,332,080		732,144
China Zheshang Bank Co. Ltd., Class A		814,700		304,757
Chongqing Rural Commercial Bank Co. Ltd., Class A		344,530		207,526
CNPC Capital Co. Ltd., NVS		311,140		266,514
Huaxia Bank Co. Ltd., Class A		511,460		431,007
Industrial & Commercial Bank of China Ltd., Class A		2,341,000		1,683,817
Industrial Bank Co. Ltd., Class A		775,147		1,697,901
Ping An Bank Co. Ltd., Class A		710,456		935,674

Security	Shares		Value
Banks (continued)
Postal Savings Bank of China Co. Ltd., Class A		1,068,400	$	703,896
Shanghai Pudong Development Bank Co. Ltd., Class A		1,104,320		1,050,037
Shanghai Rural Commercial Bank Co. Ltd.		370,000		325,464
				20,164,745
Beverages — 10.5%
Anhui Gujing Distillery Co. Ltd., Class A		15,899		440,652
Anhui Kouzi Distillery Co. Ltd., Class A		23,500		127,269
Anhui Yingjia Distillery Co. Ltd., Class A		29,600		207,316
Beijing Yanjing Brewery Co. Ltd., Class A		103,600		117,727
Chongqing Brewery Co. Ltd., Class A		18,795		145,536
Eastroc Beverage Group Co. Ltd.		11,200		253,412
Hebei Hengshui Laobaigan Liquor Co. Ltd.		30,000		73,172
Jiangsu King’s Luck Brewery JSC Ltd., Class A		44,440		273,810
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		54,600		694,854
JiuGui Liquor Co. Ltd., Class A		14,800		128,040
Kweichow Moutai Co. Ltd., Class A		46,489		10,391,155
Luzhou Laojiao Co. Ltd., Class A		54,000		1,105,017
Shanghai Bairun Investment Holding Group Co. Ltd., Class A		32,788		90,154
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		44,801		1,249,539
Shede Spirits Co. Ltd.		15,400		177,351
Sichuan Swellfun Co. Ltd., Class A		19,300		128,291
Tsingtao Brewery Co. Ltd., Class A		29,600		286,930
Wuliangye Yibin Co. Ltd., Class A		142,714		2,515,664
				18,405,889
Biotechnology — 1.3%
Beijing Tiantan Biological Products Corp. Ltd., Class A		59,200		217,142
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		29,637		222,561
BGI Genomics Co. Ltd., Class A		20,400		106,348
Bloomage Biotechnology Corp. Ltd.		20,330		158,171
Chongqing Zhifei Biological Products Co. Ltd., Class A		93,100		581,716
Hualan Biological Engineering Inc., Class A		60,448		148,031
Imeik Technology Development Co. Ltd., Class A		8,800		332,004
Shanghai Junshi Biosciences Co. Ltd.		30,268		117,877
Shanghai RAAS Blood Products Co. Ltd., Class A		236,800		211,993
Shenzhen Kangtai Biological Products Co. Ltd., Class A		41,556		120,798
Walvax Biotechnology Co. Ltd., Class A		59,298		136,158
				2,352,799
Broadline Retail — 0.1%
Zhejiang China Commodities City Group Co. Ltd., Class A		207,200		214,651
Building Products — 0.2%
Beijing New Building Materials PLC, Class A		59,600		221,557
Zhejiang Weixing New Building Materials Co. Ltd., Class A		59,204		111,996
Zhuzhou Kibing Group Co. Ltd., Class A		93,900		76,626
				410,179
Capital Markets — 6.3%
BOC International China Co. Ltd., Class A		103,600		149,204
Caitong Securities Co. Ltd., Class A		177,651		183,773
Changjiang Securities Co. Ltd., Class A		207,600		142,505
China Galaxy Securities Co. Ltd., Class A		163,200		264,130
China Great Wall Securities Co. Ltd., Class A		148,400		151,336
China International Capital Corp. Ltd., Class A		90,000		404,836
China Merchants Securities Co. Ltd., Class A		266,407		495,959
CITIC Securities Co. Ltd., Class A		444,070		1,268,569
CSC Financial Co. Ltd., Class A		163,239		508,075
Dongxing Securities Co. Ltd., Class A		118,439		130,798
East Money Information Co. Ltd., Class A		585,139		1,016,865

10 2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI China A ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Capital Markets (continued)
Everbright Securities Co. Ltd., Class A		148,400	$	323,061
First Capital Securities Co. Ltd., Class A		148,000		108,247
Founder Securities Co. Ltd., Class A		296,000		284,574
GF Securities Co. Ltd., Class A		222,400		424,159
Guangzhou Yuexiu Financial Holdings Group Co. Ltd., Class A		148,091		117,969
Guolian Securities Co. Ltd., Class A		88,800		125,795
Guosen Securities Co. Ltd., Class A		236,300		264,393
Guotai Junan Securities Co. Ltd., Class A		281,645		573,066
Guoyuan Securities Co. Ltd., Class A		163,244		145,236
Haitong Securities Co. Ltd., Class A		356,800		437,006
Hithink RoyalFlush Information Network Co. Ltd., Class A		19,600		313,762
Huatai Securities Co. Ltd., Class A		267,600		512,298
Huaxi Securities Co. Ltd., Class A		104,000		107,811
Industrial Securities Co. Ltd., Class A		314,308		238,420
Nanjing Securities Co. Ltd., Class A		133,600		138,481
Orient Securities Co. Ltd., Class A		265,021		305,118
SDIC Capital Co. Ltd., Class A		229,000		212,699
Shanxi Securities Co. Ltd., Class A		133,657		92,070
Shenwan Hongyuan Group Co. Ltd., Class A		846,000		514,710
Sinolink Securities Co. Ltd., Class A		133,600		155,702
SooChow Securities Co. Ltd., Class A		178,438		167,067
Southwest Securities Co. Ltd., Class A		250,400		128,677
Tianfeng Securities Co. Ltd., Class A		304,800		125,347
Western Securities Co. Ltd., Class A		164,020		136,136
Zheshang Securities Co. Ltd., Class A		148,427		199,334
Zhongtai Securities Co. Ltd.		252,800		229,816
				11,097,004
Chemicals — 5.2%
Asia - Potash International Investment Guangzhou Co. Ltd.(a)		29,600		85,368
Canmax Technologies Co. Ltd., Class A		22,480		61,575
Cathay Biotech Inc.		24,400		148,722
Chengxin Lithium Group Co. Ltd., Class A		30,500		86,048
CNGR Advanced Material Co. Ltd.		29,600		179,261
Do-Fluoride New Materials Co. Ltd., Class A		29,600		49,984
Ganfeng Lithium Group Co. Ltd., Class A		64,070		303,521
Guangzhou Tinci Materials Technology Co. Ltd., Class A.		74,020		192,379
Hangzhou Oxygen Plant Group Co. Ltd., Class A		29,600		97,968
Haohua Chemical Science & Technology Co. Ltd., NVS		30,000		111,073
Hengli Petrochemical Co. Ltd., Class A(a)		252,015		411,499
Hengyi Petrochemical Co. Ltd., Class A		134,076		116,247
Hoshine Silicon Industry Co. Ltd., Class A		29,600		180,458
Huafon Chemical Co. Ltd., Class A		162,800		138,332
Hubei Feilihua Quartz Glass Co. Ltd.		14,800		51,892
Hubei Xingfa Chemicals Group Co. Ltd., Class A		44,100		100,406
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		311,600		154,257
Inner Mongolia Yuan Xing Energy Co. Ltd., Class A		122,900		89,456
Jiangsu Eastern Shenghong Co. Ltd., Class A		236,800		325,892
Jiangsu Yangnong Chemical Co. Ltd., Class A		15,130		103,512
Jiangsu Yoke Technology Co. Ltd., Class A		14,800		79,759
LB Group Co. Ltd., Class A		88,809		199,028
Luxi Chemical Group Co. Ltd., Class A		74,000		95,138
Ningbo Shanshan Co. Ltd.		74,000		102,767
Ningxia Baofeng Energy Group Co. Ltd., Class A		266,400		494,468
Qinghai Salt Lake Industry Co. Ltd., Class A(a)		192,500		383,975
Rongsheng Petrochemical Co. Ltd., Class A		371,601		489,395
Satellite Chemical Co. Ltd., Class A		127,777		242,929
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		74,860		253,776

Security	Shares		Value
Chemicals (continued)
Shanghai Putailai New Energy Technology Co. Ltd., Class A		83,114	$	190,219
Shenzhen Capchem Technology Co. Ltd.		25,420		131,528
Shenzhen Dynanonic Co. Ltd.		15,020		86,719
Shenzhen Senior Technology Material Co. Ltd., Class A		44,417		67,209
Sichuan Hebang Biotechnology Co. Ltd., Class A		340,400		108,414
Sinoma Science & Technology Co. Ltd., Class A		59,200		117,140
Sinopec Shanghai Petrochemical Co. Ltd., Class A		311,231		115,427
Skshu Paint Co. Ltd., Class A		20,504		102,717
Sunresin New Materials Co. Ltd., NVS		18,800		115,386
Tianqi Lithium Corp., Class A		51,700		335,089
Tongkun Group Co. Ltd., Class A		89,697		148,405
Wanhua Chemical Group Co. Ltd., Class A		116,200		1,130,766
Weihai Guangwei Composites Co. Ltd., Class A		29,652		96,882
Yunnan Energy New Material Co. Ltd., Class A		40,415		238,790
Yunnan Yuntianhua Co. Ltd.		68,600		150,380
Zangge Mining Co. Ltd.		62,600		215,720
Zhejiang Juhua Co. Ltd., Class A		104,000		230,973
Zhejiang Longsheng Group Co. Ltd., Class A		133,600		143,053
				9,053,902
Commercial Services & Supplies — 0.2%
Shanghai M&G Stationery Inc., Class A		29,600		126,157
Zhefu Holding Group Co. Ltd., Class A		182,800		78,565
Zhejiang Weiming Environment Protection Co. Ltd., Class A		59,553		128,557
				333,279
Communications Equipment — 0.9%
Guangzhou Haige Communications Group Inc. Co., Class A		88,800		119,033
Hengtong Optic-Electric Co. Ltd., Class A		94,700		144,835
Suzhou TFC Optical Communication Co. Ltd.		14,800		175,967
Tianjin 712 Communication & Broadcasting Co. Ltd., Class A		30,000		103,796
Yealink Network Technology Corp. Ltd., Class A		44,477		150,786
Zhongji Innolight Co. Ltd., Class A		30,088		428,527
ZTE Corp., Class A		141,500		432,195
				1,555,139
Construction & Engineering — 2.2%
China Energy Engineering Corp. Ltd.		1,155,300		339,277
China National Chemical Engineering Co. Ltd., Class A		222,010		198,014
China Railway Group Ltd., Class A		754,800		663,532
China State Construction Engineering Corp. Ltd., Class A		1,554,000		1,113,539
CSSC Science & Technology Co. Ltd.		60,800		135,535
Metallurgical Corp. of China Ltd., Class A		682,800		307,904
Power Construction Corp. of China Ltd., Class A		636,400		445,654
Shanghai Construction Group Co. Ltd., Class A		371,200		119,896
Shenzhen SED Industry Co. Ltd., NVS		44,800		109,472
Sichuan Road & Bridge Group Co. Ltd., Class A		264,500		295,770
Sinoma International Engineering Co.		89,600		138,994
				3,867,587
Construction Materials — 0.5%
Anhui Conch Cement Co. Ltd., Class A		148,400		477,161
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A		44,400		99,789
China Jushi Co. Ltd., Class A		148,350		189,453
Tangshan Jidong Cement Co. Ltd., Class A		103,600		82,562
				848,965
Consumer Staples Distribution & Retail — 0.2%
DaShenLin Pharmaceutical Group Co. Ltd., Class A		46,231		146,636
Yifeng Pharmacy Chain Co. Ltd., Class A		29,783		157,200

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI China A ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Consumer Staples Distribution & Retail (continued)
Yonghui Superstores Co. Ltd., Class A		325,600	$	111,006
				414,842
Containers & Packaging — 0.1%
Shenzhen YUTO Packaging Technology Co. Ltd.		29,600		95,317
Distributors — 0.1%
Wuchan Zhongda Group Co. Ltd., Class A		192,814		116,181
Diversified Consumer Services — 0.1%
Offcn Education Technology Co. Ltd., Class A		229,500		112,618
Electrical Equipment — 4.9%
Beijing Easpring Material Technology Co. Ltd., Class A		14,800		65,455
China XD Electric Co. Ltd., NVS		177,600		125,890
Contemporary Amperex Technology Co. Ltd., Class A		162,091		3,420,775
Dongfang Electric Corp. Ltd., Class A		104,090		207,802
Eve Energy Co. Ltd., Class A		75,182		364,344
Fangda Carbon New Material Co. Ltd., Class A		148,428		91,313
Farasis Energy Gan Zhou Co. Ltd., NVS		29,600		49,723
Ginlong Technologies Co. Ltd., Class A		18,900		156,978
Goldwind Science & Technology Co Ltd., Class A		120,051		116,535
Gongniu Group Co. Ltd.		14,800		191,426
GoodWe Technologies Co. Ltd., NVS		6,472		83,972
Gotion High-tech Co. Ltd., Class A		60,700		157,801
Hongfa Technology Co. Ltd., Class A		22,600		70,510
Hoymiles Power Electronics Inc., NVS		4,609		120,261
Jiangsu Zhongtian Technology Co. Ltd., Class A		118,800		191,271
Jiangxi Special Electric Motor Co. Ltd., NVS		59,200		74,440
Ming Yang Smart Energy Group Ltd., Class A		73,800		92,360
NARI Technology Co. Ltd., Class A		296,388		865,718
Ningbo Orient Wires & Cables Co. Ltd.		29,600		145,487
Ningbo Ronbay New Energy Technology Co. Ltd.		24,541		97,123
Pylon Technologies Co. Ltd., NVS		7,225		80,386
Shanghai Electric Group Co. Ltd., Class A		475,250		263,070
Shanghai Moons’ Electric Co. Ltd.		14,800		76,454
Sieyuan Electric Co. Ltd.		30,400		214,065
Sungrow Power Supply Co. Ltd., Class A		58,600		639,067
Sunwoda Electronic Co. Ltd., Class A		59,299		96,274
TBEA Co. Ltd., Class A		178,120		347,971
Titan Wind Energy Suzhou Co. Ltd., Class A		60,000		74,484
Zhejiang Chint Electrics Co. Ltd., Class A		74,000		192,011
				8,672,966
Electronic Equipment, Instruments & Components — 4.5%
Accelink Technologies Co. Ltd., Class A		29,600		89,707
Avary Holding Shenzhen Co. Ltd., Class A		68,200		166,050
BOE Technology Group Co. Ltd., Class A		1,394,428		698,296
CETC Cyberspace Security Technology Co. Ltd., Class A		32,700		75,093
Chaozhou Three-Circle Group Co. Ltd., Class A		74,400		236,227
China Railway Signal & Communication Corp. Ltd., Class A		273,181		176,664
China Zhenhua Group Science & Technology Co. Ltd., Class A		21,900		135,789
Eoptolink Technology Inc.Ltd.		29,600		173,754
Everdisplay Optronics Shanghai Co. Ltd.		414,400		121,572
Foxconn Industrial Internet Co. Ltd., Class A		488,406		902,701
GoerTek Inc., Class A		119,204		252,202
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		30,267		144,104
Hengdian Group DMEGC Magnetics Co. Ltd.		44,400		78,297
Huagong Tech Co. Ltd., Class A		29,800		106,492
Lens Technology Co. Ltd., Class A		178,000		258,572

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Lingyi iTech Guangdong Co., Class A		253,600	$	167,338
Luxshare Precision Industry Co. Ltd., Class A		267,668		947,871
Maxscend Microelectronics Co. Ltd., Class A		22,056		282,646
OFILM Group Co. Ltd., Class A		118,400		109,680
Raytron Technology Co. Ltd., Class A		18,896		86,952
Shanghai BOCHU Electronic Technology Corp. Ltd., Class A		6,114		216,003
Shengyi Technology Co. Ltd., Class A		89,282		178,472
Shennan Circuits Co. Ltd., Class A		19,467		143,086
Shenzhen Kaifa Technology Co. Ltd., Class A		59,200		98,117
Shenzhen Sunlord Electronics Co. Ltd., Class A		30,500		93,960
SUPCON Technology Co. Ltd.		26,936		132,266
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		66,100		114,754
TCL Technology Group Corp., Class A(a)		681,881		384,208
Tianma Microelectronics Co. Ltd., Class A		89,600		103,564
Unisplendour Corp. Ltd., Class A(a)		106,691		230,352
Universal Scientific Industrial Shanghai Co. Ltd., Class A		59,300		105,078
Wingtech Technology Co. Ltd., Class A(a)		50,311		234,269
Wuhan Guide Infrared Co. Ltd., Class A		148,004		110,993
WUS Printed Circuit Kunshan Co. Ltd., Class A		74,090		202,762
Xiamen Faratronic Co. Ltd.		9,200		110,131
Zhejiang Dahua Technology Co. Ltd., Class A		120,900		260,871
				7,928,893
Energy Equipment & Services — 0.2%
Offshore Oil Engineering Co. Ltd., Class A		164,468		128,034
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		44,485		162,774
				290,808
Entertainment — 0.8%
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		74,093		171,234
Beijing Enlight Media Co. Ltd., Class A		103,600		106,590
China Film Co. Ltd., Class A		74,000		120,559
G-Bits Network Technology Xiamen Co. Ltd., Class A		3,400		85,611
Giant Network Group Co. Ltd., Class A		74,100		94,754
Kingnet Network Co. Ltd.		74,000		97,884
Kunlun Tech Co. Ltd., Class A		44,600		184,998
Mango Excellent Media Co. Ltd., Class A		76,180		226,609
Perfect World Co. Ltd., Class A		74,052		98,477
Wanda Film Holding Co. Ltd., Class A		80,500		123,733
Zhejiang Century Huatong Group Co. Ltd., Class A(a)		267,282		156,142
				1,466,591
Financial Services — 0.1%
AVIC Industry-Finance Holdings Co. Ltd., Class A		340,401		160,846
Food Products — 3.2%
Angel Yeast Co. Ltd., Class A		33,496		143,922
Anjoy Foods Group Co. Ltd., Class A		11,800		122,127
Beijing Dabeinong Technology Group Co. Ltd., Class A		148,400		97,839
Foshan Haitian Flavouring & Food Co. Ltd., Class A		162,879		770,595
Fujian Sunner Development Co. Ltd., Class A		44,400		92,449
Guangdong Haid Group Co. Ltd., Class A		59,299		311,774
Hebei Yangyuan Zhihui Beverage Co. Ltd., Class A		44,600		143,198
Heilongjiang Agriculture Co. Ltd., Class A		59,600		94,456
Henan Shuanghui Investment & Development Co. Ltd., Class A		133,600		529,462
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		237,600		896,115
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A		29,862		91,353
Juewei Food Co. Ltd., Class A		14,800		41,314

12 2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI China A ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Food Products (continued)
Meihua Holdings Group Co. Ltd.		120,500	$	167,162
Muyuan Foods Co. Ltd., Class A		207,619		1,019,056
New Hope Liuhe Co. Ltd., Class A(a)		162,200		184,701
Wens Foodstuffs Group Co. Ltd., Class A		253,246		661,867
Yihai Kerry Arawana Holdings Co. Ltd., Class A		60,000		247,348
Yuan Longping High-Tech Agriculture Co. Ltd., Class A		44,400		77,443
				5,692,181
Gas Utilities — 0.1%
ENN Natural Gas Co. Ltd., Class A		90,000		218,711
Ground Transportation — 1.1%
Beijing-Shanghai High Speed Railway Co. Ltd., Class A .		1,838,800		1,270,718
Daqin Railway Co. Ltd., Class A		592,000		615,097
				1,885,815
Health Care Equipment & Supplies — 1.8%
Autobio Diagnostics Co. Ltd., Class A		15,800		103,374
iRay Technology Co. Ltd.		4,316		128,721
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A		30,000		132,986
Lepu Medical Technology Beijing Co. Ltd., Class A		74,400		135,709
Ovctek China Inc., Class A		30,880		74,833
Shanghai United Imaging Healthcare Co. Ltd., NVS		30,339		569,296
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		44,634		1,668,665
Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A		29,600		284,451
				3,098,035
Health Care Providers & Services — 1.1%
Aier Eye Hospital Group Co. Ltd., Class A		342,181		610,714
China Meheco Co. Ltd., Class A		50,520		73,751
China National Medicines Corp. Ltd., Class A		30,000		124,724
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		44,800		170,399
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		18,597		135,191
Huadong Medicine Co. Ltd., Class A		59,625		240,199
Jointown Pharmaceutical Group Co. Ltd., Class A		148,591		143,848
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A		133,560		90,778
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		104,009		245,533
Topchoice Medical Corp., Class A		14,800		122,525
				1,957,662
Hotels, Restaurants & Leisure — 0.2%
BTG Hotels Group Co. Ltd., Class A		44,400		86,460
Shanghai Jinjiang International Hotels Co. Ltd., Class A		35,600		125,365
Songcheng Performance Development Co. Ltd., Class A.		88,872		110,011
				321,836
Household Durables — 1.4%
Beijing Roborock Technology Co. Ltd., Class A		5,585		222,914
Ecovacs Robotics Co. Ltd., Class A		15,800		70,252
Gree Electric Appliances Inc. of Zhuhai, Class A		107,500		527,968
Haier Smart Home Co. Ltd., Class A		237,600		739,164
Hang Zhou Great Star Industrial Co. Ltd., Class A		44,400		115,187
Hangzhou Robam Appliances Co. Ltd., Class A		29,664		89,846
Hisense Visual Technology Co. Ltd.		44,400		136,863
Jason Furniture Hangzhou Co. Ltd., Class A		29,620		139,830
Oppein Home Group Inc., Class A		23,683		201,986
Sichuan Changhong Electric Co. Ltd.		167,600		98,325
Zhejiang Supor Co. Ltd., Class A		18,698		131,727
				2,474,062

Security	Shares		Value
Independent Power and Renewable Electricity Producers — 4.6%
CECEP Solar Energy Co. Ltd., Class A		137,100	$	96,177
CECEP Wind Power Corp, Class A		244,240		96,456
CGN Power Co. Ltd.		571,500		303,800
China National Nuclear Power Co. Ltd., Class A		710,447		819,481
China Three Gorges Renewables Group Co. Ltd., Class A		1,050,800		647,623
China Yangtze Power Co. Ltd., Class A		902,888		3,066,459
Datang International Power Generation Co. Ltd.		384,800		130,598
GD Power Development Co. Ltd., Class A		680,800		423,709
Huadian Power International Corp. Ltd., Class A		310,800		262,939
Huaneng Power International Inc., Class A		341,600		415,876
SDIC Power Holdings Co. Ltd., Class A		281,200		547,968
Shanghai Electric Power Co. Ltd., Class A		103,600		114,458
Shenergy Co. Ltd., Class A		193,800		195,541
Shenzhen Energy Group Co. Ltd., Class A		192,806		166,342
Sichuan Chuantou Energy Co. Ltd., Class A		162,800		351,663
Wintime Energy Group Co. Ltd., NVS		853,600		155,520
Zhejiang Zheneng Electric Power Co. Ltd., Class A		414,800		310,400
				8,105,010
Industrial Conglomerates — 0.1%
China Baoan Group Co. Ltd., Class A		89,200		134,075
Insurance — 2.3%
China Life Insurance Co. Ltd., Class A		104,400		418,412
China Pacific Insurance Group Co. Ltd., Class A		251,616		873,244
New China Life Insurance Co. Ltd., Class A		74,800		318,125
People’s Insurance Co. Group of China Ltd. (The), Class A		356,500		253,130
Ping An Insurance Group Co. of China Ltd., Class A		391,823		2,213,718
				4,076,629
IT Services — 0.1%
DHC Software Co. Ltd., Class A		103,600		72,050
Isoftstone Information Technology Group Co. Ltd., NVS		29,650		129,150
				201,200
Life Sciences Tools & Services — 0.5%
Hangzhou Tigermed Consulting Co. Ltd., Class A		14,804		83,593
Pharmaron Beijing Co. Ltd., Class A		54,950		161,434
WuXi AppTec Co. Ltd., Class A		94,248		714,191
				959,218
Machinery — 3.0%
China CSSC Holdings Ltd., Class A		162,800		692,604
CRRC Corp. Ltd., Class A		902,890		714,185
FAW Jiefang Group Co. Ltd., Class A		118,400		129,293
Jiangsu Hengli Hydraulic Co. Ltd., Class A		49,924		339,104
Keda Industrial Group Co. Ltd.		74,000		111,468
Ningbo Deye Technology Co. Ltd., NVS		14,860		139,919
North Industries Group Red Arrow Co. Ltd., Class A		52,900		83,835
Range Intelligent Computing Technology Group Co. Ltd.		46,000		126,853
Sany Heavy Industry Co. Ltd., Class A		311,650		567,650
Shandong Himile Mechanical Science & Technology Co. Ltd.		29,600		109,913
Shenzhen Inovance Technology Co. Ltd., Class A		49,861		388,333
Shuangliang Eco-Energy Systems Co. Ltd.		59,300		56,672
Weichai Power Co. Ltd., Class A		251,600		516,330
XCMG Construction Machinery Co. Ltd., Class A		430,000		336,651
Yutong Bus Co. Ltd., Class A		74,000		155,936
Zhejiang Dingli Machinery Co. Ltd., Class A		15,298		109,872
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		74,100		216,469
Zhuzhou CRRC Times Electric Co. Ltd., NVS		40,369		187,234

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI China A ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		267,950	$	268,341
				5,250,662
Marine Transportation — 0.4%
COSCO Shipping Holdings Co. Ltd., Class A		477,050		660,219
Media — 0.5%
Focus Media Information Technology Co. Ltd., Class A		535,660		421,360
Jiangsu Phoenix Publishing & Media Corp. Ltd.		88,800		119,759
Oriental Pearl Group Co. Ltd., Class A		133,200		126,509
People.cn Co. Ltd.		44,400		132,963
				800,591
Metals & Mining — 4.6%
Aluminum Corp. of China Ltd., Class A		489,516		388,552
Anhui Honglu Steel Construction Group Co. Ltd., Class A		21,130		48,228
Baoshan Iron & Steel Co. Ltd., Class A		831,670		712,321
Chifeng Jilong Gold Mining Co. Ltd., Class A		59,200		98,682
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		127,700		299,852
China Rare Earth Resources & Technology Co. Ltd., Class A		29,600		99,030
CMOC Group Ltd., Class A		651,200		486,789
GEM Co. Ltd., Class A		164,496		103,036
Guangdong HEC Technology Holding Co. Ltd., Class A		118,400		101,951
Henan Shenhuo Coal & Power Co. Ltd.		88,800		205,984
Hesteel Co. Ltd., Class A		400,200		115,815
Huaibei Mining Holdings Co. Ltd.		88,800		214,694
Hunan Valin Steel Co. Ltd., Class A		254,540		193,288
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A(a)		1,662,400		328,219
Jiangxi Copper Co. Ltd., Class A		74,400		186,480
Jinduicheng Molybdenum Co. Ltd., Class A		119,000		151,148
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A		325,600		127,797
Shandong Gold Mining Co. Ltd., Class A		133,628		382,374
Shandong Nanshan Aluminum Co. Ltd., Class A		460,000		183,513
Shanxi Meijin Energy Co. Ltd., Class A(a)		148,400		110,623
Shanxi Taigang Stainless Steel Co. Ltd., Class A		222,400		110,389
Shenghe Resources Holding Co. Ltd., Class A		56,700		65,016
Sinomine Resource Group Co. Ltd., Class A		29,892		129,765
Tianshan Aluminum Group Co. Ltd., Class A		165,700		120,675
Tongling Nonferrous Metals Group Co. Ltd., Class A		426,100		179,175
Western Mining Co. Ltd., Class A		88,800		175,752
Western Superconducting Technologies Co. Ltd., Class A		22,899		112,910
Xiamen Tungsten Co. Ltd., Class A		59,698		126,782
Yintai Gold Co. Ltd., Class A		101,320		198,901
YongXing Special Materials Technology Co. Ltd., Class A		24,340		151,020
Yunnan Aluminium Co. Ltd., Class A		118,400		176,972
Yunnan Chihong Zinc&Germanium Co. Ltd.		192,400		124,756
Yunnan Tin Co. Ltd., Class A		59,200		103,736
Zhejiang Huayou Cobalt Co. Ltd., Class A		63,912		221,572
Zhongjin Gold Corp. Ltd., Class A		193,800		254,190
Zijin Mining Group Co. Ltd., Class A		756,400		1,268,426
				8,058,413
Oil, Gas & Consumable Fuels — 3.9%
China Merchants Energy Shipping Co. Ltd., Class A		300,600		273,029
China Petroleum & Chemical Corp., Class A		1,184,243		983,112
China Shenhua Energy Co. Ltd., Class A		252,099		1,305,398

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
COSCO SHIPPING Energy Transportation Co. Ltd., Class A		133,249	$	244,276
Guanghui Energy Co. Ltd., Class A		237,983		232,984
Inner Mongolia Dian Tou Energy Corp. Ltd.		88,800		182,643
Jizhong Energy Resources Co. Ltd.		133,200		139,824
PetroChina Co. Ltd., Class A		797,700		928,034
Shaanxi Coal Industry Co. Ltd., Class A		356,801		1,202,341
Shan Xi Hua Yang Group New Energy Co. Ltd.		133,200		179,254
Shanxi Coking Coal Energy Group Co. Ltd., Class A		207,260		302,925
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		104,000		342,918
Yankuang Energy Group Co. Ltd., Class A		144,650		460,264
				6,777,002
Paper & Forest Products — 0.1%
Shandong Sun Paper Industry JSC Ltd., Class A		104,000		175,834
Passenger Airlines — 1.0%
Air China Ltd., Class A(a)		429,200		424,843
China Eastern Airlines Corp. Ltd., Class A(a)		640,000		333,309
China Southern Airlines Co. Ltd., Class A(a)		417,624		335,015
Hainan Airlines Holding Co. Ltd., Class A		1,628,400		309,935
Juneyao Airlines Co. Ltd., Class A		74,000		122,532
Spring Airlines Co. Ltd., Class A		38,700		281,671
				1,807,305
Personal Care Products — 0.1%
By-health Co. Ltd., Class A		59,600		124,737
Yunnan Botanee Bio-Technology Group Co. Ltd.		15,600		122,461
				247,198
Pharmaceuticals — 3.4%
Apeloa Pharmaceutical Co. Ltd., Class A		44,800		75,684
Asymchem Laboratories Tianjin Co. Ltd., Class A		15,080		179,844
Beijing Tongrentang Co. Ltd., Class A		54,900		333,771
Betta Pharmaceuticals Co. Ltd., Class A		14,812		78,231
Changchun High & New Technology Industry Group Inc., Class A		16,540		262,891
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		36,200		263,531
Chongqing Taiji Industry Group Co. Ltd.		14,800		69,003
CSPC Innovation Pharmaceutical Co. Ltd.		48,500		181,870
Dong-E-E-Jiao Co. Ltd., Class A		29,600		216,344
Hubei Jumpcan Pharmaceutical Co. Ltd., Class A		29,600		124,040
Humanwell Healthcare Group Co. Ltd., Class A		59,200		165,958
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A		238,042		1,243,130
Jiangsu Nhwa Pharmaceutical Co. Ltd., Class A		29,600		95,835
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		74,400		111,248
Livzon Pharmaceutical Group Inc., Class A		29,600		139,600
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A		50,800		92,035
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		47,427		99,820
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		74,063		224,985
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A		44,900		162,012
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		59,660		163,405
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		59,600		191,830
Yunnan Baiyao Group Co. Ltd., Class A		65,260		422,508
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		21,999		609,914
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		44,404		71,473
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A		30,300		75,588

14 2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI China A ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals (continued)
Zhejiang NHU Co. Ltd., Class A		119,568	$	266,940
				5,921,490
Real Estate Management & Development — 1.5%
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		329,100		402,305
China Vanke Co. Ltd., Class A		362,000		484,504
Gemdale Corp., Class A		163,218		91,808
Greenland Holdings Corp. Ltd., Class A		429,400		126,143
Hainan Airport Infrastructure Co. Ltd., NVS		429,600		208,626
Hangzhou Binjiang Real Estate Group Co. Ltd.		118,400		112,283
Poly Developments and Holdings Group Co. Ltd., Class A		445,531		593,751
Seazen Holdings Co. Ltd., Class A(a)		74,066		101,939
Shanghai Lingang Holdings Corp. Ltd., Class A		89,223		121,986
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A		60,800		135,139
Shenzhen Overseas Chinese Town Co. Ltd., Class A		297,656		122,318
Youngor Group Co. Ltd., Class A		177,694		166,584
				2,667,386
Semiconductors & Semiconductor Equipment — 5.9%
3peak Inc.		5,986		81,503
ACM Research Shanghai Inc.		11,500		123,937
Advanced Micro-Fabrication Equipment Inc., Class A		22,528		356,550
Amlogic Shanghai Co. Ltd.		17,347		107,123
ASR Microelectronics Co. Ltd.		13,912		89,146
Cambricon Technologies Corp. Ltd.		15,613		236,646
China Resources Microelectronics Ltd.		46,233		243,522
Flat Glass Group Co. Ltd., Class A		59,600		169,018
GalaxyCore Inc., NVS		61,089		138,873
GigaDevice Semiconductor Inc., Class A		26,857		233,445
Hangzhou Chang Chuan Technology Co. Ltd.		29,600		98,674
Hangzhou First Applied Material Co. Ltd., Class A		72,010		227,807
Hangzhou Lion Microelectronics Co. Ltd.		29,600		84,172
Hangzhou Silan Microelectronics Co. Ltd., Class A		64,500		162,973
Hoyuan Green Energy Co. Ltd., Class A		14,865		51,079
Hwatsing Technology Co. Ltd., NVS		6,200		127,552
Hygon Information Technology Co. Ltd., NVS		71,040		651,846
Ingenic Semiconductor Co. Ltd., Class A		17,400		115,061
JA Solar Technology Co. Ltd., Class A		118,480		281,712
JCET Group Co. Ltd., Class A		59,200		184,653
Jiangsu Pacific Quartz Co. Ltd., NVS		15,300		152,274
Jinko Solar Co. Ltd.		236,984		261,286
LONGi Green Energy Technology Co. Ltd., Class A		281,246		757,149
Montage Technology Co. Ltd., Class A		45,164		282,528
National Silicon Industry Group Co. Ltd., Class A		89,200		175,833
NAURA Technology Group Co. Ltd., Class A		19,000		600,183
Piotech Inc., NVS		7,026		158,840
Risen Energy Co. Ltd.		31,100		63,696
Rockchip Electronics Co. Ltd.		15,400		99,078
Sanan Optoelectronics Co. Ltd., Class A		177,600		271,674
SG Micro Corp., Class A		19,695		170,260
Shanghai Aiko Solar Energy Co. Ltd.		65,600		126,290
Shanghai Fudan Microelectronics Group Co. Ltd.		22,854		86,314
Shenzhen Goodix Technology Co. Ltd., Class A		15,200		110,945
Shenzhen SC New Energy Technology Corp., Class A		14,800		116,447
StarPower Semiconductor Ltd., Class A		7,100		125,624
Suzhou Maxwell Technologies Co. Ltd., Class A		11,356		162,144
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		143,323		245,166
Tianshui Huatian Technology Co. Ltd., Class A		104,100		94,295
TongFu Microelectronics Co. Ltd., Class A		46,400		118,615

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Tongwei Co. Ltd., Class A		165,893	$	537,706
Trina Solar Co. Ltd.		91,789		295,523
Unigroup Guoxin Microelectronics Co. Ltd., Class A(a)		33,079		240,509
Verisilicon Microelectronics Shanghai Co. Ltd.		20,754		99,999
Will Semiconductor Co. Ltd. Shanghai, Class A		44,455		534,120
Wuxi Autowell Technology Co. Ltd.		9,261		92,274
Xinjiang Daqo New Energy Co. Ltd.		73,662		268,408
Yangzhou Yangjie Electronic Technology Co. Ltd.		15,000		68,478
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		44,401		202,063
				10,283,013
Software — 1.7%
360 Security Technology Inc., Class A		268,000		253,839
Beijing E-Hualu Information Technology Co. Ltd., Class A		30,000		91,027
Beijing Kingsoft Office Software Inc., Class A		16,940		502,920
Beijing Shiji Information Technology Co. Ltd., Class A		80,995		79,989
China National Software & Service Co. Ltd., Class A		29,620		109,353
Empyrean Technology Co. Ltd., NVS		15,200		164,208
Hundsun Technologies Inc., Class A		74,782		218,577
Iflytek Co. Ltd., Class A		88,850		472,078
NavInfo Co. Ltd., Class A		74,000		66,767
Qi An Xin Technology Group Inc.		32,613		134,673
Sangfor Technologies Inc., Class A(a)		16,100		122,184
Shanghai Baosight Software Co. Ltd., Class A		62,588		356,813
Thunder Software Technology Co. Ltd., Class A		20,600		143,653
Yonyou Network Technology Co. Ltd., Class A		119,249		185,440
				2,901,521
Specialty Retail — 0.6%
China Tourism Group Duty Free Corp. Ltd., Class A		70,641		785,401
HLA Group Corp. Ltd., Class A		167,200		178,766
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		148,306		128,648
				1,092,815
Technology Hardware, Storage & Peripherals — 0.8%
Anker Innovations Technology Co. Ltd.		14,800		141,107
China Greatwall Technology Group Co. Ltd., Class A		118,900		137,463
GRG Banking Equipment Co. Ltd., Class A		88,800		117,050
IEIT Systems Co. Ltd., Class A		44,460		173,585
Ninestar Corp., Class A		59,210		159,426
Shenzhen Transsion Holdings Co. Ltd., Class A		29,452		559,849
Tsinghua Tongfang Co. Ltd.		118,462		93,602
				1,382,082
Trading Companies & Distributors — 0.3%
Beijing United Information Technology Co. Ltd., Class A		26,294		64,682
COSCO SHIPPING Development Co. Ltd., Class A		415,200		135,728
Shanxi Coal International Energy Group Co. Ltd.		74,100		173,977
Xiamen C & D Inc., Class A		103,600		139,653
				514,040
Transportation Infrastructure — 0.4%
Guangzhou Baiyun International Airport Co. Ltd., Class A		89,800		117,669
Liaoning Port Co. Ltd., Class A		784,400		149,472
Shanghai International Airport Co. Ltd., Class A		44,422		204,812
Shanghai International Port Group Co. Ltd., Class A		268,000		205,773
				677,726
Wireless Telecommunication Services — 0.4%
China United Network Communications Ltd., Class A		1,184,000		744,168
Total Common Stocks — 99.6% (Cost: $169,351,700)				174,640,857

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI China A ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Rights
Pharmaceuticals — 0.0%
Kangmei Pharmaceutical Co. Ltd. (Expires 12/31/49)		27,905	$	—
Total Rights — 0.0% (Cost: $—)			—
Total Long-Term Investments — 99.6% (Cost: $169,351,700)				174,640,857
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.32%(b)(c)		100,000		100,000
Total Short-Term Securities — 0.1% (Cost: $100,000)				100,000
Total Investments — 99.7% (Cost: $169,451,700)				174,740,857
Other Assets Less Liabilities — 0.3%				523,805
Net Assets — 100.0%			$	175,264,662

^(a)  Non-income producing security.

^(b)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/24		Shares Held at 01/31/24		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	870,000	$	—	$	(770,000	)(a)	$	—	$	—	$	100,000		100,000	$	39,750	$	—

^(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 China H50		53		02/28/24	$	587	$	(11,713	)

16 2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI China A 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)	$	—	$	—	$	11,713	$	—	$	—	$	—	$	11,713

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

For the period ended January 31, 2024, 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	$	—	$	—	$	(97,692	)	$	—	$	—	$	—	$	(97,692	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(44,794	)	$	—	$	—	$	—	$	(44,794	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	617,569

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	$	7,822,258	$	166,818,599		$	—	$	174,640,857
Rights		—		—			—		—
Short-Term Securities
Money Market Funds		100,000		—			—		100,000
	$	7,922,258	$	166,818,599		$	—	$	174,740,857
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	—	$	(11,713	)	$	—	$	(11,713	)

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

See notes to financial statements.

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

Statements of Assets and Liabilities (unaudited)

January 31, 2024

	iShares China Large-Cap ETF			iShares MSCI China A ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	4,052,405,153		$	174,640,857
Investments, at value — affiliated(c)		32,474,925			100,000
Cash		5,982			—
Cash pledged for futures contracts		461,000			42,000
Foreign currency, at value(d)		2,395,086			565,625
Receivables:
Securities lending income — affiliated		9,087			—
Dividends — unaffiliated		—			4,835
Dividends — affiliated		16,588			397
Variation margin on futures contracts		—			4,315
Total assets		4,087,767,821			175,358,029
LIABILITIES
Bank overdraft		—			536
Collateral on securities loaned, at value		25,539,339			—
Payables:
Investment advisory fees		2,597,974			92,831
Variation margin on futures contracts		62,342			—
Total liabilities		28,199,655			93,367
Commitments and contingent liabilities
NET ASSETS	$	4,059,568,166		$	175,264,662
NET ASSETS CONSIST OF
Paid-in capital	$	9,921,545,943		$	307,190,168
Accumulated loss		(5,861,977,777	)		(131,925,506	)
NET ASSETS	$	4,059,568,166		$	175,264,662
NET ASSET VALUE
Shares outstanding		186,900,000			7,400,000
Net asset value	$	21.72		$	23.68
Shares authorized		Unlimited			Unlimited
Par value		None			None
(a) Investments, at cost — unaffiliated	$	5,582,678,466		$	169,351,700
(b) Securities loaned, at value	$	24,318,472		$	—
(c)  Investments, at cost — affiliated	$	32,475,851		$	100,000
(d) Foreign currency, at cost	$	2,397,897		$	568,482

See notes to financial statements.

18 2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Operations (unaudited)

Six Months Ended January 31, 2024

	iShares China Large-Cap ETF			iShares MSCI China A ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	24,265,091		$	947,360
Dividends — affiliated		171,792			39,750
Interest — unaffiliated		87,655			3,040
Securities lending income — affiliated — net		54,213			—
Foreign taxes withheld		(1,551,612	)		(94,941	)
Total investment income		23,027,139			895,209
EXPENSES
Investment advisory		17,729,121			732,191
Interest expense		1,807			307
Commitment costs		—			1,121
Total expenses		17,730,928			733,619
Less:
Investment advisory fees waived		—			(384,518	)
Total expenses after fees waived		17,730,928			349,101
Net investment income		5,296,211			546,108
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(334,870,107	)		(2,312,414	)
Investments — affiliated		(5,438	)		—
Foreign currency transactions		53,769			4,904
Futures contracts		(3,902,355	)		(97,692	)
In-kind redemptions — unaffiliated(a)		11,336,267			—
		(327,387,864	)		(2,405,202	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(1,172,926,264	)		(58,092,816	)
Investments — affiliated		(3,977	)		—
Foreign currency translations		(277,362	)		(4,778	)
Futures contracts		(7,405,488	)		(44,794	)
		(1,180,613,091	)		(58,142,388	)
Net realized and unrealized loss		(1,508,000,955	)		(60,547,590	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,502,704,744	)	$	(60,001,482	)

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

F I N A N C I A L S T A T E M E N T S 19

Statements of Changes in Net Assets

			iShares China Large-Cap ETF									iShares MSCI China A ETF
	Six Months Ended 01/31/24 (unaudited)					Year Ended 07/31/23					Six Months Ended 01/31/24 (unaudited)				Year Ended 07/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income			$	5,296,211				$	114,844,150			$	546,108		$	6,583,068
Net realized loss				(327,387,864	)				(741,645,143	)			(2,405,202	)		(5,521,305	)
Net change in unrealized appreciation (depreciation)				(1,180,613,091	)				756,263,809				(58,142,388	)		(53,014,168	)
Net increase (decrease) in net assets resulting from operations				(1,502,704,744	)				129,462,816				(60,001,482	)		(51,952,405	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders				(111,252,819	)				(137,823,574	)			(7,629,430	)		(8,340,710	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions				(19,265,618	)				407,457,486				(86,092,434	)		(161,024,123	)
NET ASSETS
Total increase (decrease) in net assets				(1,633,223,181	)				399,096,728				(153,723,346	)		(221,317,238	)
Beginning of period				5,692,791,347					5,293,694,619				328,988,008			550,305,246
End of period			$	4,059,568,166				$	5,692,791,347			$	175,264,662		$	328,988,008

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

20 2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights

(For a share outstanding throughout each period)

	iShares China Large-Cap ETF
	Six Months Ended 01/31/24					Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
				(unaudited	)		07/31/23			07/31/22			07/31/21			07/31/20			07/31/19
Net asset value, beginning of period			$	30.39		$	30.37		$	40.36		$	41.57		$	41.63		$	43.14
Net investment income(a)				0.03			0.62			0.75			0.88			0.89			1.07
Net realized and unrealized gain (loss)(b)				(8.09	)		0.15			(10.16	)		(1.26	)		0.17			(1.73	)
Net increase (decrease) from investment operations				(8.06	)		0.77			(9.41	)		(0.38	)		1.06			(0.66	)
Distributions from net investment income(c)				(0.61	)		(0.75	)		(0.58	)		(0.83	)		(1.12	)		(0.85	)
Net asset value, end of period			$	21.72		$	30.39		$	30.37		$	40.36		$	41.57		$	41.63
Total Return(d)
Based on net asset value				(26.63	)%(e)		2.71	%		(23.54	)%		(1.13	)%		2.59	%		(1.44	)%
Ratios to Average Net Assets(f)
Total expenses				0.74	%(g)		0.74	%		0.74	%		0.74	%		0.74	%		0.74	%
Net investment income				0.22	%(g)		2.19	%		2.12	%		1.90	%		2.18	%		2.55	%
Supplemental Data
Net assets, end of period (000)			$	4,059,568		$	5,692,791		$	5,293,695		$	4,812,487		$	3,429,710		$	5,039,411
Portfolio turnover rate(h)				9	%		23	%		29	%		62	%		18	%		14	%

^(a)  Based on average shares outstanding.

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

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

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

^(e)  Not annualized.

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

^(g)  Annualized.

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

F I N A N C I A L  H I G H L I G H T S 21

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI China A ETF
	Six Months Ended 01/31/24					Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
				(unaudited	)		07/31/23			07/31/22			07/31/21			07/31/20			07/31/19
Net asset value, beginning of period			$	31.18		$	35.39		$	41.70		$	36.39		$	28.68		$	27.06
Net investment income(a)				0.06			0.54			0.46			0.52			0.59			0.84
Net realized and unrealized gain (loss)(b)				(6.53	)		(3.92	)		(6.29	)		5.22			7.47			1.67
Net increase (decrease) from investment operations				(6.47	)		(3.38	)		(5.83	)		5.74			8.06			2.51
Distributions(c)
From net investment income				(1.03	)		(0.83	)		(0.48	)		(0.43	)		(0.35	)		(0.19	)
From net realized gain				—			—			—			—			—			(0.70	)
Total distributions				(1.03	)		(0.83	)		(0.48	)		(0.43	)		(0.35	)		(0.89	)
Net asset value, end of period			$	23.68		$	31.18		$	35.39		$	41.70		$	36.39		$	28.68
Total Return(d)
Based on net asset value				(20.89	)%(e)		(9.55	)%		(14.18	)%		15.79	%		28.40	%		9.97	%
Ratios to Average Net Assets(f)
Total expenses				0.60	%(g)		0.60	%		0.60	%		0.60	%		0.63	%		0.65	%
Total expenses after fees waived				0.29	%(g)		0.24	%		0.24	%		0.24	%		0.24	%		0.24	%
Net investment income				0.45	%(g)		1.70	%		1.15	%		1.24	%		1.98	%		3.10	%
Supplemental Data
Net assets, end of period (000)			$	175,265		$	328,988		$	550,305		$	627,526		$	484,005		$	141,989
Portfolio turnover rate(h)				5	%(i)		26	%(i)		64	%		38	%(i)		31	%(i)		44	%(i)
(a) Based on average shares outstanding.
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d) Where applicable, assumes the reinvestment of distributions.
(e) Not annualized.
(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g) Annualized.
(h) Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars (“cash creations”).
(i)  Portfolio turnover rate excluding cash creations was as follows:				5	%		13	%		—			24	%		28	%		22	%

22 2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited)

1. ORGANIZATION

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

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

iShares ETF	Diversification   Classification
China Large-Cap		Non-diversified
MSCI China A		Diversified

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of January 31, 2024, 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 during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

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 23

Notes to Financial Statements (unaudited) (continued)

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

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

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

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

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

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

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

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

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

24 2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

4. SECURITIES AND OTHER INVESTMENTS

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

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

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

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

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
China Large-Cap
HSBC Bank PLC	$	242,611	$	(242,611	)	$	—		$	—
Morgan Stanley		24,075,861		(24,075,861	)		—			—
	$	24,318,472	$	(24,318,472	)	$	—		$	—

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

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

5. DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 25

Notes to Financial Statements (unaudited) (continued)

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

For its investment advisory services to the iShares China Large-Cap ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund as follows:

Average Daily Net Assets	Investment Advisory Fees
First $6 billion		0.74%
Over $6 billion, up to and including $9 billion		0.67
Over $9 billion, up to and including $12 billion		0.60
Over $12 billion		0.54

For its investment advisory services to the iShares MSCI China A ETF, BFA is entitled to an annual investment advisory fee of 0.60%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

Expense Waivers: BFA may from time to time voluntarily waive and/or reimburse fees or expenses in order to limit total annual fund operating expenses (excluding acquired fund fees and expenses, if any). BFA had elected to implement a voluntary fee waiver in order to limit the iShares MSCI China A ETF’s total annual operating expenses after fee waiver to 0.24%. This voluntary fee waiver for the Fund was discontinued on December 31, 2023. Any such voluntary waiver or reimbursement may be eliminated by BFA at any time.

This amount is included in investment advisory fees waived in the Statement of Operations. For the six months ended January 31, 2024, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

iShares ETF	Amounts Waived
MSCI China A	$	384,518

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

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

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

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

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

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended January 31, 2024, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
China Large-Cap	$	14,292

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

26 2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

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

For the six months ended January 31, 2024, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized  Gain (Loss)
China Large-Cap		$28,954,425		$24,874,290		$(11,753,448)

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

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

7. PURCHASES AND SALES

For the six months ended January 31, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
China Large-Cap	$	528,592,711	$	439,927,049
MSCI China A		12,915,170		105,548,117

For the six months ended January 31, 2024, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind   Sales
China Large-Cap	$	—	$	104,975,899

8. INCOME TAX INFORMATION

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

Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 2024, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of July 31, 2023, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring  Capital  Loss  Carryforwards
China Large-Cap		$ (3,429,917,973)
MSCI China A		(113,808,609)

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

As of January 31, 2024, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
China Large-Cap	$	6,186,851,480	$	159,355,655	$	(2,261,598,343	)	$	(2,102,242,688	)
MSCI China A		190,563,577		34,810,901		(50,645,334	)		(15,834,433	)

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 27

Notes to Financial Statements (unaudited) (continued)

9. LINE OF CREDIT

The iShares MSCI China A ETF, along with certain other iShares funds (“Participating Funds”), is a party to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on October 16, 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 six months ended January 31, 2024, 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 an indexing approach to try to achieve each Fund’s investment objective. The Fund is not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

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

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

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

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

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

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

28 2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

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, supply chain diversification, institution of tariffs, sanctions 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:

	Six Months Ended 01/31/24						Year Ended 07/31/23
iShares ETF	Shares			Amount			Shares			Amount
China Large-Cap
Shares sold		3,900,000		$	87,353,084			21,300,000		$	633,923,422
Shares redeemed		(4,350,000	)		(106,618,702	)		(8,250,000	)		(226,465,936	)
		(450,000	)	$	(19,265,618	)		13,050,000		$	407,457,486
MSCI China A
Shares sold		—		$	301,917			1,650,000		$	54,145,546
Shares redeemed		(3,150,000	)		(86,394,351	)		(6,650,000	)		(215,169,669	)
		(3,150,000	)	$	(86,092,434	)		(5,000,000	)	$	(161,024,123	)

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. Authorized Participants 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. Authorized Participants 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.

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 29

Notes to Financial Statements (unaudited) (continued)

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

12. SUBSEQUENT EVENTS

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

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Statement Regarding Liquidity Risk Management Program (unaudited)

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

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 8, 2023 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40Act Liquidity Risk Management Committee (the “Committee”).At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2022 through September 30, 2023 (the “Program Reporting Period”).

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

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

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

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

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

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

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review. There were no ETFs for which the custom baskets accepted by the ETF had a significant change in its liquidity profile.

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

S T A T E M E N T R E G A R D I N G L I Q U I D I T Y R I S K M A N A G E M E N T P R O G R A M 31

Supplemental Information (unaudited)

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.

32 2 0 2 4 I S H A R E S S E M I - A N 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 33

Glossary of Terms Used in this Report

Portfolio Abbreviation

JSC	Joint Stock Company
NVS	Non-Voting Shares

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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 FTSE International Limited or MSCI Inc., nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above

^©2024 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-708-0124

     

  JANUARY 31, 2024

2024 Semi-Annual Report

(Unaudited)

iShares Trust

·  iShares Global Equity Factor ETF | GLOF | NYSE Arca

·  iShares International Equity Factor ETF | INTF | NYSE Arca

·  iShares International Small-Cap Equity Factor ETF | ISCF | NYSE Arca

·  iShares MSCI EAFE Min Vol Factor ETF | EFAV | Cboe BZX

The Markets in Review

Dear Shareholder,

The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended January 31, 2024. Significantly tighter monetary policy helped to rein in inflation, and the Consumer Price Index decelerated substantially in the first half of the period before stalling between 3% and 4% in the second half. A moderating labor market helped ease inflationary pressure, although wages continued to grow. Wage and job growth powered robust consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were robust during the period, as interest rates stabilized and the economy proved to be more resilient than many investors expected. The U.S. economy continued to show strength, and growth further accelerated in the second half of 2023. Large-capitalization U.S. stocks posted particularly substantial gains, supported by the performance of a few notable technology companies, while small-capitalization U.S. stocks advanced at a significantly slower pace. Meanwhile, international developed market equities also gained, while emerging market stocks declined overall.

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. However, shorter-duration U.S. Treasuries gained, as higher yields boosted returns. The corporate bond market benefited from improving economic sentiment, 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”), attempting to manage persistent inflation, raised interest rates four times during the 12-month period, but paused its tightening in the second half of the period. The Fed also wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity.

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 stopped tightening for now, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period despite the market’s hopes for interest rate cuts, as reflected in the recent rally. In this new regime, we anticipate greater volatility and dispersion of returns, creating more opportunities for selective portfolio management.

Looking at developed market stocks, we have an overweight stance on U.S. stocks overall, particularly given the promise of emerging AI technologies. We are also overweight Japanese stocks as shareholder-friendly policies generate increased investor interest, although we maintain an underweight stance on European stocks. In credit, there are selective opportunities in the near term despite tighter 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 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 January 31, 2024
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	6.43%	20.82%
U.S. small cap equities (Russell 2000® Index)	(2.02)	2.40
International equities (MSCI Europe, Australasia, Far East Index)	3.15	10.01
Emerging market equities (MSCI Emerging Markets Index)	(6.00)	(2.94)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	2.73	5.13
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	1.74	(0.38)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	3.15	2.10
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	2.70	2.90
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	6.18	9.28
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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

Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		8
Disclosure of Expenses		8
Schedules of Investments		9
Financial Statements:
Statements of Assets and Liabilities		39
Statements of Operations		40
Statements of Changes in Net Assets		41
Financial Highlights		43
Notes to Financial Statements		47
Statement Regarding Liquidity Risk Management Program		56
Supplemental Information		57
General Information		58
Glossary of Terms Used in this Report		59

3

Fund Summary as of January 31, 2024 iShares^® Global Equity Factor ETF

Investment Objective

The iShares Global Equity Factor ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization developed and emerging market stocks that have favorable exposure to target style factors subject to constraints, as represented by the STOXX Global Equity Factor Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		6.24	%		15.99	%		8.62	%		7.10	%		15.99	%		51.17	%		82.35	%
Fund Market		6.82			16.48			8.68			7.12			16.48			51.64			82.80
Index		6.72			16.60			8.85			7.33			16.60			52.82			85.74

The inception date of the Fund was April 28, 2015. The first day of secondary market trading was April 30, 2015.

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (08/01/23)	Ending Account Value (01/31/24)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/23)	Ending Account Value (01/31/24)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$   1,000.00	$  1,062.40	$  1.04			$  1,000.00	$  1,024.10	$  1.02		0.20	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Information Technology	25.5	%
Financials	16.4
Consumer Discretionary	12.7
Health Care	11.4
Industrials	7.9
Communication Services	6.7
Consumer Staples	6.4
Materials	4.0
Energy	3.9
Utilities	3.2
Real Estate	1.9

^(a)  Excludes money market funds.

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	59.2	%
Japan	7.0
France	3.0
United Kingdom	2.9
Canada	2.9
China	2.9
South Korea	2.1
Australia	2.1
India	1.8
Taiwan	1.7

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Fund Summary as of January 31, 2024 iShares^® International Equity Factor ETF

Investment Objective

The iShares International Equity Factor ETF (the “Fund”) seeks to track the investment results of an index composed of global developed market large- and mid-capitalization stocks, excluding the U.S., that have favorable exposure to target style factors subject to constraints, as represented by the STOXX International Equity Factor Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		3.31	%		9.49	%		5.36	%		4.43	%		9.49	%		29.81	%		46.24	%
Fund Market		3.63			9.66			5.42			4.46			9.66			30.19			46.64
Index		4.14			10.83			5.59			4.61			10.83			31.23			48.44

The inception date of the Fund was April 28, 2015. The first day of secondary market trading was April 30, 2015.

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (08/01/23)	Ending Account Value (01/31/24)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/23)	Ending Account Value (01/31/24)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$   1,000.00	$  1,033.10	$  0.82			$  1,000.00	$  1,024.30	$  0.81		0.16	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Financials	21.2	%
Industrials	14.8
Consumer Discretionary	12.8
Health Care	9.8
Information Technology	8.8
Consumer Staples	8.2
Materials	7.3
Communication Services	5.3
Energy	5.0
Utilities	3.7
Real Estate	3.1

^(a)  Excludes money market funds.

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
Japan	24.2	%
United Kingdom	11.8
France	10.3
Switzerland	8.3
Australia	7.7
Canada	6.6
Germany	5.6
Netherlands	5.2
Denmark	4.0
Italy	3.2

F U N D  S U M M A R Y 5

Fund Summary as of January 31, 2024 iShares^® International Small-Cap Equity Factor ETF

Investment Objective

The iShares International Small-Cap Equity ETF (the “Fund”) seeks to track the investment results of an index composed of global developed market small-capitalization stocks, excluding the U.S., that have favorable exposure to target style factors subject to constraints, as represented by the STOXX International Small-Cap Equity Factor Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		0.13	%		2.15	%		5.56	%		5.53	%		2.15	%		31.09	%		60.28	%
Fund Market		0.14			2.00			5.58			5.53			2.00			31.19			60.34
Index		0.95			3.67			6.02			5.89			3.67			33.97			64.99

The inception date of the Fund was April 28, 2015. The first day of secondary market trading was April 30, 2015.

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (08/01/23)	Ending Account Value (01/31/24)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/23)	Ending Account Value (01/31/24)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$   1,000.00	$  1,001.30	$  1.16			$  1,000.00	$  1,024.00	$  1.17		0.23	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Industrials	19.1	%
Consumer Discretionary	14.3
Financials	13.7
Information Technology	12.5
Materials	10.2
Real Estate	9.3
Health Care	4.8
Consumer Staples	4.6
Energy	4.3
Communication Services	4.3
Utilities	2.9

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
Japan	24.5	%
United Kingdom	14.4
Canada	10.3
Australia	7.4
Switzerland	6.7
Germany	5.5
France	5.4
Sweden	3.7
Netherlands	3.3
Italy	3.0

^(a)  Excludes money market funds.

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Fund Summary as of January 31, 2024 iShares^® MSCI EAFE Min Vol Factor ETF

Investment Objective

The iShares MSCI EAFE Min Vol Factor ETF (the “Fund”) seeks to track the investment results of an index composed of developed market equities that, in the aggregate, have lower volatility characteristics relative to the broader developed equity markets, excluding the U.S. and Canada, as represented by the MSCI EAFE Minimum Volatility (USD) Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		1.43	%		6.53	%		2.62	%		4.47	%		6.53	%		13.80	%		54.82	%
Fund Market		1.15			6.41			2.57			4.50			6.41			13.50			55.25
Index		2.17			7.61			2.72			4.55			7.61			14.35			56.09

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (08/01/23)	Ending Account Value (01/31/24)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/23)	Ending Account Value (01/31/24)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$  1,000.00	$  1,014.30	$  1.01			$  1,000.00	$  1,024.10	$  1.02		0.20	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Health Care	17.0	%
Financials	16.4
Industrials	16.1
Consumer Staples	14.3
Communication Services	9.2
Utilities	8.3
Consumer Discretionary	7.2
Information Technology	4.6
Energy	2.8
Materials	2.6
Real Estate	1.5

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
Japan	27.8	%
Switzerland	14.4
United Kingdom	10.3
France	6.9
Hong Kong	6.7
Netherlands	4.6
Germany	4.4
Singapore	4.1
Spain	3.9
Australia	3.8

^(a)  Excludes money market funds.

F U N D  S U M M A R Y 7

About Fund Performance

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

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

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

Disclosure of Expenses

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

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

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

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

8 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) January 31, 2024 iShares^® Global Equity Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 2.1%
AGL Energy Ltd.		9,880	$	55,802
ALS Ltd.		8,190		67,289
Aurizon Holdings Ltd.		63,963		157,671
Bendigo & Adelaide Bank Ltd.		14,310		91,426
BHP Group Ltd.		11,956		365,782
BlueScope Steel Ltd.		1,987		30,338
Fortescue Ltd.		24,347		470,548
Goodman Group		3,103		51,507
JB Hi-Fi Ltd.		3,984		148,215
Lottery Corp. Ltd. (The)		9,750		32,003
Macquarie Group Ltd.		1,072		132,273
Mineral Resources Ltd.		1,365		52,646
Mirvac Group		10,239		14,390
Rio Tinto Ltd.		4,275		367,852
South32 Ltd.		71,897		155,673
Stockland		61,146		180,571
Whitehaven Coal Ltd.		30,810		168,430
Woolworths Group Ltd.		1,303		30,601
Yancoal Australia Ltd., NVS		17,876		69,736
				2,642,753
Austria — 0.4%
OMV AG		5,049		224,738
Raiffeisen Bank International AG		4,745		98,930
Telekom Austria AG, Class A		2,146		18,693
Verbund AG		435		35,373
Wienerberger AG		3,947		133,756
				511,490
Belgium — 0.3%
Ageas SA/NV		4,875		209,489
D’ieteren Group		585		118,177
Shurgard Self Storage Ltd.		715		33,163
				360,829
Brazil — 0.4%
B3 SA - Brasil, Bolsa, Balcao		7,020		18,547
Cia. Siderurgica Nacional SA		7,345		26,285
CPFL Energia SA		6,682		48,904
CSN Mineracao SA		21,256		29,174
JBS SA		28,405		134,331
Petroleo Brasileiro SA		6,714		57,133
Suzano SA		12,155		126,643
Telefonica Brasil SA		1,300		13,477
Tim SA		29,240		102,338
				556,832
Canada — 2.9%
ARC Resources Ltd.		11,830		183,726
Bank of Montreal		1,848		174,072
Canadian Tire Corp. Ltd., Class A, NVS		1,719		182,710
Canadian Utilities Ltd., Class A, NVS		1,690		38,515
CGI Inc.(a)		715		80,070
Constellation Software Inc./Canada		24		66,332
Element Fleet Management Corp.		5,525		93,203
George Weston Ltd.		188		23,954
Gildan Activewear Inc.		1,693		55,911
Hydro One Ltd.(b)		10,790		320,221
Imperial Oil Ltd.		845		48,741
Loblaw Companies Ltd.		4,745		474,165
Magna International Inc.		902		51,264
Manulife Financial Corp.		12,056		266,506
Nutrien Ltd.		3,578		178,414

Security	Shares		Value
Canada (continued)
Royal Bank of Canada		4,420	$	431,365
Teck Resources Ltd., Class B		715		28,617
Thomson Reuters Corp.		3,016		447,784
Toronto-Dominion Bank (The)		5,039		306,099
West Fraser Timber Co. Ltd.		1,755		139,557
				3,591,226
Chile — 0.1%
Cencosud SA		24,765		43,098
Colbun SA		108,355		15,378
Empresas CMPC SA		36,660		59,733
				118,209
China — 2.9%
Agricultural Bank of China Ltd., Class A		240,500		130,146
Akeso Inc.(a)(b)		14,000		71,088
Bank of China Ltd., Class A		221,000		132,867
Bank of Communications Co. Ltd., Class H		65,000		38,454
China CITIC Bank Corp. Ltd., Class A		26,800		23,374
China Coal Energy Co. Ltd., Class H		65,000		71,382
China Construction Bank Corp., Class H		520,000		308,809
China Medical System Holdings Ltd.		65,000		92,887
China Petroleum & Chemical Corp., Class A		84,500		70,149
China Petroleum & Chemical Corp., Class H		520,000		270,506
China Renewable Energy Investment Ltd.(c)		659		—
China Resources Pharmaceutical Group Ltd.(b)		65,000		39,632
China Shenhua Energy Co. Ltd., Class A		26,000		134,631
China United Network Communications Ltd., Class A		68,400		42,991
CNPC Capital Co. Ltd., NVS		13,000		11,135
COSCO Shipping Holdings Co. Ltd., Class A		71,700		99,230
Daqo New Energy Corp., ADR(a)		845		15,252
Giant Biogene Holding Co. Ltd.(b)(d)		13,000		52,653
Greentown China Holdings Ltd.		32,500		24,484
Industrial & Commercial Bank of China Ltd., Class A		253,500		182,336
Kingboard Holdings Ltd.		21,000		37,378
Kingboard Laminates Holdings Ltd.(d)		32,500		19,533
Kunlun Energy Co. Ltd.		130,000		116,467
Lenovo Group Ltd.		36,000		37,694
Meituan, Class B(a)(b)		6,500		52,281
Nongfu Spring Co. Ltd., Class H(b)		39,000		211,659
Orient Overseas International Ltd.		2,000		29,856
PDD Holdings Inc., ADR(a)		2,600		329,862
PetroChina Co. Ltd., Class A		78,000		90,744
PetroChina Co. Ltd., Class H		260,000		188,075
Postal Savings Bank of China Co. Ltd., Class H(b)		195,000		93,777
Qifu Technology Inc.		4,420		63,427
Shaanxi Coal Industry Co. Ltd., Class A		19,500		65,711
Sinotrans Ltd., Class H		65,000		27,116
Sinotruk Hong Kong Ltd.		32,500		73,814
TAL Education Group, ADR(a)		4,940		52,562
Want Want China Holdings Ltd.		130,000		71,668
Yadea Group Holdings Ltd.(b)		44,000		60,328
Yankuang Energy Group Co. Ltd., Class H		66,000		135,596
				3,569,554
Colombia — 0.0%
Bancolombia SA		1,820		15,312
Denmark — 1.2%
Carlsberg A/S, Class B		715		91,997
Coloplast A/S, Class B		97		11,182
Novo Nordisk A/S		9,360		1,069,889
Pandora A/S		2,275		332,416
				1,505,484

S C H E D U L E  O F  I N V E S T M E N T S 9

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Global Equity Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Finland — 0.5%
Kesko OYJ, Class B		3,510	$	68,549
Nordea Bank Abp		27,712		341,478
Orion OYJ, Class B		3,705		170,570
Stora Enso OYJ, Class R		1,235		15,715
				596,312
France — 3.0%
BNP Paribas SA		5,200		349,358
Bollore SE		16,965		112,054
Bouygues SA		2,470		90,483
Carrefour SA		9,555		163,126
Christian Dior SE, NVS		130		102,984
Credit Agricole SA		36,725		526,080
Eiffage SA		2,015		210,830
Engie SA		6,370		101,745
L’Oreal SA		195		93,318
LVMH Moet Hennessy Louis Vuitton SE		390		324,503
Orange SA		9,295		110,535
Publicis Groupe SA		6,500		651,258
Sanofi SA		1,560		156,227
Schneider Electric SE		455		89,385
Societe Generale SA		3,965		101,920
TotalEnergies SE		4,715		305,888
Unibail-Rodamco-Westfield, New(a)		3,575		255,987
				3,745,681
Germany — 1.0%
Bayerische Motoren Werke AG		1,820		189,377
BioNTech SE, ADR(a)		1,082		102,833
Commerzbank AG		15,340		176,158
Deutsche Boerse AG		195		38,832
Deutsche Post AG, Registered		1,755		84,054
Deutsche Telekom AG, Registered		3,627		89,035
E.ON SE		8,255		111,684
Hapag-Lloyd AG(b)(d)		195		29,200
Mercedes-Benz Group AG		4,225		285,242
Volkswagen AG		585		82,591
				1,189,006
Greece — 0.1%
FF Group(c)		165		—
Hellenic Telecommunications Organization SA		6,600		91,640
National Bank of Greece SA(a)		2,841		21,600
Piraeus Financial Holdings SA(a)		10,836		43,883
				157,123
Hong Kong — 0.1%
HK Electric Investments & HK Electric Investments Ltd., Class SS		65,000		40,316
SITC International Holdings Co. Ltd.		20,000		30,347
Swire Properties Ltd.		39,000		72,882
WH Group Ltd.(b)		32,500		19,175
				162,720
Hungary — 0.1%
MOL Hungarian Oil & Gas PLC		10,544		86,414
India — 1.8%
ABB India Ltd.		650		36,608
AIA Engineering Ltd.		865		42,725
Bharat Electronics Ltd.		37,050		82,983
Coal India Ltd.		43,485		212,918
Hindustan Aeronautics Ltd., NVS		6,435		232,866
Indian Oil Corp. Ltd.		19,370		34,302
Indian Railway Finance Corp. Ltd.(b)		62,991		132,833
Mazagon Dock Shipbuilders Ltd.		1,003		27,670

Security	Shares		Value
India (continued)
NHPC Ltd., NVS		127,530	$	139,793
Oil & Natural Gas Corp. Ltd.		21,190		64,369
Oil India Ltd.		10,922		56,088
Power Finance Corp. Ltd.		50,700		270,718
Power Grid Corp. of India Ltd.		101,607		317,354
REC Ltd.		45,825		275,278
Tata Consultancy Services Ltd.		2,470		113,450
Tube Investments of India Ltd.		2,015		94,715
Wipro Ltd.		7,345		42,009
WNS Holdings Ltd.(a)		845		58,601
				2,235,280
Indonesia — 0.2%
Adaro Energy Indonesia Tbk PT		513,500		77,860
Bukit Asam Tbk PT		130,000		21,502
Indo Tambangraya Megah Tbk PT		19,500		33,410
Perusahaan Gas Negara Tbk PT		273,000		20,126
Sumber Alfaria Trijaya Tbk PT		494,000		82,910
United Tractors Tbk PT		26,000		37,768
				273,576
Ireland — 0.2%
AIB Group PLC		56,810		249,534
Smurfit Kappa Group PLC		1,560		58,133
				307,667
Israel — 0.4%
Bank Leumi Le-Israel BM		23,677		179,831
Bezeq The Israeli Telecommunication Corp. Ltd.		89,310		118,136
Check Point Software Technologies Ltd.(a)		455		72,313
Harel Insurance Investments & Financial Services Ltd.		4,355		36,124
Israel Corp.Ltd.(a)		130		29,793
Israel Discount Bank Ltd., Class A		10,530		51,080
Phoenix Holdings Ltd. (The)		6,480		65,905
				553,182
Italy — 0.9%
Enel SpA		16,911		115,390
Poste Italiane SpA(b)		10,725		116,298
Prysmian SpA		1,365		60,074
Snam SpA		42,445		207,299
Stellantis NV		17,355		382,272
Terna - Rete Elettrica Nazionale		14,547		122,661
UniCredit SpA		4,030		118,047
				1,122,041
Japan — 7.0%
Advantest Corp.		3,200		127,353
Amada Co. Ltd.		6,500		70,146
Asics Corp.		6,500		197,510
Bandai Namco Holdings Inc.		4,400		95,271
BayCurrent Consulting Inc.		3,100		72,072
Capcom Co. Ltd.		6,500		247,902
Chubu Electric Power Co. Inc.		6,500		84,323
Dai-ichi Life Holdings Inc.		6,500		142,563
Daiichi Sankyo Co. Ltd.		6,500		194,604
Disco Corp.		300		80,952
Ebara Corp.		3,100		194,144
Fuji Electric Co. Ltd.		1,500		75,120
Hitachi Ltd.		1,000		78,550
Horiba Ltd.		1,500		120,351
Hoya Corp.		1,700		215,949
Internet Initiative Japan Inc.		6,500		126,044
Isetan Mitsukoshi Holdings Ltd.		13,000		152,000
ITOCHU Corp.		10,800		490,148
Japan Post Bank Co. Ltd.		6,500		67,599

10 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Global Equity Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Japan Post Insurance Co. Ltd.		6,500	$	121,692
Japan Real Estate Investment Corp.		41		157,175
Kamigumi Co. Ltd.		6,500		149,538
Lawson Inc.		1,800		103,029
Mazda Motor Corp.		6,500		78,802
Mitsubishi Heavy Industries Ltd.		1,800		120,066
Mitsubishi UFJ Financial Group Inc.		26,000		243,530
Mizuho Financial Group Inc.		13,000		236,100
Nintendo Co. Ltd.		4,900		273,767
Nippon Building Fund Inc.		44		178,029
Nippon Express Holdings Inc.		3,600		214,277
Nippon Telegraph & Telephone Corp.		266,500		334,659
Nissan Motor Co. Ltd.		32,500		127,589
Nomura Real Estate Holdings Inc.		6,500		177,877
Nomura Research Institute Ltd.		6,500		198,793
ORIX Corp.		13,000		251,020
Osaka Gas Co. Ltd.		6,500		136,870
Persol Holdings Co. Ltd.		52,000		82,665
Recruit Holdings Co. Ltd.		3,000		118,496
Sanrio Co. Ltd.		2,500		104,393
Sanwa Holdings Corp.		6,500		99,347
SBI Holdings Inc.		6,500		159,677
SCREEN Holdings Co. Ltd.		900		88,253
Sekisui House REIT Inc.		130		69,146
Socionext Inc.		6,700		153,551
Sony Group Corp.		1,700		166,716
Sumitomo Mitsui Financial Group Inc.		1,500		78,020
TIS Inc.		6,500		144,572
Tokyo Electron Ltd.		1,400		259,801
Tokyo Gas Co. Ltd.		13,000		298,634
Tokyo Tatemono Co. Ltd.		6,500		100,178
TOPPAN Holdings Inc.		6,500		179,169
Toyota Motor Corp.		13,000		259,582
Yakult Honsha Co. Ltd.		3,600		78,630
Yamato Kogyo Co. Ltd.		1,700		94,101
Zensho Holdings Co. Ltd.		4,600		225,256
				8,695,601
Malaysia — 0.2%
Petronas Gas Bhd		6,500		24,378
YTL Corp. Bhd		200,600		98,899
YTL Power International Bhd		86,700		75,044
				198,321
Mexico — 0.3%
Banco del Bajio SA(b)		32,500		123,644
Coca-Cola Femsa SAB de CV		13,000		123,765
Grupo Aeroportuario del Pacifico SAB de CV, Class B		6,500		101,193
Grupo Comercial Chedraui SA de CV		6,580		44,477
				393,079
Netherlands — 1.3%
Adyen NV(a)(b)		130		163,044
ASM International NV		132		73,159
ASML Holding NV		520		451,146
ING Groep NV		1,430		20,318
Koninklijke Ahold Delhaize NV		17,160		482,593
NEPI Rockcastle NV		16,055		108,117
NN Group NV		4,940		202,482
Randstad NV		1,430		81,310
				1,582,169
New Zealand — 0.1%
Fisher & Paykel Healthcare Corp. Ltd.		3,510		50,695
Fletcher Building Ltd.		16,705		46,154

Security	Shares		Value
New Zealand (continued)
Meridian Energy Ltd.		16,770	$	56,813
				153,662
Norway — 0.4%
DNB Bank ASA		6,175		120,040
Hafnia Ltd.		4,940		35,923
Kongsberg Gruppen ASA		1,885		96,066
Orkla ASA		19,045		149,182
Var Energi ASA		15,665		45,439
				446,650
Philippines — 0.1%
Bank of the Philippine Islands		2,600		5,095
Manila Electric Co.		7,150		46,007
Semirara Mining & Power Corp., Class A		52,000		28,635
				79,737
Poland — 0.3%
Budimex SA		402		68,871
LPP SA		42		163,316
Orange Polska SA		26,000		55,535
PGE Polska Grupa Energetyczna SA(a)		34,060		71,722
				359,444
Portugal — 0.0%
Jeronimo Martins SGPS SA		1,105		25,131
Qatar — 0.2%
Industries Qatar QSC		25,935		85,179
Mesaieed Petrochemical Holding Co.		173,940		80,159
Ooredoo QPSC		27,190		79,806
				245,144
Russia — 0.0%
Alrosa PJSC(c)		59,760		7
PhosAgro PJSC(c)		1,025		—
PhosAgro PJSC, GDR(a)(c)(e)		1		—
PhosAgro PJSC, New(c)		20		—
United Co. RUSAL International PJSC(a)(c)		70,560		8
				15
Saudi Arabia — 0.5%
Elm Co.		975		234,043
Nahdi Medical Co.		1,690		63,373
Riyadh Cables Group Co.		1,923		54,021
SABIC Agri-Nutrients Co.		5,135		175,082
Saudi Electricity Co.		17,265		87,118
				613,637
Singapore — 0.4%
CapitaLand Ascendas REIT		13,000		28,174
Jardine Cycle & Carriage Ltd.		2,200		42,451
Sea Ltd., ADR(a)		390		14,875
Sembcorp Industries Ltd.		32,500		136,776
STMicroelectronics NV , New(d)		2,730		119,865
Wilmar International Ltd.		26,000		63,666
Yangzijiang Shipbuilding Holdings Ltd.		110,500		137,950
				543,757
South Africa — 0.3%
African Rainbow Minerals Ltd.		4,355		43,144
Anglo American Platinum Ltd.		2,080		88,059
Exxaro Resources Ltd.		8,580		85,479
Impala Platinum Holdings Ltd.		18,135		70,394
MTN Group Ltd.		12,285		62,690
				349,766
South Korea — 2.1%
DB HiTek Co. Ltd.(a)		1,561		57,870

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Global Equity Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
DB Insurance Co. Ltd.(a)		1,755	$	115,770
Doosan Bobcat Inc.		2,210		84,166
F&F Co. Ltd./New(a)		455		24,163
Hana Financial Group Inc.		8,060		288,205
Hanwha Aerospace Co. Ltd.(a)		1,170		120,830
Hyundai Marine & Fire Insurance Co. Ltd.(a)		1,950		49,526
Hyundai Rotem Co. Ltd.(a)		2,665		56,200
KB Financial Group Inc.		5,200		220,676
KCC Corp.		130		23,944
Kia Corp.(a)		3,510		269,607
Kumho Petrochemical Co. Ltd.(a)		780		72,734
LG Innotek Co. Ltd.		520		74,166
LG Uplus Corp.		5,850		44,789
LS Corp.(a)		536		36,463
Meritz Financial Group Inc.(a)		2,154		110,587
POSCO Holdings Inc.		130		41,246
Samsung Biologics Co. Ltd.(a)(b)		195		122,747
Samsung Electronics Co. Ltd.		2,990		162,467
Samsung Engineering Co. Ltd.(a)		2,340		39,030
Samsung Fire & Marine Insurance Co. Ltd.(a)		1,495		295,830
SD Biosensor Inc.(a)		1,675		13,033
Seegene Inc.		2,551		48,284
Shinhan Financial Group Co. Ltd.		3,770		115,513
Woori Financial Group Inc.		16,900		175,225
				2,663,071
Spain — 0.6%
Acciona SA		888		114,867
Banco Bilbao Vizcaya Argentaria SA		21,710		203,193
Corp. ACCIONA Energias Renovables SA		2,015		52,360
Endesa SA		6,241		123,647
Iberdrola SA		3,256		39,205
Iberdrola SA, NVS		54		655
Repsol SA		16,055		237,105
Telefonica SA		7,440		30,272
				801,304
Sweden — 0.8%
Axfood AB		3,835		97,030
Epiroc AB, Class B		5,460		85,132
H & M Hennes & Mauritz AB, Class B		3,575		50,439
Husqvarna AB, Class B		2,015		15,674
Investor AB, Class B		8,515		200,484
Kindred Group PLC		7,865		92,525
Kinnevik AB, Class B(a)		9,555		102,659
Skandinaviska Enskilda Banken AB, Class A		6,142		87,230
SSAB AB, Class A		8,381		65,203
Swedbank AB, Class A		4,745		96,693
Telefonaktiebolaget LM Ericsson, Class B		18,070		100,171
Volvo AB, Class A		515		12,661
				1,005,901
Switzerland — 1.5%
Alcon Inc.		975		73,393
Cie. Financiere Richemont SA, Class A, Registered		780		115,857
Coca-Cola HBC AG, Class DI		7,446		218,888
Kuehne + Nagel International AG, Registered		325		110,136
Nestle SA, Registered		2,275		259,237
Novartis AG, Registered		3,250		336,095
Roche Holding AG, NVS		1,105		314,612
UBS Group AG, Registered		16,510		494,187
				1,922,405
Taiwan — 1.7%
Chicony Electronics Co. Ltd.		22,000		115,351

Security	Shares		Value
Taiwan (continued)
Gigabyte Technology Co. Ltd.		18,000	$	178,120
Global Unichip Corp.		3,000		147,290
King Slide Works Co. Ltd.		2,000		66,418
Lite-On Technology Corp.		33,000		114,283
Novatek Microelectronics Corp.		18,000		293,215
President Chain Store Corp.		12,000		101,176
Realtek SemiConductor Corp.		11,000		164,619
Ruentex Industries Ltd.		65,000		124,548
Taiwan Semiconductor Manufacturing Co. Ltd.		29,000		580,536
Uni-President Enterprises Corp.		56,000		129,409
Wiwynn Corp.		1,000		70,501
Yuanta Financial Holding Co. Ltd.		67,040		57,795
				2,143,261
Thailand — 0.1%
PTT Exploration & Production PCL, NVDR		19,500		82,296
Turkey — 0.5%
Akbank TAS		45,045		58,635
Anadolu Efes Biracilik Ve Malt Sanayii AS		7,280		33,772
BIM Birlesik Magazalar AS		6,435		80,695
Ford Otomotiv Sanayi AS		1,560		45,343
KOC Holding AS		39,195		207,006
Tofas Turk Otomobil Fabrikasi AS		5,200		42,182
Turk Traktor ve Ziraat Makineleri AS		585		15,567
Turkcell Iletisim Hizmetleri AS		38,805		87,661
Turkiye Garanti Bankasi AS		19,370		40,539
Yapi ve Kredi Bankasi AS		80,470		57,798
				669,198
United Arab Emirates — 0.2%
Abu Dhabi Islamic Bank PJSC		31,590		96,328
Abu Dhabi National Oil Co. for Distribution PJSC		23,790		22,994
Dubai Electricity & Water Authority PJSC		97,119		66,368
Fertiglobe PLC		41,082		31,206
				216,896
United Kingdom — 2.9%
3i Group PLC		5,210		163,099
Anglo American PLC		4,541		108,247
AstraZeneca PLC		1,921		254,680
BAE Systems PLC		10,786		160,673
Barratt Developments PLC		8,017		54,638
BP PLC		66,675		389,410
British American Tobacco PLC		1,446		42,633
Burberry Group PLC		11,830		194,863
Centrica PLC		199,355		348,881
Glencore PLC		17,420		92,168
GSK PLC		7,021		138,859
HSBC Holdings PLC		20,500		160,058
JD Sports Fashion PLC		85,699		126,639
Kingfisher PLC		16,836		46,810
Legal & General Group PLC		36,612		117,760
Next PLC		195		20,818
Pearson PLC		8,696		106,681
Rio Tinto PLC		4,485		310,449
Shell PLC		11,516		360,434
Vodafone Group PLC		290,290		246,787
Wise PLC, Class A(a)		12,675		129,284
WPP PLC		4,960		47,966
				3,621,837
United States — 59.1%
Abbott Laboratories		3,071		347,484
AbbVie Inc.		5,395		886,938

12 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Global Equity Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Accenture PLC, Class A		1,514	$	550,914
Adobe Inc.(a)		536		331,130
Aflac Inc.		2,266		191,114
Agilent Technologies Inc.		2,304		299,750
Airbnb Inc.(a)		2,015		290,442
Allstate Corp. (The)		130		20,183
Ally Financial Inc.		10,091		370,138
Alphabet Inc., Class C, NVS(a)		20,867		2,958,941
Amazon.com Inc.(a)		14,365		2,229,448
American Express Co.		939		188,495
American Financial Group Inc./OH		650		78,260
Ameriprise Financial Inc.		1,365		528,023
Amgen Inc.		1,040		326,830
Apple Inc.		26,260		4,842,344
Applied Materials Inc.		2,718		446,567
Arista Networks Inc.(a)		875		226,345
AT&T Inc.		12,415		219,621
Atlassian Corp., NVS(a)		2,787		696,109
AutoZone Inc.(a)		195		538,615
Bank of America Corp.		6,630		225,486
Bank of New York Mellon Corp. (The)		1,820		100,937
Berkshire Hathaway Inc., Class B(a)		585		224,488
Best Buy Co. Inc.		6,199		449,366
Biogen Inc.(a)		200		49,332
BlackRock Inc.(f)		156		120,792
Blackstone Inc., NVS		834		103,791
Booking Holdings Inc.(a)		153		536,643
Bristol-Myers Squibb Co.		6,372		311,400
Broadcom Inc.		1,105		1,303,900
Cadence Design Systems Inc.(a)		2,991		862,784
Capital One Financial Corp.		2,757		373,077
Caterpillar Inc.		161		48,350
CDW Corp./DE		845		191,578
Celanese Corp., Class A		492		71,975
CF Industries Holdings Inc.		1,052		79,437
Chevron Corp.		472		69,587
Cintas Corp.		815		492,725
Cisco Systems Inc.		6,078		304,994
Citigroup Inc.		1,586		89,086
Coca-Cola Co. (The)		3,628		215,830
ConocoPhillips		2,170		242,758
Costco Wholesale Corp.		790		548,955
Crowdstrike Holdings Inc., Class A(a)		1,495		437,287
CSX Corp.		405		14,459
CVS Health Corp.		2,688		199,907
Danaher Corp.		344		82,529
DaVita Inc.(a)		1,822		197,068
Deere & Co.		385		151,528
Dell Technologies Inc., Class C		3,770		312,458
Devon Energy Corp.		2,818		118,412
Discover Financial Services		2,061		217,477
DocuSign Inc., Class A(a)		6,435		392,020
Domino’s Pizza Inc.		65		27,704
Dow Inc.		2,736		146,650
DTE Energy Co.		1,040		109,637
Dynatrace Inc.(a)		3,055		174,135
eBay Inc.		3,250		133,478
Electronic Arts Inc.		325		44,714
Elevance Health Inc.		1,105		545,251
Eli Lilly & Co.		1,560		1,007,152
Emerson Electric Co.		2,145		196,761
Enphase Energy Inc.(a)		432		44,984

Security	Shares		Value
United States (continued)
Estee Lauder Companies Inc. (The), Class A		1,970	$	260,020
Etsy Inc.(a)		4,269		284,145
Everest Group Ltd.		390		150,138
Exxon Mobil Corp.		2,069		212,714
Fair Isaac Corp.(a)		585		701,316
Ferguson PLC		2,582		485,055
Fidelity National Financial Inc.		5,963		298,329
Ford Motor Co.		3,754		43,997
Fortinet Inc.(a)		10,096		651,091
Fox Corp., Class A, NVS		6,631		214,181
Gartner Inc.(a)		929		424,962
GE HealthCare Technologies Inc., NVS(a)		2,175		159,558
General Motors Co.		2,402		93,198
Gilead Sciences Inc.		986		77,164
GoDaddy Inc., Class A(a)		209		22,292
Goldman Sachs Group Inc. (The)		304		116,739
Hartford Financial Services Group Inc. (The)		261		22,697
Hershey Co. (The)		1,125		217,732
Hewlett Packard Enterprise Co.		21,986		336,166
Hologic Inc.(a)		4,550		338,702
Home Depot Inc. (The)		2,397		846,045
Howmet Aerospace Inc.		267		15,021
HP Inc.		11,441		328,471
HubSpot Inc.(a)		385		235,235
Humana Inc.		705		266,532
IDEXX Laboratories Inc.(a)		351		180,793
International Business Machines Corp.		586		107,625
Interpublic Group of Companies Inc. (The)		5,142		169,635
Intuit Inc.		1,122		708,352
Johnson & Johnson		5,634		895,243
JPMorgan Chase & Co.		5,593		975,195
Kenvue Inc.		4,680		97,157
Keysight Technologies Inc.(a)		420		64,369
KLA Corp.		702		417,016
Kroger Co. (The)		10,076		464,907
Lam Research Corp.		410		338,320
Lennox International Inc.		952		407,608
Liberty Global Ltd.		849		16,725
Liberty Global Ltd., NVS(a)(d)		7,085		148,360
Liberty Media Corp.-Liberty Formula One, NVS(d)		782		47,772
Lowe’s Companies Inc.		3,576		761,116
LPL Financial Holdings Inc.		585		139,926
Lululemon Athletica Inc.(a)		195		88,495
LyondellBasell Industries NV, Class A		3,057		287,725
Marathon Oil Corp.		8,060		184,171
Marathon Petroleum Corp.		325		53,820
Masco Corp.		3,124		210,214
Mastercard Inc., Class A		1,453		652,731
Match Group Inc.(a)		1,755		67,357
McDonald’s Corp.		2,566		751,120
McKesson Corp.		1,365		682,350
Medtronic PLC		168		14,707
MercadoLibre Inc.(a)		195		333,803
Merck & Co. Inc.		6,235		753,063
Meta Platforms Inc, Class A(a)		2,559		998,368
MetLife Inc.		3,900		270,348
Mettler-Toledo International Inc.(a)		260		311,269
Microsoft Corp.		13,975		5,556,180
Moderna Inc.(a)(d)		2,511		253,737
Molina Healthcare Inc.(a)		1,040		370,698
Mondelez International Inc., Class A		1,107		83,324
Moody’s Corp.		85		33,323

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

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Global Equity Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Morgan Stanley		2,067	$	180,325
Mosaic Co. (The)		758		23,278
Motorola Solutions Inc.		1,848		590,436
MSCI Inc., Class A		753		450,761
Nasdaq Inc.		1,170		67,591
NetApp Inc.		1,742		151,902
News Corp., Class B		4,519		115,551
Nike Inc., Class B		2,076		210,776
Northern Trust Corp.		124		9,875
Nucor Corp.		1,430		267,310
Nvidia Corp.		4,030		2,479,538
NVR Inc.(a)		25		176,882
Omnicom Group Inc		184		16,630
Oracle Corp.		4,619		515,942
O’Reilly Automotive Inc.(a)		266		272,131
PACCAR Inc.		179		17,970
Palo Alto Networks Inc.(a)		1,229		416,029
Parker-Hannifin Corp.		98		45,521
Paychex Inc.		390		47,475
Pentair PLC		1,042		76,243
PepsiCo Inc.		1,984		334,364
Pfizer Inc.		12,092		327,451
Philip Morris International Inc.		2,927		265,918
Principal Financial Group Inc.		1,652		130,673
Procter & Gamble Co. (The)		6,110		960,125
Prologis Inc.		130		16,470
Prudential Financial Inc.		1,040		109,127
Public Storage		910		257,703
PulteGroup Inc.		2,600		271,856
Qorvo Inc.(a)		650		64,831
Qualcomm Inc.		3,944		585,723
Raymond James Financial Inc.		2,523		277,984
Regency Centers Corp.		1,040		65,177
Regions Financial Corp.		3,214		60,005
Rockwell Automation Inc.		390		98,779
S&P Global Inc.		770		345,229
Seagate Technology Holdings PLC		260		22,277
ServiceNow Inc.(a)(d)		503		384,996
Simon Property Group Inc.		766		106,175
Sirius XM Holdings Inc.(d)		35,701		181,718
Starbucks Corp.		1,757		163,454
State Street Corp.		2,676		197,676
Steel Dynamics Inc.		3,055		368,708
Synchrony Financial		13,204		513,239
Synopsys Inc.(a)		598		318,943
Target Corp.		2,860		397,769
Tesla Inc.(a)		2,665		499,128
Texas Instruments Inc.		2,887		462,266
Thermo Fisher Scientific Inc		898		484,004
TJX Companies Inc. (The)		977		92,727
Tractor Supply Co.		213		47,840
Trane Technologies PLC		2,568		647,264
Travelers Cos. Inc. (The)		823		173,949
U.S. Bancorp.		1,170		48,602
Ulta Beauty Inc.(a)		130		65,267
Union Pacific Corp.		646		157,579
United Rentals Inc.		195		121,953
UnitedHealth Group Inc.		2,132		1,091,030
Valero Energy Corp.		260		36,114
Veeva Systems Inc., Class A(a)		130		26,963
Veralto Corp.		7,800		598,182
VeriSign Inc.(a)		195		38,782

Security	Shares		Value
United States (continued)
Verizon Communications Inc.		3,510	$	148,649
Vertex Pharmaceuticals Inc.(a)(d)		471		204,122
VICI Properties Inc., Class A		13,325		401,349
Visa Inc., Class A(d)		3,532		965,154
Vistra Corp.		2,470		101,344
Walmart Inc.		3,134		517,893
Waters Corp.(a)		131		41,620
Wells Fargo & Co.		3,287		164,942
Weyerhaeuser Co.		848		27,789
Whirlpool Corp.		1,173		128,467
WW Grainger Inc.		292		261,527
Yum! Brands Inc.		2,275		294,590
Zscaler Inc.(a)		497		117,128
				73,761,755
Total Common Stocks — 99.2% (Cost: $103,881,843)				123,874,728
Preferred Stocks
Brazil — 0.2%
Cia. Energetica de Minas Gerais, Preference Shares, NVS		34,515		80,255
Gerdau SA, Preference Shares, NVS		42,315		179,700
				259,955
Chile — 0.1%
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares, NVS		2,145		92,106
Germany — 0.3%
Dr Ing hc F Porsche AG, Preference Shares, NVS(b)		4,225		358,711
Russia — 0.0%
Surgutneftegas PJSC, Preference Shares, NVS(c)		145,100		16
Total Preferred Stocks — 0.6% (Cost: $1,010,411)				710,788
Total Long-Term Investments — 99.8% (Cost: $104,892,254)				124,585,516
Short-Term Securities
Money Market Funds — 2.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.51%(f)(g)(h)		2,423,463		2,424,917
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.32%(f)(g)		80,000		80,000
Total Short-Term Securities — 2.0% (Cost: $2,504,842)				2,504,917
Total Investments — 101.8% (Cost: $107,397,096)				127,090,433
Liabilities in Excess of Other Assets — (1.8)%				(2,300,442	)
Net Assets — 100.0%			$	124,789,991

^(a)  Non-income producing security.

^(b)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(d)  All or a portion of this security is on loan.

^(e)  This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

14 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Global Equity Factor ETF

^(f)  Affiliate of the Fund.

^(g) Annualized 7-day yield as of period end.

^(h)  All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 01/31/24		Shares Held at 01/31/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,228,857	$	1,195,736	(a)	$	—		$	116		$	208	$	2,424,917		2,423,463	$	25,273	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		100,000		—			(20,000	)(a)		—			—		80,000		80,000		3,698			—
BlackRock Inc.		119,694		3,198			(6,464	)		(430	)		4,794		120,792		156		1,570			—
									$	(314	)	$	5,002	$	2,625,709			$	30,541		$	—

^(a) Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI EAFE Index		1		03/15/24	$	112	$	3,862
MSCI Emerging Markets Index		1		03/15/24		49		(1,188	)
							$	2,674

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	3,862	$	—	$	—	$	—	$	3,862
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	1,188	$	—	$	—	$	—	$	1,188

^(a) Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

S C H E D U L E  O F  I N V E S T M E N T S 15

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Global Equity Factor ETF

For the period ended January 31, 2024, 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	$	—	$	—	$	(792	)	$	—	$	—	$	—	$	(792	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(14,169	)	$	—	$	—	$	—	$	(14,169)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	208,632

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	$	80,639,082		$	43,235,631	$	15	$	123,874,728
Preferred Stocks		259,955			450,817		16		710,788
Short-Term Securities
Money Market Funds		2,504,917			—		—		2,504,917
	$	83,403,954		$	43,686,448	$	31	$	127,090,433
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	3,862		$	—	$	—	$	3,862
Liabilities
Equity Contracts		(1,188	)		—		—		(1,188	)
	$	2,674		$	—	$	—		2,674

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

16 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) January 31, 2024 iShares^® International Equity Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 7.6%
ALS Ltd.		93,663	$	769,538
ANZ Group Holdings Ltd.		66,443		1,172,346
Aristocrat Leisure Ltd.		37,917		1,093,170
ASX Ltd.		23,544		1,006,561
Aurizon Holdings Ltd.		1,492,840		3,679,897
BHP Group Ltd.		293,135		8,968,175
BlueScope Steel Ltd.		144,044		2,199,308
Brambles Ltd.		276,310		2,634,551
Commonwealth Bank of Australia		32,046		2,443,648
CSL Ltd.		5,436		1,067,508
Fortescue Ltd.		259,673		5,018,635
JB Hi-Fi Ltd.		109,129		4,059,867
Lottery Corp. Ltd. (The)		565,712		1,856,884
Macquarie Group Ltd.		32,349		3,991,524
Metcash Ltd.		761,308		1,805,947
Mineral Resources Ltd.		26,197		1,010,387
New Hope Corp. Ltd.		511,896		1,790,427
Orora Ltd.		606,799		1,102,907
Pro Medicus Ltd.		15,239		1,003,930
Rio Tinto Ltd.		70,279		6,047,322
Sims Ltd.		160,564		1,503,944
Sonic Healthcare Ltd.		4,278		89,197
South32 Ltd.		1,550,450		3,357,060
Stockland		770,382		2,275,023
Telix Pharmaceuticals Ltd.(a)		103,467		771,428
Telstra Corp. Ltd.		1,145,638		3,021,429
Wesfarmers Ltd.		49,411		1,870,549
Whitehaven Coal Ltd.		831,115		4,543,494
Woodside Energy Group Ltd.		5,172		108,179
Woolworths Group Ltd.		101,104		2,374,423
Yancoal Australia Ltd., NVS		495,184		1,931,748
				74,569,006
Austria — 0.9%
ANDRITZ AG		25,133		1,547,249
BAWAG Group AG(b)		15,042		774,461
OMV AG		55,628		2,476,080
Verbund AG		4,280		348,043
Wienerberger AG		97,032		3,288,217
				8,434,050
Belgium — 0.5%
Ageas SA/NV		69,487		2,985,995
D’ieteren Group		6,664		1,346,211
KBC Group NV		12,491		814,808
				5,147,014
Canada — 6.6%
Bank of Montreal		58,803		5,538,928
BCE Inc.		16,844		679,673
Brookfield Asset Management Ltd.		19,264		774,601
Canadian National Railway Co.		3,053		378,727
Canadian Natural Resources Ltd.		47,368		3,031,383
CGI Inc.(a)		52,955		5,930,235
Constellation Software Inc./Canada		1,791		4,950,058
Dollarama Inc.		29,490		2,164,289
Fairfax Financial Holdings Ltd.		813		847,480
Loblaw Companies Ltd.		65,072		6,502,602
Magna International Inc.		13,740		780,894
Manulife Financial Corp.		113,841		2,516,534
National Bank of Canada		1,672		127,883
Nutrien Ltd.		54,943		2,739,692
Royal Bank of Canada		98,799		9,642,173

Security	Shares		Value
Canada (continued)
Sun Life Financial Inc.		4,535	$	235,073
Suncor Energy Inc.		54,162		1,793,516
Teck Resources Ltd., Class B		33,970		1,359,609
Thomson Reuters Corp.		51,778		7,687,461
Toronto-Dominion Bank (The)		113,171		6,874,689
				64,555,500
Denmark — 3.9%
AP Moller - Maersk A/S, Class B, NVS		314		578,953
Carlsberg A/S, Class B		22,193		2,855,516
Coloplast A/S, Class B		6,668		768,632
ISS A/S		142,745		2,701,018
Jyske Bank A/S, Registered		4,214		322,778
Novo Nordisk A/S		213,116		24,360,091
Pandora A/S		30,655		4,479,214
Sydbank A/S		53,342		2,367,274
				38,433,476
Finland — 1.4%
Kesko OYJ, Class B		68,764		1,342,934
Kone OYJ, Class B		15,003		742,668
Konecranes OYJ		50,676		2,176,357
Nokia OYJ		78,993		285,577
Nordea Bank Abp		481,241		5,930,040
Orion OYJ, Class B		60,816		2,799,828
				13,277,404
France — 10.3%
Air Liquide SA		1,125		210,525
ArcelorMittal SA		32,383		891,828
AXA SA		3,919		131,542
BNP Paribas SA		47,352		3,181,305
Bollore SE		99,852		659,525
Bouygues SA		79,786		2,922,768
Capgemini SE		7,121		1,583,151
Carrefour SA		124,850		2,131,476
Christian Dior SE, NVS		4,514		3,575,929
Cie. de Saint-Gobain		49,231		3,480,953
Credit Agricole SA		323,809		4,638,516
Danone SA		1,786		118,990
Dassault Systemes SE		42,949		2,226,402
Edenred SE		4,680		279,529
Eiffage SA		23,551		2,464,145
Engie SA		135,449		2,163,455
EssilorLuxottica SA		3,060		599,677
Hermes International SCA		834		1,759,456
Kering SA		4,719		1,938,440
Klepierre SA		11,164		289,043
La Francaise des Jeux SAEM(b)		91,947		3,726,943
Legrand SA		9,556		926,126
L’Oreal SA		16,675		7,979,888
LVMH Moet Hennessy Louis Vuitton SE		13,548		11,272,729
Orange SA		160,691		1,910,925
Pernod Ricard SA		5,224		856,661
Publicis Groupe SA		48,960		4,905,475
Renault SA		10,875		409,549
Rexel SA		63,940		1,702,931
Sanofi SA		61,915		6,200,511
Schneider Electric SE		21,234		4,171,419
SES SA, Class A		31,861		195,484
Societe Generale SA		93,627		2,406,684
Sodexo SA		1,537		173,387
TotalEnergies SE		134,131		8,701,827
Unibail-Rodamco-Westfield, New(a)		100,887		7,223,983

S C H E D U L E  O F  I N V E S T M E N T S 17

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® International Equity Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
France (continued)
Vinci SA		15,786	$	1,994,123
Vivendi SE		55,566		626,204
				100,631,504
Germany — 4.9%
AIXTRON SE		27,064		1,007,274
Allianz SE, Registered		13,792		3,684,891
BASF SE		18,901		903,543
Bayerische Motoren Werke AG		26,388		2,745,753
Commerzbank AG		195,500		2,245,042
Deutsche Bank AG, Registered		27,565		356,077
Deutsche Boerse AG		14,602		2,907,837
Deutsche Post AG, Registered		66,974		3,207,663
Deutsche Telekom AG, Registered		145,074		3,561,249
E.ON SE		79,828		1,080,015
GEA Group AG		43,046		1,723,951
Hannover Rueck SE		483		115,783
Heidelberg Materials AG		1,317		121,618
HelloFresh SE(a)		5,937		78,515
Hugo Boss AG		33,395		2,085,671
Mercedes-Benz Group AG		78,299		5,286,183
Merck KGaA		3,750		615,283
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		7,010		2,984,290
RWE AG		6,298		232,558
SAP SE		43,001		7,449,776
Siemens AG, Registered		26,338		4,715,130
Wacker Chemie AG		7,589		822,805
				47,930,907
Hong Kong — 1.3%
AIA Group Ltd.		493,400		3,869,448
CK Asset Holdings Ltd.		207,500		936,311
CK Hutchison Holdings Ltd.		180,500		932,250
HKT Trust & HKT Ltd., Class SS		71,000		85,289
Hong Kong Exchanges & Clearing Ltd.		22,100		670,045
Jardine Matheson Holdings Ltd.		50,500		2,027,783
PCCW Ltd.		707,000		365,697
SITC International Holdings Co. Ltd.(c)		76,000		115,318
Swire Properties Ltd.		747,000		1,395,974
WH Group Ltd.(b)		2,734,000		1,613,045
Wharf Real Estate Investment Co. Ltd.		185,000		542,019
				12,553,179
Ireland — 0.6%
AIB Group PLC		1,088,569		4,781,457
Bank of Ireland Group PLC		168,233		1,547,067
				6,328,524
Italy — 3.2%
A2A SpA		1,509,619		2,993,066
Banca Monte dei Paschi di Siena SpA(a)		701,975		2,463,746
Banco BPM SpA		32,448		175,066
BPER Banca		818,445		2,952,018
Brunello Cucinelli SpA		11,215		1,111,820
Enel SpA		305,812		2,086,670
Eni SpA		239,230		3,813,647
Hera SpA		76,970		271,137
Intesa Sanpaolo SpA		447,160		1,377,831
Italgas SpA		251,084		1,431,530
Mediobanca Banca di Credito Finanziario SpA		50,524		669,140
Poste Italiane SpA(b)		81,567		884,484
Prysmian SpA		42,835		1,885,161
Snam SpA		381,746		1,864,426
Stellantis NV		115,845		2,551,677

Security	Shares		Value
Italy (continued)
Terna - Rete Elettrica Nazionale		116,166	$	979,517
UniCredit SpA		124,361		3,642,790
				31,153,726
Japan — 24.1%
Advance Residence Investment Corp.		197		433,824
Advantest Corp.		4,600		183,070
Ajinomoto Co. Inc.		31,100		1,277,119
Amada Co. Ltd.		18,700		201,804
Asics Corp.		61,500		1,868,746
Astellas Pharma Inc.		172,200		2,004,834
Bandai Namco Holdings Inc.		33,100		716,699
BayCurrent Consulting Inc.		16,900		392,908
BIPROGY Inc.		59,000		1,727,428
Canon Inc.		25,100		691,433
Capcom Co. Ltd.		79,400		3,028,218
Chubu Electric Power Co. Inc.		94,100		1,220,730
Chugai Pharmaceutical Co. Ltd.		50,400		1,812,899
Dai Nippon Printing Co. Ltd.		39,200		1,134,446
Daicel Corp.		72,300		708,335
Dai-ichi Life Holdings Inc.		101,800		2,232,755
Daiichi Sankyo Co. Ltd.		126,800		3,796,269
Daiwa Securities Group Inc.		18,900		135,454
Dentsu Group Inc.		22,300		591,870
Disco Corp.		8,800		2,374,583
Ebara Corp.		37,600		2,354,779
Fast Retailing Co. Ltd.		10,600		2,829,954
Frontier Real Estate Investment Corp.		495		1,463,159
Fuji Electric Co. Ltd.		11,100		555,888
FUJIFILM Holdings Corp.		23,400		1,483,207
Fujikura Ltd.		273,900		2,251,598
Fujitsu Ltd.		10,500		1,453,350
Fuyo General Lease Co. Ltd.		1,400		125,197
GMO Payment Gateway Inc.		3,300		199,116
Goldwin Inc.		8,200		551,608
Hachijuni Bank Ltd. (The)		346,900		1,890,573
Hirose Electric Co. Ltd.		3,800		442,141
Hitachi Ltd.		49,500		3,888,242
Honda Motor Co. Ltd.		287,300		3,211,457
Hoya Corp.		25,900		3,290,053
Ibiden Co. Ltd.(c)		1,800		90,576
Internet Initiative Japan Inc.		140,000		2,714,798
Isetan Mitsukoshi Holdings Ltd.		100,200		1,171,569
ITOCHU Corp.		108,200		4,910,560
Japan Post Bank Co. Ltd.		209,800		2,181,888
Japan Post Holdings Co. Ltd.		259,200		2,481,239
Japan Post Insurance Co. Ltd.		190,900		3,574,007
Japan Real Estate Investment Corp.		801		3,070,666
Japan Tobacco Inc.		5,700		150,237
Kagome Co. Ltd.		12,900		317,599
Kamigumi Co. Ltd.		105,800		2,434,011
KDDI Corp.		56,400		1,868,816
Keyence Corp.		6,600		2,952,826
Kikkoman Corp.		5,600		344,558
Kirin Holdings Co. Ltd.		12,700		182,549
Koei Tecmo Holdings Co. Ltd.		23,400		291,474
Konami Group Corp.		8,300		510,435
LaSalle Logiport REIT		1,274		1,290,115
Lawson Inc.		36,000		2,060,571
Macnica Holdings Inc.		47,400		2,508,212
Marubeni Corp.		64,900		1,106,977
Maruichi Steel Tube Ltd.		75,200		1,916,062
Mazda Motor Corp.		82,700		1,002,609

18 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® International Equity Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Mitsubishi Corp.		89,700	$	1,545,974
Mitsubishi Estate Co. Ltd.		77,000		1,066,905
Mitsubishi Gas Chemical Co. Inc.		16,900		275,992
Mitsubishi Heavy Industries Ltd.		38,100		2,541,402
Mitsubishi Logistics Corp.		21,100		651,761
Mitsubishi UFJ Financial Group Inc.		549,900		5,150,664
Mitsui & Co. Ltd.		59,400		2,409,099
Mizuho Financial Group Inc.		244,800		4,445,950
MS&AD Insurance Group Holdings Inc.		91,000		3,757,821
Nihon Kohden Corp.		10,000		304,769
Nintendo Co. Ltd.		110,200		6,156,972
Nippon Accommodations Fund Inc.		319		1,328,039
Nippon Express Holdings Inc.		70,900		4,220,062
Nippon Gas Co. Ltd.		114,600		1,775,228
Nippon Telegraph & Telephone Corp.		6,066,100		7,617,530
Nissan Chemical Corp.		41,100		1,639,183
Nissan Motor Co. Ltd.		373,900		1,467,866
Nissin Foods Holdings Co. Ltd.		32,200		1,041,714
Nitto Denko Corp.		18,000		1,493,241
NOF Corp.		9,300		420,023
Nomura Holdings Inc.		653,200		3,518,230
Nomura Real Estate Holdings Inc.		117,400		3,212,734
Nomura Research Institute Ltd.		104,000		3,180,686
Olympus Corp.		81,300		1,203,538
ORIX Corp.		142,300		2,747,708
Osaka Gas Co. Ltd.		60,800		1,280,257
Panasonic Holdings Corp.		63,000		593,383
Persol Holdings Co. Ltd.		574,400		913,130
Recruit Holdings Co. Ltd.		76,000		3,001,902
Rohto Pharmaceutical Co. Ltd.		22,300		456,294
Sanrio Co. Ltd.		49,700		2,075,332
Sanwa Holdings Corp.		122,800		1,876,897
SBI Holdings Inc.		118,300		2,906,117
SCREEN Holdings Co. Ltd.		24,900		2,441,675
SCSK Corp.		71,200		1,397,984
Sega Sammy Holdings Inc.		59,000		868,338
Seiko Epson Corp.		25,300		369,314
Sekisui House Ltd.		54,800		1,237,066
Sekisui House REIT Inc.		862		458,488
Seven & i Holdings Co. Ltd.		4,700		185,626
Shimadzu Corp.		18,700		517,092
Shimamura Co. Ltd.		10,700		1,173,881
Shin-Etsu Chemical Co. Ltd.		31,300		1,232,036
Shionogi & Co. Ltd.		7,900		379,172
SHO-BOND Holdings Co. Ltd.		46,400		2,066,680
SMC Corp.		200		111,329
Socionext Inc.		101,200		2,319,310
SoftBank Corp.		109,800		1,458,785
Sohgo Security Services Co. Ltd.		399,500		2,180,866
Sompo Holdings Inc.		33,500		1,737,023
Sony Group Corp.		52,600		5,158,393
Sumitomo Heavy Industries Ltd.		8,500		220,528
Sumitomo Mitsui Financial Group Inc.		65,700		3,417,277
Sumitomo Mitsui Trust Holdings Inc.		12,200		250,018
Sumitomo Realty & Development Co. Ltd.		10,700		336,506
T&D Holdings Inc.		6,100		101,008
Takashimaya Co. Ltd.		37,900		527,994
Takeda Pharmaceutical Co. Ltd.		64,100		1,883,930
TIS Inc.		81,500		1,812,710
Toho Gas Co. Ltd.		21,600		433,942
Tokio Marine Holdings Inc.		129,500		3,414,581
Tokyo Electron Ltd.		21,100		3,915,578

Security	Shares		Value
Japan (continued)
Tokyo Gas Co. Ltd.		68,300	$	1,568,978
Tokyo Ohka Kogyo Co. Ltd.		52,700		1,203,694
Tokyo Tatemono Co. Ltd.		169,300		2,609,239
TOPPAN Holdings Inc.		46,200		1,273,477
Toyota Motor Corp.		531,100		10,604,906
Trend Micro Inc./Japan(a)(c)		18,600		1,064,094
Ulvac Inc.		9,500		464,963
USS Co. Ltd.		47,700		902,074
Yakult Honsha Co. Ltd.		43,700		954,477
Yamada Holdings Co. Ltd.		100,600		307,291
Yamato Kogyo Co. Ltd.		47,200		2,612,699
Zensho Holdings Co. Ltd.		48,900		2,394,570
				235,500,095
Netherlands — 5.2%
ABN AMRO Bank NV, CVA(b)		128,150		1,886,033
Adyen NV(a)(b)		2,313		2,900,934
Akzo Nobel NV		22,606		1,736,423
ASM International NV		3,869		2,144,330
ASML Holding NV		21,895		18,995,837
ASR Nederland NV		34,994		1,649,144
BE Semiconductor Industries NV		12,391		1,862,098
ING Groep NV		177,244		2,518,365
Koninklijke Ahold Delhaize NV		196,160		5,516,637
Koninklijke KPN NV		224,007		762,014
NN Group NV		60,221		2,468,352
OCI NV		128,620		3,673,900
Qiagen NV, NVS		22,344		969,432
Randstad NV		31,823		1,809,462
Signify NV(b)		50,800		1,523,220
Universal Music Group NV		4,636		136,659
				50,552,840
New Zealand — 0.6%
Contact Energy Ltd.		49,051		241,958
Fisher & Paykel Healthcare Corp. Ltd.		14,815		213,974
Fletcher Building Ltd.		785,100		2,169,113
Mainfreight Ltd.(c)		6,384		279,384
Meridian Energy Ltd.		713,458		2,417,045
Spark New Zealand Ltd.		187,615		609,523
				5,930,997
Norway — 0.9%
DNB Bank ASA		95,213		1,850,913
Equinor ASA		31,117		890,478
Gjensidige Forsikring ASA		7,440		119,668
Kongsberg Gruppen ASA		37,831		1,927,994
Norsk Hydro ASA		155,152		909,269
Orkla ASA		261,617		2,049,279
Telenor ASA		8,497		94,283
Yara International ASA		34,450		1,138,664
				8,980,548
Poland — 0.2%
LPP SA		382		1,485,394
Portugal — 0.1%
Galp Energia SGPS SA		6,494		102,227
Jeronimo Martins SGPS SA		47,068		1,070,482
				1,172,709
Singapore — 1.9%
ComfortDelGro Corp. Ltd.		1,973,800		2,052,918
DBS Group Holdings Ltd.		37,400		885,830
Jardine Cycle & Carriage Ltd.		44,400		856,744
NetLink NBN Trust		2,818,000		1,775,035

S C H E D U L E  O F  I N V E S T M E N T S 19

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® International Equity Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Singapore (continued)
Oversea-Chinese Banking Corp. Ltd.		178,800	$	1,710,288
Sembcorp Industries Ltd.		886,200		3,729,562
Singapore Technologies Engineering Ltd.		183,700		509,021
STMicroelectronics NV , New(c)		34,452		1,512,665
United Overseas Bank Ltd.		111,000		2,339,718
Wilmar International Ltd.		704,500		1,725,101
Yangzijiang Shipbuilding Holdings Ltd.(c)		1,332,900		1,664,019
				18,760,901
Spain — 2.2%
Acciona SA		19,001		2,457,869
Banco Bilbao Vizcaya Argentaria SA		384,036		3,594,361
Banco de Sabadell SA		2,104,174		2,731,083
Banco Santander SA		145,198		583,559
Bankinter SA		30,047		185,514
CaixaBank SA		108,247		461,564
Endesa SA		84,803		1,680,113
Iberdrola SA		201,549		2,426,843
Iberdrola SA, NVS		3,455		41,599
Industria de Diseno Textil SA		17,144		733,032
Naturgy Energy Group SA		8,407		226,382
Redeia Corp. SA		6,608		109,958
Repsol SA		291,464		4,304,422
Telefonica SA		393,764		1,602,160
				21,138,459
Sweden — 2.3%
Assa Abloy AB, Class B		14,746		404,420
Axfood AB		93,924		2,376,383
Billerud Aktiebolag		36,602		325,468
Getinge AB, Class B		4,236		90,553
H & M Hennes & Mauritz AB, Class B		154,903		2,185,487
Husqvarna AB, Class B		80,089		623,005
Investor AB, Class B		162,243		3,819,973
Kinnevik AB, Class B(a)		201,633		2,166,348
Sandvik AB		23,640		496,815
Skandinaviska Enskilda Banken AB, Class A		140,475		1,995,045
SSAB AB, Class B		283,957		2,168,994
Svenska Handelsbanken AB, Class A		46,809		504,617
Swedbank AB, Class A		50,635		1,031,839
Telefonaktiebolaget LM Ericsson, Class B		396,908		2,200,250
Telia Co. AB		75,384		194,428
Thule Group AB(b)		6,187		157,429
Volvo AB, Class B		88,819		2,128,576
				22,869,630
Switzerland — 8.3%
ABB Ltd., Registered		47,105		1,993,097
Adecco Group AG, Registered		34,335		1,484,750
Alcon Inc.		31,716		2,387,422
Bucher Industries AG, Registered		6,457		2,734,968
Cie. Financiere Richemont SA, Class A, Registered		33,871		5,031,014
Coca-Cola HBC AG, Class DI		138,948		4,084,619
Julius Baer Group Ltd.		17,228		937,916
Kuehne + Nagel International AG, Registered		11,430		3,873,394
Logitech International SA, Registered		5,313		445,406
Nestle SA, Registered		142,422		16,229,062
Novartis AG, Registered		125,281		12,955,774
PSP Swiss Property AG, Registered		14,560		1,937,893
Roche Holding AG, NVS		33,824		9,630,246
SGS SA		50,305		4,648,475
Sonova Holding AG, Registered		1,468		469,168
Straumann Holding AG		10,750		1,632,940
Swiss Life Holding AG, Registered		181		129,981

Security	Shares		Value
Switzerland (continued)
Swiss Re AG		11,951	$	1,368,395
Swisscom AG, Registered		234		139,998
Swissquote Group Holding SA, Registered		3,240		813,152
UBS Group AG, Registered		271,966		8,140,651
Zurich Insurance Group AG		275		139,725
				81,208,046
United Kingdom — 11.8%
3i Group PLC		92,388		2,892,201
Anglo American PLC		90,943		2,167,870
AstraZeneca PLC		63,772		8,454,690
B&M European Value Retail SA		131,665		862,895
BAE Systems PLC		179,913		2,680,068
Balfour Beatty PLC		548,197		2,306,504
Barclays PLC		519,670		965,717
Barratt Developments PLC		85,945		585,743
BP PLC		989,167		5,777,147
British American Tobacco PLC		38,758		1,142,726
Bunzl PLC		9,473		384,981
Burberry Group PLC		111,420		1,835,302
Centrica PLC		1,215,445		2,127,088
Compass Group PLC		2,942		81,034
Computacenter PLC		3,508		128,159
Diageo PLC		109,696		3,961,985
Dowlais Group PLC		1,382,665		1,579,434
Drax Group PLC		99,230		640,340
Glencore PLC		696,337		3,684,290
Grafton Group PLC		142,918		1,760,305
Greggs PLC		59,616		2,008,183
GSK PLC		225,504		4,459,958
Howden Joinery Group PLC		210,159		2,128,255
HSBC Holdings PLC		682,521		5,328,921
IG Group Holdings PLC		31,874		286,424
IMI PLC		90,909		1,928,139
Imperial Brands PLC		81,230		1,949,937
Inchcape PLC		303,159		2,610,426
Indivior PLC, NVS(a)		88,305		1,552,177
Intermediate Capital Group PLC		97,088		2,188,858
International Distributions Services PLC(a)		691,020		2,424,020
Investec PLC		419,243		2,729,488
JD Sports Fashion PLC		650,103		960,666
Kingfisher PLC		613,612		1,706,041
Land Securities Group PLC		29,593		249,490
Legal & General Group PLC		429,330		1,380,915
Lloyds Banking Group PLC		1,078,656		578,219
M&G PLC		143,354		405,314
Man Group PLC/Jersey		1,115,537		3,351,931
Marks & Spencer Group PLC		136,768		427,304
Next PLC		20,857		2,226,621
Pearson PLC		81,218		996,364
QinetiQ Group PLC		268,473		1,212,484
Reckitt Benckiser Group PLC		20,379		1,473,420
Rightmove PLC		195,972		1,386,928
Rio Tinto PLC		61,737		4,273,399
RS GROUP PLC		38,171		378,235
Sage Group PLC (The)		164,556		2,449,897
Serco Group PLC		123,097		268,615
Shell PLC		284,777		8,913,105
Softcat PLC		30,758		563,645
SSP Group PLC(a)		13,109		37,308
Tesco PLC		134,252		486,478
Unilever PLC		54,377		2,645,996
Vodafone Group PLC		2,735,553		2,325,604

20 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® International Equity Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Wise PLC, Class A(a)		99,985	$	1,019,837
WPP PLC		196,536		1,900,600
				115,231,681
Total Common Stocks — 98.8% (Cost: $876,894,437)				965,845,590
Preferred Stocks
Germany — 0.7%
Dr Ing hc F Porsche AG, Preference Shares, NVS(b)		66,482		5,644,451
Volkswagen AG, Preference Shares, NVS		9,000		1,157,535
				6,801,986
Total Preferred Stocks — 0.7% (Cost: $8,079,179)				6,801,986
Warrants
Canada — 0.0%
Constellation Software Inc., (Issued 08/29/23, 1 Share for 1 Warrant, Expires 03/31/40, Strike Price CAD 11.50 )(d)		1,793		—
Total Warrants — 0.0% (Cost: $—)				—
Total Long-Term Investments — 99.5% (Cost: $884,973,616)				972,647,576

Security	Shares		Value
Short-Term Securities
Money Market Funds — 0.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.51%(e)(f)(g)		5,109,837	$	5,112,903
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.32%(e)(f)		150,000		150,000
Total Short-Term Securities — 0.6% (Cost: $5,262,583)				5,262,903
Total Investments — 100.1% (Cost: $890,236,199)				977,910,479
Liabilities in Excess of Other Assets — (0.1)%				(491,856	)
Net Assets — 100.0%			$	977,418,623

^(a) Non-income producing security.

^(b)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)  All or a portion of this security is on loan.

^(d)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(e)  Affiliate of the Fund.

^(f)  Annualized 7-day yield as of period end.

^(g)  All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/23		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 01/31/24		Shares Held at 01/31/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	847,379	$	4,263,849	(a)	$	—	$	1,744	$	(69	)	$	5,112,903		5,109,837	$	19,348	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		120,000		30,000	(a)		—		—		—			150,000		150,000		14,066			—
								$	1,744	$	(69	)	$	5,262,903			$	33,414		$	—

^(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		7		03/07/24	$	1,215	$	74,265
Euro STOXX 50 Index		35		03/15/24		1,774		32,594
FTSE 100 Index		10		03/15/24		972		(2,449	)
SPI 200 Index		5		03/21/24		632		7,617
							$	112,027

S C H E D U L E  O F  I N V E S T M E N T S 21

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® International Equity Factor ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	114,476	$	—	$	—	$	—	$	114,476
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	2,449	$	—	$	—	$	—	$	2,449

^(a) Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended January 31, 2024, 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	$	—	$	—	$	257,468		$	—	$	—	$	—	$	257,468
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(51,333	)	$	—	$	—	$	—	$	(51,333)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	5,672,710

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	$	85,906,111	$	879,939,479		$	—	$	965,845,590
Preferred Stocks		—		6,801,986			—		6,801,986
Warrants		—		—			—		—
Short-Term Securities
Money Market Funds		5,262,903		—			—		5,262,903
	$	91,169,014	$	886,741,465		$	—	$	977,910,479
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	114,476		$	—	$	114,476
Liabilities
Equity Contracts		—		(2,449	)		—		(2,449	)
	$	—	$	112,027		$	—		112,027

^(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 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) January 31, 2024 iShares^® International Small-Cap Equity Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 7.4%
29Metals Ltd.(a)		714,379	$	157,266
Abacus Group		181,602		129,227
Accent Group Ltd.		61,218		80,428
Adairs Ltd.(a)		375,345		415,530
Alkane Resources Ltd.		148,257		55,228
Altium Ltd.		37,620		1,208,573
AMP Ltd.		132,012		80,061
APM Human Services International Ltd.		564,471		272,476
ARN Media Ltd., NVS(a)		418,950		273,441
BWP Trust		116,451		260,761
Cettire Ltd.(b)		407,151		828,079
Champion Iron Ltd.		59,166		324,586
Clinuvel Pharmaceuticals Ltd		22,230		227,414
Coast Entertainment Holdings Ltd., NVS		1,840,986		558,472
Collins Foods Ltd.		53,010		415,593
CSR Ltd.		521,208		2,346,983
Data#3 Ltd.		46,683		296,885
Deterra Royalties Ltd.		424,422		1,528,532
Domain Holdings Australia Ltd.		262,827		570,320
Domino’s Pizza Enterprises Ltd.		2,565		65,975
Downer EDI Ltd.		140,391		382,348
Elders Ltd.		41,895		244,743
FleetPartners Group Ltd., NVS(b)		419,121		836,932
GrainCorp Ltd., Class A		221,274		1,162,550
Growthpoint Properties Australia Ltd.		73,359		114,809
GUD Holdings Ltd.		32,498		257,956
GWA Group Ltd.		521,208		775,590
Healius Ltd.(b)		1,269,875		1,142,445
Helia Group Ltd.		462,384		1,486,843
HomeCo Daily Needs REIT		655,708		539,785
Iluka Resources Ltd.		154,584		721,997
Inghams Group Ltd.		319,770		894,812
Jumbo Interactive Ltd.		11,115		113,979
Karoon Energy Ltd.(b)		293,265		368,977
Kogan.com Ltd.		51,471		192,822
Link Administration Holdings Ltd.		105,678		149,731
Lovisa Holdings Ltd.		10,089		150,099
McMillan Shakespeare Ltd.		93,366		1,051,341
Metcash Ltd.		228,457		541,937
Myer Holdings Ltd.(a)		2,274,129		1,006,388
Neometals Ltd.(a)		420,489		39,413
Neuren Pharmaceuticals Ltd., NVS(b)		36,330		556,601
New Hope Corp. Ltd.		309,168		1,081,358
nib holdings Ltd.		25,479		134,755
Nick Scali Ltd.		103,284		835,053
Nine Entertainment Co. Holdings Ltd.		438,957		563,180
NRW Holdings Ltd.		481,023		850,014
OFX Group Ltd.(a)		121,923		121,463
Orora Ltd.		240,255		436,683
Perenti Ltd.(b)		262,143		139,407
Perseus Mining Ltd.		102,258		120,409
PEXA Group Ltd.(b)		104,481		780,784
PolyNovo Ltd.(a)(b)		110,637		135,960
Region RE Ltd.		251,028		369,591
Regis Resources Ltd.(b)		91,143		124,307
Reliance Worldwide Corp. Ltd.		57,114		156,155
RPMGlobal Holdings Ltd.		236,322		278,594
Sandfire Resources Ltd.(a)(b)		317,205		1,490,733
Sigma Healthcare Ltd.		758,072		512,093
Sims Ltd.		146,376		1,371,050

Security	Shares		Value
Australia (continued)
Southern Cross Media Group Ltd.		723,843	$	489,124
Stanmore Resources Ltd.		442,890		1,136,523
Star Entertainment Grp Ltd. (The)(b)		483,075		175,296
Steadfast Group Ltd.		113,715		440,006
Super Retail Group Ltd.		142,785		1,473,567
Tabcorp Holdings Ltd.		2,823,039		1,466,605
Telix Pharmaceuticals Ltd.(b)		92,682		691,017
Temple & Webster Group Ltd.(a)(b)		10,089		59,764
Terracom Ltd.		2,773,449		559,576
Ventia Services Group Pty Ltd.		340,119		729,717
Weebit Nano Ltd.(a)(b)		61,047		137,310
				39,688,022
Austria — 0.4%t
ams-OSRAM AG(b)		86,868		203,309
Immofinanz AG(b)		12,312		292,225
Oesterreichische Post AG(a)		9,747		329,873
Porr AG		46,341		650,212
S IMMO AG		7,524		121,157
Semperit AG Holding(a)		10,773		168,814
Zumtobel Group AG		57,627		373,665
				2,139,255
Belgium — 1.3%
Barco NV		18,639		309,639
Bekaert SA		10,773		525,431
bpost SA		117,819		481,551
Deceuninck NV		22,743		55,621
Deme Group NV		3,933		493,588
Gimv NV		37,962		1,770,348
Ion Beam Applications(a)		81,396		928,907
Orange Belgium SA		33,174		472,518
Proximus SADP		73,530		697,750
Solvay SA		33,858		925,965
Van de Velde NV(a)		7,695		274,012
				6,935,330
Canada — 10.3%
ADENTRA Inc.		4,446		104,697
Advantage Energy Ltd.(b)		38,133		250,164
Alamos Gold Inc., Class A		12,825		155,298
Andlauer Healthcare Group Inc.		21,717		633,847
Aritzia Inc.(b)		5,130		124,811
Artis REIT		134,064		649,155
Atco Ltd., Class I, NVS		19,323		540,403
ATS Corp.(b)		16,416		702,208
AutoCanada Inc.		6,498		103,817
Baytex Energy Corp.		192,546		611,530
BlackBerry Ltd.(b)		95,931		269,002
Boardwalk REIT		3,249		168,679
BRP Inc.		17,100		1,079,076
Canfor Corp.(b)		58,140		704,020
Capital Power Corp.		12,825		352,569
Cascades Inc.		77,634		849,415
Celestica Inc.(b)		88,749		3,050,388
Centerra Gold Inc.		99,180		523,029
Chemtrade Logistics Income Fund		46,854		309,816
Choice Properties REIT		19,836		207,146
CI Financial Corp.		162,279		1,979,527
Cogeco Communications Inc.		9,063		418,282
Cogeco Inc.		15,390		682,932
Colliers International Group Inc.		7,866		923,361
Corus Entertainment Inc., Class B, NVS		722,475		510,507
Crescent Point Energy Corp.		234,441		1,529,285

S C H E D U L E  O F  I N V E S T M E N T S 23

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® International Small-Cap Equity Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Canada (continued)
CT REIT		204,858	$	2,210,934
Definity Financial Corp.		44,460		1,293,670
Docebo Inc.		24,966		1,096,354
Dream Office REIT(a)		84,645		682,474
Dundee Precious Metals Inc.		82,422		527,839
ECN Capital Corp.(a)		367,992		752,708
Eldorado Gold Corp.(b)		33,858		413,765
Enerplus Corp.		76,526		1,111,158
Ensign Energy Services Inc.		188,613		326,876
EQB Inc.		5,301		364,006
ERO Copper Corp.(b)		12,654		198,123
Filo Corp., NVS(b)		30,780		473,221
Finning International Inc.		69,768		2,019,170
First Capital Real Estate Investment Trust		49,248		579,130
Frontera Energy Corp.(b)		90,801		543,678
Gibson Energy Inc.		39,330		627,782
H&R Real Estate Investment Trust		47,538		348,283
Hammond Power Solutions Inc.		7,353		508,522
Hudbay Minerals Inc.		18,126		100,711
IAMGOLD Corp.(b)		46,512		110,706
Interfor Corp.(b)		68,571		1,060,863
Jamieson Wellness Inc.(c)		3,591		82,507
Kinaxis Inc.(b)		6,840		832,939
Labrador Iron Ore Royalty Corp.		33,174		814,514
Lassonde Industries Inc., Class A		1,539		164,254
Leon’s Furniture Ltd.		44,973		711,834
Linamar Corp.		7,011		332,546
Major Drilling Group International Inc.		148,428		916,324
Maple Leaf Foods Inc.		7,182		136,968
Martinrea International Inc.		49,932		512,894
Mattr Corp., NVS		32,832		397,320
MEG Energy Corp.(b)		61,560		1,163,937
Methanex Corp.		14,022		621,809
Morguard Corp.		684		57,027
Morguard North American Residential REIT		4,959		55,844
New Gold Inc.(b)		185,706		223,767
North West Co. Inc. (The)		9,918		286,891
Nuvei Corp.(c)		13,338		324,112
Parex Resources Inc.		11,115		184,031
Parkland Corp.		17,784		606,888
Pason Systems Inc.		103,797		1,137,988
Peyto Exploration & Development Corp.		10,773		103,928
PHX Energy Services Corp.		27,531		191,260
PrairieSky Royalty Ltd.		39,501		651,666
Precision Drilling Corp.(b)		12,996		805,018
Primo Water Corp.		14,706		214,413
Prinmaris REIT		46,170		476,999
Quebecor Inc., Class B		2,223		54,052
Real Matters Inc.		176,643		918,394
Russel Metals Inc.		34,200		1,121,558
Silvercorp Metals Inc.		21,033		49,905
SNC-Lavalin Group Inc.		8,379		277,898
Spin Master Corp.(c)		29,925		769,688
Sprott Inc.		2,052		72,010
Stelco Holdings Inc.		36,765		1,180,243
Superior Plus Corp.		31,635		216,947
Torex Gold Resources Inc.(b)		42,237		433,852
TransAlta Corp.		149,967		1,086,451
Transcontinental Inc., Class A		54,036		543,796
Trican Well Service Ltd.		371,412		1,210,000
Vermilion Energy Inc.		44,802		481,527
Western Forest Products Inc.		194,256		98,251

Security	Shares		Value
Canada (continued)
Westshore Terminals Investment Corp.		39,672	$	838,027
Whitecap Resources Inc.		147,060		951,632
				55,094,846
China — 0.5%
China Renaissance Holdings Ltd.(c)(d)		203,500		106,832
Mobvista Inc.(c)		513,000		187,246
Moody Technology Holdings Ltd., NVS		6,840,000		258,098
NetDragon Websoft Holdings Ltd.		427,500		585,550
Skyworth Group Ltd.		1,368,000		433,660
Wasion Holdings Ltd.		1,710,000		926,823
XD Inc.(b)		34,200		36,767
				2,534,976
Denmark — 2.0%
Bavarian Nordic A/S(b)		4,788		109,996
Chemometec A/S		10,431		564,180
D/S Norden A/S		10,260		552,057
GN Store Nord A/S(b)		34,884		822,653
ISS A/S		85,500		1,617,829
Jyske Bank A/S, Registered		4,788		366,745
Nilfisk Holding A/S(b)		8,379		147,660
NKT A/S(a)(b)		1,026		71,537
Per Aarsleff Holding A/S		25,821		1,188,535
Ringkjoebing Landbobank A/S		3,762		606,336
Rockwool A/S, Class B		1,197		326,334
Royal Unibrew A/S		11,115		728,094
Scandinavian Tobacco Group A/S, Class A(c)		75,582		1,355,480
Solar A/S, Class B		9,405		612,478
Sydbank A/S		28,557		1,267,336
Topdanmark A/S		7,353		326,093
Trifork Holding AG		2,394		50,750
				10,714,093
Finland — 1.4%
Afarak Group SE(a)		287,793		123,474
Cargotec OYJ, Class B		5,814		330,526
F-Secure OYJ		186,561		389,552
Harvia OYJ		6,669		196,787
Kemira OYJ		50,958		953,795
Konecranes OYJ		20,349		873,919
Marimekko OYJ		80,028		1,195,240
Nokian Renkaat OYJ		48,051		433,051
Oma Saastopankki OYJ		43,092		1,080,413
Outokumpu OYJ		116,451		497,097
QT Group OYJ(b)		5,301		373,909
Sanoma OYJ		81,909		611,667
Stockmann OYJ Abp, Class B		26,163		81,035
TietoEVRY OYJ		10,773		249,993
WithSecure OYJ(a)		81,225		95,592
YIT OYJ(a)		82,935		176,669
				7,662,719
France — 5.3%
ALD SA(c)		37,620		250,726
Alten SA		1,539		237,960
Atos SE(a)(b)		24,282		103,658
Beneteau SACA		34,542		413,971
Carmila SA		11,457		203,579
Casino Guichard Perrachon SA(a)		69,546		46,598
Cie. des Alpes		23,598		384,421
Cie. Plastic Omnium SA		19,323		221,470
Coface SA		87,723		1,185,381
Criteo SA, SP ADR, SP ADR(a)(b)		2,394		62,076
Derichebourg SA		227,772		1,175,204

24 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® International Small-Cap Equity Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
France (continued)
Elis SA		4,104	$	90,234
Eramet SA(a)		6,669		459,341
Eurazeo SE		12,312		1,048,739
Euronext NV(c)		12,483		1,097,969
Eutelsat Communications SACA(a)(b)		106,191		387,318
Forvia SE(b)		28,899		496,694
Gaztransport Et Technigaz SA		10,602		1,486,374
ICADE		9,747		329,997
Interparfums SA		12,235		647,357
IPSOS SA		19,152		1,256,960
Kaufman & Broad SA		15,048		445,452
Klepierre SA		65,493		1,695,658
La Francaise des Jeux SAEM(c)		51,129		2,072,442
Lagardere SA		4,104		82,390
Maisons du Monde SA(a)(c)		65,835		317,815
Mercialys SA		74,727		850,150
Mersen SA		1,539		55,829
Metropole Television SA		5,301		75,181
Nexans SA		5,985		544,744
Nexity SA		10,944		182,417
Quadient SA		37,962		804,301
Renault SA		46,854		1,764,507
Rexel SA		54,720		1,457,373
SCOR SE		26,847		800,877
Societe pour l’Informatique Industrielle, NVS		5,130		386,710
SOITEC(b)		2,565		370,717
Sopra Steria Group SACA		342		80,218
SPIE SA		13,680		452,501
Television Francaise 1 SA		154,755		1,364,709
Trigano SA		5,301		835,016
Ubisoft Entertainment SA(b)		15,219		335,702
Valeo SE		57,627		752,179
Verallia SA(c)		9,918		349,752
Virbac SACA		855		308,560
Wavestone		8,379		555,076
Wendel SE		1,710		155,033
				28,681,336
Germany — 4.6%
AIXTRON SE		19,665		731,896
Amadeus Fire AG		4,959		599,067
Atoss Software AG		4,104		1,124,502
Aurubis AG		17,100		1,230,059
Bechtle AG		8,892		461,075
BRANICKS Group AG(a)		82,080		188,644
Ceconomy AG(b)		226,404		549,969
CompuGroup Medical SE & Co. KgaA		1,881		80,647
Covestro AG(b)(c)		9,063		478,576
CTS Eventim AG & Co. KGaA		2,736		185,165
Dermapharm Holding SE		6,156		261,849
Deutsche Pfandbriefbank AG(a)(c)		132,867		799,605
Deutz AG		54,549		329,673
Duerr AG		12,825		293,224
DWS Group GmbH & Co. KGaA(a)(c)		1,881		76,923
Eckert & Ziegler Strahlen- und Medizintechnik AG		1,368		68,039
Elmos Semiconductor SE		1,881		131,376
flatexDEGIRO AG(b)		40,185		439,425
Freenet AG		41,895		1,157,672
GEA Group AG		24,966		999,864
Gerresheimer AG		1,710		174,333
GFT Technologies SE		1,710		60,467
Heidelberger Druckmaschinen AG(b)		93,537		110,427
HelloFresh SE(b)		46,341		612,848

Security	Shares		Value
Germany (continued)
Hensoldt AG		2,394	$	71,870
Hugo Boss AG		12,996		811,660
K+S AG, Registered		21,033		295,014
Kloeckner & Co. SE		140,562		1,016,562
Krones AG		6,498		805,264
LANXESS AG		9,576		255,644
METRO AG(b)		37,620		253,557
MLP SE		17,100		99,154
Nemetschek SE		10,773		994,064
New Work SE		1,026		68,239
Patrizia SE(a)		39,330		335,563
ProSiebenSat.1 Media SE(a)		30,096		211,717
PVA TePla AG(b)		12,825		290,237
Rheinmetall AG		7,353		2,574,806
SAF-Holland SE		15,219		245,737
Salzgitter AG		21,546		600,948
Scout24 SE(c)		15,390		1,133,170
SGL Carbon SE(a)(b)		7,866		49,794
Sixt SE(a)		4,275		416,624
SMA Solar Technology AG(a)(b)		3,420		175,412
Stratec SE(a)		1,710		78,078
TAG Immobilien AG(b)		14,877		208,231
Takkt AG		23,769		347,290
TeamViewer SE(b)(c)		29,925		429,024
thyssenkrupp AG		50,958		314,497
United Internet AG, Registered		12,825		337,075
Wacker Chemie AG		3,591		389,339
Zalando SE(a)(b)(c)		44,289		884,302
				24,838,197
Hong Kong — 1.4%
Champion REIT		855,000		203,591
Chinese Estates Holdings Ltd.		855,000		107,415
CK Life Sciences International Holdings Inc.		4,104,000		278,932
DL Holdings Group Ltd., NVS		171,000		102,802
Esprit Holdings Ltd.		2,992,500		109,454
EVA Precision Industrial Holdings Ltd.		1,368,000		119,561
First Pacific Co. Ltd.		4,446,000		1,688,754
Giordano International Ltd.		2,736,000		717,426
Golden Resources Development International Ltd.		3,078,000		171,264
HKBN Ltd.		598,500		248,714
Hong Kong Technology Venture Co. Ltd.		513,000		125,240
IGG Inc.(b)		1,026,000		365,191
Johnson Electric Holdings Ltd.		171,000		224,247
Kerry Logistics Network Ltd.		85,500		94,995
Melco Resorts & Entertainment Ltd., ADR(a)(b)		9,918		77,460
Orbusneich Medical Group Holdings Ltd., NVS(a)		85,500		56,104
PAX Global Technology Ltd.		342,000		239,288
PC Partner Group Ltd.		684,000		225,887
Solomon Systech International Ltd.		1,368,000		44,690
Sun Hung Kai & Co. Ltd.		513,000		142,356
Tam Jai International Co. Ltd.		855,000		126,862
Texwinca Holdings Ltd.		2,052,000		215,212
Tiande Chemical Holdings Ltd.		684,000		99,240
United Energy Group Ltd.		684,000		72,689
United Laboratories International Holdings Ltd. (The)		684,000		591,284
VTech Holdings Ltd.(a)		136,800		792,344
				7,241,002
Ireland — 0.6%
Bank of Ireland Group PLC		297,198		2,733,027
Glanbia PLC		23,132		413,479

S C H E D U L E  O F  I N V E S T M E N T S 25

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® International Small-Cap Equity Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Ireland (continued)
Greencore Group PLC(b)		94,905	$	123,160
				3,269,666
Israel — 1.2%
Africa Israel Residences Ltd.		3,762		199,870
Altshuler Shaham Finance Ltd.(a)		60,363		100,007
Delek Automotive Systems Ltd.		76,608		458,351
Elco Ltd.		2,394		73,877
Electra Consumer Products 1970 Ltd.		5,130		109,393
Equital Ltd.(b)		2		46
G City Ltd.		171,855		549,798
Ilex Medical Ltd.(a)		6,669		112,273
Meitav Investment House Ltd.(a)		48,906		209,346
Migdal Insurance & Financial Holdings Ltd.		233,928		259,059
Naphtha Israel Petroleum Corp. Ltd.		96,957		484,470
Neto ME Holdings Ltd.		3,420		54,993
Oil Refineries Ltd.		849,699		293,502
Partner Communications Co. Ltd.(b)		59,508		275,150
Paz Oil Co. Ltd.		4,617		379,517
Property & Building Corp. Ltd.		8,721		502,135
Retailors Ltd.		47,196		938,033
Scope Metals Group Ltd.(a)		15,048		469,045
Tamar Petroleum Ltd.(c)		23,085		116,129
Tel Aviv Stock Exchange Ltd.		58,995		365,509
Telsys Ltd.(a)		3,591		234,199
				6,184,702
Italy — 3.0%
A2A SpA		602,433		1,194,422
ACEA SpA		79,515		1,254,795
Ascopiave SpA		112,005		271,743
Banca Generali SpA		11,457		436,774
Banca Monte dei Paschi di Siena SpA(b)		173,394		608,567
Banca Popolare di Sondrio SpA		14,877		113,036
BasicNet SpA		45,315		219,394
BPER Banca		318,402		1,148,432
Brunello Cucinelli SpA		684		67,810
Cembre SpA		9,576		414,986
Credito Emiliano SpA		12,483		113,476
d’Amico International Shipping SA, NVS		117,135		781,966
De’ Longhi SpA		11,457		371,082
El.En. SpA		51,129		504,624
Enav SpA(c)		190,665		705,636
ERG SpA		12,654		371,047
Esprinet SpA		11,628		66,576
Gruppo MutuiOnline SpA(a)		10,944		377,798
Hera SpA		52,839		186,132
Immobiliare Grande Distribuzione SIIQ SpA		35,226		83,942
Iren SpA		198,360		416,312
Italgas SpA		94,734		540,116
OVS SpA(c)		205,884		490,417
Piaggio & C SpA		356,364		1,184,646
RAI Way SpA(c)		47,196		258,084
Reply SpA		4,275		586,147
Risanamento SpA(a)		2,062,260		69,123
Safilo Group SpA(a)(b)		111,492		133,376
Sanlorenzo SpA/Ameglia		11,457		546,543
Sesa SpA		1,197		162,418
SOL SpA		21,204		610,262
Technogym SpA(c)		27,531		272,633
TXT e-Solutions SpA		7,182		164,546
Unieuro SpA(a)(c)		44,631		466,510

Security	Shares		Value
Italy (continued)
Unipol Gruppo SpA		125,001	$	776,207
				15,969,578
Japan — 24.4%
77 Bank Ltd. (The)		51,300		1,233,934
A&D HOLON Holdings Co. Ltd.		17,100		235,428
Abalance Corp.(a)		17,100		313,421
Adastria Co. Ltd.		17,100		398,620
ADEKA Corp.		34,200		669,181
Alpen Co. Ltd.		17,100		235,473
Amano Corp.		34,200		788,126
Aoyama Trading Co. Ltd.		17,100		205,991
Arata Corp.		15,600		346,261
Artience Co. Ltd.		17,100		319,970
Asahi Holdings Inc.		17,100		238,111
Asahi Yukizai Corp.		34,200		951,424
ASKUL Corp.		34,200		462,270
Base Co. Ltd.		29,700		656,973
Benefit One Inc.(a)		17,100		244,014
BML Inc.		10,300		199,064
Celsys Inc.		17,100		78,490
Chugoku Marine Paints Ltd.		68,400		870,103
Citizen Watch Co. Ltd.		34,200		216,907
CKD Corp.		17,100		301,526
Colowide Co. Ltd.(a)		17,100		273,385
Create Restaurants Holdings Inc.		85,500		641,696
Credit Saison Co. Ltd.		17,100		317,401
Cybozu Inc.		34,200		513,433
Daido Steel Co. Ltd.		21,000		218,828
Daishinku Corp.		51,300		316,763
Daiwa Industries Ltd.		51,300		547,219
Daiwa Securities Living Investments Corp.		513		369,082
Daiwabo Holdings Co. Ltd.		44,200		961,115
DeNA Co. Ltd.		17,100		172,650
Dentsu Soken Inc.		39,600		1,478,497
Dexerials Corp.		17,100		492,796
Digital Arts Inc.		7,300		250,224
DMG Mori Co. Ltd.		34,200		684,806
DTS Corp.		51,300		1,261,746
en Japan Inc.		7,000		129,370
Enplas Corp.		6,000		487,499
Financial Partners Group Co. Ltd.		85,500		980,581
Frontier Real Estate Investment Corp.		105		310,367
Fuji Soft Inc.		12,200		534,755
Fujikura Ltd.		119,700		983,995
Fujimi Inc.		69,000		1,382,747
Fujimori Kogyo Co. Ltd.		7,000		193,332
Fukui Computer Holdings Inc.		17,100		301,825
Fullcast Holdings Co. Ltd.		17,100		206,448
Furuno Electric Co. Ltd.		17,100		245,678
Future Corp.		17,100		202,954
Fuyo General Lease Co. Ltd.		14,200		1,269,853
G-7 Holdings Inc.		51,300		437,331
Geo Holdings Corp.		51,300		838,146
Global One Real Estate Investment Corp.		342		254,791
GMO Financial Holdings Inc.		119,700		611,729
GMO GlobalSign Holdings KK		17,100		326,300
GMO internet group Inc.		34,200		616,365
Gree Inc.		17,100		68,027
GungHo Online Entertainment Inc.(b)		9,000		151,311
Gunma Bank Ltd. (The)		102,600		505,941
Hachijuni Bank Ltd. (The)		188,100		1,025,128
Hanwa Co. Ltd.		7,200		263,351

26 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® International Small-Cap Equity Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Hazama Ando Corp.		51,300	$	414,283
Heiwa Real Estate Co. Ltd.		34,200		904,191
Hioki E.E. Corp.		17,100		758,828
Hitachi Zosen Corp.		51,300		316,537
Hokkaido Electric Power Co. Inc.		17,100		76,293
Hoshino Resorts REIT Inc.		79		275,710
Hosiden Corp.		17,100		209,913
Idec Corp./Japan		10,500		210,121
Inabata & Co. Ltd.		34,200		744,174
Inageya Co. Ltd.		17,100		146,950
Infocom Corp.		34,200		567,838
Insource Co. Ltd.		85,500		483,302
Integrated Design & Engineering Holdings Co. Ltd., NVS		17,500		425,735
Inui Global Logistics Co. Ltd.		51,300		387,735
Ishihara Sangyo Kaisha Ltd.		34,200		365,458
Itochu-Shokuhin Co. Ltd.		13,200		674,391
Itoki Corp.		102,600		1,044,769
Iyogin Holdings Inc., NVS		85,500		581,565
Jaccs Co. Ltd.		9,600		367,746
JAFCO Group Co. Ltd.		34,200		405,636
Japan Aviation Electronics Industry Ltd.		17,100		293,993
Japan Communications Inc.		256,500		405,157
Japan Logistics Fund Inc.		171		316,183
Japan Petroleum Exploration Co. Ltd.		27,300		1,110,506
Japan Pulp & Paper Co. Ltd.		24,200		828,439
Japan Securities Finance Co. Ltd.		68,400		724,892
Japan Wool Textile Co. Ltd. (The)		51,300		517,458
JCR Pharmaceuticals Co. Ltd.		34,200		251,993
JCU Corp.		17,100		431,544
Justsystems Corp.		6,700		139,989
JVCKenwood Corp.		119,700		582,115
Kagome Co. Ltd.		17,100		421,004
Kamei Corp.		85,500		1,124,252
Kandenko Co. Ltd.		51,300		527,571
Kappa Create Co. Ltd.(a)(b)		34,200		409,067
KeePer Technical Laboratory Co. Ltd.		5,000		220,656
Keihanshin Building Co. Ltd.		85,500		863,990
Kissei Pharmaceutical Co. Ltd.		1,200		25,624
Ki-Star Real Estate Co. Ltd.		7,100		167,682
Kitz Corp.		136,800		1,118,465
Kokuyo Co. Ltd.		34,200		550,774
Komori Corp.		34,200		306,531
Konishi Co. Ltd.		34,200		327,521
Kosaido Holdings Co. Ltd.		153,900		780,883
Koshidaka Holdings Co. Ltd.		34,200		217,874
Kotobuki Spirits Co. Ltd.		72,400		974,115
KPP Group Holdings Co. Ltd.		171,000		843,266
K’s Holdings Corp.		17,100		155,408
Kurabo Industries Ltd.		34,200		728,004
Kyorin Pharmaceutical Co. Ltd.		17,100		206,597
Kyudenko Corp.		7,500		285,285
Kyushu Financial Group Inc.		85,500		544,088
LaSalle Logiport REIT		1,368		1,385,304
Life Corp.		51,300		1,302,745
Macnica Holdings Inc.		3,500		185,206
Mani Inc.		17,100		237,557
Marudai Food Co. Ltd.		34,200		389,477
Maruichi Steel Tube Ltd.		17,100		435,700
Maruwa Co. Ltd./Aichi(a)		3,000		600,257
Maruzen Showa Unyu Co. Ltd.		51,300		1,416,330
Medical Data Vision Co. Ltd.		17,100		74,865

Security	Shares		Value
Japan (continued)
MEITEC Group Holdings Inc.		41,600	$	822,987
Menicon Co. Ltd.		17,100		248,327
Micronics Japan Co. Ltd.		17,100		507,755
Milbon Co. Ltd.		5,300		126,657
Miroku Jyoho Service Co. Ltd.		17,100		211,734
Mitsubishi Logistics Corp.		5,000		154,446
Mitsui DM Sugar Holdings Co. Ltd.		7,000		160,845
Mitsui High-Tec Inc.		5,700		263,092
Mitsui Matsushima Holdings Co. Ltd.(a)		17,100		331,441
Mitsui Mining & Smelting Co. Ltd.		17,100		528,651
Mizuho Leasing Co. Ltd.		3,000		108,722
Mizuno Corp.		5,800		173,029
Mochida Pharmaceutical Co. Ltd.		17,100		386,609
Monex Group Inc.		136,800		711,940
Monogatari Corp. (The)		17,100		602,953
Mori Hills REIT Investment Corp.		171		159,143
Mori Trust REIT Inc.		3,078		1,563,090
Morinaga & Co. Ltd./Japan		34,200		652,736
MOS Food Services Inc.		17,100		397,714
m-up Holdings Inc.		119,700		809,789
Nagase & Co. Ltd.		51,300		838,789
Nakanishi Inc.		17,100		279,856
NEC Networks & System Integration Corp.		17,100		276,152
NET One Systems Co. Ltd.		34,200		556,061
Nichias Corp.		17,100		399,703
Nichiha Corp.		9,100		182,813
Nihon Parkerizing Co. Ltd.		34,200		271,648
Nippon Gas Co. Ltd.		68,400		1,059,560
Nippon Paper Industries Co. Ltd.(b)		17,100		158,503
Nippon Pillar Packing Co. Ltd.		7,000		230,169
NIPPON REIT Investment Corp.		855		1,979,795
Nishimatsu Construction Co. Ltd.		17,100		470,062
Nishi-Nippon Financial Holdings Inc.		119,700		1,378,241
Nisshin Oillio Group Ltd. (The)		7,000		213,833
Nisshinbo Holdings Inc.		17,100		141,133
Nissui Corp.		153,900		840,901
Nittetsu Mining Co. Ltd.		17,100		609,462
Nitto Kogyo Corp.		17,100		465,338
Nomura Co. Ltd.		102,600		606,419
Nomura Micro Science Co. Ltd.		16,500		1,540,396
North Pacific Bank Ltd.		85,500		218,032
NSD Co. Ltd.		102,600		1,925,386
NTT UD REIT Investment Corp.		171		145,207
Obara Group Inc.		9,200		250,264
Ohsho Food Service Corp.		3,900		215,623
Okamoto Machine Tool Works Ltd.		17,100		707,759
Okasan Securities Group Inc.		119,700		585,839
Okinawa Electric Power Co. Inc. (The)		17,136		135,804
Okumura Corp.		17,100		597,976
Okuwa Co. Ltd.		17,100		102,610
Onward Holdings Co. Ltd.		136,800		502,201
Organo Corp.		23,100		954,102
Oyo Corp.		17,100		252,116
PAL GROUP Holdings Co. Ltd.		51,300		820,403
Pasona Group Inc.		17,100		311,837
Penta-Ocean Construction Co. Ltd.		17,100		91,621
Pharma Foods International Co. Ltd.(a)		102,600		698,430
PHC Holdings Corp.		17,100		176,941
Press Kogyo Co. Ltd.		136,800		599,383
Rakuten Bank Ltd., NVS(b)		34,200		533,142
Relo Group Inc.		51,300		514,936
Rengo Co. Ltd.		34,200		221,789

S C H E D U L E  O F  I N V E S T M E N T S 27

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® International Small-Cap Equity Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Riken Keiki Co. Ltd.(a)		11,400	$	563,236
Riken Technos Corp.		188,100		1,104,013
Riken Vitamin Co. Ltd.		34,200		535,568
Roland DG Corp.		24,400		640,391
Round One Corp.		51,300		227,209
Royal Holdings Co. Ltd.		17,100		300,948
Ryobi Ltd.		17,100		315,255
Ryosan Co. Ltd.		10,900		359,151
Saibu Gas Holdings Co. Ltd.		51,300		672,644
Saizeriya Co. Ltd.		28,200		968,086
Sanki Engineering Co. Ltd.		119,700		1,535,638
Sansan Inc.(b)		34,200		318,375
Sanyo Denki Co. Ltd.		4,300		178,793
Senshu Electric Co. Ltd.		51,300		1,304,261
Shibaura Machine Co. Ltd.		8,000		193,959
Shibaura Mechatronics Corp.		21,600		1,023,175
Shiga Bank Ltd. (The)		9,500		236,209
Shin Nippon Biomedical Laboratories Ltd.(a)		68,400		792,791
Shinmaywa Industries Ltd.		17,100		141,948
Shizuoka Gas Co. Ltd.		34,200		233,646
SHO-BOND Holdings Co. Ltd.		10,800		481,038
Shoei Co. Ltd.		17,100		228,531
SIGMAXYZ Holdings Inc.		17,100		160,322
Simplex Holdings Inc.		4,900		89,310
Star Micronics Co. Ltd.		34,200		408,149
Sumitomo Bakelite Co. Ltd.		5,000		248,488
Systena Corp.		307,800		622,152
Syuppin Co. Ltd.		34,200		241,070
Taihei Dengyo Kaisha Ltd.		17,100		516,481
Takara Holdings Inc.		34,200		289,347
Takara Standard Co. Ltd.		34,200		408,621
Tama Home Co. Ltd.		57,300		1,581,689
Teikoku Electric Manufacturing Co. Ltd.		51,300		1,021,923
Tekken Corp.		17,100		251,807
Toagosei Co. Ltd.		17,100		163,676
TOC Co. Ltd.		171,000		819,376
Tocalo Co. Ltd.		34,200		363,790
Toho Gas Co. Ltd.		85,500		1,717,686
Toho Titanium Co. Ltd.(a)		34,200		454,911
Tokai Carbon Co. Ltd.		17,100		120,262
TOKAI Holdings Corp.		85,500		576,538
Tokai Tokyo Financial Holdings Inc.		51,300		197,891
Tokyo Kiraboshi Financial Group Inc.		8,300		242,786
Tokyo Ohka Kogyo Co. Ltd.		36,900		842,814
Tokyu REIT Inc.		2,223		2,592,227
Tomoku Co. Ltd.		68,400		1,116,242
Tomy Co. Ltd.		34,200		561,106
Topcon Corp.		34,200		392,911
Torii Pharmaceutical Co. Ltd.		34,200		871,526
Toyo Tanso Co. Ltd.		6,000		202,473
TSI Holdings Co. Ltd.		119,700		556,285
Tsuburaya Fields Holdings Inc.(a)		85,500		1,053,407
Tsugami Corp.		34,200		276,187
Uchida Yoko Co. Ltd.		17,100		883,286
Ulvac Inc.		27,800		1,360,627
United Super Markets Holdings Inc.		68,400		470,335
Usen-Next Holdings Co. Ltd.		17,100		496,326
Ushio Inc.		17,100		239,558
ValueCommerce Co. Ltd.		17,100		145,841
Vital KSK Holdings Inc.		17,100		133,265
Wacom Co. Ltd.		68,400		315,210
Wakita & Co. Ltd.		17,100		185,297

Security	Shares		Value
Japan (continued)
West Holdings Corp.		6,000	$	138,007
YA-MAN Ltd.(a)		34,200		234,954
Yamazen Corp.		17,100		146,235
Yodogawa Steel Works Ltd.		17,100		450,359
Yonex Co. Ltd.		51,300		416,863
Yoshinoya Holdings Co. Ltd.		17,100		381,336
ZERIA Pharmaceutical Co. Ltd.		17,100		236,825
				131,114,831
Netherlands — 3.2%
Aalberts NV		9,747		387,622
ABN AMRO Bank NV, CVA(c)		129,105		1,900,088
Allfunds Group PLC		24,111		172,856
Arcadis NV		5,643		309,809
Ariston Holding NV		11,970		78,560
ASR Nederland NV		47,196		2,224,182
BE Semiconductor Industries NV		22,230		3,340,685
Corbion NV		11,457		221,857
Eurocommercial Properties NV		10,773		241,358
Flow Traders Ltd., NVS		10,944		196,568
IMCD NV		5,301		809,149
InPost SA(b)		53,694		806,474
Iveco Group NV(b)		25,308		270,071
Koninklijke BAM Groep NV		156,636		432,438
MFE-MediaForEurope NV, NVS(a)		140,391		507,202
NSI NV		18,297		391,517
OCI NV		41,211		1,177,150
PostNL NV		338,238		492,880
Signify NV(c)		67,716		2,030,440
Technip Energies NV		13,680		283,184
TKH Group NV		5,814		234,117
TomTom NV(a)(b)		93,879		635,646
Van Lanschot Kempen NV		7,695		231,678
				17,375,531
New Zealand — 0.9%
Argosy Property Ltd.		406,296		288,084
Chorus Ltd.		137,484		668,935
Genesis Energy Ltd.		186,732		288,774
Goodman Property Trust		40,185		55,021
Investore Property Ltd.		83,619		60,312
Kiwi Property Group Ltd.		2,511,990		1,335,845
Manawa Energy Ltd.		23,054		60,454
Precinct Properties New Zealand Ltd.		145,692		110,873
Skellerup Holdings Ltd.		321,822		936,357
SKY Network Television Ltd.		378,081		645,350
SKYCITY Entertainment Group Ltd.		146,205		168,905
				4,618,910
Norway — 1.4%
2020 Bulkers Ltd.(a)		38,646		516,776
Aker Solutions ASA		32,148		119,238
Atea ASA		52,497		699,810
BW LPG Ltd.(c)		41,553		512,832
BW Offshore Ltd.		111,321		255,301
Crayon Group Holding ASA(a)(b)(c)		22,914		192,633
DNO ASA		539,163		472,472
DOF Group ASA(b)		56,259		303,690
Elmera Group ASA(c)		82,080		251,611
Europris ASA(c)		8,379		62,802
Hoegh Autoliners ASA		34,542		347,809
Kid ASA(c)		40,185		509,146
LINK Mobility Group Holding ASA		119,358		212,449
Norske Skog ASA(a)(c)		42,750		147,315

28 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® International Small-Cap Equity Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Norway (continued)
PGS ASA(b)		137,142	$	85,814
Rana Gruber ASA, Class A		105,507		783,322
Selvaag Bolig ASA		131,499		394,475
Solstad Offshore ASA(a)		22,059		74,004
SpareBank 1 SMN		108,927		1,482,998
Veidekke ASA		10,944		99,895
XXL ASA(c)		1,344,573		141,907
				7,666,299
Portugal — 0.3%
CTT-Correios de Portugal SA		141,075		559,760
REN - Redes Energeticas Nacionais SGPS SA		286,083		702,899
Semapa-Sociedade de Investimento e Gestao		33,687		521,234
				1,783,893
Singapore — 2.1%
Asian Pay Television Trust(a)		1,881,000		120,586
Best World International Ltd.(b)		701,100		881,769
CDL Hospitality Trusts		495,900		379,845
ComfortDelGro Corp. Ltd.		136,800		142,283
Delfi Ltd.		889,200		726,173
Digital Core REIT Management Pte Ltd.		735,300		472,644
Food Empire Holdings Ltd.		889,200		892,582
Golden Agri-Resources Ltd.(a)		6,822,900		1,373,226
Hour Glass Ltd. (The)(a)		153,900		175,525
Keppel Infrastructure Trust(a)		2,137,500		803,283
NetLink NBN Trust		1,641,600		1,034,031
Paragon REIT		547,200		356,914
Parkway Life REIT		598,500		1,568,383
Riverstone Holdings Ltd./Singapore(a)		513,000		266,852
Samudera Shipping Line Ltd.(a)		752,400		382,624
Sasseur Real Estate Investment Trust(a)		666,900		333,077
Sheng Siong Group Ltd.		188,100		218,430
Silverlake Axis Ltd.		307,800		59,656
Wing Tai Holdings Ltd.(a)		837,900		768,257
Yanlord Land Group Ltd.(b)		769,500		297,366
				11,253,506
Spain — 2.3%
Acerinox SA		190,490		2,011,039
Applus Services SA		44,460		537,656
Atresmedia Corp. de Medios de Comunicacion SA		91,485		367,708
Banco de Sabadell SA		1,815,336		2,356,190
Bankinter SA		132,012		815,058
Cia. de Distribucion Integral Logista Holdings SA		9,747		275,694
eDreams ODIGEO SA(b)		24,111		183,149
Fluidra SA		10,089		218,419
Gestamp Automocion SA(c)		93,537		310,270
Indra Sistemas SA(a)		26,505		470,576
Inmobiliaria Colonial SOCIMI SA		21,888		131,597
Lar Espana Real Estate SOCIMI SA		120,726		810,210
Merlin Properties SOCIMI SA		84,132		856,735
Metrovacesa SA(c)		53,181		464,954
Neinor Homes SA(c)		17,784		200,648
Pharma Mar SA		11,457		478,254
Prosegur Cia. de Seguridad SA		81,567		154,338
Sacyr SA		146,720		483,699
Sacyr SA, NVS		2,934		9,691
Solaria Energia y Medio Ambiente SA(b)		8,037		118,659
Tubacex SA		86,868		319,655
Unicaja Banco SA(c)		716,490		685,068
Viscofan SA		1,881		110,178
				12,369,445

Security	Shares		Value
Sweden — 3.7%
AcadeMedia AB(c)		12,312	$	67,259
Alleima AB, NVS		52,497		348,514
Arise AB		86,526		378,180
Arjo AB, Class B		123,633		578,675
Betsson AB		129,105		1,405,065
Bilia AB, Class A		121,581		1,469,839
BioArctic AB, Class B(a)(b)(c)		8,037		174,323
BioGaia AB, Class B		38,133		412,599
Biotage AB		33,687		478,816
Bonava AB, Class B(a)		307,948		347,195
BoneSupport Holding AB(b)(c)		32,661		646,633
Bravida Holding AB(c)		20,178		153,004
Bulten AB		34,884		243,464
Byggmax Group AB		18,468		63,997
Clas Ohlson AB, Class B		81,738		1,163,177
Concentric AB		38,304		629,542
Corem Property Group AB		7,011		126,117
Electrolux Professional AB, Class B		45,828		243,504
Ferronordic AB(a)		37,791		261,044
Hemnet Group AB		27,018		729,427
HMS Networks AB(a)		2,736		120,370
Intrum AB(a)		27,189		161,044
Investment AB Oresund		59,679		640,995
Inwido AB		45,144		551,453
JM AB		14,022		228,333
Lindab International AB		19,494		370,166
Loomis AB, Class B		17,271		472,845
MIPS AB		10,773		357,890
Mycronic AB		34,884		970,258
Net Insight AB		939,987		479,177
New Wave Group AB, Class B		138,339		1,228,638
Nobia AB		490,428		520,682
Nyfosa AB		84,132		752,509
Orron Energy AB		738,036		507,643
OX2 AB, Class B(b)		30,438		144,823
Peab AB, Class B		17,100		84,422
Ratos AB, Class B		17,100		56,367
RaySearch Laboratories AB		33,687		296,839
Samhallsbyggnadsbolaget i Norden AB(a)		202,806		92,925
Scandic Hotels Group AB(a)(b)(c)		141,075		649,956
SkiStar AB		8,550		107,390
Truecaller AB(b)		85,329		252,294
Volati AB(a)		22,059		241,222
Wihlborgs Fastigheter AB		88,236		788,799
				19,997,414
Switzerland — 6.7%
Accelleron Industries AG, NVS		47,025		1,504,788
Adecco Group AG, Registered		25,650		1,109,184
Aryzta AG(b)		28,728		51,563
Ascom Holding AG, Registered		17,784		151,884
Avolta AG, Registered(b)		1,197		45,731
Banque Cantonale Vaudoise, Registered		15,390		1,970,480
Belimo Holding AG, Registered		855		398,677
BKW AG		7,182		1,140,993
Bucher Industries AG, Registered		2,394		1,014,018
Burckhardt Compression Holding AG		342		191,338
Cembra Money Bank AG		4,959		382,349
Clariant AG, Registered		56,088		718,020
Comet Holding AG, Registered		684		225,524
dormakaba Holding AG		513		256,982
Dottikon Es Holding AG(a)(b)		1,197		316,259
Emmi AG, Registered		171		179,144

S C H E D U L E  O F  I N V E S T M E N T S 29

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® International Small-Cap Equity Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Switzerland (continued)
Flughafen Zurich AG, Registered		1,026	$	211,690
Forbo Holding AG, Registered		342		402,114
Galenica AG(c)		28,801		2,539,745
Georg Fischer AG		7,866		526,459
Helvetia Holding AG, Registered		11,271		1,627,763
Implenia AG, Registered		14,535		516,010
Inficon Holding AG, Registered		1,026		1,557,340
Interroll Holding AG, Registered		171		499,455
Landis+Gyr Group AG		6,327		518,792
LEM Holding SA, Registered		171		390,767
Logitech International SA, Registered		36,765		3,082,130
Medmix AG(c)		15,048		301,675
Mobilezone Holding AG, Registered		3,591		55,148
Mobimo Holding AG, Registered		566		167,218
PSP Swiss Property AG, Registered		10,602		1,411,095
Schweiter Technologies AG, NVS		171		93,816
SFS Group AG		2,052		246,362
Siegfried Holding AG, Registered		342		340,683
SIG Group AG		47,196		987,916
SKAN Group AG		2,052		181,056
Swiss Prime Site AG, Registered		8,208		831,350
Swissquote Group Holding SA, Registered		11,286		2,832,480
Tecan Group AG, Registered		3,591		1,370,738
Temenos AG, Registered		12,654		1,287,803
VAT Group AG(c)		7,090		3,300,599
Vontobel Holding AG, Registered		9,747		642,026
Zehnder Group AG, Registered		7,353		438,209
				36,017,373
United Kingdom — 14.4%
4imprint Group PLC		10,089		691,843
888 Holdings PLC(b)		258,723		254,435
abrdn PLC		712,557		1,515,918
AG Barr PLC		10,089		72,623
Airtel Africa PLC(c)		330,030		468,705
AJ Bell PLC		202,977		813,885
Ashmore Group PLC		82,251		221,190
B&M European Value Retail SA		149,625		980,600
Beazley PLC		146,889		1,011,120
Bellway PLC		31,977		1,114,147
Big Yellow Group PLC		4,446		64,289
Bodycote PLC		8,208		66,182
Bridgepoint Group PLC(c)		158,859		541,154
British Land Co. PLC (The)		482,220		2,317,896
Britvic PLC		112,860		1,262,218
Bytes Technology Group PLC		118,845		986,606
Capital & Counties Properties PLC		700,416		1,179,914
Capricorn Energy PLC		294,633		541,413
Centamin PLC		163,989		199,775
Chemring Group PLC		156,807		699,500
Close Brothers Group PLC		5,301		36,437
Computacenter PLC		52,839		1,930,379
ConvaTec Group PLC(c)		382,698		1,164,693
Currys PLC		745,047		467,189
Darktrace PLC(b)		229,311		994,296
Deliveroo PLC, Class A(b)(c)		395,694		589,219
Derwent London PLC		8,379		225,829
DFS Furniture PLC		234,612		343,706
Diploma PLC		24,624		1,015,044
Domino’s Pizza Group PLC		354,312		1,564,722
Dowlais Group PLC		659,034		752,822
Drax Group PLC		131,328		847,472
Dunelm Group PLC		51,300		706,657

Security	Shares		Value
United Kingdom (continued)
FDM Group Holdings PLC		133,209	$	775,709
Ferrexpo PLC		906,984		997,697
Firstgroup PLC		743,508		1,565,403
Frasers Group PLC(b)		67,545		691,086
Games Workshop Group PLC		6,156		772,739
Genuit Group PLC		20,349		108,824
Genus PLC		9,234		268,206
Grafton Group PLC		50,103		617,113
Grainger PLC		46,341		154,572
Great Portland Estates PLC		64,125		337,406
Greggs PLC		49,761		1,676,214
Halfords Group PLC		364,230		823,749
Hammerson PLC		1,179,216		402,415
Hargreaves Lansdown PLC		28,215		272,258
Helical PLC		112,347		292,586
Hill & Smith PLC		29,070		688,105
Hiscox Ltd		34,542		454,823
Hochschild Mining PLC(b)		142,785		187,724
Howden Joinery Group PLC		86,697		877,970
IG Group Holdings PLC		75,141		675,227
IMI PLC		6,840		145,073
Immunocore Holdings PLC(b)		3,762		271,955
Inchcape PLC		207,423		1,786,068
Indivior PLC, NVS(b)		76,950		1,352,585
Intermediate Capital Group PLC		85,842		1,935,316
International Distributions Services PLC(b)		564,300		1,979,501
Investec PLC		246,753		1,606,489
IWG PLC(b)		65,493		155,205
Johnson Matthey PLC		18,126		373,740
Just Group PLC		64,467		69,464
Kainos Group PLC		68,742		999,229
Keller Group PLC		45,486		503,812
Man Group PLC/Jersey		726,579		2,183,202
Marks & Spencer Group PLC		347,130		1,084,537
Marshalls PLC		146,547		520,020
Moneysupermarket.com Group PLC		380,817		1,228,711
Moonpig Group PLC(b)		26,505		56,084
Morgan Sindall Group PLC		21,204		608,647
Ninety One PLC		217,341		486,145
Odfjell Technology Ltd.		57,114		304,203
OSB Group PLC		136,287		775,511
Oxford Instruments PLC		19,494		548,445
Pagegroup PLC		71,991		418,400
Paragon Banking Group PLC		178,695		1,591,561
Pets at Home Group PLC		231,876		823,386
Picton Property Income Ltd.		273,429		231,976
Playtech PLC(b)		86,697		488,267
Plus500 Ltd		27,360		618,798
PureTech Health PLC		98,325		245,975
QinetiQ Group PLC		112,689		508,929
Quilter PLC(c)		216,486		287,496
Redrow PLC		25,650		194,851
Renewi PLC(b)		9,063		67,420
Renishaw PLC		3,933		173,944
RS GROUP PLC		140,733		1,394,517
Safestore Holdings PLC		135,774		1,413,982
Savills PLC		52,326		671,748
Serco Group PLC		39,672		86,570
Softcat PLC		88,236		1,616,939
Spectris PLC		19,494		907,512
Spire Healthcare Group PLC(c)		122,094		365,911
Spirent Communications PLC		395,865		590,537

30 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® International Small-Cap Equity Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
SSP Group PLC(b)		111,150	$	316,330
SThree PLC		89,604		463,658
Synthomer PLC(b)		35,568		71,018
TBC Bank Group PLC		8,379		309,535
Telecom Plus PLC		43,263		797,188
TI Fluid Systems PLC(c)		165,528		300,174
Trainline PLC(b)(c)		36,936		154,657
Trustpilot Group PLC(b)(c)		189,126		430,704
TUI AG(a)(b)		9,234		63,619
Tullow Oil PLC(a)(b)		575,073		225,402
UK Commercial Property REIT Ltd.		146,376		118,569
UNITE Group PLC (The)		7,866		100,495
Vesuvius PLC		31,806		191,507
Videndum PLC		15,732		65,294
Virgin Money UK PLC		89,091		175,961
Vistry Group PLC		62,244		787,343
Watches of Switzerland Group PLC(b)(c)		14,193		66,841
Weir Group PLC (The)		38,304		880,453
WH Smith PLC		14,022		214,273
Wickes Group PLC		496,755		985,638
Workspace Group PLC		70,281		462,288
				77,135,312
United States — 0.0%
Gran Tierra Energy Inc., NVS		23,940		134,261
Total Common Stocks — 98.8% (Cost: $509,528,896)				530,420,497
Preferred Stocks
Germany — 0.8%
Draegerwerk AG & Co. KGaA, Preference Shares, NVS		8,379		430,692
Fuchs Petrolub SE, Preference Shares, NVS		18,468		809,518
Jungheinrich AG, Preference Shares, NVS		16,416		552,552
KSB SE & Co. KGaA, 0.00%		342		215,846

Security	Shares		Value
Germany (continued)
Schaeffler AG, Preference Shares, NVS		148,770	$	940,124
STO SE & Co. KGaA, Preference Shares, NVS		8,721		1,381,674
				4,330,406
Total Preferred Stocks — 0.8% (Cost: $4,486,682)				4,330,406
Total Long-Term Investments — 99.6% (Cost: $514,015,578)				534,750,903
Short-Term Securities
Money Market Funds — 3.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.51%(e)(f)(g)		18,534,662		18,545,783
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.32%(e)(f)		110,000		110,000
Total Short-Term Securities — 3.5% (Cost: $18,649,330)				18,655,783
Total Investments — 103.1% (Cost: $532,664,908)				553,406,686
Liabilities in Excess of Other Assets — (3.1)%				(16,838,303	)
Net Assets — 100.0%			$	536,568,383

^(a)  All or a portion of this security is on loan.

^(b)  Non-income producing security.

^(c)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(e)  Affiliate of the Fund.

^(f)  Annualized 7-day yield as of period end.

^(g)  All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/23		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/24		Shares Held at 01/31/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	18,080,388	$	460,257	(a)	$	—	$	688	$	4,450	$	18,545,783		18,534,662	$	202,684	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		110,000		0	(a)		—		—		—		110,000		110,000		13,953			—
								$	688	$	4,450	$	18,655,783			$	216,637		$	—

^(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 31

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® International Small-Cap Equity Factor ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
TOPIX Index		3		03/07/24	$	521	$	38,614
FTSE 250 Index		22		03/15/24		1,088		2,588
							$	41,202

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)	$	—	$	—	$	41,202	$	—	$	—	$	—	$	41,202

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended January 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(40,773	)	$	—	$	—	$	—	$	(40,773	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(76,576	)	$	—	$	—	$	—	$	(76,576	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	2,171,075

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	$	114,887,447	$	415,426,218	$	106,832	$	530,420,497
Preferred Stocks		1,597,520		2,732,886		—		4,330,406
Short-Term Securities
Money Market Funds		18,655,783		—		—		18,655,783
	$	135,140,750	$	418,159,104	$	106,832	$	553,406,686

32 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® International Small-Cap Equity Factor ETF

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	41,202	$	—	$	41,202

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

S C H E D U L E  O F  I N V E S T M E N T S 33

Schedule of Investments (unaudited) January 31, 2024 iShares^® MSCI EAFE Min Vol Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 3.8%
Brambles Ltd.		2,383,044	$	22,721,767
Cochlear Ltd.		32,480		6,445,621
Coles Group Ltd.		1,503,668		15,604,124
CSL Ltd.		190,722		37,453,515
Insurance Australia Group Ltd.		3,001,752		11,783,152
Medibank Pvt Ltd.		14,364,701		35,964,046
Sonic Healthcare Ltd.		585,697		12,211,900
Telstra Corp. Ltd.		8,050,216		21,231,099
Transurban Group		2,341,406		20,569,791
Washington H Soul Pattinson & Co. Ltd.		171,460		3,832,669
Wesfarmers Ltd.		1,489,531		56,389,085
Woolworths Group Ltd.		1,525,017		35,814,953
				280,021,722
Belgium — 2.4%
Anheuser-Busch InBev SA/NV		231,639		14,328,630
Argenx SE(a)		83,583		31,563,617
Groupe Bruxelles Lambert NV		714,040		54,131,147
Lotus Bakeries NV(b)		1,767		15,066,722
UCB SA		668,839		62,914,794
				178,004,910
Denmark — 1.9%
Carlsberg A/S, Class B		148,602		19,120,238
Genmab A/S(a)		44,994		12,441,831
Novo Nordisk A/S		572,783		65,471,609
Novozymes A/S, Class B		270,661		13,868,854
Tryg A/S		1,287,452		27,518,144
				138,420,676
Finland — 2.3%
Elisa OYJ		1,065,908		48,564,325
Kone OYJ, Class B		652,046		32,277,128
Nokia OYJ		1,947,208		7,039,591
Orion OYJ, Class B		793,142		36,514,425
Sampo OYJ, Class A		1,072,044		44,870,871
				169,266,340
France — 6.9%
Air Liquide SA		333,357		62,382,195
Carrefour SA		2,128,178		36,332,886
Danone SA		575,174		38,320,171
Dassault Aviation SA		121,671		23,045,505
Edenred SE		86,968		5,194,467
Getlink SE		643,672		11,091,165
Ipsen SA		179,831		20,734,356
La Francaise des Jeux SAEM(c)		408,248		16,547,760
L’Oreal SA		11,031		5,278,929
Orange SA		7,512,720		89,340,683
Sanofi SA		1,001,880		100,333,809
Thales SA		266,601		38,991,476
TotalEnergies SE		898,111		58,265,476
				505,858,878
Germany — 4.4%
Beiersdorf AG		537,082		78,596,392
Deutsche Boerse AG		141,165		28,111,548
Deutsche Telekom AG, Registered		2,466,845		60,555,640
Hannover Rueck SE		132,555		31,775,671
Henkel AG & Co. KGaA		587,197		40,158,787
Merck KGaA		102,947		16,891,080
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		52,578		22,383,450
SAP SE		173,236		30,012,544

Security	Shares		Value
Germany (continued)
Symrise AG, Class A		89,153	$	9,198,246
Talanx AG(a)		81,747		5,735,450
				323,418,808
Hong Kong — 6.6%
BOC Hong Kong Holdings Ltd.		16,307,000		39,084,504
CK Asset Holdings Ltd.		916,500		4,135,560
CK Hutchison Holdings Ltd.		6,128,000		31,650,017
CK Infrastructure Holdings Ltd.		5,827,500		34,608,596
CLP Holdings Ltd.		9,205,000		73,211,400
Hang Seng Bank Ltd.		6,665,900		69,393,141
HKT Trust & HKT Ltd., Class SS		32,660,349		39,233,564
Hong Kong & China Gas Co. Ltd.		41,802,799		29,747,999
Hongkong Land Holdings Ltd.		1,140,300		3,559,452
Jardine Matheson Holdings Ltd.		654,400		26,276,852
MTR Corp. Ltd.		14,268,748		46,420,657
Power Assets Holdings Ltd.		12,914,000		75,613,856
Sun Hung Kai Properties Ltd.		1,321,500		12,334,069
				485,269,667
Ireland — 0.3%
Kerry Group PLC, Class A		268,626		23,943,711
Israel — 2.0%
Bank Hapoalim BM		3,734,186		31,770,122
Bank Leumi Le-Israel BM		2,322,065		17,636,468
Check Point Software Technologies Ltd.(a)(b)		261,574		41,571,956
Elbit Systems Ltd.		133,028		27,441,454
ICL Group Ltd.		2,054,002		9,342,197
Isracard Ltd.		2		6
Israel Discount Bank Ltd., Class A		1,340,504		6,502,637
Mizrahi Tefahot Bank Ltd.		327,322		12,182,044
				146,446,884
Italy — 2.7%
Eni SpA		1,731,148		27,596,818
Ferrari NV		184,268		64,261,098
Infrastrutture Wireless Italiane SpA(c)		580,951		7,024,875
Leonardo SpA		475,954		8,307,331
Recordati Industria Chimica e Farmaceutica SpA		654,994		36,151,913
Snam SpA		7,191,911		35,124,888
Terna - Rete Elettrica Nazionale		2,199,187		18,543,652
				197,010,575
Japan — 27.7%
Astellas Pharma Inc.		1,697,500		19,763,097
Bandai Namco Holdings Inc.		366,800		7,942,151
Bridgestone Corp.		462,200		20,028,366
Canon Inc.		2,294,700		63,212,386
Central Japan Railway Co.		2,371,200		59,262,541
Chiba Bank Ltd. (The)		3,193,600		23,665,411
Chubu Electric Power Co. Inc.		2,599,500		33,722,498
Chugai Pharmaceutical Co. Ltd.		977,600		35,164,486
Concordia Financial Group Ltd.		3,556,900		16,950,209
Dai Nippon Printing Co. Ltd.		352,600		10,204,224
Daiwa House Industry Co. Ltd.		626,000		19,357,136
East Japan Railway Co.		728,500		41,664,825
ENEOS Holdings Inc.		5,854,500		23,643,709
Fast Retailing Co. Ltd.		20,200		5,392,931
FUJIFILM Holdings Corp.		119,500		7,574,495
Hankyu Hanshin Holdings Inc.		313,700		9,597,815
Hirose Electric Co. Ltd.		283,200		32,951,108
Idemitsu Kosan Co. Ltd.		1,819,300		10,102,535
ITOCHU Corp.		750,400		34,056,230
Japan Post Bank Co. Ltd.		5,310,200		55,225,263

34 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI EAFE Min Vol Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Japan Post Holdings Co. Ltd.		4,699,500	$	44,986,816
Japan Post Insurance Co. Ltd.		159,400		2,984,268
Japan Tobacco Inc.		1,698,700		44,773,288
Kao Corp.		178,200		7,050,939
KDDI Corp.		1,256,200		41,624,232
Keisei Electric Railway Co. Ltd.		238,300		10,783,043
Kintetsu Group Holdings Co. Ltd.		967,700		29,860,760
Kirin Holdings Co. Ltd.		467,800		6,724,137
Kyocera Corp.		841,600		12,321,083
Kyowa Kirin Co. Ltd.		1,197,800		18,867,704
McDonald’s Holdings Co. Japan Ltd.(b)		807,200		35,940,155
MEIJI Holdings Co. Ltd.		1,413,500		34,184,944
Mitsubishi UFJ Financial Group Inc.		2,238,200		20,964,204
Mizuho Financial Group Inc.		3,112,020		56,519,137
MS&AD Insurance Group Holdings Inc.		204,300		8,436,514
NEC Corp.		509,500		33,293,127
Nippon Express Holdings Inc.		67,200		3,999,833
Nippon Telegraph & Telephone Corp.		60,334,200		75,764,922
Nissin Foods Holdings Co. Ltd.		1,492,800		48,294,133
Nitori Holdings Co. Ltd.		132,400		17,328,738
Nomura Research Institute Ltd.		222,200		6,795,658
Obayashi Corp.		1,746,100		16,162,841
Obic Co. Ltd.		194,100		29,815,612
Odakyu Electric Railway Co. Ltd.		736,100		11,247,970
Oji Holdings Corp.		4,279,100		16,730,558
Ono Pharmaceutical Co. Ltd.		1,939,100		34,950,584
Oracle Corp. Japan		181,600		14,311,738
Oriental Land Co. Ltd./Japan		326,200		12,115,091
Osaka Gas Co. Ltd.		1,869,500		39,365,784
Otsuka Corp.		350,700		14,756,672
Otsuka Holdings Co. Ltd.		2,537,000		99,725,208
Pan Pacific International Holdings Corp.		1,120,700		24,225,592
SCSK Corp.		1,417,700		27,835,990
Secom Co. Ltd.		977,000		70,910,981
Sekisui Chemical Co. Ltd.		787,100		11,237,850
Sekisui House Ltd.		1,628,800		36,768,847
SG Holdings Co. Ltd.		912,400		11,815,672
Shimizu Corp.		3,604,500		24,128,970
Shionogi & Co. Ltd.		373,700		17,936,259
Shizuoka Financial Group Inc., NVS		4,141,700		37,855,153
SoftBank Corp.		7,126,000		94,674,918
Sumitomo Mitsui Financial Group Inc.		300,700		15,640,414
Suntory Beverage & Food Ltd.		998,100		32,562,779
Takeda Pharmaceutical Co. Ltd.		2,108,100		61,958,069
Tobu Railway Co. Ltd.		1,316,300		34,859,914
Tokio Marine Holdings Inc.		737,700		19,451,247
Tokyo Gas Co. Ltd.		1,147,300		26,355,618
Tokyu Corp.		1,596,900		18,738,471
USS Co. Ltd.		1,900,600		35,943,016
West Japan Railway Co.		388,100		16,164,177
Yakult Honsha Co. Ltd.		788,100		17,213,354
Yamato Holdings Co. Ltd.		573,400		9,912,036
Zensho Holdings Co. Ltd.		56,900		2,786,319
				2,029,136,755
Netherlands — 4.6%
Davide Campari-Milano NV		480,316		4,866,193
Heineken Holding NV		207,085		17,376,010
Heineken NV		250,502		25,199,375
JDE Peet’s NV		904,160		22,319,519
Koninklijke Ahold Delhaize NV		3,310,651		93,105,939
Koninklijke KPN NV		19,705,636		67,033,461
Qiagen NV, NVS		1,189,732		51,618,670

Security	Shares		Value
Netherlands (continued)
Wolters Kluwer NV		370,668	$	54,642,779
				336,161,946
New Zealand — 0.6%
Auckland International Airport Ltd.		3,723,889		19,199,974
Mercury NZ Ltd.		1,548,400		6,388,601
Meridian Energy Ltd.		1,416,989		4,800,460
Spark New Zealand Ltd.		4,309,193		13,999,678
				44,388,713
Norway — 0.1%
Telenor ASA		402,621		4,467,505
Portugal — 0.7%
Galp Energia SGPS SA		1,593,201		25,079,760
Jeronimo Martins SGPS SA		1,011,275		22,999,752
				48,079,512
Singapore — 4.0%
DBS Group Holdings Ltd.		2,844,200		67,365,682
Genting Singapore Ltd.		33,274,200		24,989,061
Oversea-Chinese Banking Corp. Ltd.		5,697,899		54,502,508
Singapore Exchange Ltd.		7,246,200		50,597,560
Singapore Technologies Engineering Ltd.(b)		13,985,600		38,753,227
United Overseas Bank Ltd.		2,785,400		58,712,164
				294,920,202
Spain — 3.8%
ACS Actividades de Construccion y Servicios SA		159,016		6,274,849
Aena SME SA(c)		151,213		26,750,664
CaixaBank SA		2,483,873		10,591,210
Enagas SA		342,777		5,580,334
Endesa SA		945,338		18,728,992
Iberdrola SA		2,607,552		31,397,420
Iberdrola SA, NVS		47,445		571,278
Industria de Diseno Textil SA		2,358,557		100,845,684
Naturgy Energy Group SA		526,848		14,186,833
Redeia Corp. SA		2,654,438		44,170,165
Repsol SA		1,547,885		22,859,600
				281,957,029
Sweden — 0.1%
Swedish Orphan Biovitrum AB(a)		276,450		7,759,434
Switzerland — 14.3%
Alcon Inc.		65,500		4,930,512
Baloise Holding AG, Registered		141,944		22,674,292
Banque Cantonale Vaudoise, Registered		279,799		35,824,448
Barry Callebaut AG, Registered		18,305		26,736,412
BKW AG		195,756		31,099,440
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		945		12,009,956
Chocoladefabriken Lindt & Spruengli AG, Registered		19		2,408,421
EMS-Chemie Holding AG, Registered		44,941		33,926,619
Givaudan SA, Registered		7,441		30,943,671
Helvetia Holding AG, Registered		111,438		16,093,925
Holcim AG		144,934		11,069,889
Kuehne + Nagel International AG, Registered		137,641		46,643,732
Nestle SA, Registered		854,915		97,418,015
Novartis AG, Registered		1,104,388		114,208,869
Roche Holding AG, Bearer		205,628		62,290,362
Roche Holding AG, NVS		310,582		88,427,774
Sandoz Group AG(a)		144,121		4,942,627
Schindler Holding AG, Registered		189,506		45,110,164
SGS SA		540,460		49,941,654
Swatch Group AG (The), Registered		139,928		6,366,589

S C H E D U L E  O F  I N V E S T M E N T S 35

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI EAFE Min Vol Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Switzerland (continued)
Swiss Prime Site AG, Registered		701,669	$	71,068,786
Swiss Re AG		116,150		13,299,226
Swisscom AG, Registered		183,978		110,071,010
Zurich Insurance Group AG		213,387		108,419,696
				1,045,926,089
United Kingdom — 10.2%
AstraZeneca PLC		552,358		73,229,878
BAE Systems PLC		6,550,050		97,572,585
British American Tobacco PLC		278,415		8,208,678
Bunzl PLC		640,455		26,027,941
Coca-Cola Europacific Partners PLC		63,095		4,347,245
Compass Group PLC		1,027,475		28,300,516
Diageo PLC		155,730		5,624,635
GSK PLC		4,643,899		91,845,796
Haleon PLC		1,714,905		6,965,538
Hikma Pharmaceuticals PLC		384,205		9,373,470
HSBC Holdings PLC		1,074,504		8,389,407
National Grid PLC		5,731,660		76,340,574
Pearson PLC		1,198,479		14,702,673
Reckitt Benckiser Group PLC		756,533		54,698,012
RELX PLC		1,521,158		62,784,365
Sage Group PLC (The)		759,047		11,300,632
Shell PLC		1,226,385		38,020,765
Tesco PLC		8,560,085		31,018,490
Unilever PLC		1,919,749		93,415,397
United Utilities Group PLC		362,783		4,886,238
				747,052,835
Total Common Stocks — 99.4% (Cost: $6,980,038,510)				7,287,512,191
Rights
Spain — 0.0%
ACS Actividades de Construccion y Servicios SA, (Expires 02/09/24)(a)		159,178		72,938
Total Rights — 0.0% (Cost: $79,066)				72,938
Total Long-Term Investments — 99.4% (Cost: $6,980,117,576)				7,287,585,129

Security	Shares		Value
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.51%(d)(e)(f)		4,577,557	$	4,580,304
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.32%(d)(e)		1,340,000		1,340,000
Total Short-Term Securities — 0.1% (Cost: $5,918,510)				5,920,304
Total Investments — 99.5% (Cost: $6,986,036,086)				7,293,505,433
Other Assets Less Liabilities — 0.5%				38,450,033
Net Assets — 100.0%			$	7,331,955,466

^(a)  Non-income producing security.

^(b)  All or a portion of this security is on loan.

^(c)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)  Affiliate of the Fund.

^(e)  Annualized 7-day yield as of period end.

^(f)  All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/24		Shares Held at 01/31/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	11,820,223	$	—		$	(7,243,307	)(a)	$	2,814	$	574	$	4,580,304		4,577,557	$	25,786	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,290,000		50,000	(a)		—			—		—		1,340,000		1,340,000		88,596			—
									$	2,814	$	574	$	5,920,304			$	114,382		$	—

^(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.

36 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI EAFE Min Vol Factor ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
TOPIX Index		71		03/07/24	$	12,328	$	841,123
Euro STOXX 50 Index		151		03/15/24		7,652		126,134
FTSE 100 Index		66		03/15/24		6,412		(48,084	)
SPI 200 Index		67		03/21/24		8,462		72,691
2-Year U.S. Treasury Note		42		03/28/24		8,638		13,378
							$	1,005,242

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)	$	—	$	—	$	1,039,948	$	—	$	13,378	$	—	$	1,053,326
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	48,084	$	—	$	—	$	—	$	48,084

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended January 31, 2024, 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	$	—	$	—	$	1,487,665		$	—	$	(46,512	)	$	—	$	1,441,153
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(192,927	)	$	—	$	100,072		$	—	$	(92,855	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	46,416,944

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

S C H E D U L E  O F  I N V E S T M E N T S 37

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI EAFE Min Vol Factor ETF

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	105,041,681	$	7,182,470,510		$	—	$	7,287,512,191
Rights		72,938		—			—		72,938
Short-Term Securities
Money Market Funds		5,920,304		—			—		5,920,304
	$	111,034,923	$	7,182,470,510		$	—	$	7,293,505,433
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	1,039,948		$	—	$	1,039,948
Interest Rate Contracts		13,378		—			—		13,378
Liabilities
Equity Contracts		—		(48,084	)		—		(48,084	)
	$	13,378	$	991,864		$	—		1,005,242

^(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 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Statements of Assets and Liabilities (unaudited)

January 31, 2024

	iShares Global Equity Factor ETF		iShares International Equity Factor ETF			iShares International Small-Cap Equity Factor ETF		iShares MSCI EAFE Min Vol Factor ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	124,464,724	$	972,647,576		$	534,750,903	$	7,287,585,129
Investments, at value — affiliated(c)		2,625,709		5,262,903			18,655,783		5,920,304
Cash		4,310		1,210			1,741		1,968
Cash pledged for futures contracts		5,000		—			—		46,000
Foreign currency collateral pledged for futures contracts(d)		—		272,561			79,973		1,931,553
Foreign currency, at value(e)		152,325		1,628,583			676,964		13,692,027
Receivables:
Securities lending income — affiliated		7,115		365			27,832		3,186
Dividends — unaffiliated		109,202		791,631			571,388		7,693,405
Dividends — affiliated		276		539			392		3,249
Tax reclaims		38,245		2,125,528			454,219		20,950,052
Total assets		127,406,906		982,730,896			555,219,195		7,337,826,873
LIABILITIES
Collateral on securities loaned, at value		2,425,057		5,112,822			18,540,162		4,539,677
Payables:
Capital shares redeemed		—		194			—		—
Deferred foreign capital gain tax		170,410		—			—		—
Investment advisory fees		20,580		122,275			104,657		1,247,115
Professional fees		—		58,513			—		—
Variation margin on futures contracts		868		18,469			5,993		84,615
Total liabilities		2,616,915		5,312,273			18,650,812		5,871,407
Commitments and contingent liabilities
NET ASSETS	$	124,789,991	$	977,418,623		$	536,568,383	$	7,331,955,466
NET ASSETS CONSIST OF
Paid-in capital	$	113,224,979	$	1,053,040,961		$	528,544,958	$	7,888,332,075
Accumulated earnings (loss)		11,565,012		(75,622,338	)		8,023,425		(556,376,609	)
NET ASSETS	$	124,789,991	$	977,418,623		$	536,568,383	$	7,331,955,466
NET ASSET VALUE
Shares outstanding		3,250,000		34,800,000			17,100,000		106,300,000
Net asset value	$	38.40	$	28.09		$	31.38	$	68.97
Shares authorized		Unlimited		Unlimited			Unlimited		Unlimited
Par value		None		None			None		None
(a) Investments, at cost — unaffiliated	$	104,784,261	$	884,973,616		$	514,015,578	$	6,980,117,576
(b) Securities loaned, at value	$	2,314,759	$	2,599,738		$	15,519,303	$	4,282,266
(c)  Investments, at cost — affiliated	$	2,612,835	$	5,262,583		$	18,649,330	$	5,918,510
(d) Foreign currency collateral pledged, at cost	$	—	$	283,300		$	81,331	$	2,095,104
(e) Foreign currency, at cost	$	170,144	$	1,633,662		$	678,301	$	13,702,194

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 39

Statements of Operations (unaudited)

Six Months Ended January 31, 2024

	iShares Global Equity Factor ETF			iShares International Equity Factor ETF			iShares International Small-Cap Equity Factor ETF			iShares MSCI EAFE Min Vol Factor ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	1,119,563		$	10,915,504		$	7,447,824		$	85,275,608
Dividends — affiliated		5,268			14,066			13,953			88,596
Interest — unaffiliated		736			8,762			4,988			47,546
Securities lending income — affiliated — net		25,273			19,348			202,684			25,786
Other income — unaffiliated		—			55,070			—			—
Foreign taxes withheld		(66,750	)		(800,478	)		(595,530	)		(5,246,221	)
Foreign withholding tax claims		—			518,811			—			—
Other foreign taxes		(399	)		—			—			—
Total investment income		1,083,691			10,731,083			7,073,919			80,191,315
EXPENSES
Investment advisory		117,718			710,770			636,633			7,376,101
Commitment costs		273			—			—			—
Interest expense		202			—			285			2,642
Professional		—			61,175			—			3,782
Total expenses		118,193			771,945			636,918			7,382,525
Net investment income		965,498			9,959,138			6,437,001			72,808,790
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated(a)		837,400			(2,016,833	)		404,758			11,023,981
Investments — affiliated		116			1,744			688			2,814
Foreign currency transactions		(3,702	)		28,814			(10,450	)		(40,696	)
Futures contracts		(792	)		257,468			(40,773	)		1,441,153
In-kind redemptions — unaffiliated(b)		935,276			6,519,170			3,207,153			65,919,975
In-kind redemptions — affiliated(b)		(430	)		—			—			—
		1,767,868			4,790,363			3,561,376			78,347,227
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated(c)		3,935,025			15,522,754			(15,515,003	)		(68,100,168	)
Investments — affiliated		5,002			(69	)		4,450			574
Foreign currency translations		(13,624	)		(26,949	)		(25,179	)		(516,528	)
Futures contracts		(14,169	)		(51,333	)		(76,576	)		(92,855	)
		3,912,234			15,444,403			(15,612,308	)		(68,708,977	)
Net realized and unrealized gain (loss)		5,680,102			20,234,766			(12,050,932)			9,638,250
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	6,645,600		$	30,193,904		$	(5,613,931)		$	82,447,040
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable of	$	(17,158	)	$	—		$	—		$	—
(b) See Note 2 of the Notes to Financial Statements.
(c)  Net of increase in deferred foreign capital gain tax of	$	(112,806	)	$	—		$	—		$	—

See notes to financial statements.

40 2 0 2 4  I S H A R E S  S E M I - A N 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 Global Equity Factor ETF							iShares  International Equity Factor ETF
	Six Months Ended 01/31/24 (unaudited)			Year Ended 07/31/23				Six Months Ended 01/31/24 (unaudited)			Year Ended 07/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	965,498		$	2,924,803			$	9,959,138		$	31,708,432
Net realized gain (loss)		1,767,868			(2,195,725	)			4,790,363			(8,918,633	)
Net change in unrealized appreciation (depreciation)		3,912,234			14,255,701				15,444,403			105,030,879
Net increase in net assets resulting from operations		6,645,600			14,984,779				30,193,904			127,820,678
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(1,872,187	)		(2,972,728	)			(15,733,631	)		(24,688,142	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(4,831,714	)		(6,755,470	)			(1,802,848	)		36,882,133
NET ASSETS
Total increase (decrease) in net assets		(58,301	)		5,256,581				12,657,425			140,014,669
Beginning of period		124,848,292			119,591,711				964,761,198			824,746,529
End of period	$	124,789,991		$	124,848,292			$	977,418,623		$	964,761,198

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 41

Statements of Changes in Net Assets (continued)

			iShares International Small-Cap Equity Factor ETF						iShares MSCI EAFE Min Vol Factor ETF
	Six Months Ended 01/31/24 (unaudited)					Year Ended 07/31/23			Six Months Ended 01/31/24 (unaudited)			Year Ended 07/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income			$	6,437,001		$	19,239,896		$	72,808,790		$	219,707,487
Net realized gain (loss)				3,561,376			(8,739,532	)		78,347,227			(16,191,748	)
Net change in unrealized appreciation (depreciation)				(15,612,308	)		39,346,440			(68,708,977	)		615,833,330
Net increase (decrease) in net assets resulting from operations				(5,613,931	)		49,846,804			82,447,040			819,349,069
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders				(12,497,569	)		(15,328,281	)		(87,560,494	)(b)		(204,048,443	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions				(64,305,337	)		358,878,061			(385,826,896	)		1,173,620,233
NET ASSETS
Total increase (decrease) in net assets				(82,416,837	)		393,396,584			(390,940,350	)		1,788,920,859
Beginning of period				618,985,220			225,588,636			7,722,895,816			5,933,974,957
End of period			$	536,568,383		$	618,985,220		$	7,331,955,466		$	7,722,895,816

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(b)  A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.

42 2 0 2 4  I S H A R E S  S E M I - A N 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 Global Equity Factor ETF
	Six Months Ended 01/31/24 (unaudited)				Year Ended 07/31/23				Year Ended 07/31/22				Year Ended 07/31/21				Year Ended 07/31/20				Year Ended 07/31/19
Net asset value, beginning of period		$	36.72			$	33.22			$	38.13			$	29.39			$	29.23			$	30.57
Net investment income(a)			0.30				0.83				0.81				0.66				0.57				0.66
Net realized and unrealized gain (loss)(b)			1.97				3.52				(4.99	)			8.73				0.28				(1.36	)
Net increase (decrease) from investment operations			2.27				4.35				(4.18	)			9.39				0.85				(0.70	)
Distributions from net investment income(c)			(0.59	)			(0.85	)			(0.73	)			(0.65	)			(0.69	)			(0.64	)
Net asset value, end of period		$	38.40			$	36.72			$	33.22			$	38.13			$	29.39			$	29.23
Total Return(d)
Based on net asset value			6.24	%(e)			13.34	%			(11.08	)%			32.16	%			2.90	%			(2.10	)%
Ratios to Average Net Assets(f)
Total expenses			0.20	%(g)			0.26	%			0.35	%			0.35	%			0.35	%			0.35	%
Net investment income			1.64	%(g)			2.50	%			2.24	%			1.92	%			2.00	%			2.30	%
Supplemental Data
Net assets, end of period (000)		$	124,790			$	124,848			$	119,592			$	133,463			$	114,623			$	112,537
Portfolio turnover rate(h)			12	%			112	%			51	%			48	%			43	%			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)  Not annualized.

^(f) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 43

Financial Highlights(continued)

(For a share outstanding throughout each period)

		iShares International Equity Factor ETF
	Six Months Ended 01/31/24 (unaudited)				Year Ended 07/31/23				Year Ended 07/31/22				Year Ended 07/31/21				Year Ended 07/31/20				Year Ended 07/31/19
Net asset value, beginning of period		$	27.64			$	24.62			$	30.13			$	23.89			$	25.68			$	28.29
Net investment income(a)			0.28	(b)			0.90	(b)			0.98				0.79				0.60				0.86
Net realized and unrealized gain (loss)(c)			0.63				2.83				(5.09	)			6.35				(1.61	)			(2.66	)
Net increase (decrease) from investment operations			0.91				3.73				(4.11	)			7.14				(1.01	)			(1.80	)
Distributions from net investment income(d)			(0.46	)			(0.71	)			(1.40	)			(0.90	)			(0.78	)			(0.81	)
Net asset value, end of period		$	28.09			$	27.64			$	24.62			$	30.13			$	23.89			$	25.68
Total Return(e)
Based on net asset value			3.31	%(b)(f)			15.37	%(b)			(13.97	)%			29.97	%			(4.03	)%			(6.26	)%
Ratios to Average Net Assets(g)
Total expenses			0.16	%(h)			0.15	%			0.25	%			0.30	%			0.30	%			0.30	%
Total expenses excluding professional fees for foreign withholding tax claims			0.15	%(h)			0.15	%			0.25	%			N/A				N/A				0.30	%
Net investment income			2.10	%(b)(h)			3.57	%(b)			3.54	%			2.89	%			2.44	%			3.31	%
Supplemental Data
Net assets, end of period (000)		$	977,419			$	964,761			$	824,747			$	897,810			$	910,213			$	1,271,005
Portfolio turnover rate(i)			11	%			23	%			113	%			45	%			40	%			44	%

^(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 period ended January 31, 2024 and year ended July 31, 2023, respectively:

• Net investment income per share by $0.01 and $0.01.

• Total return by 0.05% and 0.03%.

• Ratio of net investment income to average net assets by 0.10% and 0.03%.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)  Annualized.

⁽ⁱ⁾ Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

44 2 0 2 4  I S H A R E S  S E M I - A N 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 International Small-Cap Equity Factor ETF
	Six Months Ended 01/31/24 (unaudited)				Year Ended 07/31/23				Year Ended 07/31/22				Year Ended 07/31/21				Year Ended 07/31/20				Year Ended 07/31/19
Net asset value, beginning of period		$	32.07			$	30.90			$	37.47			$	28.44			$	28.88			$	31.73
Net investment income(a)			0.36				1.15				1.08				0.78				0.68				0.77
Net realized and unrealized gain (loss)(b)			(0.32	)			0.87				(6.15	)			9.15				(0.32	)			(2.97	)
Net increase (decrease) from investment operations			0.04				2.02				(5.07	)			9.93				0.36				(2.20	)
Distributions from net investment income(c)			(0.73	)			(0.85	)			(1.50	)			(0.90	)			(0.80	)			(0.65	)
Net asset value, end of period		$	31.38			$	32.07			$	30.90			$	37.47			$	28.44			$	28.88
Total Return(d)
Based on net asset value			0.13	%(e)			6.73	%			(13.81	)%			35.22	%			1.16	%			(6.80	)%
Ratios to Average Net Assets(f)
Total expenses			0.23	%(g)			0.28	%			0.40	%			0.40	%			0.40	%			0.40	%
Total expenses excluding professional fees for foreign withholding tax claims			N/A				0.28	%			N/A				N/A				N/A				N/A
Net investment income			2.33	%(g)			3.79	%			3.16	%			2.31	%			2.44	%			2.67	%
Supplemental Data
Net assets, end of period (000)		$	536,568			$	618,985			$	225,589			$	194,819			$	122,273			$	77,964
Portfolio turnover rate(h)			13	%			120	%			52	%			47	%			47	%			45	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e) Not annualized.

^(f) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 45

Financial Highlights(continued)

(For a share outstanding throughout each period)

	iShares MSCI EAFE Min Vol Factor ETF
		Six Months Ended 01/31/24 (unaudited)					Year Ended 07/31/23			Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19
Net asset value, beginning of period			$	68.83		$	65.71		$	77.27		$	66.79		$	71.90		$	72.92
Net investment income(a)				0.66			2.00	(b)		1.72	(b)		1.79			1.86			2.15
Net realized and unrealized gain (loss)(c)				0.30			2.93			(11.54	)		9.96			(4.26	)		(1.01	)
Net increase (decrease) from investment operations				0.96			4.93			(9.82	)		11.75			(2.40	)		1.14
Distributions from net investment income(d)				(0.82	)(e)		(1.81	)		(1.74	)		(1.27	)		(2.71	)		(2.16	)
Net asset value, end of period			$	68.97		$	68.83		$	65.71		$	77.27		$	66.79		$	71.90
Total Return(f)
Based on net asset value				1.43	%(g)		7.62	%(b)		(12.76	)%(b)		17.61	%		(3.51	)%		1.68	%
Ratios to Average Net Assets(h)
Total expenses				0.20	%(i)		0.33	%		0.32	%		0.32	%		0.32	%		0.32	%
Total expenses after fees waived				0.20	%(i)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Total expenses excluding professional fees for foreign withholding tax claims				0.20	%(i)		0.31	%		0.32	%		0.32	%		N/A			0.32	%
Net investment income				1.97	%(i)		3.08	%(b)		2.36	%(b)		2.48	%		2.65	%		3.04	%
Supplemental Data
Net assets, end of period (000)			$	7,331,955		$	7,722,896		$	5,933,975		$	8,631,346		$	10,559,196		$	11,295,536
Portfolio turnover rate(j)				11	%		25	%		23	%		25	%		23	%		22	%

^(a)  Based on average shares outstanding.

^(b) Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2023 and July 31, 2022 respectively:

• Net investment income per share by $0.09 and $0.01.

• Total return by 0.13% and 0.02%.

• Ratio of net investment income to average net assets by 0.13% and 0.01%.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

^(f)  Where applicable, assumes the reinvestment of distributions.

^(g)  Not annualized.

^(h) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

⁽ⁱ⁾ Annualized.

^(j) Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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Notes to Financial Statements (unaudited)

1. ORGANIZATION

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):

iShares ETF	Diversification   Classification
Global Equity Factor		Diversified
International Equity Factor		Diversified
International Small-Cap Equity Factor		Diversified
MSCI EAFE Min Vol Factor		Diversified

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

ForeignTaxes: Certain Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of January 31, 2024, if any, are disclosed in the Statements of Assets and Liabilities.

Certain 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 47

Notes to Financial Statements (unaudited) (continued)

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

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Notes to Financial Statements (unaudited) (continued)

4. SECURITIES AND OTHER INVESTMENTS

Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
Global Equity Factor
Barclays Bank PLC	$	396,039	$	(396,039	)	$	—		$	—
Barclays Capital, Inc.		5,533		(5,533	)		—			—
BNP Paribas SA		898		(898	)		—			—
BofA Securities, Inc.		118,635		(118,635	)		—			—
J.P. Morgan Securities LLC		664,335		(664,335	)		—			—
Jefferies LLC		201,955		(201,955	)		—			—
Toronto-Dominion Bank		901,758		(901,758	)		—			—
UBS AG		25,606		(25,606	)		—			—
	$	2,314,759	$	(2,314,759	)	$	—		$	—
International Equity Factor
BofA Securities, Inc.	$	2,434,122	$	(2,434,122	)	$	—		$	—
HSBC Bank PLC		131,290		(131,290	)		—			—
Jefferies LLC		34,326		(34,326	)		—			—
	$	2,599,738	$	(2,599,738	)	$	—		$	—

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 49

Notes to Financial Statements (unaudited) (continued)

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
International Small-Cap Equity Factor
BNP Paribas SA	$	293,783	$	(293,783	)	$	—		$	—
BofA Securities, Inc.		3,571,882		(3,571,882	)		—			—
Citigroup Global Markets, Inc.		693,722		(693,722	)		—			—
Goldman Sachs & Co. LLC		5,232,910		(5,232,910	)		—			—
HSBC Bank PLC		1,108,136		(1,108,136	)		—			—
J.P. Morgan Securities LLC		2,367,020		(2,367,020	)		—			—
Jefferies LLC		85,517		(85,517	)		—			—
Macquarie Bank Ltd.		22,390		(22,390	)		—			—
Scotia Capital (USA), Inc.		491,985		(491,985	)		—			—
SG Americas Securities LLC		202,914		(202,914	)		—			—
State Street Bank & Trust Co.		328,888		(328,888	)		—			—
Toronto-Dominion Bank		18,151		(18,151	)		—			—
UBS AG		1,102,005		(1,102,005	)		—			—
	$	15,519,303	$	(15,519,303	)	$	—		$	—
MSCI EAFE Min Vol Factor
BofA Securities, Inc.	$	4,047,304	$	(4,047,304	)	$	—		$	—
Morgan Stanley		127,901		(127,901	)		—			—
Scotia Capital (USA), Inc.		1,271		(1,271	)		—			—
State Street Bank & Trust Co.		105,790		(105,790	)		—			—
	$	4,282,266	$	(4,282,266	)	$	—		$	—

^(a)  Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s Statements of Assets and Liabilities.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

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Notes to Financial Statements (unaudited) (continued)

For its investment advisory services to each 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
Global Equity Factor		0.20	%
International Equity Factor		0.15
International Small-Cap Equity Factor		0.23
MSCI EAFE Min Vol Factor		0.20

Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statement of Operations does not include acquired fund fees and expenses. For the iShares Global Equity Factor ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through November 30, 2025 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other iShares funds.

For the six months ended January 31, 2024, there were no fees waived by BFA pursuant to these arrangements.

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended January 31, 2024, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
Global Equity Factor	$	5,191
International Equity Factor		3,046
International Small-Cap Equity Factor		42,765
MSCI EAFE Min Vol Factor		6,845

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 51

Notes to Financial Statements (unaudited) (continued)

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended January 31, 2024, 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)
Global Equity Factor	$	3,921,206	$	4,937,538	$	367,376
International Equity Factor		27,122,650		34,676,125		(13,607	)
International Small-Cap Equity Factor		5,855,597		6,529,369		801,861
MSCI EAFE Min Vol Factor		170,006,275		209,029,730		15,059,659

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

7. PURCHASES AND SALES

For the six months ended January 31, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Global Equity Factor	$	13,827,565	$	15,279,651
International Equity Factor		107,274,589		111,579,779
International Small-Cap Equity Factor		72,390,256		79,648,617
MSCI EAFE Min Vol Factor		814,809,740		828,536,722

For the six months ended January 31, 2024, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind  Sales
Global Equity Factor	$	3,240,661	$	7,373,464
International Equity Factor		56,932,814		59,396,275
International Small-Cap Equity Factor		—		61,433,472
MSCI EAFE Min Vol Factor		—		383,549,093

8. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 2024, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of July 31, 2023, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring Capital Loss Carryforwards
Global Equity Factor	$	(9,276,181	)
International Equity Factor		(162,907,834	)
International Small-Cap Equity Factor		(11,482,387	)
MSCI EAFE Min Vol Factor		(907,199,877	)

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

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Notes to Financial Statements (unaudited) (continued)

As of January 31, 2024, 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)
Global Equity Factor	$	107,909,611	$	24,233,120	$	(5,049,624	)	$	19,183,496
International Equity Factor		897,397,557		137,667,418		(57,042,469	)		80,624,949
International Small-Cap Equity Factor		539,499,138		64,657,403		(50,708,653	)		13,948,750
MSCI EAFE Min Vol Factor		7,026,768,836		819,195,756		(551,453,917	)		267,741,839

9. LINE OF CREDIT

The iShares Global Equity Factor 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 October 16, 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 six months ended January 31, 2024, 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
Global Equity Factor	$	154,000	$	4,185		6.41%

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 an indexing approach to try to achieve each Fund’s investment objective. The Fund is not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

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.

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 may significantly impact the resulting fair value and therefore each Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by each Fund, and each Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. Each Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 53

Notes to Financial Statements (unaudited) (continued)

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 disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but have been, and may continue to be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

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Notes to Financial Statements (unaudited) (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.

11. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

	Six Months Ended 01/31/24						Year Ended 07/31/23
iShares ETF	Shares			Amount			Shares			Amount
Global Equity Factor
Shares sold		100,000		$	3,796,138			—		$	—
Shares redeemed		(250,000	)		(8,627,852	)		(200,000	)		(6,755,470	)
		(150,000	)	$	(4,831,714	)		(200,000	)	$	(6,755,470	)
International Equity Factor
Shares sold		2,200,000		$	58,008,184			5,900,000		$	144,097,934
Shares redeemed		(2,300,000	)		(59,811,032	)		(4,500,000	)		(107,215,801	)
		(100,000	)	$	(1,802,848	)		1,400,000		$	36,882,133
International Small-Cap Equity Factor
Shares sold		—		$	—			12,000,000		$	358,878,061
Shares redeemed		(2,200,000	)		(64,305,337	)		—			—
		(2,200,000	)	$	(64,305,337	)		12,000,000		$	358,878,061
MSCI EAFE Min Vol Factor
Shares sold		—		$	—			33,000,000		$	1,899,904,596
Shares redeemed		(5,900,000	)		(385,826,896	)		(11,100,000	)		(726,284,363	)
		(5,900,000	)	$	(385,826,896	)		21,900,000		$	1,173,620,233

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. Authorized Participants 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. Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

12. FOREIGN WITHHOLDING TAX CLAIMS

The Internal Revenue Service has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which the iShares International Equity Factor ETF is able to pass through to its shareholders as a foreign tax credit in the current year, the Fund will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Fund.

13. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 55

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Global Equity Factor ETF, iShares International Equity Factor ETF, iShares International Small-Cap Equity Factor ETF and iShares MSCI EAFE Min Vol Factor ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 8, 2023 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40Act Liquidity Risk Management Committee (the “Committee”).At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2022 through September 30, 2023 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays, delays in the repatriation of the local currency in certain non-U.S. countries, the continued illiquidity of Russian equity securities and the suspension of select sanctions in Venezuela.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size utilized for liquidity classifications. The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. The Committee also considered that ETFs generally do not engage in borrowing.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs. However, there were no ETFs with persistent deviations of fund premium/discount or bid/ask spreads from long-term averages over the Program Reporting Period.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review. There were no ETFs for which the custom baskets accepted by the ETF had a significant change in its liquidity profile.

There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

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Supplemental Information (unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

January 31, 2024

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
MSCI EAFE Min Vol Factor(a)	$	0.809069	$	—	$	0.012324	$	0.821393		98	%		—	%		2	%		100	%

^(a)  The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

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.

S U P P L E M E N T A L  I N F O R M A T I O N 57

General Information

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

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Glossary of Terms Used in this Report

Portfolio Abbreviation
ADR	American Depositary Receipt
GDR	Global Depositary Receipt
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 59

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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. and STOXX Ltd., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©2024 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-719-0124

JANUARY 31, 2024

     2024 Semi-Annual Report (Unaudited)  

iShares Trust

·  iShares Core MSCI EAFE ETF | IEFA | Cboe BZX

·  iShares Core MSCI Europe ETF | IEUR | NYSE Arca

·  iShares Core MSCI International Developed Markets ETF | IDEV | NYSE Arca

·  iShares Core MSCI Pacific ETF | IPAC | NYSE Arca

·  iShares Core MSCI Total International Stock ETF | IXUS | NASDAQ

The Markets in Review

Dear Shareholder,

The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended January 31, 2024. Significantly tighter monetary policy helped to rein in inflation, and the Consumer Price Index decelerated substantially in the first half of the period before stalling between 3% and 4% in the second half. A moderating labor market helped ease inflationary pressure, although wages continued to grow. Wage and job growth powered robust consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were robust during the period, as interest rates stabilized and the economy proved to be more resilient than many investors expected. The U.S. economy continued to show strength, and growth further accelerated in the second half of 2023. Large-capitalization U.S. stocks posted particularly substantial gains, supported by the performance of a few notable technology companies, while small-capitalization U.S. stocks advanced at a significantly slower pace. Meanwhile, international developed market equities also gained, while emerging market stocks declined overall.

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. However, shorter-duration U.S. Treasuries gained, as higher yields boosted returns. The corporate bond market benefited from improving economic sentiment, 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”), attempting to manage persistent inflation, raised interest rates four times during the 12-month period, but paused its tightening in the second half of the period. The Fed also wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity.

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 stopped tightening for now, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period despite the market’s hopes for interest rate cuts, as reflected in the recent rally. In this new regime, we anticipate greater volatility and dispersion of returns, creating more opportunities for selective portfolio management.

Looking at developed market stocks, we have an overweight stance on U.S. stocks overall, particularly given the promise of emerging AI technologies. We are also overweight Japanese stocks as shareholder-friendly policies generate increased investor interest, although we maintain an underweight stance on European stocks. In credit, there are selective opportunities in the near term despite tighter 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 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 January 31, 2024
	6-Month		12-Month
U.S. large cap equities (S&P 500® Index)		6.43%		20.82%
U.S. small cap equities (Russell 2000® Index)		(2.02)		2.40
International equities (MSCI Europe, Australasia, Far East Index)		3.15		10.01
Emerging market equities (MSCI Emerging Markets Index)		(6.00)		(2.94)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		2.73		5.13
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		1.74		(0.38)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		3.15		2.10
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		2.70		2.90
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		6.18		9.28
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 T H I S  P A G E  I S  N O T  P A R T  O F  Y O U R  F U N D  R E P O R T

Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		9
Disclosure of Expenses		9
Schedules of Investments		10
Financial Statements:
Statements of Assets and Liabilities		124
Statements of Operations		126
Statements of Changes in Net Assets		128
Financial Highlights		131
Notes to Financial Statements		136
Statement Regarding Liquidity Risk Management Program		146
Supplemental Information		147
General Information		148
Glossary of Terms Used in this Report		149

3

Fund Summary as of January 31, 2024  iShares^® Core MSCI EAFE ETF

Investment Objective

The iShares Core MSCI EAFE ETF (the “Fund”) seeks to track the investment results of an index composed of large-, mid- and small-capitalization developed market equities, excluding the U.S. and Canada, as represented by the MSCI EAFE IMI (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns										Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years				1 Year			5 Years			10 Years
Fund NAV		1.91	%		7.60	%		6.57	%		4.84	%			7.60	%		37.47	%		60.43	%
Fund Market		1.88			7.70			6.63			4.89				7.70			37.85			61.22
Index		2.86			9.09			6.57			4.76				9.09			37.48			59.17

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (08/01/23	)	Ending Account Value (01/31/24	)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/23	)	Ending Account Value (01/31/24	)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$  1,000.00		$   1,019.10		$   0.36			$  1,000.00		$  1,024.80		$  0.36		0.07	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of   Total Investments(a)
Financials		18.0%
Industrials		17.3
Consumer Discretionary		12.2
Health Care		12.1
Information Technology		9.2
Consumer Staples		8.8
Materials		7.6
Communication Services		4.2
Energy		4.0
Real Estate		3.4
Utilities		3.2

^(a)  Excludes money market funds.

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of   Total Investments(a)
Japan		24.7%
United Kingdom		14.3
France		10.7
Switzerland		9.5
Germany		7.8
Australia		7.7
Netherlands		4.5
Sweden		3.4
Denmark		3.4
Italy		2.7

4 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Fund Summary as of January 31, 2024  iShares^® Core MSCI Europe ETF

Investment Objective

The iShares Core MSCI Europe ETF(the “Fund”) seeks to track the investment results of an index composed of large-, mid- and small-capitalization European equities, as represented by the MSCI Europe IMI (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns										Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			Since Inception				1 Year			5 Years			Since Inception
Fund NAV		1.61	%		8.45	%		7.44	%		3.77	%			8.45	%		43.15	%		42.92	%
Fund Market		1.86			8.34			7.52			3.79				8.34			43.67			43.16
Index		2.12			9.48			7.36			3.63				9.48			42.66			40.97

The inception date of the Fund was June 10, 2014. The first day of secondary market trading was June 12, 2014.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (08/01/23	)	Ending Account Value (01/31/24	)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/23	)	Ending Account Value (01/31/24	)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$  1,000.00		$  1,016.10		$   0.46			$  1,000.00		$  1,024.70		$  0.46		0.09	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of   Total Investments(a)
Financials		17.6%
Industrials		16.8
Health Care		14.8
Consumer Staples		10.8
Consumer Discretionary		10.7
Information Technology		8.0
Materials		6.9
Energy		5.3
Utilities		3.9
Communication Services		3.4
Real Estate		1.8

^(a)  Excludes money market funds.

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of   Total Investments(a)
United Kingdom		22.7%
France		17.0
Switzerland		15.1
Germany		12.4
Netherlands		7.1
Sweden		5.4
Denmark		5.3
Italy		4.2
Spain		3.9
Finland		1.8

F U N D  S U M M A R Y 5

Fund Summary as of January 31, 2024  iShares^® Core MSCI International Developed Markets ETF

Investment Objective

The iShares Core MSCI International Developed Markets ETF (the “Fund”) seeks to track the investment results of an index composed of large-, mid- and small-capitalization developed market equities, excluding the United States, as represented by the MSCI World ex USA IMI (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns										Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			Since Inception				1 Year			5 Years			Since Inception
Fund NAV		1.87	%		7.13	%		6.80	%		6.07	%			7.13	%		38.94	%		49.86	%
Fund Market		1.84			7.05			6.89			6.09				7.05			39.50			50.08
Index		2.72			8.53			6.75			5.94				8.53			38.64			48.58

The inception date of the Fund was March 21, 2017. The first day of secondary market trading was March 23, 2017.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

Actual				Hypothetical 5% Return
Beginning Account Value (08/01/23)	Ending Account Value (01/31/24)	Expenses Paid During the Period	(a)	Beginning Account Value (08/01/23)	Ending Account Value (01/31/24)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$   1,000.00	$   1,018.70	$   0.20		$   1,000.00	$   1,024.90	$   0.20		0.04	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Financials	19.5	%
Industrials	16.8
Consumer Discretionary	11.3
Health Care	10.9
Information Technology	9.2
Consumer Staples	8.4
Materials	8.0
Energy	5.5
Communication Services	3.9
Real Estate	3.3
Utilities	3.2

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
Japan	22.2	%
United Kingdom	12.9
Canada	10.4
France	9.6
Switzerland	8.5
Germany	7.0
Australia	6.8
Netherlands	4.1
Sweden	3.0
Denmark	3.0

^(a)  Excludes money market funds.

6 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Fund Summary as of January 31, 2024  iShares^® Core MSCI Pacific ETF

Investment Objective

The iShares Core MSCI Pacific ETF (the “Fund”) seeks to track the investment results of an index composed of large-, mid- and small-capitalization Pacific region equities, as represented by the MSCI Pacific IMI (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns										Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			Since Inception				1 Year			5 Years			Since Inception
Fund NAV		2.49	%		6.37	%		5.05	%		4.75	%			6.37	%		27.93	%		56.51	%
Fund Market		2.33			6.02			5.01			4.75				6.02			27.71			56.42
Index		4.14			8.54			5.28			4.84				8.54			29.31			57.72

The inception date of the Fund was June 10, 2014. The first day of secondary market trading was June 12, 2014.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

Actual				Hypothetical 5% Return
Beginning Account Value (08/01/23)	Ending Account Value (01/31/24)	Expenses Paid During the Period	(a)	Beginning Account Value (08/01/23)	Ending Account Value (01/31/24)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$   1,000.00	$   1,024.90	$   0.46		$   1,000.00	$   1,024.70	$   0.46		0.09	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Industrials	18.5	%
Financials	18.5
Consumer Discretionary	14.9
Information Technology	10.4
Materials	9.1
Health Care	7.5
Real Estate	6.2
Consumer Staples	5.6
Communication Services	5.6
Utilities	1.9
Energy	1.8

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
Japan	68.8	%
Australia	21.3
Hong Kong	5.3
Singapore	3.9
New Zealand	0.7

^(a)  Excludes money market funds.

F U N D  S U M M A R Y 7

Fund Summary as of January 31, 2024  iShares^® Core MSCI Total International Stock ETF

Investment Objective

The iShares Core MSCI Total International Stock ETF (the “Fund”) seeks to track the investment results of an index composed of large-, mid- and small-capitalization non-U.S. equities, as represented by the MSCI ACWI ex USA IMI (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns										Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years				1 Year			5 Years			10 Years
Fund NAV		(0.27	)%		4.61	%		5.33	%		4.35	%			4.61	%		29.66	%		53.02	%
Fund Market		(0.33	)		4.70			5.31			4.37				4.70			29.55			53.43
Index		0.59			5.90			5.39			4.30				5.90			30.05			52.37

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

Actual				Hypothetical 5% Return
Beginning Account Value (08/01/23)	Ending Account Value (01/31/24)	Expenses Paid During the Period	(a)	Beginning Account Value (08/01/23)	Ending Account Value (01/31/24)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$   1,000.00	$    997.30	$   0.35		$   1,000.00	$   1,024.80	$   0.36		0.07	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Financials	20.0	%
Industrials	14.6
Information Technology	12.6
Consumer Discretionary	11.5
Health Care	9.1
Materials	8.0
Consumer Staples	7.7
Energy	5.4
Communication Services	5.0
Utilities	3.1
Real Estate	3.0
Unknown GS	0.0

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
Japan	16.0	%
United Kingdom	9.3
Canada	7.6
France	7.0
Switzerland	6.2
China	6.1
India	5.3
Germany	5.1
Australia	5.0
Taiwan	4.8

^(a)  Excludes money market funds.

8 2 0 2 4  I S H A R E S  S E M I - A N 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, index returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, index returns would be lower.

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

A B O U T  F U N D  P E R F O R M A N C E / D I S C L O S U R E  O F  E X P E N S E S 9

Schedule of Investments (unaudited)  January 31, 2024 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 7.6%
Abacus Group		3,130,012	$	2,227,293
Abacus Storage King		3,129,936		2,330,603
Accent Group Ltd.		1,731,954		2,275,441
Adbri Ltd.(a)		2,794,995		5,559,546
AGL Energy Ltd.		3,700,998		20,903,031
ALS Ltd.		2,617,134		21,502,457
Altium Ltd.		679,984		21,845,036
Alumina Ltd.(a)		13,830,863		10,405,146
AMP Ltd.		16,107,886		9,768,945
Ampol Ltd.		1,370,795		32,422,695
Ansell Ltd.		707,952		11,134,543
ANZ Group Holdings Ltd.		16,971,254		299,447,258
APA Group		7,151,920		39,557,933
APM Human Services International Ltd.		1,515,359		731,481
ARB Corp. Ltd.		514,727		11,252,110
Arena REIT		1,988,293		4,508,264
Aristocrat Leisure Ltd.		3,323,188		95,809,543
ASX Ltd.		1,094,980		46,812,973
Atlas Arteria Ltd.		6,518,651		22,980,850
AUB Group Ltd.		554,778		11,040,140
Audinate Group Ltd.(a)		134,782		1,451,030
Aurizon Holdings Ltd.		10,377,392		25,580,595
Aussie Broadband Ltd.(a)		1,091,120		2,731,733
Austal Ltd.		2,163,438		2,870,091
Australian Agricultural Co. Ltd.(a)(b)		2,570,872		2,462,466
Australian Clinical Labs Ltd.(b)		600,488		1,177,962
AVZ Minerals Ltd.(a)(b)(c)		12,873,189		3,952,473
Bank of Queensland Ltd.		3,610,697		14,175,450
Bapcor Ltd.		2,139,400		7,831,292
Beach Energy Ltd.		9,876,198		10,598,508
Bega Cheese Ltd.		1,743,411		4,248,843
Bellevue Gold Ltd.(a)		6,790,281		5,873,722
Bendigo & Adelaide Bank Ltd.		3,079,835		19,676,871
BHP Group Ltd.		28,768,096		880,131,360
BlueScope Steel Ltd.		2,573,605		39,294,594
Boral Ltd.(a)		2,117,267		7,297,002
Boss Energy Ltd. (a)		2,379,303		8,609,292
Brambles Ltd.		7,880,959		75,143,100
Breville Group Ltd.(b)		570,327		10,079,304
Brickworks Ltd.		395,275		7,545,042
BWP Trust		3,280,036		7,344,766
Calix Ltd.(a)(b)		773,589		849,791
Capricorn Metals Ltd.(a)		1,690,542		5,040,106
CAR Group Ltd.		2,143,980		46,034,060
Centuria Capital Group		3,533,947		3,942,174
Centuria Industrial REIT		3,152,592		6,678,614
Centuria Office REIT		1,142,615		989,307
Cettire Ltd.(a)		882,009		1,793,863
Chalice Mining Ltd.(a)(b)		1,911,148		1,374,070
Challenger Ltd.		3,132,880		13,290,242
Champion Iron Ltd.		2,212,195		12,136,170
Charter Hall Group		2,744,307		21,404,753
Charter Hall Long Wale REIT		3,944,569		9,604,647
Charter Hall Retail REIT		2,699,657		6,522,525
Charter Hall Social Infrastructure REIT		563,995		1,017,493
Cleanaway Waste Management Ltd.		11,860,924		20,079,697
Clinuvel Pharmaceuticals Ltd.(b)		217,137		2,221,324
Cochlear Ltd.		374,210		74,261,570
Codan Ltd./Australia		584,156		3,087,725
Coles Group Ltd.		7,613,662		79,009,811

Security	Shares		Value
Australia (continued)
Collins Foods Ltd.		529,123	$	4,148,270
Commonwealth Bank of Australia		9,473,310		722,381,487
Computershare Ltd.		3,175,614		52,598,480
Core Lithium Ltd.(a)(b)		10,966,411		1,377,325
Coronado Global Resources Inc.(d)		4,160,932		4,425,887
Corporate Travel Management Ltd.		760,640		10,061,836
Costa Group Holdings Ltd.		2,512,960		5,228,454
Credit Corp. Group Ltd.		389,056		4,325,203
Cromwell Property Group		12,697,431		3,425,099
CSL Ltd.		2,747,236		539,495,420
CSR Ltd.		3,041,360		13,695,147
Data#3 Ltd.		416,713		2,650,124
De Grey Mining Ltd.(a)		8,493,319		6,758,843
Deep Yellow Ltd.(a)		3,042,173		2,873,145
Deterra Royalties Ltd.		2,509,727		9,038,639
Dexus		6,133,542		31,039,805
Dexus Industria REIT		339,456		620,207
Dicker Data Ltd.(b)		294,438		2,166,119
Domain Holdings Australia Ltd.		2,131,885		4,626,072
Domino’s Pizza Enterprises Ltd.		379,569		9,763,059
Downer EDI Ltd.		3,852,354		10,491,691
Eagers Automotive Ltd.		823,042		7,589,266
Elders Ltd.		930,616		5,436,495
Endeavour Group Ltd./Australia		8,161,800		29,870,031
Evolution Mining Ltd.		10,936,095		22,908,321
EVT Ltd.		599,076		4,887,112
Firefinch Ltd.(a)(b)(c)		5,815,203		495,958
FleetPartners Group Ltd., NVS(a)		1,451,280		2,898,022
Flight Centre Travel Group Ltd.		1,012,345		13,986,443
Fortescue Ltd.		9,627,058		186,059,721
G8 Education Ltd.		4,390,430		3,039,645
Genesis Minerals Ltd.(a)		2,458,298		2,605,985
Gold Road Resources Ltd.		6,242,599		6,167,984
Goodman Group		9,753,872		161,906,178
GPT Group (The)		11,481,338		34,700,904
GrainCorp Ltd., Class A		1,274,706		6,697,167
Growthpoint Properties Australia Ltd.		772,930		1,209,657
GUD Holdings Ltd.		899,861		7,142,730
Hansen Technologies Ltd.		691,228		2,322,141
Harvey Norman Holdings Ltd.		3,585,318		10,303,516
Healius Ltd.(a)		3,789,247		3,409,003
Helia Group Ltd.		2,563,490		8,243,166
HMC Capital Ltd.		1,376,848		5,460,778
HomeCo Daily Needs REIT		8,978,991		7,391,586
HUB24 Ltd.		417,296		10,084,367
IDP Education Ltd.		1,476,178		18,903,572
IGO Ltd.		3,891,537		18,917,589
Iluka Resources Ltd.		2,495,788		11,656,781
Imdex Ltd.		1,831,153		2,020,375
Incitec Pivot Ltd.		10,669,590		18,633,161
Ingenia Communities Group		1,970,188		5,706,739
Inghams Group Ltd.		2,027,098		5,672,428
Insignia Financial Ltd.		3,392,454		4,710,557
Insurance Australia Group Ltd.		13,643,620		53,557,005
Integral Diagnostics Ltd.(b)		571,928		739,170
IPH Ltd.		1,458,235		6,489,199
IRESS Ltd.		1,101,193		5,846,669
James Hardie Industries PLC(a)		2,523,753		94,818,499
JB Hi-Fi Ltd.		629,035		23,401,650
Johns Lyng Group Ltd.		1,171,526		5,170,774
Judo Capital Holdings Ltd.(a)(b)		3,654,204		2,799,022
Jumbo Interactive Ltd.		194,723		1,996,783

10 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Australia (continued)
Karoon Energy Ltd.(a)		3,771,147	$	4,744,740
Kelsian Group Ltd.		912,656		4,244,769
Lendlease Corp. Ltd.		3,819,561		18,335,732
Leo Lithium Ltd.(a)(b)(c)		5,416,655		1,615,110
Lifestyle Communities Ltd.		411,549		4,789,344
Link Administration Holdings Ltd.		3,002,248		4,253,779
Liontown Resources Ltd.(a)(b)		8,205,689		5,463,974
Lottery Corp. Ltd. (The)		12,531,679		41,133,778
Lovisa Holdings Ltd.		345,737		5,143,699
Lynas Rare Earths Ltd.(a)(b)		5,444,382		20,701,063
MA Financial Group Ltd.		281,198		1,071,489
Maas Group Holdings Ltd.(b)		234,778		623,806
Macquarie Group Ltd.		2,080,972		256,769,919
Magellan Financial Group Ltd.		971,234		5,692,777
McMillan Shakespeare Ltd.		487,732		5,492,070
Medibank Pvt Ltd.		15,529,622		38,880,589
Megaport Ltd.(a)(b)		897,294		7,327,489
Metcash Ltd.		5,575,781		13,226,660
Mineral Resources Ltd.		1,015,524		39,167,547
Mirvac Group		22,268,386		31,295,994
Monadelphous Group Ltd.		609,844		5,465,198
Mount Gibson Iron Ltd.(a)		3,253,439		1,123,680
Nanosonics Ltd.(a)		1,482,346		2,844,612
National Australia Bank Ltd.		17,737,935		374,100,093
National Storage REIT		7,016,880		10,523,304
Netwealth Group Ltd.		690,884		7,504,135
Neuren Pharmaceuticals Ltd., NVS(a)		652,944		10,003,562
New Hope Corp. Ltd.		3,287,764		11,499,411
NEXTDC Ltd.(a)		3,185,636		28,840,065
nib holdings Ltd.		2,641,363		13,969,793
Nick Scali Ltd.		380,398		3,075,525
Nickel Industries Ltd.		10,489,451		5,375,841
Nine Entertainment Co. Holdings Ltd.		8,903,879		11,423,644
Northern Star Resources Ltd.		6,860,443		58,847,546
NRW Holdings Ltd.		2,291,338		4,049,014
Nufarm Ltd./Australia		1,955,248		7,047,914
Objective Corp. Ltd.		40,761		327,046
oOh!media Ltd.		3,531,638		3,686,293
Orica Ltd.		2,521,486		26,593,850
Origin Energy Ltd.		9,868,139		55,076,064
Orora Ltd.		7,505,067		13,641,075
Paladin Energy Ltd.(a)		16,563,669		13,877,544
Perenti Ltd.(a)		3,334,101		1,773,071
Perpetual Ltd.		623,166		10,486,297
Perseus Mining Ltd.		8,568,367		10,089,237
PEXA Group Ltd.(a)		866,013		6,471,694
Pilbara Minerals Ltd.(b)		16,175,579		36,842,555
Pinnacle Investment Management Group Ltd.		750,249		4,949,097
Platinum Asset Management Ltd.		2,920,321		2,236,878
PolyNovo Ltd.(a)		3,808,912		4,680,701
Premier Investments Ltd.		654,849		11,922,944
Pro Medicus Ltd.		316,121		20,825,737
PWR Holdings Ltd.		448,061		3,071,782
Qantas Airways Ltd.(a)		5,105,830		18,408,364
QBE Insurance Group Ltd.		8,411,172		86,606,321
Qube Holdings Ltd.		9,404,058		19,993,536
Ramelius Resources Ltd.		6,354,801		6,600,551
Ramsay Health Care Ltd.		1,050,517		35,022,714
REA Group Ltd.		300,193		35,803,018
Red 5 Ltd.(a)		9,436,341		1,935,588
Reece Ltd.		1,264,269		18,623,101
Region RE Ltd.		6,774,262		9,973,810

Security	Shares		Value
Australia (continued)
Regis Resources Ltd.(a)		4,786,368	$	6,527,973
Reliance Worldwide Corp. Ltd.		4,727,346		12,925,020
Rio Tinto Ltd.		2,148,731		184,892,611
Rural Funds Group		715,031		966,895
Sandfire Resources Ltd.(a)(b)		2,867,424		13,475,712
Santos Ltd.		18,811,352		95,071,440
Sayona Mining Ltd.(a)(b)		46,384,311		1,191,838
Scentre Group		28,668,148		56,993,638
SEEK Ltd.		2,022,594		33,343,026
Select Harvests Ltd.(a)(b)		417,303		1,018,431
Seven Group Holdings Ltd.		1,015,759		23,773,959
Sigma Healthcare Ltd.		2,110,603		1,425,755
Silex Systems Ltd.(a)(b)		850,329		2,834,053
Silver Lake Resources Ltd.(a)		5,904,686		4,646,753
Sims Ltd.		990,879		9,281,198
SiteMinder Ltd.(a)		1,195,995		4,088,875
SmartGroup Corp. Ltd.		659,848		4,159,203
Sonic Healthcare Ltd.		2,551,437		53,197,972
South32 Ltd.		25,762,699		55,781,817
Stanmore Resources Ltd.		871,169		2,235,552
Star Entertainment Grp Ltd. (The)(a)		13,431,925		4,874,110
Steadfast Group Ltd.		5,651,753		21,868,742
Stockland		13,365,141		39,468,733
Strike Energy Ltd.(a)(b)		12,103,115		3,391,431
Suncorp Group Ltd.		6,998,640		64,419,230
Super Retail Group Ltd.		951,961		9,824,411
Tabcorp Holdings Ltd.		12,866,336		6,684,227
Technology One Ltd.		1,684,632		17,212,194
Telix Pharmaceuticals Ltd.(a)		1,376,002		10,259,172
Telstra Corp. Ltd.		22,936,243		60,490,509
Temple & Webster Group Ltd.(a)(b)		566,054		3,353,130
Transurban Group		17,473,009		153,504,407
Treasury Wine Estates Ltd.		4,499,293		31,549,591
Tyro Payments Ltd.(a)(b)		2,342,638		1,661,914
Ventia Services Group Pty Ltd.		4,448,517		9,544,183
Vicinity Ltd.		21,824,791		28,970,366
Viva Energy Group Ltd.(d)		6,028,259		13,731,551
Vulcan Steel Ltd.		405,178		1,959,537
Washington H Soul Pattinson & Co. Ltd.		1,359,774		30,395,214
Waypoint REIT Ltd.		3,724,889		5,996,731
Webjet Ltd.(a)(b)		2,233,976		10,838,600
Weebit Nano Ltd.(a)(b)		1,157,459		2,603,418
Wesfarmers Ltd.		6,446,486		244,044,232
West African Resources Ltd.(a)(b)		5,692,564		3,608,123
Westgold Resources Ltd.(a)		1,299,905		1,875,304
Westpac Banking Corp.		19,866,916		311,664,612
Whitehaven Coal Ltd.		4,825,890		26,381,912
WiseTech Global Ltd.		956,974		45,055,389
Woodside Energy Group Ltd.		10,842,474		226,783,505
Woolworths Group Ltd.		6,916,366		162,430,534
Worley Ltd.		2,114,084		20,302,647
Xero Ltd.(a)		831,102		59,489,139
Yancoal Australia Ltd., NVS		1,015,577		3,961,839
				8,118,192,078
Austria — 0.3%
ams-OSRAM AG(a)		5,804,906		13,586,016
ANDRITZ AG		378,476		23,299,915
AT&S Austria Technologie & Systemtechnik AG(b)		145,982		3,526,705
BAWAG Group AG(d)		469,686		24,182,513
CA Immobilien Anlagen AG		295,970		9,716,119
DO & CO AG(b)		41,360		5,766,011
Erste Group Bank AG		1,911,882		82,360,818

S C H E D U L E  O F  I N V E S T M E N T S 11

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Austria (continued)
EVN AG		200,702	$	5,547,000
Immofinanz AG(a)		201,814		4,790,043
Lenzing AG(a)(b)		122,760		4,106,036
Oesterreichische Post AG		198,540		6,719,294
OMV AG		828,566		36,880,634
Palfinger AG		20,220		523,290
Porr AG		21,497		301,625
Raiffeisen Bank International AG		818,186		17,058,564
Schoeller-Bleckmann Oilfield Equipment AG		43,078		2,046,101
Semperit AG Holding(b)		69,508		1,089,201
UNIQA Insurance Group AG		813,276		6,823,732
Verbund AG		386,299		31,413,185
Vienna Insurance Group AG Wiener Versicherung Gruppe		248,117		7,012,698
voestalpine AG		641,308		19,080,012
Wienerberger AG		629,391		21,328,781
				327,158,293
Belgium — 1.0%
Ackermans & van Haaren NV		127,489		21,316,812
Aedifica SA		272,498		17,757,139
Ageas SA/NV		883,620		37,970,913
Anheuser-Busch InBev SA/NV		4,934,472		305,234,549
Argenx SE(a)		335,136		126,558,083
Barco NV		419,044		6,961,326
Bekaert SA		235,596		11,490,722
bpost SA(b)		540,575		2,209,443
Cofinimmo SA		195,750		14,226,579
Colruyt Group NV		298,152		13,621,970
Deme Group NV		45,002		5,647,707
D’ieteren Group		146,801		29,655,638
Elia Group SA/NV		189,167		22,776,714
Euronav NV		607,627		10,703,601
Fagron		458,832		8,261,908
Galapagos NV(a)(b)		254,813		9,558,725
Groupe Bruxelles Lambert NV		556,065		42,155,112
Intervest Offices & Warehouses NV		169,044		3,799,866
KBC Ancora		261,138		12,027,445
KBC Group NV		1,399,863		91,315,296
Kinepolis Group NV(b)		97,001		4,294,284
Lotus Bakeries NV		2,289		19,517,673
Melexis NV		123,297		10,564,493
Montea NV		69,101		5,931,259
Ontex Group NV(a)(b)		392,360		3,100,299
Proximus SADP		847,574		8,042,906
Recticel SA(b)		149,410		1,847,165
Retail Estates NV		56,274		3,686,525
Shurgard Self Storage Ltd.		146,935		6,815,120
Sofina SA		86,362		20,654,600
Solvay SA		409,442		11,197,617
Syensqo SA(a)		409,442		36,500,510
Tessenderlo Group SA		234,703		6,719,563
UCB SA		712,643		67,035,247
Umicore SA		1,177,919		26,793,488
VGP NV		78,147		9,165,778
Warehouses De Pauw CVA		960,636		28,105,469
X-Fab Silicon Foundries SE(a)(b)(d)		187,419		1,801,218
Xior Student Housing NV		160,701		4,813,172
				1,069,835,934
Denmark — 3.3%
ALK-Abello A/S(a)		834,533		13,466,758
Alm Brand A/S		5,155,282		9,358,743

Security	Shares		Value
Denmark (continued)
Ambu A/S, Class B(a)		1,067,263	$	17,702,736
AP Moller - Maersk A/S, Class A		16,467		29,859,122
AP Moller - Maersk A/S, Class B, NVS		28,015		51,654,029
Bavarian Nordic A/S(a)(b)		449,677		10,330,532
Better Collective A/S(a)		163,568		4,573,834
Carlsberg A/S, Class B		550,407		70,819,457
cBrain A/S(b)		54,526		1,976,711
Chemometec A/S(b)		92,378		4,996,437
Coloplast A/S, Class B		770,235		88,786,301
D/S Norden A/S		152,748		8,218,868
Danske Bank A/S		3,875,492		104,062,606
Demant A/S(a)		562,840		25,496,021
Dfds A/S		210,648		7,136,799
DSV A/S		1,056,134		188,952,634
FLSmidth & Co. A/S(b)		287,150		11,789,065
Genmab A/S(a)		374,859		103,656,765
GN Store Nord A/S(a)		775,935		18,298,500
H Lundbeck A/S		1,520,173		7,699,598
H Lundbeck A/S, Class A		380,538		1,679,057
ISS A/S		859,141		16,256,649
Jyske Bank A/S, Registered		270,898		20,749,868
Matas A/S		298,106		5,344,710
Netcompany Group A/S(a)(b)(d)		255,516		10,192,134
Nilfisk Holding A/S(a)		94,790		1,670,449
NKT A/S(a)(b)		314,698		21,941,976
Novo Nordisk A/S		18,535,688		2,118,710,413
Novozymes A/S, Class B		2,087,162		106,947,600
NTG Nordic Transport Group A/S, Class A(a)		34,685		1,556,708
Orsted A/S(d)		1,073,447		60,504,572
Pandora A/S		497,801		72,737,147
Per Aarsleff Holding A/S		137,468		6,327,624
Ringkjoebing Landbobank A/S		186,201		30,010,715
Rockwool A/S, Class B		50,283		13,708,496
Royal Unibrew A/S		280,952		18,403,908
Scandinavian Tobacco Group A/S, Class A(d)		388,006		6,958,462
Schouw & Co. A/S		80,270		6,418,401
Solar A/S, Class B		5,238		341,113
Spar Nord Bank A/S		565,221		9,616,735
Sydbank A/S		367,662		16,316,535
Topdanmark A/S		240,323		10,657,910
TORM PLC, Class A(b)		199,388		7,005,327
Tryg A/S		1,981,362		42,349,854
Vestas Wind Systems A/S(a)		5,734,879		161,694,965
Zealand Pharma A/S, Class A(a)		283,139		19,341,687
				3,566,278,531
Finland — 1.1%
Cargotec OYJ, Class B		240,090		13,649,141
Citycon OYJ		568,283		2,971,853
Elisa OYJ		789,727		35,981,116
Finnair OYJ(a)		6,704,245		256,483
Fortum OYJ		2,537,238		34,684,412
Huhtamaki OYJ		556,296		21,833,459
Kemira OYJ		664,798		12,443,210
Kempower OYJ(a)(b)		94,743		3,031,756
Kesko OYJ, Class B		1,511,013		29,509,483
Kojamo OYJ		759,835		9,008,152
Kone OYJ, Class B		1,929,766		95,525,934
Konecranes OYJ		382,883		16,443,489
Mandatum OYJ(a)		2,565,094		11,581,572
Marimekko OYJ		58,631		875,670
Metsa Board OYJ, Class B(b)		1,143,696		9,211,569
Metso OYJ		3,742,973		37,409,655

12 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Finland (continued)
Musti Group OYJ		110,163	$	3,106,937
Neste OYJ		2,420,615		83,449,531
Nokia OYJ		30,387,146		109,856,314
Nokian Renkaat OYJ		726,840		6,550,516
Nordea Bank Abp		18,223,307		224,554,719
Orion OYJ, Class B		609,414		28,056,012
Outokumpu OYJ		2,065,187		8,815,704
Puuilo OYJ		122,871		1,183,541
QT Group OYJ(a)(b)		110,856		7,819,288
Revenio Group OYJ		117,360		3,222,145
Sampo OYJ, Class A		2,562,669		107,261,633
Stora Enso OYJ, Class R		3,277,533		41,705,841
TietoEVRY OYJ		574,113		13,322,574
Tokmanni Group Corp.		184,498		3,163,571
UPM-Kymmene OYJ		3,024,205		109,997,050
Valmet OYJ		910,330		25,765,708
Wartsila OYJ Abp		2,686,523		39,630,385
YIT OYJ(b)		1,045,186		2,226,460
				1,154,104,883
France — 10.7%
ABC arbitrage		516,263		2,468,820
Accor SA		1,080,787		42,684,053
Aeroports de Paris SA		181,718		24,315,648
Air France-KLM, NVS(a)		666,043		8,489,489
Air Liquide SA		2,970,424		555,865,242
Airbus SE		3,360,522		535,283,583
Alstom SA(b)		1,623,262		20,469,994
Altarea SCA		19,003		1,663,460
Alten SA		174,345		26,957,260
Amundi SA(d)		330,569		22,358,890
Antin Infrastructure Partners SA		189,262		3,480,100
Aperam SA		292,958		9,027,831
ArcelorMittal SA		2,882,243		79,377,019
Arkema SA		330,429		35,961,569
Atos SE(a)(b)		639,307		2,729,148
Aubay		3,120		138,536
AXA SA		10,384,310		348,552,584
Believe SA(a)(b)		23,531		277,187
Beneteau SACA		107,409		1,287,251
BioMerieux		230,806		24,841,241
BNP Paribas SA		5,941,393		399,167,536
Boiron SA(b)		58,245		2,519,189
Bollore SE		4,086,722		26,992,921
Bonduelle SCA		116,141		1,233,911
Bouygues SA		1,232,740		45,158,459
Bureau Veritas SA		1,658,226		44,106,956
Capgemini SE		926,853		206,059,248
Carmila SA		347,718		6,178,601
Carrefour SA		3,374,818		57,615,894
CGG SA(a)(b)		4,720,242		2,263,785
Cie. de Saint-Gobain		2,611,100		184,621,819
Cie. des Alpes		14,908		242,857
Cie. Generale des Etablissements Michelin SCA		3,819,249		126,809,232
Cie. Plastic Omnium SA		373,547		4,281,392
Clariane SE(b)		438,999		1,109,413
Coface SA		655,301		8,854,936
Covivio SA/France		256,381		12,414,966
Credit Agricole SA		6,372,449		91,284,382
Danone SA		3,665,596		244,215,256
Dassault Aviation SA		115,808		21,935,003
Dassault Systemes SE		3,795,197		196,736,430
Derichebourg SA		704,675		3,635,814

Security	Shares		Value
France (continued)
Edenred SE		1,410,452	$	84,244,153
Eiffage SA		415,221		43,444,641
Elior Group SA(a)(b)(d)		715,816		2,068,408
Elis SA		1,078,628		23,715,647
Engie SA		10,249,601		163,711,458
Equasens		28,590		1,645,185
Eramet SA(b)		53,276		3,669,497
Esker SA(b)		24,780		4,161,286
EssilorLuxottica SA		1,674,699		328,195,790
Etablissements Maurel et Prom SA		348,325		2,064,726
Eurazeo SE		259,226		22,080,933
Euroapi SA(a)		282,887		1,890,582
Eurofins Scientific SE		758,144		45,652,985
Euronext NV(d)		470,855		41,415,068
Eutelsat Communications SACA(a)(b)		917,205		3,345,385
Fnac Darty SA		106,732		2,851,344
Forvia SE(a)		876,845		15,070,540
Gaztransport Et Technigaz SA		201,525		28,253,310
Gecina SA		250,271		27,601,532
Getlink SE		1,981,817		34,148,851
Hermes International SCA		180,410		380,603,591
ICADE		182,832		6,189,999
ID Logistics Group SACA(a)		14,068		5,017,086
Imerys SA		210,591		7,003,461
Interparfums SA		114,512		6,058,861
Ipsen SA		206,558		23,815,955
IPSOS SA		241,322		15,838,139
JCDecaux SE(a)		343,261		7,129,642
Kaufman & Broad SA		57,781		1,710,439
Kering SA		423,979		174,159,293
Klepierre SA		1,189,104		30,786,702
La Francaise des Jeux SAEM(d)		568,374		23,038,243
Legrand SA		1,506,941		146,046,094
LISI SA		118,092		2,779,645
L’Oreal SA		1,364,902		653,179,334
LVMH Moet Hennessy Louis Vuitton SE		1,567,193		1,303,996,318
Mercialys SA		527,438		6,000,530
Mersen SA		166,404		6,036,446
Metropole Television SA		221,150		3,136,460
Neoen SA(d)		385,292		11,139,967
Nexans SA		177,947		16,196,430
Nexity SA(b)		270,839		4,514,416
Orange SA		10,514,690		125,039,878
Pernod Ricard SA		1,163,766		190,840,806
Peugeot Invest		36,702		3,961,206
Pierre & Vacances SA, NVS(a)		753,042		1,088,205
Publicis Groupe SA		1,293,458		129,596,124
Quadient SA		229,663		4,865,872
Remy Cointreau SA		127,525		12,921,350
Renault SA		1,093,286		41,172,800
Rexel SA		1,340,907		35,712,738
Rubis SCA		515,913		13,045,645
Safran SA		1,941,292		362,456,396
Sanofi SA		6,456,948		646,634,517
Sartorius Stedim Biotech		156,319		42,118,155
Schneider Electric SE		3,085,893		606,223,658
SCOR SE		835,112		24,912,357
SEB SA		136,011		16,608,348
Seche Environnement SACA, NVS		12,906		1,606,754
SES SA, Class A		2,032,712		12,471,764
Societe BIC SA		137,735		9,530,233
Societe Generale SA		4,109,211		105,627,349

S C H E D U L E  O F  I N V E S T M E N T S 13

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
France (continued)
Sodexo SA		494,251	$	55,755,932
SOITEC(a)		152,593		22,054,119
Sopra Steria Group SACA		92,077		21,597,038
SPIE SA		749,399		24,788,294
Teleperformance SE		336,605		52,568,959
Television Francaise 1 SA		392,341		3,459,864
Thales SA		590,179		86,316,069
TotalEnergies SE		12,967,136		841,250,526
Trigano SA		61,612		9,705,148
Ubisoft Entertainment SA(a)		527,092		11,626,638
Unibail-Rodamco-Westfield, New(a)		667,525		47,797,925
Valeo SE		1,141,665		14,901,637
Vallourec SACA(a)		944,303		13,509,383
Valneva SE(a)(b)		622,885		2,539,156
Veolia Environnement SA		3,855,827		125,637,653
Verallia SA(d)		408,928		14,420,577
Vicat SACA		88,044		3,425,401
Vinci SA		2,880,940		363,926,866
Virbac SACA		29,220		10,545,163
Vivendi SE		3,967,762		44,714,924
Voltalia SA(a)(b)		159,504		1,364,918
VusionGroup(a)(b)		43,306		6,430,119
Waga Energy SA(a)(b)		27,852		718,176
Wavestone		44,282		2,933,510
Wendel SE		141,465		12,825,576
Worldline SA/France(a)(d)		1,366,154		18,468,336
				11,346,991,339
Germany — 7.4%
1&1 AG		246,731		4,872,376
About You Holding SE(a)		135,401		595,819
Adesso SE		17,206		1,726,191
adidas AG		921,134		173,899,034
Adtran Networks SE(a)(b)		99,459		2,149,707
AIXTRON SE		654,442		24,357,168
Allianz SE, Registered		2,281,842		609,653,311
Amadeus Fire AG		20,682		2,498,470
Aroundtown SA(a)(b)		5,199,462		11,598,621
Atoss Software AG		12,029		3,295,963
Aurubis AG		179,464		12,909,436
Auto1 Group SE(a)(b)(d)		555,944		2,312,952
BASF SE		5,065,696		242,160,487
Bayer AG, Registered		5,579,135		173,603,790
Bayerische Motoren Werke AG		1,777,966		185,002,865
BayWa AG(b)		88,155		2,831,718
Bechtle AG		460,989		23,903,591
Befesa SA(d)		217,906		7,657,433
Beiersdorf AG		581,219		85,055,385
Bertrandt AG		41,648		2,225,695
Bilfinger SE(b)		198,169		8,400,904
Borussia Dortmund GmbH & Co. KGaA(a)		558,768		2,295,546
Brenntag SE		839,616		74,230,443
CANCOM SE		213,794		6,786,587
Carl Zeiss Meditec AG, Bearer		232,729		24,532,363
Ceconomy AG(a)		694,187		1,686,282
Cewe Stiftung & Co. KGaA		49,450		5,388,997
Commerzbank AG		6,004,794		68,956,603
CompuGroup Medical SE & Co. KgaA		151,003		6,474,205
Continental AG		624,842		51,043,745
Covestro AG(a)(d)		1,097,363		57,946,777
CropEnergies AG(b)		149,568		1,860,486
CTS Eventim AG & Co. KGaA		360,055		24,367,496
CureVac NV(a)		543,103		1,988,129

Security	Shares		Value
Germany (continued)
Daimler Truck Holding AG		3,040,702	$	108,666,050
Datagroup SE		2,288		131,297
Delivery Hero SE(a)(b)(d)		1,003,801		22,775,526
Dermapharm Holding SE		104,621		4,450,118
Deutsche Bank AG, Registered		10,925,829		141,136,857
Deutsche Boerse AG		1,081,787		215,426,684
Deutsche Lufthansa AG, Registered(a)		3,380,873		28,113,217
Deutsche Pfandbriefbank AG(b)(d)		750,616		4,517,270
Deutsche Post AG, Registered		5,639,947		270,120,460
Deutsche Telekom AG, Registered		18,403,351		451,761,947
Deutz AG		854,580		5,164,751
Duerr AG		311,771		7,128,157
E.ON SE		12,796,906		173,132,875
Eckert & Ziegler Strahlen- und Medizintechnik AG		84,607		4,208,037
Elmos Semiconductor SE(b)		45,125		3,151,697
ElringKlinger AG		74,463		410,465
Encavis AG(a)		691,747		9,630,720
Energiekontor AG		29,008		2,368,873
Evonik Industries AG		1,276,986		23,491,618
Evotec SE(a)		815,110		12,468,822
Fielmann Group AG		101,148		5,262,977
flatexDEGIRO AG(a)		407,527		4,456,333
Fraport AG Frankfurt Airport Services Worldwide(a)		212,684		12,482,846
Freenet AG		653,988		18,071,447
Fresenius Medical Care AG & Co. KGaA		1,160,790		44,864,070
Fresenius SE & Co. KGaA		2,383,027		66,898,318
GEA Group AG		925,382		37,060,659
Gerresheimer AG		192,404		19,615,385
GFT Technologies SE		83,056		2,936,909
Grand City Properties SA(a)		544,745		5,287,693
GRENKE AG(b)		153,112		3,707,958
Hamborner REIT AG(b)		596,518		4,216,419
Hamburger Hafen und Logistik AG, NVS(b)		153,206		2,735,737
Hannover Rueck SE		340,081		81,523,156
Heidelberg Materials AG		807,800		74,595,838
Heidelberger Druckmaschinen AG(a)(b)		1,161,988		1,371,809
HelloFresh SE(a)		904,057		11,955,931
Henkel AG & Co. KGaA		558,190		38,174,980
Hensoldt AG		320,353		9,617,282
Hornbach Holding AG & Co. KGaA		55,207		3,963,803
Hugo Boss AG		327,916		20,479,864
Hypoport SE(a)(b)		27,950		5,936,923
Infineon Technologies AG		7,420,774		270,538,589
Jenoptik AG		322,067		10,057,901
JOST Werke SE(d)		32,965		1,591,907
K+S AG, Registered(b)		1,066,646		14,961,023
KION Group AG		405,614		18,506,104
Kloeckner & Co. SE		390,501		2,824,152
Knorr-Bremse AG		411,388		25,409,838
Kontron AG		306,793		7,114,670
Krones AG		91,721		11,366,513
LANXESS AG(b)		455,933		12,171,731
LEG Immobilien SE(a)		420,398		34,884,480
MBB SE(b)		694		67,202
Medios AG(a)		75,998		1,237,676
Mercedes-Benz Group AG		4,552,749		307,368,729
Merck KGaA		734,794		120,561,687
METRO AG(a)		852,943		5,748,802
MorphoSys AG(a)(b)		193,343		8,097,543
MTU Aero Engines AG		307,454		70,692,949

14 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Germany (continued)
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		774,891	$	329,885,764
Nagarro SE(a)(b)		48,141		4,705,196
Nemetschek SE		332,683		30,697,870
Nordex SE(a)		748,937		7,641,615
Norma Group SE		201,773		3,281,250
Patrizia SE(b)		322,728		2,753,511
Pfeiffer Vacuum Technology AG		39,187		6,575,305
PNE AG		148,079		2,134,143
ProSiebenSat.1 Media SE(b)		934,969		6,577,239
Puma SE		601,681		24,213,924
PVA TePla AG(a)		103,401		2,340,024
Rational AG		29,367		22,559,303
Redcare Pharmacy NV(a)(d)		86,193		11,997,662
Rheinmetall AG		247,468		86,656,056
RWE AG		3,597,347		132,834,271
SAF-Holland SE		102,496		1,654,977
Salzgitter AG		159,462		4,447,618
SAP SE		5,924,526		1,026,403,836
Scout24 SE(d)		445,081		32,771,442
Secunet Security Networks AG		8,788		1,574,118
SGL Carbon SE(a)(b)		427,444		2,705,841
Siemens AG, Registered		4,318,933		773,191,990
Siemens Healthineers AG(d)		1,609,540		89,572,875
Siltronic AG(b)		111,174		10,449,044
Sixt SE(b)		83,674		8,154,533
SMA Solar Technology AG(a)		103,851		5,326,511
Stabilus SE		146,146		10,240,946
Steico SE(b)		29,670		909,581
Stratec SE(b)		42,310		1,931,857
Stroeer SE & Co. KGaA		210,188		12,340,575
Suedzucker AG		423,171		5,972,612
Symrise AG, Class A		759,137		78,322,982
Synlab AG		23,172		296,497
Synlab AG, NVS		360,241		3,872,490
TAG Immobilien AG(a)		993,049		13,899,539
Takkt AG		203,811		2,977,896
Talanx AG(a)		355,970		24,975,207
TeamViewer SE(a)(d)		782,294		11,215,469
thyssenkrupp AG		2,793,878		17,242,936
United Internet AG, Registered(e)		539,595		14,181,975
Varta AG(a)(b)		110,283		2,071,946
VERBIO Vereinigte BioEnergie AG(b)		122,476		2,679,123
Vib Vermoegen AG(a)		45,862		713,708
Vitesco Technologies Group AG(a)		45,472		3,973,973
Volkswagen AG		168,387		23,773,060
Vonovia SE		4,158,477		129,546,343
Vossloh AG		69,938		3,102,316
Wacker Chemie AG		101,204		10,972,611
Wacker Neuson SE		206,959		3,834,964
Zalando SE(a)(d)		1,278,016		25,517,670
				7,830,614,043
Hong Kong — 1.9%
AIA Group Ltd.		65,363,800		512,610,110
ASMPT Ltd.		1,794,700		17,319,529
Bank of East Asia Ltd. (The)		6,723,200		7,645,349
BOC Hong Kong Holdings Ltd.		20,845,500		49,962,349
Brightoil Petroleum Holdings Ltd.(c)		6,240,000		8
Budweiser Brewing Co. APAC Ltd.(b)(d)		10,132,700		15,970,567
Cafe de Coral Holdings Ltd.		1,634,000		1,643,509
Champion REIT		15,408,000		3,668,923
Chow Sang Sang Holdings International Ltd.		2,093,000		2,280,958

Security	Shares		Value
Hong Kong (continued)
CITIC Telecom International Holdings Ltd.		12,927,000	$	4,609,419
CK Asset Holdings Ltd.		11,317,016		51,066,223
CK Hutchison Holdings Ltd.		15,022,516		77,588,592
CK Infrastructure Holdings Ltd.		3,665,000		21,765,852
CK Life Sciences International Holdings Inc.		15,120,000		1,027,644
CLP Holdings Ltd.		9,422,500		74,941,272
C-Mer Eye Care Holdings Ltd.(a)(b)		3,252,000		1,099,101
Comba Telecom Systems Holdings Ltd.		10,502,000		876,440
Cowell e Holdings Inc.(a)(b)		1,539,000		3,155,206
Dah Sing Banking Group Ltd.		3,238,400		1,946,775
Dah Sing Financial Holdings Ltd.		984,000		1,981,720
EC Healthcare(b)		2,263,000		333,446
E-Commodities Holdings Ltd.		8,050,000		1,527,305
ESR Group Ltd.(d)		12,124,600		15,498,547
Far East Consortium International Ltd.		8,724,600		1,407,846
First Pacific Co. Ltd.		14,550,250		5,526,720
Fortune REIT		7,979,000		4,568,758
Fosun Tourism Group(a)(d)		1,310,400		671,989
Futu Holdings Ltd., ADR(a)(b)		323,269		15,103,128
Galaxy Entertainment Group Ltd.		12,578,000		65,278,305
Guotai Junan International Holdings Ltd.(b)		25,512,000		1,603,076
Hang Lung Group Ltd.		5,609,000		6,752,245
Hang Lung Properties Ltd.		11,072,000		12,854,142
Hang Seng Bank Ltd.		4,331,700		45,093,726
Health and Happiness H&H International Holdings Ltd.		1,099,500		1,436,335
Henderson Land Development Co. Ltd.		8,122,570		21,164,338
HKBN Ltd.		5,070,000		2,106,897
HKT Trust & HKT Ltd., Class SS		21,472,200		25,793,691
Hong Kong & China Gas Co. Ltd.		64,548,864		45,934,712
Hong Kong Exchanges & Clearing Ltd.		6,408,400		194,294,986
Hongkong Land Holdings Ltd.		6,351,400		19,825,927
Hsin Chong Group Holdings Ltd.(c)		7,490,000		10
Hutchison Telecommunications Hong Kong Holdings Ltd.(b)		13,374,000		1,775,505
Hysan Development Co. Ltd.		3,219,000		5,555,969
IGG Inc.(a)		4,469,000		1,590,683
Jardine Matheson Holdings Ltd.		899,200		36,106,579
Johnson Electric Holdings Ltd.		2,223,750		2,916,197
JS Global Lifestyle Co. Ltd.(b)(d)		8,456,500		1,307,438
Kerry Logistics Network Ltd.		2,576,887		2,863,061
Kerry Properties Ltd.		3,242,500		5,149,033
Link REIT		14,836,819		74,416,760
Luk Fook Holdings International Ltd.		1,628,000		4,033,251
Man Wah Holdings Ltd.		9,658,800		6,020,851
Melco International Development Ltd.(a)(b)		5,112,000		3,315,538
Melco Resorts & Entertainment Ltd., ADR(a)(b)		1,246,684		9,736,602
MTR Corp. Ltd.		9,016,000		29,331,841
New World Development Co. Ltd.(b)		8,409,000		10,306,510
Nissin Foods Co. Ltd.		324,000		239,013
NWS Holdings Ltd.		8,615,166		7,485,894
Pacific Basin Shipping Ltd.		30,522,000		8,496,082
PAX Global Technology Ltd.		2,999,000		2,098,316
PCCW Ltd.		24,466,000		12,655,087
Perfect Medical Health Management Ltd.		1,640,000		630,507
Power Assets Holdings Ltd.		8,102,000		47,438,707
Realord Group Holdings Ltd.(a)(b)		2,558,000		1,740,681
Sa Sa International Holdings Ltd.(a)		9,642,000		1,010,936
Sands China Ltd.(a)		13,858,800		36,376,152
Shangri-La Asia Ltd.(a)		10,356,000		6,435,254
Shun Tak Holdings Ltd.(a)(b)		10,824,000		1,080,710
Sino Land Co. Ltd.		20,098,000		20,993,644

S C H E D U L E  O F  I N V E S T M E N T S 15

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Hong Kong (continued)
SITC International Holdings Co. Ltd.		7,815,000	$	11,858,036
SJM Holdings Ltd.(a)(b)		13,932,000		3,915,289
SmarTone Telecommunications Holdings Ltd.		2,326,000		1,163,305
Stella International Holdings Ltd.		750,500		989,777
Sun Hung Kai Properties Ltd.		8,229,000		76,804,432
SUNeVision Holdings Ltd.(b)		2,109,000		723,647
Swire Pacific Ltd., Class A		2,708,500		20,955,747
Swire Properties Ltd.		6,396,600		11,953,795
Techtronic Industries Co. Ltd.		7,829,500		83,157,938
Texhong Textile Group Ltd.(a)		1,281,500		606,495
Theme International Holdings Ltd.(a)		24,500,000		1,301,022
United Energy Group Ltd.(b)		46,454,000		4,936,675
United Laboratories International Holdings Ltd. (The)		5,528,000		4,778,680
Value Partners Group Ltd.(b)		8,405,000		1,935,375
Vitasoy International Holdings Ltd.(b)		4,456,000		3,420,332
Viva Goods Co. Ltd.(a)(b)		20,624,000		1,848,369
Vobile Group Ltd.(a)(b)		8,534,000		1,582,842
VSTECS Holdings Ltd.		2,788,000		1,502,290
VTech Holdings Ltd.		947,600		5,488,488
WH Group Ltd.(d)		47,877,000		28,247,170
Wharf Holdings Ltd. (The)(b)		4,614,407		13,481,857
Wharf Real Estate Investment Co. Ltd.		9,388,000		27,505,274
Xinyi Glass Holdings Ltd.(b)		10,397,000		8,619,364
Yue Yuen Industrial Holdings Ltd.		4,269,000		4,025,782
				1,999,844,457
Ireland — 0.8%
AIB Group PLC		8,405,504		36,920,536
Bank of Ireland Group PLC		5,690,333		52,328,186
Cairn Homes PLC		3,539,013		5,429,997
CRH PLC		4,098,501		290,754,287
Dalata Hotel Group PLC		1,289,806		6,697,659
Flutter Entertainment PLC(a)		995,331		204,297,763
Glanbia PLC		1,022,642		18,279,502
Glenveagh Properties PLC(a)(d)		1,544,989		2,047,015
Greencore Group PLC(a)		2,915,316		3,783,251
Irish Residential Properties REIT PLC		1,613,625		2,008,883
Kerry Group PLC, Class A		886,522		79,019,256
Kingspan Group PLC		856,749		69,582,234
Origin Enterprises PLC		644,010		2,366,338
Smurfit Kappa Group PLC		1,554,432		57,925,574
Uniphar PLC(a)		936,409		2,843,656
				834,284,137
Israel — 1.0%
Africa Israel Residences Ltd.		34,267		1,820,559
Airport City Ltd.(a)		510,234		8,513,744
Alony Hetz Properties & Investments Ltd.(b)		1,000,946		7,575,771
Amot Investments Ltd.		1,176,982		6,114,982
Ashtrom Group Ltd.(b)		138,805		2,087,735
Azorim-Investment Development & Construction Co. Ltd.(a)		108,087		453,343
Azrieli Group Ltd.		246,927		16,638,593
Bank Hapoalim BM		7,221,607		61,440,789
Bank Leumi Le-Israel BM		8,665,378		65,814,980
Bezeq The Israeli Telecommunication Corp. Ltd.		11,858,821		15,686,417
Big Shopping Centers Ltd.(a)		71,165		7,236,303
Blue Square Real Estate Ltd.(b)		6,800		436,490
Camtek Ltd./Israel(a)		167,353		12,969,829
Cellcom Israel Ltd.(a)(b)		639,281		2,616,066
Cellebrite DI Ltd.(a)		188,642		1,705,324
Check Point Software Technologies Ltd.(a)		538,053		85,512,763

Security	Shares		Value
Israel (continued)
Clal Insurance Enterprises Holdings Ltd.(a)(b)		392,355	$	6,104,863
CyberArk Software Ltd.(a)		243,563		56,867,089
Danel Adir Yeoshua Ltd.		33,041		2,860,111
Danya Cebus Ltd.		42,576		1,044,047
Delek Automotive Systems Ltd.		317,980		1,902,499
Delek Group Ltd.		56,768		7,029,679
Delta Galil Ltd.		44,667		2,065,745
Elbit Systems Ltd.		153,789		31,724,102
Elco Ltd.		19,721		608,578
Electra Consumer Products 1970 Ltd.(b)		71,399		1,522,520
Electra Ltd./Israel(b)		10,386		3,958,473
Electra Real Estate Ltd.(b)		68,206		694,063
Energix-Renewable Energies Ltd.(b)		1,618,492		5,904,534
Enlight Renewable Energy Ltd.(a)(b)		680,249		12,287,583
Equital Ltd.(a)(b)		120,056		3,416,630
Fattal Holdings 1998 Ltd.(a)(b)		37,282		4,232,420
FIBI Holdings Ltd.		97,566		4,139,516
First International Bank Of Israel Ltd. (The)		434,942		17,442,533
Fiverr International Ltd.(a)(b)		196,439		5,288,138
Formula Systems 1985 Ltd.		47,041		3,151,100
Fox Wizel Ltd.(b)		47,825		3,388,901
G City Ltd.		821,704		2,628,792
Gav-Yam Lands Corp. Ltd.		—		2
Global-e Online Ltd.(a)(b)		525,690		19,855,311
Harel Insurance Investments & Financial Services Ltd.(b)		977,514		8,108,428
Hilan Ltd.		40,188		2,233,845
ICL Group Ltd.		4,373,064		19,889,963
Inmode Ltd.(a)(b)		467,445		11,073,772
Isracard Ltd.		773,024		2,774,506
Israel Canada T.R Ltd.		810,577		2,733,936
Israel Corp Ltd.(a)(b)		28,000		6,416,905
Israel Discount Bank Ltd., Class A		7,132,026		34,596,672
Isras Holdings Ltd., NVS		16,172		1,548,593
Isras Investment Co. Ltd.(b)		9,818		2,072,472
Ituran Location and Control Ltd.		155,242		3,862,421
Kenon Holdings Ltd./Singapore(b)		140,188		3,461,856
Kornit Digital Ltd.(a)		289,598		4,955,022
M Yochananof & Sons Ltd.(b)		4,573		205,473
Magic Software Enterprises Ltd.		141,854		1,440,415
Matrix IT Ltd.		186,195		3,505,452
Maytronics Ltd.(b)		238,698		2,618,909
Mega Or Holdings Ltd.(b)		108,166		2,471,865
Melisron Ltd.		173,048		12,690,222
Menora Mivtachim Holdings Ltd.(b)		28,483		715,522
Migdal Insurance & Financial Holdings Ltd.(b)		3,759,843		4,163,769
Mivne Real Estate KD Ltd.		3,592,285		9,720,248
Mizrahi Tefahot Bank Ltd.		892,386		33,212,204
Monday.com Ltd.(a)		151,816		31,887,433
Nano Dimension Ltd., ADR(a)(b)		1,372,062		3,292,949
Nano-X Imaging Ltd.(a)(b)		301,056		1,637,745
Nayax Ltd.(a)		15,710		383,653
NEOGAMES SA(a)		82,360		2,304,433
Nice Ltd.(a)		360,939		74,888,299
Nova Ltd.(a)		168,915		24,054,595
Oddity Tech Ltd., NVS(b)		60,686		2,506,332
Oil Refineries Ltd.		18,010,056		6,221,005
One Software Technologies Ltd.		209,467		2,633,422
OPC Energy Ltd.(a)(b)		576,361		4,083,870
OY Nofar Energy Ltd.(a)(b)		85,136		2,164,255
Pagaya Technologies Ltd., NVS		974,340		1,139,978
Partner Communications Co. Ltd.(a)(b)		801,409		3,705,511

16 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Israel (continued)
Paz Oil Co. Ltd.		68,629	$	5,641,298
Perion Network Ltd.(a)		244,886		7,265,267
Phoenix Holdings Ltd. (The)(b)		902,205		9,175,929
Prashkovsky Investments and Construction Ltd.(b)		14,245		319,255
Radware Ltd.(a)(b)		307,022		5,612,362
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		76,254		4,265,594
Reit 1 Ltd.		995,288		4,443,064
Retailors Ltd.		64,952		1,290,938
Riskified Ltd.(a)		392,448		1,801,336
Sapiens International Corp. NV		179,483		5,012,988
Sella Capital Real Estate Ltd.		1,204,889		2,714,922
Shapir Engineering and Industry Ltd.		746,167		4,206,343
Shikun & Binui Ltd.(a)		1,837,961		4,796,036
Shufersal Ltd.(a)		1,515,030		8,128,832
Strauss Group Ltd.(a)(b)		347,633		6,751,515
Summit Real Estate Holdings Ltd.(b)		104,457		1,382,411
Tadiran Group Ltd.(b)		20,635		1,370,185
Taro Pharmaceutical Industries Ltd.(a)		50,274		2,164,296
Tel Aviv Stock Exchange Ltd.		551,619		3,417,610
Teva Pharmaceutical Industries Ltd., ADR(a)		6,389,993		77,318,915
Tower Semiconductor Ltd.(a)		648,016		18,478,479
Wix.com Ltd.(a)		311,543		39,528,576
YH Dimri Construction & Development Ltd.		7,673		565,512
ZIM Integrated Shipping Services Ltd.(b)		681,887		10,228,305
				1,055,996,835
Italy — 2.6%
A2A SpA		8,764,668		17,377,387
ACEA SpA		334,718		5,282,054
Amplifon SpA		686,436		22,404,250
Anima Holding SpA(d)		1,825,466		8,239,144
Ascopiave SpA		320,448		777,462
Assicurazioni Generali SpA		5,668,498		126,446,719
Azimut Holding SpA		628,292		17,515,968
Banca Generali SpA		401,983		15,324,753
Banca IFIS SpA		179,253		3,102,651
Banca Mediolanum SpA		1,264,285		12,938,347
Banca Monte dei Paschi di Siena SpA(a)		4,528,765		15,894,765
Banca Popolare di Sondrio SpA		2,744,350		20,851,589
Banco BPM SpA		7,450,914		40,199,857
BFF Bank SpA(d)		974,126		10,527,033
BPER Banca		5,965,892		21,518,148
Brembo SpA		963,431		11,866,397
Brunello Cucinelli SpA		196,625		19,492,787
Buzzi SpA		557,836		18,960,840
Carel Industries SpA(d)		172,280		4,171,926
CIR SpA-Compagnie Industriali(a)		3,626,738		1,665,752
Credito Emiliano SpA		567,764		5,161,205
d’Amico International Shipping SA, NVS		239,889		1,601,444
Danieli & C Officine Meccaniche SpA		112,681		3,829,804
Datalogic SpA		69,149		451,664
De’ Longhi SpA		428,306		13,872,461
DiaSorin SpA		140,354		12,906,809
Digital Value SpA		6,509		456,205
El.En. SpA		176,492		1,741,911
Enav SpA(d)		1,484,863		5,495,357
Enel SpA		46,247,581		315,564,623
Eni SpA		13,339,727		212,653,118
ERG SpA		366,084		10,734,497
Ferrari NV		712,784		248,574,265
Fila SpA		59,028		557,538

Security	Shares		Value
Italy (continued)
Fincantieri SpA(a)(b)		1,548,424	$	820,794
FinecoBank Banca Fineco SpA		3,447,254		49,703,751
GVS SpA(a)(d)		370,670		2,364,079
Hera SpA		4,468,790		15,741,879
Industrie De Nora SpA(b)		182,551		2,871,496
Infrastrutture Wireless Italiane SpA(d)		1,854,913		22,429,658
Interpump Group SpA		402,079		19,875,340
Intesa Sanpaolo SpA		87,439,454		269,426,622
Iren SpA		4,204,246		8,823,748
Italgas SpA		2,761,239		15,742,926
Juventus Football Club SpA, NVS(a)(b)		625,264		1,520,377
Leonardo SpA		2,233,520		38,983,996
LU-VE SpA, NVS		48,968		1,235,676
Maire Tecnimont SpA(b)		1,180,376		6,134,437
MARR SpA		250,349		3,041,788
Mediobanca Banca di Credito Finanziario SpA		3,223,044		42,685,996
Moncler SpA		1,144,034		70,377,222
Nexi SpA(a)(d)		3,282,502		25,178,307
OVS SpA(d)		1,040,606		2,478,730
Pharmanutra SpA		21,154		1,415,359
Piaggio & C SpA		1,561,071		5,189,406
Pirelli & C SpA(d)		1,954,842		10,594,118
Poste Italiane SpA(d)		2,937,303		31,851,078
Prysmian SpA		1,482,509		65,244,972
RAI Way SpA(d)		242,299		1,324,974
Recordati Industria Chimica e Farmaceutica SpA		575,984		31,791,014
Reply SpA		162,806		22,322,394
Safilo Group SpA(a)		1,254,877		1,501,187
Saipem SpA(a)		6,954,269		9,975,334
Salcef Group SpA		81,249		2,063,437
Salvatore Ferragamo SpA(b)		403,369		5,144,834
Sanlorenzo SpA/Ameglia		29,866		1,424,723
Saras SpA		3,485,046		5,900,643
Seco SpA(a)(b)		137,007		459,611
Sesa SpA		25,539		3,465,332
Snam SpA		11,377,757		55,568,324
SOL SpA		199,609		5,744,852
Spaxs SpA(b)		162,660		897,201
Stellantis NV		12,579,847		277,091,806
Tamburi Investment Partners SpA		358,604		3,501,618
Technogym SpA(d)		750,553		7,432,543
Technoprobe SpA(a)		695,991		6,918,337
Telecom Italia SpA/Milano(a)(b)		54,453,896		16,412,801
Tenaris SA, NVS		2,645,335		41,781,179
Terna - Rete Elettrica Nazionale		7,942,783		66,973,934
Tinexta SpA(b)		69,900		1,478,188
Tod’s SpA(a)		65,496		2,401,065
UniCredit SpA		9,210,790		269,802,986
Unipol Gruppo SpA		2,391,062		14,847,556
Webuild SpA		2,196,457		4,619,986
Wiit SpA(b)		27,871		555,690
Zignago Vetro SpA		66,864		976,844
				2,804,268,878
Japan — 24.6%
77 Bank Ltd. (The)		447,900		10,773,475
Abalance Corp.(b)		42,900		786,301
ABC-Mart Inc.		560,400		9,712,014
Activia Properties Inc.		3,510		9,559,013
Adastria Co. Ltd.		153,100		3,568,927
ADEKA Corp.		593,700		11,616,746
Advance Logistics Investment Corp.		3,584		3,114,432
Advance Residence Investment Corp.		7,448		16,401,645

S C H E D U L E  O F  I N V E S T M E N T S 17

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Advantest Corp.		4,361,600	$	173,582,169
Aeon Co. Ltd.		3,698,900		88,393,262
Aeon Delight Co. Ltd.		101,000		2,587,113
AEON Financial Service Co. Ltd.		675,200		6,149,476
Aeon Hokkaido Corp.		155,300		1,005,999
Aeon Mall Co. Ltd.		564,800		6,991,116
AEON REIT Investment Corp.		10,371		9,772,401
AGC Inc.		1,138,000		42,798,179
Ai Holdings Corp.		186,100		3,124,068
Aica Kogyo Co. Ltd.		252,400		5,848,354
Aichi Financial Group Inc., NVS		234,600		4,141,494
Aida Engineering Ltd.		469,300		2,668,322
Aiful Corp.		2,150,800		5,392,381
Ain Holdings Inc.		151,100		4,930,917
Air Water Inc.		997,500		13,176,195
Airtrip Corp.(b)		76,600		942,815
Aisin Corp.		825,900		30,835,049
Ajinomoto Co. Inc.		2,532,200		103,984,583
Alfresa Holdings Corp.		949,100		15,564,233
Alpen Co. Ltd.		59,400		817,959
Alps Alpine Co. Ltd.		1,056,076		7,837,696
Amada Co. Ltd.		1,834,400		19,796,175
Amano Corp.		444,000		10,231,812
Amvis Holdings Inc.		224,400		4,134,129
ANA Holdings Inc.(a)		934,000		20,639,683
Anicom Holdings Inc.		464,500		1,844,591
Anritsu Corp.		784,400		6,211,379
Anycolor Inc.(a)(b)		117,100		2,970,953
AOKI Holdings Inc.		174,700		1,390,373
Aozora Bank Ltd.(b)		651,100		14,313,046
Appier Group Inc.(a)(b)		364,600		4,265,998
Arata Corp.		38,200		847,896
ARCLANDS Corp.		152,100		1,741,777
Arcs Co. Ltd.		183,600		3,653,140
Argo Graphics Inc.		17,300		507,639
Ariake Japan Co. Ltd.		94,700		3,036,618
Artience Co. Ltd.		165,100		3,089,297
As One Corp.		149,200		5,632,549
Asahi Group Holdings Ltd.		2,738,700		101,791,841
Asahi Holdings Inc.		469,200		6,533,427
Asahi Intecc Co. Ltd.		1,241,200		23,583,903
Asahi Kasei Corp.		7,005,200		53,124,220
Asics Corp.		926,200		28,143,623
ASKUL Corp.		233,300		3,153,435
Astellas Pharma Inc.		10,282,800		119,717,216
Atom Corp.(a)(b)		782,400		4,971,288
Autobacs Seven Co. Ltd.		563,500		6,125,865
Avex Inc.		184,700		1,771,753
Awa Bank Ltd. (The)		170,700		2,863,136
Axial Retailing Inc.		21,700		600,298
Azbil Corp.		651,400		21,049,784
AZ-COM MARUWA Holdings Inc.		197,200		2,030,715
Bandai Namco Holdings Inc.		3,401,500		73,651,108
BayCurrent Consulting Inc.		768,400		17,864,531
Belc Co. Ltd.		40,500		1,730,365
Bell System24 Holdings Inc.		105,500		1,286,031
Belluna Co. Ltd.		160,500		690,650
Benefit One Inc.(b)		487,300		6,953,680
Benesse Holdings Inc.		421,200		7,448,680
Bengo4.com Inc.(a)(b)		49,700		1,341,819
Bic Camera Inc.		658,800		6,141,002
BIPROGY Inc.		474,000		13,877,980

Security	Shares		Value
Japan (continued)
BML Inc.		126,900	$	2,452,548
Bridgestone Corp.		3,252,800		140,952,548
Brother Industries Ltd.		1,305,500		21,870,480
Bunka Shutter Co. Ltd.		69,900		696,289
C Uyemura & Co. Ltd.		56,500		4,287,488
Calbee Inc.		494,600		10,396,591
Canon Electronics Inc.		97,100		1,380,574
Canon Inc.		5,705,500		157,170,118
Canon Marketing Japan Inc.		230,500		7,012,992
Capcom Co. Ltd.		982,500		37,471,339
Casio Computer Co. Ltd.		1,050,100		9,054,284
Cawachi Ltd.		90,000		1,649,348
Central Glass Co. Ltd.		124,900		2,336,892
Central Japan Railway Co.		4,070,800		101,740,027
Change Holdings Inc.(b)		257,400		2,367,101
Chiba Bank Ltd. (The)		3,207,800		23,770,637
Chiyoda Corp.(a)		852,300		1,954,719
Chofu Seisakusho Co. Ltd.		28,000		400,543
Chubu Electric Power Co. Inc.		3,586,900		46,531,728
Chudenko Corp.		18,400		346,939
Chugai Pharmaceutical Co. Ltd.		3,820,700		137,431,414
Chugin Financial Group Inc., NVS		912,600		6,462,168
Chugoku Electric Power Co. Inc. (The)		1,562,800		11,111,976
Chugoku Marine Paints Ltd.		86,200		1,096,534
Citizen Watch Co. Ltd.		1,476,900		9,366,944
CKD Corp.		388,700		6,853,978
Coca-Cola Bottlers Japan Holdings Inc.		709,750		9,632,740
COLOPL Inc.(b)		473,700		2,023,379
Colowide Co. Ltd.		445,800		7,127,189
Comforia Residential REIT Inc.		5,144		10,780,944
COMSYS Holdings Corp.		623,400		13,649,397
Comture Corp.		102,700		1,269,958
Concordia Financial Group Ltd.		5,904,200		28,136,137
Cosmo Energy Holdings Co. Ltd.		413,100		17,157,327
Cosmos Pharmaceutical Corp.		113,800		12,223,727
Cover Corp.(a)(b)		138,500		2,663,206
CRE Logistics REIT Inc.		2,930		3,065,276
Create Restaurants Holdings Inc.		657,700		4,936,180
Create SD Holdings Co. Ltd.		145,400		3,164,096
Credit Saison Co. Ltd.		795,300		14,761,944
Curves Holdings Co. Ltd.		127,000		588,365
CyberAgent Inc.		2,499,200		16,129,406
CYBERDYNE Inc.(a)(b)		600,000		834,176
Cybozu Inc.		172,700		2,592,688
Dai Nippon Printing Co. Ltd.		1,232,100		35,656,904
Daicel Corp.		1,371,800		13,439,754
Daido Steel Co. Ltd.		707,000		7,367,197
Daifuku Co. Ltd.		1,731,100		34,137,282
Daihen Corp.		108,400		5,136,494
Daiho Corp.		36,000		945,598
Dai-ichi Life Holdings Inc.		5,289,600		116,015,537
Daiichi Sankyo Co. Ltd.		10,508,400		314,611,345
Daiichikosho Co. Ltd.		423,900		5,807,368
Daiki Aluminium Industry Co. Ltd.		109,500		927,408
Daikin Industries Ltd.		1,501,300		240,556,591
Daikokutenbussan Co. Ltd.		21,200		1,200,075
Daio Paper Corp.		497,000		3,743,521
Daiseki Co. Ltd.		234,820		6,714,176
Daishi Hokuetsu Financial Group Inc.		178,200		4,938,747
Daito Trust Construction Co. Ltd.		340,400		38,720,674
Daiwa House Industry Co. Ltd.		3,338,100		103,220,535
Daiwa House REIT Investment Corp.		12,934		22,853,092

18 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Daiwa Office Investment Corp.		1,575	$	6,714,243
Daiwa Securities Group Inc.		7,539,100		54,031,689
Daiwa Securities Living Investments Corp.		12,970		9,331,378
Daiwabo Holdings Co. Ltd.		511,900		11,131,108
DCM Holdings Co. Ltd.		677,600		6,312,138
Demae-Can Co. Ltd.(a)(b)		300,000		853,689
DeNA Co. Ltd.		544,200		5,494,514
Denka Co. Ltd.		472,100		8,232,583
Denso Corp.		10,809,600		169,797,732
Dentsu Group Inc.		1,124,700		29,850,963
Dentsu Soken Inc.		131,400		4,905,923
Descente Ltd.		195,400		4,513,161
Dexerials Corp.		304,800		8,783,870
DIC Corp.		503,900		9,510,244
Digital Arts Inc.		62,000		2,125,188
Digital Garage Inc.		190,800		4,600,063
Dip Corp.		203,000		3,466,876
Disco Corp.		528,000		142,474,981
DMG Mori Co. Ltd.		699,100		13,998,475
Doshisha Co. Ltd.		83,500		1,257,329
Doutor Nichires Holdings Co. Ltd.		185,500		2,738,921
Dowa Holdings Co. Ltd.		280,800		9,792,992
DTS Corp.		207,400		5,101,094
Duskin Co. Ltd.		242,600		5,632,788
DyDo Group Holdings Inc.		37,000		743,026
Earth Corp.		78,600		2,406,152
East Japan Railway Co.		1,700,700		97,267,491
Ebara Corp.		559,400		35,033,599
EDION Corp.		546,300		6,015,492
eGuarantee Inc.		164,900		2,149,253
Eiken Chemical Co. Ltd.		150,300		1,873,346
Eisai Co. Ltd.		1,434,100		67,529,802
Eizo Corp.		95,900		3,311,392
Elan Corp.		92,400		662,570
Elecom Co. Ltd.		228,600		2,658,626
Electric Power Development Co. Ltd.		791,400		13,293,557
en Japan Inc.		175,600		3,245,340
ENEOS Holdings Inc.		16,412,050		66,280,934
Enplas Corp.(b)		29,800		2,421,243
eRex Co. Ltd.(b)		163,600		909,888
ES-Con Japan Ltd.(a)		73,400		505,003
Euglena Co. Ltd.(a)(b)		653,800		3,063,848
Exedy Corp.		170,500		3,271,122
EXEO Group Inc.		553,100		12,352,989
Ezaki Glico Co. Ltd.		235,800		6,899,153
Fancl Corp.		482,600		7,621,038
FANUC Corp.		5,421,400		149,968,735
Fast Retailing Co. Ltd.		993,100		265,134,626
FCC Co. Ltd.		183,200		2,386,706
Ferrotec Holdings Corp.		271,200		5,230,463
Financial Partners Group Co. Ltd.		320,200		3,672,306
Food & Life Companies Ltd.		634,900		12,704,610
FP Corp.		252,800		4,897,674
Freee KK(a)(b)		235,100		4,425,568
Frontier Real Estate Investment Corp.		2,559		7,564,090
Fuji Co. Ltd./Ehime		201,900		2,721,513
Fuji Corp./Aichi		497,700		8,432,768
Fuji Electric Co. Ltd.		716,900		35,902,355
Fuji Kyuko Co. Ltd.		115,400		3,411,070
Fuji Media Holdings Inc.		219,800		2,603,913
Fuji Oil Holdings Inc.		238,200		3,815,707
Fuji Seal International Inc.		229,000		2,700,550

Security	Shares		Value
Japan (continued)
Fuji Soft Inc.		283,400	$	12,422,097
Fujicco Co. Ltd.		9,800		134,509
FUJIFILM Holdings Corp.		2,113,800		133,982,998
Fujikura Ltd.		1,322,200		10,869,158
Fujimi Inc.		329,700		6,607,127
Fujimori Kogyo Co. Ltd.		13,900		383,903
Fujitec Co. Ltd.		444,800		11,349,270
Fujitsu General Ltd.		441,300		6,465,990
Fujitsu Ltd.		993,800		137,556,077
Fujiya Co. Ltd.		73,900		1,241,298
Fukui Computer Holdings Inc.		20,500		361,836
Fukuoka Financial Group Inc.		917,580		22,551,614
Fukuoka REIT Corp.		5,503		6,509,170
Fukushima Galilei Co. Ltd.		7,800		271,667
Fukuyama Transporting Co. Ltd.		97,800		2,704,869
Fullcast Holdings Co. Ltd.		54,200		654,355
Funai Soken Holdings Inc.		169,100		2,944,300
Furukawa Co. Ltd.		180,500		2,365,966
Furukawa Electric Co. Ltd.		415,900		7,565,403
Fuso Chemical Co. Ltd.		82,100		2,311,934
Future Corp.		234,800		2,786,759
Fuyo General Lease Co. Ltd.		82,800		7,404,493
G-7 Holdings Inc.		67,800		577,993
Genky DrugStores Co. Ltd.		27,200		1,237,540
Geo Holdings Corp.		114,400		1,869,082
Giken Ltd.		68,400		1,003,252
Global One Real Estate Investment Corp.		7,344		5,471,298
GLOBERIDE Inc.		73,500		1,034,483
Glory Ltd.		228,300		4,717,009
GLP J-REIT		27,426		24,486,851
GMO Financial Gate Inc.(b)		21,300		1,466,016
GMO Financial Holdings Inc.		110,300		563,690
GMO internet group Inc.		478,100		8,616,495
GMO Payment Gateway Inc.		243,700		14,704,437
GNI Group Ltd.(a)		291,600		5,226,459
Goldcrest Co. Ltd.		69,500		1,108,398
Goldwin Inc.		129,300		8,697,915
Gree Inc.		507,000		2,016,932
GS Yuasa Corp.		450,000		6,490,243
GungHo Online Entertainment Inc.(a)		244,730		4,114,494
Gunma Bank Ltd. (The)		2,376,200		11,717,522
Gunze Ltd.		80,700		2,949,671
H.U. Group Holdings Inc.		285,600		5,309,267
H2O Retailing Corp.		588,100		6,296,380
Hachijuni Bank Ltd. (The)		2,352,300		12,819,818
Hakuhodo DY Holdings Inc.		1,284,500		9,866,529
Hakuto Co. Ltd.		58,900		2,438,402
Hamamatsu Photonics KK		804,500		31,781,696
Hankyu Hanshin Holdings Inc.		1,278,100		39,104,136
Hankyu Hanshin REIT Inc.(b)		4,756		4,709,298
Hanwa Co. Ltd.		170,300		6,228,974
Harmonic Drive Systems Inc.		297,800		7,216,778
Haseko Corp.		1,339,200		17,414,803
Hazama Ando Corp.		1,139,600		9,203,056
Heiwa Corp.		433,800		6,445,333
Heiwa Real Estate Co. Ltd.		172,200		4,552,683
Heiwa Real Estate REIT Inc.		6,340		5,892,012
Heiwado Co. Ltd.		176,500		2,635,894
Hiday Hidaka Corp.		56,400		1,136,838
Hikari Tsushin Inc.		112,100		19,533,403
Hino Motors Ltd.(a)		1,582,900		5,389,131
Hioki E.E. Corp.		44,400		1,970,290

S C H E D U L E  O F  I N V E S T M E N T S 19

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Hirata Corp.		47,800	$	2,186,646
Hirogin Holdings Inc.		1,684,600		11,304,169
Hirose Electric Co. Ltd.		166,645		19,389,609
HIS Co. Ltd.(a)		279,600		3,396,698
Hisamitsu Pharmaceutical Co. Inc.		268,000		7,638,613
Hitachi Construction Machinery Co. Ltd.		590,100		16,742,555
Hitachi Ltd.		5,308,800		417,008,091
Hitachi Zosen Corp.		1,052,800		6,496,097
Hogy Medical Co. Ltd.		144,900		3,493,232
Hokkaido Electric Power Co. Inc.		1,024,500		4,570,871
Hokkoku Financial Holdings Inc.		112,200		3,338,318
Hokuetsu Corp.(b)		860,000		8,130,790
Hokuhoku Financial Group Inc.		784,200		8,307,856
Hokuriku Electric Power Co.(a)		913,500		4,466,786
Hokuto Corp.		125,000		1,524,840
Honda Motor Co. Ltd.		26,203,400		292,903,174
Horiba Ltd.		201,500		16,167,162
Hoshino Resorts REIT Inc.		1,364		4,760,367
Hoshizaki Corp.		617,200		22,454,571
Hosiden Corp.		391,900		4,810,807
House Foods Group Inc.		428,400		9,429,709
Hoya Corp.		2,015,700		256,052,496
Hulic Co. Ltd.		2,159,400		23,844,837
Hulic REIT Inc.		7,986		8,409,789
Hyakugo Bank Ltd. (The)		1,380,400		5,353,668
Ibiden Co. Ltd.		645,800		32,496,614
Ichibanya Co. Ltd.		89,100		3,927,171
Ichigo Inc.		1,784,200		4,756,287
Ichigo Office REIT Investment Corp.		8,835		4,964,657
Idec Corp./Japan		148,600		2,973,710
Idemitsu Kosan Co. Ltd.		5,784,140		32,119,210
IDOM Inc.		282,900		1,689,760
IHI Corp.		791,900		15,146,189
Iida Group Holdings Co. Ltd.		842,400		12,717,661
Iino Kaiun Kaisha Ltd.		717,300		6,264,378
Inaba Denki Sangyo Co. Ltd.		226,200		5,404,777
Inabata & Co. Ltd.		225,100		4,898,054
Inageya Co. Ltd.		119,000		1,022,636
Industrial & Infrastructure Fund Investment Corp.		11,921		10,787,820
Infocom Corp.		106,100		1,761,625
Infomart Corp.		1,221,800		3,279,166
INFRONEER Holdings Inc.		1,505,156		15,734,101
Inpex Corp.		5,640,300		76,665,527
Insource Co. Ltd.		260,800		1,474,214
Internet Initiative Japan Inc.		593,500		11,508,804
Invincible Investment Corp.		38,125		15,673,219
Iriso Electronics Co. Ltd.		107,200		2,506,902
Isetan Mitsukoshi Holdings Ltd.		1,891,800		22,119,505
Isuzu Motors Ltd.		3,300,100		45,029,670
Ito En Ltd.		294,800		8,557,911
ITOCHU Corp.		6,753,600		306,506,068
Itochu Enex Co. Ltd.		245,500		2,629,317
Itoham Yonekyu Holdings Inc.		175,480		4,916,864
Iwatani Corp.		230,500		10,300,235
Iyogin Holdings Inc., NVS		1,708,400		11,620,416
Izumi Co. Ltd.		152,900		3,599,385
J Front Retailing Co. Ltd.		1,341,900		12,427,785
J Trust Co. Ltd.(b)		411,300		1,330,918
JAC Recruitment Co. Ltd.		234,000		1,069,095
Jaccs Co. Ltd.		127,000		4,864,975
JAFCO Group Co. Ltd.		315,000		3,736,118
Japan Airlines Co. Ltd.		837,400		16,091,282

Security	Shares		Value
Japan (continued)
Japan Airport Terminal Co. Ltd.		333,400	$	13,240,286
Japan Aviation Electronics Industry Ltd.		232,400		3,995,558
Japan Display Inc.(a)(b)		4,861,500		656,495
Japan Elevator Service Holdings Co. Ltd.		362,000		5,470,359
Japan Excellent Inc.		7,716		6,379,524
Japan Exchange Group Inc.		2,818,900		62,387,052
Japan Hotel REIT Investment Corp.		26,307		13,519,125
Japan Lifeline Co. Ltd.		440,200		3,927,981
Japan Logistics Fund Inc.		5,960		11,020,169
Japan Material Co. Ltd.		338,000		5,711,454
Japan Metropolitan Fund Invest		40,312		27,365,522
Japan Petroleum Exploration Co. Ltd.		189,900		7,724,727
Japan Post Bank Co. Ltd.		8,202,800		85,307,858
Japan Post Holdings Co. Ltd.		12,138,200		116,195,122
Japan Post Insurance Co. Ltd.		1,116,500		20,902,979
Japan Prime Realty Investment Corp.		5,143		12,313,963
Japan Real Estate Investment Corp.		7,288		27,938,843
Japan Securities Finance Co. Ltd.		846,400		8,970,011
Japan Steel Works Ltd. (The)		413,200		6,800,440
Japan Tobacco Inc.		6,847,700		180,487,459
Japan Wool Textile Co. Ltd. (The)		72,800		734,326
JCR Pharmaceuticals Co. Ltd.		412,800		3,041,600
JCU Corp.		92,300		2,329,329
JDC Corp.		39,200		145,391
Jeol Ltd.		252,900		11,561,037
JFE Holdings Inc.		3,133,000		49,466,366
JGC Holdings Corp.		1,230,300		14,411,071
JINS Holdings Inc.		70,700		1,993,351
JMDC Inc.		178,300		4,718,254
J-Oil Mills Inc.		71,200		986,880
Joshin Denki Co. Ltd.		24,300		405,537
Joyful Honda Co. Ltd.		239,100		3,171,180
JSR Corp.		1,024,400		27,940,161
JTEKT Corp.		1,171,400		10,718,121
JTOWER Inc.(a)(b)		61,100		1,882,307
Juroku Financial Group Inc.		146,000		4,093,322
Justsystems Corp.		193,100		4,034,613
JVCKenwood Corp.		770,100		3,745,085
Kadokawa Corp.		573,900		12,142,237
Kaga Electronics Co. Ltd.		67,300		3,115,317
Kagome Co. Ltd.		533,900		13,144,670
Kajima Corp.		2,326,300		41,517,142
Kakaku.com Inc.		780,900		8,882,973
Kaken Pharmaceutical Co. Ltd.		172,200		4,066,797
Kameda Seika Co. Ltd.		25,800		732,734
Kamigumi Co. Ltd.		609,300		14,017,418
Kanamoto Co. Ltd.		147,400		2,815,482
Kandenko Co. Ltd.		675,300		6,944,811
Kaneka Corp.		236,500		5,751,071
Kanematsu Corp.		565,300		8,764,586
Kansai Electric Power Co. Inc. (The)		3,965,700		54,100,621
Kansai Paint Co. Ltd.		1,019,600		17,047,522
Kanto Denka Kogyo Co. Ltd.		481,900		2,884,159
Kao Corp.		2,640,900		104,493,974
Kappa Create Co. Ltd.(a)(b)		135,800		1,624,309
Kasumigaseki Capital Co. Ltd.(b)		31,300		2,652,627
Katakura Industries Co. Ltd.		39,600		456,100
Katitas Co. Ltd.		263,700		3,278,473
Kato Sangyo Co. Ltd.		109,100		3,557,481
Kawasaki Heavy Industries Ltd.		836,700		18,942,781
Kawasaki Kisen Kaisha Ltd.		783,200		38,160,466
KDDI Corp.		8,486,200		281,190,541

20 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
KDX Realty Investment Corp.		26,524	$	28,771,688
KeePer Technical Laboratory Co. Ltd.(b)		78,900		3,481,944
Keihan Holdings Co. Ltd.		569,100		13,879,842
Keihanshin Building Co. Ltd.		92,600		935,737
Keikyu Corp.		1,209,400		10,563,405
Keio Corp.(b)		577,800		16,906,609
Keisei Electric Railway Co. Ltd.		736,200		33,312,950
Keiyo Bank Ltd. (The)		601,600		2,944,984
Kewpie Corp.		567,200		10,094,119
Keyence Corp.		1,105,500		494,598,353
KFC Holdings Japan Ltd.		66,100		1,516,463
KH Neochem Co. Ltd.		168,300		2,622,730
Kikkoman Corp.		805,600		49,567,135
Kinden Corp.		787,500		13,123,328
Kintetsu Group Holdings Co. Ltd.		1,021,500		31,520,891
Kirin Holdings Co. Ltd.		4,483,500		64,445,633
Kisoji Co. Ltd.		150,200		2,723,948
Kissei Pharmaceutical Co. Ltd.		160,600		3,429,285
Ki-Star Real Estate Co. Ltd.		46,800		1,105,287
Kitz Corp.		537,400		4,393,737
Kiyo Bank Ltd. (The)		441,200		4,972,698
Koa Corp.(b)		168,300		1,722,077
Kobayashi Pharmaceutical Co. Ltd.		293,400		13,241,300
Kobe Bussan Co. Ltd.		862,000		22,026,428
Kobe Steel Ltd.		2,014,300		27,813,216
Koei Tecmo Holdings Co. Ltd.		811,832		10,112,308
Kohnan Shoji Co. Ltd.		154,100		4,093,602
Koito Manufacturing Co. Ltd.		1,210,800		18,536,488
Kokuyo Co. Ltd.		596,600		9,607,942
Komatsu Ltd.		5,241,000		149,106,192
KOMEDA Holdings Co. Ltd.		231,900		4,444,888
Komeri Co. Ltd.		147,700		3,309,456
Konami Group Corp.		569,300		35,010,920
Konica Minolta Inc.(a)		2,489,800		6,832,534
Konishi Co. Ltd.		193,000		1,848,292
Kose Corp.		200,200		13,097,614
Koshidaka Holdings Co. Ltd.		273,000		1,739,167
Kotobuki Spirits Co. Ltd.		566,200		7,618,011
K’s Holdings Corp.		904,300		8,218,438
Kubota Corp.		5,733,000		86,783,082
Kumagai Gumi Co. Ltd.		163,400		4,252,654
Kumiai Chemical Industry Co. Ltd.		564,727		3,238,318
Kura Sushi Inc.		106,900		2,864,530
Kuraray Co. Ltd.		1,695,200		17,785,639
Kureha Corp.		268,200		5,133,941
Kurita Water Industries Ltd.		598,700		21,865,122
Kusuri no Aoki Holdings Co. Ltd.		256,400		5,535,610
KYB Corp.		99,200		3,439,613
Kyocera Corp.		7,270,100		106,434,773
Kyoei Steel Ltd.		98,600		1,417,249
Kyokuto Kaihatsu Kogyo Co. Ltd.		131,000		1,793,069
Kyorin Pharmaceutical Co. Ltd.		437,300		5,283,331
Kyoritsu Maintenance Co. Ltd.		168,100		6,907,435
Kyoto Financial Group Inc.		1,190,600		19,787,129
Kyowa Kirin Co. Ltd.		1,532,800		24,144,612
Kyudenko Corp.		205,800		7,828,227
Kyushu Electric Power Co. Inc.(a)		2,171,700		16,264,113
Kyushu Financial Group Inc.		2,115,300		13,460,917
Kyushu Railway Co.		738,600		16,234,423
LaSalle Logiport REIT		10,772		10,908,259
Lasertec Corp.		432,500		112,635,540
Lawson Inc.		244,400		13,988,991

Security	Shares		Value
Japan (continued)
Leopalace21 Corp.(a)		1,026,500	$	2,871,359
Life Corp.		116,500		2,958,475
LIFENET INSURANCE Co.(a)(b)		297,700		2,523,946
Link And Motivation Inc.		276,200		1,036,155
Lintec Corp.		210,000		3,977,147
Lion Corp.		1,322,300		11,787,136
LITALICO Inc.		108,900		1,586,717
Lixil Corp.		1,583,600		21,161,599
LY Corp.		15,198,300		47,282,402
M&A Capital Partners Co. Ltd.		79,200		1,219,769
M&A Research Institute Holdings Inc., NVS(a)(b)		134,400		4,783,511
M3 Inc.		2,547,000		40,191,653
Mabuchi Motor Co. Ltd.		509,300		8,827,347
Macnica Holdings Inc.		259,800		13,747,543
Maeda Kosen Co. Ltd.		37,600		819,668
Makino Milling Machine Co. Ltd.		123,300		4,994,238
Makita Corp.		1,274,300		34,297,772
Management Solutions Co. Ltd.		63,100		1,277,053
Mandom Corp.		211,900		1,844,664
Mani Inc.		483,300		6,714,113
Marubeni Corp.		8,126,500		138,610,972
Maruha Nichiro Corp.		224,300		4,438,028
Marui Group Co. Ltd.		977,600		16,164,775
Maruichi Steel Tube Ltd.		302,100		7,697,370
MARUKA FURUSATO Corp.		99,700		1,655,566
Maruwa Co. Ltd./Aichi(b)		50,600		10,124,342
Matsuda Sangyo Co. Ltd.		45,300		843,085
Matsui Securities Co. Ltd.		807,600		4,537,117
MatsukiyoCocokara & Co.		1,947,250		35,394,718
Max Co. Ltd.		38,800		862,333
Maxell Ltd.		435,500		4,789,872
Maxvalu Tokai Co. Ltd.		2,500		55,123
Mazda Motor Corp.		3,216,600		38,996,273
McDonald’s Holdings Co. Japan Ltd.(b)		535,900		23,860,665
MCJ Co. Ltd.		252,700		2,118,991
Mebuki Financial Group Inc.		5,794,510		17,344,105
Medipal Holdings Corp.		992,300		15,838,080
Medley Inc.(a)(b)		140,500		4,405,228
Megachips Corp.		81,300		2,625,055
Megmilk Snow Brand Co. Ltd.		240,600		3,773,401
Meidensha Corp.		173,900		3,117,215
MEIJI Holdings Co. Ltd.		1,304,300		31,543,985
Meiko Electronics Co. Ltd.		110,400		3,007,046
MEITEC Group Holdings Inc.		432,600		8,558,269
Melco Holdings Inc.		45,900		1,021,396
Menicon Co. Ltd.		346,400		5,030,436
Mercari Inc.(a)		658,700		10,890,844
METAWATER Co. Ltd.		68,900		1,004,111
Micronics Japan Co. Ltd.		182,000		5,404,181
Milbon Co. Ltd.		144,400		3,450,815
Mimasu Semiconductor Industry Co. Ltd.		34,200		737,093
MINEBEA MITSUMI Inc.		2,131,159		44,051,496
Mirai Corp.		8,207		2,509,501
MIRAIT ONE corp.		586,500		7,748,803
MISUMI Group Inc.		1,640,100		28,119,339
Mitani Sekisan Co. Ltd.		15,000		515,381
Mitsubishi Chemical Group Corp.		7,089,700		42,749,047
Mitsubishi Corp.		19,560,300		337,120,640
Mitsubishi Electric Corp.		10,980,400		162,952,418
Mitsubishi Estate Co. Ltd.		6,340,900		87,858,963
Mitsubishi Estate Logistics REIT Investment Corp.		2,788		6,985,083

S C H E D U L E  O F  I N V E S T M E N T S 21

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Mitsubishi Gas Chemical Co. Inc.		845,600	$	13,809,388
Mitsubishi HC Capital Inc.		5,135,970		36,416,307
Mitsubishi Heavy Industries Ltd.		1,819,400		121,360,294
Mitsubishi Logisnext Co. Ltd.		100,500		1,040,881
Mitsubishi Logistics Corp.		427,500		13,205,103
Mitsubishi Materials Corp.		670,100		12,267,849
Mitsubishi Motors Corp.		3,810,000		12,005,561
Mitsubishi Pencil Co. Ltd.		169,700		2,307,593
Mitsubishi Research Institute Inc.		24,200		811,177
Mitsubishi Shokuhin Co. Ltd.		68,600		2,332,132
Mitsubishi UFJ Financial Group Inc.		64,793,600		606,892,259
Mitsuboshi Belting Ltd.		133,600		4,456,595
Mitsui & Co. Ltd.		7,401,000		300,164,024
Mitsui Chemicals Inc.		1,012,400		29,795,197
Mitsui DM Sugar Holdings Co. Ltd.		108,800		2,499,991
Mitsui Fudosan Co. Ltd.		5,070,700		127,293,668
Mitsui Fudosan Logistics Park Inc.		3,083		9,242,618
Mitsui High-Tec Inc.		122,400		5,649,560
Mitsui Mining & Smelting Co. Ltd.		298,200		9,218,937
Mitsui OSK Lines Ltd.		1,935,200		69,513,284
Mitsui-Soko Holdings Co. Ltd.		112,800		3,767,602
Miura Co. Ltd.		517,900		9,463,892
Mixi Inc.		199,300		3,418,583
Mizuho Financial Group Inc.		13,620,570		247,370,794
Mizuho Leasing Co. Ltd.		139,300		5,048,338
Mochida Pharmaceutical Co. Ltd.		134,900		3,049,917
Modec Inc.(a)		131,000		2,045,763
Monex Group Inc.		998,300		5,195,395
Money Forward Inc.(a)		252,900		9,871,193
Monogatari Corp. (The)		168,400		5,937,856
MonotaRO Co. Ltd.		1,475,200		13,893,751
Mori Hills REIT Investment Corp.		9,031		8,404,776
Mori Trust REIT Inc.		12,898		6,549,945
Morinaga & Co. Ltd./Japan		389,700		7,437,755
Morinaga Milk Industry Co. Ltd.		377,200		7,724,491
Morita Holdings Corp.		90,400		976,246
MOS Food Services Inc.		144,000		3,349,172
MS&AD Insurance Group Holdings Inc.		2,404,100		99,276,672
Murata Manufacturing Co. Ltd.		9,791,100		197,703,082
Musashi Seimitsu Industry Co. Ltd.		246,400		2,796,725
Musashino Bank Ltd. (The)		128,700		2,424,671
Nabtesco Corp.		607,800		11,682,470
Nachi-Fujikoshi Corp.		86,300		2,012,591
Nafco Co. Ltd.		59,700		904,807
Nagaileben Co. Ltd.(b)		62,000		983,789
Nagase & Co. Ltd.		634,500		10,374,501
Nagawa Co. Ltd.(b)		27,100		1,308,935
Nagoya Railroad Co. Ltd.		1,012,800		15,615,261
Nakanishi Inc.		445,500		7,290,986
Nankai Electric Railway Co. Ltd.		574,000		11,192,981
Nanto Bank Ltd. (The)		137,100		2,479,884
NEC Corp.		1,389,100		90,770,329
NEC Networks & System Integration Corp.		568,300		9,177,603
NET One Systems Co. Ltd.		493,400		8,022,239
Nexon Co. Ltd.		1,955,600		31,209,471
Nextage Co. Ltd.(b)		259,400		3,908,297
NGK Insulators Ltd.		1,298,500		16,221,814
NH Foods Ltd.		466,400		15,972,418
NHK Spring Co. Ltd.		1,227,500		10,133,832
Nichias Corp.		418,800		9,789,224
Nichicon Corp.		427,400		3,735,404
Nichiden Corp.		67,700		1,262,561

Security	Shares		Value
Japan (continued)
Nichiha Corp.		127,000	$	2,551,347
Nichirei Corp.		585,800		14,148,641
Nidec Corp.		2,383,400		88,893,233
Nifco Inc./Japan		505,300		13,112,916
Nihon Kohden Corp.		496,300		15,125,683
Nihon M&A Center Holdings Inc.		1,772,800		10,656,088
Nihon Parkerizing Co. Ltd.		650,900		5,170,052
Nikkiso Co. Ltd.		263,200		1,932,221
Nikkon Holdings Co. Ltd.		237,900		5,110,719
Nikon Corp.		1,671,200		17,055,487
Nintendo Co. Ltd.		5,905,700		329,956,707
Nippn Corp., New		270,800		4,157,331
Nippon Accommodations Fund Inc.		2,635		10,969,850
Nippon Building Fund Inc.		8,843		35,779,741
Nippon Carbon Co. Ltd.		19,000		577,332
Nippon Ceramic Co. Ltd.		99,100		1,794,641
Nippon Densetsu Kogyo Co. Ltd.		95,800		1,328,829
Nippon Electric Glass Co. Ltd.		490,400		10,901,056
Nippon Express Holdings Inc.		443,900		26,421,515
Nippon Gas Co. Ltd.		607,100		9,404,374
Nippon Kanzai Holdings Co. Ltd.		34,500		615,988
Nippon Kayaku Co. Ltd.		847,100		7,562,319
Nippon Light Metal Holdings Co. Ltd.		411,360		5,068,722
Nippon Paint Holdings Co. Ltd.		5,455,400		42,968,495
Nippon Paper Industries Co. Ltd.(a)		534,700		4,956,239
Nippon Parking Development Co. Ltd.		1,060,600		1,320,439
Nippon Pillar Packing Co. Ltd.		99,100		3,258,537
Nippon Prologis REIT Inc.		13,088		23,286,190
NIPPON REIT Investment Corp.		2,514		5,821,293
Nippon Road Co. Ltd. (The)		136,500		1,967,827
Nippon Sanso Holdings Corp.		966,700		24,495,504
Nippon Seiki Co. Ltd.		116,100		1,076,138
Nippon Shinyaku Co. Ltd.		298,900		10,559,528
Nippon Shokubai Co. Ltd.		131,800		4,958,328
Nippon Signal Co. Ltd.		272,300		1,737,351
Nippon Soda Co. Ltd.		122,000		4,709,415
Nippon Steel Corp.		4,816,108		115,897,989
Nippon Telegraph & Telephone Corp.		169,546,000		212,908,092
Nippon Television Holdings Inc.		205,700		2,399,837
Nippon Yusen KK		2,734,300		94,226,327
Nipro Corp.		827,800		6,666,385
Nishimatsu Construction Co. Ltd.		173,000		4,755,597
Nishimatsuya Chain Co. Ltd.		390,300		5,636,975
Nishi-Nippon Financial Holdings Inc.		870,000		10,017,293
Nishi-Nippon Railroad Co. Ltd.		446,900		7,428,365
Nishio Holdings Co. Ltd.(b)		31,100		851,886
Nissan Chemical Corp.		719,700		28,703,656
Nissan Motor Co. Ltd.		13,037,400		51,182,550
Nissan Shatai Co. Ltd.		241,100		1,590,837
Nissha Co. Ltd.		224,400		2,489,325
Nisshin Oillio Group Ltd. (The)		141,900		4,334,709
Nisshin Seifun Group Inc.		1,137,400		15,865,803
Nisshinbo Holdings Inc.		766,700		6,327,871
Nissin Foods Holdings Co. Ltd.		1,119,000		36,201,189
Nissui Corp.		1,867,700		10,205,006
Niterra Co. Ltd.		885,800		23,853,358
Nitori Holdings Co. Ltd.		458,100		59,956,911
Nitta Corp.		100,500		2,600,769
Nittetsu Mining Co. Ltd.		32,100		1,144,079
Nitto Boseki Co. Ltd.		129,600		4,425,522
Nitto Denko Corp.		830,800		68,921,374
Nitto Kogyo Corp.		128,600		3,499,557

22 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Noevir Holdings Co. Ltd.		88,700	$	3,153,349
NOF Corp.		453,700		20,490,782
Nohmi Bosai Ltd.		25,000		377,576
Nojima Corp.		292,800		3,690,176
NOK Corp.		563,000		7,457,202
Nomura Co. Ltd.		572,500		3,383,773
Nomura Holdings Inc.		16,811,800		90,550,802
Nomura Real Estate Holdings Inc.		643,200		17,601,620
Nomura Real Estate Master Fund Inc.		23,625		25,852,016
Nomura Research Institute Ltd.		2,191,140		67,012,776
Noritake Co. Ltd./Nagoya Japan		62,100		3,303,552
Noritsu Koki Co. Ltd.		76,300		1,723,580
Noritz Corp.		120,300		1,267,233
North Pacific Bank Ltd.		2,368,600		6,040,118
NS Solutions Corp.		174,000		5,803,405
NS United Kaiun Kaisha Ltd.		52,700		1,853,443
NSD Co. Ltd.		550,000		10,321,269
NSK Ltd.		2,076,000		11,317,563
NTN Corp.		2,473,300		4,523,071
NTT Data Group Corp.		3,574,700		51,488,638
NTT UD REIT Investment Corp.		9,104		7,730,809
Obara Group Inc.		63,400		1,724,647
Obayashi Corp.		3,584,500		33,180,060
OBIC Business Consultants Co. Ltd.		163,800		7,921,410
Obic Co. Ltd.		403,100		61,920,006
Odakyu Electric Railway Co. Ltd.		1,748,200		26,713,355
Ogaki Kyoritsu Bank Ltd. (The)		186,500		2,496,857
Ohsho Food Service Corp.		72,600		4,013,902
Oiles Corp.		104,200		1,507,349
Oisix ra daichi Inc.(a)(b)		154,700		1,463,281
Oji Holdings Corp.		4,709,000		18,411,395
Okamoto Industries Inc.		43,900		1,487,508
Okamura Corp.		474,100		7,105,410
Okasan Securities Group Inc.		1,234,600		6,042,417
Oki Electric Industry Co. Ltd.		580,000		4,075,236
Okinawa Cellular Telephone Co.		115,000		2,802,268
Okinawa Electric Power Co. Inc. (The)		210,616		1,669,151
Okinawa Financial Group Inc.		71,200		1,223,625
OKUMA Corp.		127,600		5,741,248
Okumura Corp.		168,600		5,895,836
Olympus Corp.		7,027,900		104,038,657
Omron Corp.		998,600		44,902,301
One REIT Inc.		711		1,307,519
Ono Pharmaceutical Co. Ltd.		2,205,900		39,759,421
Open House Group Co. Ltd.		438,400		13,709,694
Open Up Group Inc.		305,800		4,736,702
Optex Group Co. Ltd.		122,700		1,523,818
Optorun Co. Ltd.		155,900		1,801,433
Oracle Corp. Japan		213,500		16,825,750
Organo Corp.		138,100		5,703,960
Orient Corp.		541,010		4,082,441
Oriental Land Co. Ltd./Japan		6,192,200		229,978,742
ORIX Corp.		6,572,200		126,904,354
Orix JREIT Inc.		14,774		17,089,223
Osaka Gas Co. Ltd.		2,109,100		44,411,006
Osaka Organic Chemical Industry Ltd.		74,300		1,477,897
Osaka Soda Co. Ltd.		76,800		5,391,395
OSAKA Titanium Technologies Co. Ltd.(b)		173,800		3,287,657
OSG Corp.		524,700		7,140,282
Otsuka Corp.		687,400		28,924,255
Otsuka Holdings Co. Ltd.		2,331,900		91,663,071
Outsourcing Inc.(a)		675,200		7,883,240

Security	Shares		Value
Japan (continued)
PAL GROUP Holdings Co. Ltd.		262,100	$	4,191,572
PALTAC Corp.		160,500		4,886,491
Pan Pacific International Holdings Corp.		2,159,400		46,678,633
Panasonic Holdings Corp.		12,514,300		117,869,398
Paramount Bed Holdings Co. Ltd.		217,400		3,926,485
Park24 Co. Ltd.(a)		727,500		9,506,081
Pasona Group Inc.		95,000		1,732,428
Penta-Ocean Construction Co. Ltd.		1,619,600		8,677,767
PeptiDream Inc.(a)(b)		566,100		4,961,014
Persol Holdings Co. Ltd.		10,314,900		16,397,712
Pharma Foods International Co. Ltd.(b)		130,000		884,950
PHC Holdings Corp.		131,700		1,362,756
Pigeon Corp.		703,500		7,688,337
Pilot Corp.		147,400		4,116,265
Piolax Inc.		138,200		2,340,818
PKSHA Technology Inc.(a)		172,600		4,515,668
Plus Alpha Consulting Co. Ltd.		112,800		1,965,932
Pola Orbis Holdings Inc.		526,300		5,444,572
Pressance Corp.		78,100		883,379
Prestige International Inc.		360,900		1,481,914
Prima Meat Packers Ltd.		148,700		2,432,974
Raito Kogyo Co. Ltd.		206,800		2,890,875
Raiznext Corp.		161,100		1,714,317
Raksul Inc.(a)		285,100		2,212,404
Rakus Co. Ltd.		537,700		8,837,698
Rakuten Bank Ltd., NVS(a)		161,200		2,512,937
Rakuten Group Inc.(a)(b)		8,497,300		37,326,581
Recruit Holdings Co. Ltd.		8,198,200		323,818,367
Relo Group Inc.		594,500		5,967,431
Renesas Electronics Corp.(a)		8,373,600		137,390,484
Rengo Co. Ltd.		1,049,500		6,806,069
RENOVA Inc.(a)(b)		233,800		2,008,703
Resona Holdings Inc.		11,997,638		66,230,068
Resonac Holdings Corp.		968,400		19,311,334
Resorttrust Inc.		552,400		9,602,688
Retail Partners Co. Ltd.		40,800		482,946
Ricoh Co. Ltd.		3,032,400		23,834,646
Ricoh Leasing Co. Ltd.		65,300		2,241,544
Riken Keiki Co. Ltd.		52,700		2,603,730
Ringer Hut Co. Ltd.(b)		164,900		2,726,096
Rinnai Corp.		626,000		14,182,545
Riso Kagaku Corp.		68,000		1,374,222
Riso Kyoiku Co. Ltd.		511,200		843,590
Rohm Co. Ltd.		2,004,100		34,589,233
Rohto Pharmaceutical Co. Ltd.		1,147,000		23,469,485
Roland Corp.		69,400		2,305,734
Rorze Corp.		63,000		6,997,253
Round One Corp.		1,378,600		6,105,864
Royal Holdings Co. Ltd.		169,800		2,988,359
RS Technologies Co. Ltd.		71,300		1,384,127
Ryohin Keikaku Co. Ltd.		1,439,400		22,381,441
Ryosan Co. Ltd.		89,700		2,955,581
Ryoyo Electro Corp.		144,100		3,677,280
S Foods Inc.		48,700		1,095,110
Saibu Gas Holdings Co. Ltd.		121,300		1,590,481
Saizeriya Co. Ltd.		161,900		5,557,912
Sakai Moving Service Co. Ltd.		61,800		1,174,662
Sakata INX Corp.		30,800		297,167
Sakata Seed Corp.		187,400		4,666,741
SAMTY Co. Ltd.		108,600		1,850,393
Samty Residential Investment Corp.		733		534,131
San-A Co. Ltd.		117,900		3,641,429

S C H E D U L E  O F  I N V E S T M E N T S 23

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
San-Ai Obbli Co. Ltd.		89,600	$	1,010,287
SanBio Co. Ltd.(a)(b)		300,600		1,150,041
Sangetsu Corp.		259,600		5,718,041
San-In Godo Bank Ltd. (The)		851,300		6,003,422
Sanken Electric Co. Ltd.		127,200		5,843,972
Sanki Engineering Co. Ltd.		13,100		168,061
Sankyo Co. Ltd.		228,700		13,988,793
Sankyu Inc.		247,200		9,240,895
Sanrio Co. Ltd.		306,600		12,802,753
Sansan Inc.(a)		434,100		4,041,132
Santen Pharmaceutical Co. Ltd.		1,961,900		19,819,745
Sanwa Holdings Corp.		1,167,900		17,850,390
Sanyo Chemical Industries Ltd.		21,100		616,694
Sanyo Denki Co. Ltd.		34,200		1,422,025
Sanyo Special Steel Co. Ltd.		110,700		1,901,456
Sapporo Holdings Ltd.		444,300		20,543,906
Sato Holdings Corp.		160,200		2,355,452
Sawai Group Holdings Co. Ltd.		207,100		7,838,737
SB Technology Corp.		10,600		178,500
SBI Holdings Inc.		1,468,100		36,064,839
SBS Holdings Inc.		58,000		981,763
SCREEN Holdings Co. Ltd.		473,000		46,382,026
SCSK Corp.		851,600		16,720,836
Secom Co. Ltd.		1,189,100		86,305,269
Sega Sammy Holdings Inc.		902,700		13,285,578
Seibu Holdings Inc.		1,346,800		19,033,544
Seiko Epson Corp.		1,601,900		23,383,588
Seiko Group Corp.		142,300		2,538,645
Seino Holdings Co. Ltd.		755,100		11,027,356
Seiren Co. Ltd.		218,800		3,672,255
Sekisui Chemical Co. Ltd.		2,129,900		30,409,729
Sekisui House Ltd.		3,466,200		78,246,670
Sekisui House REIT Inc.(b)		23,052		12,261,092
Senko Group Holdings Co. Ltd.		725,300		5,670,689
Septeni Holdings Co. Ltd.(b)		342,000		1,145,115
Seria Co. Ltd.		251,600		4,610,619
Seven & i Holdings Co. Ltd.		4,264,100		168,409,848
Seven Bank Ltd.		3,524,500		7,377,916
SG Holdings Co. Ltd.		1,797,900		23,282,986
Sharp Corp./Japan(a)		1,392,599		9,364,259
Shibaura Machine Co. Ltd.		124,300		3,013,645
Shibaura Mechatronics Corp.		62,700		2,970,050
SHIFT Inc.(a)(b)		72,500		13,069,815
Shiga Bank Ltd. (The)		219,700		5,462,651
Shikoku Chemicals Corp.		97,200		1,201,893
Shikoku Electric Power Co. Inc.		806,400		5,701,886
Shima Seiki Manufacturing Ltd.		154,900		1,575,268
Shimadzu Corp.		1,386,800		38,347,749
Shimamura Co. Ltd.		121,200		13,296,668
Shimano Inc.		445,600		63,977,155
Shimizu Corp.		2,984,600		19,979,283
Shin Nippon Biomedical Laboratories Ltd.(b)		118,300		1,371,157
Shin-Etsu Chemical Co. Ltd.		10,367,900		408,103,153
Shin-Etsu Polymer Co. Ltd.		109,500		1,204,518
Shinko Electric Industries Co. Ltd.		394,700		14,592,901
Shinmaywa Industries Ltd.		523,100		4,342,268
Shionogi & Co. Ltd.		1,509,800		72,464,984
Ship Healthcare Holdings Inc.		533,900		8,102,924
Shiseido Co. Ltd.		2,280,500		63,572,783
Shizuoka Financial Group Inc., NVS		2,385,400		21,802,565
Shizuoka Gas Co. Ltd.		137,200		937,317
SHO-BOND Holdings Co. Ltd.		217,100		9,669,748

Security	Shares		Value
Japan (continued)
Shochiku Co. Ltd.		46,700	$	3,205,266
Shoei Co. Ltd.		293,500		3,922,439
Shoei Foods Corp.		22,000		668,064
Showa Sangyo Co. Ltd.		79,900		1,831,128
Siix Corp.		170,500		1,802,927
Simplex Holdings Inc.		150,400		2,741,263
SKY Perfect JSAT Holdings Inc.		1,366,800		7,192,575
Skylark Holdings Co. Ltd.		1,288,100		21,014,263
SMC Corp.		324,900		180,853,795
SMS Co. Ltd.		464,000		8,379,894
Snow Peak Inc.(b)		163,200		985,074
Socionext Inc.(b)		1,014,500		23,250,391
SoftBank Corp.		16,346,100		217,171,719
SoftBank Group Corp.		5,849,500		252,526,439
Sohgo Security Services Co. Ltd.		2,316,800		12,647,383
Sojitz Corp.		1,284,900		30,325,450
Solasto Corp.		243,400		951,003
Sompo Holdings Inc.		1,717,900		89,075,586
Sony Group Corp.		7,151,700		701,355,115
Sosei Group Corp.(a)		441,300		4,283,635
SOSiLA Logistics REIT Inc.		3,460		2,809,893
Sotetsu Holdings Inc.		499,700		9,158,563
SPARX Group Co. Ltd.		21,120		260,092
Square Enix Holdings Co. Ltd.		492,000		19,225,506
SRE Holdings Corp.(a)(b)		56,400		1,272,831
Stanley Electric Co. Ltd.		751,800		14,359,757
Star Asia Investment Corp.		7,869		3,085,455
Star Micronics Co. Ltd.		222,600		2,656,548
Starts Corp. Inc.		139,500		2,861,675
Starts Proceed Investment Corp.		385		531,491
Strike Co. Ltd.		46,600		1,503,507
Subaru Corp.		3,500,100		69,824,571
Sugi Holdings Co. Ltd.		189,600		9,059,020
SUMCO Corp.		2,033,700		30,831,742
Sumitomo Bakelite Co. Ltd.		187,800		9,333,195
Sumitomo Chemical Co. Ltd.		8,529,500		20,083,394
Sumitomo Corp.		5,908,300		135,878,120
Sumitomo Electric Industries Ltd.		4,028,100		53,539,897
Sumitomo Forestry Co. Ltd.		876,800		25,773,737
Sumitomo Heavy Industries Ltd.		602,500		15,631,554
Sumitomo Metal Mining Co. Ltd.		1,395,400		38,567,004
Sumitomo Mitsui Construction Co. Ltd.		1,171,740		3,286,481
Sumitomo Mitsui Financial Group Inc.		7,189,500		373,949,967
Sumitomo Mitsui Trust Holdings Inc.		3,690,000		75,620,119
Sumitomo Osaka Cement Co. Ltd.		155,900		3,927,475
Sumitomo Pharma Co. Ltd.		968,300		2,842,417
Sumitomo Realty & Development Co. Ltd.		1,715,100		53,938,410
Sumitomo Riko Co. Ltd.		107,800		926,430
Sumitomo Rubber Industries Ltd.		936,600		10,850,018
Sumitomo Warehouse Co. Ltd. (The)		462,400		8,315,905
Sundrug Co. Ltd.		412,400		12,438,090
Suntory Beverage & Food Ltd.		777,300		25,359,230
Suruga Bank Ltd.		722,200		4,208,780
Suzuken Co. Ltd.		326,700		10,141,087
Suzuki Motor Corp.		2,103,300		94,477,414
Sysmex Corp.		958,300		51,913,302
Systena Corp.		1,980,000		4,002,147
T Hasegawa Co. Ltd.		126,600		2,840,973
T&D Holdings Inc.		2,801,000		46,381,042
Tadano Ltd.		650,100		5,292,129
Taihei Dengyo Kaisha Ltd.		54,000		1,630,991
Taiheiyo Cement Corp.		628,600		12,938,033

24 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Taikisha Ltd.		121,800	$	3,631,690
Taisei Corp.		943,400		34,395,031
Taisho Pharmaceutical Holdings Co. Ltd.		95,700		5,569,116
Taiyo Holdings Co. Ltd.		206,000		4,538,963
Taiyo Yuden Co. Ltd.		721,100		17,418,705
Takamatsu Construction Group Co. Ltd.		75,700		1,520,188
Takara Bio Inc.		261,300		2,221,261
Takara Holdings Inc.		866,000		7,326,732
Takara Leben Real Estate Investment Corp.		3,631		2,582,687
Takasago Thermal Engineering Co. Ltd.		222,600		5,143,444
Takashimaya Co. Ltd.		828,100		11,536,463
Takeda Pharmaceutical Co. Ltd.		8,960,780		263,361,617
Takeuchi Manufacturing Co. Ltd.(b)		236,900		8,099,076
Takuma Co. Ltd.		497,100		5,849,022
Tama Home Co. Ltd.		89,100		2,459,485
Tamron Co. Ltd.		114,100		4,323,485
TBS Holdings Inc.		182,100		4,222,795
TDK Corp.		2,213,800		110,147,201
TechMatrix Corp.		187,900		2,007,191
TechnoPro Holdings Inc.		610,400		14,072,659
Teijin Ltd.		929,300		8,548,986
Tenma Corp.		67,200		1,034,649
Terumo Corp.		3,830,100		129,656,356
T-Gaia Corp.		114,300		1,546,773
THK Co. Ltd.		647,600		12,451,163
TIS Inc.		1,239,000		27,557,637
TKC Corp.		72,400		1,875,364
TKP Corp.(a)		81,700		926,694
Toa Corp./Tokyo		96,400		2,548,183
Toagosei Co. Ltd.		669,700		6,410,184
Tobu Railway Co. Ltd.		1,027,300		27,206,252
Tocalo Co. Ltd.		510,400		5,429,193
Toda Corp.		1,445,900		9,116,430
Toei Animation Co. Ltd.(b)		45,800		6,127,871
Toei Co. Ltd.		36,600		5,136,562
Toenec Corp.		35,900		1,177,711
Toho Bank Ltd. (The)		907,300		1,924,141
Toho Co. Ltd./Tokyo		635,500		20,701,248
Toho Gas Co. Ltd.		429,600		8,630,618
Toho Holdings Co. Ltd.		424,000		9,183,198
Toho Titanium Co. Ltd.(b)		185,300		2,464,766
Tohoku Electric Power Co. Inc.		2,506,800		16,734,895
Tokai Carbon Co. Ltd.		1,265,100		8,897,280
Tokai Corp./Gifu		56,700		809,772
TOKAI Holdings Corp.		721,100		4,862,471
Tokai Rika Co. Ltd.		256,000		4,050,186
Tokai Tokyo Financial Holdings Inc.		1,937,300		7,473,199
Token Corp.		52,210		3,348,091
Tokio Marine Holdings Inc.		10,228,900		269,709,718
Tokushu Tokai Paper Co. Ltd.		8,200		218,849
Tokuyama Corp.		403,200		6,462,916
Tokyo Century Corp.		765,100		8,501,318
Tokyo Electric Power Co. Holdings Inc.(a)		8,631,700		45,956,491
Tokyo Electron Device Ltd.		110,600		4,382,087
Tokyo Electron Ltd.		2,684,800		498,224,828
Tokyo Gas Co. Ltd.		2,176,200		49,991,367
Tokyo Kiraboshi Financial Group Inc.		172,900		5,057,558
Tokyo Ohka Kogyo Co. Ltd.		548,600		12,530,294
Tokyo Seimitsu Co. Ltd.		225,300		14,593,511
Tokyo Steel Manufacturing Co. Ltd.		471,400		5,693,617
Tokyo Tatemono Co. Ltd.		1,112,600		17,147,306
Tokyotokeiba Co. Ltd.		83,000		2,599,474

Security	Shares		Value
Japan (continued)
Tokyu Construction Co. Ltd.		608,900	$	3,389,395
Tokyu Corp.		2,913,700		34,190,171
Tokyu Fudosan Holdings Corp.		3,354,700		22,434,792
Tokyu REIT Inc.		6,303		7,349,891
TOMONY Holdings Inc.		918,300		2,528,636
Tomy Co. Ltd.		588,500		9,655,293
Topcon Corp.		637,000		7,318,262
TOPPAN Holdings Inc.		1,480,300		40,803,638
Topre Corp.		181,500		2,641,783
Toray Industries Inc.		7,679,800		38,371,567
Toridoll Holdings Corp.		267,100		8,177,313
Torii Pharmaceutical Co. Ltd.		56,300		1,434,706
Tosei Corp.		62,100		896,752
Toshiba TEC Corp.		164,000		3,402,277
Tosoh Corp.		1,416,200		18,261,390
Totetsu Kogyo Co. Ltd.		120,100		2,466,017
TOTO Ltd.		779,900		21,108,203
Towa Corp.		111,200		5,736,815
Towa Pharmaceutical Co. Ltd.		120,900		2,115,676
Toyo Construction Co. Ltd.		253,600		2,234,452
Toyo Gosei Co. Ltd.(b)		29,200		1,708,549
Toyo Seikan Group Holdings Ltd.		731,000		11,611,559
Toyo Suisan Kaisha Ltd.		514,700		26,801,186
Toyo Tanso Co. Ltd.		106,900		3,607,401
Toyo Tire Corp.		695,300		11,512,991
Toyobo Co. Ltd.		559,200		4,197,039
Toyoda Gosei Co. Ltd.		338,200		6,530,115
Toyota Boshoku Corp.		505,400		8,327,640
Toyota Industries Corp.		826,900		69,938,459
Toyota Motor Corp.		60,233,625		1,202,733,876
Toyota Tsusho Corp.		1,193,800		78,231,416
Trancom Co. Ltd.		8,300		393,342
Transcosmos Inc.		115,500		2,411,778
TRE Holdings Corp.		209,200		1,774,722
Trend Micro Inc./Japan(a)		785,800		44,955,117
Tri Chemical Laboratories Inc.		148,700		3,667,035
Trusco Nakayama Corp.		242,900		4,149,796
TS Tech Co. Ltd.		524,600		6,645,080
Tsubakimoto Chain Co.		126,200		3,649,761
Tsuburaya Fields Holdings Inc.(b)		203,600		2,508,463
Tsugami Corp.		213,300		1,722,535
Tsumura & Co.		469,900		8,501,524
Tsuruha Holdings Inc.		217,300		17,195,954
TV Asahi Holdings Corp.		100,400		1,196,712
UACJ Corp.		164,800		4,551,987
UBE Corp.		551,300		9,165,645
Ulvac Inc.		257,800		12,617,616
Unicharm Corp.		2,293,400		78,912,154
United Arrows Ltd.		124,100		1,627,457
United Super Markets Holdings Inc.		474,800		3,264,839
United Urban Investment Corp.		16,388		16,593,286
Universal Entertainment Corp.		127,900		1,849,804
Usen-Next Holdings Co. Ltd.		104,200		3,024,398
Ushio Inc.		569,400		7,976,866
USS Co. Ltd.		1,187,300		22,453,511
UT Group Co. Ltd.(a)		163,500		2,619,591
Valor Holdings Co. Ltd.		194,300		3,319,563
ValueCommerce Co. Ltd.		79,400		677,182
Vector Inc.		110,500		887,362
Vision Inc./Tokyo Japan(a)(b)		180,100		1,429,623
Visional Inc.(a)(b)		128,900		8,067,430
VT Holdings Co. Ltd.		578,000		2,083,370

S C H E D U L E  O F  I N V E S T M E N T S 25

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Wacoal Holdings Corp.		249,300	$	5,815,972
Wacom Co. Ltd.		857,400		3,951,179
WealthNavi Inc.(a)		225,200		2,591,778
Weathernews Inc.		28,500		1,033,732
Welcia Holdings Co. Ltd.		536,700		9,053,502
West Holdings Corp.		127,730		2,937,944
West Japan Railway Co.		1,241,000		51,687,048
WingArc1st Inc.		105,300		2,003,204
Workman Co. Ltd.(b)		123,100		3,519,072
W-Scope Corp.(a)(b)		292,800		1,512,625
Yakult Honsha Co. Ltd.		1,469,600		32,098,394
Yamada Holdings Co. Ltd.		3,902,900		11,921,715
Yamaguchi Financial Group Inc.		1,228,500		11,676,973
Yamaha Corp.		810,500		17,823,346
Yamaha Motor Co. Ltd.		5,095,600		48,162,315
YA-MAN Ltd.(b)		190,900		1,311,485
Yamato Holdings Co. Ltd.		1,579,600		27,305,637
Yamato Kogyo Co. Ltd.		211,700		11,718,396
Yamazaki Baking Co. Ltd.		652,000		15,460,441
Yamazen Corp.		445,900		3,813,231
Yaoko Co. Ltd.		90,500		5,221,655
Yaskawa Electric Corp.		1,384,300		52,169,139
Yellow Hat Ltd.		157,500		1,955,351
Yodogawa Steel Works Ltd.		72,900		1,919,952
Yokogawa Bridge Holdings Corp.		140,300		2,715,259
Yokogawa Electric Corp.		1,282,200		25,196,126
Yokohama Rubber Co. Ltd. (The)		698,900		16,541,340
Yokorei Co. Ltd.		268,900		2,045,599
Yonex Co. Ltd.		328,200		2,666,948
Yoshinoya Holdings Co. Ltd.		483,700		10,786,670
Yuasa Trading Co. Ltd.		68,100		2,269,033
Zenkoku Hosho Co. Ltd.		276,100		10,274,624
Zenrin Co. Ltd.		155,900		937,600
Zensho Holdings Co. Ltd.		565,400		27,686,906
Zeon Corp.		783,300		7,106,428
ZERIA Pharmaceutical Co. Ltd.		18,600		257,599
Zojirushi Corp.		165,200		1,598,824
ZOZO Inc.		852,700		18,671,150
Zuken Inc.		44,300		1,210,833
				26,152,597,316
Netherlands — 4.5%
Aalberts NV		556,642		22,136,711
ABN AMRO Bank NV, CVA(d)		2,597,834		38,233,318
Adyen NV(a)(d)		123,370		154,729,010
Aegon Ltd.		9,743,329		57,480,151
AerCap Holdings NV(a)		1,139,079		87,207,888
Akzo Nobel NV		965,086		74,130,639
Alfen NV(a)(b)(d)		126,732		7,663,931
Allfunds Group PLC		2,040,658		14,629,872
AMG Critical Materials NV		205,791		4,367,253
Arcadis NV		439,795		24,145,381
Ariston Holding NV		454,368		2,982,057
ASM International NV		263,900		146,262,248
ASML Holding NV		2,291,034		1,987,673,332
ASR Nederland NV		877,977		41,375,976
Basic-Fit NV(a)(b)(d)		291,255		8,433,182
BE Semiconductor Industries NV		441,129		66,292,109
Brunel International NV		228,464		2,541,550
Corbion NV		346,092		6,701,848
Davide Campari-Milano NV		3,480,706		35,263,842
Eurocommercial Properties NV		282,235		6,323,190
EXOR NV, NVS(b)		584,883		56,588,894

Security	Shares		Value
Netherlands (continued)
Fastned BV(a)(b)		32,797	$	972,413
Ferrovial SE		2,877,842		109,747,155
Flow Traders Ltd., NVS		190,963		3,429,932
Fugro NV(a)		667,335		12,320,897
Heineken Holding NV		715,775		60,058,979
Heineken NV		1,626,875		163,656,313
IMCD NV		322,814		49,274,562
ING Groep NV		20,436,502		290,371,322
InPost SA(a)		1,253,792		18,831,732
Iveco Group NV(a)		1,087,039		11,600,180
JDE Peet’s NV		677,879		16,733,690
Just Eat Takeaway.com NV(a)(b)(d)		1,138,679		17,193,332
Koninklijke Ahold Delhaize NV		5,439,630		152,979,537
Koninklijke BAM Groep NV		1,840,852		5,082,196
Koninklijke KPN NV		18,562,096		63,143,435
Koninklijke Philips NV(a)		4,614,636		97,625,195
Koninklijke Vopak NV		398,894		12,460,911
MFE-MediaForEurope NV, NVS(b)		368,139		1,330,006
MFE-MediaForEurope NV, Class A		1,716,719		4,382,121
NN Group NV		1,510,527		61,913,831
NSI NV		134,638		2,880,966
OCI NV		592,947		16,936,929
Pharming Group NV(a)		4,374,413		5,514,745
PostNL NV		1,991,379		2,901,837
Prosus NV		8,383,334		249,418,245
Qiagen NV, NVS		1,266,208		54,936,712
Randstad NV		657,122		37,364,090
SBM Offshore NV		845,462		10,763,465
Signify NV(d)		700,521		21,004,875
Sligro Food Group NV		129,584		2,012,904
Technip Energies NV		830,525		17,192,348
TKH Group NV		242,551		9,766,978
TomTom NV(a)(b)		540,789		3,661,634
Universal Music Group NV		4,639,049		136,748,604
Van Lanschot Kempen NV		194,884		5,867,498
Vastned Retail NV		145,752		3,217,165
Wereldhave NV		230,018		3,445,406
Wolters Kluwer NV		1,425,384		210,125,887
				4,792,030,409
New Zealand — 0.3%
Air New Zealand Ltd.		4,778,588		1,854,779
Auckland International Airport Ltd.		7,169,464		36,964,991
Contact Energy Ltd.		4,249,777		20,963,245
EBOS Group Ltd.		926,784		21,223,640
Fisher & Paykel Healthcare Corp. Ltd.		3,252,727		46,979,260
Fletcher Building Ltd.		4,457,803		12,316,240
Goodman Property Trust		5,560,119		7,612,914
Infratil Ltd.		4,609,401		29,735,171
Kiwi Property Group Ltd.(b)		7,015,212		3,730,602
Mercury NZ Ltd.		4,235,316		17,474,647
Meridian Energy Ltd.		7,151,699		24,228,449
Oceania Healthcare Ltd.		1,299,182		555,887
Ryman Healthcare Ltd.(a)		4,165,865		14,471,850
Spark New Zealand Ltd.		10,634,310		34,548,676
Warehouse Group Ltd. (The)(b)		664,996		646,301
				273,306,652
Norway — 0.9%
Adevinta ASA(a)		1,989,257		21,373,081
Aker ASA, Class A		143,941		8,553,217
Aker BP ASA		1,855,786		49,255,487
Aker Carbon Capture ASA(a)		2,018,993		1,990,600

26 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Norway (continued)
Aker Solutions ASA		1,500,629	$	5,565,865
Atea ASA		587,265		7,828,525
Austevoll Seafood ASA		611,926		4,436,012
Avance Gas Holding Ltd.(d)		73,691		859,019
Bakkafrost P/F		275,680		15,396,224
Borr Drilling Ltd.(b)		1,207,381		7,480,514
Borregaard ASA		683,166		11,653,234
BW LPG Ltd.(d)		618,210		7,629,719
Cadeler AS(a)(b)		635,976		2,925,529
Cool Co. Ltd.		132,801		1,572,058
Crayon Group Holding ASA(a)(b)(d)		407,423		3,425,121
DNB Bank ASA		5,200,857		101,103,154
DNO ASA		2,527,511		2,214,872
DOF Group ASA(a)		545,476		2,944,513
Elkem ASA(b)(d)		2,108,728		4,375,626
Entra ASA(d)		667,734		7,313,980
Equinor ASA		5,124,220		146,640,229
Europris ASA(d)		945,997		7,090,344
Flex LNG Ltd.		181,127		5,400,787
Frontline PLC, NVS		781,298		17,464,088
Gjensidige Forsikring ASA		1,091,933		17,563,167
Golden Ocean Group Ltd.		734,605		7,746,593
Grieg Seafood ASA		369,931		2,321,467
Hafnia Ltd.		1,405,157		10,218,106
Hexagon Composites ASA(a)		455,421		1,020,202
Hoegh Autoliners ASA		485,166		4,885,220
Kitron ASA		375,291		1,142,297
Kongsberg Gruppen ASA		530,158		27,018,623
Leroy Seafood Group ASA		1,625,349		6,527,926
Mowi ASA		2,605,936		46,907,696
MPC Container Ships ASA		1,887,162		2,836,800
NEL ASA(a)(b)		9,610,962		4,798,349
Nordic Semiconductor ASA(a)(b)		957,024		9,609,843
Norsk Hydro ASA		7,413,871		43,449,010
Norske Skog ASA(b)(d)		360,502		1,242,275
Norwegian Air Shuttle ASA(a)(b)		4,218,341		5,164,618
Nykode Therapeutics ASA(a)(b)		556,543		956,213
Odfjell Drilling Ltd.		507,259		1,880,748
Orkla ASA		4,155,194		32,548,153
PGS ASA(a)		5,515,986		3,451,513
Protector Forsikring ASA		586,118		10,510,528
REC Silicon ASA(a)(b)		1,455,850		1,701,102
Salmar ASA		415,241		23,050,202
Scatec ASA(a)(d)		679,479		5,052,374
Schibsted ASA, Class A		423,407		12,988,839
Schibsted ASA, Class B		514,751		14,771,148
Seadrill Ltd.(a)(b)		133,199		5,733,245
SpareBank 1 Nord Norge		524,902		5,170,539
SpareBank 1 Oestlandet(b)		10,466		121,804
SpareBank 1 SMN		1,128,394		15,362,638
SpareBank 1 SR-Bank ASA		1,045,014		12,673,232
Stolt-Nielsen Ltd.		142,306		5,319,115
Storebrand ASA		2,532,783		22,772,658
Subsea 7 SA		1,306,784		17,612,809
Telenor ASA		3,793,357		42,091,303
TGS ASA		804,535		7,834,365
TOMRA Systems ASA		1,366,698		13,728,175
Veidekke ASA		597,310		5,452,163
Wallenius Wilhelmsen ASA		686,340		6,672,221
Yara International ASA		912,961		30,175,778
				934,574,855

Security	Shares		Value
Portugal — 0.2%
Altri SGPS SA(b)		674,162	$	3,286,352
Banco Comercial Portugues SA, Class R(a)		48,200,455		14,021,339
Corticeira Amorim SGPS SA		46,915		479,125
CTT-Correios de Portugal SA		839,559		3,331,216
EDP - Energias de Portugal SA		17,723,725		79,055,552
Galp Energia SGPS SA		2,720,736		42,829,127
Greenvolt Energias Renovaveis SA(a)(b)		369,550		3,226,932
Jeronimo Martins SGPS SA		1,582,661		35,994,967
Navigator Co. SA (The)		1,739,184		7,166,366
NOS SGPS SA		1,143,469		4,053,251
REN - Redes Energeticas Nacionais SGPS SA		3,102,969		7,623,924
Sonae SGPS SA		6,870,909		6,642,311
				207,710,462
Singapore — 1.4%
AEM Holdings Ltd.(b)		1,660,600		3,304,387
AIMS APAC REIT(b)		776,693		757,056
Best World International Ltd.(a)(b)		743,400		934,970
CapitaLand Ascendas REIT		22,097,903		47,891,172
CapitaLand Ascott Trust		12,929,968		9,218,205
CapitaLand China Trust(b)		7,075,080		4,394,640
Capitaland India Trust		4,821,746		3,774,009
CapitaLand Integrated Commercial Trust		31,590,057		47,093,393
CapitaLand Investment Ltd./Singapore		14,722,200		32,319,460
CDL Hospitality Trusts		7,158,646		5,483,315
City Developments Ltd.		2,907,600		13,196,984
ComfortDelGro Corp. Ltd.		11,530,200		11,992,379
Cromwell European Real Estate Investment Trust		1,006,540		1,519,926
DBS Group Holdings Ltd.		10,262,500		243,070,216
Digital Core REIT Management Pte Ltd.(b)		4,406,100		2,832,201
ESR-LOGOS REIT		47,081,427		10,879,793
Far East Hospitality Trust		613,500		297,261
First Resources Ltd.		2,985,900		3,286,235
Frasers Centrepoint Trust		6,341,588		10,846,786
Frasers Logistics & Commercial Trust		16,676,986		13,882,599
Genting Singapore Ltd.		33,542,800		25,190,780
Golden Agri-Resources Ltd.		40,138,700		8,078,605
Grab Holdings Ltd., Class A(a)		10,674,910		32,771,974
Hutchison Port Holdings Trust, Class U(b)		30,360,600		4,546,712
iFAST Corp. Ltd.		865,600		4,746,591
Jardine Cycle & Carriage Ltd.(b)		554,100		10,691,928
Keppel DC REIT		7,972,200		10,010,052
Keppel Infrastructure Trust(b)		20,461,769		7,689,629
Keppel Ltd.		8,149,300		43,303,430
Keppel REIT		17,885,740		12,300,309
Lendlease Global Commercial REIT(b)		7,462,809		3,494,308
Mapletree Industrial Trust		12,160,720		22,148,991
Mapletree Logistics Trust		19,591,279		22,527,532
Mapletree Pan Asia Commercial Trust		13,366,056		14,474,288
Maxeon Solar Technologies Ltd.(a)(b)		190,419		862,598
Nanofilm Technologies International Ltd.(b)		1,560,600		796,119
NetLink NBN Trust		22,336,900		14,069,833
Olam Group Ltd.(b)		4,879,400		3,242,566
Oversea-Chinese Banking Corp. Ltd.		19,141,100		183,091,692
Paragon REIT		4,686,995		3,057,116
Parkway Life REIT		2,743,300		7,188,880
Raffles Medical Group Ltd.(b)		6,683,100		5,022,089
Riverstone Holdings Ltd./Singapore		2,789,400		1,450,989
Sasseur Real Estate Investment Trust(b)		298,200		148,933
SATS Ltd.(a)		6,086,026		12,426,068
Sea Ltd., ADR(a)		2,081,757		79,398,212
Seatrium Ltd.(a)(b)		254,323,069		18,874,127
Sembcorp Industries Ltd.		5,742,000		24,165,140

S C H E D U L E  O F  I N V E S T M E N T S 27

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Singapore (continued)
Sheng Siong Group Ltd.		4,544,700	$	5,277,503
SIA Engineering Co. Ltd.		336,100		575,011
Singapore Airlines Ltd.		8,505,700		42,216,189
Singapore Exchange Ltd.		4,110,200		28,700,021
Singapore Post Ltd.(b)		9,868,800		3,016,182
Singapore Technologies Engineering Ltd.		9,014,200		24,977,787
Singapore Telecommunications Ltd.		45,975,500		82,045,242
Starhill Global REIT		10,842,400		4,162,382
StarHub Ltd.		4,182,800		3,305,082
Straits Trading Co. Ltd.(b)		838,224		1,035,677
Suntec REIT(b)		12,469,500		11,023,391
UMS Holdings Ltd.(b)		3,126,800		2,964,130
United Overseas Bank Ltd.		7,139,300		150,486,018
UOL Group Ltd.		2,519,300		11,698,561
Venture Corp. Ltd.		1,624,900		16,188,172
Wilmar International Ltd.		10,834,600		26,530,555
Yangzijiang Financial Holding Ltd.(b)		14,226,700		3,327,966
Yangzijiang Shipbuilding Holdings Ltd.		15,398,500		19,223,790
Yanlord Land Group Ltd.(a)(b)		6,324,700		2,444,121
				1,481,942,258
Spain — 2.4%
Acciona SA		137,440		17,778,513
Acerinox SA		1,068,464		11,279,976
ACS Actividades de Construccion y Servicios SA		1,270,227		50,123,782
Aena SME SA(d)		418,541		74,042,905
Almirall SA		448,261		4,252,151
Amadeus IT Group SA		2,540,317		178,026,354
Applus Services SA		856,123		10,353,126
Atresmedia Corp. de Medios de Comunicacion SA		736,892		2,961,805
Audax Renovables SA(a)		729,635		1,031,859
Banco Bilbao Vizcaya Argentaria SA		33,687,765		315,298,500
Banco de Sabadell SA		31,027,592		40,271,831
Banco Santander SA		91,844,325		369,127,782
Bankinter SA		3,704,951		22,874,809
CaixaBank SA		23,086,009		98,438,516
Cellnex Telecom SA(d)		3,205,415		123,335,919
Cia. de Distribucion Integral Logista Holdings SA		344,090		9,732,578
Cie. Automotive SA		352,229		9,292,793
Construcciones y Auxiliar de Ferrocarriles SA		156,467		5,623,513
Corp. ACCIONA Energias Renovables SA		359,227		9,334,541
Distribuidora Internacional de Alimentacion SA(a)(b)		11,500,318		149,141
EDP Renovaveis SA		1,780,636		28,834,255
eDreams ODIGEO SA(a)		270,883		2,057,651
Enagas SA		815,479		13,275,820
Ence Energia y Celulosa SA(b)		987,865		3,123,463
Endesa SA		1,779,594		35,257,232
Faes Farma SA		2,260,260		7,427,614
Fluidra SA		541,777		11,729,045
Gestamp Automocion SA(d)		1,149,642		3,813,455
Global Dominion Access SA(d)		401,657		1,551,879
Grenergy Renovables SA(a)(b)		82,528		2,879,178
Grifols SA(a)(b)		1,679,981		18,299,606
Iberdrola SA		34,547,478		415,984,676
Iberdrola SA, NVS		592,909		7,139,187
Indra Sistemas SA(b)		947,814		16,827,703
Industria de Diseno Textil SA		6,176,107		264,074,064
Inmobiliaria Colonial SOCIMI SA		1,634,689		9,828,240
Laboratorios Farmaceuticos Rovi SA		118,492		8,172,689
Lar Espana Real Estate SOCIMI SA		693,951		4,657,208

Security	Shares		Value
Spain (continued)
Linea Directa Aseguradora SA Cia de Segurosy Reaseguros		3,584,205	$	3,745,627
Mapfre SA		5,177,773		11,401,009
Melia Hotels International SA(a)(b)		716,230		4,846,063
Merlin Properties SOCIMI SA		1,801,703		18,347,141
Naturgy Energy Group SA		802,329		21,604,917
Neinor Homes SA(d)		301,140		3,397,615
Opdenergy Holdings SA, NVS(a)		272,178		1,697,204
Pharma Mar SA		86,996		3,631,508
Prosegur Cash SA(d)		203,934		110,637
Prosegur Cia. de Seguridad SA		1,610,724		3,047,755
Redeia Corp. SA		1,672,728		27,834,393
Repsol SA		7,327,300		108,211,622
Sacyr SA		3,049,207		10,052,465
Sacyr SA, NVS		60,681		200,406
Solaria Energia y Medio Ambiente SA(a)		469,585		6,933,010
Tecnicas Reunidas SA(a)(b)		336,657		2,827,898
Telefonica SA		28,291,205		115,112,190
Unicaja Banco SA(d)		9,706,895		9,281,190
Vidrala SA		115,678		11,594,451
Viscofan SA		217,122		12,717,693
				2,584,858,153
Sweden — 3.4%
AAK AB		1,021,109		23,013,843
AcadeMedia AB(d)		196,308		1,072,402
AddLife AB, Class B		630,344		6,794,148
AddTech AB, Class B		1,461,935		30,159,287
AFRY AB		597,302		8,248,224
Alfa Laval AB		1,635,064		59,995,084
Alleima AB, NVS		1,165,203		7,735,482
Arjo AB, Class B		1,396,484		6,536,361
Assa Abloy AB, Class B		5,696,679		156,235,513
Atlas Copco AB, Class A		15,330,977		244,673,401
Atlas Copco AB, Class B		8,764,902		121,375,937
Atrium Ljungberg AB, Class B		314,619		6,306,499
Attendo AB(a)(d)		768,370		3,008,757
Avanza Bank Holding AB		719,126		14,445,420
Axfood AB		610,808		15,454,132
Beijer Ref AB, Class B		2,199,981		29,952,721
Betsson AB		709,130		7,717,544
Bilia AB, Class A		492,063		5,948,737
Billerud Aktiebolag		1,257,025		11,177,577
BioArctic AB, Class B(a)(b)(d)		203,231		4,408,091
BioGaia AB, Class B		552,314		5,976,040
Biotage AB		400,979		5,699,385
Boliden AB		1,530,216		40,616,012
BoneSupport Holding AB(a)(d)		313,925		6,215,184
Boozt AB(a)(d)		316,402		3,706,227
Bravida Holding AB(d)		1,403,432		10,641,834
Bufab AB		137,741		4,878,301
Bure Equity AB		294,544		8,412,582
Calliditas Therapeutics AB, Class B(a)(b)		231,219		2,526,231
Camurus AB(a)		169,027		8,379,573
Castellum AB(a)		2,187,091		28,156,355
Catena AB		177,497		7,567,887
Cibus Nordic Real Estate AB		218,538		2,574,889
Clas Ohlson AB, Class B		176,446		2,510,924
Cloetta AB, Class B		1,438,745		2,589,469
Coor Service Management Holding AB(d)		445,013		1,875,113
Corem Property Group AB, Class B		3,222,032		3,246,264
Creades AB, Class A		237,933		1,572,537
Dios Fastigheter AB		358,667		2,782,011

28 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Sweden (continued)
Dometic Group AB(d)		1,792,687	$	14,266,043
Electrolux AB, Class B(a)		1,227,173		11,478,998
Electrolux Professional AB, Class B		1,659,033		8,815,164
Elekta AB, Class B		2,073,299		15,644,505
Embracer Group AB, Class B(a)(b)		4,294,123		8,195,192
Engcon AB(b)		223,234		1,786,341
Epiroc AB		3,773,798		66,678,290
Epiroc AB, Class B		2,123,383		33,107,568
EQT AB		2,050,804		55,068,482
Essity AB, Class B		3,439,556		80,772,091
Evolution AB(d)		1,043,804		121,878,297
Fabege AB		1,446,280		13,545,729
Fastighets AB Balder, Class B(a)		3,688,435		24,481,220
Fortnox AB		2,741,186		15,112,939
Getinge AB, Class B		1,297,152		27,729,383
Granges AB		667,415		6,617,864
H & M Hennes & Mauritz AB, Class B		3,666,890		51,735,207
Hemnet Group AB		483,894		13,064,077
Hexagon AB, Class B		11,775,342		128,511,206
Hexatronic Group AB(b)		932,287		1,955,579
Hexpol AB		1,570,895		17,981,335
HMS Networks AB(b)		134,001		5,895,381
Holmen AB, Class B		528,496		20,827,650
Hufvudstaden AB, Class A		702,473		9,083,599
Husqvarna AB, Class B		2,327,050		18,101,910
Industrivarden AB, Class A		743,124		23,395,020
Industrivarden AB, Class C		862,656		27,112,481
Indutrade AB		1,551,995		37,704,289
Instalco AB		1,186,244		4,743,420
Intrum AB(b)		455,916		2,700,452
Investment AB Latour, Class B		857,830		21,574,936
Investor AB, Class B		9,831,949		231,490,937
INVISIO AB		213,278		4,139,557
Inwido AB		453,925		5,544,889
JM AB(b)		356,901		5,811,736
Kambi Group PLC, Class B(a)		144,120		1,931,913
Kindred Group PLC		1,303,665		15,336,577
Kinnevik AB, Class B(a)		1,352,269		14,528,796
L E Lundbergforetagen AB, Class B		435,636		22,714,412
Lifco AB, Class B		1,318,060		31,800,705
Lindab International AB		471,898		8,960,729
Loomis AB, Class B		435,216		11,915,335
Medicover AB, Class B		351,939		5,804,084
MEKO AB		283,392		2,878,403
Millicom International Cellular SA, SDR(a)		885,800		15,195,481
MIPS AB		152,904		5,079,626
Modern Times Group MTG AB, Class B(a)		515,009		3,941,886
Munters Group AB(d)		697,608		11,134,682
Mycronic AB		447,968		12,459,712
NCAB Group AB(b)		516,536		3,340,729
NCC AB, Class B		511,840		6,536,235
New Wave Group AB, Class B		496,962		4,413,698
Nibe Industrier AB, Class B		8,603,230		51,405,854
Nolato AB, Class B		1,295,000		6,271,578
Nordnet AB publ		746,191		11,741,726
Norion Bank AB(a)		131,057		519,000
Note AB(a)(b)		100,947		1,426,814
NP3 Fastigheter AB		149,465		2,944,581
Nyfosa AB		1,071,996		9,588,342
OX2 AB, Class B(a)		728,285		3,465,165
Pandox AB, Class B		523,414		7,177,190
Paradox Interactive AB		195,720		3,834,482

Security	Shares		Value
Sweden (continued)
Peab AB, Class B(b)		1,095,576	$	5,408,791
Platzer Fastigheter Holding AB, Class B		336,080		2,737,785
Ratos AB, Class B		1,300,596		4,287,144
Resurs Holding AB(d)		432,841		594,809
Rvrc Holding AB		203,480		1,237,872
Saab AB, Class B		453,265		29,186,160
Sagax AB, Class B		1,111,343		27,007,093
Samhallsbyggnadsbolaget i Norden AB(b)		6,231,581		2,855,277
Sandvik AB		6,017,774		126,468,835
Scandic Hotels Group AB(a)(b)(d)		817,419		3,765,986
Sdiptech AB, Class B(a)		156,698		3,889,050
Sectra AB, Class B		762,338		14,199,655
Securitas AB, Class B		2,724,266		26,463,663
Sinch AB(a)(b)(d)		3,833,521		11,772,740
Skandinaviska Enskilda Banken AB, Class A		8,893,653		126,308,872
Skanska AB, Class B		1,882,144		32,635,622
SKF AB, Class B		1,886,269		37,169,150
SkiStar AB		148,299		1,862,661
SSAB AB, Class A		1,246,592		9,698,246
SSAB AB, Class B		3,708,263		28,325,417
Stillfront Group AB(a)		2,956,361		3,063,809
Storskogen Group AB		7,693,198		5,310,623
Surgical Science Sweden AB(a)		181,168		3,096,262
Svenska Cellulosa AB SCA, Class B		3,415,026		46,491,881
Svenska Handelsbanken AB, Class A		8,122,546		87,563,739
Svolder AB		517,558		2,862,632
Sweco AB, Class B		1,220,574		14,307,329
Swedbank AB, Class A		4,807,912		97,975,522
SwedenCare AB(b)		506,973		3,013,587
Swedish Orphan Biovitrum AB(a)		1,108,210		31,105,381
Synsam AB		282,354		1,256,144
Tele2 AB, Class B		3,108,465		26,502,869
Telefonaktiebolaget LM Ericsson, Class B		16,513,741		91,543,521
Telia Co. AB		13,881,273		35,802,190
Thule Group AB(d)		620,206		15,781,203
Trelleborg AB, Class B		1,325,530		40,345,401
Troax Group AB		133,911		2,909,158
Truecaller AB(a)(b)		1,336,839		3,952,663
Vimian Group AB(a)(b)		954,927		2,620,701
Vitec Software Group AB, Class B		174,109		9,671,009
Vitrolife AB		435,235		7,165,442
Volvo AB, Class A		1,105,435		27,177,279
Volvo AB, Class B		8,526,283		204,335,103
Volvo Car AB, Class B(a)(b)		3,283,374		8,559,761
Wallenstam AB, Class B(b)		2,261,123		11,350,300
Wihlborgs Fastigheter AB		1,704,843		15,240,700
Xvivo Perfusion AB(a)		62,630		1,740,502
				3,623,705,019
Switzerland — 9.5%
ABB Ltd., Registered		9,083,001		384,318,145
Accelleron Industries AG, NVS		527,657		16,884,887
Adecco Group AG, Registered		903,987		39,091,164
Alcon Inc.		2,841,825		213,918,363
Allreal Holding AG, Registered		76,032		13,523,917
ALSO Holding AG, Registered		33,839		9,906,928
Arbonia AG		361,315		4,183,839
Aryzta AG(a)		5,770,101		10,356,614
Autoneum Holding AG(a)(b)		22,369		3,323,857
Avolta AG, Registered(a)		594,713		22,720,912
Bachem Holding AG, Class B		194,901		13,047,399
Baloise Holding AG, Registered		249,194		39,806,525
Banque Cantonale Vaudoise, Registered		165,821		21,231,119

S C H E D U L E  O F  I N V E S T M E N T S 29

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Switzerland (continued)
Barry Callebaut AG, Registered		19,921	$	29,096,753
Basilea Pharmaceutica AG, Registered(a)(b)		92,994		3,645,790
Belimo Holding AG, Registered		55,675		25,960,661
Bell Food Group AG, Registered		12,157		3,564,581
BKW AG		133,521		21,212,266
Bossard Holding AG, Class A, Registered		40,667		9,731,842
Bucher Industries AG, Registered		43,762		18,536,110
Burckhardt Compression Holding AG		21,895		12,249,536
Burkhalter Holding AG		39,435		4,025,985
Bystronic AG, Registered		8,086		4,051,568
Cembra Money Bank AG		169,581		13,075,026
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		5,919		75,224,265
Chocoladefabriken Lindt & Spruengli AG, Registered		576		73,013,167
Cie. Financiere Richemont SA, Class A, Registered		2,961,572		439,895,741
Clariant AG, Registered		1,178,645		15,088,631
Coca-Cola HBC AG, Class DI		1,247,335		36,667,589
Coltene Holding AG, Registered		14,299		941,467
Comet Holding AG, Registered		48,092		15,856,597
COSMO Pharmaceuticals NV(b)		61,892		4,590,171
Daetwyler Holding AG, Bearer		48,682		9,898,575
DKSH Holding AG		201,603		14,107,131
DocMorris AG(a)(b)		64,770		6,042,460
dormakaba Holding AG		19,262		9,649,107
Dottikon Es Holding AG(a)(b)		14,930		3,944,655
DSM-Firmenich AG		1,052,015		111,230,085
EFG International AG		650,836		8,357,717
Emmi AG, Registered		13,359		13,995,204
EMS-Chemie Holding AG, Registered		39,795		30,041,829
Flughafen Zurich AG, Registered		112,417		23,194,546
Forbo Holding AG, Registered		6,261		7,361,503
Galenica AG(d)		295,077		26,020,638
Geberit AG, Registered		191,529		110,249,440
Georg Fischer AG		457,772		30,637,984
Givaudan SA, Registered		52,535		218,468,720
Gurit Holding AG(a)(b)		7,060		618,502
Helvetia Holding AG, Registered		201,114		29,044,973
Holcim AG		2,956,974		225,850,196
Huber + Suhner AG, Registered		120,258		8,625,251
Idorsia Ltd.(a)(b)		628,695		1,121,920
Implenia AG, Registered		104,917		3,724,677
Inficon Holding AG, Registered		9,291		14,102,578
Interroll Holding AG, Registered		3,682		10,754,355
Intershop Holding AG		9,434		6,768,733
Julius Baer Group Ltd.		1,178,411		64,154,342
Kardex Holding AG, Registered		31,740		8,061,402
Komax Holding AG, Registered		28,167		5,416,492
Kuehne + Nagel International AG, Registered		305,866		103,651,758
Landis+Gyr Group AG		144,484		11,847,187
LEM Holding SA, Registered		2,235		5,107,387
Leonteq AG		31,474		1,171,152
Logitech International SA, Registered		942,904		79,046,724
Lonza Group AG, Registered		423,600		207,100,450
Medacta Group SA(d)		29,910		4,476,104
Medmix AG(d)		129,949		2,605,154
Meyer Burger Technology AG(a)(b)		18,199,135		2,340,844
Mobilezone Holding AG, Registered		485,071		7,449,308
Mobimo Holding AG, Registered		48,783		14,412,361
Montana Aerospace AG(a)(d)		106,040		2,070,692
Nestle SA, Registered		15,153,176		1,726,712,386

Security	Shares		Value
Switzerland (continued)
Novartis AG, Registered		11,629,063	$	1,202,604,642
OC Oerlikon Corp. AG, Registered		1,216,637		5,301,902
Orior AG		35,239		2,720,936
Partners Group Holding AG		128,516		173,390,569
PolyPeptide Group AG(a)(b)(d)		79,127		1,452,418
PSP Swiss Property AG, Registered		252,269		33,576,258
Rieter Holding AG, Registered		24,191		2,545,169
Roche Holding AG, Bearer		174,096		52,738,454
Roche Holding AG, NVS		3,995,812		1,137,673,021
Sandoz Group AG(a)		2,315,864		79,422,518
Schindler Holding AG, Participation Certificates, NVS		228,147		56,828,842
Schindler Holding AG, Registered		135,157		32,172,884
Schweiter Technologies AG, NVS(b)		6,569		3,603,971
Sensirion Holding AG(a)(b)(d)		43,111		3,587,595
SFS Group AG		121,316		14,565,151
SGS SA		843,152		77,912,159
Siegfried Holding AG, Registered		25,120		25,023,231
Siemens Energy AG(a)(b)		2,957,314		43,936,714
SIG Group AG		1,742,882		36,482,357
Sika AG, Registered		868,243		239,685,272
SKAN Group AG		56,541		4,988,830
Softwareone Holding AG		621,199		11,642,856
Sonova Holding AG, Registered		294,829		94,226,320
St. Galler Kantonalbank AG, Class A, Registered		16,339		9,455,992
Stadler Rail AG		331,793		10,591,373
STMicroelectronics NV		3,875,479		170,162,622
Straumann Holding AG		640,002		97,217,177
Sulzer AG, Registered		128,522		12,415,514
Swatch Group AG (The), Bearer		164,400		38,594,355
Swatch Group AG (The), Registered		293,968		13,375,261
Swiss Life Holding AG, Registered		165,311		118,714,456
Swiss Prime Site AG, Registered		418,354		42,373,128
Swiss Re AG		1,704,114		195,121,794
Swisscom AG, Registered		146,286		87,520,507
Swissquote Group Holding SA, Registered		80,875		20,297,433
Tecan Group AG, Registered		74,411		28,403,774
Temenos AG, Registered		362,820		36,924,335
TX Group AG		5,077		764,830
u-blox Holding AG		50,588		4,985,791
UBS Group AG, Registered		18,632,096		557,707,203
Valiant Holding AG, Registered		106,703		12,785,318
VAT Group AG(d)		153,799		71,597,866
Vetropack Holding AG, Class A, Registered		46,641		2,028,986
Vontobel Holding AG, Registered		185,048		12,188,949
Ypsomed Holding AG, Registered		34,690		12,245,166
Zehnder Group AG, Registered		91,409		5,447,607
Zurich Insurance Group AG		828,643		421,024,813
				10,086,202,256
United Kingdom — 14.2%
3i Group PLC		5,494,698		172,011,179
4imprint Group PLC		154,550		10,598,107
888 Holdings PLC(a)		2,117,156		2,082,064
abrdn PLC		11,074,297		23,559,843
Admiral Group PLC		1,470,584		46,760,344
Advanced Medical Solutions Group PLC		1,997,131		5,302,371
AG Barr PLC		640,521		4,610,640
Airtel Africa PLC(d)		4,986,462		7,081,716
AJ Bell PLC		1,534,278		6,152,053
Alpha Financial Markets Consulting PLC		620,760		2,847,815
Alpha Group International PLC		171,318		3,570,630
Alphawave IP Group PLC(a)(b)		1,311,752		2,152,973

30 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Anglo American PLC		7,215,474	$	172,000,172
Antofagasta PLC		2,218,064		48,343,248
AO World PLC(a)(b)		2,157,450		2,489,432
Ascential PLC(a)		2,437,975		9,390,489
Ashmore Group PLC		2,412,879		6,488,741
Ashtead Group PLC		2,483,075		162,372,964
ASOS PLC(a)(b)		409,628		1,913,290
Associated British Foods PLC		1,997,094		59,152,621
Assura PLC		16,063,895		9,067,354
Aston Martin Lagonda Global Holdings PLC(a)(d)		2,209,220		5,328,654
AstraZeneca PLC		8,792,601		1,165,695,252
Atalaya Mining PLC		593,661		2,618,167
Auction Technology Group PLC(a)		476,832		3,293,377
Auto Trader Group PLC(d)		5,233,480		48,147,381
Aviva PLC		15,287,987		83,450,606
B&M European Value Retail SA		5,308,590		34,791,000
Babcock International Group PLC		1,444,685		8,256,725
BAE Systems PLC		17,252,097		256,995,244
Balanced Commercial Property Trust Ltd.		3,312,420		3,176,855
Balfour Beatty PLC		3,432,171		14,440,642
Bank of Georgia Group PLC		205,154		9,866,685
Barclays PLC		87,208,890		162,062,656
Barratt Developments PLC		5,859,611		39,935,177
Beazley PLC		3,698,590		25,459,482
Bellway PLC		681,512		23,745,325
Berkeley Group Holdings PLC		606,783		36,743,518
Big Yellow Group PLC		968,747		14,008,101
Bodycote PLC		1,085,934		8,756,001
boohoo Group PLC(a)(b)		5,659,291		2,609,181
BP PLC		97,236,808		567,903,456
Breedon Group PLC		1,599,573		7,368,651
Bridgepoint Group PLC(d)		927,070		3,158,067
British American Tobacco PLC		12,003,559		353,908,199
British Land Co. PLC (The)		4,909,996		23,600,971
Britvic PLC		1,414,626		15,821,070
BT Group PLC		38,245,872		54,184,128
Bunzl PLC		1,905,348		77,432,895
Burberry Group PLC		2,161,169		35,598,608
Burford Capital Ltd.		1,133,174		17,275,942
Bytes Technology Group PLC		1,104,108		9,165,886
C&C Group PLC		2,312,863		4,502,157
Capita PLC(a)(b)		9,485,260		2,291,140
Capital & Counties Properties PLC		9,135,265		15,389,181
Carnival PLC(a)		810,919		12,183,371
Centamin PLC		7,378,020		8,988,081
Central Asia Metals PLC		338,656		713,295
Centrica PLC		31,644,324		55,379,121
Ceres Power Holdings PLC(a)(b)		690,750		2,093,927
Chemring Group PLC		1,493,788		6,663,634
Clarkson PLC		121,661		5,473,426
Close Brothers Group PLC		782,779		5,380,485
CLS Holdings PLC		948,147		1,179,191
Coats Group PLC		9,171,989		8,322,543
Coca-Cola Europacific Partners PLC		1,183,142		81,518,484
Compass Group PLC		9,825,087		270,619,756
Computacenter PLC		520,557		19,017,626
ConvaTec Group PLC(d)		9,053,160		27,552,157
Craneware PLC		133,528		3,638,231
Cranswick PLC		300,979		15,348,774
Crest Nicholson Holdings PLC		1,823,761		4,839,763
Croda International PLC		794,277		48,074,875
Currys PLC		5,570,505		3,493,042

Security	Shares		Value
United Kingdom (continued)
Custodian Property Income REIT PLC		2,260,687	$	2,043,568
CVS Group PLC		460,927		9,860,163
Darktrace PLC(a)		1,915,434		8,305,347
DCC PLC		555,025		40,349,938
Deliveroo PLC, Class A(a)(d)		5,328,301		7,934,255
Derwent London PLC		556,627		15,002,119
Diageo PLC		12,755,283		460,693,577
Diploma PLC		760,420		31,345,830
Direct Line Insurance Group PLC(a)		7,323,181		15,627,329
DiscoverIE Group PLC		525,005		5,183,118
Diversified Energy Co. PLC		280,216		3,231,829
Domino’s Pizza Group PLC		2,390,260		10,555,931
Dowlais Group PLC		7,556,049		8,631,362
Dr. Martens PLC		3,633,838		4,091,527
Drax Group PLC		2,413,419		15,574,017
DS Smith PLC		7,637,088		27,230,742
Dunelm Group PLC		645,442		8,890,952
easyJet PLC(a)		1,692,399		11,848,552
Elementis PLC(a)		3,676,047		6,588,149
Empiric Student Property PLC		1,626,934		1,884,875
Endeavour Mining PLC		1,045,253		18,567,771
Energean PLC		848,852		10,199,403
EnQuest PLC(a)		8,161,254		1,334,216
Entain PLC		3,646,979		44,421,636
Essentra PLC		1,733,206		3,799,932
Experian PLC		5,218,713		217,215,309
FD Technologies PLC(a)		98,373		1,563,150
Ferrexpo PLC		1,694,602		1,864,090
Fevertree Drinks PLC		572,804		7,331,738
Firstgroup PLC		3,985,667		8,391,540
Forterra PLC(d)		773,830		1,620,075
Frasers Group PLC(a)		1,125,169		11,512,158
Future PLC		655,667		5,875,525
Games Workshop Group PLC		190,011		23,851,338
Gamma Communications PLC		490,451		7,421,291
GB Group PLC		1,401,632		5,005,581
Genuit Group PLC		1,364,958		7,299,649
Genus PLC		382,274		11,103,339
Glencore PLC		59,687,637		315,804,792
Grafton Group PLC		1,231,893		15,173,092
Grainger PLC		4,236,630		14,131,424
Great Portland Estates PLC		1,562,074		8,219,141
Greatland Gold PLC(a)		24,472,976		2,233,052
Greggs PLC		601,374		20,257,462
GSK PLC		23,185,793		458,562,430
Gulf Keystone Petroleum Ltd.(b)		1,139,109		1,510,440
Haleon PLC		31,275,877		127,035,205
Halfords Group PLC		1,428,598		3,230,944
Halma PLC		2,171,819		60,113,966
Hammerson PLC		21,982,926		7,501,807
Harbour Energy PLC		3,552,375		12,485,308
Hargreaves Lansdown PLC		1,982,602		19,130,948
Hays PLC		8,557,399		10,648,449
Helios Towers PLC(a)		4,024,693		4,034,491
Hikma Pharmaceuticals PLC		925,764		22,585,913
Hill & Smith PLC		450,093		10,653,980
Hiscox Ltd.		1,921,327		25,298,592
Hochschild Mining PLC(a)		1,714,075		2,253,553
Home REIT PLC(c)		4,179,974		1,511,738
Howden Joinery Group PLC		3,088,541		31,277,291
HSBC Holdings PLC		110,568,061		863,282,515
Hunting PLC		1,032,792		4,299,597

S C H E D U L E  O F  I N V E S T M E N T S 31

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Ibstock PLC(d)		2,538,919	$	4,935,756
IG Group Holdings PLC		2,250,984		20,227,645
IMI PLC		1,428,304		30,293,682
Impact Healthcare REIT PLC, Class B		1,795,835		1,940,015
Impax Asset Management Group PLC		465,364		3,199,468
Imperial Brands PLC		4,885,682		117,281,419
Inchcape PLC		2,140,401		18,430,458
Indivior PLC, NVS(a)		749,655		13,177,026
Informa PLC		7,780,958		76,421,060
IntegraFin Holdings PLC		1,698,237		6,333,280
InterContinental Hotels Group PLC		964,811		91,418,795
Intermediate Capital Group PLC		1,611,776		36,337,647
International Distributions Services PLC(a)		4,153,977		14,571,682
Intertek Group PLC		914,866		51,928,404
Investec PLC		3,753,083		24,434,505
IP Group PLC		5,446,483		3,616,820
ITM Power PLC(a)(b)		2,564,147		1,932,881
ITV PLC(b)		19,670,541		14,899,653
IWG PLC(a)		4,178,060		9,901,127
J D Wetherspoon PLC(a)		546,374		5,816,327
J Sainsbury PLC		9,537,451		32,562,384
JD Sports Fashion PLC		14,568,482		21,528,048
JET2 PLC		926,032		15,678,769
John Wood Group PLC(a)		3,938,468		7,808,162
Johnson Matthey PLC		1,006,146		20,745,699
Johnson Service Group PLC		2,359,328		4,371,346
JTC PLC(d)		790,161		7,942,694
Judges Scientific PLC		31,434		3,664,941
Jupiter Fund Management PLC		2,693,060		2,697,910
Just Group PLC		5,932,378		6,392,245
Kainos Group PLC		455,255		6,617,556
Keller Group PLC		479,418		5,310,132
Keywords Studios PLC(b)		414,640		8,670,887
Kier Group PLC(a)		1,835,654		2,973,043
Kingfisher PLC		10,666,517		29,656,383
Lancashire Holdings Ltd.		1,318,728		10,144,332
Land Securities Group PLC		3,893,103		32,821,587
Learning Technologies Group PLC		3,206,997		3,271,013
Legal & General Group PLC		33,408,226		107,455,628
Liontrust Asset Management PLC		317,216		2,503,840
Lloyds Banking Group PLC		363,527,851		194,871,040
London Stock Exchange Group PLC		2,406,182		272,172,968
LondonMetric Property PLC		5,559,731		13,584,614
LXI REIT PLC		8,426,027		11,237,796
M&G PLC		12,191,944		34,471,101
Man Group PLC/Jersey		7,220,263		21,695,221
Marks & Spencer Group PLC		10,946,329		34,199,567
Marlowe PLC(a)(b)		440,467		2,093,265
Marshalls PLC		1,396,550		4,955,640
Melrose Industries PLC		7,609,122		56,714,491
Mitchells & Butlers PLC(a)		1,351,262		4,455,807
Mitie Group PLC		6,873,673		9,007,182
Mobico Group PLC		2,942,935		3,184,601
Molten Ventures PLC(a)		758,888		2,294,709
Mondi PLC, NVS		2,473,144		44,317,814
Moneysupermarket.com Group PLC		2,933,429		9,464,744
Moonpig Group PLC(a)		1,505,445		3,185,497
Morgan Advanced Materials PLC		1,999,259		6,866,222
Morgan Sindall Group PLC		193,537		5,555,354
National Grid PLC		20,881,941		278,128,737
NatWest Group PLC, NVS		32,473,481		91,644,652
NCC Group PLC		1,550,830		2,382,025

Security	Shares		Value
United Kingdom (continued)
Network International Holdings PLC(a)(d)		2,770,511	$	13,601,882
Next 15 Group PLC(b)		445,915		5,170,740
Next PLC		716,244		76,463,714
Ninety One PLC		2,300,581		5,145,905
NMC Health PLC, NVS(c)		475,795		6
Ocado Group PLC(a)		3,296,460		22,580,450
OSB Group PLC		2,303,968		13,110,216
Oxford Instruments PLC		300,996		8,468,241
Oxford Nanopore Technologies PLC(a)		3,032,374		6,160,214
Pagegroup PLC		1,884,619		10,953,102
Pan African Resources PLC		9,176,285		2,083,936
Paragon Banking Group PLC		1,607,877		14,320,687
Pearson PLC		3,638,323		44,634,134
Pennon Group PLC		1,404,357		12,503,823
Persimmon PLC		1,793,551		33,033,809
Petrofac Ltd.(a)(b)		2,418,109		936,355
Pets at Home Group PLC		2,804,310		9,958,035
Phoenix Group Holdings PLC		4,231,245		27,014,937
Picton Property Income Ltd.		1,169,162		991,912
Playtech PLC(a)		1,333,377		7,509,422
Plus500 Ltd.		556,063		12,576,404
Polar Capital Holdings PLC		475,156		2,730,929
Premier Foods PLC		3,142,516		5,663,131
Primary Health Properties PLC		7,550,982		9,296,634
PRS REIT PLC (The)		2,993,073		3,193,809
Prudential PLC		15,571,853		159,962,905
PZ Cussons PLC		1,806,994		3,050,441
QinetiQ Group PLC		3,328,202		15,030,899
Quilter PLC(d)		8,186,454		10,871,695
Rank Group PLC(a)		1,094,527		976,514
Rathbones Group PLC		311,066		6,507,029
Reckitt Benckiser Group PLC		4,080,598		295,030,883
Redde Northgate PLC		1,541,396		6,934,611
Redrow PLC		1,574,036		11,957,219
RELX PLC		10,726,572		442,729,163
Renewi PLC(a)		363,319		2,702,749
Renishaw PLC		212,598		9,402,510
Rentokil Initial PLC		14,295,645		73,618,933
RHI Magnesita NV		157,367		6,708,867
Rightmove PLC		4,711,781		33,346,086
Rio Tinto PLC		6,339,498		438,816,337
Rolls-Royce Holdings PLC(a)		47,797,861		181,462,191
Rotork PLC		4,682,946		18,460,663
RS GROUP PLC		2,666,979		26,426,984
RWS Holdings PLC		1,699,612		5,117,711
S4 Capital PLC(a)(b)		2,042,166		1,138,698
Safestore Holdings PLC		1,405,563		14,637,858
Sage Group PLC (The)		5,749,318		85,595,394
Savills PLC		928,168		11,915,590
Schroders PLC		4,935,876		25,252,429
Segro PLC		6,730,209		74,746,167
Serco Group PLC		6,663,589		14,540,885
Serica Energy PLC		1,389,453		3,713,692
Severn Trent PLC		1,517,873		49,894,038
Shell PLC		37,556,201		1,164,328,901
SIG PLC(a)		3,699,446		1,540,109
Sirius Real Estate Ltd.		6,003,726		6,908,539
Smart Metering Systems PLC		743,413		8,959,632
Smith & Nephew PLC		4,905,414		68,602,222
Smiths Group PLC		1,974,137		40,457,251
Softcat PLC		818,384		14,997,019
SolGold PLC(a)		5,483,913		542,082

32 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Spectris PLC		572,154	$	26,635,715
Spirax-Sarco Engineering PLC		421,579		53,060,280
Spire Healthcare Group PLC(d)		1,048,638		3,142,726
Spirent Communications PLC		3,596,644		5,365,341
SSE PLC		6,165,652		131,315,638
SSP Group PLC(a)		4,494,699		12,791,806
St. James’s Place PLC		3,059,731		25,188,631
Standard Chartered PLC		13,176,680		99,583,301
SThree PLC		693,761		3,589,884
Supermarket Income REIT PLC		6,680,627		6,857,752
Synthomer PLC(a)		711,002		1,419,650
Target Healthcare REIT PLC		3,376,117		3,552,791
Tate & Lyle PLC		2,239,865		17,684,362
Taylor Wimpey PLC		19,951,567		37,249,411
TBC Bank Group PLC		226,212		8,356,679
Team17 Group PLC(a)		615,980		2,107,705
Telecom Plus PLC		493,684		9,096,891
Tesco PLC		40,812,117		147,887,580
THG PLC, Class B(a)(b)		4,779,008		3,985,027
TI Fluid Systems PLC(d)		1,463,270		2,653,542
TP ICAP Group PLC		4,586,153		10,865,799
Trainline PLC(a)(d)		2,605,689		10,910,437
Travis Perkins PLC		1,188,844		11,858,265
Tritax Big Box REIT PLC		10,440,950		21,859,043
Trustpilot Group PLC(a)(d)		1,485,756		3,383,569
TUI AG(a)		2,469,900		17,016,624
Tullow Oil PLC(a)		6,671,711		2,615,007
Tyman PLC		667,209		2,591,623
UK Commercial Property REIT Ltd.		1,623,129		1,314,780
Unilever PLC		14,169,679		689,499,612
UNITE Group PLC (The)		2,006,371		25,633,067
United Utilities Group PLC		3,827,612		51,553,194
Urban Logistics REIT PLC		2,551,227		4,054,396
Vanquis Banking Group PLC		1,385,263		2,075,053
Vesuvius PLC		1,273,375		7,667,108
Victoria PLC(a)(b)		496,218		1,754,512
Victrex PLC		475,623		8,215,580
Virgin Money UK PLC		7,064,064		13,952,045
Vistry Group PLC		1,900,792		24,043,691
Vodafone Group PLC		129,610,036		110,186,738
Volex PLC		671,614		2,698,103
Volution Group PLC		1,044,309		5,717,487
Warehouse REIT PLC		1,392,869		1,532,179
Watches of Switzerland Group PLC(a)(d)		1,368,646		6,445,561
Weir Group PLC (The)		1,440,170		33,103,626
WH Smith PLC		751,490		11,483,690
Whitbread PLC		1,121,360		50,828,939
Wickes Group PLC		1,269,021		2,517,931
Wincanton PLC		670,317		3,664,973
Wise PLC, Class A(a)		3,479,116		35,486,645
Workspace Group PLC		771,450		5,074,374
WPP PLC		6,067,147		58,672,288
Yellow Cake PLC(a)(d)		1,206,915		10,607,253
YouGov PLC		565,620		8,350,841
Young & Co’s Brewery PLC, Series A, Class A(b)		118,737		1,542,373
				15,131,580,996
Total Common Stocks — 99.1% (Cost: $93,469,635,444)				105,376,077,784

Security	Shares		Value
Preferred Stocks
Germany — 0.4%
Bayerische Motoren Werke AG, Preference Shares, NVS		378,111	$	36,945,406
Dr Ing hc F Porsche AG, Preference Shares, NVS(d)		658,679		55,923,120
Draegerwerk AG & Co. KGaA, Preference Shares, NVS		61,472		3,159,744
Einhell Germany AG, Preference Shares, NVS		1,029		173,478
Fuchs Petrolub SE, Preference Shares, NVS		395,339		17,329,102
Henkel AG & Co. KGaA, Preference Shares, NVS		994,660		76,249,165
Jungheinrich AG, Preference Shares, NVS		292,846		9,857,015
Porsche Automobil Holding SE, Preference Shares, NVS		886,003		44,232,776
Sartorius AG, Preference Shares, NVS		150,000		54,720,373
Schaeffler AG, Preference Shares, NVS		572,272		3,616,366
Sixt SE, Preference Shares, NVS		82,638		5,659,471
STO SE & Co. KGaA, Preference Shares, NVS		9,397		1,488,773
Volkswagen AG, Preference Shares, NVS		1,165,750		149,932,966
				459,287,755
Italy — 0.0%
Danieli & C Officine Meccaniche SpA, Preference Shares, NVS		159,495		3,871,167
Total Preferred Stocks — 0.4% (Cost: $534,546,781)				463,158,922
Rights
Spain — 0.0%
ACS Actividades de Construccion y Servicios SA, (Expires 02/09/24)(a)		1,264,312		579,329
Total Rights — 0.0% (Cost: $628,000)				579,329
Warrants
Australia — 0.0%
PointsBet Holdings Ltd. (Issued/Exercisable 06/20/22, 1 Share for 1 Warrant, Expires 07/08/24, Strike Price AUD 10.00)		53,565		—
Italy — 0.0%
Webuild SpA (Issued/Exercisable 08/02/21, 1 Share for 1 Warrant, Expires 08/31/30, Strike Price EUR 0.001)(b)		127,842		1
Spain — 0.0%
Abengoa SA (Issued 03/31/17, Exercisable 06/30/17, 1 Share for 1 Warrant, Expires 03/31/25, Strike Price EUR 0.001)(a)(b)(c)		1,476,448		16
Total Warrants — 0.0% (Cost: $—)				17
Total Long-Term Investments — 99.5% (Cost: $94,004,810,225)				105,839,816,052
Short-Term Securities
Money Market Funds — 0.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.51%(f)(g)(h)		736,431,065		736,872,924

S C H E D U L E  O F  I N V E S T M E N T S 33

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.32%(f)(g)		28,240,000	$	28,240,000
Total Short-Term Securities — 0.7% (Cost: $764,644,913)				765,112,924
Total Investments — 100.2% (Cost: $94,769,455,138)				106,604,928,976
Liabilities in Excess of Other Assets — (0.2)%				(240,013,403	)
Net Assets — 100.0%			$	106,364,915,573

^(a) Non-income producing security.

^(b)  All or a portion of this security is on loan.

^(c)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(d)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(e)  This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^(f)  Affiliate of the Fund.

^(g)  Annualized 7-day yield as of period end.

^(h)  All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/23		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/24		Shares Held at 01/31/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	721,911,207	$	14,736,886	(a)	$	—	$	117,375	$	107,456	$	736,872,924		736,431,065	$	6,651,361	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		8,520,000		19,720,000	(a)		—		—		—		28,240,000		28,240,000		1,484,551			—
								$	117,375	$	107,456	$	765,112,924			$	8,135,912		$	—

^(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		772		03/07/24	$	132,503	$	7,796,806
Euro STOXX 50 Index		3,724		03/15/24		187,231		4,391,158
FTSE 100 Index		1,028		03/15/24		99,008		392,405
SPI 200 Index		518		03/21/24		64,199		931,037
							$	13,511,406

34 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI EAFE ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	13,511,406	$	—	$	—	$	—	$	13,511,406

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended January 31, 2024, 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	$	—	$	—	$	22,814,275		$	—	$	—	$	—	$	22,814,275
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(934,212	)	$	—	$	—	$	—	$	(934,212	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	545,197,976

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	$	2,392,454,652		$	102,976,047,829		$	7,575,303		$	105,376,077,784
Preferred Stocks		1,662,251			461,496,671			—			463,158,922
Rights		579,329			—			—			579,329
Warrants		—			1			16			17
Short-Term Securities
Money Market Funds		765,112,924			—			—			765,112,924
	$	3,159,809,156		$	103,437,544,501		$	7,575,319		$	106,604,928,976
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—		$	13,511,406		$	—		$	13,511,406

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

S C H E D U L E  O F  I N V E S T M E N T S 35

Schedule of Investments (unaudited) January 31, 2024 iShares^® Core MSCI Europe ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Austria — 0.5%
ams-OSRAM AG(a)		391,383	$	916,007
ANDRITZ AG		23,192		1,427,757
AT&S Austria Technologie & Systemtechnik AG(b)		11,661		281,712
BAWAG Group AG(c)		29,848		1,536,771
CA Immobilien Anlagen AG		14,564		478,108
Erste Group Bank AG		118,853		5,119,997
Immofinanz AG(a)		15,857		376,365
Lenzing AG(a)		6,844		228,916
Oesterreichische Post AG(b)		18,595		629,320
OMV AG		53,727		2,391,464
Raiffeisen Bank International AG		51,923		1,082,556
Schoeller-Bleckmann Oilfield Equipment AG		7,045		334,620
UNIQA Insurance Group AG		105,330		883,764
Verbund AG		26,330		2,141,111
Vienna Insurance Group AG Wiener Versicherung Gruppe		18,378		519,430
voestalpine AG		44,967		1,337,845
Wienerberger AG		47,403		1,606,391
				21,292,134
Belgium — 1.6%
Ackermans & van Haaren NV		8,190		1,369,410
Aedifica SA		16,895		1,100,951
Ageas SA/NV		54,269		2,332,047
Anheuser-Busch InBev SA/NV		300,318		18,576,948
Argenx SE(a)		20,608		7,782,241
Barco NV		28,769		477,922
Bekaert SA		18,580		906,202
bpost SA		37,589		153,634
Cofinimmo SA		12,188		885,791
Colruyt Group NV		18,221		832,481
D’ieteren Group		8,438		1,704,581
Elia Group SA/NV		10,965		1,320,244
Euronav NV		39,606		697,676
Fagron		38,763		697,982
Galapagos NV(a)		19,900		746,503
Groupe Bruxelles Lambert NV(b)		31,665		2,400,514
Intervest Offices & Warehouses NV		12,838		288,580
KBC Ancora		15,842		729,648
KBC Group NV		85,547		5,580,367
Kinepolis Group NV		6,065		268,501
Lotus Bakeries NV		150		1,279,009
Melexis NV		9,182		786,744
Montea NV		6,290		539,900
Ontex Group NV(a)(b)		27,509		217,367
Proximus SADP		52,209		495,428
Sofina SA		5,285		1,263,977
Solvay SA		29,416		804,483
Syensqo SA(a)		25,935		2,312,026
UCB SA		44,127		4,150,836
Umicore SA		70,445		1,602,374
VGP NV		4,974		583,395
Warehouses De Pauw CVA		64,391		1,883,897
				64,771,659
Denmark — 5.3%
ALK-Abello A/S(a)		48,965		790,142
Alm Brand A/S		288,566		523,854
Ambu A/S, Class B(a)(b)		72,258		1,198,546
AP Moller - Maersk A/S, Class A		1,129		2,047,182
AP Moller - Maersk A/S, Class B, NVS		1,652		3,045,956
Bavarian Nordic A/S(a)(b)		27,529		632,430

Security	Shares		Value
Denmark (continued)
Carlsberg A/S, Class B		33,067	$	4,254,646
Chemometec A/S(b)		7,299		394,780
Coloplast A/S, Class B		46,667		5,379,385
D/S Norden A/S		8,930		480,494
Danske Bank A/S		236,595		6,352,920
Demant A/S(a)		35,589		1,612,142
Dfds A/S		14,325		485,334
DSV A/S		65,310		11,684,594
FLSmidth & Co. A/S		17,902		734,974
Genmab A/S(a)		23,009		6,362,495
GN Store Nord A/S(a)		47,565		1,121,702
H Lundbeck A/S		123,361		624,817
H Lundbeck A/S, Class A		30,838		136,067
ISS A/S		58,325		1,103,624
Jyske Bank A/S, Registered		19,810		1,517,379
Netcompany Group A/S(a)(b)(c)		16,456		656,404
NKT A/S(a)(b)		21,404		1,492,371
Novo Nordisk A/S		1,135,524		129,795,372
Novozymes A/S, Class B		124,507		6,379,841
Orsted A/S(c)		64,235		3,620,590
Pandora A/S		30,093		4,397,096
Per Aarsleff Holding A/S		11,532		530,816
Ringkjoebing Landbobank A/S		11,680		1,882,510
Rockwool A/S, Class B		3,428		934,565
Royal Unibrew A/S		17,548		1,149,491
Scandinavian Tobacco Group A/S, Class A(c)		20,066		359,862
Schouw & Co. A/S		6,777		541,890
Spar Nord Bank A/S		42,984		731,335
Sydbank A/S		25,245		1,120,352
Topdanmark A/S		13,838		613,691
Tryg A/S		117,568		2,512,912
Vestas Wind Systems A/S(a)		349,551		9,855,594
Zealand Pharma A/S, Class A(a)		19,610		1,339,591
				218,397,746
Finland — 1.7%
Cargotec OYJ, Class B		15,352		872,763
Elisa OYJ		50,486		2,300,216
Fortum OYJ		156,247		2,135,919
Huhtamaki OYJ		37,234		1,461,357
Kemira OYJ		49,030		917,708
Kesko OYJ, Class B		93,339		1,822,874
Kojamo OYJ		49,243		583,796
Kone OYJ, Class B		115,372		5,711,064
Konecranes OYJ		25,572		1,098,228
Mandatum OYJ(a)		160,021		722,506
Metsa Board OYJ, Class B		79,014		636,395
Metso OYJ		243,030		2,428,996
Neste OYJ		146,805		5,061,031
Nokia OYJ		1,900,153		6,869,477
Nokian Renkaat OYJ		46,796		421,741
Nordea Bank Abp		1,110,293		13,681,465
Orion OYJ, Class B		41,882		1,928,151
Outokumpu OYJ		133,725		570,834
QT Group OYJ(a)(b)		8,536		602,091
Revenio Group OYJ		12,037		330,479
Sampo OYJ, Class A		151,514		6,341,685
Stora Enso OYJ, Class R		201,152		2,559,612
TietoEVRY OYJ		44,281		1,027,562
Tokmanni Group Corp		30,021		514,768
UPM-Kymmene OYJ		188,554		6,858,128
Valmet OYJ		59,375		1,680,532

36 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI Europe ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Finland (continued)
Wartsila OYJ Abp		166,017	$	2,449,008
				71,588,386
France — 16.9%
Accor SA		69,680		2,751,907
Aeroports de Paris SA		10,972		1,468,161
Air France-KLM, NVS(a)		44,783		570,811
Air Liquide SA		182,102		34,077,348
Airbus SE		207,025		32,976,152
Alstom SA		99,903		1,259,817
Alten SA		10,976		1,697,111
Amundi SA(c)		20,596		1,393,064
Aperam SA		18,117		558,296
ArcelorMittal SA		178,199		4,907,603
Arkema SA		21,356		2,324,237
Atos SE(a)(b)		46,006		196,396
AXA SA		626,848		21,040,347
BioMerieux		14,676		1,579,552
BNP Paribas SA		365,281		24,541,100
Bollore SE		278,014		1,836,291
Bouygues SA		73,432		2,690,004
Bureau Veritas SA		106,743		2,839,244
Capgemini SE		53,995		12,004,243
Carmila SA		22,603		401,633
Carrefour SA		209,706		3,580,163
CGG SA(a)		389,420		186,762
Cie. de Saint-Gobain		160,061		11,317,358
Cie. Generale des Etablissements Michelin SCA		231,305		7,679,942
Cie. Plastic Omnium SA		24,609		282,055
Clariane SE(b)		27,855		70,394
Coface SA		54,844		741,095
Covivio SA/France		18,730		906,980
Credit Agricole SA		366,858		5,255,186
Danone SA		224,213		14,937,881
Dassault Aviation SA		7,127		1,349,913
Dassault Systemes SE		232,067		12,029,951
Edenred SE		88,573		5,290,331
Eiffage SA		25,740		2,693,180
Elis SA		82,909		1,822,909
Engie SA		629,079		10,047,946
Esker SA(b)		3,034		509,497
EssilorLuxottica SA		102,716		20,129,563
Eurazeo SE		16,113		1,372,509
Euroapi SA(a)		25,107		167,794
Eurofins Scientific SE		48,036		2,892,573
Euronext NV(c)		29,816		2,622,531
Eutelsat Communications SACA(a)(b)		64,194		234,139
Fnac Darty SA		8,404		224,513
Forvia SE(a)		54,904		943,648
Gaztransport Et Technigaz SA		14,161		1,985,337
Gecina SA		15,763		1,738,447
Getlink SE		125,190		2,157,159
Hermes International SCA		10,994		23,193,592
ICADE		11,293		382,338
Imerys SA		15,108		502,435
Interparfums SA		11,094		586,987
Ipsen SA		13,434		1,548,928
IPSOS SA		17,596		1,154,838
JCDecaux SE(a)		27,076		562,377
Kering SA		25,572		10,504,297
Klepierre SA		75,162		1,945,995
La Francaise des Jeux SAEM(c)		39,366		1,595,646
Legrand SA		92,233		8,938,817

Security	Shares		Value
France (continued)
L’Oreal SA		83,694	$	40,052,100
LVMH Moet Hennessy Louis Vuitton SE		95,544		79,498,201
Neoen SA(c)		24,893		719,733
Nexans SA		11,555		1,051,716
Nexity SA		20,049		334,182
Orange SA		630,999		7,503,791
Pernod Ricard SA		71,567		11,735,954
Publicis Groupe SA		80,422		8,057,764
Quadient SA		17,333		367,234
Remy Cointreau SA		8,081		818,800
Renault SA		66,183		2,492,431
Rexel SA		90,397		2,407,568
Rubis SCA		37,852		957,145
Safran SA		119,043		22,226,382
Sanofi SA		396,069		39,664,542
Sartorius Stedim Biotech		9,561		2,576,089
Schneider Electric SE		189,553		37,237,685
SCOR SE		51,800		1,545,254
SEB SA		8,940		1,091,666
SES SA, Class A		143,892		882,854
Societe BIC SA		9,575		662,518
Societe Generale SA		250,771		6,446,073
Sodexo SA		31,023		3,499,672
SOITEC(a)		9,349		1,351,202
Sopra Steria Group SACA		6,639		1,557,205
SPIE SA		52,035		1,721,191
Teleperformance SE		20,429		3,190,479
Thales SA		36,555		5,346,317
TotalEnergies SE		801,965		52,027,948
Trigano SA		4,689		738,613
Ubisoft Entertainment SA(a)		31,848		702,506
Unibail-Rodamco-Westfield, New(a)		42,343		3,031,958
Valeo SE		78,413		1,023,489
Vallourec SACA(a)		60,583		866,712
Valneva SE(a)		51,225		208,816
Veolia Environnement SA		239,745		7,811,813
Verallia SA(c)		29,095		1,026,016
Vicat SACA		14,302		556,427
Vinci SA		177,264		22,392,390
Virbac SACA		2,271		819,578
Vivendi SE		241,099		2,717,079
VusionGroup(a)		2,830		420,201
Wendel SE		9,495		860,841
Worldline SA/France(a)(c)		85,606		1,157,264
				696,556,722
Germany — 11.6%
adidas AG		55,895		10,552,305
AIXTRON SE		40,032		1,489,920
Allianz SE, Registered		139,203		37,191,694
Amadeus Fire AG		3,793		458,210
Aroundtown SA(a)		299,520		668,150
Aurubis AG		12,123		872,047
Auto1 Group SE(a)(c)		38,087		158,457
BASF SE		309,746		14,807,095
Bayer AG, Registered		342,652		10,662,170
Bayerische Motoren Werke AG		112,351		11,690,469
Bechtle AG		30,328		1,572,593
Befesa SA(c)		15,804		555,368
Beiersdorf AG		34,893		5,106,229
Bilfinger SE		17,024		721,692
Brenntag SE		49,452		4,372,051
CANCOM SE		15,832		502,564

S C H E D U L E  O F  I N V E S T M E N T S 37

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI Europe ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Germany (continued)
Carl Zeiss Meditec AG, Bearer		14,355	$	1,513,185
Commerzbank AG		379,004		4,352,327
CompuGroup Medical SE & Co. KgaA		12,152		521,013
Continental AG		39,111		3,195,003
Covestro AG(a)(c)		68,120		3,597,109
CropEnergies AG		11,876		147,726
CTS Eventim AG & Co. KGaA		23,765		1,608,348
Daimler Truck Holding AG		185,763		6,638,642
Delivery Hero SE(a)(c)		61,396		1,393,031
Dermapharm Holding SE		9,274		394,475
Deutsche Bank AG, Registered		665,178		8,592,587
Deutsche Boerse AG		65,456		13,034,885
Deutsche Lufthansa AG, Registered(a)		213,044		1,771,540
Deutsche Pfandbriefbank AG(b)(c)		58,720		353,382
Deutsche Post AG, Registered		343,721		16,462,225
Deutsche Telekom AG, Registered		1,127,740		27,683,546
Duerr AG		21,810		498,652
E.ON SE		780,936		10,565,499
Eckert & Ziegler Strahlen- und Medizintechnik AG		7,500		373,022
Encavis AG(a)		43,914		611,385
Evonik Industries AG		74,191		1,364,828
Evotec SE(a)		55,765		853,043
Fielmann Group AG		8,797		457,729
flatexDEGIRO AG(a)		25,091		274,372
Fraport AG Frankfurt Airport Services Worldwide(a)		13,565		796,157
Freenet AG		53,040		1,465,638
Fresenius Medical Care AG & Co. KGaA(b)		70,642		2,730,285
Fresenius SE & Co. KGaA		148,586		4,171,230
GEA Group AG		54,257		2,172,941
Gerresheimer AG		12,668		1,291,489
Grand City Properties SA(a)		36,694		356,179
GRENKE AG(b)		10,773		260,893
Hannover Rueck SE		20,443		4,900,532
Heidelberg Materials AG		49,273		4,550,088
HelloFresh SE(a)		56,259		744,011
Henkel AG & Co. KGaA		36,358		2,486,547
Hensoldt AG		18,394		552,204
Hornbach Holding AG & Co. KGaA		4,903		352,030
Hugo Boss AG		21,221		1,325,349
Hypoport SE(a)(b)		1,519		322,654
Infineon Technologies AG		455,016		16,588,483
Jenoptik AG		24,127		753,467
K+S AG, Registered		66,873		937,976
KION Group AG		24,518		1,118,632
Knorr-Bremse AG		23,863		1,473,925
Kontron AG		15,800		366,409
Krones AG		6,244		773,787
LANXESS AG(b)		30,464		813,277
LEG Immobilien SE(a)		26,055		2,162,035
Mercedes-Benz Group AG		279,336		18,858,749
Merck KGaA		44,879		7,363,544
METRO AG(a)		73,037		492,267
MorphoSys AG(a)(b)		12,620		528,548
MTU Aero Engines AG		19,175		4,408,911
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		46,945		19,985,375
Nagarro SE(a)		4,240		414,408
Nemetschek SE		20,302		1,873,339
Nordex SE(a)(b)		51,457		525,030
Norma Group SE		13,542		220,221
Patrizia SE(b)		19,694		168,029
Pfeiffer Vacuum Technology AG		2,166		363,440

Security	Shares		Value
Germany (continued)
ProSiebenSat.1 Media SE(b)		59,528	$	418,762
Puma SE		36,210		1,457,228
Rational AG		1,801		1,383,502
Redcare Pharmacy NV(a)(c)		6,304		877,487
Rheinmetall AG		15,197		5,321,545
RWE AG		221,329		8,172,711
Salzgitter AG		13,448		375,084
SAP SE		362,176		62,745,752
Scout24 SE(c)		29,340		2,160,313
Siemens AG, Registered		263,972		47,257,282
Siemens Healthineers AG(c)		97,133		5,405,571
Siltronic AG		8,101		761,398
Sixt SE(b)		5,740		559,397
SMA Solar Technology AG(a)		6,467		331,692
Stabilus SE		11,320		793,231
Stratec SE(b)		4,850		221,449
Stroeer SE & Co. KGaA		12,140		712,765
Suedzucker AG		27,264		384,803
Symrise AG, Class A		45,716		4,716,689
Synlab AG, NVS		30,725		330,285
TAG Immobilien AG(a)		64,532		903,244
Talanx AG(a)		21,845		1,532,667
TeamViewer SE(a)(c)		53,589		768,286
thyssenkrupp AG		183,964		1,135,368
United Internet AG, Registered		34,453		905,515
Varta AG(a)(b)		7,979		149,906
VERBIO Vereinigte BioEnergie AG		9,370		204,966
Vitesco Technologies Group AG(a)		2,778		242,780
Volkswagen AG		9,633		1,359,997
Vonovia SE		256,140		7,979,364
Vossloh AG		7,357		326,342
Wacker Chemie AG		6,420		696,061
Zalando SE(a)(c)		78,353		1,564,445
				478,462,534
Ireland — 1.3%
AIB Group PLC		574,992		2,525,608
Bank of Ireland Group PLC		369,425		3,397,225
Cairn Homes PLC		509,861		782,293
CRH PLC		250,193		17,749,096
Dalata Hotel Group PLC		108,018		560,912
Flutter Entertainment PLC(a)		61,794		12,683,596
Glanbia PLC		82,153		1,468,467
Kerry Group PLC, Class A		58,039		5,173,248
Kingspan Group PLC		56,989		4,628,452
Smurfit Kappa Group PLC		94,555		3,523,572
				52,492,469
Italy — 4.2%
A2A SpA		668,156		1,324,728
ACEA SpA		21,515		339,520
Amplifon SpA		44,668		1,457,897
Anima Holding SpA(c)		127,015		573,276
Ascopiave SpA		78,734		191,022
Assicurazioni Generali SpA		344,313		7,680,562
Azimut Holding SpA		45,682		1,273,555
Banca Generali SpA		27,485		1,047,808
Banca Mediolanum SpA		103,743		1,061,677
Banca Monte dei Paschi di Siena SpA(a)		288,455		1,012,401
Banca Popolare di Sondrio SpA		127,798		971,010
Banco BPM SpA		428,984		2,314,494
BFF Bank SpA(c)		81,248		878,018
BPER Banca		398,779		1,438,341

38 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI Europe ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Italy (continued)
Brembo SpA		63,590	$	783,226
Brunello Cucinelli SpA		13,281		1,316,637
Buzzi SpA		35,250		1,198,147
Credito Emiliano SpA		63,094		573,550
De’ Longhi SpA		30,552		989,553
DiaSorin SpA		8,634		793,974
Enav SpA(c)		94,653		350,303
Enel SpA		2,811,157		19,181,581
Eni SpA		835,502		13,319,021
ERG SpA		24,837		728,283
Ferrari NV		44,295		15,447,312
FinecoBank Banca Fineco SpA		214,801		3,097,078
GVS SpA(a)(c)		28,587		182,324
Hera SpA		392,364		1,382,152
Infrastrutture Wireless Italiane SpA(c)		134,758		1,629,497
Interpump Group SpA		27,070		1,338,109
Intesa Sanpaolo SpA		5,365,289		16,532,030
Iren SpA		371,729		780,174
Italgas SpA		183,043		1,043,601
Juventus Football Club SpA, NVS(a)(b)		87,594		212,991
Leonardo SpA		145,552		2,540,474
Mediobanca Banca di Credito Finanziario SpA		199,974		2,648,456
Moncler SpA		73,622		4,528,984
Nexi SpA(a)(c)		206,666		1,585,224
Pirelli & C SpA(c)		152,987		829,101
Poste Italiane SpA(c)		183,660		1,991,544
Prysmian SpA		94,215		4,146,386
Recordati Industria Chimica e Farmaceutica SpA		37,314		2,059,519
Reply SpA		9,266		1,270,465
Saipem SpA(a)		421,814		605,058
Salvatore Ferragamo SpA(b)		24,572		313,407
Snam SpA		725,466		3,543,135
Stellantis NV		774,017		17,048,997
Tamburi Investment Partners SpA		58,115		567,469
Technogym SpA(c)		72,691		719,841
Telecom Italia SpA/Milano(a)(b)		3,583,991		1,080,241
Tenaris SA, NVS		174,448		2,755,282
Terna - Rete Elettrica Nazionale		478,132		4,031,632
Tod’s SpA(a)		5,212		191,070
UniCredit SpA		559,433		16,386,943
Unipol Gruppo SpA		177,869		1,104,497
				172,391,577
Netherlands — 7.1%
Aalberts NV		37,100		1,475,404
ABN AMRO Bank NV, CVA(c)		141,829		2,087,352
Adyen NV(a)(c)		7,582		9,509,243
Aegon Ltd		582,608		3,437,059
AerCap Holdings NV(a)		70,562		5,402,227
Akzo Nobel NV		59,194		4,546,837
Alfen NV(a)(b)(c)		8,769		530,292
Allfunds Group PLC		127,890		916,868
Arcadis NV		29,981		1,646,000
ASM International NV		16,386		9,081,672
ASML Holding NV		140,128		121,573,355
ASR Nederland NV		55,125		2,597,848
Basic-Fit NV(a)(b)(c)		22,636		655,417
BE Semiconductor Industries NV		27,016		4,059,918
Corbion NV		30,521		591,019
Davide Campari-Milano NV		214,100		2,169,097
EXOR NV, NVS(b)		32,299		3,125,009
Ferrovial SE		176,769		6,741,126
Flow Traders Ltd., NVS		14,000		251,457

Security	Shares		Value
Netherlands (continued)
Fugro NV(a)		45,738	$	844,453
Heineken Holding NV		45,220		3,794,303
Heineken NV		100,515		10,111,357
IMCD NV		19,846		3,029,308
ING Groep NV		1,254,382		17,822,843
InPost SA(a)		70,146		1,053,580
Iveco Group NV(a)		64,673		690,149
JDE Peet’s NV		34,297		846,634
Just Eat Takeaway.com NV(a)(b)(c)		66,838		1,009,212
Koninklijke Ahold Delhaize NV		334,019		9,393,667
Koninklijke KPN NV		1,182,050		4,021,027
Koninklijke Philips NV(a)		272,760		5,770,390
Koninklijke Vopak NV		26,210		818,765
NN Group NV		92,765		3,802,273
NSI NV		13,151		281,403
OCI NV		40,560		1,158,555
Pharming Group NV(a)		350,203		441,495
PostNL NV		157,770		229,902
Prosus NV		511,273		15,211,229
Qiagen NV, NVS		77,268		3,352,423
Randstad NV		38,034		2,162,621
SBM Offshore NV		59,807		761,395
Signify NV(c)		43,963		1,318,215
Technip Energies NV		53,408		1,105,577
TKH Group NV		18,597		748,859
TomTom NV(a)(b)		34,225		231,734
Universal Music Group NV		286,848		8,455,626
Wolters Kluwer NV		86,193		12,706,317
				291,570,512
Norway — 1.4%
Adevinta ASA(a)		109,339		1,174,766
Aker ASA, Class A		14,427		857,277
Aker BP ASA		122,943		3,263,101
Aker Carbon Capture ASA(a)(b)		169,574		167,189
Atea ASA		48,767		650,088
Austevoll Seafood ASA		48,847		354,105
Bakkafrost P/F		19,356		1,080,997
Borr Drilling Ltd.(b)		84,784		525,292
Borregaard ASA		45,121		769,660
BW Offshore Ltd.		74,163		170,084
Cadeler AS(a)		21,998		101,192
Crayon Group Holding ASA(a)(b)(c)		39,083		328,563
DNB Bank ASA		325,899		6,335,382
DOF Group ASA(a)		35,151		189,747
Elkem ASA(b)(c)		226,692		470,388
Entra ASA(b)(c)		31,182		341,550
Equinor ASA		318,075		9,102,379
Frontline PLC, NVS		52,959		1,183,774
Gjensidige Forsikring ASA		72,879		1,172,220
Golden Ocean Group Ltd.		51,965		547,984
Hafnia Ltd.(b)		107,210		779,616
Kongsberg Gruppen ASA		35,360		1,802,064
Leroy Seafood Group ASA		103,342		415,055
Mowi ASA		154,242		2,776,406
MPC Container Ships ASA		128,621		193,344
NEL ASA(a)(b)		849,629		424,184
Nordic Semiconductor ASA(a)(b)		60,560		608,106
Norsk Hydro ASA		484,877		2,841,623
Norwegian Air Shuttle ASA(a)(b)		246,559		301,868
Nykode Therapeutics ASA(a)(b)		67,343		115,704
Orkla ASA		269,048		2,107,487
REC Silicon ASA(a)(b)		137,222		160,338

S C H E D U L E  O F  I N V E S T M E N T S 39

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI Europe ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Norway (continued)
Salmar ASA		26,818	$	1,488,678
Scatec ASA(a)(c)		46,578		346,338
Schibsted ASA, Class A		30,566		937,672
Schibsted ASA, Class B		33,769		969,026
Seadrill Ltd.(a)(b)		12,680		545,781
SpareBank 1 SMN		65,015		885,154
SpareBank 1 SR-Bank ASA		62,821		761,851
Storebrand ASA		162,495		1,461,019
Subsea 7 SA		87,972		1,185,685
Telenor ASA		223,434		2,479,236
TGS ASA		50,339		490,189
TOMRA Systems ASA		83,388		837,614
Veidekke ASA		50,102		457,324
Yara International ASA		57,673		1,906,245
				56,063,345
Portugal — 0.3%
Banco Comercial Portugues SA, Class R(a)		3,270,897		951,492
EDP - Energias de Portugal SA		1,121,827		5,003,838
Galp Energia SGPS SA		172,349		2,713,074
Jeronimo Martins SGPS SA		94,753		2,154,998
Navigator Co. SA (The)		142,787		588,359
REN - Redes Energeticas Nacionais SGPS SA		336,408		826,547
Sonae SGPS SA		475,845		460,013
				12,698,321
Spain — 3.8%
Acciona SA		8,784		1,136,252
Acerinox SA		66,577		702,866
ACS Actividades de Construccion y Servicios SA		75,121		2,964,312
Aena SME SA(c)		25,303		4,476,282
Amadeus IT Group SA		157,036		11,005,141
Applus Services SA		57,849		699,570
Banco Bilbao Vizcaya Argentaria SA		2,073,973		19,411,219
Banco de Sabadell SA		2,013,815		2,613,803
Banco Santander SA		5,623,931		22,602,912
Bankinter SA		225,453		1,391,974
CaixaBank SA		1,429,372		6,094,828
Cellnex Telecom SA(c)		197,547		7,601,088
Cia. de Distribucion Integral Logista Holdings SA		29,650		838,649
Cie. Automotive SA		24,909		657,169
Corp. ACCIONA Energias Renovables SA		20,583		534,851
EDP Renovaveis SA		114,226		1,849,688
Enagas SA		76,645		1,247,764
Endesa SA		106,039		2,100,840
Faes Farma SA		169,134		555,804
Fluidra SA		35,048		758,761
Global Dominion Access SA(c)		29,568		114,242
Grifols SA(a)(b)		106,780		1,163,127
Iberdrola SA		2,083,830		25,091,306
Iberdrola SA, NVS		35,501		427,467
Indra Sistemas SA(b)		53,355		947,277
Industria de Diseno Textil SA		379,547		16,228,430
Inmobiliaria Colonial SOCIMI SA		109,765		659,940
Laboratorios Farmaceuticos Rovi SA		7,613		525,088
Lar Espana Real Estate SOCIMI SA		63,540		426,426
Linea Directa Aseguradora SA Cia de Segurosy Reaseguros		237,607		248,308
Mapfre SA		362,326		797,811
Merlin Properties SOCIMI SA		127,139		1,294,685
Naturgy Energy Group SA		45,903		1,236,065
Neinor Homes SA(c)		23,620		266,493
Prosegur Cia. de Seguridad SA		108,890		206,038

Security	Shares		Value
Spain (continued)
Redeia Corp. SA		130,938	$	2,178,824
Repsol SA		451,942		6,674,406
Sacyr SA		217,450		716,878
Sacyr SA, NVS		4,297		14,192
Solaria Energia y Medio Ambiente SA(a)		36,360		536,823
Telefonica SA		1,702,881		6,928,738
Unicaja Banco SA(c)		512,498		490,022
Vidrala SA		9,065		908,588
Viscofan SA		13,770		806,563
				158,131,510
Sweden — 5.4%
AAK AB		67,622		1,524,071
AddLife AB, Class B		40,448		435,968
AddTech AB, Class B		94,653		1,952,663
AFRY AB		38,841		536,361
Alfa Laval AB		103,899		3,812,346
Alleima AB, NVS		70,989		471,278
Arjo AB, Class B		88,894		416,076
Assa Abloy AB, Class B		344,008		9,434,666
Atlas Copco AB, Class A		934,585		14,915,428
Atlas Copco AB, Class B		539,072		7,465,043
Avanza Bank Holding AB		45,844		920,890
Axfood AB		42,015		1,063,027
Beijer Ref AB, Class B		140,034		1,906,562
Betsson AB		48,383		526,558
Bilia AB, Class A		42,053		508,395
Billerud Aktiebolag		81,062		720,810
BioArctic AB, Class B(a)(b)(c)		12,887		279,520
Biotage AB		22,466		319,324
Boliden AB		95,987		2,547,751
Bravida Holding AB(c)		87,319		662,116
Bure Equity AB		21,247		606,844
Calliditas Therapeutics AB, Class B(a)(b)		25,746		281,293
Camurus AB(a)		10,751		532,985
Castellum AB(a)		149,949		1,930,426
Catena AB		12,812		546,261
Corem Property Group AB, Class B		268,906		270,928
Dometic Group AB(c)		108,726		865,232
Electrolux AB, Class B(a)		80,698		754,851
Electrolux Professional AB, Class B		117,310		623,319
Elekta AB, Class B		139,110		1,049,683
Embracer Group AB, Class B(a)(b)		280,847		535,987
Epiroc AB		223,983		3,957,499
Epiroc AB, Class B		128,696		2,006,615
EQT AB		128,357		3,446,660
Essity AB, Class B		212,342		4,986,489
Evolution AB(c)		63,861		7,456,639
Fabege AB		80,585		754,752
Fastighets AB Balder, Class B(a)		214,530		1,423,898
Fortnox AB		183,001		1,008,937
Getinge AB, Class B		80,000		1,710,170
Granges AB		49,088		486,740
H & M Hennes & Mauritz AB, Class B		230,131		3,246,859
Hemnet Group AB		33,656		908,638
Hexagon AB, Class B		725,459		7,917,359
Hexatronic Group AB(b)		64,612		135,531
Hexpol AB		105,027		1,202,197
HMS Networks AB(b)		9,729		428,028
Holmen AB, Class B		27,510		1,084,149
Hufvudstaden AB, Class A		44,912		580,752
Husqvarna AB, Class B		132,439		1,030,231
Industrivarden AB, Class A		45,819		1,442,473

40 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI Europe ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Sweden (continued)
Industrivarden AB, Class C		55,107	$	1,731,962
Indutrade AB		97,686		2,373,191
Instalco AB		96,826		387,177
Intrum AB(b)		24,895		147,456
Investment AB Latour, Class B		51,483		1,294,828
Investor AB, Class B		600,455		14,137,572
JM AB		25,346		412,731
Kambi Group PLC, Class B(a)		14,539		194,894
Kindred Group PLC		86,443		1,016,933
Kinnevik AB, Class B(a)		96,987		1,042,030
L E Lundbergforetagen AB, Class B		25,663		1,338,090
Lifco AB, Class B		85,994		2,074,769
Lindab International AB		34,826		661,300
Loomis AB, Class B		27,846		762,367
Medicover AB, Class B		21,915		361,416
Millicom International Cellular SA, SDR(a)		53,607		919,603
MIPS AB		12,572		417,655
Modern Times Group MTG AB, Class B(a)		43,229		330,875
Munters Group AB(c)		54,911		876,447
Mycronic AB		31,765		883,507
NCAB Group AB(b)		62,592		404,818
NCC AB, Class B		36,071		460,629
Nibe Industrier AB, Class B		530,663		3,170,807
Nolato AB, Class B		89,470		433,296
Nordnet AB publ		53,184		836,879
Nyfosa AB		64,076		573,120
Pandox AB, Class B		42,833		587,337
Paradox Interactive AB		16,468		322,636
Peab AB, Class B		74,691		368,745
Ratos AB, Class B(b)		69,589		229,386
Saab AB, Class B		28,110		1,810,029
Sagax AB, Class B		72,643		1,765,320
Samhallsbyggnadsbolaget i Norden AB(b)		409,012		187,407
Sandvik AB		364,953		7,669,810
Scandic Hotels Group AB(a)(c)		89,395		411,858
Sdiptech AB, Class B(a)		13,792		342,300
Sectra AB, Class B		58,623		1,091,939
Securitas AB, Class B		167,430		1,626,424
Sinch AB(a)(b)(c)		238,604		732,753
Skandinaviska Enskilda Banken AB, Class A		550,339		7,815,990
Skanska AB, Class B		119,701		2,075,567
SKF AB, Class B		119,058		2,346,052
SSAB AB, Class A		91,604		712,662
SSAB AB, Class B		219,745		1,678,513
Stillfront Group AB(a)		187,508		194,323
Storskogen Group AB		570,446		393,780
Surgical Science Sweden AB(a)(b)		17,992		307,493
Svenska Cellulosa AB SCA, Class B		212,228		2,889,254
Svenska Handelsbanken AB, Class A		494,329		5,329,031
Sweco AB, Class B		85,880		1,006,669
Swedbank AB, Class A		294,204		5,995,282
Swedish Orphan Biovitrum AB(a)(b)		70,902		1,990,086
Tele2 AB, Class B		182,070		1,552,334
Telefonaktiebolaget LM Ericsson, Class B		1,025,079		5,682,501
Telia Co. AB		820,003		2,114,929
Thule Group AB(c)		37,961		965,921
Trelleborg AB, Class B		81,465		2,479,565
Troax Group AB		19,687		427,692
Vitec Software Group AB, Class B		13,694		760,643
Vitrolife AB		27,831		458,193
Volvo AB, Class A		65,992		1,622,423
Volvo AB, Class B		526,134		12,608,970

Security	Shares		Value
Sweden (continued)
Volvo Car AB, Class B(a)		202,006	$	526,630
Wallenstam AB, Class B		133,432		669,797
Wihlborgs Fastigheter AB		111,248		994,518
				221,620,392
Switzerland — 15.0%
ABB Ltd., Registered		553,580		23,422,968
Accelleron Industries AG, NVS		46,464		1,486,836
Adecco Group AG, Registered		56,408		2,439,255
Alcon Inc.		172,516		12,986,141
Allreal Holding AG, Registered		6,183		1,099,779
ALSO Holding AG, Registered		3,269		957,054
Arbonia AG		27,828		322,234
Aryzta AG(a)		425,275		763,316
Avolta AG, Registered(a)		38,608		1,475,012
Bachem Holding AG, Class B		13,087		876,093
Baloise Holding AG, Registered		16,808		2,684,928
Banque Cantonale Vaudoise, Registered		11,630		1,489,063
Barry Callebaut AG, Registered		1,309		1,911,935
Belimo Holding AG, Registered		3,501		1,632,479
BKW AG		8,025		1,274,919
Bossard Holding AG, Class A, Registered		2,659		636,314
Bucher Industries AG, Registered		2,997		1,269,428
Burckhardt Compression Holding AG		1,538		860,461
Bystronic AG, Registered		634		317,672
Cembra Money Bank AG		12,049		929,001
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		321		4,079,572
Chocoladefabriken Lindt & Spruengli AG, Registered		40		5,070,359
Cie. Financiere Richemont SA, Class A, Registered		180,925		26,873,612
Clariant AG, Registered		74,277		950,870
Coca-Cola HBC AG, Class DI		77,567		2,280,217
Comet Holding AG, Registered		2,973		980,239
Daetwyler Holding AG, Bearer		3,034		616,907
DKSH Holding AG		14,025		981,397
DocMorris AG(a)(b)		3,610		336,781
dormakaba Holding AG		1,310		656,231
DSM-Firmenich AG		64,812		6,852,606
Emmi AG, Registered		759		795,146
EMS-Chemie Holding AG, Registered		2,436		1,838,972
Flughafen Zurich AG, Registered		7,793		1,607,898
Forbo Holding AG, Registered		460		540,855
Galenica AG(c)		21,560		1,901,215
Geberit AG, Registered		11,384		6,552,948
Georg Fischer AG		30,088		2,013,744
Givaudan SA, Registered		3,194		13,282,366
Helvetia Holding AG, Registered		14,602		2,108,827
Holcim AG		179,165		13,684,412
Huber + Suhner AG, Registered		7,961		570,986
Idorsia Ltd.(a)(b)		40,885		72,960
Implenia AG, Registered		10,503		372,869
Inficon Holding AG, Registered		759		1,152,067
Interroll Holding AG, Registered		281		820,742
Julius Baer Group Ltd.		71,862		3,912,268
Kardex Holding AG, Registered		3,069		779,472
Kuehne + Nagel International AG, Registered		18,433		6,246,568
Landis+Gyr Group AG		9,908		812,422
Logitech International SA, Registered		58,297		4,887,228
Lonza Group AG, Registered		25,910		12,667,546
Medmix AG(c)		13,157		263,765
Meyer Burger Technology AG(a)(b)		1,260,891		162,181
Mobimo Holding AG, Registered		3,257		962,242
Nestle SA, Registered		924,484		105,345,439

S C H E D U L E  O F  I N V E S T M E N T S 41

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI Europe ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Switzerland (continued)
Novartis AG, Registered		710,687	$	73,494,785
OC Oerlikon Corp. AG, Registered		85,136		371,009
Partners Group Holding AG		7,862		10,607,214
PolyPeptide Group AG(a)(b)(c)		6,157		113,015
PSP Swiss Property AG, Registered		16,927		2,252,934
Roche Holding AG, Bearer		11,239		3,404,601
Roche Holding AG, NVS		243,339		69,282,593
Sandoz Group AG(a)		145,978		5,006,313
Schindler Holding AG, Participation Certificates, NVS		14,053		3,500,444
Schindler Holding AG, Registered		8,036		1,912,896
Schweiter Technologies AG, NVS		496		272,122
Sensirion Holding AG(a)(b)(c)		3,880		322,884
SFS Group AG		8,429		1,011,982
SGS SA		51,731		4,780,246
Siegfried Holding AG, Registered		1,569		1,562,956
Siemens Energy AG(a)(b)		182,062		2,704,889
SIG Group AG		106,280		2,224,674
Sika AG, Registered		52,933		14,612,569
Softwareone Holding AG		39,482		739,994
Sonova Holding AG, Registered		17,646		5,639,600
St. Galler Kantonalbank AG, Class A, Registered		1,596		923,665
Stadler Rail AG		20,148		643,157
STMicroelectronics NV		240,423		10,556,375
Straumann Holding AG		39,368		5,980,053
Sulzer AG, Registered		8,328		804,503
Swatch Group AG (The), Bearer		9,923		2,329,512
Swatch Group AG (The), Registered		18,064		821,895
Swiss Life Holding AG, Registered		10,166		7,300,489
Swiss Prime Site AG, Registered		25,766		2,609,718
Swiss Re AG		103,808		11,886,061
Swisscom AG, Registered		8,944		5,351,048
Swissquote Group Holding SA, Registered		4,590		1,151,966
Tecan Group AG, Registered		4,899		1,870,020
Temenos AG, Registered		22,712		2,311,409
UBS Group AG, Registered		1,144,413		34,255,264
Valiant Holding AG, Registered		8,973		1,075,159
VAT Group AG(c)		9,573		4,456,507
Vontobel Holding AG, Registered		11,850		780,549
Ypsomed Holding AG, Registered		1,466		517,481
Zurich Insurance Group AG		49,875		25,340,964
				616,652,332
United Kingdom — 22.6%
3i Group PLC		343,912		10,766,144
4imprint Group PLC		9,928		680,802
888 Holdings PLC(a)		142,226		139,869
abrdn PLC		652,608		1,388,381
Admiral Group PLC		91,726		2,916,623
Airtel Africa PLC(c)		422,409		599,900
AJ Bell PLC		105,471		422,911
Anglo American PLC		438,124		10,443,860
Antofagasta PLC		142,358		3,102,727
AO World PLC(a)		126,714		146,212
Ascential PLC(a)		172,601		664,817
Ashmore Group PLC		158,510		426,267
Ashtead Group PLC		153,467		10,035,497
ASOS PLC(a)(b)		23,829		111,300
Associated British Foods PLC		122,668		3,633,346
Assura PLC		1,289,194		727,693
Aston Martin Lagonda Global Holdings PLC(a)(c)		107,460		259,194
AstraZeneca PLC		538,169		71,348,745
Auction Technology Group PLC(a)(b)		53,000		366,060
Auto Trader Group PLC(c)		324,002		2,980,779

Security	Shares		Value
United Kingdom (continued)
Aviva PLC		910,045	$	4,967,548
B&M European Value Retail SA		340,482		2,231,423
Babcock International Group PLC		94,036		537,439
BAE Systems PLC		1,063,494		15,842,300
Balfour Beatty PLC		246,519		1,037,213
Barclays PLC		5,246,663		9,750,017
Barratt Developments PLC		342,230		2,332,410
Beazley PLC		241,517		1,662,498
Bellway PLC		42,719		1,488,421
Berkeley Group Holdings PLC		37,856		2,292,356
Big Yellow Group PLC		68,898		996,266
Bodycote PLC		69,147		557,540
boohoo Group PLC(a)(b)		347,591		160,255
BP PLC		5,872,823		34,299,732
Breedon Group PLC		122,179		562,834
Bridgepoint Group PLC(c)		86,594		294,983
British American Tobacco PLC		740,244		21,825,062
British Land Co. PLC (The)		327,788		1,575,585
Britvic PLC		99,169		1,109,099
BT Group PLC		2,247,324		3,183,854
Bunzl PLC		115,207		4,681,985
Burberry Group PLC		132,961		2,190,123
Burford Capital Ltd.		67,739		1,032,723
Bytes Technology Group PLC		84,705		703,189
C&C Group PLC		183,955		358,082
Capita PLC(a)		578,085		139,635
Capital & Counties Properties PLC		617,726		1,040,615
Carnival PLC(a)		47,140		708,239
Centamin PLC		419,094		510,550
Centrica PLC		1,984,002		3,472,101
Ceres Power Holdings PLC(a)(b)		59,805		181,292
Close Brothers Group PLC		50,601		347,809
Coats Group PLC		637,399		578,368
Coca-Cola Europacific Partners PLC		73,159		5,040,655
Compass Group PLC		593,963		16,359,969
Computacenter PLC		34,276		1,252,213
ConvaTec Group PLC(c)		595,442		1,812,153
Cranswick PLC		20,450		1,042,872
Crest Nicholson Holdings PLC		113,078		300,078
Croda International PLC		47,785		2,892,263
Currys PLC		456,775		286,425
CVS Group PLC		24,908		532,833
Darktrace PLC(a)		125,035		542,153
DCC PLC		35,799		2,602,563
Deliveroo PLC, Class A(a)(c)		394,037		586,752
Derwent London PLC		37,097		999,832
Diageo PLC		779,855		28,166,697
Diploma PLC		48,126		1,983,837
Direct Line Insurance Group PLC(a)		422,226		901,011
Diversified Energy Co. PLC		26,464		305,219
Domino’s Pizza Group PLC		138,836		613,131
Dowlais Group PLC		587,678		671,311
Dr. Martens PLC		222,463		250,483
Drax Group PLC		141,290		911,757
DS Smith PLC		501,551		1,788,326
Dunelm Group PLC		53,544		737,568
easyJet PLC(a)		110,160		771,234
Elementis PLC(a)		240,046		430,206
Endeavour Mining PLC		73,100		1,298,541
Energean PLC		58,697		705,275
Entain PLC		226,343		2,756,947
Essentra PLC		145,794		319,643

42 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI Europe ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Experian PLC		318,124	$	13,241,081
Ferrexpo PLC		110,127		121,142
Fevertree Drinks PLC		38,463		492,316
Firstgroup PLC		341,717		719,461
Forterra PLC(c)		98,423		206,056
Frasers Group PLC(a)		53,288		545,216
Future PLC		42,433		380,248
Games Workshop Group PLC		13,176		1,653,932
Gamma Communications PLC		32,357		489,612
GB Group PLC		106,368		379,867
Genuit Group PLC		115,947		620,072
Genus PLC		24,227		703,685
Glencore PLC		3,641,734		19,268,262
Grafton Group PLC		87,707		1,080,278
Grainger PLC		291,399		971,971
Great Portland Estates PLC		95,565		502,833
Greatland Gold PLC(a)(b)		2,239,834		204,375
Greggs PLC		38,592		1,299,983
GSK PLC		1,418,980		28,064,208
Haleon PLC		1,930,453		7,841,043
Halfords Group PLC		91,266		206,409
Halma PLC		134,241		3,715,668
Hammerson PLC		1,811,507		618,188
Harbour Energy PLC		225,271		791,746
Hargreaves Lansdown PLC		122,646		1,183,462
Hays PLC		593,655		738,718
Helios Towers PLC(a)		277,997		278,674
Hikma Pharmaceuticals PLC		59,562		1,453,137
Hill & Smith PLC		37,423		885,826
Hiscox Ltd		123,359		1,624,299
Hochschild Mining PLC(a)		143,674		188,893
Howden Joinery Group PLC		191,551		1,939,814
HSBC Holdings PLC		6,764,117		52,812,213
IG Group Holdings PLC		151,068		1,357,517
IMI PLC		91,659		1,944,046
Impax Asset Management Group PLC		34,967		240,405
Imperial Brands PLC		298,695		7,170,212
Inchcape PLC		139,763		1,203,464
Indivior PLC, NVS(a)		47,426		833,628
Informa PLC		507,248		4,981,961
IntegraFin Holdings PLC		122,947		458,509
InterContinental Hotels Group PLC		58,174		5,512,165
Intermediate Capital Group PLC		101,517		2,288,711
International Distributions Services PLC(a)		256,198		898,714
Intertek Group PLC		54,068		3,068,936
Investec PLC		252,759		1,645,591
IP Group PLC		420,896		279,502
ITM Power PLC(a)		268,735		202,575
ITV PLC(b)		1,280,193		969,695
IWG PLC(a)		286,404		678,718
J D Wetherspoon PLC(a)		42,403		451,394
J Sainsbury PLC		579,869		1,979,766
JD Sports Fashion PLC		943,655		1,394,452
JET2 PLC		71,231		1,206,021
John Wood Group PLC(a)		238,566		472,966
Johnson Matthey PLC		63,034		1,299,696
JTC PLC(c)		55,401		556,891
Jupiter Fund Management PLC		160,761		161,051
Just Group PLC		434,280		467,945
Kainos Group PLC		42,091		611,832
Keywords Studios PLC(b)		30,403		635,783
Kingfisher PLC		665,409		1,850,053

Security	Shares		Value
United Kingdom (continued)
Lancashire Holdings Ltd.		95,388	$	733,773
Land Securities Group PLC		247,026		2,082,602
Learning Technologies Group PLC		280,197		285,790
Legal & General Group PLC		2,080,925		6,693,175
Liontrust Asset Management PLC		32,341		255,273
Lloyds Banking Group PLC		21,787,547		11,679,331
London Stock Exchange Group PLC		143,747		16,259,804
LondonMetric Property PLC		422,749		1,032,942
LXI REIT PLC		842,054		1,123,048
M&G PLC		798,150		2,256,663
Man Group PLC/Jersey		451,944		1,357,987
Marks & Spencer Group PLC		703,600		2,198,254
Marshalls PLC		77,633		275,480
Melrose Industries PLC		476,335		3,550,357
Mitchells & Butlers PLC(a)		108,990		359,396
Mitie Group PLC		554,406		726,487
Mobico Group PLC		218,285		236,210
Mondi PLC, NVS		158,281		2,836,336
Moneysupermarket.com Group PLC		255,109		823,112
Morgan Sindall Group PLC		15,873		455,624
National Grid PLC		1,268,700		16,897,947
NatWest Group PLC, NVS		1,993,850		5,626,920
Network International Holdings PLC(a)(c)		171,186		840,441
Next 15 Group PLC		47,896		555,392
Next PLC		42,108		4,495,303
Ninety One PLC		193,395		432,583
NMC Health PLC, NVS(d)		42,009		1
Ocado Group PLC(a)		203,503		1,393,977
OSB Group PLC		147,626		840,033
Oxford Instruments PLC		26,701		751,208
Oxford Nanopore Technologies PLC(a)		226,131		459,381
Pagegroup PLC		128,529		746,990
Paragon Banking Group PLC		87,332		777,830
Pearson PLC		231,344		2,838,077
Pennon Group PLC		93,868		835,762
Persimmon PLC		114,483		2,108,560
Petrofac Ltd.(a)(b)		197,203		76,362
Pets at Home Group PLC		193,974		688,797
Phoenix Group Holdings PLC		263,966		1,685,325
Playtech PLC(a)		90,706		510,846
Plus500 Ltd.		34,300		775,759
Primary Health Properties PLC		651,020		801,524
Prudential PLC		958,403		9,845,259
QinetiQ Group PLC		181,418		819,324
Quilter PLC(c)		501,900		666,528
Rathbones Group PLC		24,147		505,119
Reckitt Benckiser Group PLC		247,970		17,928,453
Redde Northgate PLC		115,437		519,341
Redrow PLC		100,080		760,261
RELX PLC		655,193		27,042,474
Renishaw PLC		14,162		626,339
Rentokil Initial PLC		893,908		4,603,399
RHI Magnesita NV		10,184		434,164
Rightmove PLC		283,663		2,007,532
Rio Tinto PLC		390,126		27,004,293
Rolls-Royce Holdings PLC(a)		2,947,062		11,188,374
Rotork PLC		300,353		1,184,023
RS GROUP PLC		164,842		1,633,413
RWS Holdings PLC		116,287		350,152
S4 Capital PLC(a)		144,774		80,725
Safestore Holdings PLC		84,526		880,273
Sage Group PLC (The)		356,843		5,312,651

S C H E D U L E  O F  I N V E S T M E N T S 43

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI Europe ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Savills PLC		63,106	$	810,139
Schroders PLC		239,969		1,227,705
Segro PLC		417,017		4,631,420
Serco Group PLC		474,346		1,035,089
Severn Trent PLC		89,417		2,939,228
Shell PLC		2,305,084		71,462,924
Sirius Real Estate Ltd.		568,021		653,627
Smart Metering Systems PLC		49,495		596,515
Smith & Nephew PLC		304,099		4,252,825
Smiths Group PLC		122,951		2,519,713
Softcat PLC		51,795		949,152
Spectris PLC		38,567		1,795,425
Spirax-Sarco Engineering PLC		24,662		3,103,980
Spire Healthcare Group PLC(c)		180,439		540,768
Spirent Communications PLC		252,443		376,585
SSE PLC		379,129		8,074,664
SSP Group PLC(a)		287,588		818,469
St. James’s Place PLC		193,142		1,590,003
Standard Chartered PLC		794,466		6,004,210
Supermarket Income REIT PLC		532,798		546,924
Synthomer PLC(a)		49,382		98,601
Tate & Lyle PLC		147,198		1,162,170
Taylor Wimpey PLC		1,234,373		2,304,564
TBC Bank Group PLC		16,611		613,640
Telecom Plus PLC		24,723		455,559
Tesco PLC		2,467,367		8,940,799
THG PLC, Class B(a)		248,704		207,385
TP ICAP Group PLC		269,727		639,054
Trainline PLC(a)(c)		180,292		754,911
Travis Perkins PLC		73,383		731,967
Tritax Big Box REIT PLC		688,878		1,442,226
TUI AG(a)		170,759		1,176,461
Unilever PLC		862,064		41,948,219
UNITE Group PLC (The)		140,653		1,796,960
United Utilities Group PLC		230,684		3,107,028
Vanquis Banking Group PLC		101,445		151,959
Vesuvius PLC		83,452		502,472
Victoria PLC(a)		36,833		130,233
Victrex PLC		30,691		530,135
Virgin Money UK PLC		477,991		944,067
Vistry Group PLC		123,721		1,564,984
Vodafone Group PLC		8,004,631		6,805,061
Volution Group PLC		69,198		378,852
Watches of Switzerland Group PLC(a)(c)		98,024		461,639
Weir Group PLC (The)		90,558		2,081,559
WH Smith PLC		53,348		815,223
Whitbread PLC		73,319		3,323,399
Wickes Group PLC		168,820		334,965
Wise PLC, Class A(a)		225,208		2,297,100
Workspace Group PLC		57,859		380,580
WPP PLC		374,618		3,622,740
Yellow Cake PLC(a)(c)		109,658		963,755
YouGov PLC		39,377		581,364
				928,651,262
Total Common Stocks — 98.7% (Cost: $4,150,275,869)				4,061,340,901

Security	Shares		Value
Preferred Stocks
Germany — 0.7%
Bayerische Motoren Werke AG, Preference Shares, NVS		20,448	$	1,997,984
Dr Ing hc F Porsche AG, Preference Shares, NVS(c)		40,102		3,404,737
Fuchs Petrolub SE, Preference Shares, NVS		29,747		1,303,916
Henkel AG & Co. KGaA, Preference Shares, NVS		59,331		4,548,227
Jungheinrich AG, Preference Shares, NVS		19,352		651,376
Porsche Automobil Holding SE, Preference Shares, NVS		54,036		2,697,691
Sartorius AG, Preference Shares, NVS		9,181		3,349,252
Schaeffler AG, Preference Shares, NVS(b)		43,722		276,293
Sixt SE, Preference Shares, NVS		5,427		371,668
Volkswagen AG, Preference Shares, NVS		72,742		9,355,714
				27,956,858
Total Preferred Stocks — 0.7% (Cost: $38,383,260)				27,956,858
Rights
Spain — 0.0%
ACS Actividades de Construccion y Servicios SA, (Expires 02/09/24)(a)		74,230		34,014
Total Rights — 0.0% (Cost: $36,871)				34,014
Total Long-Term Investments — 99.4% (Cost: $4,188,696,000)				4,089,331,773
Short-Term Securities
Money Market Funds — 0.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.51%(e)(f)(g)		29,531,561		29,549,280
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.32%(e)(f)		1,670,000		1,670,000
Total Short-Term Securities — 0.7% (Cost: $31,197,299)				31,219,280
Total Investments — 100.1% (Cost: $4,219,893,299)				4,120,551,053
Liabilities in Excess of Other Assets — (0.1)%				(5,605,276	)
Net Assets — 100.0%			$	4,114,945,777

^(a)  Non-income producing security.

^(b)  All or a portion of this security is on loan.

^(c)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(e)  Affiliate of the Fund.

^(f)  Annualized 7-day yield as of period end.

^(g)  All or a portion of this security was purchased with the cash collateral from loaned securities.

44 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI Europe ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/24		Shares Held at 01/31/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	36,832,231	$	—		$	(7,292,947	)(a)	$	7,294	$	2,702	$	29,549,280		29,531,561	$	228,309	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		410,000		1,260,000	(a)		—			—		—		1,670,000		1,670,000		39,957			—
									$	7,294	$	2,702	$	31,219,280			$	268,266		$	—

^(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		315		03/15/24	$	15,837	$	329,948
FTSE 100 Index		91		03/15/24		8,764		8,800
							$	338,748

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	338,748	$	—	$	—	$	—	$	338,748

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended January 31, 2024, 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	$	—	$	—	$	241,181		$	—	$	—	$	—	$	241,181
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(328,533	)	$	—	$	—	$	—	$	(328,533	)

S C H E D U L E  O F  I N V E S T M E N T S 45

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI Europe ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	23,348,936

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	92,802,288	$	3,968,538,612	$	1	$	4,061,340,901
Preferred Stocks		—		27,956,858		—		27,956,858
Rights		34,014		—		—		34,014
Short-Term Securities
Money Market Funds		31,219,280		—		—		31,219,280
	$	124,055,582	$	3,996,495,470	$	1	$	4,120,551,053
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	338,748	$	—	$	338,748

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

46 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) January 31, 2024 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 6.8%
Abacus Group		204,070	$	145,215
Abacus Storage King(a)		204,059		151,946
Adbri Ltd.(b)		240,057		477,499
AGL Energy Ltd.		401,723		2,268,909
ALS Ltd.		340,833		2,800,295
Altium Ltd.		95,068		3,054,136
Alumina Ltd.(b)		1,828,436		1,375,557
AMP Ltd.		2,066,350		1,253,179
Ampol Ltd.		133,700		3,162,336
Ansell Ltd.		67,919		1,068,218
ANZ Group Holdings Ltd.		1,702,390		30,037,616
APA Group		684,340		3,785,148
ARB Corp. Ltd.		59,027		1,290,351
Aristocrat Leisure Ltd.		334,672		9,648,798
ASX Ltd.		107,936		4,614,518
Atlas Arteria Ltd.		769,443		2,712,594
AUB Group Ltd.		58,545		1,165,052
Aurizon Holdings Ltd.		914,903		2,255,264
Bank of Queensland Ltd.		421,765		1,655,832
Bapcor Ltd.		285,223		1,044,061
Beach Energy Ltd.		1,479,194		1,587,377
Bega Cheese Ltd.		215,254		524,592
Bellevue Gold Ltd.(b)		1,358,780		1,175,371
Bendigo & Adelaide Bank Ltd.		372,849		2,382,109
BHP Group Ltd.		2,907,097		88,939,749
BlueScope Steel Ltd.		319,404		4,876,759
Boral Ltd.(b)		253,100		872,290
Brambles Ltd.		797,001		7,599,218
Breville Group Ltd.		96,134		1,698,962
BWP Trust		420,160		940,836
CAR Group Ltd.		208,747		4,482,072
Chalice Mining Ltd.(a)(b)		320,750		230,612
Challenger Ltd.		310,482		1,317,121
Champion Iron Ltd.		222,913		1,222,908
Charter Hall Group		329,715		2,571,676
Charter Hall Long Wale REIT		656,060		1,597,443
Charter Hall Retail REIT		394,329		952,721
Cleanaway Waste Management Ltd.		1,582,138		2,678,447
Cochlear Ltd.		37,104		7,363,249
Coles Group Ltd.		724,640		7,519,860
Commonwealth Bank of Australia		950,847		72,506,259
Computershare Ltd.		352,129		5,832,400
Core Lithium Ltd.(a)(b)		1,489,368		187,057
Corporate Travel Management Ltd.		91,258		1,207,172
Credit Corp. Group Ltd.		45,314		503,764
Cromwell Property Group		558,604		150,682
CSL Ltd.		277,754		54,544,644
CSR Ltd.		243,162		1,094,951
De Grey Mining Ltd.(b)		1,403,075		1,116,544
Deterra Royalties Ltd.		632,951		2,279,537
Dexus		615,262		3,113,635
Domino’s Pizza Enterprises Ltd.		37,424		962,599
Downer EDI Ltd.		463,555		1,262,469
Eagers Automotive Ltd.		150,107		1,384,136
Endeavour Group Ltd./Australia		834,106		3,052,607
Evolution Mining Ltd.		1,033,899		2,165,754
Flight Centre Travel Group Ltd.		110,990		1,533,425
Fortescue Ltd.		955,119		18,459,344
Gold Road Resources Ltd.		1,329,196		1,313,309
Goodman Group		987,919		16,398,635

Security	Shares		Value
Australia (continued)
GPT Group (The)		1,147,329	$	3,467,658
GrainCorp Ltd., Class A		215,305		1,131,189
Growthpoint Properties Australia Ltd.		114,238		178,786
Harvey Norman Holdings Ltd.		272,232		782,342
Healius Ltd.(b)		344,831		310,228
HUB24 Ltd.		119,974		2,899,289
IDP Education Ltd.		163,609		2,095,137
IGO Ltd.		367,579		1,786,880
Iluka Resources Ltd.		227,586		1,062,959
Incitec Pivot Ltd.		1,292,343		2,256,922
Ingenia Communities Group		362,203		1,049,137
Insignia Financial Ltd.		320,055		444,409
Insurance Australia Group Ltd.		1,383,958		5,432,623
IPH Ltd.		207,587		923,770
IRESS Ltd.		128,506		682,289
James Hardie Industries PLC(b)		251,170		9,436,566
JB Hi-Fi Ltd.		80,197		2,983,526
Lendlease Corp. Ltd.		400,826		1,924,158
Link Administration Holdings Ltd.		273,154		387,022
Liontown Resources Ltd.(a)(b)		1,453,966		968,162
Lottery Corp. Ltd. (The)		1,505,370		4,941,202
Lynas Rare Earths Ltd.(a)(b)		472,364		1,796,060
Macquarie Group Ltd.		210,599		25,985,687
Magellan Financial Group Ltd.		104,913		614,936
Medibank Pvt Ltd.		1,567,376		3,924,146
Megaport Ltd.(b)		149,832		1,223,559
Metcash Ltd.		515,684		1,223,286
Mineral Resources Ltd.		103,593		3,995,458
Mirvac Group		2,242,621		3,151,780
Monadelphous Group Ltd.		74,413		666,862
Nanosonics Ltd.(a)(b)		268,615		515,470
National Australia Bank Ltd.		1,787,820		37,705,834
National Storage REIT		1,025,887		1,538,536
New Hope Corp. Ltd.		404,760		1,415,704
NEXTDC Ltd.(b)		293,779		2,659,628
nib holdings Ltd.		235,976		1,248,043
Nine Entertainment Co. Holdings Ltd.		735,453		943,583
Northern Star Resources Ltd.		709,081		6,082,359
Nufarm Ltd./Australia		286,243		1,031,795
Orica Ltd.		264,808		2,792,902
Origin Energy Ltd.		1,022,160		5,704,880
Orora Ltd.		671,703		1,220,875
Paladin Energy Ltd.(b)		2,606,022		2,183,404
Perpetual Ltd.		59,174		995,748
Perseus Mining Ltd.		1,463,362		1,723,106
PEXA Group Ltd.(a)(b)		106,078		792,718
Pilbara Minerals Ltd.(a)		1,565,530		3,565,753
PolyNovo Ltd.(b)		705,857		867,415
Premier Investments Ltd.		62,008		1,128,990
Pro Medicus Ltd.		55,159		3,633,820
Qantas Airways Ltd.(b)		605,472		2,182,945
QBE Insurance Group Ltd.		835,806		8,605,945
Qube Holdings Ltd.		610,371		1,297,682
Ramelius Resources Ltd.(a)		1,161,720		1,206,645
Ramsay Health Care Ltd.		109,362		3,645,971
REA Group Ltd.		33,807		4,032,048
Reece Ltd.		165,288		2,434,747
Region RE Ltd.		972,293		1,431,516
Regis Resources Ltd.(b)		551,438		752,088
Reliance Worldwide Corp. Ltd.		503,012		1,375,283
Rio Tinto Ltd.		210,615		18,122,863
Sandfire Resources Ltd.(a)(b)		380,944		1,790,280

S C H E D U L E  O F  I N V E S T M E N T S 47

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Australia (continued)
Santos Ltd.		1,996,898	$	10,092,202
Scentre Group		2,941,085		5,847,016
SEEK Ltd.		197,256		3,251,820
Seven Group Holdings Ltd.		82,503		1,930,992
Silex Systems Ltd.(a)(b)		186,434		621,364
Silver Lake Resources Ltd.(b)		1,305,166		1,027,114
Sims Ltd.		102,886		963,695
Sonic Healthcare Ltd.		273,500		5,702,530
South32 Ltd.		2,773,143		6,004,455
Star Entertainment Grp Ltd. (The)(b)		1,539,127		558,511
Steadfast Group Ltd.		798,940		3,091,397
Stockland		1,383,165		4,084,639
Suncorp Group Ltd.		709,875		6,534,070
Tabcorp Holdings Ltd.		1,599,065		830,735
Technology One Ltd.		139,315		1,423,407
Telix Pharmaceuticals Ltd.(b)		149,680		1,115,982
Telstra Corp. Ltd.		2,330,364		6,145,946
Transurban Group		1,693,890		14,881,214
Treasury Wine Estates Ltd.		462,461		3,242,833
Ventia Services Group Pty Ltd.		337,863		724,877
Vicinity Ltd.		2,148,560		2,852,012
Viva Energy Group Ltd.(c)		854,383		1,946,168
Washington H Soul Pattinson & Co. Ltd.		104,808		2,342,788
Waypoint REIT Ltd.		1,072,456		1,726,556
Webjet Ltd.(b)		325,283		1,578,178
Weebit Nano Ltd.(a)(b)		183,088		411,811
Wesfarmers Ltd.		650,174		24,613,598
Westpac Banking Corp.		1,987,777		31,183,488
Whitehaven Coal Ltd.		441,269		2,412,305
WiseTech Global Ltd.		91,946		4,328,919
Woodside Energy Group Ltd.		1,075,668		22,498,902
Woolworths Group Ltd.		697,759		16,386,838
Worley Ltd.		227,402		2,183,859
Xero Ltd.(b)		81,769		5,852,913
				814,316,557
Austria — 0.3%
ams-OSRAM AG(a)(b)		670,568		1,569,422
ANDRITZ AG		30,733		1,891,999
BAWAG Group AG(c)		38,314		1,972,656
CA Immobilien Anlagen AG		19,537		641,362
Erste Group Bank AG		194,422		8,375,389
Immofinanz AG(b)		18,795		446,098
Lenzing AG(a)(b)		10,411		348,224
Oesterreichische Post AG		46,731		1,581,542
OMV AG		95,291		4,241,536
Raiffeisen Bank International AG		119,782		2,497,365
Schoeller-Bleckmann Oilfield Equipment AG		14,399		683,918
UNIQA Insurance Group AG		72,319		606,787
Verbund AG		43,417		3,530,597
Vienna Insurance Group AG Wiener Versicherung Gruppe		23,099		652,862
voestalpine AG		64,780		1,927,316
Wienerberger AG		86,272		2,923,583
				33,890,656
Belgium — 0.9%
Ackermans & van Haaren NV		16,288		2,723,437
Aedifica SA		15,360		1,000,924
Ageas SA/NV		89,437		3,843,286
Anheuser-Busch InBev SA/NV		494,873		30,611,652
Argenx SE(b)		32,525		12,282,481
Barco NV		52,110		865,672

Security	Shares		Value
Belgium (continued)
Bekaert SA		17,828	$	869,525
bpost SA		52,590		214,946
Cofinimmo SA		16,090		1,169,378
Colruyt Group NV		36,841		1,683,192
Deme Group NV		7,586		952,036
D’ieteren Group		15,028		3,035,844
Elia Group SA/NV		15,618		1,880,490
Euronav NV		94,711		1,668,373
Fagron		45,402		817,526
Galapagos NV(a)(b)		31,388		1,177,449
Groupe Bruxelles Lambert NV		57,566		4,364,060
KBC Ancora		27,939		1,286,809
KBC Group NV		135,574		8,843,708
Kinepolis Group NV		8,350		369,659
Lotus Bakeries NV		226		1,927,040
Melexis NV		14,546		1,246,349
Montea NV		6,587		565,393
Ontex Group NV(a)(b)		40,068		316,604
Proximus SADP		91,752		870,665
Retail Estates NV		5,838		382,449
Shurgard Self Storage Ltd.		20,637		957,183
Sofina SA		6,723		1,607,893
Solvay SA		41,779		1,142,592
Syensqo SA(b)		41,779		3,724,471
UCB SA		70,865		6,665,964
Umicore SA		119,668		2,722,023
VGP NV		12,122		1,421,776
Warehouses De Pauw CVA		91,476		2,676,327
				105,887,176
Canada — 10.4%
Advantage Energy Ltd.(b)		165,968		1,088,800
Agnico Eagle Mines Ltd.		284,776		13,996,800
Air Canada(b)		139,680		1,892,945
Alamos Gold Inc., Class A		178,089		2,156,487
Algonquin Power & Utilities Corp.		432,403		2,563,317
Alimentation Couche-Tard Inc.		457,277		26,794,810
Allied Properties REIT		68,173		989,800
AltaGas Ltd.		204,962		4,260,990
Altus Group Ltd.		25,371		855,230
ARC Resources Ltd.		379,644		5,896,067
Aritzia Inc.(b)		55,774		1,356,962
Atco Ltd., Class I, NVS		32,568		910,824
Athabasca Oil Corp.(b)		333,191		1,075,569
ATS Corp.(b)		42,072		1,799,666
B2Gold Corp.		693,106		1,933,242
Badger Infrastructure Solutions Ltd.		40,994		1,424,553
Ballard Power Systems Inc.(a)(b)		161,357		528,075
Bank of Montreal		412,625		38,867,068
Bank of Nova Scotia (The)		675,059		31,567,525
Barrick Gold Corp.		968,740		15,131,496
Bausch Health Companies Inc.(b)		174,740		1,369,898
Baytex Energy Corp.		494,926		1,571,895
BCE Inc.		41,496		1,674,408
Birchcliff Energy Ltd.(a)		241,482		916,031
BlackBerry Ltd.(b)		279,012		782,383
Boardwalk REIT		24,888		1,292,114
Bombardier Inc., Class B(b)		67,843		2,507,433
Boralex Inc., Class A		61,058		1,472,804
Boyd Group Services Inc.		11,353		2,440,247
Brookfield Asset Management Ltd.		201,388		8,097,761
Brookfield Corp., Class A		813,724		32,295,967
Brookfield Infrastructure Corp., Class A		60,068		2,105,697

48 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Canada (continued)
Brookfield Reinsurance Ltd.		29,931	$	1,199,733
Brookfield Renewable Corp., Class A		74,461		2,080,223
BRP Inc.		15,092		952,364
CAE Inc.(b)		198,590		3,976,379
Cameco Corp.		247,974		11,839,378
Canada Goose Holdings Inc.(a)(b)		33,408		400,563
Canadian Apartment Properties REIT		42,503		1,475,410
Canadian Imperial Bank of Commerce		530,186		23,960,803
Canadian National Railway Co.		322,040		39,949,296
Canadian Natural Resources Ltd.		621,845		39,795,860
Canadian Pacific Kansas City Ltd.		526,158		42,340,759
Canadian Tire Corp. Ltd., Class A, NVS		30,925		3,286,982
Canadian Utilities Ltd., Class A, NVS		72,661		1,655,943
Canadian Western Bank		86,775		1,911,122
Canfor Corp.(b)		36,740		444,886
Capital Power Corp.		39,005		1,072,278
Capstone Mining Corp.(b)		236,949		1,166,724
CCL Industries Inc., Class B, NVS		99,008		4,237,361
Celestica Inc.(b)		71,284		2,450,098
Cenovus Energy Inc.		824,213		13,352,195
Centerra Gold Inc.		125,630		662,514
CGI Inc.(b)		119,321		13,362,319
Choice Properties REIT		167,117		1,745,191
CI Financial Corp.		139,389		1,700,308
Cineplex Inc.(b)		35,070		215,201
Cogeco Communications Inc.		7,079		326,715
Colliers International Group Inc.		22,867		2,684,272
Constellation Software Inc./Canada		11,685		32,295,604
Converge Technology Solutions Corp.		223,214		753,759
Crescent Point Energy Corp.		264,165		1,723,178
Crombie REIT		41,592		420,421
Cronos Group Inc.(b)		274,969		556,299
Definity Financial Corp.		48,952		1,424,376
Denison Mines Corp.(b)		725,760		1,457,512
Descartes Systems Group Inc. (The)(b)		42,976		3,762,977
Dollarama Inc.		161,696		11,866,967
Dream Industrial REIT		139,675		1,394,205
Dundee Precious Metals Inc.		106,318		680,872
Dye & Durham Ltd.(a)		61,020		593,203
ECN Capital Corp.(a)		303,790		621,386
Eldorado Gold Corp.(b)		118,294		1,445,625
Element Fleet Management Corp.		220,585		3,721,126
Emera Inc.		151,082		5,338,916
Empire Co. Ltd., Class A, NVS		120,194		3,114,700
Enbridge Inc.		1,205,414		42,802,978
Enerplus Corp.		150,115		2,179,512
Enghouse Systems Ltd.		31,439		874,572
EQB Inc.		16,060		1,102,800
Equinox Gold Corp.(b)		222,909		984,848
ERO Copper Corp.(b)		67,192		1,052,022
Fairfax Financial Holdings Ltd.		12,996		13,547,179
Finning International Inc.		120,724		3,493,898
First Capital Real Estate Investment Trust		61,581		724,159
First Majestic Silver Corp.		181,343		840,319
First Quantum Minerals Ltd.		365,991		3,321,128
FirstService Corp.		28,660		4,796,812
Fortis Inc./Canada		278,555		11,175,765
Franco-Nevada Corp.		107,849		11,668,501
Freehold Royalties Ltd.		181,140		1,876,812
George Weston Ltd.		35,494		4,522,386
GFL Environmental Inc.		128,912		4,380,007
Gibson Energy Inc.		139,674		2,229,465

Security	Shares		Value
Canada (continued)
Gildan Activewear Inc.		131,880	$	4,355,292
goeasy Ltd.		18,880		2,150,251
Granite REIT		25,280		1,361,918
Great-West Lifeco Inc.		165,030		5,508,979
H&R Real Estate Investment Trust		85,277		624,775
Hudbay Minerals Inc.		249,445		1,385,960
Hydro One Ltd.(c)		211,279		6,270,246
iA Financial Corp. Inc.		61,389		4,173,420
IAMGOLD Corp.(b)		276,229		657,468
IGM Financial Inc.		38,814		1,049,995
Imperial Oil Ltd.		134,812		7,776,169
Innergex Renewable Energy Inc.		104,878		716,114
Intact Financial Corp.		98,550		15,411,609
Interfor Corp.(b)		55,760		862,664
InterRent REIT		46,968		470,571
Ivanhoe Mines Ltd., Class A(a)(b)		380,242		3,990,639
Keyera Corp.		124,220		3,004,674
Killam Apartment REIT		51,093		711,794
Kinaxis Inc.(b)		12,245		1,491,131
Kinross Gold Corp.		761,457		4,196,806
Knight Therapeutics Inc.		83,613		330,235
Labrador Iron Ore Royalty Corp.		40,861		1,003,252
Laurentian Bank of Canada		23,668		467,040
Lightspeed Commerce Inc.(b)		105,736		1,951,214
Linamar Corp.		37,304		1,769,405
Lithium Americas Argentina Corp.(a)(b)		85,072		377,128
Lithium Americas Corp.(a)(b)		85,072		370,800
Loblaw Companies Ltd.		97,566		9,749,706
Lundin Mining Corp.		452,542		3,695,869
MAG Silver Corp.(b)		82,483		742,344
Magna International Inc.		154,343		8,771,876
Manulife Financial Corp.		1,068,991		23,630,788
Maple Leaf Foods Inc.		45,125		860,579
MEG Energy Corp.(b)		136,108		2,573,443
Methanex Corp.		46,944		2,081,744
Metro Inc./CN		146,512		7,692,575
MTY Food Group Inc.		21,315		913,036
National Bank of Canada		189,443		14,489,511
NexGen Energy Ltd.(b)		249,885		1,914,400
NFI Group Inc.(a)(b)		53,954		478,360
North West Co. Inc. (The)		37,056		1,071,894
Northland Power Inc.		153,598		2,826,445
NorthWest Healthcare Properties REIT		116,602		424,969
Novagold Resources Inc.(b)		143,656		366,499
Nutrien Ltd.		299,638		14,941,226
Nuvei Corp.(c)		46,013		1,118,111
NuVista Energy Ltd.(b)		238,621		1,849,404
OceanaGold Corp.		377,804		755,917
Onex Corp.		52,582		3,882,491
Open Text Corp.		173,542		7,567,978
Osisko Gold Royalties Ltd.		86,692		1,263,190
Pan American Silver Corp.		263,966		3,573,343
Paramount Resources Ltd., Class A		44,862		884,260
Parex Resources Inc.		72,831		1,205,860
Parkland Corp.		106,205		3,624,297
Pason Systems Inc.		77,944		854,546
Pembina Pipeline Corp.		316,352		10,896,843
Peyto Exploration & Development Corp.		123,517		1,191,577
Power Corp. of Canada		327,077		9,534,120
PrairieSky Royalty Ltd.		125,018		2,062,479
Premium Brands Holdings Corp., Class A		18,198		1,245,144
Primo Water Corp.		140,885		2,055,981

S C H E D U L E  O F  I N V E S T M E N T S 49

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Canada (continued)
Prinmaris REIT		99,377	$	1,026,700
Quebecor Inc., Class B		104,858		2,549,599
RB Global Inc.		103,538		6,627,603
Restaurant Brands International Inc.		162,115		12,654,966
Richelieu Hardware Ltd.		38,545		1,244,839
RioCan REIT		69,606		946,925
Rogers Communications Inc., Class B, NVS		213,363		9,966,303
Royal Bank of Canada		798,608		77,939,199
Russel Metals Inc.		41,887		1,373,646
Sandstorm Gold Ltd.		196,761		892,738
Saputo Inc.		155,950		3,215,392
Seabridge Gold Inc.(b)		95,640		1,005,164
Shopify Inc., Class A(b)		681,577		54,563,675
Sienna Senior Living Inc.		132,030		1,182,373
SilverCrest Metals Inc.(b)		185,828		1,026,964
SmartCentres Real Estate Investment Trust		87,293		1,601,135
SNC-Lavalin Group Inc.		76,138		2,525,191
Spin Master Corp.(c)		20,009		514,643
SSR Mining Inc.		79,883		752,812
Stantec Inc.		58,963		4,737,828
Stella-Jones Inc.		48,901		2,893,068
Sun Life Financial Inc.		336,009		17,417,135
Suncor Energy Inc.		754,631		24,988,785
Superior Plus Corp.		81,483		558,796
Tamarack Valley Energy Ltd.		561,262		1,289,970
TC Energy Corp.		586,568		23,140,739
Teck Resources Ltd., Class B		258,365		10,340,750
TELUS Corp.		271,408		4,861,099
TELUS Corp., NVS		13,383		239,699
TFI International Inc.		44,732		5,878,759
Thomson Reuters Corp.		91,086		13,523,505
TMX Group Ltd.		186,888		4,621,984
Topaz Energy Corp.		53,404		772,192
Torex Gold Resources Inc.(b)		48,382		496,973
Toromont Industries Ltd.		45,823		4,013,624
Toronto-Dominion Bank (The)		1,031,914		62,684,679
Tourmaline Oil Corp.		189,306		8,185,026
TransAlta Corp.		135,048		978,369
Transcontinental Inc., Class A		33,067		332,773
Tricon Residential Inc.		213,459		2,349,803
Vermilion Energy Inc.		111,284		1,196,068
Wesdome Gold Mines Ltd.(b)		141,834		836,583
West Fraser Timber Co. Ltd.		27,678		2,200,941
Wheaton Precious Metals Corp.		252,349		11,826,777
Whitecap Resources Inc.		343,601		2,223,458
Winpak Ltd.		27,570		864,965
WSP Global Inc.		71,451		10,496,699
				1,241,397,298
Denmark — 3.0%
ALK-Abello A/S(b)		87,762		1,416,205
Ambu A/S, Class B(a)(b)		110,921		1,839,851
AP Moller - Maersk A/S, Class A		1,511		2,739,851
AP Moller - Maersk A/S, Class B, NVS		2,857		5,267,734
Bavarian Nordic A/S(a)(b)		53,163		1,221,326
Carlsberg A/S, Class B		54,679		7,035,407
Chemometec A/S(a)		17,419		942,139
Coloplast A/S, Class B(a)		84,250		9,711,641
D/S Norden A/S		21,080		1,134,245
Danske Bank A/S		387,548		10,406,228
Demant A/S(b)		55,991		2,536,330
Dfds A/S		21,667		734,083
DSV A/S		107,240		19,186,278

Security	Shares		Value
Denmark (continued)
FLSmidth & Co. A/S(a)		45,192	$	1,855,377
Genmab A/S(b)		38,911		10,759,748
GN Store Nord A/S(b)		90,421		2,132,355
H Lundbeck A/S		209,499		1,061,102
H Lundbeck A/S, Class A		52,066		229,732
ISS A/S		109,491		2,071,786
Jyske Bank A/S, Registered		34,083		2,610,642
Netcompany Group A/S(a)(b)(c)		29,395		1,172,521
NKT A/S(a)(b)		45,870		3,198,236
Novo Nordisk A/S		1,871,615		213,933,801
Novozymes A/S, Class B		212,754		10,901,654
Orsted A/S(c)		115,839		6,529,236
Pandora A/S		58,989		8,619,291
Ringkjoebing Landbobank A/S		12,281		1,979,375
Rockwool A/S, Class B		4,862		1,325,512
Royal Unibrew A/S		28,462		1,864,418
Schouw & Co. A/S		7,471		597,382
Sydbank A/S		55,723		2,472,941
Topdanmark A/S		18,851		836,009
Tryg A/S		194,528		4,157,863
Vestas Wind Systems A/S(b)		601,334		16,954,617
Zealand Pharma A/S, Class A(b)		36,780		2,512,502
				361,947,418
Finland — 1.0%
Cargotec OYJ, Class B		22,745		1,293,056
Citycon OYJ		47,363		247,686
Elisa OYJ		79,568		3,625,234
Fortum OYJ		264,942		3,621,796
Huhtamaki OYJ		73,088		2,868,552
Kemira OYJ		63,552		1,189,521
Kesko OYJ, Class B		169,769		3,315,521
Kojamo OYJ		84,407		1,000,679
Kone OYJ, Class B		187,231		9,268,179
Konecranes OYJ		34,755		1,492,606
Mandatum OYJ(b)		265,342		1,198,037
Metsa Board OYJ, Class B(a)		139,206		1,121,194
Metso OYJ		408,199		4,079,801
Neste OYJ		237,716		8,195,144
Nokia OYJ		3,186,699		11,520,628
Nokian Renkaat OYJ		100,585		906,504
Nordea Bank Abp		1,863,912		22,967,853
Orion OYJ, Class B		73,499		3,383,724
Outokumpu OYJ		221,586		945,888
QT Group OYJ(a)(b)		15,788		1,113,615
Sampo OYJ, Class A		264,044		11,051,677
Stora Enso OYJ, Class R		329,318		4,190,495
TietoEVRY OYJ		45,252		1,050,095
UPM-Kymmene OYJ		331,752		12,066,557
Valmet OYJ		73,164		2,070,812
Wartsila OYJ Abp		248,695		3,668,637
YIT OYJ(a)		62,726		133,619
				117,587,110
France — 9.5%
ABC arbitrage		47,830		228,728
Accor SA		105,860		4,180,781
Aeroports de Paris SA		17,099		2,288,014
Air France-KLM, NVS(b)		68,788		876,783
Air Liquide SA		300,376		56,210,352
Airbus SE		335,690		53,470,665
Alstom SA		181,351		2,286,910
Alten SA		21,091		3,261,095

50 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
France (continued)
Amundi SA(c)		32,720	$	2,213,102
Aperam SA		28,002		862,913
ArcelorMittal SA		296,795		8,173,739
Arkema SA		37,846		4,118,893
Atos SE(a)(b)		70,182		299,601
AXA SA		1,042,656		34,997,072
BioMerieux		26,292		2,829,761
BNP Paribas SA		602,465		40,476,109
Bollore SE		544,118		3,593,916
Bouygues SA		130,400		4,776,890
Bureau Veritas SA		172,882		4,598,468
Capgemini SE		91,455		20,332,403
Carrefour SA		354,981		6,060,341
CGG SA(a)(b)		553,323		265,369
Cie. de Saint-Gobain		267,297		18,899,643
Cie. Generale des Etablissements Michelin SCA		381,048		12,651,808
Cie. Plastic Omnium SA		41,178		471,960
Clariane SE(a)		60,136		151,972
Coface SA		61,101		825,644
Covivio SA/France		32,234		1,560,896
Credit Agricole SA		593,304		8,498,991
Danone SA		364,620		24,292,302
Dassault Aviation SA		15,254		2,889,235
Dassault Systemes SE		371,250		19,244,956
Edenred SE		145,359		8,682,072
Eiffage SA		46,819		4,898,680
Elior Group SA(a)(b)(c)		119,008		343,883
Elis SA		131,510		2,891,492
Engie SA		1,004,737		16,048,133
Esker SA(a)		5,448		914,878
EssilorLuxottica SA		166,985		32,724,552
Eurazeo SE		23,810		2,028,141
Euroapi SA(a)(b)		59,250		395,978
Eurofins Scientific SE		74,701		4,498,253
Euronext NV(c)		51,000		4,485,815
Eutelsat Communications SACA(a)(b)		134,163		489,342
Fnac Darty SA		15,728		420,173
Forvia SE(b)		101,783		1,749,368
Gaztransport Et Technigaz SA		21,056		2,952,000
Gecina SA		26,484		2,920,830
Getlink SE		244,815		4,218,427
Hermes International SCA		17,924		37,813,529
ICADE		18,315		620,077
Imerys SA		19,360		643,840
Ipsen SA		24,773		2,856,305
IPSOS SA		25,806		1,693,667
JCDecaux SE(b)		75,240		1,562,759
Kering SA		41,480		17,038,880
Klepierre SA		129,634		3,356,311
La Francaise des Jeux SAEM(c)		57,701		2,338,829
Legrand SA		155,140		15,035,486
L’Oreal SA		137,472		65,787,778
LVMH Moet Hennessy Louis Vuitton SE		158,361		131,765,622
Neoen SA(c)		52,347		1,513,511
Nexans SA		14,747		1,342,247
Nexity SA		18,797		313,313
Orange SA		1,085,142		12,904,424
Pernod Ricard SA		117,592		19,283,389
Publicis Groupe SA		128,958		12,920,757
Remy Cointreau SA		13,813		1,399,589
Renault SA		115,539		4,351,162
Rexel SA		116,347		3,098,701

Security	Shares		Value
France (continued)
Rubis SCA		63,053	$	1,594,391
Safran SA		193,581		36,143,286
Sanofi SA		652,827		65,377,710
Sartorius Stedim Biotech		15,589		4,200,257
Schneider Electric SE		307,473		60,403,069
SCOR SE		74,709		2,228,656
SEB SA		15,442		1,885,628
SES SA, Class A		231,230		1,418,718
Societe BIC SA		15,634		1,081,756
Societe Generale SA		399,799		10,276,841
Sodexo SA		51,931		5,858,281
SOITEC(b)		16,272		2,351,776
Sopra Steria Group SACA		7,366		1,727,725
SPIE SA		95,182		3,148,389
Teleperformance SE		33,730		5,267,750
Thales SA		59,764		8,740,727
TotalEnergies SE		1,314,298		85,265,851
Trigano SA		8,667		1,365,229
Ubisoft Entertainment SA(b)		58,532		1,291,104
Unibail-Rodamco-Westfield, New(b)		68,604		4,912,369
Valeo SE		133,635		1,744,277
Vallourec SACA(a)(b)		88,092		1,260,261
Valneva SE(b)		82,611		336,759
Veolia Environnement SA		374,920		12,216,334
Verallia SA(c)		47,182		1,663,842
Vinci SA		304,742		38,495,700
Virbac SACA		3,693		1,332,761
Vivendi SE		416,189		4,690,266
Wendel SE		18,794		1,703,912
Worldline SA/France(b)(c)		139,764		1,889,398
				1,144,064,528
Germany — 6.6%
adidas AG		94,992		17,933,348
AIXTRON SE		61,115		2,274,592
Allianz SE, Registered		228,373		61,015,774
Amadeus Fire AG		6,730		813,012
Aroundtown SA(a)(b)		607,187		1,354,473
Aurubis AG		24,058		1,730,571
BASF SE		510,058		24,382,808
Bayer AG, Registered		554,196		17,244,703
Bayerische Motoren Werke AG		176,908		18,407,825
Bechtle AG		32,795		1,700,514
Befesa SA(c)		30,202		1,061,328
Beiersdorf AG		54,768		8,014,730
Brenntag SE		86,771		7,671,423
CANCOM SE		24,078		764,322
Carl Zeiss Meditec AG, Bearer		24,780		2,612,102
Ceconomy AG(b)		146,808		356,618
Commerzbank AG		620,271		7,122,939
CompuGroup Medical SE & Co. KgaA		19,164		821,650
Continental AG		63,722		5,205,491
Covestro AG(b)(c)		105,966		5,595,585
CTS Eventim AG & Co. KGaA		41,521		2,810,023
Daimler Truck Holding AG		284,720		10,175,084
Delivery Hero SE(b)(c)		99,110		2,248,735
Dermapharm Holding SE		18,030		766,917
Deutsche Bank AG, Registered		1,138,214		14,703,136
Deutsche Boerse AG		105,637		21,036,515
Deutsche Lufthansa AG, Registered(b)		394,252		3,278,352
Deutsche Pfandbriefbank AG(a)(c)		131,195		789,543
Deutsche Post AG, Registered		563,805		27,002,961
Deutsche Telekom AG, Registered		1,838,678		45,135,517

S C H E D U L E  O F  I N V E S T M E N T S 51

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Germany (continued)
Duerr AG		30,638	$	700,490
E.ON SE		1,243,315		16,821,152
Eckert & Ziegler Strahlen- und Medizintechnik AG		14,730		732,615
Encavis AG(b)		85,605		1,191,820
Evonik Industries AG		122,962		2,262,027
Evotec SE(b)		102,356		1,565,750
Fielmann Group AG		16,050		835,121
flatexDEGIRO AG(b)		67,743		740,774
Fraport AG Frankfurt Airport Services Worldwide(b)		26,420		1,550,642
Freenet AG		103,301		2,854,484
Fresenius Medical Care AG & Co. KGaA		116,923		4,519,027
Fresenius SE & Co. KGaA		234,068		6,570,952
GEA Group AG		105,452		4,223,251
Gerresheimer AG		15,868		1,617,726
Grand City Properties SA(b)		58,902		571,746
GRENKE AG		17,210		416,780
Hamborner REIT AG		159,874		1,130,051
Hannover Rueck SE		33,502		8,030,995
Heidelberg Materials AG		78,920		7,287,823
HelloFresh SE(b)		84,543		1,118,060
Henkel AG & Co. KGaA		72,271		4,942,661
Hensoldt AG		27,145		814,917
Hugo Boss AG		43,591		2,722,459
Hypoport SE(a)(b)		2,981		633,201
Infineon Technologies AG		740,909		27,011,263
Jenoptik AG		35,502		1,108,700
K+S AG, Registered		117,898		1,653,665
KION Group AG		46,080		2,102,396
Knorr-Bremse AG		40,736		2,516,104
Kontron AG		22,239		515,733
Krones AG		10,902		1,351,029
LANXESS AG		49,758		1,328,355
LEG Immobilien SE(b)		40,435		3,355,282
Mercedes-Benz Group AG		449,224		30,328,360
Merck KGaA		72,874		11,956,837
METRO AG(b)		103,657		698,644
MorphoSys AG(b)		47,835		2,003,414
MTU Aero Engines AG		31,025		7,133,583
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		77,865		33,148,604
Nagarro SE(a)(b)		10,344		1,011,000
Nemetschek SE		39,732		3,666,216
Nordex SE(a)(b)		89,026		908,357
Norma Group SE		16,634		270,504
Patrizia SE		16,106		137,416
Pfeiffer Vacuum Technology AG		3,518		590,296
ProSiebenSat.1 Media SE(a)		138,073		971,304
Puma SE		61,998		2,495,035
Rational AG		2,385		1,832,122
Redcare Pharmacy NV(b)(c)		10,382		1,445,126
Rheinmetall AG		24,789		8,680,383
RWE AG		374,010		13,810,551
SAP SE		598,882		103,754,255
Scout24 SE(c)		50,121		3,690,424
Siemens AG, Registered		434,514		77,788,367
Siemens Healthineers AG(c)		163,430		9,095,080
Siltronic AG		14,608		1,372,980
Sixt SE		12,816		1,248,996
Stabilus SE		15,573		1,091,253
Stroeer SE & Co. KGaA		33,522		1,968,146
Suedzucker AG		70,223		991,124
Symrise AG, Class A		74,427		7,678,910

Security	Shares		Value
Germany (continued)
TAG Immobilien AG(b)		105,026	$	1,470,031
Talanx AG(b)		35,813		2,512,675
TeamViewer SE(b)(c)		107,038		1,534,565
thyssenkrupp AG		285,935		1,764,701
United Internet AG, Registered		64,818		1,703,587
Varta AG(a)(b)		18,538		348,283
VERBIO Vereinigte BioEnergie AG		18,878		412,950
Vitesco Technologies Group AG(b)		4,599		401,924
Volkswagen AG		18,653		2,633,451
Vonovia SE		411,660		12,824,178
Wacker Chemie AG		10,316		1,118,468
Zalando SE(b)(c)		129,599		2,587,655
				787,907,397
Hong Kong — 1.7%
AIA Group Ltd.		6,629,200		51,988,944
ASMPT Ltd.		160,900		1,552,745
Bank of East Asia Ltd. (The)		1,113,200		1,265,886
BOC Hong Kong Holdings Ltd.		2,348,000		5,627,670
Budweiser Brewing Co. APAC Ltd.(a)(c)		1,037,000		1,634,459
Cafe de Coral Holdings Ltd.		136,000		136,791
Champion REIT(a)		1,104,000		262,882
CITIC Telecom International Holdings Ltd.		2,837,000		1,011,598
CK Asset Holdings Ltd.		1,154,500		5,209,496
CK Hutchison Holdings Ltd.		1,456,500		7,522,560
CK Infrastructure Holdings Ltd.		464,500		2,758,592
CLP Holdings Ltd.		873,500		6,947,328
Comba Telecom Systems Holdings Ltd.		2,564,000		213,978
Dah Sing Financial Holdings Ltd.		122,000		245,701
ESR Group Ltd.(c)		1,319,600		1,686,809
Futu Holdings Ltd., ADR(a)(b)		39,312		1,836,657
Galaxy Entertainment Group Ltd.		1,209,000		6,274,564
Hang Lung Group Ltd.		300,000		361,147
Hang Lung Properties Ltd.		1,154,000		1,339,747
Hang Seng Bank Ltd.		432,800		4,505,521
Health and Happiness H&H International Holdings Ltd.		133,000		173,745
Henderson Land Development Co. Ltd.		977,572		2,547,182
HKBN Ltd.(a)		534,000		221,910
HKT Trust & HKT Ltd., Class SS		2,285,000		2,744,879
Hong Kong & China Gas Co. Ltd.		6,461,482		4,598,165
Hong Kong Exchanges & Clearing Ltd.		627,300		19,018,982
Hongkong Land Holdings Ltd.		679,800		2,121,999
Hysan Development Co. Ltd.		322,000		555,770
Jardine Matheson Holdings Ltd.		97,000		3,894,949
Johnson Electric Holdings Ltd.		145,000		190,151
Kerry Logistics Network Ltd.(a)		190,898		212,098
Kerry Properties Ltd.		538,000		854,335
Link REIT		1,537,400		7,711,109
Luk Fook Holdings International Ltd.		182,000		450,892
Man Wah Holdings Ltd.		1,271,200		792,408
Melco International Development Ltd.(b)		371,000		240,623
Melco Resorts & Entertainment Ltd., ADR(b)		171,742		1,341,305
MTR Corp. Ltd.		749,500		2,438,356
New World Development Co. Ltd.(a)		1,013,000		1,241,586
NWS Holdings Ltd.		1,413,000		1,227,785
Pacific Basin Shipping Ltd.		2,662,000		740,992
PCCW Ltd.		4,788,000		2,476,602
Power Assets Holdings Ltd.		755,500		4,423,592
Sands China Ltd.(b)		1,358,800		3,566,536
Sino Land Co. Ltd.		2,102,000		2,195,673
SITC International Holdings Co. Ltd.(a)		694,000		1,053,036
SJM Holdings Ltd.(a)(b)		1,333,000		374,611

52 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Hong Kong (continued)
Sun Hung Kai Properties Ltd.		828,000	$	7,728,043
Swire Pacific Ltd., Class A		229,000		1,771,780
Swire Properties Ltd.		757,000		1,414,661
Techtronic Industries Co. Ltd.		776,000		8,241,977
Value Partners Group Ltd.(a)		1,383,000		318,456
Vitasoy International Holdings Ltd.(a)		504,000		386,860
Vobile Group Ltd.(b)		1,288,000		238,892
VTech Holdings Ltd.		101,800		589,624
WH Group Ltd.(c)		5,692,500		3,358,544
Wharf Holdings Ltd. (The)		173,045		505,583
Wharf Real Estate Investment Co. Ltd.		1,026,000		3,006,009
Xinyi Glass Holdings Ltd.		1,147,000		950,891
Yue Yuen Industrial Holdings Ltd.		614,500		579,490
				198,883,156
Ireland — 0.7%
AIB Group PLC		822,355		3,612,132
Bank of Ireland Group PLC		599,339		5,511,509
Cairn Homes PLC		1,040,139		1,595,912
CRH PLC		421,519		29,903,239
Flutter Entertainment PLC(b)		99,788		20,482,096
Glanbia PLC		148,485		2,654,137
Glenveagh Properties PLC(b)(c)		1,336,429		1,770,686
Greencore Group PLC(b)		377,793		490,268
Kerry Group PLC, Class A		89,746		7,999,420
Kingspan Group PLC		87,081		7,072,422
Smurfit Kappa Group PLC		139,228		5,188,302
				86,280,123
Israel — 0.9%
Airport City Ltd.(b)		52,557		876,965
Alony Hetz Properties & Investments Ltd.		145,627		1,102,194
Amot Investments Ltd.		177,005		919,625
Azrieli Group Ltd.		36,539		2,462,094
Bank Hapoalim BM		715,555		6,087,878
Bank Leumi Le-Israel BM		872,197		6,624,481
Bezeq The Israeli Telecommunication Corp. Ltd.		948,661		1,254,854
Big Shopping Centers Ltd.(b)		19,985		2,032,139
Camtek Ltd./Israel(b)		18,109		1,403,444
Check Point Software Technologies Ltd.(a)(b)		57,758		9,179,479
CyberArk Software Ltd.(a)(b)		25,884		6,043,396
Delek Group Ltd.		8,198		1,015,172
Elbit Systems Ltd.		18,086		3,730,840
Electra Ltd./Israel		1,918		731,018
Energix-Renewable Energies Ltd.(a)		416,457		1,519,306
Enlight Renewable Energy Ltd.(b)		113,907		2,057,550
First International Bank Of Israel Ltd. (The)		66,676		2,673,916
Fiverr International Ltd.(a)(b)		30,207		813,172
G City Ltd.		39,119		125,149
Gav-Yam Lands Corp. Ltd.		2		16
Global-e Online Ltd.(a)(b)		51,229		1,934,919
Harel Insurance Investments & Financial Services Ltd.		92,609		768,187
ICL Group Ltd.		456,017		2,074,098
Inmode Ltd.(a)(b)		57,122		1,353,220
Isracard Ltd.		408,727		1,466,985
Israel Discount Bank Ltd., Class A		794,055		3,851,873
Kornit Digital Ltd.(b)		34,222		585,538
Melisron Ltd.		23,287		1,707,718
Mivne Real Estate KD Ltd.		793,036		2,145,850
Mizrahi Tefahot Bank Ltd.		87,170		3,244,233
Monday.com Ltd.(b)		11,489		2,413,150
Nano Dimension Ltd., ADR(a)(b)		306,085		734,604

Security	Shares		Value
Israel (continued)
Nice Ltd.(b)		36,177	$	7,506,072
Nova Ltd.(b)		17,353		2,471,180
Paz Oil Co. Ltd.		8,161		670,834
Perion Network Ltd.(b)		26,715		792,580
Phoenix Holdings Ltd. (The)		89,216		907,377
Radware Ltd.(a)(b)		31,475		575,363
Reit 1 Ltd.		193,984		865,964
Shapir Engineering and Industry Ltd.(a)		261,477		1,474,016
Shikun & Binui Ltd.(b)		242,824		633,632
Shufersal Ltd.(b)		191,642		1,028,247
Strauss Group Ltd.(b)		43,554		845,879
Teva Pharmaceutical Industries Ltd., ADR(b)		640,498		7,750,026
Tower Semiconductor Ltd.(b)		53,439		1,523,838
Wix.com Ltd.(b)		35,557		4,511,472
ZIM Integrated Shipping Services Ltd.(a)		56,575		848,625
				105,338,168
Italy — 2.3%
A2A SpA		913,570		1,811,302
ACEA SpA		30,246		477,300
Amplifon SpA		85,149		2,779,137
Anima Holding SpA(c)		118,248		533,706
Ascopiave SpA		48,700		118,155
Assicurazioni Generali SpA		588,157		13,119,970
Azimut Holding SpA		50,275		1,401,602
Banca Generali SpA		30,187		1,150,816
Banca Mediolanum SpA		194,314		1,988,556
Banca Popolare di Sondrio SpA		428,296		3,254,196
Banco BPM SpA		894,922		4,828,366
BFF Bank SpA(c)		213,046		2,302,312
BPER Banca		552,349		1,992,247
Brembo SpA		184,912		2,277,526
Brunello Cucinelli SpA		19,225		1,905,906
Buzzi SpA		49,875		1,695,251
De’ Longhi SpA		45,368		1,469,430
DiaSorin SpA		13,460		1,237,768
Enav SpA(c)		168,128		622,228
Enel SpA		4,606,013		31,428,557
Eni SpA		1,327,782		21,166,624
ERG SpA		37,936		1,112,378
Ferrari NV		72,290		25,210,209
FinecoBank Banca Fineco SpA		331,772		4,783,608
Hera SpA		697,396		2,456,666
Infrastrutture Wireless Italiane SpA(c)		158,324		1,914,458
Interpump Group SpA		36,161		1,787,490
Intesa Sanpaolo SpA		8,961,623		27,613,391
Iren SpA		406,793		853,765
Italgas SpA		246,375		1,404,682
Leonardo SpA		228,919		3,995,566
Mediobanca Banca di Credito Finanziario SpA		367,055		4,861,277
Moncler SpA		122,228		7,519,066
Nexi SpA(b)(c)		330,428		2,534,535
Pirelli & C SpA(c)		178,859		969,313
Poste Italiane SpA(c)		296,945		3,219,967
Prysmian SpA		163,182		7,181,612
Recordati Industria Chimica e Farmaceutica SpA		71,904		3,968,688
Reply SpA		12,404		1,700,717
Saipem SpA(b)		777,224		1,114,865
Salvatore Ferragamo SpA(a)		31,003		395,433
Snam SpA		1,148,193		5,607,710
Stellantis NV		1,246,714		27,460,925
Tamburi Investment Partners SpA		75,895		741,083
Technogym SpA(c)		103,634		1,026,262

S C H E D U L E  O F  I N V E S T M E N T S 53

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Italy (continued)
Telecom Italia SpA/Milano(a)(b)		5,536,123	$	1,668,628
Tenaris SA, NVS		307,072		4,849,983
Terna - Rete Elettrica Nazionale		830,324		7,001,333
UniCredit SpA		934,925		27,385,876
Unipol Gruppo SpA		462,961		2,874,806
				280,775,247
Japan — 22.0%
77 Bank Ltd. (The)		106,100		2,552,056
ABC-Mart Inc.		63,600		1,102,220
Activia Properties Inc.		307		836,073
ADEKA Corp.		40,500		792,451
Advance Logistics Investment Corp.(a)		949		824,664
Advance Residence Investment Corp.		782		1,722,085
Advantest Corp.		442,900		17,626,454
Aeon Co. Ltd.		388,900		9,293,612
Aeon Delight Co. Ltd.		17,500		448,262
AEON Financial Service Co. Ltd.		120,700		1,099,292
Aeon Mall Co. Ltd.		47,800		591,670
AEON REIT Investment Corp.		767		722,730
AGC Inc.		109,100		4,103,059
Ai Holdings Corp.		23,900		401,210
Aica Kogyo Co. Ltd.		20,000		463,420
Aiful Corp.		509,800		1,278,146
Ain Holdings Inc.		15,500		505,819
Air Water Inc.		110,500		1,459,619
Aisin Corp.		93,000		3,472,163
Ajinomoto Co. Inc.		256,000		10,512,619
Alfresa Holdings Corp.		113,800		1,866,199
Alps Alpine Co. Ltd.		128,400		952,924
Amada Co. Ltd.		132,200		1,426,654
Amano Corp.		38,300		882,609
ANA Holdings Inc.(b)		91,000		2,010,933
Anritsu Corp.		69,500		550,345
Aozora Bank Ltd.(a)		49,800		1,094,747
Arcs Co. Ltd.		16,400		326,315
Ariake Japan Co. Ltd.		13,000		416,854
Artience Co. Ltd.		17,600		329,325
As One Corp.		22,100		834,312
Asahi Group Holdings Ltd.		279,800		10,399,590
Asahi Holdings Inc.		107,400		1,495,503
Asahi Intecc Co. Ltd.		120,700		2,293,407
Asahi Kasei Corp.		704,700		5,344,121
Asics Corp.		94,000		2,856,295
Astellas Pharma Inc.		1,126,200		13,111,753
Atom Corp.(a)(b)		136,700		868,577
Autobacs Seven Co. Ltd.		63,300		688,141
Awa Bank Ltd. (The)		13,900		233,144
Azbil Corp.		50,300		1,625,429
Bandai Namco Holdings Inc.		348,700		7,550,240
BayCurrent Consulting Inc.		82,200		1,911,068
Benefit One Inc.(a)		56,600		807,671
Benesse Holdings Inc.		86,900		1,536,777
Bic Camera Inc.		83,500		778,345
BIPROGY Inc.		36,500		1,068,663
BML Inc.		19,300		373,004
Bridgestone Corp.		311,600		13,502,464
Brother Industries Ltd.		125,000		2,094,071
Calbee Inc.		55,200		1,160,315
Canon Inc.		570,000		15,701,861
Canon Marketing Japan Inc.		27,900		848,861
Capcom Co. Ltd.		94,000		3,585,044
Casio Computer Co. Ltd.		90,300		778,594

Security	Shares		Value
Japan (continued)
Central Glass Co. Ltd.		24,900	$	465,882
Central Japan Railway Co.		451,000		11,271,679
Change Holdings Inc.		40,300		370,607
Chiba Bank Ltd. (The)		269,500		1,997,066
Chiyoda Corp.(a)(b)		208,900		479,105
Chubu Electric Power Co. Inc.		382,000		4,955,566
Chudenko Corp.		12,200		230,036
Chugai Pharmaceutical Co. Ltd.		405,200		14,575,133
Chugin Financial Group Inc., NVS		129,500		916,996
Chugoku Electric Power Co. Inc. (The)		154,900		1,101,385
Citizen Watch Co. Ltd.		128,900		817,523
CKD Corp.		25,800		454,933
Coca-Cola Bottlers Japan Holdings Inc.		106,600		1,446,777
COLOPL Inc.		50,700		216,562
Colowide Co. Ltd.		35,100		561,158
Comforia Residential REIT Inc.		343		718,869
COMSYS Holdings Corp.		47,200		1,033,448
Comture Corp.		30,100		372,208
Concordia Financial Group Ltd.		781,600		3,724,671
Cosmo Energy Holdings Co. Ltd.		46,300		1,922,983
Cosmos Pharmaceutical Corp.		9,900		1,063,400
CRE Logistics REIT Inc.		1,199		1,254,357
Create Restaurants Holdings Inc.(a)		112,600		845,087
Create SD Holdings Co. Ltd.		10,900		237,198
Credit Saison Co. Ltd.		59,000		1,095,127
CyberAgent Inc.		244,700		1,579,252
CYBERDYNE Inc.(a)(b)		129,300		179,765
Dai Nippon Printing Co. Ltd.		120,600		3,490,157
Daicel Corp.		133,200		1,304,983
Daido Steel Co. Ltd.		59,000		614,802
Daifuku Co. Ltd.		145,900		2,877,147
Daihen Corp.		15,500		734,462
Dai-ichi Life Holdings Inc.		546,900		11,995,028
Daiichi Sankyo Co. Ltd.		1,048,900		31,403,053
Daiichikosho Co. Ltd.		46,600		638,413
Daikin Industries Ltd.		148,100		23,730,388
Daio Paper Corp.		94,500		711,796
Daiseki Co. Ltd.		29,460		842,346
Daishi Hokuetsu Financial Group Inc.		21,700		601,407
Daito Trust Construction Co. Ltd.		35,300		4,015,393
Daiwa House Industry Co. Ltd.		369,700		11,431,842
Daiwa House REIT Investment Corp.		1,086		1,918,854
Daiwa Office Investment Corp.		146		622,400
Daiwa Securities Group Inc.		788,500		5,651,071
Daiwa Securities Living Investments Corp.		1,127		810,830
Daiwabo Holdings Co. Ltd.		101,300		2,202,737
DCM Holdings Co. Ltd.		108,500		1,010,725
DeNA Co. Ltd.		40,300		406,889
Denka Co. Ltd.		38,400		669,628
Denso Corp.		1,042,600		16,377,212
Dentsu Group Inc.		120,300		3,192,914
Dentsu Soken Inc.		24,200		903,526
Descente Ltd.		21,300		491,967
Dexerials Corp.		32,300		930,837
DIC Corp.		104,600		1,974,145
Digital Arts Inc.		15,000		514,158
Digital Garage Inc.		29,900		720,869
Dip Corp.		21,900		374,013
Disco Corp.		50,200		13,545,917
DMG Mori Co. Ltd.		51,600		1,033,216
Dowa Holdings Co. Ltd.		24,800		864,908
DTS Corp.		30,400		747,701

54 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Duskin Co. Ltd.		14,100	$	327,380
Earth Corp.		10,000		306,126
East Japan Railway Co.		167,600		9,585,483
Ebara Corp.		52,600		3,294,185
EDION Corp.		68,300		752,074
eGuarantee Inc.		21,900		285,437
Eiken Chemical Co. Ltd.		14,400		179,482
Eisai Co. Ltd.		145,200		6,837,269
Elecom Co. Ltd.		29,300		340,760
Electric Power Development Co. Ltd.		97,100		1,631,039
en Japan Inc.		18,500		341,907
ENEOS Holdings Inc.		1,789,900		7,228,606
eRex Co. Ltd.(a)		44,600		248,050
Euglena Co. Ltd.(a)(b)		163,400		765,728
EXEO Group Inc.		50,800		1,134,572
Ezaki Glico Co. Ltd.		22,300		652,464
Fancl Corp.		40,900		645,877
FANUC Corp.		542,000		14,993,001
Fast Retailing Co. Ltd.		98,400		26,270,514
FCC Co. Ltd.		15,200		198,024
Ferrotec Holdings Corp.		33,100		638,379
Food & Life Companies Ltd.		65,100		1,302,678
FP Corp.		25,100		486,280
Freee KK(a)(b)		30,000		564,726
Frontier Real Estate Investment Corp.		246		727,146
Fuji Corp./Aichi		37,500		635,380
Fuji Electric Co. Ltd.		87,200		4,366,976
Fuji Kyuko Co. Ltd.		14,900		440,424
Fuji Oil Holdings Inc.		21,300		341,203
Fuji Seal International Inc.		19,200		226,422
Fuji Soft Inc.		31,800		1,393,870
FUJIFILM Holdings Corp.		209,000		13,247,444
Fujikura Ltd.		137,200		1,127,854
Fujimi Inc.		40,500		811,612
Fujitec Co. Ltd.		39,600		1,010,412
Fujitsu General Ltd.		45,300		663,742
Fujitsu Ltd.		100,800		13,952,156
Fujiya Co. Ltd.(a)		20,500		344,339
Fukuoka Financial Group Inc.		102,700		2,524,086
Fukuoka REIT Corp.		390		461,308
Fukuyama Transporting Co. Ltd.		12,300		340,183
Funai Soken Holdings Inc.		21,000		365,643
Furukawa Electric Co. Ltd.		25,700		467,494
Fuso Chemical Co. Ltd.		11,500		323,840
Future Corp.		42,800		507,978
Fuyo General Lease Co. Ltd.		7,500		670,697
Giken Ltd.		7,600		111,472
Global One Real Estate Investment Corp.		295		219,776
Glory Ltd.		23,700		489,676
GLP J-REIT		2,358		2,105,301
GMO internet group Inc.		53,600		965,999
GMO Payment Gateway Inc.		23,900		1,442,085
GNI Group Ltd.(b)		51,500		923,054
Goldwin Inc.		17,400		1,170,485
Gree Inc.		84,000		334,166
GS Yuasa Corp.		32,500		468,740
GungHo Online Entertainment Inc.(b)		35,200		591,796
Gunma Bank Ltd. (The)		206,000		1,015,828
H.U. Group Holdings Inc.		32,700		607,889
H2O Retailing Corp.		71,400		764,430
Hachijuni Bank Ltd. (The)		255,800		1,394,086
Hakuhodo DY Holdings Inc.		136,300		1,046,951

Security	Shares		Value
Japan (continued)
Hamakyorex Co. Ltd.		7,200	$	200,478
Hamamatsu Photonics KK		91,600		3,618,649
Hankyu Hanshin Holdings Inc.		134,600		4,118,157
Hankyu Hanshin REIT Inc.		325		321,809
Hanwa Co. Ltd.		20,200		738,845
Harmonic Drive Systems Inc.		30,100		729,433
Haseko Corp.		129,200		1,680,102
Hazama Ando Corp.		77,600		626,674
Heiwa Corp.		49,400		733,978
Heiwa Real Estate Co. Ltd.		18,400		486,466
Heiwa Real Estate REIT Inc.		567		526,935
Heiwado Co. Ltd.		20,600		307,645
Hikari Tsushin Inc.		9,400		1,637,948
Hino Motors Ltd.(b)		139,900		476,303
Hioki E.E. Corp.		9,600		426,009
Hirogin Holdings Inc.		254,000		1,704,416
Hirose Electric Co. Ltd.		16,205		1,885,497
HIS Co. Ltd.(a)(b)		28,800		349,874
Hisamitsu Pharmaceutical Co. Inc.		30,700		875,020
Hitachi Construction Machinery Co. Ltd.		38,300		1,086,663
Hitachi Ltd.		530,600		41,678,815
Hitachi Zosen Corp.		125,000		771,288
Hogy Medical Co. Ltd.		9,400		226,614
Hokkaido Electric Power Co. Inc.		89,600		399,756
Hokuetsu Corp.(a)		106,600		1,007,840
Hokuhoku Financial Group Inc.		58,100		615,514
Hokuriku Electric Power Co.(b)		74,500		364,286
Honda Motor Co. Ltd.		2,624,800		29,340,172
Horiba Ltd.		17,900		1,436,190
Hoshino Resorts REIT Inc.		186		649,141
Hoshizaki Corp.		49,400		1,797,239
Hosiden Corp.		95,100		1,167,409
House Foods Group Inc.		29,100		640,533
Hoya Corp.		206,000		26,167,988
Hulic Co. Ltd.		213,100		2,353,123
Hulic REIT Inc.		529		557,072
Ibiden Co. Ltd.		60,200		3,029,260
Ichibanya Co. Ltd.		9,700		427,537
Ichigo Inc.		167,300		445,985
Ichigo Office REIT Investment Corp.		813		456,850
Idec Corp./Japan		33,200		664,382
Idemitsu Kosan Co. Ltd.		550,000		3,054,139
IHI Corp.		94,900		1,815,095
Iida Group Holdings Co. Ltd.		65,500		988,849
Inaba Denki Sangyo Co. Ltd.		22,100		528,053
Inabata & Co. Ltd.		18,100		393,846
Industrial & Infrastructure Fund Investment Corp.		1,500		1,357,414
Infocom Corp.		22,000		365,276
Infomart Corp.(a)		154,300		414,123
INFRONEER Holdings Inc.		147,352		1,540,340
Inpex Corp.		614,100		8,347,127
Internet Initiative Japan Inc.		85,800		1,663,783
Invincible Investment Corp.		5,459		2,244,199
Iriso Electronics Co. Ltd.		12,700		296,993
Isetan Mitsukoshi Holdings Ltd.		233,000		2,724,307
Isuzu Motors Ltd.		380,300		5,189,171
Ito En Ltd.		26,700		775,089
ITOCHU Corp.		668,800		30,352,887
Itoham Yonekyu Holdings Inc.		47,680		1,335,970
Iwatani Corp.		25,000		1,117,162
Iyogin Holdings Inc., NVS		157,100		1,068,583
Izumi Co. Ltd.		15,200		357,820

S C H E D U L E  O F  I N V E S T M E N T S 55

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
J Front Retailing Co. Ltd.		223,200	$	2,067,130
JAFCO Group Co. Ltd.		39,300		466,125
Japan Airlines Co. Ltd.		47,800		918,514
Japan Airport Terminal Co. Ltd.		26,000		1,032,536
Japan Aviation Electronics Industry Ltd.		92,800		1,595,472
Japan Display Inc.(a)(b)		1,150,200		155,322
Japan Elevator Service Holdings Co. Ltd.		102,300		1,545,905
Japan Excellent Inc.		483		399,340
Japan Exchange Group Inc.		261,300		5,783,014
Japan Hotel REIT Investment Corp.		4,022		2,066,899
Japan Lifeline Co. Ltd.		39,200		349,788
Japan Logistics Fund Inc.		339		626,818
Japan Material Co. Ltd.		100,200		1,693,159
Japan Metropolitan Fund Invest		4,479		3,040,538
Japan Petroleum Exploration Co. Ltd.		26,500		1,077,964
Japan Post Bank Co. Ltd.		773,600		8,045,321
Japan Post Holdings Co. Ltd.		1,284,500		12,296,109
Japan Post Insurance Co. Ltd.		104,600		1,958,309
Japan Prime Realty Investment Corp.		443		1,060,682
Japan Real Estate Investment Corp.		734		2,813,819
Japan Securities Finance Co. Ltd.		89,600		949,566
Japan Steel Works Ltd. (The)		32,700		538,176
Japan Tobacco Inc.		688,600		18,149,695
JCR Pharmaceuticals Co. Ltd.		53,200		391,989
JCU Corp.		9,800		247,318
Jeol Ltd.		29,000		1,325,702
JFE Holdings Inc.		331,000		5,226,099
JGC Holdings Corp.		121,900		1,427,871
JINS Holdings Inc.		15,700		442,654
JMDC Inc.		27,700		733,010
Joyful Honda Co. Ltd.		99,400		1,318,341
JSR Corp.		110,600		3,016,577
JTEKT Corp.		129,100		1,181,244
JTOWER Inc.(a)(b)		8,600		264,940
Justsystems Corp.(a)		24,400		509,811
Kadokawa Corp.		89,500		1,893,588
Kagome Co. Ltd.		48,900		1,203,923
Kajima Corp.		214,000		3,819,227
Kakaku.com Inc.		94,900		1,079,516
Kaken Pharmaceutical Co. Ltd.		15,600		368,421
Kamigumi Co. Ltd.		94,000		2,162,543
Kanamoto Co. Ltd.		17,700		338,087
Kandenko Co. Ltd.		132,600		1,363,663
Kaneka Corp.		16,100		391,511
Kanematsu Corp.		81,100		1,257,400
Kansai Electric Power Co. Inc. (The)		407,600		5,560,535
Kansai Paint Co. Ltd.		110,300		1,844,195
Kao Corp.		258,700		10,236,128
Katitas Co. Ltd.		25,100		312,058
Kato Sangyo Co. Ltd.		8,900		290,207
Kawasaki Heavy Industries Ltd.		97,200		2,200,596
Kawasaki Kisen Kaisha Ltd.		99,700		4,857,761
KDDI Corp.		842,800		27,926,208
KDX Realty Investment Corp.		2,143		2,324,601
Keihan Holdings Co. Ltd.		37,800		921,908
Keikyu Corp.		122,900		1,073,460
Keio Corp.		62,800		1,837,548
Keisei Electric Railway Co. Ltd.		101,000		4,570,236
Kewpie Corp.		54,400		968,124
Keyence Corp.		110,000		49,213,766
KH Neochem Co. Ltd.		19,500		303,881
Kikkoman Corp.		96,100		5,912,862

Security	Shares		Value
Japan (continued)
Kinden Corp.		122,400	$	2,039,740
Kintetsu Group Holdings Co. Ltd.		99,900		3,082,660
Kirin Holdings Co. Ltd.		449,000		6,453,906
Kissei Pharmaceutical Co. Ltd.		24,300		518,877
Ki-Star Real Estate Co. Ltd.		5,700		134,618
Kitz Corp.		137,100		1,120,918
Kiyo Bank Ltd. (The)		109,400		1,233,031
Kobayashi Pharmaceutical Co. Ltd.		32,100		1,448,690
Kobe Bussan Co. Ltd.		62,100		1,586,823
Kobe Steel Ltd.		172,300		2,379,098
Koei Tecmo Holdings Co. Ltd.		115,180		1,434,700
Kohnan Shoji Co. Ltd.		17,800		472,850
Koito Manufacturing Co. Ltd.		86,800		1,328,846
Kokuyo Co. Ltd.		45,700		735,975
Komatsu Ltd.		536,000		15,249,174
KOMEDA Holdings Co. Ltd.		56,300		1,079,117
Komeri Co. Ltd.		17,900		401,078
Konami Group Corp.		53,500		3,290,153
Konica Minolta Inc.(b)		244,300		670,410
Kose Corp.		27,700		1,812,207
Kotobuki Spirits Co. Ltd.		71,000		955,279
K’s Holdings Corp.		70,600		641,625
Kubota Corp.		600,100		9,083,992
Kumagai Gumi Co. Ltd.		16,300		424,224
Kura Sushi Inc.		14,600		391,227
Kuraray Co. Ltd.		136,800		1,435,273
Kureha Corp.		31,500		602,980
Kurita Water Industries Ltd.		48,100		1,756,660
Kusuri no Aoki Holdings Co. Ltd.		39,000		842,000
Kyocera Corp.		738,000		10,804,372
Kyorin Pharmaceutical Co. Ltd.		23,100		279,087
Kyoritsu Maintenance Co. Ltd.		28,500		1,171,100
Kyoto Financial Group Inc.		102,700		1,706,819
Kyowa Kirin Co. Ltd.		131,600		2,072,959
Kyudenko Corp.		19,100		726,526
Kyushu Electric Power Co. Inc.(b)		226,200		1,694,038
Kyushu Financial Group Inc.		254,800		1,621,445
Kyushu Railway Co.		38,000		835,240
LaSalle Logiport REIT		859		869,866
Lasertec Corp.		42,000		10,938,018
Lawson Inc.		21,100		1,207,724
Leopalace21 Corp.(b)		232,700		650,916
Lintec Corp.		13,300		251,886
Lion Corp.		154,300		1,375,448
LITALICO Inc.		18,300		266,638
Lixil Corp.		142,700		1,906,896
LY Corp.		1,629,100		5,068,183
M&A Capital Partners Co. Ltd.		10,900		167,872
M3 Inc.		250,600		3,954,467
Mabuchi Motor Co. Ltd.		68,900		1,194,196
Macnica Holdings Inc.		39,400		2,084,885
Makino Milling Machine Co. Ltd.		15,700		635,925
Makita Corp.		118,300		3,184,043
Mandom Corp.		17,400		151,473
Mani Inc.		48,700		676,551
Marubeni Corp.		883,700		15,072,973
Maruha Nichiro Corp.		26,500		524,332
Marui Group Co. Ltd.		113,300		1,873,434
Maruichi Steel Tube Ltd.		39,500		1,006,442
Maruwa Co. Ltd./Aichi		8,600		1,720,738
Maruzen Showa Unyu Co. Ltd.		9,000		248,479
Matsui Securities Co. Ltd.		57,000		320,227

56 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
MatsukiyoCocokara & Co.		197,970	$	3,598,455
Mazda Motor Corp.		371,900		4,508,709
McDonald’s Holdings Co. Japan Ltd.(a)		49,300		2,195,057
Mebuki Financial Group Inc.		540,400		1,617,523
Medipal Holdings Corp.		103,300		1,648,769
Megachips Corp.		16,200		523,074
Megmilk Snow Brand Co. Ltd.		25,100		393,651
Meidensha Corp.		20,500		367,469
MEIJI Holdings Co. Ltd.		105,100		2,541,802
Meiko Electronics Co. Ltd.		14,900		405,842
MEITEC Group Holdings Inc.		40,400		799,247
Menicon Co. Ltd.		37,800		548,933
Mercari Inc.(b)		74,100		1,225,158
Milbon Co. Ltd.		16,500		394,311
MINEBEA MITSUMI Inc.		207,300		4,284,934
Mirai Corp.		1,249		381,914
MIRAIT ONE corp.		39,000		515,266
MISUMI Group Inc.		135,600		2,324,847
Mitani Sekisan Co. Ltd.		6,700		230,204
Mitsubishi Chemical Group Corp.		653,900		3,942,847
Mitsubishi Corp.		2,028,000		34,952,463
Mitsubishi Electric Corp.		1,093,600		16,229,351
Mitsubishi Estate Co. Ltd.		636,900		8,824,831
Mitsubishi Estate Logistics REIT Investment Corp.		528		1,322,856
Mitsubishi Gas Chemical Co. Inc.		99,500		1,624,922
Mitsubishi HC Capital Inc.		415,830		2,948,419
Mitsubishi Heavy Industries Ltd.		177,300		11,826,525
Mitsubishi Logistics Corp.		45,200		1,396,189
Mitsubishi Materials Corp.		97,600		1,786,811
Mitsubishi Motors Corp.		499,000		1,572,382
Mitsubishi UFJ Financial Group Inc.		6,551,900		61,368,675
Mitsui & Co. Ltd.		747,300		30,308,414
Mitsui Chemicals Inc.		107,500		3,163,753
Mitsui Fudosan Co. Ltd.		525,300		13,187,008
Mitsui Fudosan Logistics Park Inc.		368		1,103,238
Mitsui High-Tec Inc.		27,000		1,246,227
Mitsui Mining & Smelting Co. Ltd.		28,200		871,811
Mitsui OSK Lines Ltd.		211,800		7,607,955
Miura Co. Ltd.		44,400		811,347
Mixi Inc.		31,500		540,318
Mizuho Financial Group Inc.		1,384,950		25,152,852
Mizuho Leasing Co. Ltd.		19,600		710,319
Mochida Pharmaceutical Co. Ltd.		20,000		452,174
Monex Group Inc.		118,000		614,101
Money Forward Inc.(b)		30,500		1,190,476
Monogatari Corp. (The)		29,700		1,047,235
MonotaRO Co. Ltd.		131,000		1,233,786
Mori Hills REIT Investment Corp.		770		716,607
Mori Trust REIT Inc.		2,421		1,229,448
Morinaga & Co. Ltd./Japan		50,800		969,561
Morinaga Milk Industry Co. Ltd.		38,600		790,470
MOS Food Services Inc.		23,800		553,544
MS&AD Insurance Group Holdings Inc.		228,500		9,435,847
Murata Manufacturing Co. Ltd.		980,700		19,802,414
Musashi Seimitsu Industry Co. Ltd.		22,300		253,113
Nabtesco Corp.		50,100		962,968
Nachi-Fujikoshi Corp.		23,300		543,376
Nagase & Co. Ltd.		46,900		766,847
Nagawa Co. Ltd.(a)		4,500		217,351
Nagoya Railroad Co. Ltd.		91,500		1,410,739
Nakanishi Inc.		48,200		788,834
Nankai Electric Railway Co. Ltd.		100,800		1,965,597

Security	Shares		Value
Japan (continued)
NEC Corp.		131,600	$	8,599,363
NEC Networks & System Integration Corp.		113,200		1,828,092
NET One Systems Co. Ltd.		52,400		851,977
Nexon Co. Ltd.		234,300		3,739,200
Nextage Co. Ltd.(a)		46,200		696,081
NGK Insulators Ltd.		124,400		1,554,096
NH Foods Ltd.		47,000		1,609,570
NHK Spring Co. Ltd.		128,700		1,062,504
Nichias Corp.		30,200		705,909
Nichicon Corp.		39,900		348,719
Nichiha Corp.		12,200		245,090
Nichirei Corp.		54,000		1,304,245
Nidec Corp.		242,600		9,048,208
Nifco Inc./Japan		40,500		1,051,006
Nihon Kohden Corp.		42,600		1,298,316
Nihon M&A Center Holdings Inc.		178,400		1,072,341
Nihon Parkerizing Co. Ltd.		37,500		297,860
Nikkon Holdings Co. Ltd.		105,100		2,257,825
Nikon Corp.		148,700		1,517,563
Nintendo Co. Ltd.		612,400		34,215,332
Nippn Corp., New		72,800		1,117,628
Nippon Accommodations Fund Inc.		246		1,024,130
Nippon Building Fund Inc.		958		3,876,172
Nippon Ceramic Co. Ltd.		14,100		255,342
Nippon Densetsu Kogyo Co. Ltd.		14,800		205,289
Nippon Electric Glass Co. Ltd.		88,000		1,956,144
Nippon Express Holdings Inc.		30,400		1,809,448
Nippon Gas Co. Ltd.		65,000		1,006,892
Nippon Kayaku Co. Ltd.		62,900		561,527
Nippon Light Metal Holdings Co. Ltd.		104,170		1,283,569
Nippon Paint Holdings Co. Ltd.		533,100		4,198,868
Nippon Paper Industries Co. Ltd.(b)		34,800		322,568
Nippon Prologis REIT Inc.		1,035		1,841,474
NIPPON REIT Investment Corp.		193		446,901
Nippon Sanso Holdings Corp.		94,700		2,399,632
Nippon Seiki Co. Ltd.		103,800		962,128
Nippon Shinyaku Co. Ltd.		30,300		1,070,437
Nippon Shokubai Co. Ltd.		13,300		500,347
Nippon Soda Co. Ltd.		20,700		799,056
Nippon Steel Corp.		521,600		12,552,125
Nippon Telegraph & Telephone Corp.		16,703,400		20,975,364
Nippon Yusen KK		285,700		9,845,467
Nipro Corp.		53,100		427,621
Nishimatsu Construction Co. Ltd.		19,600		538,784
Nishimatsuya Chain Co. Ltd.		39,600		571,930
Nishi-Nippon Financial Holdings Inc.		68,300		786,415
Nishi-Nippon Railroad Co. Ltd.		30,400		505,308
Nissan Chemical Corp.		91,300		3,641,300
Nissan Motor Co. Ltd.		1,373,300		5,391,335
Nissha Co. Ltd.		20,200		224,084
Nisshin Oillio Group Ltd. (The)		17,300		528,474
Nisshin Seifun Group Inc.		126,400		1,763,177
Nisshinbo Holdings Inc.		79,200		653,668
Nissin Foods Holdings Co. Ltd.		92,200		2,982,797
Nissui Corp.		172,100		940,345
Niterra Co. Ltd.		104,600		2,816,732
Nitori Holdings Co. Ltd.		42,500		5,562,473
Nitta Corp.		12,000		310,540
Nitto Boseki Co. Ltd.		11,200		382,453
Nitto Denko Corp.		81,800		6,785,951
Noevir Holdings Co. Ltd.		13,300		472,825
NOF Corp.		22,700		1,025,217

S C H E D U L E  O F  I N V E S T M E N T S 57

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Nojima Corp.		37,400	$	471,354
NOK Corp.		36,300		480,811
Nomura Co. Ltd.		40,400		238,785
Nomura Holdings Inc.		1,541,900		8,304,898
Nomura Real Estate Holdings Inc.		34,700		949,590
Nomura Real Estate Master Fund Inc.		2,429		2,657,970
Nomura Research Institute Ltd.		206,400		6,312,439
NS Solutions Corp.		13,800		460,270
NSD Co. Ltd.		63,300		1,187,884
NSK Ltd.		243,900		1,329,650
NTN Corp.		515,100		941,994
NTT Data Group Corp.		396,300		5,708,157
NTT UD REIT Investment Corp.		663		562,997
Obayashi Corp.		379,300		3,511,005
OBIC Business Consultants Co. Ltd.		28,400		1,373,431
Obic Co. Ltd.		38,100		5,852,524
Odakyu Electric Railway Co. Ltd.		135,500		2,070,507
Ogaki Kyoritsu Bank Ltd. (The)		14,000		187,432
Ohsho Food Service Corp.		12,000		663,455
Oisix ra daichi Inc.(a)(b)		21,400		202,419
Oji Holdings Corp.		430,800		1,684,355
Okamura Corp.		25,100		376,178
Oki Electric Industry Co. Ltd.		60,600		425,792
Okinawa Electric Power Co. Inc. (The)		20,200		160,087
OKUMA Corp.		9,900		445,442
Okumura Corp.		14,300		500,062
Olympus Corp.		752,600		11,141,236
Omron Corp.		107,600		4,838,261
One REIT Inc.		152		279,526
Ono Pharmaceutical Co. Ltd.		211,700		3,815,708
Open House Group Co. Ltd.		27,600		863,110
Open Up Group Inc.		84,800		1,313,513
Oracle Corp. Japan		17,200		1,355,517
Organo Corp.		28,000		1,156,487
Orient Corp.		19,820		149,561
Oriental Land Co. Ltd./Japan		609,100		22,622,017
ORIX Corp.		674,100		13,016,376
Orix JREIT Inc.		1,250		1,445,887
Osaka Gas Co. Ltd.		195,300		4,112,403
OSG Corp.		40,700		553,858
Otsuka Corp.		65,600		2,760,301
Otsuka Holdings Co. Ltd.		240,000		9,433,997
Outsourcing Inc.(b)		71,000		828,954
PALTAC Corp.		13,500		411,013
Pan Pacific International Holdings Corp.		215,700		4,662,675
Panasonic Holdings Corp.		1,345,800		12,675,790
Paramount Bed Holdings Co. Ltd.		29,500		532,803
Park24 Co. Ltd.(b)		102,900		1,344,572
Pasona Group Inc.		21,900		399,370
Penta-Ocean Construction Co. Ltd.		124,000		664,388
PeptiDream Inc.(a)(b)		82,800		725,617
Persol Holdings Co. Ltd.		1,153,800		1,834,209
Pigeon Corp.		90,700		991,233
Pilot Corp.		20,000		558,516
PKSHA Technology Inc.(b)		30,300		792,727
Pola Orbis Holdings Inc.		46,500		481,042
Prestige International Inc.		124,200		509,985
Prima Meat Packers Ltd.		13,100		214,337
Raito Kogyo Co. Ltd.		20,000		279,582
Raksul Inc.(b)		48,200		374,037
Rakus Co. Ltd.		78,900		1,296,809
Rakuten Group Inc.(a)(b)		837,300		3,678,056

Security	Shares		Value
Japan (continued)
Recruit Holdings Co. Ltd.		816,200	$	32,238,851
Relo Group Inc.		48,000		481,811
Renesas Electronics Corp.(b)		838,200		13,752,831
Rengo Co. Ltd.		97,000		629,051
RENOVA Inc.(b)		30,800		264,620
Resona Holdings Inc.		1,335,600		7,372,858
Resonac Holdings Corp.		103,500		2,063,944
Resorttrust Inc.		47,100		818,766
Ricoh Co. Ltd.		284,000		2,232,238
Riken Keiki Co. Ltd.(a)		12,500		617,583
Rinnai Corp.		40,700		922,092
Rohm Co. Ltd.		171,800		2,965,137
Rohto Pharmaceutical Co. Ltd.		101,400		2,074,809
Rorze Corp.		10,300		1,143,995
Round One Corp.		124,800		552,743
RS Technologies Co. Ltd.		29,700		576,558
Ryohin Keikaku Co. Ltd.		132,800		2,064,927
Saizeriya Co. Ltd.		16,200		556,134
Sakai Moving Service Co. Ltd.		12,400		235,693
Sakata Seed Corp.		28,300		704,743
SAMTY Co. Ltd.		27,300		465,154
San-A Co. Ltd.		10,800		333,566
San-Ai Obbli Co. Ltd.		16,500		186,046
SanBio Co. Ltd.(a)(b)		37,500		143,468
Sangetsu Corp.		71,200		1,568,276
San-In Godo Bank Ltd. (The)		230,100		1,622,680
Sanken Electric Co. Ltd.		20,000		918,863
Sanki Engineering Co. Ltd.		20,500		262,996
Sankyo Co. Ltd.		42,900		2,624,046
Sankyu Inc.		25,100		938,295
Sanrio Co. Ltd.		63,500		2,651,581
Sansan Inc.(a)(b)		53,700		499,905
Santen Pharmaceutical Co. Ltd.		134,200		1,355,732
Sanwa Holdings Corp.		102,700		1,569,685
Sapporo Holdings Ltd.(a)		56,200		2,598,622
Sato Holdings Corp.		7,600		111,744
Sawai Group Holdings Co. Ltd.		18,000		681,300
SBI Holdings Inc.		130,000		3,193,535
SCREEN Holdings Co. Ltd.		44,200		4,334,219
SCSK Corp.		79,400		1,558,988
Secom Co. Ltd.		111,800		8,114,481
Sega Sammy Holdings Inc.		119,400		1,757,282
Seibu Holdings Inc.		130,400		1,842,868
Seiko Epson Corp.		132,000		1,926,858
Seino Holdings Co. Ltd.		57,100		833,879
Seiren Co. Ltd.		28,900		485,046
Sekisui Chemical Co. Ltd.		217,900		3,111,076
Sekisui House Ltd.		373,600		8,433,719
Sekisui House REIT Inc.		2,111		1,122,817
Senko Group Holdings Co. Ltd.		124,500		973,391
Seria Co. Ltd.		29,700		544,258
Seven & i Holdings Co. Ltd.		417,500		16,489,086
Seven Bank Ltd.		822,500		1,721,758
SG Holdings Co. Ltd.		147,500		1,910,140
Sharp Corp./Japan(b)		99,600		669,741
Shibaura Machine Co. Ltd.		14,200		344,278
SHIFT Inc.(a)(b)		8,600		1,550,351
Shiga Bank Ltd. (The)		24,100		599,226
Shikoku Electric Power Co. Inc.		79,900		564,956
Shima Seiki Manufacturing Ltd.		22,800		231,866
Shimadzu Corp.		145,400		4,020,596
Shimamura Co. Ltd.		16,900		1,854,073

58 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Shimano Inc.		41,400	$	5,944,018
Shimizu Corp.		212,100		1,419,824
Shin-Etsu Chemical Co. Ltd.		1,029,900		40,539,110
Shinko Electric Industries Co. Ltd.		43,600		1,611,985
Shionogi & Co. Ltd.		152,500		7,319,453
Ship Healthcare Holdings Inc.		49,700		754,290
Shiseido Co. Ltd.		225,700		6,291,768
Shizuoka Financial Group Inc., NVS		209,700		1,916,659
SHO-BOND Holdings Co. Ltd.		33,700		1,501,016
Shochiku Co. Ltd.		4,900		336,313
Shoei Co. Ltd.		52,200		697,619
Skylark Holdings Co. Ltd.		105,700		1,724,406
SMC Corp.		31,300		17,422,973
SMS Co. Ltd.		50,900		919,260
Socionext Inc.		93,700		2,147,424
SoftBank Corp.		1,643,500		21,835,283
SoftBank Group Corp.		583,500		25,190,047
Sohgo Security Services Co. Ltd.		163,900		894,728
Sojitz Corp.		130,860		3,088,480
Sompo Holdings Inc.		156,100		8,094,010
Sony Group Corp.		714,700		70,089,419
Sosei Group Corp.(a)(b)		62,100		602,796
SOSiLA Logistics REIT Inc.		933		757,697
Sotetsu Holdings Inc.		106,800		1,957,443
Square Enix Holdings Co. Ltd.		49,100		1,918,643
Stanley Electric Co. Ltd.		87,100		1,663,654
Star Asia Investment Corp.		1,464		574,038
Starts Corp. Inc.		15,900		326,169
Subaru Corp.		335,200		6,687,008
Sugi Holdings Co. Ltd.		17,800		850,478
SUMCO Corp.		155,700		2,360,477
Sumitomo Bakelite Co. Ltd.		19,300		959,162
Sumitomo Chemical Co. Ltd.		907,300		2,136,311
Sumitomo Corp.		604,600		13,904,492
Sumitomo Electric Industries Ltd.		417,000		5,542,597
Sumitomo Forestry Co. Ltd.		57,400		1,687,286
Sumitomo Heavy Industries Ltd.		46,000		1,193,446
Sumitomo Metal Mining Co. Ltd.		131,800		3,642,777
Sumitomo Mitsui Construction Co. Ltd.		130,600		366,305
Sumitomo Mitsui Financial Group Inc.		728,400		37,886,523
Sumitomo Mitsui Trust Holdings Inc.		375,800		7,701,366
Sumitomo Osaka Cement Co. Ltd.		12,700		319,942
Sumitomo Pharma Co. Ltd.(a)		119,300		350,202
Sumitomo Realty & Development Co. Ltd.		163,300		5,135,644
Sumitomo Rubber Industries Ltd.		126,600		1,466,594
Sumitomo Warehouse Co. Ltd. (The)		104,700		1,882,948
Sundrug Co. Ltd.		70,900		2,138,362
Suntory Beverage & Food Ltd.		79,800		2,603,456
Suruga Bank Ltd.		230,500		1,343,290
Suzuken Co. Ltd.		34,400		1,067,810
Suzuki Motor Corp.		212,000		9,522,756
Sysmex Corp.		93,800		5,081,360
Systena Corp.		234,500		473,992
T Hasegawa Co. Ltd.		19,300		433,102
T&D Holdings Inc.		268,900		4,452,646
Tadano Ltd.		124,300		1,011,862
Taiheiyo Cement Corp.		92,800		1,910,037
Taikisha Ltd.		14,800		441,289
Taisei Corp.		104,600		3,813,568
Taisho Pharmaceutical Holdings Co. Ltd.		21,800		1,268,618
Taiyo Holdings Co. Ltd.		22,500		495,760
Taiyo Yuden Co. Ltd.		44,400		1,072,515

Security	Shares		Value
Japan (continued)
Takara Bio Inc.		43,500	$	369,785
Takara Holdings Inc.		93,600		791,896
Takasago Thermal Engineering Co. Ltd.		39,600		915,006
Takashimaya Co. Ltd.		123,300		1,717,722
Takeda Pharmaceutical Co. Ltd.		897,954		26,391,298
Takeuchi Manufacturing Co. Ltd.		28,600		977,769
Takuma Co. Ltd.		108,300		1,274,289
TDK Corp.		223,200		11,105,274
TechnoPro Holdings Inc.		52,500		1,210,378
Teijin Ltd.		79,300		729,511
Terumo Corp.		396,900		13,435,839
THK Co. Ltd.		85,300		1,640,031
TIS Inc.		123,300		2,742,419
TKC Corp.		19,000		492,154
Toagosei Co. Ltd.		121,200		1,160,093
Tobu Railway Co. Ltd.		99,600		2,637,733
Tocalo Co. Ltd.		112,800		1,199,869
Toda Corp.		105,700		666,441
Toei Co. Ltd.		3,500		491,201
Toho Co. Ltd./Tokyo		64,400		2,097,813
Toho Gas Co. Ltd.		40,600		815,650
Toho Holdings Co. Ltd.		31,300		677,911
Tohoku Electric Power Co. Inc.		245,200		1,636,906
Tokai Carbon Co. Ltd.		144,000		1,012,733
TOKAI Holdings Corp.		91,000		613,625
Tokai Rika Co. Ltd.		113,100		1,789,360
Tokai Tokyo Financial Holdings Inc.		396,100		1,527,969
Tokio Marine Holdings Inc.		1,061,800		27,996,928
Tokuyama Corp.		20,100		322,184
Tokyo Century Corp.		61,600		684,461
Tokyo Electric Power Co. Holdings Inc.(b)		953,100		5,074,450
Tokyo Electron Ltd.		270,900		50,271,568
Tokyo Gas Co. Ltd.		212,200		4,874,629
Tokyo Kiraboshi Financial Group Inc.		32,700		956,519
Tokyo Ohka Kogyo Co. Ltd.		49,800		1,137,457
Tokyo Seimitsu Co. Ltd.		47,000		3,044,363
Tokyo Steel Manufacturing Co. Ltd.		87,800		1,060,457
Tokyo Tatemono Co. Ltd.		94,400		1,454,886
Tokyu Construction Co. Ltd.		89,400		497,638
Tokyu Corp.		232,800		2,731,740
Tokyu Fudosan Holdings Corp.		255,500		1,708,674
Tokyu REIT Inc.		441		514,247
Tomy Co. Ltd.		109,500		1,796,524
Topcon Corp.		59,600		684,723
TOPPAN Holdings Inc.		135,500		3,734,981
Toray Industries Inc.		790,400		3,949,177
Toridoll Holdings Corp.		36,700		1,123,577
Toshiba TEC Corp.		17,300		358,899
Tosoh Corp.		124,100		1,600,225
Totetsu Kogyo Co. Ltd.		9,700		199,170
TOTO Ltd.		93,200		2,522,483
Towa Pharmaceutical Co. Ltd.		12,100		211,743
Toyo Gosei Co. Ltd.(a)		5,300		310,113
Toyo Seikan Group Holdings Ltd.		116,900		1,856,896
Toyo Suisan Kaisha Ltd.		50,500		2,629,609
Toyo Tire Corp.		49,300		816,325
Toyobo Co. Ltd.		30,300		227,415
Toyoda Gosei Co. Ltd.		20,900		403,546
Toyota Boshoku Corp.		34,600		570,115
Toyota Industries Corp.		92,600		7,832,025
Toyota Motor Corp.		6,083,300		121,470,209
Toyota Tsusho Corp.		113,800		7,457,476

S C H E D U L E  O F  I N V E S T M E N T S 59

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Trancom Co. Ltd.		2,400	$	113,737
Transcosmos Inc.		11,100		231,781
TRE Holdings Corp.		24,100		204,449
Trend Micro Inc./Japan(b)		77,500		4,433,726
Tri Chemical Laboratories Inc.		26,000		641,176
Trusco Nakayama Corp.		29,300		500,572
TS Tech Co. Ltd.		46,400		587,746
Tsubakimoto Chain Co.		16,800		485,864
Tsumura & Co.		36,400		658,556
Tsuruha Holdings Inc.		22,300		1,764,702
UACJ Corp.		14,400		397,746
UBE Corp.		106,700		1,773,942
Ulvac Inc.		42,600		2,084,990
Unicharm Corp.		224,600		7,728,120
United Urban Investment Corp.		1,264		1,279,834
Universal Entertainment Corp.		23,800		344,217
Ushio Inc.		59,300		830,748
USS Co. Ltd.		122,600		2,318,538
UT Group Co. Ltd.(b)		21,900		350,881
Valor Holdings Co. Ltd.		17,900		305,817
ValueCommerce Co. Ltd.		15,000		127,931
Visional Inc.(b)		13,600		851,180
Wacoal Holdings Corp.		23,700		552,902
Wacom Co. Ltd.		205,500		947,011
WealthNavi Inc.(a)(b)		34,700		399,355
Welcia Holdings Co. Ltd.		98,200		1,656,519
West Holdings Corp.		16,600		381,820
West Japan Railway Co.		126,100		5,252,004
Yakult Honsha Co. Ltd.		173,200		3,782,963
Yamada Holdings Co. Ltd.		374,000		1,142,412
Yamaguchi Financial Group Inc.		158,100		1,502,751
Yamaha Corp.		92,000		2,023,131
Yamaha Motor Co. Ltd.		524,000		4,952,715
Yamato Holdings Co. Ltd.		132,500		2,290,451
Yamato Kogyo Co. Ltd.		26,100		1,444,734
Yamazaki Baking Co. Ltd.		69,100		1,638,522
Yaoko Co. Ltd.		10,800		623,137
Yaskawa Electric Corp.		130,500		4,918,062
Yokogawa Bridge Holdings Corp.		17,200		332,876
Yokogawa Electric Corp.		121,200		2,381,665
Yokohama Rubber Co. Ltd. (The)		90,900		2,151,392
Yoshinoya Holdings Co. Ltd.(a)		37,500		836,262
Zenkoku Hosho Co. Ltd.		21,500		800,088
Zensho Holdings Co. Ltd.		57,500		2,815,701
Zeon Corp.		85,200		772,970
Zojirushi Corp.		24,800		240,017
ZOZO Inc.		84,600		1,852,444
				2,639,835,392
Netherlands — 4.0%
Aalberts NV		69,781		2,775,072
ABN AMRO Bank NV, CVA(c)		249,928		3,678,286
Adyen NV(b)(c)		12,487		15,661,029
Aegon Ltd.		1,066,048		6,289,083
AerCap Holdings NV(b)		114,607		8,774,312
Akzo Nobel NV		100,145		7,692,385
Alfen NV(a)(b)(c)		17,292		1,045,708
Allfunds Group PLC		320,911		2,300,673
Arcadis NV		27,620		1,516,378
ASM International NV		26,955		14,939,367
ASML Holding NV		231,206		200,591,523
ASR Nederland NV		89,084		4,198,216
Basic-Fit NV(a)(b)(c)		35,080		1,015,729

Security	Shares		Value
Netherlands (continued)
BE Semiconductor Industries NV		42,881	$	6,444,083
Corbion NV		40,775		789,582
Davide Campari-Milano NV		339,743		3,442,015
Eurocommercial Properties NV		44,006		985,910
EXOR NV, NVS		58,984		5,706,850
Ferrovial SE		285,891		10,902,518
Flow Traders Ltd., NVS		34,456		618,872
Heineken Holding NV		85,185		7,147,671
Heineken NV		161,476		16,243,760
IMCD NV		34,535		5,271,447
ING Groep NV		2,081,978		29,581,711
InPost SA(b)		185,651		2,788,445
Iveco Group NV(b)		137,262		1,464,772
JDE Peet’s NV		43,491		1,073,591
Just Eat Takeaway.com NV(a)(b)(c)		115,652		1,746,272
Koninklijke Ahold Delhaize NV		533,840		15,013,263
Koninklijke BAM Groep NV		131,867		364,056
Koninklijke KPN NV		1,869,514		6,359,602
Koninklijke Philips NV(b)		446,251		9,440,689
Koninklijke Vopak NV		52,736		1,647,402
MFE-MediaForEurope NV, NVS(a)		71,212		257,273
MFE-MediaForEurope NV, Class A		171,120		436,803
NN Group NV		148,858		6,101,426
NSI NV		8,271		176,982
OCI NV		55,315		1,580,017
Pharming Group NV(b)		1,003,427		1,265,003
PostNL NV		194,167		282,940
Prosus NV		830,480		24,708,172
Qiagen NV, NVS		127,944		5,551,081
Randstad NV		66,139		3,760,677
SBM Offshore NV		125,527		1,598,068
Signify NV(c)		83,872		2,514,872
Technip Energies NV		83,327		1,724,917
TKH Group NV		26,079		1,050,142
Universal Music Group NV		464,997		13,707,053
Wolters Kluwer NV		145,438		21,440,039
				483,665,737
New Zealand — 0.2%
Auckland International Airport Ltd.		729,641		3,761,951
Contact Energy Ltd.		519,979		2,564,946
EBOS Group Ltd.		97,297		2,228,131
Fisher & Paykel Healthcare Corp. Ltd.		340,396		4,916,352
Fletcher Building Ltd.		605,359		1,672,516
Goodman Property Trust		859,041		1,176,199
Infratil Ltd.		685,132		4,419,776
Mercury NZ Ltd.		283,112		1,168,102
Meridian Energy Ltd.		842,161		2,853,064
Ryman Healthcare Ltd.(b)		447,919		1,556,031
Spark New Zealand Ltd.		1,157,834		3,761,564
Warehouse Group Ltd. (The)		50,712		49,286
				30,127,918
Norway — 0.8%
Adevinta ASA(b)		192,118		2,064,164
Aker ASA, Class A		21,677		1,288,084
Aker BP ASA		184,393		4,894,081
Atea ASA		64,909		865,268
Austevoll Seafood ASA		62,187		450,810
Avance Gas Holding Ltd.(c)		3,232		37,676
Bakkafrost P/F		22,887		1,278,197
Borr Drilling Ltd.(a)		117,907		730,511
Borregaard ASA		51,199		873,337

60 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Norway (continued)
BW LPG Ltd.(c)		52,279	$	645,208
DNB Bank ASA		524,166		10,189,635
DNO ASA		946,932		829,802
Entra ASA(c)		32,300		353,796
Equinor ASA		517,130		14,798,752
Frontline PLC, NVS		112,325		2,510,762
Gjensidige Forsikring ASA		119,077		1,915,291
Golden Ocean Group Ltd.		136,951		1,444,182
Hafnia Ltd.		114,280		831,028
Kongsberg Gruppen ASA		50,917		2,594,900
Leroy Seafood Group ASA		190,041		763,266
Mowi ASA		257,547		4,635,930
NEL ASA(a)(b)		1,216,166		607,181
Nordic Semiconductor ASA(a)(b)		110,442		1,108,990
Norsk Hydro ASA		829,595		4,861,844
Orkla ASA		426,860		3,343,648
Salmar ASA		35,497		1,970,453
Scatec ASA(b)(c)		93,814		697,569
Schibsted ASA, Class A		18,654		572,248
Schibsted ASA, Class B		84,790		2,433,110
Seadrill Ltd.(a)(b)		20,638		888,315
SpareBank 1 SMN		140,952		1,919,006
SpareBank 1 SR-Bank ASA		210,316		2,550,572
Storebrand ASA		375,500		3,376,181
Subsea 7 SA		185,023		2,493,736
Telenor ASA		379,884		4,215,214
TGS ASA		113,003		1,100,396
TOMRA Systems ASA		160,624		1,613,432
Veidekke ASA		47,333		432,049
Yara International ASA		102,656		3,393,053
				91,571,677
Portugal — 0.2%
Banco Comercial Portugues SA, Class R(b)		5,070,782		1,475,072
EDP - Energias de Portugal SA		1,916,983		8,550,581
Galp Energia SGPS SA		321,383		5,059,129
Jeronimo Martins SGPS SA		149,344		3,396,578
Navigator Co. SA (The)		215,938		889,780
NOS SGPS SA		139,885		495,850
REN - Redes Energeticas Nacionais SGPS SA		493,183		1,211,739
Sonae SGPS SA		877,932		848,723
				21,927,452
Singapore — 1.3%
CapitaLand Ascendas REIT		1,847,112		4,003,111
CapitaLand Ascott Trust		2,004,568		1,429,123
CapitaLand China Trust(a)		703,380		436,900
CapitaLand Integrated Commercial Trust		3,603,835		5,372,476
CapitaLand Investment Ltd./Singapore		1,538,300		3,377,011
CDL Hospitality Trusts		559,690		428,706
City Developments Ltd.		432,500		1,963,026
ComfortDelGro Corp. Ltd.		1,840,500		1,914,275
DBS Group Holdings Ltd.		1,023,400		24,239,519
ESR-LOGOS REIT		3,039,051		702,278
Frasers Centrepoint Trust		666,319		1,139,686
Frasers Logistics & Commercial Trust		1,820,887		1,515,780
Genting Singapore Ltd.		4,111,600		3,087,828
Golden Agri-Resources Ltd.		3,838,500		772,564
Grab Holdings Ltd., Class A(b)		1,176,556		3,612,027
Jardine Cycle & Carriage Ltd.		114,900		2,217,113
Keppel DC REIT		912,350		1,145,565
Keppel Infrastructure Trust(a)		4,534,425		1,704,058
Keppel Ltd.		922,300		4,900,882

Security	Shares		Value
Singapore (continued)
Keppel REIT(a)		1,158,540	$	796,746
Mapletree Industrial Trust		1,225,640		2,232,326
Mapletree Logistics Trust		2,380,334		2,737,088
Mapletree Pan Asia Commercial Trust		1,368,800		1,482,293
NetLink NBN Trust		4,079,600		2,569,707
Oversea-Chinese Banking Corp. Ltd.		1,906,200		18,233,507
Paragon REIT		920,250		600,238
Parkway Life REIT		201,800		528,821
SATS Ltd.(b)		975,563		1,991,844
Sea Ltd., ADR(b)		206,275		7,867,329
Seatrium Ltd.(a)(b)		29,721,384		2,205,719
Sembcorp Industries Ltd.		786,600		3,310,397
Singapore Airlines Ltd.		883,800		4,386,549
Singapore Exchange Ltd.		406,900		2,841,234
Singapore Post Ltd.		846,300		258,653
Singapore Technologies Engineering Ltd.		937,700		2,598,308
Singapore Telecommunications Ltd.		4,625,300		8,254,045
Starhill Global REIT		1,020,100		391,615
Suntec REIT(a)		1,022,100		903,565
United Overseas Bank Ltd.		714,200		15,054,293
UOL Group Ltd.		216,500		1,005,334
Venture Corp. Ltd.		140,000		1,394,759
Wilmar International Ltd.		1,166,200		2,855,660
Yangzijiang Financial Holding Ltd.		1,472,200		344,383
Yangzijiang Shipbuilding Holdings Ltd.(a)		2,059,600		2,571,245
				151,377,586
Spain — 2.1%
Acciona SA		13,418		1,735,682
Acerinox SA		120,795		1,275,256
ACS Actividades de Construccion y Servicios SA		144,148		5,688,151
Aena SME SA(c)		40,915		7,238,157
Almirall SA		62,739		595,135
Amadeus IT Group SA		254,306		17,821,858
Applus Services SA		79,229		958,119
Banco Bilbao Vizcaya Argentaria SA		3,347,103		31,326,998
Banco de Sabadell SA		3,515,755		4,563,225
Banco Santander SA		9,278,313		37,290,090
Bankinter SA		493,992		3,049,965
CaixaBank SA		2,502,363		10,670,051
Cellnex Telecom SA(c)		324,250		12,476,285
Cia. de Distribucion Integral Logista Holdings SA		55,335		1,565,149
Cie. Automotive SA		29,805		786,340
Construcciones y Auxiliar de Ferrocarriles SA		46,028		1,654,273
EDP Renovaveis SA		166,508		2,696,303
Enagas SA		23,187		377,479
Endesa SA		207,263		4,106,285
Faes Farma SA		219,730		722,072
Fluidra SA		80,932		1,752,114
Gestamp Automocion SA(c)		98,954		328,238
Grifols SA(b)		172,410		1,878,018
Iberdrola SA		3,447,726		41,513,918
Iberdrola SA, NVS		59,444		715,757
Indra Sistemas SA(a)		122,594		2,176,561
Industria de Diseno Textil SA		613,974		26,251,911
Inmobiliaria Colonial SOCIMI SA		217,899		1,310,074
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros		581,471		607,659
Mapfre SA		697,945		1,536,815
Melia Hotels International SA(a)(b)		84,083		568,912
Merlin Properties SOCIMI SA		239,398		2,437,843
Naturgy Energy Group SA		92,302		2,485,485
Neinor Homes SA(c)		16,719		188,632

S C H E D U L E  O F  I N V E S T M E N T S 61

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Spain (continued)
Pharma Mar SA		15,898	$	663,636
Prosegur Cia. de Seguridad SA		77,588		146,809
Redeia Corp. SA		57,325		953,895
Repsol SA		747,269		11,035,878
Sacyr SA		252,284		831,717
Sacyr SA, NVS		5,046		16,664
Solaria Energia y Medio Ambiente SA(b)		59,327		875,911
Tecnicas Reunidas SA(b)		29,387		246,849
Telefonica SA		2,861,571		11,643,255
Viscofan SA		26,398		1,546,235
				258,309,659
Sweden — 3.0%
AAK AB		134,080		3,021,907
AddTech AB, Class B		169,189		3,490,319
AFRY AB		55,248		762,927
Alfa Laval AB		165,807		6,083,924
Alleima AB, NVS		165,484		1,098,606
Arjo AB, Class B		124,516		582,808
Assa Abloy AB, Class B		549,533		15,071,337
Atlas Copco AB, Class A		1,526,393		24,360,337
Atlas Copco AB, Class B		861,737		11,933,292
Avanza Bank Holding AB		93,358		1,875,326
Axfood AB		51,195		1,295,291
Beijer Ref AB, Class B		220,472		3,001,724
Billerud Aktiebolag		131,098		1,165,735
Biotage AB		60,438		859,046
Boliden AB		168,490		4,472,174
Bravida Holding AB(c)		106,322		806,210
Bure Equity AB		55,640		1,589,155
Castellum AB(b)		242,863		3,126,590
Catena AB		26,840		1,144,369
Corem Property Group AB, Class B		804,307		810,356
Dios Fastigheter AB		78,123		605,963
Dometic Group AB(c)		195,780		1,558,000
Electrolux AB, Class B(b)		145,331		1,359,429
Electrolux Professional AB, Class B		222,543		1,182,468
Elekta AB, Class B		249,539		1,882,948
Embracer Group AB, Class B(b)		466,238		889,800
Epiroc AB		377,136		6,663,521
Epiroc AB, Class B		206,069		3,213,006
EQT AB		203,402		5,461,780
Essity AB, Class B		337,008		7,914,057
Evolution AB(c)		101,976		11,907,083
Fabege AB		169,247		1,585,152
Fastighets AB Balder, Class B(b)		307,726		2,042,467
Fortnox AB		365,852		2,017,046
Getinge AB, Class B		141,936		3,034,184
Granges AB		65,788		652,332
H & M Hennes & Mauritz AB, Class B		402,465		5,678,275
Hemnet Group AB		50,885		1,373,783
Hexagon AB, Class B		1,225,171		13,371,009
Hexatronic Group AB(a)		129,490		271,620
Hexpol AB		208,120		2,382,257
Holmen AB, Class B		37,102		1,462,163
Hufvudstaden AB, Class A		85,675		1,107,854
Husqvarna AB, Class B		295,444		2,298,232
Industrivarden AB, Class A		73,132		2,302,341
Industrivarden AB, Class C		123,846		3,892,365
Indutrade AB		158,943		3,861,374
Instalco AB		250,071		999,956
Intrum AB(a)		43,504		257,680
Investment AB Latour, Class B		85,875		2,159,807

Security	Shares		Value
Sweden (continued)
Investor AB, Class B		977,819	$	23,022,519
JM AB		25,094		408,628
Kindred Group PLC		144,351		1,698,174
Kinnevik AB, Class B(b)		139,811		1,502,131
L E Lundbergforetagen AB, Class B		27,252		1,420,941
Lifco AB, Class B		160,807		3,879,775
Lindab International AB		78,918		1,498,550
Loomis AB, Class B		77,112		2,111,171
Millicom International Cellular SA, SDR(b)		78,960		1,354,522
MIPS AB		29,772		989,056
Modern Times Group MTG AB, Class B(b)		93,231		713,591
Mycronic AB		106,018		2,948,768
NCAB Group AB		8,155		52,743
NCC AB, Class B		59,749		762,999
Nibe Industrier AB, Class B		878,718		5,250,499
Nolato AB, Class B		248,029		1,201,184
Nordnet AB publ		121,960		1,919,108
Nyfosa AB		79,830		714,030
Pandox AB, Class B		68,189		935,025
Peab AB, Class B		104,568		516,246
Resurs Holding AB(c)		44,477		61,120
Saab AB, Class B		46,246		2,977,824
Sagax AB, Class B		122,050		2,965,975
Samhallsbyggnadsbolaget i Norden AB(a)		766,548		351,228
Sandvik AB		581,830		12,227,671
Sectra AB, Class B		120,547		2,245,363
Securitas AB, Class B		234,999		2,282,793
Sinch AB(a)(b)(c)		423,381		1,300,203
Skandinaviska Enskilda Banken AB, Class A		887,826		12,609,026
Skanska AB, Class B		193,943		3,362,894
SKF AB, Class B		211,946		4,176,421
SSAB AB, Class B		367,271		2,805,385
Stillfront Group AB(b)		394,448		408,784
Storskogen Group AB		788,316		544,175
Svenska Cellulosa AB SCA, Class B		362,375		4,933,343
Svenska Handelsbanken AB, Class A		784,731		8,459,660
Sweco AB, Class B		126,851		1,486,923
Swedbank AB, Class A		500,866		10,206,636
Swedish Orphan Biovitrum AB(b)		120,787		3,390,265
Tele2 AB, Class B		337,993		2,881,739
Telefonaktiebolaget LM Ericsson, Class B		1,592,021		8,825,330
Telia Co. AB		1,447,708		3,733,888
Thule Group AB(c)		98,929		2,517,258
Trelleborg AB, Class B		144,199		4,389,012
Troax Group AB		34,818		756,406
Vitec Software Group AB, Class B		30,320		1,684,146
Vitrolife AB		50,792		836,208
Volvo AB, Class A		115,761		2,846,001
Volvo AB, Class B		867,907		20,799,669
Volvo Car AB, Class B(b)		363,876		948,625
Wallenstam AB, Class B		221,279		1,110,768
Wihlborgs Fastigheter AB		270,273		2,416,146
				363,379,930
Switzerland — 8.5%
ABB Ltd., Registered		905,607		38,317,865
Accelleron Industries AG, NVS		61,689		1,974,032
Adecco Group AG, Registered		97,973		4,236,652
Alcon Inc.		287,734		21,659,175
Allreal Holding AG, Registered		8,843		1,572,917
ALSO Holding AG, Registered		3,380		989,551
Avolta AG, Registered(b)		63,635		2,431,165
Bachem Holding AG, Class B		22,453		1,503,087

62 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Switzerland (continued)
Baloise Holding AG, Registered		27,794	$	4,439,844
Banque Cantonale Vaudoise, Registered		19,320		2,473,663
Barry Callebaut AG, Registered		2,201		3,214,796
Belimo Holding AG, Registered		5,708		2,661,580
BKW AG		12,963		2,059,411
Bossard Holding AG, Class A, Registered		3,539		846,903
Bucher Industries AG, Registered		2,022		856,451
Burckhardt Compression Holding AG		2,147		1,201,176
Bystronic AG, Registered		512		256,543
Cembra Money Bank AG		17,357		1,338,259
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		532		6,761,161
Chocoladefabriken Lindt & Spruengli AG, Registered		60		7,605,538
Cie. Financiere Richemont SA, Class A, Registered		298,135		44,283,346
Clariant AG, Registered		141,237		1,808,070
Coca-Cola HBC AG, Class DI		110,474		3,247,576
Comet Holding AG, Registered		6,343		2,091,375
Daetwyler Holding AG, Bearer		5,399		1,097,786
DKSH Holding AG		13,600		951,657
DocMorris AG(b)		7,411		691,380
dormakaba Holding AG		1,628		815,530
DSM-Firmenich AG		105,495		11,154,040
Emmi AG, Registered		1,194		1,250,863
EMS-Chemie Holding AG, Registered		4,218		3,184,230
Flughafen Zurich AG, Registered		13,874		2,862,566
Forbo Holding AG, Registered		601		706,638
Galenica AG(c)		25,788		2,274,051
Geberit AG, Registered		21,099		12,145,174
Georg Fischer AG		56,132		3,756,829
Givaudan SA, Registered		5,180		21,541,220
Gurit Holding AG(b)		3,898		341,490
Helvetia Holding AG, Registered		26,326		3,802,013
Holcim AG		308,655		23,574,706
Huber + Suhner AG, Registered		13,516		969,407
Idorsia Ltd.(a)(b)		95,889		171,116
Inficon Holding AG, Registered		1,120		1,700,020
Interroll Holding AG, Registered		429		1,253,020
Intershop Holding AG		1,024		734,702
Julius Baer Group Ltd.		126,756		6,900,774
Kardex Holding AG, Registered		3,552		902,146
Kuehne + Nagel International AG, Registered		33,624		11,394,489
Landis+Gyr Group AG		14,338		1,175,666
Logitech International SA, Registered		97,944		8,210,966
Lonza Group AG, Registered		42,294		20,677,777
Medmix AG(c)		24,106		483,265
Meyer Burger Technology AG(a)(b)		2,228,987		286,701
Mobilezone Holding AG, Registered		44,809		688,139
Mobimo Holding AG, Registered		5,429		1,603,934
Nestle SA, Registered		1,531,428		174,507,027
Novartis AG, Registered		1,173,310		121,336,350
OC Oerlikon Corp. AG, Registered		157,495		686,337
Partners Group Holding AG		13,661		18,431,079
PSP Swiss Property AG, Registered		26,332		3,504,711
Roche Holding AG, Bearer		18,969		5,746,230
Roche Holding AG, NVS		402,988		114,737,274
Sandoz Group AG(b)		234,021		8,025,746
Schindler Holding AG, Participation Certificates, NVS		20,184		5,027,607
Schindler Holding AG, Registered		17,938		4,269,976
Schweiter Technologies AG, NVS		343		188,181
SFS Group AG		11,108		1,333,622

Security	Shares		Value
Switzerland (continued)
SGS SA		95,836	$	8,855,805
Siegfried Holding AG, Registered		1,887		1,879,731
Siemens Energy AG(a)(b)		295,895		4,396,102
SIG Group AG		167,604		3,508,321
Sika AG, Registered		87,483		24,150,366
Softwareone Holding AG		65,698		1,231,348
Sonova Holding AG, Registered		30,459		9,734,590
St. Galler Kantonalbank AG, Class A, Registered		2,382		1,378,553
Stadler Rail AG		35,603		1,136,506
STMicroelectronics NV		387,756		17,025,399
Straumann Holding AG		65,689		9,978,249
Sulzer AG, Registered		11,482		1,109,187
Swatch Group AG (The), Bearer		19,172		4,500,797
Swatch Group AG (The), Registered		8,000		363,992
Swiss Life Holding AG, Registered		18,208		13,075,674
Swiss Prime Site AG, Registered		46,165		4,675,838
Swiss Re AG		178,496		20,437,870
Swisscom AG, Registered		15,117		9,044,252
Swissquote Group Holding SA, Registered		9,444		2,370,188
Tecan Group AG, Registered		7,273		2,776,211
Temenos AG, Registered		41,818		4,255,834
UBS Group AG, Registered		1,881,032		56,304,191
Valiant Holding AG, Registered		8,992		1,077,435
VAT Group AG(c)		15,682		7,300,423
Vontobel Holding AG, Registered		13,721		903,790
Zurich Insurance Group AG		82,934		42,137,895
				1,016,535,118
United Kingdom — 12.8%
3i Group PLC		544,819		17,055,525
4imprint Group PLC		16,159		1,108,087
888 Holdings PLC(b)		305,993		300,921
abrdn PLC		1,193,251		2,538,564
Admiral Group PLC		149,016		4,738,280
Airtel Africa PLC(c)		783,162		1,112,238
AJ Bell PLC		295,439		1,184,633
Anglo American PLC		732,974		17,472,401
Antofagasta PLC		232,219		5,061,270
AO World PLC(b)		304,677		351,560
Ascential PLC(b)		443,474		1,708,154
Ashmore Group PLC		552,570		1,485,977
Ashtead Group PLC		245,675		16,065,152
ASOS PLC(a)(b)		70,906		331,188
Associated British Foods PLC		192,470		5,700,836
Assura PLC		1,940,856		1,095,527
Aston Martin Lagonda Global Holdings PLC(b)(c)		353,999		853,848
AstraZeneca PLC		882,072		116,942,318
Auto Trader Group PLC(c)		516,622		4,752,860
Aviva PLC		1,558,594		8,507,700
B&M European Value Retail SA		512,607		3,359,482
BAE Systems PLC		1,730,003		25,770,928
Balfour Beatty PLC		544,618		2,291,446
Bank of Georgia Group PLC		19,746		949,665
Barclays PLC		8,776,272		16,309,185
Barratt Developments PLC		568,305		3,873,186
Beazley PLC		341,257		2,349,065
Bellway PLC		73,271		2,552,917
Berkeley Group Holdings PLC		65,298		3,954,096
Big Yellow Group PLC		89,553		1,294,938
Bodycote PLC		127,095		1,024,781
boohoo Group PLC(a)(b)		1,021,170		470,804
BP PLC		9,721,217		56,775,956
Breedon Group PLC		192,406		886,344

S C H E D U L E  O F  I N V E S T M E N T S 63

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
British American Tobacco PLC		1,202,819	$	35,463,441
British Land Co. PLC (The)		429,773		2,065,798
Britvic PLC		162,659		1,819,166
BT Group PLC		3,799,206		5,382,454
Bunzl PLC		181,131		7,361,121
Burberry Group PLC		219,098		3,608,965
Burford Capital Ltd.		132,214		2,015,685
Capita PLC(b)		1,828,899		441,766
Capital & Counties Properties PLC		1,001,127		1,686,489
Carnival PLC(b)		98,357		1,477,731
Centamin PLC		1,012,474		1,233,420
Centrica PLC		3,532,027		6,181,221
Close Brothers Group PLC		88,501		608,318
Coats Group PLC		1,011,372		917,706
Coca-Cola Europacific Partners PLC		117,861		8,120,623
Compass Group PLC		974,899		26,852,376
Computacenter PLC		70,866		2,588,964
ConvaTec Group PLC(c)		845,889		2,574,357
Cranswick PLC		48,821		2,489,684
Crest Nicholson Holdings PLC		260,524		691,360
Croda International PLC		89,667		5,427,237
Currys PLC		907,038		568,767
CVS Group PLC		60,940		1,303,630
Darktrace PLC(b)		201,016		871,608
DCC PLC		56,010		4,071,889
Deliveroo PLC, Class A(b)(c)		763,200		1,136,464
Derwent London PLC		55,028		1,483,106
Diageo PLC		1,266,881		45,757,036
Diploma PLC		64,829		2,672,364
Direct Line Insurance Group PLC(b)		623,337		1,330,172
Domino’s Pizza Group PLC		369,474		1,631,681
Dowlais Group PLC		826,871		944,544
Dr. Martens PLC		396,229		446,135
Drax Group PLC		250,971		1,619,539
DS Smith PLC		844,645		3,011,660
Dunelm Group PLC		100,752		1,387,857
easyJet PLC(b)		185,084		1,295,780
Elementis PLC(b)		554,313		993,430
Endeavour Mining PLC		104,062		1,848,547
Energean PLC		144,108		1,731,533
Entain PLC		355,962		4,335,757
Essentra PLC		227,498		498,773
Experian PLC		515,782		21,468,080
Fevertree Drinks PLC		67,238		860,628
Firstgroup PLC		724,435		1,525,247
Frasers Group PLC(b)		199,178		2,037,888
Future PLC		79,187		709,606
Games Workshop Group PLC		19,301		2,422,779
Gamma Communications PLC		52,382		792,622
GB Group PLC		157,724		563,272
Genuit Group PLC		175,880		940,587
Genus PLC		44,078		1,280,267
Glencore PLC		5,973,687		31,606,528
Grafton Group PLC		142,383		1,753,716
Grainger PLC		418,918		1,397,315
Great Portland Estates PLC		150,701		792,941
Greatland Gold PLC(b)		6,204,645		566,147
Greggs PLC		51,232		1,725,765
GSK PLC		2,322,493		45,933,647
Haleon PLC		3,374,155		13,705,018
Halma PLC		205,749		5,694,944
Hammerson PLC		2,235,328		762,819

Security	Shares		Value
United Kingdom (continued)
Harbour Energy PLC		363,593	$	1,277,897
Hargreaves Lansdown PLC		193,668		1,868,783
Hays PLC		1,035,017		1,287,929
Helios Towers PLC(b)		479,166		480,333
Hikma Pharmaceuticals PLC		87,342		2,130,887
Hill & Smith PLC		51,480		1,218,564
Hiscox Ltd.		214,070		2,818,713
Howden Joinery Group PLC		344,175		3,485,420
HSBC Holdings PLC		11,155,141		87,096,021
Ibstock PLC(c)		486,037		944,875
IG Group Holdings PLC		231,190		2,077,504
IMI PLC		167,396		3,550,394
Impax Asset Management Group PLC		83,396		573,364
Imperial Brands PLC		497,549		11,943,727
Inchcape PLC		229,800		1,978,750
Indivior PLC, NVS(b)		100,457		1,765,778
Informa PLC		817,647		8,030,560
IntegraFin Holdings PLC		183,485		684,275
InterContinental Hotels Group PLC		100,788		9,549,971
Intermediate Capital Group PLC		177,073		3,992,128
International Distributions Services PLC(b)		447,850		1,571,007
Intertek Group PLC		80,029		4,542,499
Investec PLC		438,790		2,856,749
IP Group PLC		543,463		360,895
ITM Power PLC(a)(b)		446,405		336,505
ITV PLC		2,067,759		1,566,245
IWG PLC(b)		518,245		1,228,132
J D Wetherspoon PLC(b)		123,724		1,317,082
J Sainsbury PLC		995,345		3,398,267
JD Sports Fashion PLC		1,480,350		2,187,534
JET2 PLC(a)		98,081		1,660,622
John Wood Group PLC(b)		468,210		928,244
Johnson Matthey PLC		102,854		2,120,744
JTC PLC(c)		90,180		906,489
Jupiter Fund Management PLC		370,080		370,746
Kainos Group PLC		72,070		1,047,605
Keywords Studios PLC(a)		69,762		1,458,852
Kingfisher PLC		1,161,061		3,228,127
Lancashire Holdings Ltd.		226,198		1,740,031
Land Securities Group PLC		383,301		3,231,496
Learning Technologies Group PLC		606,307		618,410
Legal & General Group PLC		3,221,599		10,362,087
Liontrust Asset Management PLC		41,278		325,814
Lloyds Banking Group PLC		37,901,482		20,317,291
London Stock Exchange Group PLC		236,612		26,764,139
LondonMetric Property PLC		588,293		1,437,432
LXI REIT PLC		1,492,674		1,990,780
M&G PLC		1,396,680		3,948,927
Man Group PLC/Jersey		887,729		2,667,420
Marks & Spencer Group PLC		1,052,445		3,288,149
Marshalls PLC		137,593		488,247
Melrose Industries PLC		826,871		6,163,072
Mitie Group PLC		729,631		956,100
Mobico Group PLC		536,646		580,714
Mondi PLC, NVS		242,695		4,349,003
Moneysupermarket.com Group PLC		727,983		2,348,846
National Grid PLC		2,088,298		27,814,258
NatWest Group PLC, NVS		3,209,423		9,057,435
Network International Holdings PLC(b)(c)		322,445		1,583,051
Next PLC		75,437		8,053,391
Ninety One PLC		443,565		992,160
NMC Health PLC, NVS(d)		12,146		—

64 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Ocado Group PLC(b)		312,350	$	2,139,569
OSB Group PLC		336,459		1,914,545
Oxford Instruments PLC		43,444		1,222,256
Oxford Nanopore Technologies PLC(b)		346,346		703,596
Pagegroup PLC		281,215		1,634,376
Paragon Banking Group PLC		186,959		1,665,165
Pearson PLC		375,680		4,608,758
Pennon Group PLC		154,315		1,373,958
Persimmon PLC		172,604		3,179,038
Petrofac Ltd.(a)(b)		341,355		132,182
Pets at Home Group PLC		312,173		1,108,519
Phoenix Group Holdings PLC		374,434		2,390,623
Playtech PLC(b)		182,856		1,029,823
Plus500 Ltd.		82,019		1,855,013
Primary Health Properties PLC		1,087,480		1,338,886
Prudential PLC		1,540,584		15,825,753
QinetiQ Group PLC		373,574		1,687,143
Quilter PLC(c)		1,028,077		1,365,297
Rathbones Group PLC		40,024		837,241
Reckitt Benckiser Group PLC		405,318		29,304,854
Redrow PLC		200,696		1,524,594
RELX PLC		1,072,129		44,251,115
Renishaw PLC		30,972		1,369,790
Rentokil Initial PLC		1,447,461		7,454,056
RHI Magnesita NV		29,602		1,261,992
Rightmove PLC		479,488		3,393,419
Rio Tinto PLC		637,420		44,121,839
Rolls-Royce Holdings PLC(b)		4,759,705		18,069,982
Rotork PLC		462,544		1,823,397
RS GROUP PLC		292,898		2,902,314
RWS Holdings PLC		253,549		763,463
S4 Capital PLC(b)		302,242		168,528
Safestore Holdings PLC		147,082		1,531,746
Sage Group PLC (The)		555,504		8,270,300
Savills PLC		102,014		1,309,630
Schroders PLC		367,764		1,881,517
Segro PLC		707,881		7,861,775
Serco Group PLC		754,573		1,646,584
Severn Trent PLC		154,044		5,063,584
Shell PLC		3,787,294		117,414,854
Sirius Real Estate Ltd.		1,113,396		1,281,194
Smart Metering Systems PLC		153,236		1,846,804
Smith & Nephew PLC		474,964		6,642,372
Smiths Group PLC		212,921		4,363,526
Softcat PLC		93,287		1,709,499
Spectris PLC		64,716		3,012,750
Spirax-Sarco Engineering PLC		48,401		6,091,790
Spirent Communications PLC		505,664		754,331
SSE PLC		610,213		12,996,275
SSP Group PLC(b)		485,789		1,382,544
St. James’s Place PLC		296,504		2,440,911
Standard Chartered PLC		1,400,162		10,581,782
Synthomer PLC(b)		130,349		260,267
Tate & Lyle PLC		229,137		1,809,101
Taylor Wimpey PLC		1,879,108		3,508,279
TBC Bank Group PLC		27,001		997,466
Team17 Group PLC(b)		142,370		487,149
Telecom Plus PLC		43,317		798,183
Tesco PLC		4,175,990		15,132,199
TP ICAP Group PLC		730,090		1,729,775
Trainline PLC(b)(c)		294,730		1,234,082
Travis Perkins PLC		128,534		1,282,078

Security	Shares		Value
United Kingdom (continued)
Tritax Big Box REIT PLC		935,654	$	1,958,874
TUI AG(b)		231,757		1,596,713
Tullow Oil PLC(a)(b)		1,367,152		535,861
Unilever PLC		1,426,403		69,409,075
UNITE Group PLC (The)		185,084		2,364,603
United Utilities Group PLC		382,297		5,149,067
Vanquis Banking Group PLC		260,540		390,276
Vesuvius PLC		178,549		1,075,060
Victrex PLC		47,685		823,677
Virgin Money UK PLC		795,487		1,571,145
Vistry Group PLC		231,384		2,926,846
Vodafone Group PLC		12,795,822		10,878,246
Watches of Switzerland Group PLC(a)(b)(c)		145,018		682,954
Weir Group PLC (The)		150,193		3,452,324
WH Smith PLC		97,066		1,483,288
Whitbread PLC		105,590		4,786,177
Wickes Group PLC		276,312		548,245
Wise PLC, Class A(b)		344,682		3,515,723
Workspace Group PLC		99,609		655,199
WPP PLC		629,291		6,085,553
Yellow Cake PLC(b)(c)		124,368		1,093,037
YouGov PLC		92,682		1,368,361
				1,531,732,007
Total Common Stocks — 99.0% (Cost: $10,579,616,834)				11,866,737,310
Preferred Stocks
Germany — 0.4%
Bayerische Motoren Werke AG, Preference Shares, NVS		33,605		3,283,560
Dr Ing hc F Porsche AG, Preference Shares, NVS(c)		64,294		5,458,685
Fuchs Petrolub SE, Preference Shares, NVS		57,364		2,514,466
Henkel AG & Co. KGaA, Preference Shares, NVS		98,733		7,568,726
Jungheinrich AG, Preference Shares, NVS		24,550		826,338
Porsche Automobil Holding SE, Preference Shares, NVS		88,516		4,419,069
Sartorius AG, Preference Shares, NVS		15,175		5,535,878
Volkswagen AG, Preference Shares, NVS		115,611		14,869,312
				44,476,034
Total Preferred Stocks — 0.4% (Cost: $48,847,048)				44,476,034
Rights
Spain — 0.0%
ACS Actividades de Construccion y Servicios SA, (Expires 02/09/24)(b)		144,148		66,051
Total Rights — 0.0% (Cost: $71,600)				66,051
Warrants
Australia — 0.0%
PointsBet Holdings Ltd. (Issued/Exercisable 06/20/22, 1 Share for 1 Warrant, Expires 07/08/24, Strike Price AUD 10.00)		5,339		—

S C H E D U L E  O F  I N V E S T M E N T S 65

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Canada — 0.0%
Constellation Software Inc., (Issued 08/29/23, 1 Share for 1 Warrant, Expires 03/31/40, Strike Price CAD 11.50)(d)		11,415	$	—
Total Warrants — 0.0% (Cost: $—)				—
Total Long-Term Investments — 99.4% (Cost: $10,628,535,482)				11,911,279,395
Short-Term Securities
Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.51%(e)(f)(g)		88,446,525		88,499,593
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.32%(e)(f)		5,390,000		5,390,000
Total Short-Term Securities — 0.8% (Cost: $93,834,334)				93,889,593
Total Investments — 100.2% (Cost: $10,722,369,816)				12,005,168,988
Liabilities in Excess of Other Assets — (0.2)%				(23,005,643	)
Net Assets — 100.0%			$	11,982,163,345

^(a)  All or a portion of this security is on loan.

^(b)  Non-income producing security.

^(c)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(e) Affiliate of the Fund.

^(f)  Annualized 7-day yield as of period end.

^(g)  All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/24		Shares Held at 01/31/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	104,755,638	$	—		$	(16,286,981	)(a)	$	8,372	$	22,564	$	88,499,593		88,446,525	$	640,654	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		620,000		4,770,000	(a)		—			—		—		5,390,000		5,390,000		165,387			—
									$	8,372	$	22,564	$	93,889,593			$	806,041		$	—

^(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		80		03/07/24	$13,731	$	824,976
Euro STOXX 50 Index		417		03/15/24	20,965		444,156
FTSE 100 Index		132		03/15/24	12,713		(59,028	)
SPI 200 Index		71		03/21/24	8,800		107,974
						$	1,318,078

66 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI International Developed Markets ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	1,377,106	$	—	$	—	$	—	$	1,377,106
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	59,028	$	—	$	—	$	—	$	59,028

^(a) Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended January 31, 2024, 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
Net Realized Gain (Loss) from Futures contracts	$	—	$	—	$	1,901,703	$	—	$	—	$	—	$	1,901,703
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	77,231	$	—	$	—	$	—	$	77,231

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	54,134,003

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	$	1,468,563,418	$	10,398,173,892	$	—	$	11,866,737,310
Preferred Stocks		—		44,476,034		—		44,476,034
Rights		66,051		—		—		66,051
Warrants		—		—		—		—
Short-Term Securities
Money Market Funds		93,889,593		—		—		93,889,593
	$	1,562,519,062	$	10,442,649,926	$	—	$	12,005,168,988
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	1,377,106	$	—	$	1,377,106

S C H E D U L E  O F  I N V E S T M E N T S 67

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI International Developed Markets ETF

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2			Level 3		Total
Liabilities
Equity Contracts	$	—	$	(59,028	)	$	—	$	(59,028	)
	$	—	$	1,318,078		$	—		1,318,078

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

68 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited)  January 31, 2024 iShares^® Core MSCI Pacific ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 21.3%
Abacus Group		118,192	$	84,105
Abacus Storage King		118,213		88,023
Accent Group Ltd.		108,275		142,252
Adbri Ltd.(a)		130,415		259,409
AGL Energy Ltd.		167,744		947,409
Alpha HPA Ltd., NVS(a)		156,827		88,139
ALS Ltd.		127,141		1,044,595
Altium Ltd.		31,630		1,016,139
Alumina Ltd.(a)		669,191		503,441
AMP Ltd.		797,382		483,588
Ampol Ltd.		66,401		1,570,548
Ansell Ltd.		32,543		511,831
ANZ Group Holdings Ltd.		825,113		14,558,608
APA Group		348,038		1,925,031
APM Human Services International Ltd.		87,036		42,013
ARB Corp. Ltd.		21,451		468,926
Arena REIT		103,639		234,991
Aristocrat Leisure Ltd.		160,252		4,620,163
ASX Ltd.		53,139		2,271,817
Atlas Arteria Ltd.		320,356		1,129,383
AUB Group Ltd.		28,130		559,790
Audinate Group Ltd.(a)		20,873		224,714
Aurizon Holdings Ltd.		494,900		1,219,944
Aussie Broadband Ltd.(a)		57,045		142,818
Austal Ltd.		104,951		139,232
Australian Agricultural Co. Ltd.(a)		28,214		27,024
Australian Clinical Labs Ltd.		27,464		53,875
AVZ Minerals Ltd.(a)(b)		347,816		106,790
Bank of Queensland Ltd.		172,743		678,182
Bapcor Ltd.		88,491		323,922
Beach Energy Ltd.		420,840		451,619
Bega Cheese Ltd.		66,225		161,396
Bellevue Gold Ltd.(a)		334,738		289,555
Bendigo & Adelaide Bank Ltd.		158,052		1,009,784
BHP Group Ltd.		1,391,603		42,574,713
BlueScope Steel Ltd.		125,674		1,918,829
Boral Ltd.(a)		75,864		261,460
Boss Energy Ltd. (a)		102,077		369,356
Brambles Ltd.		381,284		3,635,454
Breville Group Ltd.		28,537		504,330
Brickworks Ltd.		20,890		398,750
BWP Trust		134,631		301,470
Calix Ltd.(a)(c)		40,607		44,607
Capricorn Metals Ltd.(a)		82,502		245,968
CAR Group Ltd.		98,330		2,111,274
Centuria Capital Group		149,821		167,128
Centuria Industrial REIT		165,055		349,661
Centuria Office REIT		114,702		99,312
Cettire Ltd.(a)		58,694		119,374
Chalice Mining Ltd.(a)		100,584		72,318
Challenger Ltd.		116,156		492,755
Champion Iron Ltd.		95,442		523,598
Charter Hall Group		128,714		1,003,930
Charter Hall Long Wale REIT		179,379		436,771
Charter Hall Retail REIT		143,245		346,088
Charter Hall Social Infrastructure REIT		84,636		152,690
Cleanaway Waste Management Ltd.		569,393		963,942
Clinuvel Pharmaceuticals Ltd.		9,375		95,907
Cochlear Ltd.		17,992		3,570,493
Codan Ltd./Australia		25,197		133,186

Security	Shares		Value
Australia (continued)
Coles Group Ltd.		367,486	$	3,813,539
Collins Foods Ltd.		35,349		277,133
Commonwealth Bank of Australia		461,141		35,164,026
Computershare Ltd.		151,310		2,506,185
Core Lithium Ltd.(a)(c)		455,382		57,194
Coronado Global Resources Inc.(d)		184,717		196,479
Corporate Travel Management Ltd.		33,958		449,200
Costa Group Holdings Ltd.		108,821		226,413
Credit Corp. Group Ltd.		18,647		207,302
Cromwell Property Group		423,124		114,137
CSL Ltd.		133,006		26,119,390
CSR Ltd.		134,669		606,410
Data#3 Ltd.		35,995		228,913
De Grey Mining Ltd.(a)		404,448		321,853
Deep Yellow Ltd.(a)		201,126		189,951
Deterra Royalties Ltd.		121,457		437,420
Dexus		296,436		1,500,163
Dexus Industria REIT		44,678		81,630
Dicker Data Ltd.		17,253		126,927
Domain Holdings Australia Ltd.		77,569		168,320
Domino’s Pizza Enterprises Ltd.		18,928		486,855
Downer EDI Ltd.		164,518		448,056
Eagers Automotive Ltd.		44,426		409,652
Elders Ltd.		46,956		274,309
Endeavour Group Ltd./Australia		393,924		1,441,658
Evolution Mining Ltd.		504,371		1,056,528
EVT Ltd.		22,107		180,343
Firefinch Ltd.(a)(b)		298,353		25,445
FleetPartners Group Ltd., NVS(a)		82,448		164,638
Flight Centre Travel Group Ltd.		48,357		668,095
Fortescue Ltd.		464,950		8,985,971
G8 Education Ltd.		203,089		140,605
Genesis Minerals Ltd.(a)		273,489		289,919
Gold Road Resources Ltd.		293,900		290,387
Goodman Group		469,297		7,789,941
GPT Group (The)		532,604		1,609,729
GrainCorp Ltd., Class A		55,588		292,053
Growthpoint Properties Australia Ltd.		73,494		115,020
GUD Holdings Ltd.		38,001		301,636
Hansen Technologies Ltd.		56,859		191,015
Harvey Norman Holdings Ltd.		158,610		455,815
Healius Ltd.(a)		168,491		151,583
HealthCo REIT		127,174		113,306
Helia Group Ltd.		85,696		275,564
HMC Capital Ltd.		56,387		223,639
HomeCo Daily Needs REIT		475,479		391,419
HUB24 Ltd.		21,672		523,725
IDP Education Ltd.		74,091		948,791
IGO Ltd.		190,040		923,825
Iluka Resources Ltd.		115,402		538,994
Imdex Ltd.		118,524		130,772
Incitec Pivot Ltd.		530,524		926,497
Ingenia Communities Group		104,924		303,917
Inghams Group Ltd.		107,639		301,206
Insignia Financial Ltd.		173,013		240,235
Insurance Australia Group Ltd.		660,710		2,593,567
Integral Diagnostics Ltd.		45,123		58,318
IPH Ltd.		65,718		292,448
IRESS Ltd.		50,427		267,737
James Hardie Industries PLC(a)		121,471		4,563,718
JB Hi-Fi Ltd.		31,332		1,165,628
Johns Lyng Group Ltd.		61,445		271,200

S C H E D U L E  O F  I N V E S T M E N T S 69

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI Pacific ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Australia (continued)
Judo Capital Holdings Ltd.(a)		175,129	$	134,144
Jumbo Interactive Ltd.		15,336		157,263
Karoon Energy Ltd.(a)		224,250		282,144
Kelsian Group Ltd.		46,291		215,300
Latin Resources Ltd., NVS		659,469		72,574
Lendlease Corp. Ltd.		180,417		866,088
Leo Lithium Ltd.(a)(b)		292,832		87,315
Lifestyle Communities Ltd.		24,133		280,844
Link Administration Holdings Ltd.		149,909		212,401
Liontown Resources Ltd.(a)(c)		333,100		221,803
Lottery Corp. Ltd. (The)		611,167		2,006,085
Lovisa Holdings Ltd.		16,898		251,400
Lynas Rare Earths Ltd.(a)		249,577		948,962
MA Financial Group Ltd.		37,994		144,774
Maas Group Holdings Ltd.(c)		29,190		77,558
Macquarie Group Ltd.		101,382		12,509,466
Mader Group Ltd.(c)		14,592		61,643
Magellan Financial Group Ltd.		55,142		323,209
McMillan Shakespeare Ltd.		13,914		156,678
Medibank Pvt Ltd.		747,095		1,870,457
Megaport Ltd.(a)		47,388		386,980
Metcash Ltd.		250,641		594,561
Mineral Resources Ltd.		48,027		1,852,344
Mirvac Group		1,064,392		1,495,897
Monadelphous Group Ltd.		28,415		254,645
Mount Gibson Iron Ltd.(a)		186,674		64,474
Nanosonics Ltd.(a)		78,882		151,374
National Australia Bank Ltd.		859,053		18,117,769
National Storage REIT		345,845		518,668
Netwealth Group Ltd.		41,504		450,802
Neuren Pharmaceuticals Ltd., NVS(a)		30,487		467,082
New Hope Corp. Ltd.		142,118		497,077
NEXTDC Ltd.(a)		140,453		1,271,543
nib holdings Ltd.		136,496		721,908
Nick Scali Ltd.		14,583		117,904
Nickel Industries Ltd.		505,731		259,187
Nine Entertainment Co. Holdings Ltd.		359,582		461,342
Northern Star Resources Ltd.		314,084		2,694,152
NRW Holdings Ltd.		119,857		211,799
Nufarm Ltd./Australia		97,664		352,041
Objective Corp. Ltd.		9,001		72,219
oOh!media Ltd.		150,225		156,804
Orica Ltd.		126,944		1,338,865
Origin Energy Ltd.		471,142		2,629,538
Orora Ltd.		371,836		675,842
Paladin Energy Ltd.(a)		778,872		652,563
Pepper Money Ltd./Australia		79,075		68,997
Perenti Ltd.(a)		184,969		98,366
Perpetual Ltd.		31,084		523,065
Perseus Mining Ltd.		356,359		419,612
PEXA Group Ltd.(a)		36,589		273,429
Pilbara Minerals Ltd.(c)		769,371		1,752,370
Pinnacle Investment Management Group Ltd.		37,675		248,527
Platinum Asset Management Ltd.		148,566		113,797
PolyNovo Ltd.(a)		165,711		203,639
Premier Investments Ltd.		23,676		431,073
Pro Medicus Ltd.		14,471		953,335
PWR Holdings Ltd.		24,129		165,422
Qantas Airways Ltd.(a)		235,239		848,122
QBE Insurance Group Ltd.		410,186		4,223,514
Qube Holdings Ltd.		441,441		938,527
Ramelius Resources Ltd.(c)		314,544		326,708

Security	Shares		Value
Australia (continued)
Ramsay Health Care Ltd.		49,641	$	1,654,959
REA Group Ltd.		14,641		1,746,183
Red 5 Ltd.(a)		725,870		148,891
Redox Ltd./Australia, NVS		51,743		77,397
Reece Ltd.		64,210		945,835
Region RE Ltd.		286,378		421,637
Regis Resources Ltd.(a)		213,334		290,959
Reliance Worldwide Corp. Ltd.		225,598		616,807
Resolute Mining Ltd.(a)		596,406		167,541
Rio Tinto Ltd.		101,917		8,769,688
Rural Funds Group		132,455		179,111
Sandfire Resources Ltd.(a)(c)		123,622		580,972
Santos Ltd.		891,736		4,506,780
Sayona Mining Ltd.(a)(c)		2,402,295		61,727
Scentre Group		1,430,894		2,844,685
SEEK Ltd.		98,294		1,620,404
Select Harvests Ltd.(a)(c)		44,272		108,046
Seven Group Holdings Ltd.		45,056		1,054,541
Sigma Healthcare Ltd.		409,755		276,798
Silex Systems Ltd.(a)		43,684		145,594
Silver Lake Resources Ltd.(a)		284,273		223,712
Sims Ltd.		47,131		441,459
SiteMinder Ltd.(a)		67,836		231,918
SmartGroup Corp. Ltd.		40,660		256,291
Sonic Healthcare Ltd.		125,587		2,618,514
South32 Ltd.		1,223,288		2,648,683
Stanmore Resources Ltd.		75,517		193,788
Star Entertainment Grp Ltd. (The)(a)		653,547		237,156
Steadfast Group Ltd.		264,408		1,023,093
Stockland		658,282		1,943,979
Strike Energy Ltd.(a)		544,307		152,521
Suncorp Group Ltd.		347,150		3,195,354
Super Retail Group Ltd.		40,207		414,944
Tabcorp Holdings Ltd.		643,751		334,437
Technology One Ltd.		80,805		825,600
Telix Pharmaceuticals Ltd.(a)		65,533		488,600
Telstra Corp. Ltd.		1,114,329		2,938,857
Temple & Webster Group Ltd.(a)		21,779		129,012
Transurban Group		847,784		7,447,978
Treasury Wine Estates Ltd.		220,238		1,544,336
Tyro Payments Ltd.(a)		104,863		74,392
Ventia Services Group Pty Ltd.		237,037		508,557
Vicinity Ltd.		1,068,891		1,418,853
Viva Energy Group Ltd.(d)		299,219		681,580
Vulcan Steel Ltd.		16,767		81,089
Washington H Soul Pattinson & Co. Ltd.		64,969		1,452,261
Waypoint REIT Ltd.		167,425		269,539
Webjet Ltd.(a)		105,695		512,801
Weebit Nano Ltd.(a)(c)		46,328		104,203
Wesfarmers Ltd.		313,379		11,863,570
West African Resources Ltd.(a)		307,687		195,022
Westgold Resources Ltd.(a)		125,692		181,329
Westpac Banking Corp.		963,424		15,113,829
Whitehaven Coal Ltd.		218,270		1,193,227
WiseTech Global Ltd.		45,933		2,162,576
Woodside Energy Group Ltd.		521,313		10,903,894
Woolworths Group Ltd.		335,400		7,876,853
Worley Ltd.		101,823		977,859
Xero Ltd.(a)		39,509		2,828,000
Yancoal Australia Ltd., NVS		94,479		368,569
				393,101,545

70 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI Pacific ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Hong Kong — 5.3%
AIA Group Ltd.		3,153,000	$	24,727,138
ASMPT Ltd.		88,800		856,953
Bank of East Asia Ltd. (The)		339,000		385,497
BOC Hong Kong Holdings Ltd.		1,028,000		2,463,903
Brightoil Petroleum Holdings Ltd.(b)		763,800		1
Budweiser Brewing Co. APAC Ltd.(c)(d)		488,300		769,630
Cafe de Coral Holdings Ltd.		92,000		92,535
Champion REIT		653,000		155,491
Chow Sang Sang Holdings International Ltd.		90,000		98,082
CITIC Telecom International Holdings Ltd.		418,000		149,048
Citychamp Watch & Jewellery Group Ltd.(a)		564,000		77,913
CK Asset Holdings Ltd.		538,072		2,427,964
CK Hutchison Holdings Ltd.		737,072		3,806,844
CK Infrastructure Holdings Ltd.		168,000		997,725
CK Life Sciences International Holdings Inc.		1,190,000		80,879
CLP Holdings Ltd.		451,000		3,587,001
C-Mer Eye Care Holdings Ltd.(a)		258,000		87,198
Comba Telecom Systems Holdings Ltd.		528,000		44,064
Cowell e Holdings Inc.(a)		65,000		133,261
Dah Sing Banking Group Ltd.		119,200		71,658
Dah Sing Financial Holdings Ltd.		66,400		133,726
EC Healthcare		107,000		15,766
E-Commodities Holdings Ltd.		472,000		89,551
ESR Group Ltd.(d)		614,800		785,882
Far East Consortium International Ltd.		334,400		53,961
First Pacific Co. Ltd.		614,000		233,220
Fortune REIT		514,000		294,315
Fosun Tourism Group(a)(d)		70,600		36,205
Futu Holdings Ltd., ADR(a)		15,966		745,932
Galaxy Entertainment Group Ltd.		606,000		3,145,067
Giordano International Ltd.		292,000		76,567
Guotai Junan International Holdings Ltd.		817,000		51,337
Hang Lung Group Ltd.		208,000		250,395
Hang Lung Properties Ltd.		505,000		586,285
Hang Seng Bank Ltd.		208,100		2,166,356
Health and Happiness H&H International Holdings Ltd.		51,000		66,624
Henderson Land Development Co. Ltd.		397,970		1,036,959
HKBN Ltd.		279,500		116,149
HKT Trust & HKT Ltd., Class SS		1,044,720		1,254,980
Hong Kong & China Gas Co. Ltd.		3,107,525		2,211,399
Hong Kong Exchanges & Clearing Ltd.		308,500		9,353,349
Hongkong Land Holdings Ltd.		308,500		962,984
Hsin Chong Group Holdings Ltd.(b)		1,002,000		1
Hutchison Telecommunications Hong Kong Holdings Ltd.		674,000		89,479
Hysan Development Co. Ltd.		186,000		321,035
IGG Inc.(a)		307,000		109,273
Jardine Matheson Holdings Ltd.		44,000		1,766,781
Johnson Electric Holdings Ltd.		129,500		169,825
JS Global Lifestyle Co. Ltd.(d)		382,500		59,137
Kerry Logistics Network Ltd.		104,151		115,717
Kerry Properties Ltd.		156,500		248,519
Link REIT		705,700		3,539,567
Luk Fook Holdings International Ltd.		90,000		222,968
Man Wah Holdings Ltd.		505,600		315,168
Melco International Development Ltd.(a)		205,000		132,959
Melco Resorts & Entertainment Ltd., ADR(a)		58,595		457,627
MTR Corp. Ltd.		417,500		1,358,257
New World Development Co. Ltd.		414,000		507,420
Nissin Foods Co. Ltd.		66,000		48,688
NWS Holdings Ltd.		269,000		233,740

Security	Shares		Value
Hong Kong (continued)
Pacific Basin Shipping Ltd.		1,415,000	$	393,878
PAX Global Technology Ltd.		193,000		135,037
PCCW Ltd.		1,238,000		640,358
Perfect Medical Health Management Ltd.		65,000		24,990
Power Assets Holdings Ltd.		382,500		2,239,608
Realord Group Holdings Ltd.(a)		108,000		73,492
Sa Sa International Holdings Ltd.(a)		214,000		22,437
Sands China Ltd.(a)		651,200		1,709,250
Shangri-La Asia Ltd.(a)		360,000		223,705
Shun Tak Holdings Ltd.(a)		500,000		49,922
Sino Land Co. Ltd.		976,000		1,019,494
SITC International Holdings Co. Ltd.		350,000		531,070
SJM Holdings Ltd.(a)		674,000		189,413
SmarTone Telecommunications Holdings Ltd.		161,000		80,521
Stella International Holdings Ltd.		183,500		242,004
Sun Hung Kai Properties Ltd.		399,500		3,728,688
SUNeVision Holdings Ltd.		244,000		83,722
Swire Pacific Ltd., Class A		121,500		940,049
Swire Properties Ltd.		312,400		583,805
Techtronic Industries Co. Ltd.		376,500		3,998,846
Texhong Textile Group Ltd.(a)		131,000		61,998
Theme International Holdings Ltd.(a)		1,170,000		62,130
United Energy Group Ltd.		2,436,000		258,874
United Laboratories International Holdings Ltd. (The)		286,000		247,233
Value Partners Group Ltd.(c)		526,000		121,119
Vitasoy International Holdings Ltd.		252,000		193,430
Viva Goods Co. Ltd.(a)		1,136,000		101,811
Vobile Group Ltd.(a)(c)		352,000		65,287
VSTECS Holdings Ltd.		152,000		81,904
VTech Holdings Ltd.		53,500		309,871
WH Group Ltd.(d)		2,308,000		1,361,707
Wharf Holdings Ltd. (The)		297,898		870,365
Wharf Real Estate Investment Co. Ltd.		452,000		1,324,285
Xinyi Glass Holdings Ltd.		443,000		367,258
Yue Yuen Industrial Holdings Ltd.		203,000		191,435
				96,904,951
Japan — 68.5%
77 Bank Ltd. (The)		13,900		334,341
Abalance Corp.		2,700		49,487
ABC-Mart Inc.		26,900		466,191
Activia Properties Inc.		181		492,929
Adastria Co. Ltd.		6,800		158,515
ADEKA Corp.		21,800		426,554
Advance Logistics Investment Corp.		211		183,355
Advance Residence Investment Corp.		366		805,988
Advantest Corp.		210,500		8,377,441
Aeon Co. Ltd.		179,800		4,296,712
Aeon Delight Co. Ltd.		6,600		169,059
AEON Financial Service Co. Ltd.		29,800		271,408
Aeon Hokkaido Corp.		10,100		65,426
Aeon Mall Co. Ltd.		24,600		304,500
AEON REIT Investment Corp.		508		478,679
AGC Inc.		53,800		2,023,323
Ai Holdings Corp.		7,700		129,260
Aica Kogyo Co. Ltd.		13,100		303,540
Aichi Corp.		10,700		80,495
Aichi Financial Group Inc., NVS		13,400		236,556
Aida Engineering Ltd.		6,700		38,095
Aiful Corp.		80,800		202,578
Ain Holdings Inc.		7,300		238,224
Air Water Inc.		48,900		645,931
Airtrip Corp.		1,900		23,386

S C H E D U L E  O F  I N V E S T M E N T S 71

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI Pacific ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Aisin Corp.		39,200	$	1,463,535
Ajinomoto Co. Inc.		121,700		4,997,600
Alfresa Holdings Corp.		50,400		826,507
Alpen Co. Ltd.		1,700		23,410
Alps Alpine Co. Ltd.		51,524		382,387
Amada Co. Ltd.		94,500		1,019,809
Amano Corp.		16,700		384,845
Amvis Holdings Inc.		9,500		175,019
ANA Holdings Inc.(a)		42,300		934,752
Anicom Holdings Inc.		24,800		98,484
Anritsu Corp.		36,400		288,238
Anycolor Inc.(a)(c)		4,800		121,781
AOKI Holdings Inc.		7,500		59,690
Aozora Bank Ltd.(c)		31,100		683,667
Appier Group Inc.(a)		18,700		218,799
Arata Corp.		9,400		208,645
ARCLANDS Corp.		9,923		113,633
Arcs Co. Ltd.		11,800		234,788
Argo Graphics Inc.		4,700		137,913
Ariake Japan Co. Ltd.		4,300		137,882
Artience Co. Ltd.		8,800		164,663
As One Corp.		6,800		256,711
Asahi Group Holdings Ltd.		132,000		4,906,168
Asahi Holdings Inc.		20,200		281,277
Asahi Intecc Co. Ltd.		58,600		1,113,452
Asahi Kasei Corp.		351,400		2,664,856
Asahi Yukizai Corp.		3,400		94,586
Asics Corp.		44,500		1,352,182
ASKUL Corp.		9,500		128,408
Astellas Pharma Inc.		498,200		5,800,280
Atom Corp.(a)(c)		30,700		195,065
Autobacs Seven Co. Ltd.		17,500		190,244
Avex Inc.		5,300		50,841
Awa Bank Ltd. (The)		9,700		162,697
Axial Retailing Inc.		5,600		154,916
Azbil Corp.		32,000		1,034,070
AZ-COM MARUWA Holdings Inc.		7,600		78,263
Bandai Namco Holdings Inc.		164,600		3,564,008
Bank of Nagoya Ltd. (The)		2,800		105,282
Base Co. Ltd.		1,700		37,605
BayCurrent Consulting Inc.		37,200		864,863
Belc Co. Ltd.		3,500		149,538
Bell System24 Holdings Inc.		11,300		137,745
Belluna Co. Ltd.		7,600		32,704
Benefit One Inc.(c)		21,800		311,082
Benesse Holdings Inc.		19,200		339,541
Bengo4.com Inc.(a)(c)		900		24,299
Bic Camera Inc.		26,900		250,748
BIPROGY Inc.		21,800		638,270
BML Inc.		5,200		100,498
Bridgestone Corp.		156,700		6,790,231
Brother Industries Ltd.		63,200		1,058,762
Bunka Shutter Co. Ltd.		14,000		139,457
C Uyemura & Co. Ltd.		2,300		174,535
C.I. Takiron Corp.		16,700		73,700
Calbee Inc.		24,100		506,587
Canon Electronics Inc.		4,100		58,294
Canon Inc.		275,400		7,586,478
Canon Marketing Japan Inc.		11,300		343,804
Capcom Co. Ltd.		47,000		1,792,522
Casio Computer Co. Ltd.		49,900		430,253
Cawachi Ltd.		1,400		25,657

Security	Shares		Value
Japan (continued)
Central Glass Co. Ltd.		5,000	$	93,551
Central Japan Railway Co.		197,600		4,938,545
Change Holdings Inc.(c)		12,400		114,033
Chiba Bank Ltd. (The)		144,000		1,067,078
Chiyoda Corp.(a)		31,800		72,932
Chofu Seisakusho Co. Ltd.		3,100		44,346
Chubu Electric Power Co. Inc.		180,100		2,336,381
Chudenko Corp.		8,500		160,271
Chugai Pharmaceutical Co. Ltd.		184,400		6,632,908
Chugin Financial Group Inc., NVS		44,000		311,566
Chugoku Electric Power Co. Inc. (The)		86,100		612,197
Chugoku Marine Paints Ltd.		6,600		83,957
Citizen Watch Co. Ltd.		51,500		326,628
CKD Corp.		13,200		232,757
Coca-Cola Bottlers Japan Holdings Inc.		38,025		516,076
COLOPL Inc.		25,000		106,786
Colowide Co. Ltd.		20,600		329,341
Comforia Residential REIT Inc.		193		404,495
COMSYS Holdings Corp.		31,200		683,127
Comture Corp.		6,900		85,323
Concordia Financial Group Ltd.		293,300		1,397,705
Cosmo Energy Holdings Co. Ltd.		17,900		743,443
Cosmos Pharmaceutical Corp.		5,500		590,778
Cover Corp.(a)(c)		7,500		144,217
CRE Logistics REIT Inc.		188		196,680
Create Restaurants Holdings Inc.		31,700		237,915
Create SD Holdings Co. Ltd.		7,100		154,505
Credit Saison Co. Ltd.		41,500		770,301
Curves Holdings Co. Ltd.		7,700		35,673
CyberAgent Inc.		125,500		809,955
CYBERDYNE Inc.(a)		30,700		42,682
Cybozu Inc.		5,600		84,071
Dai Nippon Printing Co. Ltd.		57,100		1,652,471
Daicel Corp.		63,000		617,222
Daido Steel Co. Ltd.		36,200		377,217
Daiei Kankyo Co. Ltd.		10,400		176,928
Daifuku Co. Ltd.		85,300		1,682,116
Daihen Corp.		5,700		270,092
Daiho Corp.		1,700		44,653
Dai-ichi Life Holdings Inc.		258,600		5,671,812
Daiichi Sankyo Co. Ltd.		507,600		15,197,054
Daiichikosho Co. Ltd.		19,800		271,257
Daiki Aluminium Industry Co. Ltd.		4,200		35,572
Daikin Industries Ltd.		72,700		11,648,880
Daikokutenbussan Co. Ltd.		900		50,947
Daio Paper Corp.		29,100		219,188
Daiseki Co. Ltd.		10,540		301,369
Daishi Hokuetsu Financial Group Inc.		9,200		254,975
Daito Trust Construction Co. Ltd.		17,200		1,956,509
Daiwa House Industry Co. Ltd.		162,700		5,031,000
Daiwa House REIT Investment Corp.		645		1,139,651
Daiwa Industries Ltd.		5,300		56,535
Daiwa Office Investment Corp.		74		315,463
Daiwa Securities Group Inc.		367,500		2,633,822
Daiwa Securities Living Investments Corp.		555		399,300
Daiwabo Holdings Co. Ltd.		22,100		480,558
DCM Holdings Co. Ltd.		30,800		286,915
Demae-Can Co. Ltd.(a)(c)		7,900		22,480
DeNA Co. Ltd.		20,900		211,017
Denka Co. Ltd.		22,700		395,848
Denso Corp.		520,100		8,169,757
Dentsu Group Inc.		56,400		1,496,927

72 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI Pacific ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Dentsu Soken Inc.		7,100	$	265,084
Descente Ltd.		9,100		210,183
Dexerials Corp.		17,100		492,796
DIC Corp.		20,700		390,677
Digital Arts Inc.		2,800		95,976
Digital Garage Inc.		7,900		190,464
Dip Corp.		8,400		143,457
Disco Corp.		25,400		6,853,910
DMG Mori Co. Ltd.		32,700		654,771
Doshisha Co. Ltd.		4,000		60,231
Doutor Nichires Holdings Co. Ltd.		10,400		153,557
Dowa Holdings Co. Ltd.		14,800		516,155
DTS Corp.		11,900		292,686
Duskin Co. Ltd.		12,000		278,621
DyDo Group Holdings Inc.		5,800		116,474
Eagle Industry Co. Ltd.		5,800		67,188
Earth Corp.		3,900		119,389
East Japan Railway Co.		83,100		4,752,707
Ebara Corp.		26,000		1,628,305
EDION Corp.		17,500		192,698
eGuarantee Inc.		6,900		89,932
Eiken Chemical Co. Ltd.		7,200		89,741
Eisai Co. Ltd.		69,000		3,249,115
Eizo Corp.		4,400		151,930
Elan Corp.		5,300		38,005
Elecom Co. Ltd.		10,700		124,441
Electric Power Development Co. Ltd.		40,600		681,979
EM Systems Co. Ltd.		6,200		29,504
en Japan Inc.		6,900		127,522
ENEOS Holdings Inc.		790,500		3,192,476
Enplas Corp.		1,600		130,000
eRex Co. Ltd.(c)		7,800		43,381
ES-Con Japan Ltd.(a)		8,200		56,417
Euglena Co. Ltd.(a)(c)		24,900		116,687
Exedy Corp.		8,500		163,076
EXEO Group Inc.		25,300		565,053
Ezaki Glico Co. Ltd.		14,200		415,471
Fancl Corp.		22,900		361,628
FANUC Corp.		261,300		7,228,175
Fast Retailing Co. Ltd.		48,400		12,921,675
FCC Co. Ltd.		10,100		131,582
Ferrotec Holdings Corp.		13,000		250,723
Financial Partners Group Co. Ltd.		20,500		235,110
Food & Life Companies Ltd.		30,700		614,320
FP Corp.		11,400		220,860
FP Partner Inc.		2,200		91,515
Freee KK(a)(c)		12,800		240,950
Frontier Real Estate Investment Corp.		122		360,617
Fuji Co. Ltd./Ehime		5,700		76,833
Fuji Corp./Aichi		20,000		338,870
Fuji Electric Co. Ltd.		35,000		1,752,800
Fuji Kyuko Co. Ltd.		6,100		180,308
Fuji Media Holdings Inc.		13,100		155,192
Fuji Oil Holdings Inc.		11,700		187,421
Fuji Seal International Inc.		9,000		106,135
Fuji Soft Inc.		14,300		626,803
Fujicco Co. Ltd.		3,200		43,921
FUJIFILM Holdings Corp.(c)		102,200		6,477,937
Fujikura Ltd.		65,300		536,799
Fujimi Inc.		13,500		270,537
Fujimori Kogyo Co. Ltd.		4,300		118,761
Fujio Food Group Inc.(a)		6,300		62,747

Security	Shares		Value
Japan (continued)
Fujitec Co. Ltd.		15,000	$	382,732
Fujitsu General Ltd.		19,700		288,647
Fujitsu Ltd.		48,600		6,726,932
Fujiya Co. Ltd.(c)		3,300		55,430
Fukuda Denshi Co. Ltd.		4,300		229,282
Fukui Computer Holdings Inc.		1,900		33,536
Fukuoka Financial Group Inc.		43,532		1,069,898
Fukuoka REIT Corp.		197		233,020
Fukushima Galilei Co. Ltd.		4,200		146,282
Fukuyama Transporting Co. Ltd.		6,300		174,240
Fullcast Holdings Co. Ltd.		2,900		35,012
Funai Soken Holdings Inc.		10,200		177,598
Furukawa Co. Ltd.		4,900		64,228
Furukawa Electric Co. Ltd.		18,800		341,980
Fuso Chemical Co. Ltd.		5,700		160,512
Future Corp.		8,900		105,631
Fuyo General Lease Co. Ltd.		4,100		366,648
G-7 Holdings Inc.		3,000		25,575
Genky DrugStores Co. Ltd.		1,300		59,147
Geo Holdings Corp.		4,400		71,888
Giken Ltd.		2,600		38,135
Global One Real Estate Investment Corp.		314		233,931
GLOBERIDE Inc.		2,200		30,964
Glory Ltd.		11,600		239,673
GLP J-REIT		1,263		1,127,649
GMO Financial Gate Inc.(c)		1,500		103,241
GMO Financial Holdings Inc.		9,500		48,550
GMO internet group Inc.		20,100		362,250
GMO Payment Gateway Inc.		11,000		663,721
GNI Group Ltd.(a)		14,500		259,889
Goldcrest Co. Ltd.		3,600		57,413
Goldwin Inc.		5,900		396,889
Gree Inc.		8,800		35,008
GS Yuasa Corp.		24,300		350,473
G-Tekt Corp.		4,900		60,906
GungHo Online Entertainment Inc.(a)		10,300		173,168
Gunma Bank Ltd. (The)		89,700		442,329
Gunze Ltd.		3,900		142,549
H.U. Group Holdings Inc.		14,300		265,835
H2O Retailing Corp.		27,000		289,070
Hachijuni Bank Ltd. (The)		95,700		521,556
Hakuhodo DY Holdings Inc.		61,200		470,091
Hakuto Co. Ltd.		3,000		124,197
Halows Co. Ltd.		2,200		65,232
Hamakyorex Co. Ltd.		4,900		136,436
Hamamatsu Photonics KK		38,600		1,524,889
Hankyu Hanshin Holdings Inc.		63,700		1,948,935
Hankyu Hanshin REIT Inc.(c)		201		199,026
Hanwa Co. Ltd.		8,500		310,900
Harmonic Drive Systems Inc.		13,900		336,848
Haseko Corp.		65,400		850,454
Hazama Ando Corp.		39,600		319,797
Heiwa Corp.		14,200		210,981
Heiwa Real Estate Co. Ltd.		9,400		248,520
Heiwa Real Estate REIT Inc.		295		274,155
Heiwado Co. Ltd.		8,700		129,928
Hiday Hidaka Corp.		7,800		157,222
Hikari Tsushin Inc.		5,500		958,374
Hino Motors Ltd.(a)		68,900		234,576
Hioki E.E. Corp.		2,000		88,752
Hirata Corp.		2,000		91,491
Hirogin Holdings Inc.		68,600		460,326

S C H E D U L E  O F  I N V E S T M E N T S 73

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI Pacific ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Hirose Electric Co. Ltd.		8,400	$	977,363
HIS Co. Ltd.(a)		17,600		213,812
Hisamitsu Pharmaceutical Co. Inc.		13,900		396,182
Hitachi Construction Machinery Co. Ltd.		28,100		797,265
Hitachi Ltd.		255,400		20,061,759
Hitachi Zosen Corp.		38,200		235,706
Hogy Medical Co. Ltd.		6,200		149,469
Hokkaido Electric Power Co. Inc.		55,800		248,955
Hokkoku Financial Holdings Inc.		5,100		151,742
Hokuetsu Corp.		30,900		292,141
Hokuhoku Financial Group Inc.		31,900		337,950
Hokuriku Electric Power Co.(a)		50,200		245,465
Hokuto Corp.		3,100		37,816
Honda Motor Co. Ltd.		1,269,600		14,191,665
Horiba Ltd.		9,500		762,223
Hoshino Resorts REIT Inc.		69		240,810
Hoshizaki Corp.		30,400		1,105,993
Hosiden Corp.		10,600		130,121
House Foods Group Inc.		18,300		402,810
Hoya Corp.		97,700		12,410,740
Hulic Co. Ltd.		110,000		1,214,658
Hulic REIT Inc.		380		400,165
Hyakugo Bank Ltd. (The)		62,200		241,233
Ibiden Co. Ltd.		31,300		1,575,014
Ichibanya Co. Ltd.		3,800		167,489
Ichigo Inc.		69,400		185,005
Ichigo Office REIT Investment Corp.		305		171,389
Idec Corp./Japan		7,800		156,090
Idemitsu Kosan Co. Ltd.		270,635		1,502,831
IDOM Inc.		19,800		118,265
IHI Corp.		37,600		719,152
Iida Group Holdings Co. Ltd.		43,200		652,188
Iino Kaiun Kaisha Ltd.		16,400		143,226
I’ll Inc.		2,800		62,166
Inaba Denki Sangyo Co. Ltd.		11,600		277,168
Inabata & Co. Ltd.		10,400		226,298
Inageya Co. Ltd.		4,500		38,671
Industrial & Infrastructure Fund Investment Corp.		571		516,722
Infocom Corp.		8,100		134,488
Infomart Corp.		55,100		147,882
INFRONEER Holdings Inc.		50,100		523,719
Inpex Corp.		266,800		3,626,467
Insource Co. Ltd.		9,500		53,700
Internet Initiative Japan Inc.		29,000		562,351
Invincible Investment Corp.		1,881		773,281
Iriso Electronics Co. Ltd.		4,500		105,234
Isetan Mitsukoshi Holdings Ltd.		96,500		1,128,308
Ispace Inc./Japan, NVS(c)		6,600		48,154
Isuzu Motors Ltd.		159,400		2,175,004
Ito En Ltd.		14,600		423,831
ITOCHU Corp.		326,700		14,826,986
Itochu Enex Co. Ltd.		16,900		181,000
Itochu-Shokuhin Co. Ltd.		1,300		66,417
Itoham Yonekyu Holdings Inc.		6,980		195,576
Iwatani Corp.		11,800		527,301
Iyogin Holdings Inc., NVS		73,900		502,663
Izumi Co. Ltd.		7,600		178,910
J Front Retailing Co. Ltd.		65,400		605,691
J Trust Co. Ltd.(c)		21,200		68,601
JAC Recruitment Co. Ltd.		17,100		78,126
Jaccs Co. Ltd.		5,800		222,180
JAFCO Group Co. Ltd.		12,800		151,817

Security	Shares		Value
Japan (continued)
Japan Airlines Co. Ltd.		39,900	$	766,709
Japan Airport Terminal Co. Ltd.		16,700		663,206
Japan Aviation Electronics Industry Ltd.		14,200		244,135
Japan Display Inc.(a)		169,400		22,876
Japan Elevator Service Holdings Co. Ltd.		20,000		302,230
Japan Excellent Inc.		357		295,165
Japan Exchange Group Inc.		138,100		3,056,388
Japan Hotel REIT Investment Corp.		1,305		670,637
Japan Lifeline Co. Ltd.		13,700		122,247
Japan Logistics Fund Inc.		254		469,651
Japan Material Co. Ltd.		19,100		322,748
Japan Metropolitan Fund Invest		1,939		1,316,277
Japan Petroleum Exploration Co. Ltd.		9,000		366,101
Japan Post Bank Co. Ltd.		398,800		4,147,459
Japan Post Holdings Co. Ltd.		572,000		5,475,574
Japan Post Insurance Co. Ltd.		52,400		981,027
Japan Prime Realty Investment Corp.		235		562,664
Japan Pulp & Paper Co. Ltd.		1,600		54,773
Japan Real Estate Investment Corp.		341		1,307,237
Japan Securities Finance Co. Ltd.		25,900		274,484
Japan Steel Works Ltd. (The)		18,400		302,827
Japan Tobacco Inc.		330,400		8,708,480
Japan Wool Textile Co. Ltd. (The)		14,400		145,251
JCR Pharmaceuticals Co. Ltd.		19,000		139,996
JCU Corp.		4,400		111,041
JDC Corp.		13,300		49,329
Jeol Ltd.		12,100		553,138
JFE Holdings Inc.		160,700		2,537,263
JGC Holdings Corp.		61,800		723,892
JINS Holdings Inc.		4,400		124,056
JMDC Inc.		6,000		158,775
J-Oil Mills Inc.		3,600		49,898
Joshin Denki Co. Ltd.		2,600		43,391
Joyful Honda Co. Ltd.		13,000		172,419
JSR Corp.		50,100		1,366,460
JTEKT Corp.		61,400		561,800
JTOWER Inc.(a)(c)		1,900		58,533
Juroku Financial Group Inc.		7,400		207,470
Justsystems Corp.		8,700		181,777
JVCKenwood Corp.		43,100		209,600
Kadokawa Corp.		24,200		512,009
Kaga Electronics Co. Ltd.		5,100		236,079
Kagome Co. Ltd.		21,000		517,022
Kajima Corp.		116,300		2,075,589
Kakaku.com Inc.		35,100		399,273
Kaken Pharmaceutical Co. Ltd.		7,600		179,487
Kameda Seika Co. Ltd.		4,300		122,122
Kamigumi Co. Ltd.		25,200		579,746
Kanamoto Co. Ltd.		9,800		187,189
Kandenko Co. Ltd.		26,800		275,612
Kaneka Corp.		11,500		279,650
Kanematsu Corp.		19,700		305,435
Kansai Electric Power Co. Inc. (The)		193,500		2,639,753
Kansai Paint Co. Ltd.		50,400		842,679
Kanto Denka Kogyo Co. Ltd.		6,000		35,910
Kao Corp.		127,800		5,056,734
Kappa Create Co. Ltd.(a)		4,500		53,825
Kasumigaseki Capital Co. Ltd.		1,300		110,173
Katakura Industries Co. Ltd.		2,700		31,098
Katitas Co. Ltd.		12,400		154,164
Kato Sangyo Co. Ltd.		5,600		182,602
Kawasaki Heavy Industries Ltd.		40,700		921,443

74 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI Pacific ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Kawasaki Kisen Kaisha Ltd.		37,200	$	1,812,525
KDDI Corp.		410,700		13,608,559
KDX Realty Investment Corp.		1,161		1,259,385
KeePer Technical Laboratory Co. Ltd.		3,600		158,872
Keihan Holdings Co. Ltd.		28,300		690,212
Keihanshin Building Co. Ltd.		4,300		43,452
Keikyu Corp.		61,800		539,787
Keio Corp.(c)		27,900		816,363
Keisei Electric Railway Co. Ltd.		35,000		1,583,745
Keiyo Bank Ltd. (The)		27,500		134,619
Kewpie Corp.		28,300		503,638
Keyence Corp.		53,800		24,070,006
KFC Holdings Japan Ltd.		5,400		123,887
KH Neochem Co. Ltd.		9,100		141,811
Kikkoman Corp.		37,200		2,288,850
Kinden Corp.		35,400		589,925
Kintetsu Department Store Co. Ltd.		3,500		60,477
Kintetsu Group Holdings Co. Ltd.		50,900		1,570,645
Kirin Holdings Co. Ltd.		217,400		3,124,898
Kisoji Co. Ltd.		8,600		155,965
Kissei Pharmaceutical Co. Ltd.		6,900		147,335
Ki-Star Real Estate Co. Ltd.		1,400		33,064
Kitz Corp.		23,000		188,046
Kiyo Bank Ltd. (The)		13,200		148,775
Koa Corp.		6,300		64,463
Kobayashi Pharmaceutical Co. Ltd.		14,400		649,880
Kobe Bussan Co. Ltd.		40,300		1,029,774
Kobe Steel Ltd.		96,400		1,331,080
Koei Tecmo Holdings Co. Ltd.		33,972		423,161
Kohnan Shoji Co. Ltd.		5,300		140,792
Koito Manufacturing Co. Ltd.		52,100		797,614
Kokuyo Co. Ltd.		21,700		349,468
Komatsu Ltd.		254,600		7,243,357
KOMEDA Holdings Co. Ltd.		11,200		214,673
Komeri Co. Ltd.		8,400		188,216
Konami Group Corp.		28,200		1,734,249
Konica Minolta Inc.(a)		137,700		377,878
Konishi Co. Ltd.		17,900		171,422
Konoike Transport Co. Ltd.		5,500		73,169
Kosaido Holdings Co. Ltd.		20,200		102,494
Kose Corp.		9,300		608,431
Koshidaka Holdings Co. Ltd.		17,600		112,122
Kotobuki Spirits Co. Ltd.		24,700		332,329
Krosaki Harima Corp.		1,200		100,208
K’s Holdings Corp.		38,300		348,077
Kubota Corp.		276,400		4,183,995
Kumagai Gumi Co. Ltd.		8,200		213,413
Kumiai Chemical Industry Co. Ltd.		26,000		149,092
Kura Sushi Inc.		4,700		125,943
Kuraray Co. Ltd.		80,100		840,390
Kureha Corp.		11,400		218,221
Kurita Water Industries Ltd.		28,500		1,040,848
Kusuri no Aoki Holdings Co. Ltd.		13,800		297,938
KYB Corp.		4,800		166,433
Kyocera Corp.		352,800		5,165,017
Kyoei Steel Ltd.		4,800		68,994
Kyokuto Kaihatsu Kogyo Co. Ltd.		10,000		136,875
Kyorin Pharmaceutical Co. Ltd.		10,900		131,691
Kyoritsu Maintenance Co. Ltd.		8,000		328,730
Kyoto Financial Group Inc.		64,200		1,066,969
Kyowa Kirin Co. Ltd.		73,100		1,151,469
Kyudenko Corp.		12,100		460,260

Security	Shares		Value
Japan (continued)
Kyushu Electric Power Co. Inc.(a)		110,100	$	824,552
Kyushu Financial Group Inc.		96,300		612,814
Kyushu Railway Co.		37,800		830,844
LaSalle Logiport REIT		504		510,375
Lasertec Corp.		21,200		5,521,095
Lawson Inc.		12,300		704,029
Leopalace21 Corp.(a)		63,100		176,505
Life Corp.		7,700		195,539
LIFENET INSURANCE Co.(a)(c)		11,800		100,042
Link And Motivation Inc.		5,700		21,383
Lintec Corp.		11,400		215,902
Lion Corp.		61,900		551,784
LITALICO Inc.		3,900		56,825
Lixil Corp.		76,900		1,027,612
LY Corp.		744,000		2,314,608
M&A Capital Partners Co. Ltd.		5,300		81,626
M&A Research Institute Holdings Inc., NVS(a)		6,200		220,668
M3 Inc.		122,500		1,933,050
Mabuchi Motor Co. Ltd.		27,700		480,105
Macnica Holdings Inc.		12,800		677,323
Maeda Kosen Co. Ltd.		5,700		124,258
Makino Milling Machine Co. Ltd.		6,500		263,281
Makita Corp.		61,800		1,663,346
Management Solutions Co. Ltd.		1,500		30,358
Mandom Corp.		12,200		106,205
Mani Inc.		20,800		288,958
Marubeni Corp.		394,100		6,722,031
Maruha Nichiro Corp.		9,500		187,968
Marui Group Co. Ltd.		50,100		828,412
Maruichi Steel Tube Ltd.		17,900		456,084
MARUKA FURUSATO Corp.		4,400		73,064
Maruwa Co. Ltd./Aichi		2,400		480,206
Maruzen Showa Unyu Co. Ltd.		1,900		52,457
Matsuda Sangyo Co. Ltd.		3,600		67,000
Matsui Securities Co. Ltd.		31,900		179,215
MatsukiyoCocokara & Co.		95,690		1,739,335
Matsuyafoods Holdings Co. Ltd.		1,700		68,378
Max Co. Ltd.		9,100		202,248
Maxell Ltd.		10,400		114,385
Maxvalu Tokai Co. Ltd.		2,400		52,918
Mazda Motor Corp.		154,300		1,870,648
McDonald’s Holdings Co. Japan Ltd.		23,800		1,059,682
MCJ Co. Ltd.		15,900		133,328
Mebuki Financial Group Inc.		260,390		779,398
Medipal Holdings Corp.		51,700		825,183
Medley Inc.(a)		5,300		166,176
Megachips Corp.		4,600		148,527
Megmilk Snow Brand Co. Ltd.		11,900		186,631
Meidensha Corp.		9,900		177,461
MEIJI Holdings Co. Ltd.		64,800		1,567,163
Meiko Electronics Co. Ltd.		4,500		122,570
MEITEC Group Holdings Inc.		19,600		387,753
Melco Holdings Inc.		1,200		26,703
Menicon Co. Ltd.		18,700		271,562
Mercari Inc.(a)		29,900		494,362
METAWATER Co. Ltd.		8,600		125,332
Micronics Japan Co. Ltd.		7,800		231,608
Mie Kotsu Group Holdings Inc.		24,800		105,590
Milbon Co. Ltd.		6,400		152,945
Mimasu Semiconductor Industry Co. Ltd.		2,700		58,192
MINEBEA MITSUMI Inc.		101,600		2,100,093
Mirai Corp.		565		172,763

S C H E D U L E  O F  I N V E S T M E N T S 75

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI Pacific ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Mirai Industry Co. Ltd.		3,200	$	100,221
MIRAIT ONE corp.		28,100		371,256
MISUMI Group Inc.		80,300		1,376,735
Mitani Sekisan Co. Ltd.		2,800		96,204
Mitsubishi Chemical Group Corp.		357,500		2,155,632
Mitsubishi Corp.		948,200		16,342,172
Mitsubishi Electric Corp.		531,900		7,893,555
Mitsubishi Estate Co. Ltd.		310,500		4,302,261
Mitsubishi Estate Logistics REIT Investment Corp.		117		293,133
Mitsubishi Gas Chemical Co. Inc.		43,400		708,760
Mitsubishi HC Capital Inc.		224,400		1,591,096
Mitsubishi Heavy Industries Ltd.		87,800		5,856,565
Mitsubishi Logisnext Co. Ltd.		8,400		86,999
Mitsubishi Logistics Corp.		13,900		429,359
Mitsubishi Materials Corp.		34,800		637,101
Mitsubishi Motors Corp.		174,400		549,546
Mitsubishi Pencil Co. Ltd.		5,300		72,070
Mitsubishi Research Institute Inc.		1,600		53,632
Mitsubishi Shokuhin Co. Ltd.		5,400		183,579
Mitsubishi UFJ Financial Group Inc.		3,137,000		29,382,856
Mitsuboshi Belting Ltd.		5,000		166,789
Mitsui & Co. Ltd.		356,900		14,474,874
Mitsui Chemicals Inc.		47,500		1,397,937
Mitsui DM Sugar Holdings Co. Ltd.		3,200		73,529
Mitsui Fudosan Co. Ltd.		245,100		6,152,933
Mitsui Fudosan Logistics Park Inc.		163		488,663
Mitsui High-Tec Inc.		4,700		216,936
Mitsui Mining & Smelting Co. Ltd.		16,200		500,828
Mitsui OSK Lines Ltd.		94,400		3,390,892
Mitsui-Soko Holdings Co. Ltd.		6,100		203,744
Mitsuuroko Group Holdings Co. Ltd.		7,600		79,296
Miura Co. Ltd.		24,200		442,221
Mixi Inc.		11,500		197,259
Mizuho Financial Group Inc.		662,720		12,036,029
Mizuho Leasing Co. Ltd.		6,800		246,437
Mizuno Corp.		5,200		155,130
Mochida Pharmaceutical Co. Ltd.		5,000		113,044
Modec Inc.(a)		3,300		51,534
Monex Group Inc.		47,000		244,599
Money Forward Inc.(a)		11,800		460,578
Monogatari Corp. (The)		8,100		285,609
MonotaRO Co. Ltd.		68,500		645,148
Mori Hills REIT Investment Corp.		413		384,362
Mori Trust REIT Inc.		664		337,197
Morinaga & Co. Ltd./Japan		19,500		372,174
Morinaga Milk Industry Co. Ltd.		18,900		387,044
Morita Holdings Corp.		5,100		55,076
MOS Food Services Inc.		6,300		146,526
MS&AD Insurance Group Holdings Inc.		117,900		4,868,649
Murata Manufacturing Co. Ltd.		477,200		9,635,680
Musashi Seimitsu Industry Co. Ltd.		11,800		133,934
Musashino Bank Ltd. (The)		5,800		109,270
Nabtesco Corp.		30,900		593,926
Nachi-Fujikoshi Corp.		2,200		51,306
Nafco Co. Ltd.		3,900		59,108
Nagaileben Co. Ltd.(c)		7,700		122,180
Nagase & Co. Ltd.		23,200		379,336
Nagawa Co. Ltd.		2,500		120,751
Nagoya Railroad Co. Ltd.		50,100		772,437
Nakanishi Inc.		20,000		327,317
Nankai Electric Railway Co. Ltd.		29,000		565,499
Nanto Bank Ltd. (The)		8,500		153,749

Security	Shares		Value
Japan (continued)
NEC Corp.		67,900	$	4,436,905
NEC Networks & System Integration Corp.		18,800		303,605
NET One Systems Co. Ltd.		22,900		372,333
Nexon Co. Ltd.		95,800		1,528,875
Nextage Co. Ltd.(c)		12,300		185,320
NGK Insulators Ltd.		63,600		794,538
NH Foods Ltd.		22,400		767,114
NHK Spring Co. Ltd.		55,100		454,887
Nichias Corp.		13,600		317,893
Nichicon Corp.		10,700		93,516
Nichiden Corp.		2,900		54,083
Nichiha Corp.		4,900		98,438
Nichirei Corp.		30,900		746,318
Nidec Corp.		114,800		4,281,675
Nifco Inc./Japan		19,500		506,040
Nihon Kohden Corp.		22,600		688,778
Nihon M&A Center Holdings Inc.		88,900		534,367
Nihon Parkerizing Co. Ltd.		26,100		207,310
Nikkiso Co. Ltd.		12,100		88,829
Nikkon Holdings Co. Ltd.		13,800		296,460
Nikon Corp.		81,100		827,669
Nintendo Co. Ltd.		285,100		15,928,790
Nippn Corp., New		11,000		168,872
Nippon Accommodations Fund Inc.		136		566,186
Nippon Building Fund Inc.		419		1,695,320
Nippon Carbon Co. Ltd.		1,700		51,656
Nippon Ceramic Co. Ltd.		6,300		114,089
Nippon Densetsu Kogyo Co. Ltd.		10,100		140,096
Nippon Electric Glass Co. Ltd.		22,100		491,259
Nippon Express Holdings Inc.		20,700		1,232,091
Nippon Gas Co. Ltd.		30,100		466,269
Nippon Kanzai Holdings Co. Ltd.		7,200		128,554
Nippon Kayaku Co. Ltd.		38,200		341,023
Nippon Light Metal Holdings Co. Ltd.		18,110		223,149
Nippon Paint Holdings Co. Ltd.		266,700		2,100,615
Nippon Paper Industries Co. Ltd.(a)		31,200		289,199
Nippon Parking Development Co. Ltd.		57,000		70,965
Nippon Pillar Packing Co. Ltd.		4,200		138,101
Nippon Prologis REIT Inc.		610		1,085,313
NIPPON REIT Investment Corp.		109		252,395
Nippon Road Co. Ltd. (The)		5,000		72,082
Nippon Sanso Holdings Corp.		47,000		1,190,947
Nippon Seiki Co. Ltd.		17,100		158,501
Nippon Shinyaku Co. Ltd.		13,800		487,526
Nippon Shokubai Co. Ltd.		8,200		308,485
Nippon Signal Co. Ltd.		6,200		39,558
Nippon Soda Co. Ltd.		6,600		254,772
Nippon Steel Corp.		235,828		5,675,120
Nippon Telegraph & Telephone Corp.		8,220,100		10,322,425
Nippon Television Holdings Inc.		19,000		221,667
Nippon Yusen KK		132,900		4,579,848
Nipro Corp.		38,000		306,019
Nishimatsu Construction Co. Ltd.		10,100		277,639
Nishimatsuya Chain Co. Ltd.		12,400		179,089
Nishi-Nippon Financial Holdings Inc.		31,600		363,847
Nishi-Nippon Railroad Co. Ltd.		14,600		242,681
Nishio Holdings Co. Ltd.		5,900		161,612
Nissan Chemical Corp.		34,500		1,375,957
Nissan Motor Co. Ltd.		646,400		2,537,653
Nissan Shatai Co. Ltd.		23,600		155,719
Nissha Co. Ltd.		9,100		100,949
Nisshin Oillio Group Ltd. (The)		5,700		174,122

76 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI Pacific ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Nisshin Seifun Group Inc.		56,600	$	789,524
Nisshinbo Holdings Inc.		33,100		273,187
Nissin Foods Holdings Co. Ltd.		56,000		1,811,677
Nissui Corp.		73,700		402,693
Niterra Co. Ltd.		42,600		1,147,159
Nitori Holdings Co. Ltd.		22,000		2,879,398
Nitta Corp.		5,800		150,094
Nittetsu Mining Co. Ltd.		2,400		85,539
Nitto Boseki Co. Ltd.		7,300		249,277
Nitto Denko Corp.		39,800		3,301,722
Nitto Kogyo Corp.		6,000		163,276
Noevir Holdings Co. Ltd.		3,900		138,648
NOF Corp.		18,200		821,980
Nohmi Bosai Ltd.		3,200		48,330
Nojima Corp.		20,300		255,842
NOK Corp.		21,700		287,427
Nomura Co. Ltd.		25,100		148,354
Nomura Holdings Inc.		828,900		4,464,576
Nomura Real Estate Holdings Inc.		31,300		856,547
Nomura Real Estate Master Fund Inc.		1,148		1,256,216
Nomura Research Institute Ltd.		107,010		3,272,743
Noritake Co. Ltd./Nagoya Japan		3,100		164,912
Noritsu Koki Co. Ltd.		5,600		126,501
Noritz Corp.		8,300		87,432
North Pacific Bank Ltd.		63,600		162,185
NS Solutions Corp.		9,400		313,517
NS United Kaiun Kaisha Ltd.		3,600		126,611
NSD Co. Ltd.		19,000		356,553
NSK Ltd.		95,900		522,810
NTN Corp.		130,500		238,653
NTT Data Group Corp.		174,300		2,510,552
NTT UD REIT Investment Corp.		346		293,811
Obara Group Inc.		1,900		51,685
Obayashi Corp.		177,900		1,646,738
OBIC Business Consultants Co. Ltd.		8,600		415,898
Obic Co. Ltd.		19,400		2,980,025
Odakyu Electric Railway Co. Ltd.		85,800		1,311,066
Ogaki Kyoritsu Bank Ltd. (The)		10,800		144,590
Ohsho Food Service Corp.		2,900		160,335
Oiles Corp.		3,800		54,971
Oisix ra daichi Inc.(a)(c)		6,100		57,699
Oji Holdings Corp.		231,900		906,690
Okamoto Industries Inc.		1,600		54,214
Okamura Corp.		14,200		212,818
Okasan Securities Group Inc.		40,900		200,174
Oki Electric Industry Co. Ltd.		30,700		215,706
Okinawa Cellular Telephone Co.		7,000		170,573
Okinawa Electric Power Co. Inc. (The)		12,000		95,101
Okinawa Financial Group Inc.		3,100		53,276
OKUMA Corp.		6,600		296,961
Okumura Corp.		6,800		237,792
Olympus Corp.		330,900		4,898,532
Omron Corp.		49,200		2,212,290
One REIT Inc.		78		143,441
Ono Pharmaceutical Co. Ltd.		108,300		1,952,013
Onward Holdings Co. Ltd.		28,400		104,258
Open House Group Co. Ltd.		21,900		684,859
Open Up Group Inc.		17,400		269,518
Optex Group Co. Ltd.		9,900		122,949
Optorun Co. Ltd.		6,100		70,486
Oracle Corp. Japan		10,800		851,139
Organo Corp.		6,100		251,949

Security	Shares		Value
Japan (continued)
Orient Corp.		11,950	$	90,174
Oriental Land Co. Ltd./Japan		299,800		11,134,593
ORIX Corp.		322,500		6,227,238
Orix JREIT Inc.		694		802,756
Osaka Gas Co. Ltd.		103,400		2,177,278
Osaka Organic Chemical Industry Ltd.		1,700		33,815
Osaka Soda Co. Ltd.		4,100		287,822
OSAKA Titanium Technologies Co. Ltd.(c)		8,800		166,464
OSG Corp.		23,200		315,713
Otsuka Corp.		30,900		1,300,203
Otsuka Holdings Co. Ltd.		114,700		4,508,664
Outsourcing Inc.(a)		31,600		368,943
Pacific Industrial Co. Ltd.		12,200		118,427
PAL GROUP Holdings Co. Ltd.		12,200		195,106
PALTAC Corp.		9,100		277,053
Pan Pacific International Holdings Corp.		104,600		2,261,084
Panasonic Holdings Corp.		608,800		5,734,151
Paramount Bed Holdings Co. Ltd.		9,100		164,356
Park24 Co. Ltd.(a)		36,400		475,631
Pasona Group Inc.		7,200		131,300
Penta-Ocean Construction Co. Ltd.		72,400		387,917
PeptiDream Inc.(a)(c)		26,000		227,851
Persol Holdings Co. Ltd.		501,000		796,445
Pharma Foods International Co. Ltd.		3,200		21,783
PHC Holdings Corp.		3,900		40,355
Pigeon Corp.		30,900		337,697
Pilot Corp.		6,900		192,688
Piolax Inc.		8,300		140,585
PKSHA Technology Inc.(a)(c)		3,500		91,569
Plus Alpha Consulting Co. Ltd.		8,700		151,628
Pola Orbis Holdings Inc.		27,900		288,625
Pressance Corp.		3,400		38,457
Prestige International Inc.		28,300		116,204
Prima Meat Packers Ltd.		3,900		63,810
Raito Kogyo Co. Ltd.		12,100		169,147
Raiznext Corp.		3,400		36,180
Raksul Inc.(a)		10,200		79,153
Rakus Co. Ltd.		25,100		412,546
Rakuten Bank Ltd., NVS(a)		26,500		413,107
Rakuten Group Inc.(a)		418,600		1,838,808
Recruit Holdings Co. Ltd.		395,900		15,637,541
Relo Group Inc.		30,200		303,139
Renesas Electronics Corp.(a)		404,000		6,628,661
Rengo Co. Ltd.		54,700		354,733
RENOVA Inc.(a)		11,500		98,803
Resona Holdings Inc.		586,600		3,238,184
Resonac Holdings Corp.		47,500		947,221
Resorttrust Inc.		22,600		392,869
Restar Holdings Corp.		3,200		66,318
Retail Partners Co. Ltd.		4,300		50,899
Ricoh Co. Ltd.		151,800		1,193,147
Ricoh Leasing Co. Ltd.		4,700		161,336
Riken Keiki Co. Ltd.		2,800		138,339
Riken Vitamin Co. Ltd.		3,300		51,678
Ringer Hut Co. Ltd.		7,000		115,723
Rinnai Corp.		28,800		652,488
Riso Kagaku Corp.		6,500		131,359
Riso Kyoiku Co. Ltd.		29,400		48,516
Rohm Co. Ltd.		92,500		1,596,479
Rohto Pharmaceutical Co. Ltd.		51,700		1,057,866
Roland Corp.		2,700		89,704
Rorze Corp.		2,500		277,669

S C H E D U L E  O F  I N V E S T M E N T S 77

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI Pacific ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Round One Corp.		56,300	$	249,355
Royal Holdings Co. Ltd.		6,000		105,596
RS Technologies Co. Ltd.		3,500		67,945
Ryobi Ltd.		5,800		106,929
Ryohin Keikaku Co. Ltd.		69,800		1,085,330
Ryosan Co. Ltd.		2,800		92,259
Ryoyo Electro Corp.		3,900		99,524
S Foods Inc.		5,800		130,424
Saibu Gas Holdings Co. Ltd.		7,400		97,029
Saizeriya Co. Ltd.		7,300		250,604
Sakai Moving Service Co. Ltd.		6,800		129,251
Sakata INX Corp.		14,000		135,076
Sakata Seed Corp.		6,300		156,886
SAMTY Co. Ltd.		4,500		76,674
Samty Residential Investment Corp.		52		37,892
San-A Co. Ltd.		5,000		154,429
San-Ai Obbli Co. Ltd.		11,900		134,179
SanBio Co. Ltd.(a)(c)		5,400		20,659
Sangetsu Corp.		11,600		255,506
San-In Godo Bank Ltd. (The)		32,300		227,782
Sanken Electric Co. Ltd.		5,700		261,876
Sanki Engineering Co. Ltd.		12,000		153,949
Sankyo Co. Ltd.		10,500		642,249
Sankyu Inc.		12,600		471,016
Sanrio Co. Ltd.		14,000		584,601
Sansan Inc.(a)(c)		23,000		214,112
Santen Pharmaceutical Co. Ltd.		91,400		923,352
Sanwa Holdings Corp.		50,900		777,965
Sanyo Chemical Industries Ltd.		3,700		108,141
Sanyo Denki Co. Ltd.		1,800		74,843
Sanyo Special Steel Co. Ltd.		3,600		61,836
Sapporo Holdings Ltd.		17,500		809,179
Sato Holdings Corp.		8,800		129,388
Sawai Group Holdings Co. Ltd.		11,100		420,135
SB Technology Corp.		3,800		63,991
SBI Holdings Inc.		68,600		1,685,204
SBI Sumishin Net Bank Ltd., NVS		13,800		159,047
SBS Holdings Inc.		5,400		91,405
SCREEN Holdings Co. Ltd.		22,900		2,245,557
SCSK Corp.		42,500		834,471
Secom Co. Ltd.		58,400		4,238,691
Sega Sammy Holdings Inc.		41,600		612,252
Seibu Holdings Inc.		69,100		976,550
Seiko Epson Corp.		82,700		1,207,206
Seiko Group Corp.		5,400		96,337
Seino Holdings Co. Ltd.		35,600		519,897
Seiren Co. Ltd.		8,900		149,374
Sekisui Chemical Co. Ltd.		107,000		1,527,697
Sekisui House Ltd.		164,300		3,708,940
Sekisui House REIT Inc.		1,145		609,012
Sekisui Jushi Corp.		7,900		136,069
Senko Group Holdings Co. Ltd.		27,300		213,442
Senshu Ikeda Holdings Inc.		62,600		145,030
Septeni Holdings Co. Ltd.		27,400		91,743
Seria Co. Ltd.		10,800		197,912
Seven & i Holdings Co. Ltd.		207,100		8,179,377
Seven Bank Ltd.		162,800		340,793
SG Holdings Co. Ltd.		90,500		1,171,984
Sharp Corp./Japan(a)		72,000		484,150
Shibaura Machine Co. Ltd.		6,500		157,592
Shibaura Mechatronics Corp.		2,700		127,897
Shibuya Corp.		2,100		35,690

Security	Shares		Value
Japan (continued)
SHIFT Inc.(a)(c)		3,300	$	594,902
Shiga Bank Ltd. (The)		8,700		216,318
Shikoku Chemicals Corp.		5,100		63,062
Shikoku Electric Power Co. Inc.		39,200		277,175
Shima Seiki Manufacturing Ltd.		8,500		86,441
Shimadzu Corp.		65,500		1,811,204
Shimamura Co. Ltd.		6,300		691,163
Shimano Inc.		21,300		3,058,154
Shimizu Corp.		143,900		963,284
Shin Nippon Biomedical Laboratories Ltd.(c)		5,600		64,907
Shin-Etsu Chemical Co. Ltd.		500,000		19,681,090
Shin-Etsu Polymer Co. Ltd.		12,900		141,902
Shinko Electric Industries Co. Ltd.		19,100		706,168
Shinmaywa Industries Ltd.		13,600		112,894
Shionogi & Co. Ltd.		71,500		3,431,744
Ship Healthcare Holdings Inc.		21,800		330,855
Shiseido Co. Ltd.		112,200		3,127,764
Shizuoka Financial Group Inc., NVS		131,700		1,203,738
Shizuoka Gas Co. Ltd.		4,800		32,792
SHO-BOND Holdings Co. Ltd.		11,400		507,762
Shochiku Co. Ltd.		2,200		150,998
Shoei Co. Ltd.		10,600		141,662
Shoei Foods Corp.		1,700		51,623
Showa Sangyo Co. Ltd.		6,200		142,090
Siix Corp.		4,900		51,814
Simplex Holdings Inc.		10,000		182,265
SKY Perfect JSAT Holdings Inc.		40,600		213,651
Skylark Holdings Co. Ltd.		62,200		1,014,740
SMC Corp.		16,100		8,961,976
SMS Co. Ltd.		21,100		381,068
Snow Peak Inc.(c)		6,100		36,820
Socionext Inc.(c)		49,400		1,132,153
SoftBank Corp.		790,400		10,501,130
SoftBank Group Corp.		284,100		12,264,768
Sohgo Security Services Co. Ltd.		104,800		572,102
Sojitz Corp.		61,820		1,459,039
Solasto Corp.		12,300		48,058
Sompo Holdings Inc.		82,100		4,257,003
Sony Group Corp.		347,000		34,029,703
Sosei Group Corp.(a)		22,400		217,434
SOSiLA Logistics REIT Inc.		208		168,918
Sotetsu Holdings Inc.		21,500		394,055
SPARX Group Co. Ltd.		4,200		51,723
Square Enix Holdings Co. Ltd.		24,200		945,645
SRE Holdings Corp.(a)(c)		2,100		47,393
Stanley Electric Co. Ltd.		33,100		632,227
Star Asia Investment Corp.		569		223,106
Star Micronics Co. Ltd.		11,500		137,243
Starts Corp. Inc.		7,200		147,699
Starts Proceed Investment Corp.		73		100,776
Strike Co. Ltd.		3,500		112,924
Subaru Corp.		170,800		3,407,342
Sugi Holdings Co. Ltd.		9,800		468,240
SUMCO Corp.		98,500		1,493,301
Sumitomo Bakelite Co. Ltd.		9,900		492,005
Sumitomo Chemical Co. Ltd.		391,700		922,289
Sumitomo Corp.		286,000		6,577,381
Sumitomo Densetsu Co. Ltd.		2,900		59,943
Sumitomo Electric Industries Ltd.		196,800		2,615,787
Sumitomo Forestry Co. Ltd.		42,200		1,240,479
Sumitomo Heavy Industries Ltd.		30,900		801,685
Sumitomo Metal Mining Co. Ltd.		67,800		1,873,902

78 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI Pacific ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Sumitomo Mitsui Construction Co. Ltd.		36,300	$	101,814
Sumitomo Mitsui Financial Group Inc.		348,700		18,137,055
Sumitomo Mitsui Trust Holdings Inc.		181,900		3,727,723
Sumitomo Osaka Cement Co. Ltd.		7,500		188,942
Sumitomo Pharma Co. Ltd.		55,100		161,744
Sumitomo Realty & Development Co. Ltd.		78,400		2,465,612
Sumitomo Riko Co. Ltd.		12,000		103,128
Sumitomo Rubber Industries Ltd.		49,700		575,748
Sumitomo Warehouse Co. Ltd. (The)		11,300		203,222
Sun Frontier Fudousan Co. Ltd.		6,000		71,756
Sundrug Co. Ltd.		21,200		639,397
Suntory Beverage & Food Ltd.		37,700		1,229,954
SUNWELS Co. Ltd.(c)		3,000		46,837
Suruga Bank Ltd.		50,200		292,552
Suzuken Co. Ltd.		17,700		549,425
Suzuki Motor Corp.		102,000		4,581,703
Sysmex Corp.		45,600		2,470,256
Systena Corp.		74,100		149,777
T Hasegawa Co. Ltd.		8,700		195,233
T&D Holdings Inc.		139,400		2,308,289
Tadano Ltd.		29,000		236,074
Taihei Dengyo Kaisha Ltd.		3,600		108,733
Taiheiyo Cement Corp.		32,200		662,750
Taikisha Ltd.		6,700		199,773
Taisei Corp.		45,600		1,662,512
Taisho Pharmaceutical Holdings Co. Ltd.		4,700		273,509
Taiyo Holdings Co. Ltd.		9,700		213,728
Taiyo Yuden Co. Ltd.		32,000		772,984
Takamatsu Construction Group Co. Ltd.		2,900		58,237
Takara Bio Inc.		10,500		89,258
Takara Holdings Inc.		35,000		296,115
Takara Leben Real Estate Investment Corp.		198		140,835
Takara Standard Co. Ltd.		10,100		120,675
Takasago International Corp.		2,300		54,928
Takasago Thermal Engineering Co. Ltd.		11,000		254,168
Takashimaya Co. Ltd.		38,200		532,173
Takeda Pharmaceutical Co. Ltd.		437,000		12,843,639
Takeuchi Manufacturing Co. Ltd.		9,500		324,784
Takuma Co. Ltd.		20,400		240,032
Tama Home Co. Ltd.		2,400		66,249
Tamron Co. Ltd.		5,900		223,563
TBS Holdings Inc.		9,500		220,300
TDK Corp.		106,400		5,293,912
TechMatrix Corp.		6,700		71,571
TechnoPro Holdings Inc.		30,500		703,172
Teijin Ltd.		51,300		471,928
Tenma Corp.		2,200		33,872
Terumo Corp.		184,800		6,255,840
T-Gaia Corp.		3,100		41,951
THK Co. Ltd.		30,700		590,257
TIS Inc.		62,000		1,378,994
TKC Corp.		7,400		191,681
TKP Corp.(a)		3,500		39,699
Toa Corp./Tokyo		2,500		66,084
Toagosei Co. Ltd.		22,900		219,192
Tobu Railway Co. Ltd.		51,800		1,371,833
Tocalo Co. Ltd.		19,900		211,679
Toda Corp.		61,800		389,650
Toei Animation Co. Ltd.		2,500		334,491
Toei Co. Ltd.		1,600		224,549
Toenec Corp.		1,800		59,050
Toho Bank Ltd. (The)		56,100		118,973

Security	Shares		Value
Japan (continued)
Toho Co. Ltd./Tokyo		31,100	$	1,013,074
Toho Gas Co. Ltd.		21,600		433,942
Toho Holdings Co. Ltd.(c)		13,100		283,726
Toho Titanium Co. Ltd.(c)		6,900		91,780
Tohoku Electric Power Co. Inc.		128,700		859,175
Tokai Carbon Co. Ltd.		58,200		409,313
Tokai Corp./Gifu		3,000		42,845
TOKAI Holdings Corp.		29,700		200,271
Tokai Rika Co. Ltd.		13,400		212,002
Tokai Tokyo Financial Holdings Inc.		54,000		208,307
Token Corp.		1,000		64,127
Tokio Marine Holdings Inc.		495,500		13,065,057
Tokushu Tokai Paper Co. Ltd.		1,600		42,702
Tokuyama Corp.		18,800		301,346
Tokyo Century Corp.		41,100		456,678
Tokyo Electric Power Co. Holdings Inc.(a)		421,600		2,244,663
Tokyo Electron Device Ltd.		4,500		178,295
Tokyo Electron Ltd.		129,800		24,087,300
Tokyo Gas Co. Ltd.		103,400		2,375,291
Tokyo Kiraboshi Financial Group Inc.		6,300		184,283
Tokyo Ohka Kogyo Co. Ltd.		27,400		625,830
Tokyo Seimitsu Co. Ltd.		10,600		686,601
Tokyo Steel Manufacturing Co. Ltd.		19,600		236,731
Tokyo Tatemono Co. Ltd.		50,600		779,843
Tokyotokeiba Co. Ltd.		4,200		131,540
Tokyu Construction Co. Ltd.		30,500		169,776
Tokyu Corp.		138,700		1,627,545
Tokyu Fudosan Holdings Corp.		170,400		1,139,562
Tokyu REIT Inc.		266		310,181
TOMONY Holdings Inc.		34,900		96,101
Tomy Co. Ltd.		22,600		370,789
Topcon Corp.		29,500		338,915
TOPPAN Holdings Inc.		67,400		1,857,843
Topre Corp.		10,400		151,375
Toray Industries Inc.		378,300		1,890,149
Toridoll Holdings Corp.		12,900		394,936
Torii Pharmaceutical Co. Ltd.		4,900		124,868
Tosei Corp.		6,100		88,087
Toshiba TEC Corp.		9,300		192,934
Tosoh Corp.		72,298		932,257
Totetsu Kogyo Co. Ltd.		7,800		160,158
TOTO Ltd.		36,400		985,176
Towa Corp.		5,500		283,745
Towa Pharmaceutical Co. Ltd.		5,900		103,246
Toyo Construction Co. Ltd.		12,200		107,493
Toyo Gosei Co. Ltd.(c)		800		46,810
Toyo Seikan Group Holdings Ltd.		35,700		567,076
Toyo Suisan Kaisha Ltd.		24,800		1,291,372
Toyo Tanso Co. Ltd.		4,200		141,731
Toyo Tire Corp.		31,200		516,619
Toyobo Co. Ltd.		26,200		196,642
Toyoda Gosei Co. Ltd.		19,600		378,445
Toyota Boshoku Corp.		24,700		406,990
Toyota Industries Corp.		39,700		3,357,790
Toyota Motor Corp.		2,916,100		58,228,145
Toyota Tsusho Corp.		59,100		3,872,907
Trancom Co. Ltd.		2,200		104,259
Transcosmos Inc.		6,700		139,904
TRE Holdings Corp.		9,700		82,289
Trend Micro Inc./Japan(a)		36,600		2,093,863
Tri Chemical Laboratories Inc.		5,900		145,498
Trusco Nakayama Corp.		12,800		218,680

S C H E D U L E  O F  I N V E S T M E N T S 79

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI Pacific ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
TS Tech Co. Ltd.		26,900	$	340,741
Tsubakimoto Chain Co.		7,000		202,443
Tsuburaya Fields Holdings Inc.(c)		8,400		103,493
Tsugami Corp.		9,700		78,334
Tsumura & Co.		14,600		264,146
Tsuruha Holdings Inc.		10,300		815,087
Tsurumi Manufacturing Co. Ltd.		4,100		101,093
TV Asahi Holdings Corp.		3,300		39,334
UACJ Corp.		10,200		281,737
UBE Corp.		23,700		394,025
Ulvac Inc.		13,000		636,265
Unicharm Corp.		110,800		3,812,447
Union Tool Co.		1,600		36,849
United Arrows Ltd.		7,200		94,421
United Super Markets Holdings Inc.		12,200		83,890
United Urban Investment Corp.		762		771,545
Universal Entertainment Corp.		5,300		76,653
Usen-Next Holdings Co. Ltd.		5,500		159,637
Ushio Inc.		25,100		351,632
USS Co. Ltd.		55,300		1,045,801
UT Group Co. Ltd.(a)		6,300		100,938
Valor Holdings Co. Ltd.		11,000		187,932
ValueCommerce Co. Ltd.		1,900		16,205
Vector Inc.		5,400		43,364
Vision Inc./Tokyo Japan(a)(c)		10,500		83,348
Visional Inc.(a)		5,600		350,486
VT Holdings Co. Ltd.		28,500		102,727
Wacoal Holdings Corp.		10,700		249,623
Wacom Co. Ltd.		34,800		160,370
Wakita & Co. Ltd.		12,100		131,116
WealthNavi Inc.(a)(c)		12,700		146,162
Weathernews Inc.		1,200		43,526
Welcia Holdings Co. Ltd.		25,900		436,903
West Holdings Corp.		5,000		115,006
West Japan Railway Co.		60,300		2,511,466
WingArc1st Inc.		5,100		97,021
Workman Co. Ltd.		5,100		145,794
W-Scope Corp.(a)(c)		10,100		52,177
Yakult Honsha Co. Ltd.		70,400		1,537,648
YAMABIKO Corp.		4,900		54,908
Yamada Holdings Co. Ltd.		161,900		494,536
Yamaguchi Financial Group Inc.		51,200		486,659
Yamaha Corp.		35,900		789,461
Yamaha Motor Co. Ltd.		249,700		2,360,101
YA-MAN Ltd.(c)		4,500		30,915
Yamato Holdings Co. Ltd.		72,700		1,256,723
Yamato Kogyo Co. Ltd.		11,100		614,427
Yamazaki Baking Co. Ltd.		30,700		727,969
Yamazen Corp.		18,100		154,787
Yaoko Co. Ltd.		5,200		300,029
Yaskawa Electric Corp.		65,800		2,479,758
Yellow Hat Ltd.		10,200		126,632
Yodogawa Steel Works Ltd.		6,100		160,654
Yokogawa Bridge Holdings Corp.		7,500		145,149
Yokogawa Electric Corp.		65,100		1,279,260
Yokohama Rubber Co. Ltd. (The)		33,900		802,334
Yokorei Co. Ltd.		17,300		131,606
Yonex Co. Ltd.		20,000		162,520
Yoshinoya Holdings Co. Ltd.		19,400		432,626
Yuasa Trading Co. Ltd.		5,300		176,591
Yurtec Corp.		9,900		78,196
Zenkoku Hosho Co. Ltd.		14,600		543,316

Security	Shares		Value
Japan (continued)
Zenrin Co. Ltd.		6,100	$	36,686
Zensho Holdings Co. Ltd.		25,500		1,248,702
Zeon Corp.		35,500		322,071
ZERIA Pharmaceutical Co. Ltd.		8,100		112,180
ZIGExN Co. Ltd.		18,300		65,438
Zojirushi Corp.		14,000		135,494
ZOZO Inc.		38,200		836,446
Zuken Inc.		4,800		131,196
				1,266,288,320
New Zealand — 0.7%
Air New Zealand Ltd.		476,999		185,144
Auckland International Airport Ltd.		369,061		1,902,839
Contact Energy Ltd.		216,286		1,066,893
EBOS Group Ltd.		44,557		1,020,369
Fisher & Paykel Healthcare Corp. Ltd.		159,655		2,305,903
Fletcher Building Ltd.		207,820		574,175
Goodman Property Trust		303,006		414,876
Infratil Ltd.		232,398		1,499,196
Kiwi Property Group Ltd.		442,020		235,061
Mercury NZ Ltd.		178,366		735,927
Meridian Energy Ltd.		358,827		1,215,630
Oceania Healthcare Ltd.		138,431		59,231
Ryman Healthcare Ltd.(a)		163,340		567,429
Spark New Zealand Ltd.		504,791		1,639,962
Warehouse Group Ltd. (The)(c)		39,928		38,805
				13,461,440
Singapore — 3.9%
AEM Holdings Ltd.(c)		67,800		134,914
AIMS APAC REIT(c)		154,065		150,170
Best World International Ltd.(a)(c)		36,400		45,780
CapitaLand Ascendas REIT		1,007,315		2,183,080
CapitaLand Ascott Trust		630,166		449,266
CapitaLand China Trust		361,135		224,317
Capitaland India Trust		364,380		285,202
CapitaLand Integrated Commercial Trust		1,443,896		2,152,512
CapitaLand Investment Ltd./Singapore		702,100		1,541,311
CDL Hospitality Trusts		277,055		212,216
City Developments Ltd.		138,600		629,076
ComfortDelGro Corp. Ltd.		585,300		608,761
Cromwell European Real Estate Investment Trust		102,600		154,931
DBS Group Holdings Ltd.		497,300		11,778,691
Digital Core REIT Management Pte Ltd.		235,900		151,634
ESR-LOGOS REIT		1,826,356		422,043
Far East Hospitality Trust		284,000		137,607
First Resources Ltd.		169,200		186,219
Frasers Centrepoint Trust		263,867		451,324
Frasers Hospitality Trust		315,300		109,291
Frasers Logistics & Commercial Trust		797,383		663,774
Genting Singapore Ltd.		1,650,700		1,239,682
Golden Agri-Resources Ltd.		1,865,700		375,504
Grab Holdings Ltd., Class A(a)		522,909		1,605,331
Hutchison Port Holdings Trust, Class U		1,225,500		183,527
iFAST Corp. Ltd.(c)		40,100		219,892
Jardine Cycle & Carriage Ltd.		27,300		526,782
Keppel DC REIT		368,600		462,821
Keppel Infrastructure Trust(c)		1,061,049		398,747
Keppel Ltd.		398,500		2,117,534
Keppel REIT		630,220		433,412
Lendlease Global Commercial REIT		589,211		275,886
Mapletree Industrial Trust		573,320		1,044,219
Mapletree Logistics Trust		973,087		1,118,929

80 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI Pacific ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Singapore (continued)
Mapletree Pan Asia Commercial Trust		662,895	$	717,858
Maxeon Solar Technologies Ltd.(a)(c)		7,925		35,900
Nanofilm Technologies International Ltd.		108,200		55,197
NetLink NBN Trust		781,100		492,009
Olam Group Ltd.		301,700		200,492
Oversea-Chinese Banking Corp. Ltd.		929,675		8,892,685
Paragon REIT		355,446		231,841
Parkway Life REIT		100,800		264,149
Raffles Medical Group Ltd.		244,000		183,357
Riverstone Holdings Ltd./Singapore		126,600		65,855
Sasseur Real Estate Investment Trust		169,400		84,605
SATS Ltd.(a)		292,178		596,551
Sea Ltd., ADR(a)		100,566		3,835,587
Seatrium Ltd.(a)(c)		12,379,306		918,708
Sembcorp Industries Ltd.		248,500		1,045,809
Sheng Siong Group Ltd.		219,900		255,357
SIA Engineering Co. Ltd.		102,700		175,703
Singapore Airlines Ltd.(c)		413,600		2,052,814
Singapore Exchange Ltd.		216,300		1,510,344
Singapore Post Ltd.		321,400		98,229
Singapore Technologies Engineering Ltd.		415,600		1,151,602
Singapore Telecommunications Ltd.		2,267,600		4,046,629
Starhill Global REIT		438,500		168,340
StarHub Ltd.		187,000		147,760
Straits Trading Co. Ltd.		49,588		61,269
Suntec REIT(c)		559,400		494,525
Super Hi International Holding Ltd.(a)		40,000		43,028
UMS Holdings Ltd.		159,900		151,581
United Overseas Bank Ltd.		350,100		7,379,597
UOL Group Ltd.		131,800		612,023
Venture Corp. Ltd.		74,700		744,204
Wilmar International Ltd.		513,000		1,256,177
Yangzijiang Financial Holding Ltd.		975,500		228,193
Yangzijiang Shipbuilding Holdings Ltd.		681,300		850,548
Yanlord Land Group Ltd.(a)		170,800		66,004
				71,788,915
Total Common Stocks — 99.7% (Cost: $1,739,415,178)				1,841,545,171

Security	Shares		Value
Warrants
Australia — 0.0%
PointsBet Holdings Ltd. (Issued/Exercisable 06/20/22, 1 Share for 1 Warrant, Expires 07/08/24, Strike Price AUD 10.00)		2,549	$	—
Total Warrants — 0.0% (Cost: $—)				—
Total Long-Term Investments — 99.7% (Cost: $1,739,415,178)				1,841,545,171
Short-Term Securities
Money Market Funds — 0.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.51%(e)(f)(g)		11,892,577		11,899,713
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.32%(e)(f)		320,000		320,000
Total Short-Term Securities — 0.6% (Cost: $12,216,575)				12,219,713
Total Investments — 100.3% (Cost: $1,751,631,753)				1,853,764,884
Liabilities in Excess of Other Assets — (0.3)%				(6,260,207	)
Net Assets — 100.0%			$	1,847,504,677

^(a)  Non-income producing security.

^(b)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(c)  All or a portion of this security is on loan.

^(d)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(e)  Affiliate of the Fund.

^(f)  Annualized 7-day yield as of period end.

^(g)  All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/23		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/24		Shares Held at 01/31/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	7,866,262	$	4,029,536	(a)	$	—	$	1,663	$	2,252	$	11,899,713		11,892,577	$	111,461	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		130,000		190,000	(a)		—		—		—		320,000		320,000		28,520			—
								$	1,663	$	2,252	$	12,219,713			$	139,981		$	—

^(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 81

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI Pacific ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
TOPIX Index		23		03/07/24	$	3,948	$	265,187
SPI 200 Index		12		03/21/24		1,487		7,954
							$	273,141

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)	$	—	$	—	$	273,141	$	—	$	—	$	—	$	273,141

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended January 31, 2024, 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	$	—	$	—	$	396,774		$	—	$	—	$	—	$	396,774
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(1,142	)	$	—	$	—	$	—	$	(1,142	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	8,664,034

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	$	17,334,253	$	1,823,991,366	$	219,552	$	1,841,545,171
Warrants		—		—		—		—
Short-Term Securities
Money Market Funds		12,219,713		—		—		12,219,713
	$	29,553,966	$	1,823,991,366	$	219,552	$	1,853,764,884

82 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI Pacific ETF

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	273,141	$	—	$	273,141

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

S C H E D U L E  O F  I N V E S T M E N T S 83

Schedule of Investments (unaudited)  January 31, 2024 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 5.0%
Abacus Group		854,979	$	608,397
Abacus Storage King(a)		854,952		636,612
Adbri Ltd.(b)		765,803		1,523,265
AGL Energy Ltd.		685,277		3,870,406
ALS Ltd.		614,524		5,048,949
Altium Ltd.		146,625		4,710,447
Alumina Ltd.(b)		3,101,965		2,333,650
AMP Ltd.		2,939,020		1,782,427
Ampol Ltd.		298,442		7,058,892
Ansell Ltd.		149,598		2,352,851
ANZ Group Holdings Ltd.		3,444,000		60,767,245
APA Group		1,347,856		7,455,117
ARB Corp. Ltd.		121,494		2,655,901
Aristocrat Leisure Ltd.		696,723		20,086,950
ASX Ltd.		226,203		9,670,711
Atlas Arteria Ltd.		1,819,350		6,413,936
AUB Group Ltd.		91,755		1,825,934
Aurizon Holdings Ltd.		1,926,895		4,749,856
Austal Ltd.		550,334		730,092
Bank of Queensland Ltd.		639,629		2,511,158
Bapcor Ltd.		493,867		1,807,804
Beach Energy Ltd.		2,236,058		2,399,595
Bega Cheese Ltd.		613,026		1,493,997
Bellevue Gold Ltd.(b)		1,180,462		1,021,122
Bendigo & Adelaide Bank Ltd.		597,145		3,815,122
BHP Group Ltd.		5,892,622		180,278,925
BlueScope Steel Ltd.		605,783		9,249,281
Boss Energy Ltd. (b)		550,924		1,993,468
Brambles Ltd.		1,637,133		15,609,680
Breville Group Ltd.		187,641		3,316,151
Brickworks Ltd.		124,024		2,367,380
BWP Trust		629,997		1,410,710
CAR Group Ltd.		453,426		9,735,650
Centuria Capital Group		1,160,432		1,294,480
Chalice Mining Ltd.(a)(b)		1,026,726		738,192
Challenger Ltd.		659,742		2,798,744
Champion Iron Ltd.		489,551		2,685,692
Charter Hall Group		628,848		4,904,822
Charter Hall Long Wale REIT		995,888		2,424,892
Charter Hall Retail REIT		944,606		2,282,222
Cleanaway Waste Management Ltd.		2,470,716		4,182,746
Clinuvel Pharmaceuticals Ltd.		64,248		657,261
Cochlear Ltd.		79,887		15,853,489
Codan Ltd./Australia		241,979		1,279,050
Coles Group Ltd.		1,525,870		15,834,522
Collins Foods Ltd.		164,945		1,293,152
Commonwealth Bank of Australia		1,947,030		148,469,587
Computershare Ltd.		663,885		10,996,091
Core Lithium Ltd.(a)(b)		5,117,914		642,784
Coronado Global Resources Inc.(c)		1,047,366		1,114,059
Corporate Travel Management Ltd.		190,212		2,516,147
Costa Group Holdings Ltd.		639,732		1,331,024
Credit Corp. Group Ltd.		109,215		1,214,162
Cromwell Property Group		2,317,956		625,263
CSL Ltd.		558,703		109,716,715
CSR Ltd.		789,493		3,555,062
De Grey Mining Ltd.(b)		2,624,513		2,088,544
Deterra Royalties Ltd.		816,564		2,940,809
Dexus		1,275,162		6,453,168
Domain Holdings Australia Ltd.		350,329		760,194

Security	Shares		Value
Australia (continued)
Domino’s Pizza Enterprises Ltd.		70,927	$	1,824,344
Downer EDI Ltd.		727,466		1,981,217
Eagers Automotive Ltd.		245,096		2,260,029
Elders Ltd.		230,491		1,346,488
Endeavour Group Ltd./Australia		1,595,758		5,840,053
Evolution Mining Ltd.		2,161,017		4,526,778
Flight Centre Travel Group Ltd.		199,161		2,751,586
Fortescue Ltd.		1,992,606		38,510,593
G8 Education Ltd.		1,265,772		876,337
Genesis Minerals Ltd.(b)		976,693		1,035,370
Gold Road Resources Ltd.		1,841,727		1,819,714
Goodman Group		2,041,159		33,881,545
GPT Group (The)		2,253,249		6,810,162
GrainCorp Ltd., Class A		301,713		1,585,167
Growthpoint Properties Australia Ltd.		461,802		722,733
GUD Holdings Ltd.		266,148		2,112,574
Harvey Norman Holdings Ltd.		988,763		2,841,515
Healius Ltd.(b)		860,156		773,841
HUB24 Ltd.		121,013		2,924,398
IDP Education Ltd.		282,530		3,618,010
IGO Ltd.		816,442		3,968,898
Iluka Resources Ltd.		526,520		2,459,155
Incitec Pivot Ltd.		2,211,219		3,861,629
Inghams Group Ltd.		419,762		1,174,620
Insignia Financial Ltd.		948,614		1,317,188
Insurance Australia Group Ltd.		2,703,970		10,614,231
IPH Ltd.		305,408		1,359,077
IRESS Ltd.		268,428		1,425,190
James Hardie Industries PLC(b)		522,741		19,639,607
JB Hi-Fi Ltd.		136,384		5,073,820
Johns Lyng Group Ltd.		262,690		1,159,437
Jumbo Interactive Ltd.		105,883		1,085,775
Lendlease Corp. Ltd.		712,347		3,419,609
Link Administration Holdings Ltd.		942,299		1,335,110
Liontown Resources Ltd.(a)(b)		2,118,324		1,410,542
Lottery Corp. Ltd. (The)		2,571,173		8,439,576
Lynas Rare Earths Ltd.(b)		1,149,080		4,369,123
Macquarie Group Ltd.		423,426		52,246,287
Magellan Financial Group Ltd.		153,369		898,955
McMillan Shakespeare Ltd.		130,278		1,466,986
Medibank Pvt Ltd.		3,239,309		8,110,065
Megaport Ltd.(b)		264,652		2,161,203
Metcash Ltd.		1,242,786		2,948,091
Mineral Resources Ltd.		207,742		8,012,361
Mirvac Group		4,697,318		6,601,612
Monadelphous Group Ltd.		120,754		1,082,153
Nanosonics Ltd.(a)(b)		318,474		611,150
National Australia Bank Ltd.		3,628,331		76,522,942
National Storage REIT		2,078,940		3,117,813
Netwealth Group Ltd.		173,922		1,889,079
Neuren Pharmaceuticals Ltd., NVS(b)		141,810		2,172,629
New Hope Corp. Ltd.		637,080		2,228,276
NEXTDC Ltd.(b)		661,128		5,985,296
nib holdings Ltd.		604,039		3,194,676
Nickel Industries Ltd.		3,031,329		1,553,555
Nine Entertainment Co. Holdings Ltd.		1,959,144		2,513,575
Northern Star Resources Ltd.		1,500,313		12,869,393
NRW Holdings Ltd.		674,824		1,192,479
Nufarm Ltd./Australia		470,952		1,697,600
oOh!media Ltd.		732,126		764,187
Orica Ltd.		506,536		5,342,382
Origin Energy Ltd.		1,998,544		11,154,275

84 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Australia (continued)
Orora Ltd.		1,608,809	$	2,924,142
Paladin Energy Ltd.(b)		3,982,404		3,336,579
Perpetual Ltd.		137,594		2,315,357
Perseus Mining Ltd.		2,219,261		2,613,176
PEXA Group Ltd.(b)		188,521		1,408,813
Pilbara Minerals Ltd.(a)		3,395,122		7,732,952
Platinum Asset Management Ltd.		529,776		405,792
PolyNovo Ltd.(a)(b)		1,237,163		1,520,327
Premier Investments Ltd.		146,875		2,674,177
Pro Medicus Ltd.		79,120		5,212,347
Qantas Airways Ltd.(b)		966,960		3,486,240
QBE Insurance Group Ltd.		1,745,975		17,977,574
Qube Holdings Ltd.		1,691,440		3,596,093
Ramelius Resources Ltd.		2,041,851		2,120,812
Ramsay Health Care Ltd.		210,318		7,011,697
REA Group Ltd.		68,622		8,184,317
Reece Ltd.		347,063		5,112,353
Region RE Ltd.		1,309,231		1,927,593
Regis Resources Ltd.(b)		1,492,957		2,036,196
Reliance Worldwide Corp. Ltd.		1,091,150		2,983,309
Rio Tinto Ltd.		431,838		37,158,516
Sandfire Resources Ltd.(a)(b)		950,126		4,465,201
Santos Ltd.		4,005,598		20,244,051
Sayona Mining Ltd.(a)(b)		10,924,584		280,706
Scentre Group		6,039,144		12,006,105
SEEK Ltd.		430,644		7,099,286
Seven Group Holdings Ltd.		175,189		4,100,319
Sigma Healthcare Ltd.(a)		1,263,065		853,226
Silver Lake Resources Ltd.(b)		1,614,747		1,270,742
Sims Ltd.		251,428		2,355,033
SmartGroup Corp. Ltd.		165,551		1,043,513
Sonic Healthcare Ltd.		529,914		11,048,813
South32 Ltd.		5,420,761		11,737,120
Star Entertainment Grp Ltd. (The)(b)		2,671,098		969,275
Steadfast Group Ltd.		1,108,503		4,289,212
Stockland		2,884,239		8,517,475
Suncorp Group Ltd.		1,411,016		12,987,747
Super Retail Group Ltd.		250,806		2,588,364
Tabcorp Holdings Ltd.		2,571,131		1,335,736
Technology One Ltd.		364,441		3,723,560
Telix Pharmaceuticals Ltd.(b)		314,808		2,347,140
Telstra Corp. Ltd.		4,613,250		12,166,676
Transurban Group		3,592,403		31,560,087
Treasury Wine Estates Ltd.		960,748		6,736,882
Ventia Services Group Pty Ltd.		609,922		1,308,572
Vicinity Ltd.		4,243,230		5,632,490
Viva Energy Group Ltd.(c)		1,414,404		3,221,819
Washington H Soul Pattinson & Co. Ltd.		320,454		7,163,152
Waypoint REIT Ltd.		1,363,530		2,195,159
Webjet Ltd.(b)		516,128		2,504,103
Weebit Nano Ltd.(a)(b)		229,115		515,338
Wesfarmers Ltd.		1,319,875		49,966,428
Westpac Banking Corp.		4,042,232		63,412,996
Whitehaven Coal Ltd.		1,054,512		5,764,749
WiseTech Global Ltd.		200,234		9,427,237
Woodside Energy Group Ltd.		2,236,970		46,788,943
Woolworths Group Ltd.		1,382,203		32,460,973
Worley Ltd.		371,325		3,566,027
Xero Ltd.(b)		174,176		12,467,279
Yancoal Australia Ltd., NVS		383,678		1,496,755
				1,669,793,266

Security	Shares		Value
Austria — 0.2%
ams-OSRAM AG(b)		1,305,549	$	3,055,555
ANDRITZ AG		72,341		4,453,490
AT&S Austria Technologie & Systemtechnik AG(a)		38,581		932,059
BAWAG Group AG(c)		88,488		4,555,942
CA Immobilien Anlagen AG		73,094		2,399,534
DO & CO AG(a)		17,057		2,377,922
Erste Group Bank AG		385,918		16,624,730
EVNAG		46,906		1,296,388
Immofinanz AG(b)		132,028		3,133,676
Lenzing AG(a)(b)		32,146		1,075,209
Oesterreichische Post AG		56,386		1,908,301
OMV AG		161,626		7,194,200
Raiffeisen Bank International AG		143,988		3,002,042
Semperit AG Holding		22,522		352,923
UNIQA Insurance Group AG		236,176		1,981,617
Verbund AG		81,239		6,606,219
Vienna Insurance Group AG Wiener Versicherung Gruppe		53,119		1,501,338
voestalpine AG		112,231		3,339,065
Wienerberger AG		119,856		4,061,676
				69,851,886
Belgium — 0.7%
Ackermans & van Haaren NV		18,039		3,016,213
Aedifica SA		51,099		3,329,830
Ageas SA/NV		172,186		7,399,176
Anheuser-Busch InBev SA/NV		1,002,968		62,041,184
Argenx SE(b)		69,169		26,120,429
Barco NV		148,417		2,465,562
Bekaert SA		75,616		3,688,019
bpost SA		247,565		1,011,850
Cofinimmo SA		18,109		1,316,113
Colruyt Group NV		66,003		3,015,545
Deme Group NV		16,147		2,026,433
D’ieteren Group		29,060		5,870,483
Elia Group SA/NV		36,739		4,423,571
Euronav NV		158,355		2,789,489
Fagron		91,842		1,653,743
Galapagos NV(a)(b)		54,631		2,049,357
Groupe Bruxelles Lambert NV		105,782		8,019,300
KBC Ancora		76,093		3,504,677
KBC Group NV		280,062		18,268,891
Kinepolis Group NV		27,611		1,222,353
Lotus Bakeries NV		464		3,956,400
Melexis NV		21,209		1,817,257
Montea NV		21,783		1,869,736
Ontex Group NV(a)(b)		90,478		714,927
Proximus SADP		210,992		2,002,172
Sofina SA		17,817		4,261,168
Solvay SA		77,759		2,126,591
Syensqo SA(b)		77,759		6,931,978
Tessenderlo Group SA		47,475		1,359,213
UCB SA		142,121		13,368,708
Umicore SA		236,917		5,389,023
VGP NV		18,563		2,177,234
Warehouses De Pauw CVA		195,639		5,723,839
Xior Student Housing NV		61,153		1,831,600
				216,762,064
Brazil — 1.1%
3R Petroleum Oleo E Gas SA(b)		323,779		1,789,332
Allos SA, NVS		839,752		4,161,132

S C H E D U L E  O F  I N V E S T M E N T S 85

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Brazil (continued)
Ambev SA		5,271,037	$	13,915,946
Arezzo Industria e Comercio SA		131,924		1,666,624
Atacadao SA		748,577		1,572,882
Auren Energia SA		731,902		1,947,051
B3 SA - Brasil, Bolsa, Balcao		6,753,572		17,843,585
Banco Bradesco SA		1,568,074		4,329,738
Banco BTG Pactual SA		1,480,144		10,761,099
Banco do Brasil SA		1,008,193		11,487,263
Banco Santander Brasil SA		282,466		1,633,427
BB Seguridade Participacoes SA		798,415		5,519,480
BRF SA(b)		902,236		2,540,407
CCR SA		1,040,192		2,754,586
Centrais Eletricas Brasileiras SA		1,354,732		11,159,093
Cia de Saneamento de Minas Gerais Copasa MG		250,749		1,081,565
Cia. de Saneamento Basico do Estado de Sao Paulo		375,108		5,970,656
Cia. de Saneamento do Parana		302,322		1,713,467
Cia. Siderurgica Nacional SA		776,102		2,777,387
Cielo SA		1,616,814		1,621,905
Cogna Educacao SA(b)		2,355,897		1,388,507
Cosan SA		1,397,090		5,151,953
CPFL Energia SA		268,099		1,962,149
Cyrela Brazil Realty SA Empreendimentos e Participacoes		445,527		2,010,735
Dexco SA		601,022		938,945
EcoRodovias Infraestrutura e Logistica SA		327,365		599,306
Embraer SA(b)		838,544		3,855,569
Energisa SA		250,423		2,558,112
Eneva SA(b)		1,063,972		2,740,248
Engie Brasil Energia SA		257,719		2,110,899
Equatorial Energia SA		1,286,637		9,201,023
Ez Tec Empreendimentos e Participacoes SA		206,075		642,217
Fleury SA		426,263		1,399,826
GPS Participacoes e Empreendimentos SA(c)		636,493		2,456,351
Grendene SA		430,110		587,729
Grupo De Moda Soma SA		919,069		1,469,204
Grupo SBF SA		262,682		700,393
Hapvida Participacoes e Investimentos SA(b)(c)		6,163,750		4,827,093
Hypera SA		500,154		3,203,190
Iguatemi SA		349,394		1,684,064
Iochpe Maxion SA		200,959		503,777
IRB-Brasil Resseguros SA(b)		105,622		868,955
JBS SA		759,845		3,593,406
JHSF Participacoes SA		847,692		811,008
Klabin SA		855,356		3,675,628
Localiza Rent a Car SA		1,151,378		12,577,220
LOG Commercial Properties e Participacoes SA		132,489		548,472
Lojas Renner SA		1,168,350		3,784,922
LWSA SA(c)		729,727		804,196
M. Dias Branco SA		264,502		2,044,733
Magazine Luiza SA(b)		3,654,835		1,549,159
Marfrig Global Foods SA		961,945		1,827,043
Minerva SA		778,325		1,076,119
Movida Participacoes SA		405,437		758,599
MRV Engenharia e Participacoes SA(b)		492,494		783,314
Multiplan Empreendimentos Imobiliarios SA		444,412		2,499,055
Natura & Co. Holding SA(b)		1,112,372		3,592,353
Odontoprev SA		396,576		966,946
Petroleo Brasileiro SA		4,370,127		37,188,066
PRIO SA		934,809		8,288,826
Raia Drogasil SA		1,337,554		6,830,316

Security	Shares		Value
Brazil (continued)
Rede D’Or Sao Luiz SA(c)		665,790	$	3,648,514
Rumo SA		1,509,802		7,027,296
Santos Brasil Participacoes SA		1,248,370		2,539,878
Sao Martinho SA		299,194		1,702,381
Sendas Distribuidora SA		1,372,730		3,784,816
SLC Agricola SA		455,092		1,754,452
Smartfit Escola de Ginastica e Danca SA		318,061		1,556,794
Suzano SA		872,934		9,095,118
Telefonica Brasil SA		463,014		4,799,854
Tim SA		944,436		3,305,450
TOTVS SA		582,741		3,707,411
Transmissora Alianca de Energia Eletrica SA		471,878		3,513,560
Ultrapar Participacoes SA		780,219		4,436,212
Vale SA		3,928,488		53,728,877
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA		571,220		941,964
Vibra Energia SA		1,350,544		6,474,128
WEG SA		1,957,156		12,775,397
YDUQS Participacoes SA		375,913		1,462,862
				376,561,215
Canada — 7.5%
Advantage Energy Ltd.(b)		238,015		1,561,451
Aecon Group Inc.		114,504		1,177,021
Ag Growth International Inc.		33,722		1,416,145
Agnico Eagle Mines Ltd.		581,750		28,593,135
Air Canada(b)		182,706		2,476,034
Alamos Gold Inc., Class A		462,822		5,604,330
Algonquin Power & Utilities Corp.		774,852		4,593,380
Alimentation Couche-Tard Inc.		907,675		53,186,535
Allied Properties REIT		171,711		2,493,063
AltaGas Ltd.		326,513		6,787,934
Altus Group Ltd.		57,920		1,952,422
ARC Resources Ltd.		745,588		11,579,365
Aritzia Inc.(b)		149,009		3,625,337
Atco Ltd., Class I, NVS		79,335		2,218,748
Athabasca Oil Corp.(b)		731,303		2,360,709
ATS Corp.(b)		84,286		3,605,406
B2Gold Corp.		1,169,608		3,262,323
Badger Infrastructure Solutions Ltd.		68,856		2,392,765
Ballard Power Systems Inc.(a)(b)		319,945		1,047,088
Bank of Montreal		839,251		79,052,956
Bank of Nova Scotia (The)		1,389,089		64,957,436
Barrick Gold Corp.		1,942,548		30,342,153
Bausch Health Companies Inc.(b)		309,624		2,427,340
Baytex Energy Corp.		789,006		2,505,899
BCE Inc.		47,886		1,932,251
Birchcliff Energy Ltd.(a)		315,321		1,196,130
BlackBerry Ltd.(b)		641,113		1,797,758
Boardwalk REIT		48,050		2,494,619
Bombardier Inc., Class B(b)		101,609		3,755,403
Boralex Inc., Class A		94,900		2,289,120
Boyd Group Services Inc.		23,864		5,129,398
Brookfield Asset Management Ltd.		409,364		16,460,425
Brookfield Corp., Class A		1,629,454		64,671,550
Brookfield Infrastructure Corp., Class A		125,183		4,388,318
Brookfield Reinsurance Ltd.		35,119		1,407,686
Brookfield Renewable Corp., Class A		149,530		4,177,431
BRP Inc.		49,745		3,139,102
CAE Inc.(b)		356,535		7,138,921
Cameco Corp.		516,117		24,641,712
Canada Goose Holdings Inc.(a)(b)		77,445		928,568
Canadian Apartment Properties REIT		91,445		3,174,338

86 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Canada (continued)
Canadian Imperial Bank of Commerce		1,054,577	$	47,659,711
Canadian National Railway Co.		640,912		79,505,600
Canadian Natural Resources Ltd.		1,269,384		81,236,044
Canadian Pacific Kansas City Ltd.		1,079,950		86,905,270
Canadian Tire Corp. Ltd., Class A, NVS		65,972		7,012,086
Canadian Utilities Ltd., Class A, NVS		98,005		2,233,533
Canadian Western Bank		122,886		2,706,426
Canfor Corp.(b)		127,411		1,542,825
Capital Power Corp.		118,188		3,249,082
Capstone Mining Corp.(b)		645,203		3,176,945
Cardinal Energy Ltd.		207,268		982,035
Cascades Inc.		81,816		895,172
CCL Industries Inc., Class B, NVS		192,688		8,246,694
Celestica Inc.(b)		136,245		4,682,868
Cenovus Energy Inc.		1,664,696		26,967,964
Centerra Gold Inc.		339,218		1,788,877
CGI Inc.(b)		244,955		27,431,608
Choice Properties REIT		253,957		2,652,056
CI Financial Corp.		240,049		2,928,189
Cineplex Inc.(b)		156,224		958,643
Cogeco Communications Inc.		32,311		1,491,240
Colliers International Group Inc.		41,850		4,912,616
Constellation Software Inc./Canada		23,619		65,279,406
Converge Technology Solutions Corp.		323,310		1,091,768
Crescent Point Energy Corp.		611,449		3,988,551
Cronos Group Inc.(b)		375,915		760,526
Definity Financial Corp.		44,857		1,305,222
Denison Mines Corp.(a)(b)		1,217,247		2,444,544
Descartes Systems Group Inc. (The)(b)		108,373		9,489,136
Dollarama Inc.		343,857		25,235,874
Dundee Precious Metals Inc.		233,590		1,495,935
Dye & Durham Ltd.(a)		97,495		947,793
ECN Capital Corp.(a)		482,119		986,148
Eldorado Gold Corp.(b)		265,879		3,249,204
Element Fleet Management Corp.		486,690		8,210,145
Emera Inc.		280,350		9,906,972
Empire Co. Ltd., Class A, NVS		207,940		5,388,545
Enbridge Inc.		2,474,968		87,883,501
Enerflex Ltd.		146,894		757,169
Energy Fuels Inc./Canada(a)(b)		234,265		1,777,309
Enerplus Corp.		279,153		4,053,008
Enghouse Systems Ltd.		64,023		1,780,996
EQB Inc.		36,973		2,538,843
Equinox Gold Corp.(b)		398,067		1,758,725
ERO Copper Corp.(a)(b)		116,132		1,818,274
Extendicare Inc.		272,442		1,434,705
Fairfax Financial Holdings Ltd.		24,827		25,879,948
Filo Corp., NVS(b)		128,265		1,971,987
Finning International Inc.		197,522		5,716,524
First Capital Real Estate Investment Trust		217,046		2,552,343
First Majestic Silver Corp.		374,930		1,737,375
First Quantum Minerals Ltd.		683,097		6,198,656
FirstService Corp.		52,007		8,704,388
Fortis Inc./Canada		532,028		21,345,227
Fortuna Silver Mines Inc.(b)		384,353		1,172,113
Franco-Nevada Corp.		218,763		23,668,612
Freehold Royalties Ltd.		245,129		2,539,810
George Weston Ltd.		72,217		9,201,363
GFL Environmental Inc.		271,423		9,222,063
Gibson Energy Inc.		171,950		2,744,652
Gildan Activewear Inc.		224,647		7,418,890
goeasy Ltd.		24,048		2,738,837

Security	Shares		Value
Canada (continued)
Granite REIT		53,287	$	2,870,748
Great-West Lifeco Inc.		320,002		10,682,204
H&R Real Estate Investment Trust		271,767		1,991,078
Headwater Exploration Inc.		344,899		1,618,738
Hudbay Minerals Inc.		356,777		1,982,316
Hydro One Ltd.(c)		380,914		11,304,599
iA Financial Corp. Inc.		129,660		8,814,700
IAMGOLD Corp.(b)		646,299		1,538,292
IGM Financial Inc.		38,148		1,031,978
Imperial Oil Ltd.		244,617		14,109,895
Innergex Renewable Energy Inc.		179,924		1,228,534
Intact Financial Corp.		206,121		32,233,955
Interfor Corp.(b)		108,952		1,685,598
InterRent REIT		213,213		2,136,174
Ivanhoe Mines Ltd., Class A(a)(b)		808,172		8,481,763
Jamieson Wellness Inc.(c)		76,864		1,766,022
Keyera Corp.		256,023		6,192,769
Killam Apartment REIT		190,071		2,647,945
Kinaxis Inc.(b)		35,230		4,290,123
Kinross Gold Corp.		1,396,441		7,696,551
Labrador Iron Ore Royalty Corp.		84,640		2,078,148
Laurentian Bank of Canada		51,219		1,010,703
Lightspeed Commerce Inc.(b)		162,828		3,004,770
Linamar Corp.		60,615		2,875,093
Lithium Americas Argentina Corp.(a)(b)		129,068		572,164
Lithium Americas Corp.(a)(b)		129,068		562,563
Loblaw Companies Ltd.		187,430		18,729,756
Lundin Gold Inc.		153,530		1,811,139
Lundin Mining Corp.		770,262		6,290,659
MAG Silver Corp.(b)		149,741		1,347,663
Magna International Inc.		319,339		18,149,201
Manulife Financial Corp.		2,117,723		46,813,736
Maple Leaf Foods Inc.		112,373		2,143,065
Martinrea International Inc.		190,829		1,960,168
Mattr Corp., NVS		106,881		1,293,431
MEG Energy Corp.(b)		320,115		6,052,529
Methanex Corp.		78,265		3,470,683
Metro Inc./CN		290,924		15,274,889
MTY Food Group Inc.		36,128		1,547,556
Mullen Group Ltd.		107,538		1,197,400
National Bank of Canada		396,629		30,336,093
New Gold Inc.(b)		637,201		767,798
NexGen Energy Ltd.(b)		553,717		4,242,095
NFI Group Inc.(a)(b)		91,040		807,168
North West Co. Inc. (The)		88,874		2,570,798
Northland Power Inc.		271,139		4,989,385
Novagold Resources Inc.(b)		356,051		908,368
Nutrien Ltd.		581,544		28,998,259
Nuvei Corp.(c)		80,012		1,944,284
NuVista Energy Ltd.(b)		219,162		1,698,589
OceanaGold Corp.		776,825		1,554,286
Onex Corp.		81,353		6,006,852
Open Text Corp.		330,223		14,400,665
Orla Mining Ltd.(a)(b)		361,265		1,203,814
Osisko Gold Royalties Ltd.		249,380		3,633,719
Osisko Mining Inc.(b)		367,620		661,713
Pan American Silver Corp.		441,404		5,975,345
Paramount Resources Ltd., Class A		141,292		2,784,959
Parex Resources Inc.		136,907		2,266,763
Parkland Corp.		177,875		6,070,070
Pason Systems Inc.		170,943		1,874,149
Pembina Pipeline Corp.		646,511		22,269,273

S C H E D U L E  O F  I N V E S T M E N T S 87

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Canada (continued)
Peyto Exploration & Development Corp.		289,183	$	2,789,768
Poseidon Concepts Corp.(b)		293		—
Power Corp. of Canada		667,734		19,464,090
PrairieSky Royalty Ltd.		288,312		4,756,413
Precision Drilling Corp.(b)		13,927		862,688
Premium Brands Holdings Corp., Class A		41,263		2,823,298
Primo Water Corp.		177,240		2,586,521
Prinmaris REIT		140,381		1,450,327
Quebecor Inc., Class B		142,143		3,456,175
RB Global Inc.		222,487		14,241,683
Restaurant Brands International Inc.		336,691		26,282,659
Richelieu Hardware Ltd.		83,619		2,700,537
RioCan REIT		192,356		2,616,826
Rogers Communications Inc., Class B, NVS		422,634		19,741,467
Royal Bank of Canada		1,611,719		157,293,800
Russel Metals Inc.		96,635		3,169,056
Sandstorm Gold Ltd.		339,020		1,538,192
Saputo Inc.		277,764		5,726,965
Seabridge Gold Inc.(b)		141,287		1,484,909
Secure Energy Services Inc.		337,625		2,589,099
Shopify Inc., Class A(b)		1,403,628		112,367,497
Silvercorp Metals Inc.		265,598		630,189
SilverCrest Metals Inc.(b)		248,634		1,374,057
Sleep Country Canada Holdings Inc.(c)		67,946		1,313,486
SmartCentres Real Estate Investment Trust		121,009		2,219,556
SNC-Lavalin Group Inc.		198,831		6,594,425
Spartan Delta Corp.		178,614		413,172
Spin Master Corp.(c)		49,168		1,264,628
SSR Mining Inc.		269,289		2,537,760
Stantec Inc.		140,929		11,324,006
Stelco Holdings Inc.		49,874		1,601,072
Stella-Jones Inc.		62,834		3,717,369
StorageVault Canada Inc., NVS		331,283		1,323,210
Sun Life Financial Inc.		669,563		34,707,014
Suncor Energy Inc.		1,537,776		50,921,780
SunOpta Inc.(b)		104,868		626,345
Superior Plus Corp.		217,777		1,493,476
Tamarack Valley Energy Ltd.		782,213		1,797,790
TC Energy Corp.		1,208,969		47,695,129
Teck Resources Ltd., Class B		530,650		21,238,630
TELUS Corp.		516,779		9,255,858
TELUS Corp., NVS		47,398		848,930
TFI International Inc.		96,308		12,656,968
Thomson Reuters Corp.		185,578		27,552,698
TMX Group Ltd.		351,733		8,698,815
Topaz Energy Corp.		166,018		2,400,528
Torex Gold Resources Inc.(b)		124,957		1,283,541
Toromont Industries Ltd.		107,412		9,408,187
Toronto-Dominion Bank (The)		2,121,519		128,873,857
Tourmaline Oil Corp.		391,199		16,914,276
TransAlta Corp.		367,599		2,663,107
Transcontinental Inc., Class A		172,203		1,732,981
Tricon Residential Inc.		407,702		4,488,073
Trisura Group Ltd.(b)		63,584		1,773,986
Vermilion Energy Inc.		206,800		2,222,664
Wesdome Gold Mines Ltd.(b)		246,806		1,455,741
West Fraser Timber Co. Ltd.		72,225		5,743,296
Westshore Terminals Investment Corp.		55,292		1,167,982
Wheaton Precious Metals Corp.		540,077		25,311,653
Whitecap Resources Inc.		755,211		4,887,006
Winpak Ltd.		49,290		1,546,396

Security	Shares		Value
Canada (continued)
WSP Global Inc.		149,979	$	22,033,064
				2,523,610,690
Chile — 0.1%
Aguas Andinas SA, Class A		4,014,695		1,217,621
Banco de Chile		45,765,777		5,122,494
Banco de Credito e Inversiones SA		95,302		2,523,484
Banco Itau Chile SA, NVS		78,224		733,605
Banco Santander Chile		66,030,077		3,053,660
CAP SA		122,273		882,068
Cencosud SA		1,485,046		2,584,376
Cia. Cervecerias Unidas SA		231,875		1,404,247
Cia. Sud Americana de Vapores SA		22,425,832		1,615,972
Colbun SA		11,523,025		1,635,382
Empresa Nacional de Telecomunicaciones SA		256,492		837,778
Empresas CMPC SA		1,039,005		1,692,937
Empresas Copec SA		417,583		2,654,738
Enel Americas SA		31,533,098		3,195,702
Enel Chile SA		37,830,476		2,273,979
Engie Energia Chile SA(b)		966,077		913,804
Falabella SA(b)		812,025		1,927,354
Inversiones Aguas Metropolitanas SA		995,867		781,838
Latam Airlines Group SA(b)		214,632,021		2,652,314
Parque Arauco SA		947,042		1,513,556
Vina Concha y Toro SA		938,113		1,005,581
				40,222,490
China — 6.1%
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		381,900		882,596
3SBio Inc.(c)		2,202,500		1,659,693
AAC Technologies Holdings Inc.		778,500		1,748,150
Advanced Micro-Fabrication Equipment Inc., Class A		62,000		981,271
AECC Aviation Power Co. Ltd., Class A		252,600		1,103,850
Agile Group Holdings Ltd.(a)(b)		1,466,250		127,925
Agricultural Bank of China Ltd., Class A		7,184,500		3,887,877
Agricultural Bank of China Ltd., Class H		33,226,000		12,864,804
Aier Eye Hospital Group Co. Ltd., Class A		939,975		1,677,639
Air China Ltd., Class A(b)		637,500		631,028
Air China Ltd., Class H(a)(b)		2,300,000		1,284,939
AK Medical Holdings Ltd.(a)(c)		1,234,000		722,916
Akeso Inc.(a)(b)(c)		620,000		3,148,179
Alibaba Group Holding Ltd.		18,956,372		170,019,202
Alibaba Health Information Technology Ltd.(a)(b)		6,836,000		2,511,926
Alibaba Pictures Group Ltd.(b)		19,990,000		1,000,598
A-Living Smart City Services Co. Ltd., Class A(c)		844,500		325,246
Alphamab Oncology(a)(b)(c)		671,000		339,874
Aluminum Corp. of China Ltd., Class H		5,012,000		2,442,654
Anhui Conch Cement Co. Ltd., Class A		528,487		1,699,282
Anhui Conch Cement Co. Ltd., Class H		1,192,000		2,387,494
Anhui Gujing Distillery Co. Ltd., Class A		49,400		1,369,157
ANTA Sports Products Ltd.		1,565,400		13,212,687
Anxin-China Holdings Ltd.(d)		1,004,000		1
Ascentage Pharma Group International(b)(c)		321,000		944,704
Asia Cement China Holdings Corp.		668,000		180,870
Autohome Inc., ADR		86,575		2,181,690
AviChina Industry & Technology Co. Ltd., Class H		3,293,000		1,214,581
Baidu Inc.(b)		2,585,806		33,478,968
Bank of Beijing Co. Ltd., Class A		4,442,793		3,150,559
Bank of China Ltd., Class A		4,290,400		2,579,420
Bank of China Ltd., Class H		93,061,000		34,923,012

88 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Bank of Communications Co. Ltd., Class A		1,849,163	$	1,545,423
Bank of Communications Co. Ltd., Class H		10,915,000		6,457,367
Bank of Jiangsu Co. Ltd., Class A		1,635,700		1,665,902
Bank of Nanjing Co. Ltd., Class A		1,126,900		1,301,618
Bank of Ningbo Co. Ltd., Class A		820,871		2,460,656
Bank of Shanghai Co. Ltd., Class A		3,401,151		3,027,948
Baoshan Iron & Steel Co. Ltd., Class A		2,730,276		2,338,466
BeiGene Ltd.(a)(b)		788,279		8,933,730
Beijing Capital International Airport Co. Ltd., Class H(b)		2,456,000		710,876
Beijing Enterprises Holdings Ltd.		620,000		2,243,981
Beijing Enterprises Water Group Ltd.		7,510,000		1,827,151
Beijing Kingsoft Office Software Inc., Class A		41,600		1,235,034
Beijing Tongrentang Co. Ltd., Class A		338,313		2,056,816
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		94,780		711,756
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		3,630,200		2,508,680
Bilibili Inc.(a)(b)		224,224		2,024,604
BOC Aviation Ltd.(c)		229,000		1,716,896
BOE Technology Group Co. Ltd., Class A		5,347,000		2,677,648
BOE Varitronix Ltd.(a)		555,000		359,795
Bosideng International Holdings Ltd.		4,418,000		1,997,187
Brilliance China Automotive Holdings Ltd.		2,938,000		1,566,392
BYD Co. Ltd., Class A		187,400		4,462,580
BYD Co. Ltd., Class H		1,192,500		26,700,263
BYD Electronic International Co. Ltd.		830,000		2,843,259
C&D International Investment Group Ltd.		709,000		1,170,778
Canggang Railway Ltd., NVS		16,000		4,155
CGN New Energy Holdings Co. Ltd.(a)		2,778,000		647,915
CGN Power Co. Ltd., Class H(c)		14,401,000		4,035,518
Changchun High & New Technology Industry Group Inc., Class A		51,400		816,964
China Aoyuan Group Ltd.(a)(b)		1,687,000		37,956
China Baoan Group Co. Ltd., Class A		1,005,500		1,511,347
China BlueChemical Ltd., Class H		4,830,000		1,329,888
China Cinda Asset Management Co. Ltd., Class H		10,826,000		1,038,717
China CITIC Bank Corp. Ltd., Class H		9,123,000		4,521,374
China Coal Energy Co. Ltd., Class H		2,502,000		2,747,644
China Communications Services Corp. Ltd., Class H		2,322,000		956,125
China Conch Environment Protection Holdings Ltd.(a)(b)		2,942,500		440,482
China Conch Venture Holdings Ltd.		1,683,000		1,306,673
China Construction Bank Corp., Class H		110,975,000		65,903,971
China CSSC Holdings Ltd., Class A		648,600		2,759,356
China Datang Corp. Renewable Power Co. Ltd., Class H		2,644,000		572,626
China East Education Holdings Ltd.(c)		954,000		275,822
China Eastern Airlines Corp. Ltd., Class A(b)		4,463,693		2,324,674
China Education Group Holdings Ltd.(a)		1,390,000		688,987
China Energy Engineering Corp. Ltd.		6,462,300		1,897,799
China Everbright Bank Co. Ltd., Class A		5,069,800		2,223,589
China Everbright Bank Co. Ltd., Class H		3,268,000		970,223
China Everbright Environment Group Ltd.		3,950,629		1,377,902
China Everbright Ltd.		1,114,000		571,423
China Feihe Ltd.(c)		3,786,000		1,734,495
China Galaxy Securities Co. Ltd., Class H		4,098,000		2,007,880
China Gas Holdings Ltd.		3,545,600		3,232,604
China Hongqiao Group Ltd.(a)		2,780,500		2,038,424
China International Capital Corp. Ltd., Class A		296,800		1,335,059

Security	Shares		Value
China (continued)
China International Capital Corp. Ltd., Class H(c)		1,666,000	$	1,980,280
China Jinmao Holdings Group Ltd.		5,472,000		436,605
China Lesso Group Holdings Ltd.		1,515,000		671,175
China Life Insurance Co. Ltd., Class A		306,300		1,227,584
China Life Insurance Co. Ltd., Class H		8,856,000		10,209,564
China Literature Ltd.(a)(b)(c)		436,200		1,268,711
China Longyuan Power Group Corp. Ltd., Class H		3,659,000		2,207,149
China Medical System Holdings Ltd.		1,332,000		1,903,471
China Meidong Auto Holdings Ltd.		852,000		299,673
China Mengniu Dairy Co. Ltd.		3,470,000		7,688,549
China Merchants Bank Co. Ltd., Class A		1,714,031		7,334,586
China Merchants Bank Co. Ltd., Class H		4,437,177		16,175,218
China Merchants Port Holdings Co. Ltd.		1,282,000		1,585,034
China Merchants Securities Co. Ltd., Class A		1,303,772		2,427,179
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		1,317,982		1,611,154
China Metal Recycling Holdings Ltd.(d)		3,000		—
China Minsheng Banking Corp. Ltd., Class A		2,463,599		1,354,054
China Minsheng Banking Corp. Ltd., Class H		8,667,500		2,882,757
China National Building Material Co. Ltd., Class H		4,004,000		1,412,387
China National Nuclear Power Co. Ltd., Class A		2,976,500		3,433,312
China Nonferrous Mining Corp Ltd.		2,663,000		1,878,120
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		666,900		1,565,947
China Oilfield Services Ltd., Class H		2,112,000		2,029,853
China Oriental Group Co. Ltd.(a)		1,786,000		271,740
China Overseas Grand Oceans Group Ltd.		2,132,000		502,662
China Overseas Land & Investment Ltd.		4,199,500		6,352,960
China Overseas Property Holdings Ltd.		2,010,000		1,332,209
China Pacific Insurance Group Co. Ltd., Class A		372,788		1,293,776
China Pacific Insurance Group Co. Ltd., Class H		3,208,600		5,903,735
China Petroleum & Chemical Corp., Class A		3,082,148		2,558,678
China Petroleum & Chemical Corp., Class H		28,166,200		14,652,145
China Power International Development Ltd.		6,552,000		2,451,298
China Railway Group Ltd., Class A		1,327,086		1,166,619
China Railway Group Ltd., Class H		5,552,000		2,539,137
China Renewable Energy Investment Ltd.(d)		4,386		—
China Resources Beer Holdings Co. Ltd.		1,798,000		6,502,180
China Resources Building Materials Technology Holdings Ltd.(a)		2,872,000		460,034
China Resources Gas Group Ltd.		1,065,000		3,020,320
China Resources Land Ltd.		3,676,666		11,162,559
China Resources Medical Holdings Co. Ltd.		2,359,500		1,214,459
China Resources Mixc Lifestyle Services Ltd.(c)		726,800		2,098,861
China Resources Pharmaceutical Group Ltd.(c)		1,673,500		1,020,371
China Resources Power Holdings Co. Ltd.		2,170,000		4,390,127
China Ruyi Holdings Ltd.(a)(b)		7,503,600		1,258,829
China Shenhua Energy Co. Ltd., Class A		771,900		3,996,987
China Shenhua Energy Co. Ltd., Class H		3,843,500		14,581,025
China Shineway Pharmaceutical Group Ltd.		1,084,000		1,095,741
China Southern Airlines Co. Ltd., Class A(b)		762,000		611,270
China Southern Airlines Co. Ltd., Class H(b)		3,482,000		1,288,216
China State Construction Engineering Corp. Ltd., Class A		2,028,680		1,453,677
China State Construction International Holdings Ltd.		2,108,000		2,226,683
China Taiping Insurance Holdings Co. Ltd.		1,622,568		1,346,933
China Three Gorges Renewables Group Co. Ltd., Class A		3,683,600		2,270,256
China Tourism Group Duty Free Corp. Ltd.(a)(c)		56,500		495,494

S C H E D U L E  O F  I N V E S T M E N T S 89

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
China Tourism Group Duty Free Corp. Ltd., Class A		168,192	$	1,869,991
China Tower Corp. Ltd., Class H(c)		49,624,000		5,520,239
China Traditional Chinese Medicine Holdings Co. Ltd.		4,054,000		1,550,023
China Travel International Investment Hong Kong Ltd.(a)		4,846,000		806,184
China United Network Communications Ltd., Class A		2,390,800		1,502,666
China Vanke Co. Ltd., Class A		1,045,092		1,398,759
China Vanke Co. Ltd., Class H		2,559,000		2,013,412
China Water Affairs Group Ltd.		1,792,000		916,556
China Yangtze Power Co. Ltd., Class A		1,916,438		6,508,757
Chinasoft International Ltd.(a)		2,988,000		1,702,727
Chongqing Changan Automobile Co. Ltd., Class A		817,200		1,455,488
Chongqing Zhifei Biological Products Co. Ltd., Class A		246,900		1,542,705
Chow Tai Fook Jewellery Group Ltd.		2,420,600		3,279,156
CIMC Enric Holdings Ltd.		952,000		784,106
CITIC Ltd.		6,076,000		5,864,518
CITIC Securities Co. Ltd., Class A		556,025		1,588,389
CITIC Securities Co. Ltd., Class H		2,658,925		5,189,484
CMOC Group Ltd., Class A		1,202,200		898,676
CMOC Group Ltd., Class H		4,962,000		2,717,954
COFCO Joycome Foods Ltd.(b)		3,950,000		767,429
Contemporary Amperex Technology Co. Ltd., Class A		321,398		6,782,796
COSCO SHIPPING Energy Transportation Co. Ltd., Class H		1,944,000		1,807,569
COSCO Shipping Holdings Co. Ltd., Class A		1,292,299		1,788,494
COSCO Shipping Holdings Co. Ltd., Class H		3,694,800		3,881,857
COSCO SHIPPING Ports Ltd.		2,922,000		1,789,368
Country Garden Holdings Co. Ltd.(a)(b)		13,868,866		1,124,845
Country Garden Services Holdings Co. Ltd.(a)		2,447,000		1,616,469
CRRC Corp. Ltd., Class A		3,902,100		3,086,557
CRRC Corp. Ltd., Class H		4,924,000		2,288,642
CSC Financial Co. Ltd., Class A		623,500		1,940,621
CSPC Pharmaceutical Group Ltd.		10,899,440		8,018,603
Dada Nexus Ltd., ADR(b)		95,326		180,166
Daqin Railway Co. Ltd., Class A		1,512,200		1,571,199
Daqo New Energy Corp., ADR(a)(b)		69,142		1,248,013
Digital China Holdings Ltd.		1,665,000		435,233
Dongfeng Motor Group Co. Ltd., Class H		2,674,000		1,032,621
Dongyue Group Ltd.		1,786,000		1,200,408
East Buy Holding Ltd.(a)(b)(c)		609,000		1,789,278
East Money Information Co. Ltd., Class A		1,419,616		2,467,034
ENN Energy Holdings Ltd.		880,200		6,552,076
Eve Energy Co. Ltd., Class A		215,943		1,046,494
Far East Horizon Ltd.		2,176,000		1,592,070
FIH Mobile Ltd. (a)(b)		9,467,000		593,682
Flat Glass Group Co. Ltd., Class H(a)		743,000		1,117,488
Focus Media Information Technology Co. Ltd., Class A		2,269,400		1,785,151
Foshan Haitian Flavouring & Food Co. Ltd., Class A		366,002		1,731,587
Fosun International Ltd.		2,934,500		1,539,954
Founder Securities Co. Ltd., Class A		1,073,500		1,032,063
Foxconn Industrial Internet Co. Ltd., Class A		1,032,900		1,909,068
Fu Shou Yuan International Group Ltd.		2,319,000		1,390,812
Fufeng Group Ltd.(a)		1,925,000		1,044,159
Fuyao Glass Industry Group Co. Ltd., Class H(c)		728,000		3,291,224

Security	Shares		Value
China (continued)
Ganfeng Lithium Group Co. Ltd., Class A		233,980	$	1,108,441
Ganfeng Lithium Group Co. Ltd., Class H(a)(c)		381,240		1,018,409
GCL-Poly Energy Holdings Ltd.		23,489,000		2,702,712
GDS Holdings Ltd.(a)(b)		1,026,488		687,503
Geely Automobile Holdings Ltd.		6,909,000		6,548,753
Genertec Universal Medical Group Co. Ltd.(c)		2,554,500		1,306,850
Genscript Biotech Corp.(a)(b)		1,326,000		2,201,045
GF Securities Co. Ltd., Class A		508,000		968,851
GF Securities Co. Ltd., Class H		1,465,600		1,474,989
GigaDevice Semiconductor Inc., Class A		102,780		893,379
GoerTek Inc., Class A		416,900		882,042
Goldwind Science & Technology Co Ltd., Class A		1,109,000		1,076,523
Great Wall Motor Co. Ltd., Class H(a)		3,626,000		3,570,183
Gree Electric Appliances Inc. of Zhuhai, Class A		266,300		1,307,887
Greentown China Holdings Ltd.		1,272,500		958,640
Greentown Service Group Co. Ltd.		1,724,000		532,662
Guangdong Haid Group Co. Ltd., Class A		243,000		1,277,613
Guangdong Investment Ltd.		2,860,000		1,662,710
Guangzhou Automobile Group Co. Ltd., Class H		3,195,600		1,263,106
Guangzhou R&F Properties Co. Ltd., Class H(a)(b)		1,764,400		231,602
Guangzhou Tinci Materials Technology Co. Ltd., Class A		321,000		834,282
Guotai Junan Securities Co. Ltd., Class A		1,523,694		3,100,274
Gushengtang Holdings Ltd.(a)		215,100		1,040,604
H World Group Ltd., ADR		250,923		7,971,824
Haichang Ocean Park Holdings Ltd.(a)(b)(c)		3,766,000		404,817
Haidilao International Holding Ltd.(c)		1,731,000		2,727,218
Haier Smart Home Co. Ltd., Class A		705,400		2,194,471
Haier Smart Home Co. Ltd., Class H(a)		2,653,800		7,498,740
Haitian International Holdings Ltd.		690,000		1,535,874
Haitong Securities Co. Ltd., Class A		1,422,951		1,742,820
Haitong Securities Co. Ltd., Class H		2,976,000		1,371,763
Hangzhou First Applied Material Co. Ltd., Class A		203,560		643,972
Hangzhou Tigermed Consulting Co. Ltd., Class A		83,900		473,753
Hansoh Pharmaceutical Group Co. Ltd.(c)		1,186,000		1,781,308
Harbin Electric Co. Ltd., Class H		1,504,000		443,662
Hello Group Inc., ADR		206,035		1,209,425
Henan Shuanghui Investment & Development Co. Ltd., Class A		563,341		2,232,540
Hengan International Group Co. Ltd.		567,500		1,757,258
Hengli Petrochemical Co. Ltd., Class A(b)		843,300		1,376,971
Hithink RoyalFlush Information Network Co. Ltd., Class A		60,700		971,701
Hope Education Group Co. Ltd.(a)(b)(c)		9,460,000		363,045
Hopson Development Holdings Ltd.(a)(b)		1,306,552		604,032
Hua Hong Semiconductor Ltd.(b)(c)		1,035,000		1,875,051
Huabao International Holdings Ltd.(a)		1,022,000		285,012
Huadong Medicine Co. Ltd., Class A		222,700		897,147
Hualan Biological Engineering Inc., Class A		427,000		1,045,677
Huaneng Power International Inc., Class H(b)		5,746,000		3,240,258
Huatai Securities Co. Ltd., Class A		887,200		1,698,473
Huatai Securities Co. Ltd., Class H(c)		1,677,000		1,978,393
Huaxia Bank Co. Ltd., Class A		1,497,731		1,262,136
Hundsun Technologies Inc., Class A		320,648		937,208
HUTCHMED China Ltd.(a)(b)		724,845		1,828,642
HUYA Inc., ADR(b)		156,723		481,140
Hygeia Healthcare Holdings Co. Ltd.(a)(c)		515,600		1,680,280
Hygon Information Technology Co. Ltd., NVS		186,416		1,710,509

90 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
IEIT Systems Co. Ltd., Class A		184,200	$	719,173
Iflytek Co. Ltd., Class A		292,800		1,555,706
Imeik Technology Development Co. Ltd., Class A		34,800		1,312,925
Industrial & Commercial Bank of China Ltd., Class A		5,688,241		4,091,395
Industrial & Commercial Bank of China Ltd., Class H		75,607,000		36,830,419
Industrial Bank Co. Ltd., Class A		1,601,198		3,507,304
INESA Intelligent Tech Inc., Class B		246,730		122,772
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A(b)		11,828,900		2,335,464
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		660,800		2,492,227
Inner Mongolia Yitai Coal Co. Ltd., Class B		2,398,784		4,537,571
Innovent Biologics Inc.(b)(c)		1,425,000		5,741,198
iQIYI Inc., ADR(a)(b)		491,416		1,646,244
JA Solar Technology Co. Ltd., Class A		358,876		853,307
JD Health International Inc.(a)(b)(c)		1,304,800		4,305,560
JD Logistics Inc.(b)(c)		2,211,400		1,930,941
JD.com Inc.		2,706,240		30,515,924
Jiangsu Eastern Shenghong Co. Ltd., Class A		887,107		1,220,866
Jiangsu Expressway Co. Ltd., Class H		1,474,000		1,406,512
Jiangsu Hengli Hydraulic Co. Ltd., Class A		191,996		1,304,114
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A		539,359		2,816,703
Jiangsu King’s Luck Brewery JSC Ltd., Class A		157,100		967,946
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		145,500		1,851,671
Jiangxi Copper Co. Ltd., Class H		1,142,000		1,597,121
JinkoSolar Holding Co. Ltd., ADR		53,664		1,407,607
Jinxin Fertility Group Ltd.(b)(c)		2,334,500		648,120
Jiumaojiu International Holdings Ltd.(a)(c)		1,043,000		614,339
JOYY Inc., ADR		65,572		2,010,438
Kanzhun Ltd., ADR		232,807		3,238,345
KE Holdings Inc., ADR		762,750		10,808,168
Keymed Biosciences Inc.(b)(c)		262,000		1,039,986
Kingboard Holdings Ltd.		660,000		1,174,738
Kingboard Laminates Holdings Ltd.		1,899,500		1,141,635
Kingdee International Software Group Co. Ltd.(b)		3,046,000		2,944,457
Kingsoft Cloud Holdings Ltd., ADR(a)(b)		121,283		315,336
Kingsoft Corp. Ltd.		1,084,600		2,638,565
Kuaishou Technology(b)(c)		2,672,400		13,469,795
Kunlun Energy Co. Ltd.		3,888,000		3,483,247
Kweichow Moutai Co. Ltd., Class A		88,630		19,810,451
Lee & Man Paper Manufacturing Ltd.(a)		1,583,000		425,912
Legend Biotech Corp., ADR(b)		86,391		4,756,688
Lenovo Group Ltd.		7,938,000		8,311,648
Lepu Medical Technology Beijing Co. Ltd., Class A		596,800		1,088,592
LexinFintech Holdings Ltd., ADR		223,708		404,911
Li Auto Inc.(b)		1,358,218		18,774,538
Li Ning Co. Ltd.(a)		2,767,500		5,912,271
Lifetech Scientific Corp. (a)(b)		6,158,000		1,346,393
Lingyi iTech Guangdong Co., Class A		2,003,000		1,321,677
LK Technology Holdings Ltd.		810,000		317,236
Longfor Group Holdings Ltd.(a)(c)		2,100,000		2,328,493
LONGi Green Energy Technology Co. Ltd., Class A		629,860		1,695,662
Lonking Holdings Ltd.		3,625,000		586,697
Lufax Holding Ltd., Class A, ADR(a)		220,007		521,417
Luxshare Precision Industry Co. Ltd., Class A		689,531		2,441,780
Luye Pharma Group Ltd. (a)(b)(c)		2,785,500		935,505

Security	Shares		Value
China (continued)
Luzhou Laojiao Co. Ltd., Class A		116,900	$	2,392,158
Mango Excellent Media Co. Ltd., Class A		241,897		719,559
Maoyan Entertainment(b)(c)		1,605,600		1,752,544
Meitu Inc.(a)(c)		3,362,000		995,860
Meituan, Class B(b)(c)		5,892,290		47,393,002
MH Development Ltd.(d)		264,000		1,133
Microport Scientific Corp.(b)		906,700		669,609
Ming Yuan Cloud Group Holdings Ltd.(a)(b)		1,126,000		299,311
MINISO Group Holding Ltd.		596,592		2,523,293
Minth Group Ltd.		760,000		1,231,909
MMG Ltd.(b)		4,678,000		1,189,428
Montage Technology Co. Ltd., Class A		153,800		962,111
Muyuan Foods Co. Ltd., Class A		490,410		2,407,079
NARI Technology Co. Ltd., Class A		879,233		2,568,146
NAURA Technology Group Co. Ltd., Class A		59,300		1,873,203
NetDragon Websoft Holdings Ltd.(a)		629,000		861,546
NetEase Inc.		2,284,025		44,397,127
New China Life Insurance Co. Ltd., Class A		299,501		1,273,778
New China Life Insurance Co. Ltd., Class H		660,400		1,178,573
New Hope Liuhe Co. Ltd., Class A(b)		1,033,600		1,176,986
New Horizon Health Ltd.(a)(b)(c)		605,000		1,315,478
New Oriental Education & Technology Group Inc.(b)		1,748,750		13,497,282
Nexteer Automotive Group Ltd.(a)		1,630,000		738,587
Nine Dragons Paper Holdings Ltd.(b)		1,749,000		647,981
Ningbo Tuopu Group Co. Ltd., Class A		120,800		819,563
Ningxia Baofeng Energy Group Co. Ltd., Class A		1,021,100		1,895,277
NIO Inc., ADR(a)(b)		1,692,088		9,509,535
Noah Holdings Ltd., ADR		58,644		691,999
Nongfu Spring Co. Ltd., Class H(c)		2,334,000		12,666,970
Orient Overseas International Ltd.		167,500		2,500,473
PDD Holdings Inc., ADR(b)		695,665		88,259,019
People’s Insurance Co. Group of China Ltd. (The), Class H		14,909,000		4,634,877
PetroChina Co. Ltd., Class A		1,589,400		1,849,087
PetroChina Co. Ltd., Class H		23,508,000		17,004,881
PICC Property & Casualty Co. Ltd., Class H		7,560,520		9,404,263
Ping An Bank Co. Ltd., Class A		1,710,800		2,253,132
Ping An Healthcare and Technology Co. Ltd.(a)(b)(c)		701,600		1,007,318
Ping An Insurance Group Co. of China Ltd., Class A		660,563		3,732,043
Ping An Insurance Group Co. of China Ltd., Class H		7,998,500		33,622,023
Poly Developments and Holdings Group Co. Ltd., Class A		1,449,536		1,931,769
Poly Property Group Co. Ltd.		3,035,000		555,042
Pop Mart International Group Ltd.(c)		822,000		1,843,440
Postal Savings Bank of China Co. Ltd., Class A		1,984,500		1,307,452
Postal Savings Bank of China Co. Ltd., Class H(c)		10,028,000		4,822,556
Power Construction Corp. of China Ltd., Class A		1,397,600		978,701
Q Technology Group Co. Ltd.(a)(b)		1,219,000		430,112
Qifu Technology Inc.		125,023		1,794,080
Qinghai Salt Lake Industry Co. Ltd., Class A(b)		680,200		1,356,778
Redco Properties Group Ltd.(a)(b)(c)(d)		2,164,000		151,783
RLX Technology Inc., ADR(a)		623,920		1,135,534
Rongsheng Petrochemical Co. Ltd., Class A		1,102,000		1,451,324
SAIC Motor Corp. Ltd., Class A		1,188,352		2,262,094
Sangfor Technologies Inc., Class A(b)		72,100		547,171
Sany Heavy Equipment International Holdings Co. Ltd.		2,174,000		1,414,942

S C H E D U L E  O F  I N V E S T M E N T S 91

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Sany Heavy Industry Co. Ltd., Class A		961,500	$	1,751,310
SDIC Power Holdings Co. Ltd., Class A		1,291,500		2,516,714
Seazen Group Ltd.(a)(b)		2,498,000		343,503
Seazen Holdings Co. Ltd., Class A(b)		352,900		485,705
Seres Group Co. Ltd., NVS(b)		139,400		1,099,687
SF Holding Co. Ltd., Class A		453,200		2,228,258
Shaanxi Coal Industry Co. Ltd., Class A		1,340,600		4,517,526
Shandong Gold Mining Co. Ltd., Class A		910,928		2,606,602
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		2,734,800		1,752,550
Shanghai Baosight Software Co. Ltd., Class A		443,320		2,527,359
Shanghai Baosight Software Co. Ltd., Class B		373,153		735,171
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		669,500		1,136,748
Shanghai Industrial Holdings Ltd.		668,000		818,305
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		1,328,800		1,878,270
Shanghai Pudong Development Bank Co. Ltd., Class A		2,458,199		2,337,366
Shanghai United Imaging Healthcare Co. Ltd., NVS		83,967		1,575,599
Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd.		164,510		115,651
Shanxi Meijin Energy Co. Ltd., Class A(b)		1,579,700		1,177,571
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		93,440		2,606,123
Shede Spirits Co. Ltd.		93,100		1,072,166
Shengyi Technology Co. Ltd., Class A		565,200		1,129,818
Shennan Circuits Co. Ltd., Class A		117,500		863,650
Shenwan Hongyuan Group Co. Ltd., Class A		4,385,133		2,667,932
Shenzhen Inovance Technology Co. Ltd., Class A		317,350		2,471,619
Shenzhen International Holdings Ltd.		1,502,500		1,236,551
Shenzhen Investment Ltd.		11,020,000		1,551,611
Shenzhen Kangtai Biological Products Co. Ltd., Class A		279,660		812,935
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		93,800		3,506,762
Shenzhen Transsion Holdings Co. Ltd., Class A		85,888		1,632,631
Shenzhou International Group Holdings Ltd.		912,500		8,126,182
Shougang Fushan Resources Group Ltd.		6,726,000		2,657,562
Shui On Land Ltd.(a)		13,024,000		1,168,786
Sichuan Chuantou Energy Co. Ltd., Class A		1,319,359		2,849,940
Sichuan Road & Bridge Group Co. Ltd., Class A		2,039,200		2,280,285
Sihuan Pharmaceutical Holdings Group Ltd.		7,418,000		512,577
Sino Biopharmaceutical Ltd.		11,621,000		4,193,275
Sinofert Holdings Ltd.		7,390,000		813,464
Sino-Ocean Group Holding Ltd.(a)(b)		3,649,500		164,069
Sinopec Engineering Group Co. Ltd., Class H		2,518,000		1,262,942
Sinopec Kantons Holdings Ltd.		2,400,000		1,052,961
Sinopharm Group Co. Ltd., Class H		1,775,600		4,668,911
Sinotruk Hong Kong Ltd.		791,500		1,797,649
Skyworth Group Ltd.		2,624,000		831,817
Smoore International Holdings Ltd.(a)(c)		2,069,000		1,251,132
SOHO China Ltd.(b)		3,601,500		300,472
SooChow Securities Co. Ltd., Class A		2,334,064		2,185,324
SSY Group Ltd.		2,424,000		1,317,115
Sunac Services Holdings Ltd.(a)(c)		1,560,000		318,697
Sungrow Power Supply Co. Ltd., Class A		140,900		1,536,596
Sunny Optical Technology Group Co. Ltd.		805,300		4,949,682
TAL Education Group, ADR(b)		518,642		5,518,351
TCL Technology Group Corp., Class A(b)		3,805,160		2,144,032

Security	Shares		Value
China (continued)
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		527,175	$	901,778
Tencent Holdings Ltd.		7,765,800		269,561,016
Tencent Music Entertainment Group, ADR(b)		812,361		7,636,193
Tianneng Power International Ltd.(a)		1,432,000		1,111,574
Tianqi Lithium Corp., Class A		195,000		1,263,877
Tingyi Cayman Islands Holding Corp.		2,012,000		2,003,425
Tong Ren Tang Technologies Co. Ltd., Class H		1,590,000		1,151,511
Tongcheng Travel Holdings Ltd.(b)		1,288,800		2,628,963
Tongdao Liepin Group(a)(b)		658,600		326,535
Tongwei Co. Ltd., Class A		420,400		1,362,636
Topsports International Holdings Ltd.(c)		1,969,000		1,276,268
Towngas Smart Energy Co. Ltd.(a)		2,091,000		773,263
TravelSky Technology Ltd., Class H		1,265,000		1,272,384
Trina Solar Co. Ltd.		182,178		586,538
Trip.com Group Ltd.(b)		626,888		22,818,348
Tsingtao Brewery Co. Ltd., Class H		732,000		4,177,316
Unigroup Guoxin Microelectronics Co. Ltd., Class A(b)		135,517		985,310
Uni-President China Holdings Ltd.		1,755,000		985,823
Unisplendour Corp. Ltd., Class A(b)		493,340		1,065,147
Untradelumena Newmat, NVS(d)		3,800		—
Venus MedTech Hangzhou Inc., Class H(b)(c)(d)		587,500		336,473
Vinda International Holdings Ltd.(a)		546,000		1,613,281
Vipshop Holdings Ltd., ADR(b)		465,907		7,403,262
Vnet Group Inc., ADR(a)(b)		121,075		205,828
Walvax Biotechnology Co. Ltd., Class A		285,800		656,243
Wanhua Chemical Group Co. Ltd., Class A		271,687		2,643,841
Want Want China Holdings Ltd.		5,616,000		3,096,075
Weibo Corp., ADR		76,807		622,137
Weichai Power Co. Ltd., Class A		809,700		1,661,654
Weichai Power Co. Ltd., Class H		2,213,000		3,906,970
Weimob Inc.(a)(b)(c)		2,825,000		629,388
Wens Foodstuffs Group Co. Ltd., Class A		1,169,957		3,057,722
West China Cement Ltd.		5,004,000		396,699
Will Semiconductor Co. Ltd. Shanghai, Class A		131,030		1,574,304
Wingtech Technology Co. Ltd., Class A(b)		201,600		938,735
Wuliangye Yibin Co. Ltd., Class A		283,374		4,995,122
WuXi AppTec Co. Ltd., Class A		264,361		2,003,271
WuXi AppTec Co. Ltd., Class H(a)(c)		415,250		2,873,112
Wuxi Biologics Cayman Inc.(b)(c)		4,372,000		11,505,069
XD Inc.(b)		525,000		564,399
Xiabuxiabu Catering Management China Holdings Co. Ltd.(c)		933,500		237,048
Xiaomi Corp., Class B(b)(c)		17,895,600		28,195,021
Xinyi Solar Holdings Ltd.		5,535,600		2,541,623
XPeng Inc.(a)(b)		1,291,006		5,376,586
Xtep International Holdings Ltd.		1,731,000		852,448
Yadea Group Holdings Ltd.(c)		1,728,000		2,369,262
Yankuang Energy Group Co. Ltd., Class A		254,250		809,002
Yankuang Energy Group Co. Ltd., Class H		2,757,000		5,664,210
Yeahka Ltd.(a)(b)		344,400		538,512
Yihai International Holding Ltd.		602,000		772,644
Yonyou Network Technology Co. Ltd., Class A		467,000		726,216
Yuexiu Property Co. Ltd.		2,055,616		1,287,239
Yuexiu REIT(a)		3,430,448		465,304
Yuexiu Transport Infrastructure Ltd.		1,722,000		942,320
Yum China Holdings Inc.		510,783		17,667,984
Yunnan Baiyao Group Co. Ltd., Class A		298,592		1,933,151
Yunnan Energy New Material Co. Ltd., Class A		95,500		564,258
Zai Lab Ltd.(b)		1,041,020		2,211,917

92 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		81,100	$	2,248,465
Zhaojin Mining Industry Co. Ltd., Class H(a)		1,687,500		1,573,042
Zhejiang Century Huatong Group Co. Ltd., Class A(b)		1,482,258		865,913
Zhejiang Expressway Co. Ltd., Class H		3,400,320		2,525,962
Zhejiang Huayou Cobalt Co. Ltd., Class A		235,840		817,617
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		154,600		703,563
Zhejiang Leapmotor Technology Co. Ltd.(a)(b)(c)		663,200		1,792,147
ZhongAn Online P&C Insurance Co. Ltd., Class H(b)(c)		726,200		1,134,518
Zhongsheng Group Holdings Ltd.		960,500		1,621,347
Zhuzhou CRRC Times Electric Co. Ltd.		675,600		1,658,500
Zijin Mining Group Co. Ltd., Class A		2,112,300		3,542,169
Zijin Mining Group Co. Ltd., Class H		5,926,000		8,793,378
ZTE Corp., Class A		269,000		821,628
ZTE Corp., Class H		748,640		1,300,965
ZTO Express Cayman Inc., ADR		516,648		8,452,361
				2,037,177,488
Colombia — 0.0%
Bancolombia SA		269,342		2,265,973
Interconexion Electrica SA ESP		563,481		2,439,741
				4,705,714
Czech Republic — 0.0%
CEZ AS		205,899		7,800,545
Komercni Banka AS		77,654		2,547,646
				10,348,191
Denmark — 2.2%
ALK-Abello A/S(b)		182,904		2,951,500
Alm Brand A/S		1,150,063		2,087,790
Ambu A/S, Class B(a)(b)		209,625		3,477,059
AP Moller - Maersk A/S, Class A		2,964		5,374,533
AP Moller - Maersk A/S, Class B, NVS		5,998		11,059,106
Bavarian Nordic A/S(a)(b)		90,534		2,079,858
Carlsberg A/S, Class B		111,060		14,289,805
Chemometec A/S		24,786		1,340,597
Coloplast A/S, Class B		163,666		18,866,059
D/S Norden A/S		37,906		2,039,597
Danske Bank A/S		799,683		21,472,654
Demant A/S(b)		113,928		5,160,811
Dfds A/S		54,021		1,830,243
DSV A/S		220,482		39,446,372
FLSmidth & Co. A/S(a)		59,957		2,461,560
Genmab A/S(b)		76,490		21,151,169
GN Store Nord A/S(b)		176,945		4,172,809
H Lundbeck A/S		309,848		1,569,364
H Lundbeck A/S, Class A		97,902		431,975
ISS A/S		169,171		3,201,050
Jyske Bank A/S, Registered		55,175		4,226,218
Matas A/S		94,336		1,691,340
Netcompany Group A/S(a)(b)(c)		47,422		1,891,589
Nilfisk Holding A/S(b)		43,627		768,823
NKT A/S(a)(b)		65,301		4,553,041
Novo Nordisk A/S		3,799,366		434,284,193
Novozymes A/S, Class B		433,086		22,191,621
Orsted A/S(c)		221,957		12,510,551
Pandora A/S		106,310		15,533,689
Per Aarsleff Holding A/S		26,970		1,241,424
Ringkjoebing Landbobank A/S		34,129		5,500,699
Rockwool A/S, Class B		10,356		2,823,324

Security	Shares		Value
Denmark (continued)
Royal Unibrew A/S		60,454	$	3,960,071
Scandinavian Tobacco Group A/S, Class A(c)		88,082		1,579,654
Schouw & Co. A/S		22,948		1,834,926
Spar Nord Bank A/S		123,148		2,095,254
Sydbank A/S		89,141		3,956,004
Topdanmark A/S		31,352		1,390,407
Tryg A/S		335,504		7,171,100
Vestas Wind Systems A/S(b)		1,196,655		33,739,698
Zealand Pharma A/S, Class A(a)(b)		66,909		4,570,663
				731,978,200
Egypt — 0.0%
Commercial International Bank Egypt SAE		2,465,078		3,224,082
Eastern Co. SAE		1,328,129		656,561
EFG Holding S.A.E.(b)		2,596,088		697,701
EISewedy Electric Co.		1,488,621		712,661
				5,291,005
Finland — 0.7%
Cargotec OYJ, Class B		53,972		3,068,314
Citycon OYJ		134,613		703,963
Elisa OYJ		155,404		7,080,433
Finnair OYJ(b)		813,289		31,114
Fortum OYJ		512,029		6,999,511
Huhtamaki OYJ		118,883		4,665,910
Kemira OYJ		172,143		3,222,048
Kesko OYJ, Class B		318,973		6,229,416
Kojamo OYJ		258,393		3,063,354
Kone OYJ, Class B		379,943		18,807,674
Konecranes OYJ		73,854		3,171,772
Mandatum OYJ(b)		509,397		2,299,962
Metsa Board OYJ, Class B(a)		302,221		2,434,152
Metso OYJ		744,911		7,445,115
Neste OYJ		487,794		16,816,462
Nokia OYJ		5,890,458		21,295,320
Nokian Renkaat OYJ		158,889		1,431,959
Nordea Bank Abp		3,641,136		44,867,502
Orion OYJ, Class B		126,822		5,838,592
Outokumpu OYJ		415,824		1,775,036
QT Group OYJ(a)(b)		26,789		1,889,577
Revenio Group OYJ		44,438		1,220,055
Sampo OYJ, Class A		492,141		20,598,777
Stora Enso OYJ, Class R		636,609		8,100,701
TietoEVRY OYJ		95,428		2,214,453
Tokmanni Group Corp.		83,267		1,427,772
UPM-Kymmene OYJ		627,076		22,808,146
Valmet OYJ		206,984		5,858,413
Wartsila OYJ Abp		524,967		7,744,078
YIT OYJ(a)		302,225		643,801
				233,753,382
France — 7.0%
ABC arbitrage		124,800		596,806
Accor SA		193,616		7,646,572
Aeroports de Paris SA		33,896		4,535,617
Air France-KLM, NVS(b)		152,952		1,949,550
Air Liquide SA		607,515		113,686,286
Airbus SE		691,050		110,074,483
Alstom SA(a)		331,715		4,183,061
Alten SA		36,820		5,693,116
Amundi SA(c)		56,370		3,812,731
Aperam SA		64,993		2,002,833
ArcelorMittal SA		581,615		16,017,686
Arkema SA		75,291		8,194,143

S C H E D U L E  O F  I N V E S T M E N T S 93

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
France (continued)
Atos SE(a)(b)		127,391	$	543,821
AXA SA		2,135,185		71,668,146
Beneteau SACA		64,517		773,209
BioMerieux		47,777		5,142,154
BNP Paribas SA		1,207,734		81,140,602
Boiron SA(a)		22,664		980,254
Bollore SE		1,076,468		7,110,103
Bonduelle SCA		38,288		406,781
Bouygues SA		263,010		9,634,737
Bureau Veritas SA		341,121		9,073,437
Capgemini SE		187,643		41,717,053
Carrefour SA		676,227		11,544,748
CGG SA(a)(b)		1,717,114		823,512
Cie. de Saint-Gobain		561,210		39,681,211
Cie. Generale des Etablissements Michelin SCA		781,323		25,942,003
Cie. Plastic Omnium SA		107,033		1,226,754
Clariane SE(a)		133,588		337,596
Coface SA		187,486		2,533,457
Covivio SA/France		58,543		2,834,880
Credit Agricole SA		1,321,182		18,925,735
Danone SA		735,094		48,974,619
Dassault Aviation SA		26,512		5,021,594
Dassault Systemes SE		782,730		40,575,366
Derichebourg SA		184,299		950,902
Edenred SE		294,799		17,607,896
Eiffage SA		82,852		8,668,818
Elior Group SA(a)(b)(c)		240,512		694,979
Elis SA		229,078		5,036,707
Engie SA		2,105,166		33,624,704
Eramet SA(a)		15,724		1,083,024
EssilorLuxottica SA		340,494		66,727,631
Eurazeo SE		48,558		4,136,182
Euroapi SA(b)		70,506		471,204
Eurofins Scientific SE		155,799		9,381,713
Euronext NV(c)		100,392		8,830,195
Eutelsat Communications SACA(a)(b)		195,555		713,261
Fnac Darty SA		30,491		814,567
Forvia SE(b)		174,365		2,996,852
Gaztransport Et Technigaz SA		38,910		5,455,086
Gecina SA		49,153		5,420,916
Getlink SE		470,504		8,107,293
Hermes International SCA		36,996		78,048,947
ICADE		35,614		1,205,755
ID Logistics Group SACA(b)		4,957		1,767,820
Imerys SA		44,269		1,472,220
Interparfums SA		30,393		1,608,102
Ipsen SA		42,947		4,951,751
IPSOS SA		60,264		3,955,170
JCDecaux SE(b)		89,846		1,866,130
Kaufman & Broad SA		33,422		989,361
Kering SA		85,954		35,307,616
Klepierre SA		248,410		6,431,502
La Francaise des Jeux SAEM(c)		108,827		4,411,150
Legrand SA		311,812		30,219,448
LISI SA		19,383		456,236
L’Oreal SA		280,505		134,236,794
LVMH Moet Hennessy Louis Vuitton SE		320,557		266,722,189
Mercialys SA		159,884		1,818,960
Mersen SA		43,493		1,577,745
Metropole Television SA		41,844		593,453
Neoen SA(c)		92,296		2,668,559
Nexans SA		34,773		3,164,979

Security	Shares		Value
France (continued)
Nexity SA		128,309	$	2,138,688
Orange SA		2,148,256		25,546,894
Pernod Ricard SA		237,777		38,991,992
Publicis Groupe SA		263,693		26,420,333
Quadient SA		63,475		1,344,846
Remy Cointreau SA		24,593		2,491,862
Renault SA		214,362		8,072,804
Rexel SA		299,840		7,985,720
Rubis SCA		101,694		2,571,488
Safran SA		392,429		73,269,967
Sanofi SA		1,317,291		131,920,813
Sartorius Stedim Biotech		32,629		8,791,467
Schneider Electric SE		630,268		123,816,144
SCOR SE		168,815		5,035,947
SEB SA		27,458		3,352,905
SES SA, Class A		430,040		2,638,523
Societe BIC SA		38,091		2,635,613
Societe Generale SA		842,542		21,657,559
Sodexo SA		100,333		11,318,460
SOITEC(b)		30,418		4,396,284
Sopra Steria Group SACA		19,357		4,540,264
SPIE SA		145,397		4,809,379
Teleperformance SE		69,836		10,906,570
Television Francaise 1 SA		110,482		974,287
Thales SA		120,183		17,577,250
TotalEnergies SE		2,624,343		170,255,786
Trigano SA		13,042		2,054,381
Ubisoft Entertainment SA(b)		106,742		2,354,524
Unibail-Rodamco-Westfield, New(b)		144,234		10,327,832
Valeo SE		245,461		3,203,891
Vallourec SACA(a)(b)		193,447		2,767,490
Valneva SE(a)(b)		164,203		669,364
Veolia Environnement SA		801,207		26,106,401
Verallia SA(c)		71,178		2,510,045
Vicat SACA		27,781		1,080,835
Vinci SA		596,660		75,371,443
Virbac SACA		6,533		2,357,685
Vivendi SE		790,531		8,908,935
VusionGroup(b)		11,077		1,644,724
Wendel SE		27,928		2,532,023
Worldline SA/France(b)(c)		288,714		3,902,977
				2,328,454,868
Germany — 4.8%
adidas AG		190,146		35,897,281
AIXTRON SE		137,607		5,121,488
Allianz SE, Registered		466,858		124,733,231
Amadeus Fire AG		11,089		1,339,597
Aroundtown SA(a)(b)		1,182,037		2,636,811
Aurubis AG		36,165		2,601,468
Auto1 Group SE(b)(c)		121,680		506,238
BASF SE		1,023,060		48,906,351
Bayer AG, Registered		1,133,810		35,280,328
Bayerische Motoren Werke AG		365,859		38,068,761
BayWa AG(a)		24,934		800,931
Bechtle AG		97,326		5,046,630
Befesa SA(c)		50,720		1,782,351
Beiersdorf AG		114,412		16,743,012
Bertrandt AG		12,469		666,351
Bilfinger SE(a)		80,746		3,423,035
Borussia Dortmund GmbH & Co. KGaA(b)		108,747		446,757
Brenntag SE		170,120		15,040,308
CANCOM SE		48,519		1,540,167

94 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Germany (continued)
Carl Zeiss Meditec AG, Bearer		48,576	$	5,120,479
Ceconomy AG(b)		302,316		734,370
Commerzbank AG		1,253,074		14,389,790
CompuGroup Medical SE & Co. KgaA		37,712		1,616,890
Continental AG		125,381		10,242,455
Covestro AG(b)(c)		223,940		11,825,259
CTS Eventim AG & Co. KGaA		73,247		4,957,148
Daimler Truck Holding AG		615,613		22,000,259
Delivery Hero SE(b)(c)		205,432		4,661,105
Deutsche Bank AG, Registered		2,202,543		28,451,845
Deutsche Boerse AG		218,459		43,503,849
Deutsche Lufthansa AG, Registered(b)		742,547		6,174,555
Deutsche Pfandbriefbank AG(a)(c)		319,707		1,924,024
Deutsche Post AG, Registered		1,152,983		55,221,139
Deutsche Telekom AG, Registered		3,778,591		92,756,131
Deutz AG		228,421		1,380,488
Duerr AG		71,006		1,623,441
E.ON SE		2,610,744		35,321,477
Eckert & Ziegler Strahlen- und Medizintechnik AG		37,911		1,885,552
Encavis AG(b)		158,170		2,202,093
Evonik Industries AG		226,990		4,175,741
Evotec SE(b)		176,366		2,697,889
Fielmann Group AG		35,668		1,855,893
flatexDEGIRO AG(b)		118,081		1,291,223
Fraport AG Frankfurt Airport Services Worldwide(b)		46,295		2,717,146
Freenet AG		144,962		4,005,690
Fresenius Medical Care AG & Co. KGaA		239,929		9,273,160
Fresenius SE & Co. KGaA		487,482		13,685,001
GEA Group AG		180,984		7,248,235
Gerresheimer AG		39,963		4,074,186
Grand City Properties SA(b)		112,729		1,094,230
GRENKE AG		44,668		1,081,738
Hamborner REIT AG		329,474		2,328,849
Hamburger Hafen und Logistik AG, NVS		72,217		1,289,549
Hannover Rueck SE		70,229		16,835,077
Heidelberg Materials AG		169,220		15,626,526
HelloFresh SE(b)		180,919		2,392,609
Henkel AG & Co. KGaA		129,485		8,855,564
Hensoldt AG(a)		77,668		2,331,662
Hugo Boss AG		62,494		3,903,038
Hypoport SE(a)(b)		5,513		1,171,029
Infineon Technologies AG		1,517,705		55,330,855
Jenoptik AG		83,459		2,606,360
K+S AG, Registered		203,990		2,861,211
KION Group AG		84,740		3,866,255
Kloeckner & Co. SE		66,511		481,016
Knorr-Bremse AG		79,268		4,896,076
Kontron AG		89,179		2,068,102
Krones AG		20,800		2,577,637
LANXESS AG		86,162		2,300,208
LEG Immobilien SE(b)		85,551		7,098,992
Mercedes-Benz Group AG		914,599		61,747,118
Merck KGaA		149,861		24,588,517
METRO AG(b)		246,612		1,662,155
MorphoSys AG(a)(b)		60,860		2,548,923
MTU Aero Engines AG		64,161		14,752,549
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		157,054		66,860,860
Nemetschek SE		71,388		6,587,230
Nordex SE(a)(b)		234,981		2,397,577

Security	Shares		Value
Germany (continued)
Norma Group SE		45,346	$	737,421
Patrizia SE(a)		90,373		771,061
Pfeiffer Vacuum Technology AG		11,652		1,955,124
ProSiebenSat.1 Media SE(a)		170,741		1,201,114
Puma SE		122,960		4,948,377
Rational AG		5,388		4,138,983
Redcare Pharmacy NV(b)(c)		18,934		2,635,524
Rheinmetall AG		52,023		18,216,933
RWE AG		739,615		27,310,743
Salzgitter AG		71,646		1,998,307
SAP SE		1,208,239		209,323,268
Scout24 SE(c)		95,030		6,997,086
SGL Carbon SE(a)(b)		85,209		539,397
Siemens AG, Registered		882,333		157,958,646
Siemens Healthineers AG(c)		326,904		18,192,609
Siltronic AG(a)		29,055		2,730,827
Sixt SE(a)		26,446		2,577,321
SMA Solar Technology AG(a)(b)		19,961		1,023,798
Stabilus SE		35,430		2,482,700
Stroeer SE & Co. KGaA		42,943		2,521,273
Suedzucker AG		99,545		1,404,973
Symrise AG, Class A		157,735		16,274,105
TAG Immobilien AG(b)		279,478		3,911,806
Takkt AG		36,043		526,627
Talanx AG(b)		72,879		5,113,263
TeamViewer SE(b)(c)		170,286		2,441,329
thyssenkrupp AG		607,567		3,749,712
United Internet AG, Registered(e)		106,153		2,789,980
Varta AG(a)(b)		26,332		494,713
VERBIO Vereinigte BioEnergie AG		40,217		879,734
Vitesco Technologies Group AG(b)		9,279		810,928
Volkswagen AG		39,363		5,557,311
Vonovia SE		861,630		26,841,802
Vossloh AG		23,819		1,056,565
Wacker Chemie AG		15,266		1,655,151
Wacker Neuson SE		49,219		912,031
Zalando SE(b)(c)		258,222		5,155,823
				1,607,575,486
Greece — 0.1%
Alpha Services and Holdings SA(b)		2,529,242		4,504,245
Autohellas Tourist and Trading SA		5,183		74,968
Eurobank Ergasias Services and Holdings SA, Class A(b)		2,695,824		5,206,206
FF Group(d)		16,274		—
Hellenic Telecommunications Organization SA		204,814		2,843,814
JUMBO SA		140,277		3,941,532
Motor Oil Hellas Corinth Refineries SA		102,222		2,792,716
Mytilineos SA		163,137		6,699,483
National Bank of Greece SA(b)		898,685		6,832,774
OPAP SA		211,245		3,657,246
Piraeus Financial Holdings SA(b)		879,320		3,561,006
Public Power Corp. SA(b)		288,169		3,813,160
Terna Energy SA		101,766		1,651,604
Titan Cement International SA(a)		38,428		990,470
				46,569,224
Hong Kong — 1.2%
AIA Group Ltd.		13,579,000		106,492,167
ASMPT Ltd.		303,000		2,924,064
Bank of East Asia Ltd. (The)		1,464,200		1,665,029
BOC Hong Kong Holdings Ltd.		4,188,500		10,038,968
Brightoil Petroleum Holdings Ltd.(d)		757,750		1

S C H E D U L E  O F  I N V E S T M E N T S 95

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Hong Kong (continued)
Budweiser Brewing Co. APAC Ltd.(c)		1,994,000	$	3,142,826
Cafe de Coral Holdings Ltd.		794,000		798,621
Champion REIT(a)		3,179,000		756,977
Chow Sang Sang Holdings International Ltd.		752,000		819,532
CK Asset Holdings Ltd.		2,208,388		9,964,997
CK Hutchison Holdings Ltd.		3,008,388		15,537,783
CK Infrastructure Holdings Ltd.		654,500		3,886,971
CLP Holdings Ltd.		1,854,500		14,749,651
Comba Telecom Systems Holdings Ltd.		2,832,000		236,343
Cowell e Holdings Inc.(a)(b)		584,000		1,197,297
Dah Sing Banking Group Ltd.		743,600		447,018
Dah Sing Financial Holdings Ltd.		254,400		512,347
ESR Group Ltd.(c)		2,361,600		3,018,769
First Pacific Co. Ltd.		3,845,000		1,460,472
Futu Holdings Ltd., ADR(b)		71,580		3,344,218
Galaxy Entertainment Group Ltd.		2,551,000		13,239,383
Guotai Junan International Holdings Ltd.(a)		7,835,000		492,321
Hang Lung Group Ltd.		948,000		1,141,224
Hang Lung Properties Ltd.		2,124,000		2,465,878
Hang Seng Bank Ltd.		881,900		9,180,727
Health and Happiness H&H International Holdings Ltd.(a)		251,500		328,548
Henderson Land Development Co. Ltd.		1,407,941		3,668,561
HKBN Ltd.(a)		2,090,500		868,731
HKT Trust & HKT Ltd., Class SS		4,311,600		5,179,352
Hong Kong & China Gas Co. Ltd.		13,165,566		9,368,972
Hong Kong Exchanges & Clearing Ltd.		1,316,000		39,899,538
Hongkong Land Holdings Ltd.		1,309,400		4,087,299
Hutchison Telecommunications Hong Kong Holdings Ltd.		6,894,000		915,233
Hysan Development Co. Ltd.		1,064,000		1,836,456
IGG Inc.(b)		1,315,000		468,057
Jardine Matheson Holdings Ltd.		185,800		7,460,634
Johnson Electric Holdings Ltd.		712,250		934,035
JS Global Lifestyle Co. Ltd.(a)(c)		1,311,500		202,768
Kerry Logistics Network Ltd.(a)		1,096,500		1,218,271
Kerry Properties Ltd.		884,500		1,404,571
Link REIT		3,009,780		15,096,098
Luk Fook Holdings International Ltd.		611,000		1,513,708
Man Wah Holdings Ltd.		2,634,400		1,642,164
Melco International Development Ltd.(a)(b)		1,225,000		794,510
Melco Resorts & Entertainment Ltd., ADR(b)		273,504		2,136,066
MTR Corp. Ltd.		1,910,000		6,213,822
New World Development Co. Ltd.(a)		1,536,416		1,883,112
Nissin Foods Co. Ltd.		1,871,000		1,380,225
NWS Holdings Ltd.		2,883,000		2,505,098
Pacific Basin Shipping Ltd.		5,959,000		1,658,743
PAX Global Technology Ltd.		1,371,000		959,250
PCCW Ltd.		5,680,000		2,937,991
Power Assets Holdings Ltd.		1,712,500		10,027,004
Sa Sa International Holdings Ltd.(b)		3,810,000		399,468
Sands China Ltd.(b)		2,740,400		7,192,918
Shangri-La Asia Ltd.(b)		1,304,000		810,310
Shun Tak Holdings Ltd.(a)(b)		4,184,000		417,747
Sino Land Co. Ltd.		3,716,000		3,881,599
SITC International Holdings Co. Ltd.		1,463,000		2,219,873
SJM Holdings Ltd.(a)(b)		2,396,000		673,344
SmarTone Telecommunications Holdings Ltd.		913,500		456,870
Sun Hung Kai Properties Ltd.		1,732,500		16,170,091
Swire Pacific Ltd., Class A		552,500		4,274,709
Swire Properties Ltd.		1,222,600		2,284,762
Techtronic Industries Co. Ltd.		1,566,000		16,632,650

Security	Shares		Value
Hong Kong (continued)
United Energy Group Ltd.(a)		9,772,000	$	1,038,472
Value Partners Group Ltd.(a)		2,068,000		476,187
Vitasoy International Holdings Ltd.(a)		1,234,000		947,192
Vobile Group Ltd.(a)(b)		2,725,000		505,419
VTech Holdings Ltd.		508,400		2,944,647
WH Group Ltd.(c)		8,366,500		4,936,190
Wharf Holdings Ltd. (The)(a)		1,029,000		3,006,417
Wharf Real Estate Investment Co. Ltd.		1,843,000		5,399,682
Xinyi Glass Holdings Ltd.		1,795,000		1,488,098
Yue Yuen Industrial Holdings Ltd.		939,000		885,502
				411,144,548
Hungary — 0.1%
Magyar Telekom Telecommunications PLC		371,451		805,024
MOL Hungarian Oil & Gas PLC		470,112		3,852,825
OTP Bank Nyrt		268,798		12,453,084
Richter Gedeon Nyrt		171,507		4,629,765
				21,740,698
India — 5.3%
360 ONE WAM Ltd.		209,536		1,565,777
3M India Ltd.		5,009		2,075,429
Aarti Industries Ltd.		434,704		3,442,239
Aarti Pharmalabs Ltd., NVS(b)		84,301		541,222
Aavas Financiers Ltd.(b)		98,269		1,745,040
ABB India Ltd.		64,737		3,646,031
Adani Enterprises Ltd.		193,568		7,325,884
Adani Green Energy Ltd.(b)		364,550		7,384,473
Adani Ports & Special Economic Zone Ltd.		603,256		8,769,917
Adani Power Ltd.(b)		849,566		5,767,356
Aditya Birla Fashion and Retail Ltd.(b)		646,981		1,901,227
Affle India Ltd.(b)		117,615		1,760,755
AIA Engineering Ltd.		84,788		4,187,922
Amara Raja Energy & Mobility Ltd.		214,225		2,290,891
Amber Enterprises India Ltd.(b)		14,054		749,715
Ambuja Cements Ltd.		877,070		5,902,956
Angel One Ltd.		54,546		2,152,314
Apar Industries Ltd.		23,715		1,803,640
APL Apollo Tubes Ltd.		237,843		4,310,580
Apollo Hospitals Enterprise Ltd.		129,472		9,899,945
Apollo Tyres Ltd.		538,230		3,504,019
Ashok Leyland Ltd.		2,232,353		4,725,891
Asian Paints Ltd.		480,563		17,070,328
Astral Ltd.		247,588		5,454,702
AU Small Finance Bank Ltd.(c)		317,431		2,435,623
Aurobindo Pharma Ltd.		373,009		5,166,739
Avenue Supermarts Ltd.(b)(c)		209,947		9,592,923
Axis Bank Ltd.		2,638,616		33,925,497
Bajaj Auto Ltd.		79,102		7,312,418
Bajaj Finance Ltd.		334,495		27,686,646
Bajaj Finserv Ltd.		503,106		9,857,401
Bajaj Holdings & Investment Ltd.		21,920		2,207,663
Balkrishna Industries Ltd.		155,684		4,601,015
Balrampur Chini Mills Ltd.		363,615		1,733,457
Bandhan Bank Ltd.(c)		816,609		2,249,685
Bank of Baroda		1,290,678		3,843,205
Bata India Ltd.		131,870		2,362,339
Berger Paints India Ltd.		442,626		3,012,317
Bharat Electronics Ltd.		4,758,920		10,658,865
Bharat Forge Ltd.		420,127		6,244,747
Bharat Petroleum Corp. Ltd.		959,966		5,818,405
Bharti Airtel Ltd.		2,718,390		38,347,033
Biocon Ltd.		673,819		2,179,941

96 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
India (continued)
Birlasoft Ltd.		359,262	$	3,670,402
Blue Star Ltd.		155,590		2,135,275
Brigade Enterprises Ltd.		65,432		808,781
Britannia Industries Ltd.		133,418		8,344,762
BSE Ltd.		90,223		2,523,143
Carborundum Universal Ltd.		132,740		1,797,656
Central Depository Services India Ltd.		69,976		1,497,562
Century Textiles & Industries Ltd.		165,448		2,845,152
CESC Ltd.		1,300,929		2,241,934
CG Power and Industrial Solutions Ltd.		864,896		4,879,371
Cholamandalam Investment and Finance Co. Ltd.		603,288		8,594,581
Cipla Ltd.		602,483		9,798,898
City Union Bank Ltd.		608,566		1,062,887
Coal India Ltd.		1,794,910		8,788,528
Cochin Shipyard Ltd., NVS		174,652		1,917,489
Coforge Ltd.		66,551		5,002,960
Colgate-Palmolive India Ltd.		152,563		4,724,875
Computer Age Management Services Ltd.		20,108		702,402
Container Corp. of India Ltd.		401,437		4,284,996
Coromandel International Ltd.		131,715		1,665,442
Crompton Greaves Consumer Electricals Ltd.		798,725		2,916,742
Cummins India Ltd.		184,511		5,097,856
Cyient Ltd.		109,590		2,607,033
Dabur India Ltd.		725,581		4,713,034
Deepak Nitrite Ltd.		104,255		2,895,377
Delhivery Ltd.(b)		363,026		1,968,617
Divi’s Laboratories Ltd.		177,355		7,840,016
Dixon Technologies India Ltd.		52,814		3,814,281
DLF Ltd.		874,752		8,444,390
Dr Lal PathLabs Ltd.(c)		71,495		2,169,785
Dr. Reddy’s Laboratories Ltd.		151,789		11,152,992
Easy Trip Planners Ltd., NVS		1,716,674		973,363
Edelweiss Financial Services Ltd.		978,120		825,348
Eicher Motors Ltd.		174,972		8,099,658
Elgi Equipments Ltd.		266,469		1,973,265
Embassy Office Parks REIT		993,926		4,298,560
Exide Industries Ltd.		940,544		3,795,882
FDC Ltd./India(b)		311,621		1,564,455
Federal Bank Ltd.		2,684,865		4,762,021
Finolex Cables Ltd.		209,388		2,774,139
Fortis Healthcare Ltd.		800,921		4,170,570
GAIL India Ltd.		3,212,283		6,684,079
GlaxoSmithKline Pharmaceuticals Ltd.		25,135		681,367
Glenmark Pharmaceuticals Ltd.		308,873		3,379,376
GMR Airports Infrastructure Ltd.(b)		3,749,380		3,536,926
Godrej Consumer Products Ltd.		484,768		6,797,942
Godrej Industries Ltd.(b)		181,347		1,965,648
Godrej Properties Ltd.(b)		195,343		5,581,173
Grasim Industries Ltd.		333,713		8,740,850
Gujarat Fluorochemicals Ltd.		38,777		1,717,017
Gujarat Gas Ltd.		277,285		1,939,928
Gujarat Narmada Valley Fertilizers & Chemicals Ltd.		215,914		1,954,261
Happiest Minds Technologies Ltd.		187,594		1,978,562
Havells India Ltd.		383,642		5,977,578
HCL Technologies Ltd.		1,223,139		23,197,673
HDFC Asset Management Co. Ltd.(c)		99,444		4,289,601
HDFC Bank Ltd.		3,298,542		58,007,694
HDFC Life Insurance Co. Ltd.(c)		1,165,947		8,096,071
HEG Ltd.		52,556		1,114,436
Hero MotoCorp Ltd.		158,514		8,824,663

Security	Shares		Value
India (continued)
HFCL Ltd.		1,599,688	$	1,984,480
Hindalco Industries Ltd.		1,435,010		9,994,226
Hindustan Aeronautics Ltd., NVS		235,096		8,507,497
Hindustan Petroleum Corp. Ltd.(b)		828,459		4,623,432
Hindustan Unilever Ltd.		994,532		29,738,154
ICICI Bank Ltd.		5,992,231		74,214,571
ICICI Lombard General Insurance Co. Ltd.(c)		275,268		4,953,383
ICICI Prudential Life Insurance Co. Ltd.(c)		380,697		2,306,294
IDFC First Bank Ltd.(b)		5,288,603		5,368,417
IDFC Ltd.		2,460,648		3,531,347
IIFL Finance Ltd.		220,370		1,658,225
Indiabulls Housing Finance Ltd.		520,252		1,392,170
Indiabulls Real Estate Ltd.(b)		744,482		878,871
IndiaMART Intermesh Ltd.(c)		54,679		1,659,899
Indian Energy Exchange Ltd.(c)		939,950		1,669,871
Indian Hotels Co. Ltd., Class A		1,162,444		6,893,080
Indian Oil Corp. Ltd.		3,290,271		5,826,634
Indian Railway Catering & Tourism Corp. Ltd.		393,647		4,630,232
Indraprastha Gas Ltd.		424,043		2,199,831
IndusInd Bank Ltd.		334,930		6,183,188
Info Edge India Ltd.		82,655		5,004,525
Infosys Ltd.		3,900,183		77,754,673
InterGlobe Aviation Ltd.(b)(c)		185,935		6,630,829
Ipca Laboratories Ltd.		223,655		3,017,079
IRCON International Ltd.(c)		606,371		1,733,002
ITC Ltd.		3,501,668		18,615,156
JB Chemicals & Pharmaceuticals Ltd., NVS		115,294		2,339,586
Jindal Steel & Power Ltd.		472,949		4,313,484
Jio Financial Services Ltd., NVS(b)		3,868,148		11,549,161
JK Cement Ltd.		35,865		1,882,394
JSW Steel Ltd.		711,872		7,009,324
Jubilant Foodworks Ltd.		619,845		3,878,291
Jubilant Pharmova Ltd., Class A		141,144		971,089
Kajaria Ceramics Ltd.		129,512		2,157,458
Kalyan Jewellers India Ltd.		331,082		1,393,073
Karur Vysya Bank Ltd. (The)		1,317,360		3,151,196
KEI Industries Ltd.		64,204		2,474,105
Kotak Mahindra Bank Ltd.		1,298,305		28,535,195
KPIT Technologies Ltd.		273,440		5,106,691
L&T Finance Holdings Ltd.		812,036		1,695,132
Larsen & Toubro Ltd.		815,161		34,126,906
Laurus Labs Ltd.(c)		539,243		2,476,289
LIC Housing Finance Ltd.		623,892		4,697,519
LTIMindtree Ltd.(c)		103,382		6,771,390
Lupin Ltd.		291,800		5,284,257
Macrotech Developers Ltd.		276,402		3,566,586
Mahanagar Gas Ltd.		99,525		1,776,208
Mahindra & Mahindra Financial Services Ltd.		1,085,550		3,781,360
Mahindra & Mahindra Ltd.		1,109,152		22,055,559
Manappuram Finance Ltd.		749,650		1,667,254
Marico Ltd.		679,567		4,322,448
Maruti Suzuki India Ltd.		164,813		20,214,486
Max Financial Services Ltd.(b)		283,746		3,044,385
Max Healthcare Institute Ltd.		1,054,243		9,914,283
Motherson Sumi Wiring India Ltd.		3,177,011		2,489,750
Motilal Oswal Financial Services Ltd.		89,570		1,931,565
Mphasis Ltd.		136,217		4,256,542
MRF Ltd.		4,002		6,862,349
MTAR Technologies Ltd.(b)		68,733		1,741,472
Multi Commodity Exchange of India Ltd.		28,893		1,187,255
Muthoot Finance Ltd.		162,658		2,733,289
Natco Pharma Ltd.		214,544		2,235,345

S C H E D U L E  O F  I N V E S T M E N T S 97

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
India (continued)
National Aluminium Co. Ltd.		2,518,393	$	4,523,443
Navin Fluorine International Ltd.		42,321		1,739,001
NBCC India Ltd.		2,121,689		3,316,337
NCC Ltd./India		823,175		2,133,599
Nestle India Ltd., NVS		401,404		12,108,172
Nexus Select Trust, NVS		270,497		414,457
NTPC Ltd.		5,373,591		20,573,599
Nuvama Wealth Management Ltd., NVS		10,807		463,592
Oil & Natural Gas Corp. Ltd.		3,672,783		11,156,862
One 97 Communications Ltd., NVS(b)		277,510		2,537,342
Page Industries Ltd.		7,672		3,446,289
PB Fintech Ltd.(b)		286,632		3,464,149
Persistent Systems Ltd.		59,704		5,992,008
Petronet LNG Ltd.		980,582		3,178,805
Phoenix Mills Ltd. (The)		97,493		2,852,252
PI Industries Ltd.		110,521		4,491,261
Pidilite Industries Ltd.		205,355		6,259,025
Piramal Enterprises Ltd.		179,006		1,974,889
Piramal Pharma Ltd., NVS(b)		1,115,161		1,933,863
PNB Housing Finance Ltd.(b)(c)		193,733		1,830,280
Polycab India Ltd.		56,364		2,946,169
Poonawalla Fincorp Ltd.		414,623		2,387,825
Power Finance Corp. Ltd.		1,861,498		9,939,670
Power Grid Corp. of India Ltd.		5,732,374		17,904,191
Praj Industries Ltd.		291,145		1,747,867
Prestige Estates Projects Ltd.		159,834		2,432,554
Procter & Gamble Health Ltd.		24,396		1,507,789
PVR Inox Ltd.(b)		122,977		2,152,184
Radico Khaitan Ltd.		196,044		3,925,547
Rail Vikas Nigam Ltd.		905,138		3,346,473
Rajesh Exports Ltd.		98,747		434,393
Ramco Cements Ltd. (The)		159,100		1,948,473
Ramkrishna Forgings Ltd.		191,637		1,759,113
RBL Bank Ltd.(c)		712,032		2,235,524
REC Ltd.		1,788,772		10,745,435
Redington Ltd.		1,234,593		2,671,464
Reliance Industries Ltd.		3,577,297		122,903,425
Reliance Power Ltd.(b)		4,005,114		1,437,871
Route Mobile Ltd.		108,871		2,088,960
Samvardhana Motherson International Ltd.		3,220,032		4,389,922
SBI Cards & Payment Services Ltd.		382,018		3,293,157
SBI Life Insurance Co. Ltd.(c)		541,624		9,158,171
Shree Cement Ltd.		12,536		4,308,499
Shriram Finance Ltd.		324,713		9,651,831
Siemens Ltd.		117,686		5,867,302
SKF India Ltd.		10,639		602,002
Sona Blw Precision Forgings Ltd.(c)		478,478		3,561,363
Sonata Software Ltd.		198,106		1,835,779
SRF Ltd.		215,629		6,031,202
Star Health & Allied Insurance Co. Ltd.(b)		212,984		1,486,777
State Bank of India		2,216,327		17,119,732
Sterlite Technologies Ltd.		425,039		734,807
Strides Pharma Science Ltd.		167,941		1,412,995
Sun Pharmaceutical Industries Ltd.		1,129,194		19,291,016
Sundram Fasteners Ltd.		31,700		465,575
Supreme Industries Ltd.		93,017		4,627,825
Suzlon Energy Ltd.(b)		12,378,014		6,844,400
Symphony Ltd.		67,485		766,740
Syngene International Ltd.(c)		247,406		2,236,740
Tanla Platforms Ltd.		124,570		1,546,946
Tata Chemicals Ltd.		251,577		3,117,751
Tata Communications Ltd.		139,924		2,926,997

Security	Shares		Value
India (continued)
Tata Consultancy Services Ltd.		1,070,900	$	49,187,606
Tata Consumer Products Ltd.		768,573		10,350,070
Tata Elxsi Ltd.		45,334		4,149,585
Tata Motors Ltd.		2,026,973		21,572,755
Tata Motors Ltd., Class A		533,153		3,749,365
Tata Power Co. Ltd. (The)		1,964,282		9,211,045
Tata Steel Ltd.		8,778,425		14,374,683
Tata Teleservices Maharashtra Ltd.(b)		730,414		814,529
Tech Mahindra Ltd.		752,164		12,050,093
Tejas Networks Ltd.(b)(c)		211,030		1,993,361
Titan Co. Ltd.		436,890		19,440,648
Torrent Pharmaceuticals Ltd.		165,329		5,038,331
Torrent Power Ltd.		296,990		3,719,207
Trent Ltd.		255,665		9,506,273
Tube Investments of India Ltd.		123,882		5,823,086
TVS Motor Co. Ltd.		351,763		8,475,808
UltraTech Cement Ltd.		139,546		17,062,558
United Spirits Ltd.		403,037		5,284,753
UNO Minda Ltd.		170,397		1,417,778
UPL Ltd.		705,170		4,563,170
Varun Beverages Ltd.		579,428		8,938,531
Vedanta Ltd.		1,187,283		3,919,981
VIP Industries Ltd.		145,520		943,508
Voltas Ltd.		228,986		3,012,119
Wipro Ltd.		1,601,541		9,159,933
Yes Bank Ltd.(b)		17,536,540		5,092,978
Zee Entertainment Enterprises Ltd.(b)		1,065,785		2,227,582
Zomato Ltd.(b)		6,081,314		10,217,441
				1,771,863,697
Indonesia — 0.5%
Adaro Energy Indonesia Tbk PT		18,829,500		2,855,059
AKR Corporindo Tbk PT		8,527,300		875,426
Amman Mineral Internasional PT(b)		7,335,700		3,499,466
Aneka Tambang Tbk		9,912,900		972,587
Astra International Tbk PT		24,052,300		7,793,915
Bank Central Asia Tbk PT		63,108,200		38,182,126
Bank Mandiri Persero Tbk PT		44,607,100		18,780,275
Bank Negara Indonesia Persero Tbk PT		16,317,700		5,936,630
Bank Rakyat Indonesia Persero Tbk PT		80,044,613		28,834,895
Bank Tabungan Negara Persero Tbk PT		8,414,793		695,386
Barito Pacific Tbk PT		36,757,293		2,465,726
Berkah Beton Sadaya Tbk PT(b)		26,806,500		84,938
Bukalapak.com PT Tbk(b)		57,200,600		694,383
Bukit Asam Tbk PT		6,039,500		998,929
Bumi Resources Minerals Tbk PT(b)		74,173,600		728,458
Bumi Serpong Damai Tbk PT(b)		14,690,200		963,758
Charoen Pokphand Indonesia Tbk PT		9,536,800		2,706,750
Ciputra Development Tbk PT		19,664,196		1,557,683
GoTo Gojek Tokopedia Tbk PT(b)		955,423,100		5,300,020
Hanson International Tbk PT(b)(d)		63,791,600		—
Indah Kiat Pulp & Paper Tbk PT		4,529,500		2,243,745
Indo Tambangraya Megah Tbk PT		492,100		843,134
Indocement Tunggal Prakarsa Tbk PT		2,212,500		1,263,363
Indofood CBP Sukses Makmur Tbk PT		3,474,700		2,589,046
Indofood Sukses Makmur Tbk PT		5,478,900		2,213,795
Japfa Comfeed Indonesia Tbk PT		8,792,700		590,638
Jasa Marga Persero Tbk PT		3,503,438		1,110,088
Kalbe Farma Tbk PT		27,858,500		2,666,153
Medco Energi Internasional Tbk PT		16,051,920		1,237,786
Media Nusantara Citra Tbk PT		7,273,700		165,018
Merdeka Copper Gold Tbk PT(b)		19,629,676		3,354,837
Metro Healthcare Indonesia TBK PT(b)		48,824,000		507,423

98 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Indonesia (continued)
Mitra Adiperkasa Tbk PT		23,410,600	$	2,899,603
Pabrik Kertas Tjiwi Kimia Tbk PT		2,435,500		964,631
Pakuwon Jati Tbk PT		15,719,500		418,321
Perusahaan Gas Negara Tbk PT		16,224,100		1,196,068
Pool Advista Indonesia Tbk PT(b)(d)		1,914,800		—
Sarana Menara Nusantara Tbk PT		36,433,200		2,049,354
Semen Indonesia Persero Tbk PT		4,440,321		1,743,880
Sumber Alfaria Trijaya Tbk PT		16,505,800		2,770,240
Summarecon Agung Tbk PT		20,281,704		719,848
Surya Citra Media Tbk PT		55,762,900		543,187
Surya Esa Perkasa Tbk PT		10,954,300		341,541
Telkom Indonesia Persero Tbk PT		58,457,700		14,662,761
Trada Alam Minera Tbk PT(b)(d)		39,223,500		—
Unilever Indonesia Tbk PT		7,159,700		1,406,532
United Tractors Tbk PT		1,933,700		2,808,906
Waskita Karya Persero Tbk PT(b)(d)		19,926,317		204,062
XL Axiata Tbk PT		5,970,800		877,836
				176,318,206
Ireland — 0.5%
AIB Group PLC		1,671,419		7,341,581
Bank of Ireland Group PLC		1,206,891		11,098,545
CRH PLC		855,795		60,711,481
Dalata Hotel Group PLC		206,346		1,071,506
Flutter Entertainment PLC(b)		199,996		41,050,400
Glanbia PLC		265,217		4,740,696
Greencore Group PLC(b)		798,139		1,035,757
Kerry Group PLC, Class A		187,251		16,690,431
Kingspan Group PLC		190,902		15,504,410
Origin Enterprises PLC		99,889		367,030
Smurfit Kappa Group PLC		294,665		10,980,628
				170,592,465
Israel — 0.6%
Airport City Ltd.(b)		135,532		2,261,483
Alony Hetz Properties & Investments Ltd.(a)		286,580		2,169,013
Amot Investments Ltd.		484,211		2,515,707
Azrieli Group Ltd.		57,230		3,856,309
Bank Hapoalim BM		1,463,332		12,449,898
Bank Leumi Le-Israel BM		1,794,512		13,629,616
Bezeq The Israeli Telecommunication Corp. Ltd.		2,649,030		3,504,040
Camtek Ltd./Israel(b)		39,659		3,073,566
Check Point Software Technologies Ltd.(b)		105,885		16,828,303
Clal Insurance Enterprises Holdings Ltd.(a)(b)		171,870		2,674,218
CyberArk Software Ltd.(b)		50,066		11,689,410
Danel Adir Yeoshua Ltd.		13,032		1,128,082
Delek Group Ltd.		18,324		2,269,092
Elbit Systems Ltd.		32,914		6,789,608
Enlight Renewable Energy Ltd.(b)		159,792		2,886,382
Fattal Holdings 1998 Ltd.(b)		14,450		1,640,429
First International Bank Of Israel Ltd. (The)		109,473		4,390,209
Fiverr International Ltd.(a)(b)		57,119		1,537,643
G City Ltd.		319,904		1,023,435
Global-e Online Ltd.(a)(b)		114,599		4,328,404
Harel Insurance Investments & Financial Services Ltd.		333,613		2,767,303
ICL Group Ltd.		936,666		4,260,229
Inmode Ltd.(a)(b)		104,949		2,486,242
Isracard Ltd.		601,431		2,158,632
Israel Corp Ltd.(b)		7,259		1,663,583
Israel Discount Bank Ltd., Class A		1,627,396		7,894,318
Ituran Location and Control Ltd.		39,064		971,912
Kenon Holdings Ltd./Singapore		54,005		1,333,620

Security	Shares		Value
Israel (continued)
Kornit Digital Ltd.(b)		76,090	$	1,301,900
Melisron Ltd.		40,712		2,985,555
Mivne Real Estate KD Ltd.		1,413,902		3,825,832
Mizrahi Tefahot Bank Ltd.		195,996		7,294,443
Monday.com Ltd.(b)		32,767		6,882,381
Nano-X Imaging Ltd.(a)(b)		93,049		506,187
Nice Ltd.(b)		75,650		15,696,003
Nova Ltd.(b)		36,776		5,237,142
Oil Refineries Ltd.		6,366,827		2,199,219
Paz Oil Co. Ltd.		21,345		1,754,557
Perion Network Ltd.(b)		59,829		1,775,004
Phoenix Holdings Ltd. (The)(a)		165,137		1,679,536
Radware Ltd.(b)		77,154		1,410,375
Reit 1 Ltd.		388,266		1,733,258
Shapir Engineering and Industry Ltd.(a)		284,455		1,603,549
Shikun & Binui Ltd.(a)(b)		657,747		1,716,347
Shufersal Ltd.(b)		303,166		1,626,625
Strauss Group Ltd.(b)		122,158		2,372,478
Teva Pharmaceutical Industries Ltd., ADR(b)		1,304,314		15,782,199
Tower Semiconductor Ltd.(b)		132,226		3,770,499
Wix.com Ltd.(b)		67,692		8,588,761
ZIM Integrated Shipping Services Ltd.(a)		117,403		1,761,045
				215,683,581
Italy — 1.7%
A2A SpA		1,910,884		3,788,640
ACEA SpA		60,120		948,730
AMCO - Asset Management Co. SpA, NVS(d)		261		—
Amplifon SpA		160,946		5,253,038
Anima Holding SpA(c)		501,862		2,265,128
Assicurazioni Generali SpA		1,146,269		25,569,728
Azimut Holding SpA		128,461		3,581,327
Banca Generali SpA		81,312		3,099,848
Banca IFIS SpA		41,051		710,543
Banca Mediolanum SpA		253,384		2,593,063
Banca Monte dei Paschi di Siena SpA(b)		919,416		3,226,906
Banca Popolare di Sondrio SpA		523,405		3,976,835
Banco BPM SpA		1,401,257		7,560,191
BFF Bank SpA(c)		192,220		2,077,253
Bio On SpA(a)(d)		4,387		—
BPER Banca		1,433,510		5,170,472
Brembo SpA		225,212		2,773,894
Brunello Cucinelli SpA		41,441		4,108,331
Buzzi SpA		90,225		3,066,747
CIR SpA-Compagnie Industriali(b)		1,798,284		825,948
Credito Emiliano SpA		270,837		2,462,018
Danieli & C Officine Meccaniche SpA		70,575		2,398,705
Datalogic SpA		27,311		178,389
De’ Longhi SpA		97,968		3,173,099
DiaSorin SpA		27,859		2,561,885
Enav SpA(c)		272,205		1,007,408
Enel SpA		9,354,232		63,827,440
Eni SpA		2,681,756		42,750,783
ERG SpA		96,564		2,831,498
Ferrari NV		147,237		51,347,013
Fincantieri SpA(a)(b)		529,576		280,719
FinecoBank Banca Fineco SpA		683,080		9,848,894
GVS SpA(b)(c)		135,564		864,607
Hera SpA		934,918		3,293,367
Infrastrutture Wireless Italiane SpA(c)		404,140		4,886,872
Interpump Group SpA		103,882		5,135,036
Intesa Sanpaolo SpA		17,907,641		55,178,698
Iren SpA		1,005,379		2,110,060

S C H E D U L E  O F  I N V E S T M E N T S 99

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Italy (continued)
Italgas SpA		546,170	$	3,113,933
Juventus Football Club SpA, NVS(a)(b)		125,786		305,858
Leonardo SpA		459,272		8,016,162
Maire Tecnimont SpA(a)		236,126		1,227,151
MARR SpA		49,866		605,881
Mediobanca Banca di Credito Finanziario SpA		701,278		9,287,726
Moncler SpA		239,644		14,742,113
Nexi SpA(b)(c)		716,484		5,495,763
Piaggio & C SpA		542,145		1,802,231
Pirelli & C SpA(c)		363,110		1,967,847
Poste Italiane SpA(c)		578,704		6,275,262
Prysmian SpA		316,993		13,950,809
Recordati Industria Chimica e Farmaceutica SpA		138,633		7,651,747
Reply SpA		20,641		2,830,096
Saipem SpA(b)		1,427,933		2,048,254
Salvatore Ferragamo SpA(a)		94,391		1,203,925
Saras SpA		1,086,274		1,839,205
Snam SpA		2,329,864		11,378,924
Stellantis NV		2,566,434		56,529,927
Tamburi Investment Partners SpA		186,296		1,819,102
Technogym SpA(c)		170,474		1,688,162
Telecom Italia SpA/Milano(a)(b)		10,154,880		3,060,755
Tenaris SA, NVS		553,949		8,749,229
Terna - Rete Elettrica Nazionale		1,611,543		13,588,609
Tod’s SpA(b)		17,510		641,912
UniCredit SpA		1,892,562		55,437,034
Unipol Gruppo SpA		392,150		2,435,097
				572,425,827
Japan — 16.0%
77 Bank Ltd. (The)		83,000		1,996,424
Abalance Corp.(a)		37,600		689,159
ABC-Mart Inc.		160,500		2,781,546
Activia Properties Inc.		629		1,712,997
Adastria Co. Ltd.		51,100		1,191,196
ADEKA Corp.		142,100		2,780,427
Advance Residence Investment Corp.		1,177		2,591,936
Advantest Corp.		911,300		36,267,753
Aeon Co. Ltd.		710,900		16,988,502
Aeon Delight Co. Ltd.		45,200		1,157,797
AEON Financial Service Co. Ltd.		135,500		1,234,085
Aeon Mall Co. Ltd.		105,700		1,308,359
AEON REIT Investment Corp.		2,411		2,271,841
AGC Inc.		203,300		7,645,756
Ai Holdings Corp.		97,800		1,641,772
Aica Kogyo Co. Ltd.		104,300		2,416,733
Aiful Corp.		679,400		1,703,359
Ain Holdings Inc.		34,400		1,122,591
Air Water Inc.		133,800		1,767,393
Aisin Corp.		170,300		6,358,165
Ajinomoto Co. Inc.		525,000		21,559,081
Alfresa Holdings Corp.		211,000		3,460,176
Alps Alpine Co. Ltd.		218,000		1,617,893
Amada Co. Ltd.		351,900		3,797,576
Amano Corp.		87,400		2,014,100
Amvis Holdings Inc.		97,800		1,801,773
ANA Holdings Inc.(b)		194,700		4,302,512
Anicom Holdings Inc.		229,900		912,963
Anritsu Corp.		196,300		1,554,428
Aozora Bank Ltd.(a)		75,000		1,648,715
Appier Group Inc.(a)(b)		132,400		1,549,145
Arcs Co. Ltd.		60,800		1,209,754
Ariake Japan Co. Ltd.		43,400		1,391,650

Security	Shares		Value
Japan (continued)
Artience Co. Ltd.		83,800	$	1,568,038
As One Corp.		49,500		1,868,707
Asahi Group Holdings Ltd.		556,000		20,665,375
Asahi Holdings Inc.		206,900		2,881,002
Asahi Intecc Co. Ltd.		235,700		4,478,509
Asahi Kasei Corp.		1,286,900		9,759,259
Asics Corp.		193,200		5,870,598
ASKUL Corp.		58,100		785,318
Astellas Pharma Inc.		2,103,900		24,494,598
Atom Corp.(a)(b)		268,300		1,704,750
Autobacs Seven Co. Ltd.		242,800		2,639,503
Avex Inc.		88,600		849,904
Awa Bank Ltd. (The)		59,100		991,279
Azbil Corp.		114,300		3,693,568
Bandai Namco Holdings Inc.		683,600		14,801,675
BayCurrent Consulting Inc.(a)		161,300		3,750,064
Benefit One Inc.(a)		120,500		1,719,512
Benesse Holdings Inc.		76,000		1,344,016
Bengo4.com Inc.(a)(b)		24,200		653,361
Bic Camera Inc.		149,900		1,397,292
BIPROGY Inc.		68,700		2,011,429
BML Inc.		59,200		1,144,136
Bridgestone Corp.		640,400		27,750,249
Brother Industries Ltd.		316,200		5,297,163
Calbee Inc.		100,900		2,120,938
Canon Electronics Inc.		71,900		1,022,279
Canon Inc.		1,122,400		30,918,892
Canon Marketing Japan Inc.		64,400		1,959,378
Capcom Co. Ltd.		186,900		7,128,136
Casio Computer Co. Ltd.		179,000		1,543,393
Central Glass Co. Ltd.		66,200		1,238,609
Central Japan Railway Co.		792,100		19,796,668
Change Holdings Inc.		135,400		1,245,165
Chiba Bank Ltd. (The)		560,200		4,151,229
Chiyoda Corp.(b)		286,000		655,931
Chubu Electric Power Co. Inc.		716,900		9,300,119
Chugai Pharmaceutical Co. Ltd.		775,300		27,887,711
Chugin Financial Group Inc., NVS		204,500		1,448,075
Chugoku Electric Power Co. Inc. (The)		285,200		2,027,857
Citizen Watch Co. Ltd.		298,700		1,894,445
Coca-Cola Bottlers Japan Holdings Inc.		115,175		1,563,157
COLOPL Inc.(a)		88,100		376,314
Colowide Co. Ltd.		139,400		2,228,645
Comforia Residential REIT Inc.		1,720		3,604,826
COMSYS Holdings Corp.		78,500		1,718,764
Concordia Financial Group Ltd.		1,113,300		5,305,369
Cosmo Energy Holdings Co. Ltd.		78,900		3,276,962
Cosmos Pharmaceutical Corp.		20,200		2,169,765
Create SD Holdings Co. Ltd.		56,300		1,225,162
Credit Saison Co. Ltd.		139,200		2,583,758
Curves Holdings Co. Ltd.		148,200		686,580
CyberAgent Inc.		410,900		2,651,878
CYBERDYNE Inc.(a)(b)		357,200		496,613
Dai Nippon Printing Co. Ltd.		239,400		6,928,222
Daicel Corp.		271,700		2,661,890
Daido Steel Co. Ltd.		175,300		1,826,690
Daifuku Co. Ltd.		321,800		6,345,894
Daiho Corp.		62,300		1,636,410
Dai-ichi Life Holdings Inc.		1,083,800		23,770,727
Daiichi Sankyo Co. Ltd.		2,153,800		64,482,691
Daiichikosho Co. Ltd.		109,400		1,498,764
Daikin Industries Ltd.		305,300		48,918,889

100 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Daio Paper Corp.		115,500	$	869,973
Daiseki Co. Ltd.		85,360		2,440,687
Daishi Hokuetsu Financial Group Inc.		59,800		1,657,335
Daito Trust Construction Co. Ltd.		61,500		6,995,656
Daiwa House Industry Co. Ltd.		662,700		20,491,971
Daiwa House REIT Investment Corp.		3,378		5,968,590
Daiwa Office Investment Corp.		653		2,783,746
Daiwa Securities Group Inc.		1,560,400		11,183,171
Daiwa Securities Living Investments Corp.		4,027		2,897,260
Daiwabo Holdings Co. Ltd.		111,800		2,431,057
DCM Holdings Co. Ltd.		177,600		1,654,421
Demae-Can Co. Ltd.(a)(b)		213,200		606,688
DeNA Co. Ltd.		119,200		1,203,503
Denka Co. Ltd.		126,600		2,207,679
Denso Corp.		2,199,000		34,542,001
Dentsu Group Inc.		216,500		5,746,184
Descente Ltd.		55,200		1,274,956
Dexerials Corp.		76,000		2,190,204
DIC Corp.		118,600		2,238,371
Digital Arts Inc.		27,800		952,907
Digital Garage Inc.		53,500		1,289,850
Dip Corp.		76,400		1,304,775
Disco Corp.		108,900		29,385,465
DMG Mori Co. Ltd.		152,600		3,055,596
Doutor Nichires Holdings Co. Ltd.		82,400		1,216,642
Dowa Holdings Co. Ltd.		63,000		2,197,146
Duskin Co. Ltd.		72,100		1,674,048
DyDo Group Holdings Inc.		68,600		1,377,611
Earth Corp.		39,700		1,215,321
East Japan Railway Co.		334,600		19,136,651
Ebara Corp.		92,600		5,799,269
EDION Corp.		138,800		1,528,373
Eisai Co. Ltd.		298,600		14,060,664
Eizo Corp.		34,900		1,205,084
Electric Power Development Co. Ltd.		145,500		2,444,039
en Japan Inc.		45,900		848,298
ENEOS Holdings Inc.		3,201,400		12,929,024
eRex Co. Ltd.(a)		63,900		355,390
Euglena Co. Ltd.(a)(b)		341,400		1,599,874
Exedy Corp.		62,800		1,204,847
EXEO Group Inc.		106,000		2,367,414
Ezaki Glico Co. Ltd.		91,800		2,685,930
Fancl Corp.		110,600		1,746,554
FANUC Corp.		1,096,200		30,323,482
Fast Retailing Co. Ltd.		202,200		53,982,702
FCC Co. Ltd.		61,300		798,609
Ferrotec Holdings Corp.		67,600		1,303,758
Financial Partners Group Co. Ltd.		145,000		1,662,974
Food & Life Companies Ltd.		113,500		2,271,182
FP Corp.		72,400		1,402,657
Freee KK(a)(b)		62,200		1,170,865
Frontier Real Estate Investment Corp.		796		2,352,878
Fuji Co. Ltd./Ehime		73,700		993,440
Fuji Corp./Aichi		110,200		1,867,171
Fuji Electric Co. Ltd.		127,400		6,380,192
Fuji Oil Holdings Inc.		78,000		1,249,476
Fuji Seal International Inc.		78,000		919,838
Fuji Soft Inc.		76,200		3,340,028
FUJIFILM Holdings Corp.		418,500		26,526,580
Fujikura Ltd.		302,600		2,487,526
Fujitec Co. Ltd.		99,200		2,531,132
Fujitsu General Ltd.		99,200		1,453,492

Security	Shares		Value
Japan (continued)
Fujitsu Ltd.		203,900	$	28,222,665
Fukuoka Financial Group Inc.		164,200		4,035,588
Fukuoka REIT Corp.		1,507		1,782,540
Fukuyama Transporting Co. Ltd.		33,400		923,749
Funai Soken Holdings Inc.		83,600		1,455,609
Furukawa Electric Co. Ltd.		84,200		1,531,635
Fuyo General Lease Co. Ltd.		25,100		2,244,599
Giken Ltd.		41,500		608,698
Global One Real Estate Investment Corp.		3,277		2,441,373
Glory Ltd.		66,500		1,373,986
GLP J-REIT		4,798		4,283,815
GMO internet group Inc.		116,900		2,106,815
GMO Payment Gateway Inc.		48,300		2,914,338
GNI Group Ltd.(b)		65,100		1,166,812
Goldwin Inc.		32,000		2,152,616
Gree Inc.		177,000		704,136
GS Yuasa Corp.		101,000		1,456,699
GungHo Online Entertainment Inc.(b)		81,710		1,373,740
Gunma Bank Ltd. (The)		666,400		3,286,153
Gunze Ltd.		20,400		745,642
H.U. Group Holdings Inc.		133,700		2,485,466
H2O Retailing Corp.		141,300		1,512,801
Hachijuni Bank Ltd. (The)		609,400		3,321,174
Hakuhodo DY Holdings Inc.		202,500		1,555,447
Hamamatsu Photonics KK		148,900		5,882,280
Hankyu Hanshin Holdings Inc.		252,000		7,710,071
Hankyu Hanshin REIT Inc.		1,711		1,694,199
Hanwa Co. Ltd.		42,400		1,550,843
Harmonic Drive Systems Inc.(a)		74,000		1,793,289
Haseko Corp.		263,000		3,420,022
Hazama Ando Corp.		269,300		2,174,783
Heiwa Corp.		82,100		1,219,829
Heiwa Real Estate Co. Ltd.		61,400		1,623,314
Heiwa Real Estate REIT Inc.		2,043		1,898,640
Hikari Tsushin Inc.		21,500		3,746,371
Hino Motors Ltd.(b)		341,700		1,163,350
Hirata Corp.		15,400		704,484
Hirogin Holdings Inc.		422,100		2,832,417
Hirose Electric Co. Ltd.		33,405		3,886,765
HIS Co. Ltd.(b)		103,100		1,252,502
Hisamitsu Pharmaceutical Co. Inc.		70,600		2,012,261
Hitachi Construction Machinery Co. Ltd.		91,000		2,581,889
Hitachi Ltd.		1,079,100		84,763,681
Hitachi Zosen Corp.		339,400		2,094,201
Hogy Medical Co. Ltd.		55,200		1,330,755
Hokkaido Electric Power Co. Inc.		225,700		1,006,975
Hokkoku Financial Holdings Inc.		34,200		1,017,562
Hokuetsu Corp.(a)		170,100		1,608,195
Hokuhoku Financial Group Inc.		175,600		1,860,316
Hokuriku Electric Power Co.(b)		235,800		1,153,003
Hokuto Corp.		151,400		1,846,886
Honda Motor Co. Ltd.		5,369,200		60,017,239
Horiba Ltd.		39,900		3,201,339
Hoshino Resorts REIT Inc.		617		2,153,333
Hoshizaki Corp.		97,200		3,536,268
House Foods Group Inc.		98,200		2,161,525
Hoya Corp.		407,300		51,738,940
Hulic Co. Ltd.		373,400		4,123,211
Hulic REIT Inc.		2,602		2,740,079
Hyakugo Bank Ltd. (The)		596,300		2,312,657
Ibiden Co. Ltd.(a)		129,600		6,521,464
Ichigo Inc.		346,000		922,360

S C H E D U L E  O F  I N V E S T M E N T S 101

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Ichigo Office REIT Investment Corp.		2,362	$	1,327,280
Idemitsu Kosan Co. Ltd.		1,158,175		6,431,322
IHI Corp.		146,100		2,794,366
Iida Group Holdings Co. Ltd.		109,300		1,650,095
Inaba Denki Sangyo Co. Ltd.		117,700		2,812,300
Industrial & Infrastructure Fund Investment Corp.		2,126		1,923,908
Infocom Corp.		123,000		2,042,224
Infomart Corp.(a)		351,300		942,847
INFRONEER Holdings Inc.		228,076		2,384,185
Inpex Corp.		1,108,400		15,065,878
Insource Co. Ltd.		139,800		790,242
Internet Initiative Japan Inc.		152,800		2,963,008
Invincible Investment Corp.		7,071		2,906,894
Iriso Electronics Co. Ltd.		32,400		757,683
Isetan Mitsukoshi Holdings Ltd.		424,000		4,957,538
Isuzu Motors Ltd.		636,700		8,687,734
Ito En Ltd.		62,100		1,802,735
ITOCHU Corp.		1,381,600		62,702,675
Itoham Yonekyu Holdings Inc.		47,100		1,319,719
Iwatani Corp.		47,900		2,140,483
Iyogin Holdings Inc., NVS		329,000		2,237,835
Izumi Co. Ltd.		37,400		880,425
J Front Retailing Co. Ltd.		211,100		1,955,068
Jaccs Co. Ltd.		73,100		2,800,233
JAFCO Group Co. Ltd.		102,700		1,218,093
Japan Airlines Co. Ltd.		142,400		2,736,325
Japan Airport Terminal Co. Ltd.		49,300		1,957,847
Japan Aviation Electronics Industry Ltd.		73,100		1,256,778
Japan Display Inc.(a)(b)		1,218,200		164,505
Japan Elevator Service Holdings Co. Ltd.		155,800		2,354,370
Japan Excellent Inc.		2,042		1,688,309
Japan Exchange Group Inc.		621,500		13,754,852
Japan Hotel REIT Investment Corp.		5,151		2,647,091
Japan Lifeline Co. Ltd.		106,300		948,533
Japan Logistics Fund Inc.		997		1,843,475
Japan Material Co. Ltd.		142,800		2,413,005
Japan Metropolitan Fund Invest		8,098		5,497,271
Japan Petroleum Exploration Co. Ltd.		47,800		1,944,402
Japan Post Bank Co. Ltd.		1,660,600		17,269,984
Japan Post Holdings Co. Ltd.		2,419,900		23,164,932
Japan Post Insurance Co. Ltd.		221,700		4,150,641
Japan Prime Realty Investment Corp.		788		1,886,720
Japan Real Estate Investment Corp.		1,257		4,818,760
Japan Securities Finance Co. Ltd.		224,600		2,380,275
Japan Steel Works Ltd. (The)		103,600		1,705,047
Japan Tobacco Inc.		1,350,800		35,603,554
JCR Pharmaceuticals Co. Ltd.		126,700		933,553
Jeol Ltd.		50,200		2,294,836
JFE Holdings Inc.		695,100		10,974,807
JGC Holdings Corp.		235,900		2,763,205
JINS Holdings Inc.		17,600		496,223
JMDC Inc.		32,100		849,445
JSR Corp.		207,300		5,654,037
JTEKT Corp.		360,200		3,295,772
Juroku Financial Group Inc.		57,400		1,609,292
Justsystems Corp.		56,900		1,188,863
Kadokawa Corp.		147,736		3,125,711
Kagome Co. Ltd.		114,900		2,828,849
Kajima Corp.		488,800		8,723,543
Kakaku.com Inc.		131,800		1,499,265
Kaken Pharmaceutical Co. Ltd.		65,000		1,535,086
Kamigumi Co. Ltd.		89,400		2,056,716

Security	Shares		Value
Japan (continued)
Kanamoto Co. Ltd.		75,100	$	1,434,482
Kandenko Co. Ltd.		131,200		1,349,266
Kaneka Corp.		65,700		1,597,655
Kanematsu Corp.		132,800		2,058,972
Kansai Electric Power Co. Inc. (The)		796,900		10,871,419
Kansai Paint Co. Ltd.		193,900		3,241,972
Kao Corp.		535,100		21,172,602
Katitas Co. Ltd.		76,000		944,877
Kawasaki Heavy Industries Ltd.		154,000		3,486,540
Kawasaki Kisen Kaisha Ltd.		174,200		8,487,683
KDDI Corp.		1,745,900		57,850,459
KDX Realty Investment Corp.		5,730		6,215,570
Keihan Holdings Co. Ltd.		92,900		2,265,748
Keikyu Corp.		191,100		1,669,147
Keio Corp.(a)		103,700		3,034,295
Keisei Electric Railway Co. Ltd.		150,900		6,828,204
Keiyo Bank Ltd. (The)		226,400		1,108,285
Kewpie Corp.		176,700		3,144,624
Keyence Corp.		224,400		100,396,083
KH Neochem Co. Ltd.		69,700		1,086,181
Kikkoman Corp.		156,800		9,647,625
Kinden Corp.		99,100		1,651,456
Kintetsu Group Holdings Co. Ltd.		214,100		6,606,581
Kirin Holdings Co. Ltd.		854,500		12,282,546
Kisoji Co. Ltd.		114,200		2,071,071
Kissei Pharmaceutical Co. Ltd.		89,500		1,911,089
Kiyo Bank Ltd. (The)		88,300		995,216
Kobayashi Pharmaceutical Co. Ltd.		45,800		2,066,979
Kobe Bussan Co. Ltd.		159,800		4,083,322
Kobe Steel Ltd.		430,700		5,947,055
Koei Tecmo Holdings Co. Ltd.		135,260		1,684,820
Koito Manufacturing Co. Ltd.		177,200		2,712,806
Kokuyo Co. Ltd.		167,000		2,689,451
Komatsu Ltd.		1,054,000		29,986,248
KOMEDA Holdings Co. Ltd.		137,400		2,633,582
Komeri Co. Ltd.		48,800		1,093,443
Konami Group Corp.		102,400		6,297,415
Konica Minolta Inc.(b)		567,800		1,558,162
Kose Corp.		34,300		2,243,997
Koshidaka Holdings Co. Ltd.		153,400		977,246
Kotobuki Spirits Co. Ltd.		188,000		2,529,470
K’s Holdings Corp.		184,800		1,679,495
Kubota Corp.		1,145,800		17,344,506
Kumagai Gumi Co. Ltd.		45,100		1,173,774
Kumiai Chemical Industry Co. Ltd.		189,800		1,088,371
Kura Sushi Inc.		56,800		1,522,033
Kuraray Co. Ltd.		245,900		2,579,925
Kureha Corp.		111,900		2,142,013
Kurita Water Industries Ltd.		106,300		3,882,182
Kusuri no Aoki Holdings Co. Ltd.		78,300		1,690,477
KYB Corp.		35,700		1,237,845
Kyocera Corp.		1,491,000		21,828,344
Kyorin Pharmaceutical Co. Ltd.		128,700		1,554,916
Kyoritsu Maintenance Co. Ltd.		41,200		1,692,959
Kyoto Financial Group Inc.		262,800		4,367,594
Kyowa Kirin Co. Ltd.		269,500		4,245,155
Kyudenko Corp.		52,600		2,000,800
Kyushu Electric Power Co. Inc.(b)		387,000		2,898,288
Kyushu Financial Group Inc.		595,200		3,787,613
Kyushu Railway Co.		192,500		4,231,149
LaSalle Logiport REIT		2,237		2,265,297
Lasertec Corp.		88,300		22,995,880

102 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Lawson Inc.		41,500	$	2,375,381
Leopalace21 Corp.(a)(b)		325,500		910,499
Lintec Corp.		100,200		1,897,667
Lion Corp.		166,100		1,480,635
Lixil Corp.		287,700		3,844,526
LY Corp.		3,012,600		9,372,296
M&A Capital Partners Co. Ltd.		35,400		545,200
M3 Inc.		506,400		7,990,991
Mabuchi Motor Co. Ltd.		139,000		2,409,191
Macnica Holdings Inc.		58,900		3,116,745
Makino Milling Machine Co. Ltd.		39,900		1,616,140
Makita Corp.		243,700		6,559,183
Management Solutions Co. Ltd.(a)		30,800		623,348
Mandom Corp.		50,500		439,620
Mani Inc.		124,800		1,733,750
Marubeni Corp.		1,712,000		29,201,007
Maruha Nichiro Corp.		85,300		1,687,757
Marui Group Co. Ltd.		166,800		2,758,065
Maruichi Steel Tube Ltd.		80,200		2,043,459
Maruwa Co. Ltd./Aichi		19,700		3,941,690
Matsui Securities Co. Ltd.		356,000		2,000,017
MatsukiyoCocokara & Co.		373,890		6,796,113
Maxell Ltd.		121,000		1,330,825
Mazda Motor Corp.		597,100		7,238,909
McDonald’s Holdings Co. Japan Ltd.(a)		77,000		3,428,384
MCJ Co. Ltd.		163,500		1,371,013
Mebuki Financial Group Inc.		1,114,350		3,335,468
Medipal Holdings Corp.		152,800		2,438,838
Medley Inc.(a)(b)		42,600		1,335,678
Megachips Corp.		59,400		1,917,937
Megmilk Snow Brand Co. Ltd.		61,200		959,818
Meidensha Corp.		68,900		1,235,055
MEIJI Holdings Co. Ltd.		271,300		6,561,284
Meiko Electronics Co. Ltd.		60,300		1,642,436
MEITEC Group Holdings Inc.		163,200		3,228,640
Menicon Co. Ltd.		109,600		1,591,616
Mercari Inc.(a)(b)		129,000		2,132,866
Milbon Co. Ltd.		62,400		1,491,211
MINEBEA MITSUMI Inc.		379,272		7,839,630
Mirai Corp.		5,887		1,800,102
MIRAIT ONE corp.		166,700		2,202,431
MISUMI Group Inc.		310,500		5,323,489
Mitsubishi Chemical Group Corp.		1,485,200		8,955,370
Mitsubishi Corp.		4,037,100		69,579,185
Mitsubishi Electric Corp.		2,230,800		33,105,739
Mitsubishi Estate Co. Ltd.		1,242,400		17,214,587
Mitsubishi Estate Logistics REIT Investment Corp.		678		1,698,668
Mitsubishi Gas Chemical Co. Inc.		122,800		2,005,432
Mitsubishi HC Capital Inc.		926,490		6,569,225
Mitsubishi Heavy Industries Ltd.		364,600		24,320,085
Mitsubishi Logistics Corp.		79,600		2,458,775
Mitsubishi Materials Corp.		99,800		1,827,087
Mitsubishi Motors Corp.		779,900		2,457,516
Mitsubishi Pencil Co. Ltd.		64,500		877,076
Mitsubishi UFJ Financial Group Inc.		13,208,700		123,719,901
Mitsui & Co. Ltd.		1,506,000		61,079,181
Mitsui Chemicals Inc.		164,500		4,841,278
Mitsui Fudosan Co. Ltd.		1,046,500		26,271,092
Mitsui Fudosan Logistics Park Inc.		937		2,809,060
Mitsui High-Tec Inc.		34,900		1,610,863
Mitsui Mining & Smelting Co. Ltd.		104,600		3,233,739

Security	Shares		Value
Japan (continued)
Mitsui OSK Lines Ltd.		392,100	$	14,084,414
Miura Co. Ltd.		94,100		1,719,545
Mixi Inc.		60,000		1,029,177
Mizuho Financial Group Inc.		2,809,050		51,016,729
Mizuho Leasing Co. Ltd.		53,100		1,924,384
Mochida Pharmaceutical Co. Ltd.		68,200		1,541,915
Monex Group Inc.		250,300		1,302,622
Money Forward Inc.(b)		62,300		2,431,694
MonotaRO Co. Ltd.		270,400		2,546,685
Mori Hills REIT Investment Corp.		1,634		1,520,696
Mori Trust REIT Inc.		2,980		1,513,323
Morinaga & Co. Ltd./Japan		166,400		3,175,885
Morinaga Milk Industry Co. Ltd.		87,000		1,781,630
MOS Food Services Inc.		78,900		1,835,067
MS&AD Insurance Group Holdings Inc.		496,200		20,490,448
Murata Manufacturing Co. Ltd.		1,975,000		39,879,440
Musashi Seimitsu Industry Co. Ltd.		114,200		1,296,210
Musashino Bank Ltd. (The)		58,000		1,092,704
Nabtesco Corp.		97,700		1,877,883
Nachi-Fujikoshi Corp.		21,300		496,734
Nagase & Co. Ltd.		151,000		2,468,951
Nagoya Railroad Co. Ltd.		283,200		4,366,353
Nakanishi Inc.		125,300		2,050,641
Nankai Electric Railway Co. Ltd.		81,400		1,587,297
Nanto Bank Ltd. (The)		47,600		860,995
NEC Corp.		277,500		18,133,155
NEC Networks & System Integration Corp.		126,900		2,049,336
NET One Systems Co. Ltd.		89,400		1,453,563
Nexon Co. Ltd.		391,600		6,249,554
Nextage Co. Ltd.(a)		82,000		1,235,468
NGK Insulators Ltd.		220,500		2,754,648
NH Foods Ltd.		56,100		1,921,211
NHK Spring Co. Ltd.		225,300		1,860,002
Nichias Corp.		112,300		2,624,952
Nichiha Corp.		54,400		1,092,860
Nichirei Corp.		86,800		2,096,453
Nidec Corp.		489,700		18,264,251
Nifco Inc./Japan		78,500		2,037,134
Nihon Kohden Corp.		85,800		2,614,917
Nihon M&A Center Holdings Inc.		538,400		3,236,258
Nihon Parkerizing Co. Ltd.		145,000		1,151,725
Nikkon Holdings Co. Ltd.		95,100		2,042,999
Nikon Corp.		320,800		3,273,935
Nintendo Co. Ltd.		1,193,900		66,704,254
Nippn Corp., New		182,900		2,807,887
Nippon Accommodations Fund Inc.		396		1,648,600
Nippon Building Fund Inc.		1,615		6,534,466
Nippon Carbon Co. Ltd.		55,800		1,695,533
Nippon Electric Glass Co. Ltd.		151,700		3,372,125
Nippon Express Holdings Inc.		74,900		4,458,147
Nippon Gas Co. Ltd.		165,800		2,568,350
Nippon Kayaku Co. Ltd.		229,500		2,048,816
Nippon Light Metal Holdings Co. Ltd.		93,090		1,147,042
Nippon Paint Holdings Co. Ltd.		1,051,100		8,278,804
Nippon Paper Industries Co. Ltd.(b)		125,500		1,163,284
Nippon Prologis REIT Inc.		2,343		4,168,669
NIPPON REIT Investment Corp.		822		1,903,382
Nippon Sanso Holdings Corp.		202,600		5,133,743
Nippon Shinyaku Co. Ltd.		41,700		1,473,176
Nippon Shokubai Co. Ltd.		38,300		1,440,849
Nippon Soda Co. Ltd.		54,000		2,084,495
Nippon Steel Corp.		987,017		23,752,226

S C H E D U L E  O F  I N V E S T M E N T S 103

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Nippon Telegraph & Telephone Corp.		34,237,700	$	42,994,134
Nippon Yusen KK		555,100		19,129,223
Nipro Corp.		174,100		1,402,051
Nishimatsu Construction Co. Ltd.		68,500		1,882,997
Nishimatsuya Chain Co. Ltd.		106,600		1,539,589
Nishi-Nippon Financial Holdings Inc.		191,100		2,200,350
Nishi-Nippon Railroad Co. Ltd.		85,800		1,426,166
Nishio Holdings Co. Ltd.		53,800		1,473,680
Nissan Chemical Corp.		138,600		5,527,757
Nissan Motor Co. Ltd.		2,505,100		9,834,584
Nissan Shatai Co. Ltd.		68,900		454,619
Nissha Co. Ltd.		71,700		795,386
Nisshin Oillio Group Ltd. (The)		56,000		1,710,668
Nisshin Seifun Group Inc.		192,400		2,683,823
Nisshinbo Holdings Inc.		229,800		1,896,628
Nissin Foods Holdings Co. Ltd.		202,500		6,551,153
Nissui Corp.		530,100		2,896,436
Niterra Co. Ltd.		158,100		4,257,412
Nitori Holdings Co. Ltd.		92,400		12,093,470
Nitto Boseki Co. Ltd.		45,900		1,567,372
Nitto Denko Corp.		164,900		13,679,748
Nitto Kogyo Corp.		62,000		1,687,189
Noevir Holdings Co. Ltd.		59,400		2,111,713
NOF Corp.		68,400		3,089,199
Nojima Corp.		115,800		1,459,434
NOK Corp.		96,300		1,275,539
Nomura Co. Ltd.		132,200		781,371
Nomura Holdings Inc.		3,263,200		17,576,070
Nomura Real Estate Holdings Inc.		84,300		2,306,929
Nomura Real Estate Master Fund Inc.		4,575		5,006,263
Nomura Research Institute Ltd.		421,520		12,891,566
Noritz Corp.		72,800		766,871
North Pacific Bank Ltd.		683,400		1,742,724
NS Solutions Corp.		60,600		2,021,186
NSD Co. Ltd.		147,000		2,758,594
NSK Ltd.		259,200		1,413,060
NTN Corp.		564,800		1,032,883
NTT Data Group Corp.		702,000		10,111,345
NTT UD REIT Investment Corp.		2,863		2,431,163
Obayashi Corp.		690,400		6,390,714
Obic Co. Ltd.		78,800		12,104,432
Odakyu Electric Railway Co. Ltd.		345,800		5,283,994
Ogaki Kyoritsu Bank Ltd. (The)		78,300		1,048,278
Ohsho Food Service Corp.		42,400		2,344,207
Oiles Corp.		102,500		1,482,757
Oisix ra daichi Inc.(a)(b)		51,900		490,913
Oji Holdings Corp.		768,000		3,002,750
Okamoto Industries Inc.		28,800		975,860
Okamura Corp.		148,400		2,224,094
Okasan Securities Group Inc.		319,200		1,562,238
Oki Electric Industry Co. Ltd.		157,400		1,105,935
Okinawa Electric Power Co. Inc. (The)		84,532		669,924
OKUMA Corp.		27,600		1,241,837
Okumura Corp.		53,800		1,881,352
Olympus Corp.		1,402,700		20,765,097
Omron Corp.		217,500		9,779,942
One REIT Inc.		859		1,579,689
Ono Pharmaceutical Co. Ltd.		437,600		7,887,358
Open House Group Co. Ltd.		82,800		2,589,331
Optex Group Co. Ltd.		89,200		1,107,780
Optorun Co. Ltd.		70,300		812,321
Oracle Corp. Japan		35,500		2,797,724

Security	Shares		Value
Japan (continued)
Organo Corp.		41,700	$	1,722,340
Orient Corp.		119,780		903,855
Oriental Land Co. Ltd./Japan		1,242,300		46,139,109
ORIX Corp.		1,315,200		25,395,546
Orix JREIT Inc.		2,556		2,956,549
Osaka Gas Co. Ltd.		400,900		8,441,692
OSAKA Titanium Technologies Co. Ltd.(a)		39,800		752,870
OSG Corp.		118,900		1,618,029
Otsuka Corp.		107,500		4,523,360
Otsuka Holdings Co. Ltd.		452,900		17,802,738
Outsourcing Inc.(b)		179,600		2,096,904
PALTAC Corp.		28,800		876,828
Pan Pacific International Holdings Corp.		419,100		9,059,468
Panasonic Holdings Corp.		2,541,600		23,938,763
Paramount Bed Holdings Co. Ltd.		90,300		1,630,918
Park24 Co. Ltd.(b)		200,300		2,617,276
Penta-Ocean Construction Co. Ltd.		341,300		1,828,675
PeptiDream Inc.(b)		142,200		1,246,169
Persol Holdings Co. Ltd.		1,758,400		2,795,348
Pigeon Corp.		146,200		1,597,775
Pilot Corp.		49,700		1,387,913
PKSHA Technology Inc.(a)(b)		59,000		1,543,595
Pola Orbis Holdings Inc.		106,500		1,101,742
Prestige International Inc.		214,200		879,540
Raito Kogyo Co. Ltd.		95,200		1,330,809
Raksul Inc.(b)		95,000		737,209
Rakus Co. Ltd.		112,300		1,845,776
Rakuten Group Inc.(a)(b)		1,676,100		7,362,701
Recruit Holdings Co. Ltd.		1,672,300		66,053,701
Relo Group Inc.		121,300		1,217,577
Renesas Electronics Corp.(b)		1,708,400		28,030,704
Rengo Co. Ltd.		213,700		1,385,857
RENOVA Inc.(b)		154,200		1,324,816
Resona Holdings Inc.		2,419,200		13,354,610
Resonac Holdings Corp.		169,500		3,380,082
Resorttrust Inc.		114,500		1,990,420
Ricoh Co. Ltd.		648,500		5,097,206
Ricoh Leasing Co. Ltd.		31,000		1,064,133
Rinnai Corp.		110,400		2,501,203
Riso Kyoiku Co. Ltd.		359,500		593,252
Rohm Co. Ltd.		361,200		6,234,036
Rohto Pharmaceutical Co. Ltd.		195,600		4,002,294
Rorze Corp.		21,000		2,332,418
Round One Corp.		332,300		1,471,768
Royal Holdings Co. Ltd.		64,300		1,131,634
Ryohin Keikaku Co. Ltd.		282,800		4,397,299
Ryosan Co. Ltd.		31,300		1,031,323
Saizeriya Co. Ltd.		52,300		1,795,422
Sakai Moving Service Co. Ltd.		50,000		950,374
Sakata Seed Corp.		98,100		2,442,942
SAMTY Co. Ltd.		127,000		2,163,904
Sangetsu Corp.		154,300		3,398,666
San-In Godo Bank Ltd. (The)		195,500		1,378,679
Sanken Electric Co. Ltd.		40,800		1,874,481
Sankyo Co. Ltd.		51,800		3,168,428
Sankyu Inc.		56,700		2,119,574
Sanrio Co. Ltd.		77,100		3,219,479
Sansan Inc.(b)		92,600		862,034
Santen Pharmaceutical Co. Ltd.		312,300		3,154,955
Sanwa Holdings Corp.		200,300		3,061,421
Sapporo Holdings Ltd.		114,700		5,303,592
Sato Holdings Corp.		52,700		774,858

104 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Sawai Group Holdings Co. Ltd.		45,000	$	1,703,250
SBI Holdings Inc.		275,600		6,770,295
SCREEN Holdings Co. Ltd.		92,100		9,031,257
SCSK Corp.		119,700		2,350,263
Secom Co. Ltd.		227,300		16,497,509
Sega Sammy Holdings Inc.		162,500		2,391,610
Seibu Holdings Inc.		231,600		3,273,069
Seiko Epson Corp.		275,900		4,027,425
Seiko Group Corp.		43,900		783,180
Seino Holdings Co. Ltd.		160,500		2,343,916
Seiren Co. Ltd.(a)		89,200		1,497,098
Sekisui Chemical Co. Ltd.		388,700		5,549,679
Sekisui House Ltd.		650,000		14,673,226
Sekisui House REIT Inc.		6,154		3,273,241
Seria Co. Ltd.		95,900		1,757,386
Seven & i Holdings Co. Ltd.		883,400		34,889,721
Seven Bank Ltd.		1,094,000		2,290,095
SG Holdings Co. Ltd.		325,200		4,211,373
Sharp Corp./Japan(b)		346,400		2,329,299
Shibaura Machine Co. Ltd.		52,700		1,277,708
SHIFT Inc.(a)(b)		16,300		2,938,455
Shiga Bank Ltd. (The)		66,400		1,650,979
Shikoku Electric Power Co. Inc.		243,700		1,723,152
Shima Seiki Manufacturing Ltd.		65,300		664,074
Shimadzu Corp.		256,600		7,095,495
Shimamura Co. Ltd.		21,700		2,380,674
Shimano Inc.		88,300		12,677,699
Shimizu Corp.		450,900		3,018,381
Shin-Etsu Chemical Co. Ltd.		2,116,600		83,313,992
Shinko Electric Industries Co. Ltd.		79,600		2,942,982
Shinmaywa Industries Ltd.		117,900		978,691
Shionogi & Co. Ltd.		296,000		14,206,938
Ship Healthcare Holdings Inc.		121,500		1,843,988
Shiseido Co. Ltd.		457,300		12,748,009
Shizuoka Financial Group Inc., NVS		417,500		3,815,952
SHO-BOND Holdings Co. Ltd.		84,800		3,777,037
Shochiku Co. Ltd.		14,700		1,008,938
Shoei Foods Corp.		46,800		1,421,154
SKY Perfect JSAT Holdings Inc.		261,900		1,378,209
Skylark Holdings Co. Ltd.		231,600		3,778,358
SMC Corp.		66,100		36,794,201
SMS Co. Ltd.		95,400		1,722,935
Snow Peak Inc.(a)		152,400		919,886
Socionext Inc.		191,500		4,388,812
SoftBank Corp.		3,293,700		43,759,581
SoftBank Group Corp.		1,187,200		51,252,139
Sohgo Security Services Co. Ltd.		235,000		1,282,862
Sojitz Corp.		234,620		5,537,363
Sompo Holdings Inc.		336,300		17,437,639
Sony Group Corp.		1,457,800		142,963,979
Sosei Group Corp.(b)		129,600		1,258,008
Sotetsu Holdings Inc.		141,700		2,597,095
Square Enix Holdings Co. Ltd.		83,000		3,243,327
Stanley Electric Co. Ltd.		108,300		2,068,584
Star Micronics Co. Ltd.		123,000		1,467,904
Subaru Corp.(a)		669,200		13,350,077
Sugi Holdings Co. Ltd.		36,500		1,743,957
SUMCO Corp.		355,300		5,386,497
Sumitomo Bakelite Co. Ltd.		68,700		3,414,220
Sumitomo Chemical Co. Ltd.		1,590,200		3,744,254
Sumitomo Corp.		1,250,400		28,756,495
Sumitomo Electric Industries Ltd.		745,800		9,912,876

Security	Shares		Value
Japan (continued)
Sumitomo Forestry Co. Ltd.		174,300	$	5,123,588
Sumitomo Heavy Industries Ltd.		83,300		2,161,176
Sumitomo Metal Mining Co. Ltd.		270,700		7,481,789
Sumitomo Mitsui Construction Co. Ltd.		364,980		1,023,691
Sumitomo Mitsui Financial Group Inc.		1,467,100		76,308,783
Sumitomo Mitsui Trust Holdings Inc.		799,900		16,392,556
Sumitomo Osaka Cement Co. Ltd.		53,700		1,352,825
Sumitomo Pharma Co. Ltd.		200,600		588,856
Sumitomo Realty & Development Co. Ltd.		305,600		9,610,855
Sumitomo Rubber Industries Ltd.		296,100		3,430,163
Sumitomo Warehouse Co. Ltd. (The)		135,700		2,440,459
Sundrug Co. Ltd.		52,500		1,583,413
Suntory Beverage & Food Ltd.		147,200		4,802,366
Suruga Bank Ltd.		248,000		1,445,275
Suzuken Co. Ltd.		57,200		1,775,544
Suzuki Motor Corp.		420,900		18,906,263
Sysmex Corp.		200,400		10,856,126
Systena Corp.		459,500		928,781
T Hasegawa Co. Ltd.		85,100		1,909,690
T&D Holdings Inc.		594,900		9,850,797
Tadano Ltd.		133,200		1,084,313
Taiheiyo Cement Corp.		78,600		1,617,769
Taikisha Ltd.		38,200		1,139,003
Taisei Corp.		194,500		7,091,195
Taisho Pharmaceutical Holdings Co. Ltd.		19,700		1,146,412
Taiyo Holdings Co. Ltd.		114,300		2,518,463
Taiyo Yuden Co. Ltd.		118,900		2,872,118
Takara Bio Inc.		156,100		1,326,976
Takara Holdings Inc.		334,200		2,827,475
Takasago Thermal Engineering Co. Ltd.		94,600		2,185,848
Takashimaya Co. Ltd.		206,300		2,874,015
Takeda Pharmaceutical Co. Ltd.		1,812,583		53,272,683
Takeuchi Manufacturing Co. Ltd.		73,400		2,509,380
Takuma Co. Ltd.		121,900		1,434,311
Tamron Co. Ltd.		58,700		2,224,264
TDK Corp.		438,800		21,832,411
TechnoPro Holdings Inc.		109,900		2,533,724
Teijin Ltd.		204,300		1,879,434
Terumo Corp.		770,600		26,086,313
THK Co. Ltd.		101,200		1,945,735
TIS Inc.		237,800		5,289,109
Toagosei Co. Ltd.		168,400		1,611,878
Tobu Railway Co. Ltd.		204,200		5,407,881
Toda Corp.		274,000		1,727,576
Toei Animation Co. Ltd.		10,300		1,378,102
Toei Co. Ltd.		12,400		1,740,256
Toho Bank Ltd. (The)		515,300		1,092,814
Toho Co. Ltd./Tokyo		100,800		3,283,534
Toho Gas Co. Ltd.		92,300		1,854,297
Toho Holdings Co. Ltd.		89,200		1,931,937
Toho Titanium Co. Ltd.(a)		49,200		654,433
Tohoku Electric Power Co. Inc.		441,800		2,949,368
Tokai Carbon Co. Ltd.		247,900		1,743,448
Tokai Rika Co. Ltd.		71,800		1,135,951
Tokai Tokyo Financial Holdings Inc.		789,700		3,046,294
Tokio Marine Holdings Inc.		2,066,400		54,485,640
Tokuyama Corp.		73,500		1,178,136
Tokyo Century Corp.		154,400		1,715,597
Tokyo Electric Power Co. Holdings Inc.(b)		1,787,200		9,515,326
Tokyo Electron Ltd.		549,400		101,953,487
Tokyo Gas Co. Ltd.		425,900		9,783,716
Tokyo Kiraboshi Financial Group Inc.		22,100		646,455

S C H E D U L E  O F  I N V E S T M E N T S 105

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Tokyo Ohka Kogyo Co. Ltd.		129,000	$	2,946,424
Tokyo Seimitsu Co. Ltd.		55,500		3,594,940
Tokyo Steel Manufacturing Co. Ltd.		150,300		1,815,339
Tokyo Tatemono Co. Ltd.		168,600		2,598,450
Tokyotokeiba Co. Ltd.		28,500		892,590
Tokyu Construction Co. Ltd.		179,800		1,000,843
Tokyu Corp.		540,100		6,337,684
Tokyu Fudosan Holdings Corp.		519,200		3,472,187
Tokyu REIT Inc.		1,919		2,237,735
TOMONY Holdings Inc.(a)		271,900		748,705
Tomy Co. Ltd.		194,100		3,184,524
Topcon Corp.		182,300		2,094,379
TOPPAN Holdings Inc.		274,700		7,571,951
Toray Industries Inc.		1,430,300		7,146,391
Toridoll Holdings Corp.		89,100		2,727,812
Toshiba TEC Corp.		49,200		1,020,683
Tosoh Corp.		225,700		2,910,320
Totetsu Kogyo Co. Ltd.		53,600		1,100,571
TOTO Ltd.		138,700		3,753,953
Towa Corp.		30,900		1,594,133
Towa Pharmaceutical Co. Ltd.		74,400		1,301,955
Toyo Seikan Group Holdings Ltd.		168,400		2,674,947
Toyo Suisan Kaisha Ltd.		99,400		5,175,904
Toyo Tire Corp.		147,000		2,434,071
Toyobo Co. Ltd.		119,800		899,151
Toyoda Gosei Co. Ltd.		102,500		1,979,115
Toyota Boshoku Corp.		84,300		1,389,038
Toyota Industries Corp.		165,500		13,997,841
Toyota Motor Corp.		12,321,400		246,031,435
Toyota Tsusho Corp.		234,400		15,360,566
Trend Micro Inc./Japan(b)		142,900		8,175,218
Tri Chemical Laboratories Inc.		84,800		2,091,221
Trusco Nakayama Corp.		70,000		1,195,907
TS Tech Co. Ltd.		124,100		1,571,968
Tsubakimoto Chain Co.		45,100		1,304,312
Tsuburaya Fields Holdings Inc.		82,200		1,012,749
Tsumura & Co.		95,600		1,729,614
Tsuruha Holdings Inc.		41,500		3,284,087
UACJ Corp.		45,300		1,251,244
UBE Corp.		104,200		1,732,378
Ulvac Inc.		66,700		3,264,527
Unicharm Corp.		454,400		15,635,163
United Arrows Ltd.		45,500		596,691
United Urban Investment Corp.		2,853		2,888,738
Universal Entertainment Corp.		39,100		565,499
Ushio Inc.		172,000		2,409,591
USS Co. Ltd.		217,000		4,103,775
UT Group Co. Ltd.(b)		51,200		820,325
Valor Holdings Co. Ltd.		53,200		908,908
Vector Inc.		110,900		890,574
Vision Inc./Tokyo Japan(a)(b)		129,500		1,027,963
Visional Inc.(a)(b)		38,800		2,428,365
Wacom Co. Ltd.		348,300		1,605,080
Welcia Holdings Co. Ltd.		139,200		2,348,141
West Holdings Corp.		48,800		1,122,459
West Japan Railway Co.		229,100		9,541,904
W-Scope Corp.(a)(b)		92,000		475,278
Yakult Honsha Co. Ltd.		295,200		6,447,636
Yamada Holdings Co. Ltd.		662,400		2,023,353
Yamaguchi Financial Group Inc.		286,000		2,718,449
Yamaha Corp.		144,800		3,184,233
Yamaha Motor Co. Ltd.		1,051,500		9,938,511

Security	Shares		Value
Japan (continued)
Yamato Holdings Co. Ltd.		284,900	$	4,924,902
Yamato Kogyo Co. Ltd.		59,100		3,271,409
Yamazaki Baking Co. Ltd.		161,500		3,829,542
Yaoko Co. Ltd.		38,400		2,215,597
Yaskawa Electric Corp.		284,300		10,714,214
Yokogawa Electric Corp.		236,500		4,647,390
Yokohama Rubber Co. Ltd. (The)		125,500		2,970,294
Yoshinoya Holdings Co. Ltd.		130,300		2,905,733
Zenkoku Hosho Co. Ltd.		52,800		1,964,868
Zenrin Co. Ltd.		35,700		214,704
Zensho Holdings Co. Ltd.		113,800		5,572,639
Zeon Corp.		154,900		1,405,318
Zojirushi Corp.		105,100		1,017,169
ZOZO Inc.		134,700		2,949,459
				5,342,835,395
Kazakhstan — 0.0%
Polymetal International PLC(b)(d)		318,811		35
Kuwait — 0.2%
Agility Public Warehousing Co. KSC(b)		1,826,931		3,437,720
Boubyan Bank KSCP		2,289,883		4,564,039
Boubyan Petrochemicals Co. KSCP		768,125		1,485,511
Gulf Bank KSCP		3,950,396		3,718,151
Humansoft Holding Co. KSC		142,143		1,586,917
Kuwait Finance House KSCP		10,159,796		25,465,570
Mabanee Co. KPSC		1,009,207		2,527,120
Mobile Telecommunications Co. KSCP		2,774,498		4,741,847
National Bank of Kuwait SAKP		8,863,378		28,221,197
National Industries Group Holding SAK		3,101,549		2,403,675
				78,151,747
Malaysia — 0.4%
AFFIN Bank Bhd		373,000		207,276
Alliance Bank Malaysia Bhd		1,765,400		1,279,639
AMMB Holdings Bhd		2,489,100		2,228,493
Axiata Group Bhd		3,305,200		1,904,335
British American Tobacco Malaysia Bhd(a)		181,000		347,459
Bursa Malaysia Bhd		1,160,100		1,838,402
Carlsberg Brewery Malaysia Bhd		222,900		906,680
CELCOMDIGI Bhd		3,865,900		3,463,331
CIMB Group Holdings Bhd		7,476,600		9,847,752
Dialog Group Bhd		5,095,878		1,970,770
Fraser & Neave Holdings Bhd		174,600		1,022,499
Gamuda Bhd(a)		2,671,000		2,851,702
Gas Malaysia Bhd		141,200		97,538
Genting Bhd		2,282,800		2,274,151
Genting Malaysia Bhd		3,463,400		1,973,389
Hartalega Holdings Bhd(b)		2,108,300		1,220,220
Hibiscus Petroleum Bhd		1,331,480		744,228
Hong Leong Bank Bhd		622,300		2,525,548
IHH Healthcare Bhd		2,828,700		3,649,586
IJM Corp. Bhd		3,885,300		1,834,548
Inari Amertron Bhd		4,001,600		2,678,800
IOI Corp. Bhd		2,318,900		1,955,183
Kossan Rubber Industries Bhd(a)		1,709,500		740,904
KPJ Healthcare Bhd		7,465,300		2,540,077
Kuala Lumpur Kepong Bhd(a)		450,900		2,114,532
Malayan Banking Bhd		6,293,100		12,309,289
Malaysia Airports Holdings Bhd		1,231,700		2,002,857
Malaysian Resources Corp. Bhd		3,320,900		454,715
Maxis Bhd(a)		2,673,000		2,147,442
MISC Bhd		1,262,300		1,959,374
MR DIY Group M Bhd(c)		6,901,350		2,013,502

106 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Malaysia (continued)
My EG Services Bhd		15,637,500	$	2,573,175
Nationgate Holdings Bhd, NVS		339,000		97,682
Nestle Malaysia Bhd		95,100		2,402,632
Pentamaster Corp. Bhd		2,126,700		1,810,877
Petronas Chemicals Group Bhd		2,981,300		4,261,206
Petronas Dagangan Bhd		343,000		1,547,488
Petronas Gas Bhd		675,500		2,533,482
PPB Group Bhd		943,280		2,883,685
Press Metal Aluminium Holdings Bhd		4,335,800		4,339,448
Public Bank Bhd		16,216,200		15,032,688
QL Resources Bhd		2,109,000		2,599,465
RHB Bank Bhd		1,641,798		1,942,238
Sam Engineering & Equipment M Bhd		112,700		84,346
Sime Darby Bhd		3,429,200		1,759,476
Sime Darby Plantation Bhd		2,853,000		2,660,524
Sime Darby Property Bhd		6,519,200		1,058,776
SP Setia Bhd Group(a)		1,146,300		217,375
Sunway REIT(a)		4,132,500		1,380,412
Supermax Corp. Bhd(a)		2,489,177		492,047
Telekom Malaysia Bhd		1,530,200		1,912,411
Tenaga Nasional Bhd		2,820,100		6,391,432
TIME dotCom Bhd		1,583,900		1,841,744
Top Glove Corp. Bhd(b)		6,480,600		1,272,323
VS Industry Bhd		5,546,700		843,931
Yinson Holdings Bhd		3,432,240		1,864,875
YTL Power International Bhd		2,433,000		2,105,896
				139,013,855
Mexico — 0.7%
Alsea SAB de CV(b)		702,300		2,744,485
America Movil SAB de CV		23,135,800		20,902,402
Arca Continental SAB de CV		465,400		5,287,954
Banco del Bajio SA(c)		792,700		3,015,774
Bolsa Mexicana de Valores SAB de CV		668,000		1,353,349
Cemex SAB de CV, NVS(b)		19,300,712		16,035,801
Coca-Cola Femsa SAB de CV		521,600		4,965,830
Controladora Vuela Cia. de Aviacion SAB de CV, Class A(a)(b)		1,301,000		1,040,105
Corp Inmobiliaria Vesta SAB de CV		1,085,700		4,128,581
FIBRA Macquarie Mexico(a)(c)		1,179,000		2,261,208
Fibra Uno Administracion SA de CV		4,056,900		6,896,836
Fomento Economico Mexicano SAB de CV		2,277,800		30,892,534
GCC SAB de CV		202,900		2,343,226
Genomma Lab Internacional SAB de CV, Class B		916,500		751,880
Gentera SAB de CV		1,343,800		1,827,752
Gruma SAB de CV, Class B		209,430		3,920,538
Grupo Aeroportuario del Centro Norte SAB de CV, Class B		327,812		3,001,094
Grupo Aeroportuario del Pacifico SAB de CV, Class B		440,400		6,856,182
Grupo Aeroportuario del Sureste SAB de CV, Class B		258,255		7,528,355
Grupo Bimbo SAB de CV, Series A		1,793,900		8,183,890
Grupo Carso SAB de CV, Series A1		571,000		5,353,197
Grupo Financiero Banorte SAB de CV, Class O		2,996,000		30,472,635
Grupo Financiero Inbursa SAB de CV, Class O(b)		2,606,300		7,700,105
Grupo Mexico SAB de CV, Series B		3,705,000		19,117,511
Grupo Televisa SAB, CPO(a)		2,725,500		1,643,709
Industrias Penoles SAB de CV(a)(b)		210,735		2,771,273
Kimberly-Clark de Mexico SAB de CV, Class A		1,763,200		4,019,869
Nemak SAB de CV(b)(c)		2,029,177		493,987
Operadora De Sites Mexicanos SAB de CV		2,247,355		2,441,713

Security	Shares		Value
Mexico (continued)
Orbia Advance Corp. SAB de CV		1,179,178	$	2,351,299
Prologis Property Mexico SA de CV		653,932		2,694,907
Promotora y Operadora de Infraestructura SAB de CV		310,045		3,050,642
Qualitas Controladora SAB de CV		323,800		3,577,857
Regional SAB de CV		289,900		2,690,731
Sitios Latinoamerica SAB de CV(a)(b)		1,660,965		623,411
Wal-Mart de Mexico SAB de CV		6,184,600		25,551,922
				248,492,544
Netherlands — 3.0%
Aalberts NV		126,679		5,037,810
ABN AMRO Bank NV, CVA(c)		494,127		7,272,256
Adyen NV(b)(c)		25,320		31,756,007
Aegon Ltd.		2,031,229		11,983,107
AerCap Holdings NV(b)		243,091		18,611,047
Akzo Nobel NV		201,034		15,441,918
Alfen NV(a)(b)(c)		32,091		1,940,656
Allfunds Group PLC		377,758		2,708,220
AMG Critical Materials NV		44,126		936,433
Arcadis NV		95,881		5,264,005
ASM International NV		54,586		30,253,396
ASML Holding NV		468,548		406,506,566
ASR Nederland NV		170,038		8,013,294
Basic-Fit NV(a)(b)(c)		61,261		1,773,790
BE Semiconductor Industries NV		92,293		13,869,634
Brunel International NV		38,650		429,962
Corbion NV		80,130		1,551,666
Davide Campari-Milano NV		748,437		7,582,589
Eurocommercial Properties NV		80,113		1,794,851
EXOR NV, NVS		108,123		10,461,171
Ferrovial SE		589,520		22,481,478
Flow Traders Ltd., NVS		37,726		677,606
Fugro NV(b)		142,014		2,621,981
Heineken Holding NV		154,177		12,936,626
Heineken NV		334,858		33,685,210
IMCD NV		69,985		10,682,561
ING Groep NV		4,140,173		58,825,503
InPost SA(b)		287,945		4,324,882
Iveco Group NV(b)		291,539		3,111,116
JDE Peet’s NV		109,156		2,694,556
Just Eat Takeaway.com NV(a)(b)(c)		238,718		3,604,491
Koninklijke Ahold Delhaize NV		1,098,240		30,885,970
Koninklijke BAM Groep NV		493,779		1,363,218
Koninklijke KPN NV		3,632,966		12,358,408
Koninklijke Philips NV(b)		937,401		19,831,240
Koninklijke Vopak NV		86,526		2,702,956
MFE-MediaForEurope NV, NVS(a)		89,383		322,921
MFE-MediaForEurope NV, Class A		464,598		1,185,939
NEPI Rockcastle NV		501,261		3,375,563
NN Group NV		305,128		12,506,657
NSI NV		73,862		1,580,489
OCI NV		119,150		3,403,399
Pharming Group NV(b)		1,405,399		1,771,761
PostNL NV		648,967		945,675
Prosus NV		1,709,395		50,857,367
Qiagen NV, NVS		252,118		10,938,593
Randstad NV		118,076		6,713,825
SBM Offshore NV		121,249		1,543,605
Signify NV(c)		136,722		4,099,561
Technip Energies NV		142,380		2,947,348
TKH Group NV		49,868		2,008,071
TomTom NV(a)(b)		145,174		982,960

S C H E D U L E  O F  I N V E S T M E N T S 107

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Netherlands (continued)
Universal Music Group NV		962,974	$	28,386,281
Van Lanschot Kempen NV		54,433		1,638,849
Vastned Retail NV		50,448		1,113,532
Wereldhave NV		64,175		961,268
Wolters Kluwer NV		289,891		42,734,873
				985,994,717
New Zealand — 0.2%
Air New Zealand Ltd.		1,561,059		605,915
Auckland International Airport Ltd.		1,322,272		6,817,493
Contact Energy Ltd.		911,042		4,493,976
EBOS Group Ltd.		183,726		4,207,382
Fisher & Paykel Healthcare Corp. Ltd.		702,945		10,152,661
Fletcher Building Ltd.		990,205		2,735,788
Goodman Property Trust		1,471,560		2,014,860
Infratil Ltd.		1,055,366		6,808,149
Kiwi Property Group Ltd.		1,670,611		888,410
Mercury NZ Ltd.		947,470		3,909,202
Meridian Energy Ltd.		1,692,085		5,732,427
Ryman Healthcare Ltd.(b)		786,805		2,733,292
Spark New Zealand Ltd.		2,311,292		7,508,910
				58,608,465
Norway — 0.6%
Adevinta ASA(b)		398,839		4,285,227
Aker ASA, Class A		37,801		2,246,199
Aker BP ASA		400,899		10,640,492
Atea ASA		168,705		2,248,919
Austevoll Seafood ASA		166,185		1,204,719
Bakkafrost P/F		57,015		3,184,184
Borr Drilling Ltd.(a)		289,792		1,795,451
Borregaard ASA		178,234		3,040,260
BW LPG Ltd.(c)		197,927		2,442,742
BW Offshore Ltd.		250,263		573,947
Crayon Group Holding ASA(a)(b)(c)		103,571		870,700
DNB Bank ASA		1,048,473		20,382,011
DNOASA		1,566,614		1,372,833
Elkem ASA(c)		385,640		800,206
Entra ASA(c)		128,693		1,409,630
Equinor ASA		1,033,110		29,564,595
Europris ASA(c)		373,872		2,802,209
Flex LNG Ltd.		89,754		2,676,256
Frontline PLC, NVS		181,994		4,068,050
Gjensidige Forsikring ASA		164,364		2,643,708
Golden Ocean Group Ltd.		167,913		1,770,684
Grieg Seafood ASA		159,162		998,806
Hafnia Ltd.		412,032		2,996,239
Kongsberg Gruppen ASA		130,406		6,645,925
Leroy Seafood Group ASA		315,022		1,265,230
Mowi ASA		501,285		9,023,293
MPC Container Ships ASA		459,027		690,014
NEL ASA(a)(b)		3,036,058		1,515,776
Nordic Semiconductor ASA(a)(b)		192,900		1,936,982
Norsk Hydro ASA		1,473,748		8,636,904
Norwegian Air Shuttle ASA(a)(b)		1,131,462		1,385,277
Orkla ASA		843,680		6,608,651
PGS ASA(b)		1,248,775		781,395
Protector Forsikring ASA		105,446		1,890,904
Salmar ASA		81,821		4,541,918
Scatec ASA(b)(c)		171,886		1,278,086
Schibsted ASA, Class A		76,087		2,334,118
Schibsted ASA, Class B		113,004		3,242,730
Seadrill Ltd.(a)(b)		50,764		2,185,020

Security	Shares		Value
Norway (continued)
SpareBank 1 SMN		167,140	$	2,275,545
SpareBank 1 SR-Bank ASA		257,438		3,122,036
Storebrand ASA		506,650		4,555,371
Subsea 7 SA		281,022		3,787,609
Telenor ASA		749,153		8,312,644
TGS ASA		164,961		1,606,350
TOMRA Systems ASA		294,592		2,959,111
Veidekke ASA		190,044		1,734,695
Wallenius Wilhelmsen ASA		164,091		1,595,203
Yara International ASA		185,221		6,122,044
				194,050,898
Peru — 0.1%
Cia. de Minas Buenaventura SAA, ADR		229,143		3,476,100
Credicorp Ltd.		76,705		11,385,323
Southern Copper Corp.		94,211		7,734,723
				22,596,146
Philippines — 0.2%
Aboitiz Equity Ventures Inc.		2,739,700		2,358,366
Alliance Global Group Inc.		3,269,600		658,625
Ayala Corp.		322,975		3,891,581
Ayala Land Inc.		9,546,730		5,769,143
Bank of the Philippine Islands		1,487,061		2,914,003
BDO Unibank Inc.		3,328,552		8,568,651
Bloomberry Resorts Corp.(b)		7,387,300		1,467,093
Converge Information and Communications Technology Solutions Inc.(b)		3,211,500		528,431
GT Capital Holdings Inc.		111,648		1,319,864
International Container Terminal Services Inc.		1,443,410		6,241,313
JG Summit Holdings Inc.		4,019,417		2,734,589
Jollibee Foods Corp.		642,090		2,897,075
Manila Electric Co.		258,470		1,663,154
Manila Water Co. Inc.		2,673,700		853,950
Megaworld Corp.		8,590,500		299,092
Metropolitan Bank & Trust Co.		2,242,367		2,271,387
MREIT Inc.		282,300		69,202
PLDT Inc.		95,885		2,168,353
Semirara Mining & Power Corp., Class A		462,200		254,520
SM Investments Corp.		333,565		5,325,265
SM Prime Holdings Inc.		13,276,100		8,077,208
Universal Robina Corp.		1,157,980		2,296,576
				62,627,441
Poland — 0.3%
Alior Bank SA(b)		147,265		2,769,884
Allegro.eu SA (b)(c)		512,020		3,865,290
Asseco Poland SA		122,756		2,236,164
Bank Millennium SA(b)		954,190		1,997,744
Bank Polska Kasa Opieki SA		208,995		8,039,220
Budimex SA		14,814		2,537,968
CCC SA(b)		63,894		928,476
CD Projekt SA		81,912		2,138,135
Cyfrowy Polsat SA(a)(b)		373,332		1,010,594
Dino Polska SA(b)(c)		65,299		7,047,565
Enea SA(b)		278,887		663,137
Eurocash SA		80,374		304,318
Grupa Azoty SA(a)(b)		73,664		439,551
Grupa Kety SA		11,211		1,906,800
KGHM Polska Miedz SA		153,957		4,289,340
KRUK SA		21,119		2,391,120
LPP SA		1,178		4,580,613
mBank SA(a)(b)		19,227		2,555,721
Orange Polska SA		864,469		1,846,470

108 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Poland (continued)
ORLEN SA		716,696	$	11,175,031
PGE Polska Grupa Energetyczna SA(b)		1,148,062		2,417,527
Powszechna Kasa Oszczednosci Bank Polski SA		1,042,717		13,230,024
Powszechny Zaklad Ubezpieczen SA		706,506		8,506,447
Santander Bank Polska SA		38,480		4,660,629
Tauron Polska Energia SA(b)		1,311,404		1,198,777
				92,736,545
Portugal — 0.1%
Altri SGPS SA		325,060		1,584,577
Banco Comercial Portugues SA, Class R(b)		9,778,585		2,844,555
CTT-Correios de Portugal SA		184,438		731,816
EDP - Energias de Portugal SA		3,629,857		16,190,747
Galp Energia SGPS SA		395,908		6,232,282
Greenvolt Energias Renovaveis SA(a)(b)		175,827		1,535,332
Jeronimo Martins SGPS SA		312,272		7,102,102
Navigator Co. SA (The)		433,700		1,787,076
NOS SGPS SA		924,827		3,278,231
REN - Redes Energeticas Nacionais SGPS SA		780,367		1,917,344
Sonae SGPS SA		2,805,571		2,712,228
				45,916,290
Qatar — 0.2%
Barwa Real Estate Co.		3,421,302		2,701,523
Commercial Bank PSQC (The)		3,496,961		5,031,189
Doha Bank QPSC		2,266,514		1,058,319
Dukhan Bank		1,520,184		1,631,729
Industries Qatar QSC		2,063,580		6,777,464
Masraf Al Rayan QSC		6,733,659		4,337,690
Mesaieed Petrochemical Holding Co.		5,428,088		2,501,492
Ooredoo QPSC		1,093,416		3,209,313
Qatar Aluminum Manufacturing Co.		5,252,335		1,844,188
Qatar Electricity & Water Co. QSC		887,070		4,213,429
Qatar Fuel QSC		159,780		687,313
Qatar Gas Transport Co. Ltd.		2,933,763		2,791,410
Qatar International Islamic Bank QSC		896,423		2,562,467
Qatar Islamic Bank SAQ		1,864,959		9,975,779
Qatar National Bank QPSC		5,260,886		22,349,407
Qatar Navigation QSC		615,521		1,747,536
United Development Co. QSC		1,908,304		543,224
Vodafone Qatar QSC		4,489,707		2,337,530
				76,301,002
Russia — 0.0%
Aeroflot PJSC(b)(d)		2,248,580		250
Alrosa PJSC(d)		2,008,230		223
Detsky Mir PJSC(b)(c)(d)		1,459,210		162
Gazprom PJSC(b)(d)		12,460,440		1,385
Inter RAO UES PJSC(d)		41,474,100		4,609
LUKOIL PJSC(d)		449,912		50
MMC Norilsk Nickel PJSC(d)		67,010		7
Mobile TeleSystems PJSC(d)		1,079,812		120
Moscow Exchange MICEX-RTS PJSC(d)		1,165,970		130
Novatek PJSC(d)		970,220		108
Novolipetsk Steel PJSC(b)(d)		1,277,300		142
Ozon Holdings PLC, ADR(b)(d)		48,614		5
PhosAgro PJSC(d)		54,047		6
PhosAgro PJSC, GDR(b)(d)(e)		2		—
PhosAgro PJSC, New(d)		1,044		10
Polyus PJSC(b)(d)		29,956		3
Rosneft Oil Co. PJSC(d)		1,203,679		134
Rostelecom PJSC(d)		1,886,690		210
Sberbank of Russia PJSC(d)		10,330,470		1,148

Security	Shares		Value
Russia (continued)
Severstal PAO(b)(d)		165,788	$	18
Sistema AFK PAO(d)		5,373,780		597
Surgutneftegas PJSC(d)		7,375,600		820
Tatneft PJSC(d)		1,491,585		166
TCS Group Holding PLC, GDR(b)(d)(e)		134,948		15
Unipro PJSC(b)(d)		16,577,000		1,842
United Co. RUSAL International PJSC(b)(d)		2,395,510		266
VK Co. Ltd.(b)(d)		113,735		13
VTB Bank PJSC(b)(d)		3,435,870,000		382
X5 Retail Group NV, GDR(b)(d)		128,602		14
Yandex NV(b)(d)		338,783		38
				12,873
Saudi Arabia — 1.2%
Abdullah Al Othaim Markets Co.		756,999		2,767,995
ACWA Power Co.		114,806		7,330,967
Advanced Petrochemical Co.		198,356		2,011,856
Al Rajhi Bank		2,307,894		51,518,907
Aldrees Petroleum and Transport Services Co.		104,224		4,485,509
Alinma Bank		1,266,850		13,953,421
Almarai Co. JSC		230,638		3,511,754
Alujain Corp.(b)		126,114		1,388,992
Arab National Bank		728,354		4,843,087
Arabian Internet & Communications Services Co.		20,169		1,759,760
Arriyadh Development Co.		265,614		1,549,682
Bank AlBilad		696,874		8,261,976
Bank Al-Jazira(b)		560,736		3,012,747
Banque Saudi Fransi		698,071		7,424,143
Bupa Arabia for Cooperative Insurance Co.		87,350		4,809,425
City Cement Co.		215,928		1,011,792
Co. for Cooperative Insurance (The)		134,714		4,401,378
Dallah Healthcare Co.		40,235		1,772,439
Dar Al Arkan Real Estate Development Co.(b)		838,970		2,899,633
Dr Sulaiman Al Habib Medical Services Group Co.		102,039		7,887,839
Elm Co.		35,500		8,521,551
Emaar Economic City(b)		543,058		1,150,095
Etihad Etisalat Co.		485,423		6,743,964
Jarir Marketing Co.		693,117		2,816,752
Leejam Sports Co. JSC		48,470		2,497,108
Middle East Healthcare Co.(b)		54,000		1,437,082
Mobile Telecommunications Co. Saudi Arabia		723,257		2,572,798
Mouwasat Medical Services Co.		167,303		5,287,287
Nahdi Medical Co.		38,527		1,444,727
National Gas & Industrialization Co.		155,809		2,829,416
National Industrialization Co.(b)		559,430		1,741,851
Power & Water Utility Co. for Jubail & Yanbu		116,661		1,924,072
Rabigh Refining & Petrochemical Co.(b)		684,389		1,664,695
Reinet Investments SCA		193,442		4,848,216
Riyad Bank		1,675,934		12,648,813
SABIC Agri-Nutrients Co.		289,548		9,872,364
Sahara International Petrochemical Co.		505,743		4,234,581
Saudi Airlines Catering Co.		100,499		3,087,247
Saudi Arabian Mining Co.(b)		1,540,355		19,008,788
Saudi Arabian Oil Co.(c)		3,022,959		24,625,297
Saudi Aramco Base Oil Co.		60,153		2,335,653
Saudi Awwal Bank		1,120,734		10,706,772
Saudi Basic Industries Corp.		1,030,369		21,359,130
Saudi Cement Co.		110,169		1,414,532
Saudi Chemical Co. Holding		1,648,707		2,032,035
Saudi Electricity Co.		1,071,026		5,404,317
Saudi Ground Services Co.(b)		211,201		2,343,083

S C H E D U L E  O F  I N V E S T M E N T S 109

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Saudi Arabia (continued)
Saudi Industrial Investment Group		375,393	$	2,028,517
Saudi Investment Bank (The)		380,703		1,580,822
Saudi Kayan Petrochemical Co.(b)		960,167		2,345,483
Saudi National Bank (The)		3,519,628		38,010,323
Saudi Public Transport Co.(b)		240,850		1,293,858
Saudi Research & Media Group(b)		48,709		2,693,141
Saudi Tadawul Group Holding Co.		49,016		2,699,277
Saudi Telecom Co.		2,226,671		24,229,750
Saudia Dairy & Foodstuff Co.		33,190		3,186,155
Savola Group (The)		283,298		3,395,708
Seera Group Holding(b)		217,425		1,716,162
Southern Province Cement Co.		95,239		982,082
United Electronics Co.		122,848		2,915,913
United International Transportation Co.		130,027		2,873,764
Yamama Cement Co.		208,525		1,688,237
Yanbu Cement Co.		162,403		1,320,842
Yanbu National Petrochemical Co.		282,852		2,892,988
				397,008,550
Singapore — 0.9%
AEM Holdings Ltd.(a)		851,400		1,694,180
CapitaLand Ascendas REIT		3,476,048		7,533,385
CapitaLand Ascott Trust		3,331,965		2,375,469
CapitaLand China Trust(a)		2,763,441		1,716,493
CapitaLand Integrated Commercial Trust		6,099,628		9,093,120
CapitaLand Investment Ltd./Singapore		2,824,500		6,200,589
CDL Hospitality Trusts(a)		2,363,681		1,810,511
City Developments Ltd.		742,000		3,367,782
ComfortDelGro Corp. Ltd.		2,209,000		2,297,546
DBS Group Holdings Ltd.		2,070,200		49,033,273
ESR-LOGOS REIT(a)		15,678,847		3,623,140
First Resources Ltd.		1,134,100		1,248,173
Frasers Centrepoint Trust		2,217,762		3,793,307
Frasers Hospitality Trust		1,831,900		634,986
Frasers Logistics & Commercial Trust		3,034,713		2,526,218
Genting Singapore Ltd.		5,827,900		4,376,777
Golden Agri-Resources Ltd.		9,389,100		1,889,718
Grab Holdings Ltd., Class A(b)		2,112,581		6,485,624
Hutchison Port Holdings Trust, Class U		8,100,500		1,213,107
iFAST Corp. Ltd.		192,500		1,055,590
Jardine Cycle & Carriage Ltd.		136,600		2,635,837
Keppel DC REIT(a)		1,737,063		2,181,091
Keppel Infrastructure Trust(a)		11,738,536		4,411,397
Keppel Ltd.		1,620,500		8,610,949
Keppel REIT		3,236,780		2,225,985
Mapletree Industrial Trust		2,128,760		3,877,228
Mapletree Logistics Trust		3,944,456		4,535,633
Mapletree Pan Asia Commercial Trust		2,339,493		2,533,470
Maxeon Solar Technologies Ltd.(a)(b)		53,277		241,345
NetLink NBN Trust		5,808,800		3,658,916
Oversea-Chinese Banking Corp. Ltd.		3,833,150		36,665,496
Parkway Life REIT		1,250,500		3,276,963
Raffles Medical Group Ltd.(a)		1,560,000		1,172,279
SATS Ltd.(b)		1,356,797		2,770,224
Sea Ltd., ADR(a)(b)		421,083		16,060,106
Seatrium Ltd.(b)		52,933,597		3,928,371
Sembcorp Industries Ltd.		1,204,900		5,070,808
Sheng Siong Group Ltd.		2,062,900		2,395,529
SIA Engineering Co. Ltd.		542,100		927,442
Singapore Airlines Ltd.(a)		1,700,900		8,442,047
Singapore Exchange Ltd.		729,300		5,092,435
Singapore Post Ltd.		2,599,500		794,480
Singapore Technologies Engineering Ltd.		1,884,700		5,222,386

Security	Shares		Value
Singapore (continued)
Singapore Telecommunications Ltd.		9,145,900	$	16,321,249
Starhill Global REIT		4,370,700		1,677,906
StarHub Ltd.(a)		836,100		660,653
Suntec REIT(a)		1,775,900		1,569,946
United Overseas Bank Ltd.		1,422,000		29,973,683
UOL Group Ltd.		300,600		1,395,859
Venture Corp. Ltd.		229,700		2,288,401
Wilmar International Ltd.		1,971,000		4,826,364
Yangzijiang Financial Holding Ltd.		2,629,300		615,056
Yangzijiang Shipbuilding Holdings Ltd.		2,703,800		3,375,477
Yanlord Land Group Ltd.(a)(b)		925,900		357,805
				301,761,804
South Africa — 0.8%
Absa Group Ltd.		899,313		7,852,367
Adcock Ingram Holdings Ltd.		117,088		350,216
AECI Ltd.		235,019		1,266,128
African Rainbow Minerals Ltd.		214,612		2,126,117
Anglo American Platinum Ltd.		71,587		3,030,730
Aspen Pharmacare Holdings Ltd.		445,217		4,615,180
AVI Ltd.		463,847		2,063,497
Barloworld Ltd.		301,395		1,205,741
Bid Corp. Ltd.		424,698		10,301,408
Bidvest Group Ltd. (The)		307,287		4,051,150
Capitec Bank Holdings Ltd.		99,611		10,609,272
Clicks Group Ltd.		307,015		4,934,869
Coronation Fund Managers Ltd.(a)		234,318		390,011
Dis-Chem Pharmacies Ltd.(a)(c)		485,815		782,078
Discovery Ltd.		605,571		4,480,692
Exxaro Resources Ltd.		307,627		3,064,772
FirstRand Ltd.		5,703,287		20,655,711
Foschini Group Ltd. (The)		409,430		2,479,019
Gold Fields Ltd.		1,077,337		15,896,395
Grindrod Ltd.		330,934		215,114
Growthpoint Properties Ltd.		3,289,257		2,081,864
Harmony Gold Mining Co. Ltd.		663,764		4,149,016
Impala Platinum Holdings Ltd.		981,422		3,809,539
Investec Ltd.		430,468		2,848,711
JSE Ltd.		187,091		867,579
Kumba Iron Ore Ltd.		80,456		2,376,444
Life Healthcare Group Holdings Ltd.		1,761,189		1,739,318
Momentum Metropolitan Holdings		1,623,752		1,818,672
Motus Holdings Ltd.		291,141		1,629,363
Mr. Price Group Ltd.		291,059		2,663,643
MTN Group Ltd.		1,989,374		10,151,678
MultiChoice Group(b)		432,771		1,733,627
Naspers Ltd., Class N		221,182		37,062,412
Nedbank Group Ltd.		483,026		5,611,332
Netcare Ltd.		1,606,630		1,221,974
Ninety One Ltd.		260,314		577,008
Northam Platinum Holdings Ltd.		434,070		2,924,249
Oceana Group Ltd.		81,738		315,312
Old Mutual Ltd.		4,498,379		2,993,584
OUTsurance Group Ltd., NVS		1,174,715		2,625,815
Pepkor Holdings Ltd.(c)		1,666,654		1,718,062
Pick n Pay Stores Ltd.		761,178		951,345
PSG Financial Services Ltd.		856,118		720,653
Redefine Properties Ltd.		7,548,997		1,674,508
Remgro Ltd.		536,292		4,517,198
Resilient REIT Ltd.		506,703		1,276,061
Reunert Ltd.		341,293		1,096,658
Sanlam Ltd.		2,162,608		8,250,773
Sappi Ltd.		790,987		1,882,568

110 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Africa (continued)
Sasol Ltd.		646,271	$	5,613,321
Shoprite Holdings Ltd.		604,141		8,760,488
Sibanye Stillwater Ltd.		3,203,507		3,860,669
SPAR Group Ltd. (The)(b)		233,409		1,399,394
Standard Bank Group Ltd.		1,490,090		15,896,946
Super Group Ltd./South Africa		685,997		1,025,927
Telkom SA SOC Ltd.(b)		573,779		865,457
Thungela Resources Ltd.		172,475		1,104,724
Tiger Brands Ltd.(a)		179,522		2,012,449
Truworths International Ltd.(a)		605,747		2,525,874
Vodacom Group Ltd.		721,410		3,597,321
Vukile Property Fund Ltd.		962,949		779,206
Wilson Bayly Holmes-Ovcon Ltd.(b)		62,512		435,222
Woolworths Holdings Ltd./South Africa		1,038,109		3,846,368
				263,382,799
South Korea — 3.2%
ABLBio Inc.(b)		65,854		1,077,878
Advanced Nano Products Co. Ltd.(b)		18,540		1,313,422
AfreecaTV Co. Ltd.(b)		22,594		1,753,648
Ahnlab Inc.(b)		9,246		502,999
Alteogen Inc.(b)		57,835		3,339,081
Amorepacific Corp.(b)		33,978		2,997,195
Amorepacific Group(b)		37,582		690,590
Asiana Airlines Inc.(b)		56,186		510,579
BGF retail Co. Ltd.(b)		10,381		1,098,703
BH Co. Ltd.(b)		46,296		630,418
Bioneer Corp.(b)		27,074		508,457
BNK Financial Group Inc.		271,388		1,526,364
Celltrion Inc.		181,093		24,300,976
Celltrion Pharm Inc.(b)		25,793		1,964,895
Chabiotech Co. Ltd.(a)(b)		117,876		1,603,495
Cheil Worldwide Inc.		92,276		1,270,029
Chunbo Co. Ltd.(b)		15,308		945,997
CJ CGV Co. Ltd.(b)		141,398		583,451
CJ CheilJedang Corp.		8,850		1,932,577
CJ Corp.(b)		17,023		1,195,672
CJ ENM Co. Ltd.(b)		12,026		642,390
CJ Logistics Corp.(b)		12,006		1,221,828
Com2uSCorp.		16,482		561,803
Cosmax Inc.(b)		19,994		1,734,830
CosmoAM&T Co. Ltd.(b)		32,364		3,199,373
Cosmochemical Co. Ltd.(b)		44,890		953,588
Coway Co. Ltd.(b)		63,025		2,614,258
CS Wind Corp.		33,624		1,432,117
Daejoo Electronic Materials Co. Ltd.(a)(b)		21,452		1,106,233
Daesang Corp.(a)(b)		39,383		548,146
Daewoo Engineering & Construction Co. Ltd.(a)(b)		241,803		711,087
Daewoong Pharmaceutical Co. Ltd.(b)		8,311		687,031
Dawonsys Co. Ltd.(b)		66,643		732,968
DB HiTek Co. Ltd.(b)		52,456		1,944,663
DB Insurance Co. Ltd.(b)		54,734		3,610,572
Dentium Co. Ltd.(b)		15,778		1,334,576
DGB Financial Group Inc.(b)		241,460		1,629,329
DL E&C Co. Ltd.(b)		38,403		1,194,483
DL Holdings Co. Ltd.(b)		15,194		639,386
Dong-A Socio Holdings Co. Ltd.		11,791		944,411
Dong-A ST Co. Ltd.(b)		20,308		1,035,658
Dongjin Semichem Co. Ltd.(b)		85,398		2,458,575
Dongkuk Steel Mill Co. Ltd/New(b)		50,668		431,473
Doosan Bobcat Inc.		55,080		2,097,668
Doosan Enerbility Co. Ltd.(b)		513,288		5,929,478

Security	Shares		Value
South Korea (continued)
Doosan Fuel Cell Co. Ltd.(a)(b)		68,205	$	1,054,813
DoubleUGames Co. Ltd.(b)		19,485		612,780
Douzone Bizon Co. Ltd.(b)		28,706		1,027,558
Ecopro BM Co. Ltd.(a)(b)		58,516		9,288,348
Ecopro Co. Ltd.(b)		23,516		8,771,626
Ecopro HN Co. Ltd.(a)(b)		28,083		1,211,679
E-MART Inc.(b)		22,398		1,303,245
Eo Technics Co. Ltd.(b)		18,581		2,377,048
F&F Co. Ltd./New(b)		23,270		1,235,783
Fila Holdings Corp.		64,637		1,969,100
Foosung Co. Ltd.(a)(b)		113,104		698,508
GC Cell Corp.(b)		32,694		979,866
GemVax & Kael Co. Ltd.(b)		81,933		778,464
Grand Korea Leisure Co. Ltd.(b)		75,258		715,867
Green Cross Corp.(b)		11,370		918,076
Green Cross Holdings Corp.(a)(b)		36,406		403,038
GS Engineering & Construction Corp.(b)		116,984		1,318,856
GS Holdings Corp.(b)		61,303		2,125,947
GS Retail Co. Ltd.(b)		38,934		649,782
Hana Financial Group Inc.		362,909		12,976,696
Hana Micron Inc.(a)(b)		55,142		1,049,799
Hana Tour Service Inc.(b)		36,715		1,752,721
Hanall Biopharma Co. Ltd.(b)		60,443		1,394,816
Handsome Co. Ltd.(b)		34,324		479,003
Hankook Tire & Technology Co. Ltd.(b)		97,843		3,744,854
Hanmi Pharm Co. Ltd.(b)		9,230		2,239,353
Hanmi Semiconductor Co. Ltd.(b)		66,394		2,895,426
Hanon Systems		258,837		1,208,064
Hansol Chemical Co. Ltd.(b)		12,601		1,886,067
Hanssem Co. Ltd.		12,601		450,611
Hanwha Aerospace Co. Ltd.(b)		45,857		4,735,805
Hanwha Corp.(b)		65,624		1,335,323
Hanwha Life Insurance Co. Ltd.(b)		596,849		1,354,938
Hanwha Ocean Co. Ltd.(b)		77,147		1,267,814
Hanwha Solutions Corp.(b)		118,656		2,947,723
HD Hyundai Co. Ltd.		54,081		2,882,499
HD Hyundai Heavy Industries Co. Ltd.(b)		22,279		1,898,298
HD Hyundai Infracore Co. Ltd.(b)		155,644		897,417
HD Hyundai Infracore Co. Ltd.(b)		37,483		2,870,562
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.(b)		43,328		3,676,231
HDC Hyundai Development Co-Engineering & Construction, Class E(b)		64,724		866,516
HL Mando Co. Ltd.(b)		51,365		1,348,370
HLB Inc.(b)		138,990		7,010,454
HLB Life Science Co. Ltd.(a)(b)		112,815		1,332,487
HMM Co. Ltd.(b)		320,453		4,605,676
Hotel Shilla Co. Ltd.		38,719		1,686,520
HPSP Co. Ltd.(b)		55,185		1,849,796
HSD Engine Co. Ltd.(b)		27,216		174,356
Hugel Inc.(a)(b)		14,184		1,611,275
HYBE Co. Ltd.(b)		24,208		3,649,916
Hyosung Advanced Materials Corp.(b)		4,159		1,016,180
Hyosung Corp.(b)		11,840		556,821
Hyosung TNC Corp.(b)		3,715		835,551
Hyundai Bioscience Co. Ltd.(a)(b)		67,809		1,258,038
Hyundai Department Store Co. Ltd.(b)		20,782		835,690
Hyundai Elevator Co. Ltd.(b)		59,959		1,824,602
Hyundai Engineering & Construction Co. Ltd.(b)		82,173		2,126,710
Hyundai Glovis Co. Ltd.(b)		21,594		2,827,574
Hyundai Home Shopping Network Corp.(b)		16,165		540,684
Hyundai Marine & Fire Insurance Co. Ltd.(b)		93,978		2,386,862

S C H E D U L E  O F  I N V E S T M E N T S 111

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
Hyundai Mipo Dockyard Co. Ltd.(b)		34,076	$	1,717,692
Hyundai Mobis Co. Ltd.		73,453		11,514,013
Hyundai Motor Co.		163,123		23,726,281
Hyundai Rotem Co. Ltd.(b)		96,421		2,033,360
Hyundai Steel Co.(b)		98,236		2,459,985
Hyundai Wia Corp.(b)		17,876		777,208
Il Dong Pharmaceutical Co. Ltd.(b)		27,975		321,837
Industrial Bank of Korea(b)		159,084		1,492,592
IsuPetasys Co. Ltd.(b)		85,240		1,739,996
JB Financial Group Co. Ltd.		317,686		2,725,897
Jusung Engineering Co. Ltd.		48,830		1,205,898
JW Pharmaceutical Corp.		53,456		1,224,993
JYP Entertainment Corp.(b)		44,957		2,530,154
Kakao Corp.(b)		372,276		14,558,137
Kakao Games Corp.(b)		56,281		1,028,227
Kakao Pay Corp.(b)		48,925		1,726,669
KakaoBank Corp.(b)		186,233		3,785,219
Kangwon Land Inc.(b)		107,401		1,204,994
KB Financial Group Inc.		469,490		19,924,086
KCC Corp.		8,044		1,481,568
KEPCO Engineering & Construction Co. Inc.(b)		23,455		1,149,725
KEPCO Plant Service & Engineering Co. Ltd.(b)		26,600		675,764
KG Mobility Co.(b)		28,092		161,886
Kia Corp.(b)		308,492		23,695,596
KIWOOM Securities Co. Ltd.(a)(b)		21,684		1,567,315
KMW Co. Ltd.(a)(b)		76,468		859,250
Koh Young Technology Inc.(a)(b)		89,948		1,173,569
Kolmar Korea Co. Ltd.(b)		48,233		1,762,551
Kolon Industries Inc.(b)		24,923		758,130
Korea Aerospace Industries Ltd.(b)		84,723		3,192,094
Korea Electric Power Corp.(b)		287,081		4,257,100
Korea Gas Corp.(b)		16,210		320,547
Korea Investment Holdings Co. Ltd.(b)		47,377		2,175,372
Korea Zinc Co. Ltd.		9,113		3,228,370
Korean Air Lines Co. Ltd.(b)		190,934		3,210,158
Korean Reinsurance Co.(b)		260,870		1,476,482
Krafton Inc.(b)		33,756		5,412,992
KT Corp.(b)		74,855		1,982,759
KT&G Corp.		123,400		8,380,620
Kum Yang Co. Ltd.(b)		44,035		2,572,538
Kumho Petrochemical Co. Ltd.(b)		22,502		2,098,270
Kumho Tire Co. Inc.(b)		186,618		824,719
L&F Co. Ltd.(b)		29,645		3,160,787
LEENO Industrial Inc.(a)(b)		12,503		1,860,243
LegoChem Biosciences Inc.(a)(b)		36,948		1,390,419
LG Chem Ltd.		57,585		18,673,942
LG Corp.(b)		105,661		6,487,956
LG Display Co. Ltd.(b)		240,791		2,092,497
LG Electronics Inc.		128,028		8,924,100
LG Energy Solution Ltd.(b)		56,941		16,162,170
LG H&H Co. Ltd.		10,245		2,322,029
LG Innotek Co. Ltd.		17,337		2,472,707
LG Uplus Corp.		249,171		1,907,722
LIG Nex1 Co. Ltd.(b)		20,839		1,635,075
Lotte Chemical Corp.(b)		21,570		2,109,884
Lotte Chilsung Beverage Co. Ltd.(b)		4,748		487,602
Lotte Energy Materials Corp.		34,126		802,051
Lotte Fine Chemical Co. Ltd.(b)		40,168		1,494,539
Lotte Shopping Co. Ltd.(b)		12,002		737,912
Lotte Wellfood Co. Ltd.(b)		6,530		621,307
LS Corp.(b)		27,608		1,878,128
LS Electric Co. Ltd.(b)		20,673		1,086,880

Security	Shares		Value
South Korea (continued)
Lunit Inc.(b)		23,182	$	1,061,021
LX Holdings Corp.(b)		133,869		702,676
LX International Corp.(b)		40,808		858,030
LX Semicon Co. Ltd.		16,513		956,177
Medytox Inc.		8,295		1,190,946
Meritz Financial Group Inc.(b)		134,161		6,887,836
Mirae Asset Securities Co. Ltd.(b)		312,837		1,839,392
Naturecell Co. Ltd.(b)		78,308		448,112
NAVER Corp.(b)		153,466		22,885,162
NCSoft Corp.(b)		18,732		2,764,652
Netmarble Corp.(b)(c)		27,293		1,189,711
Nexen Tire Corp.(b)		48,963		296,393
Nexon Games Co. Ltd.(b)		57,555		642,108
NH Investment & Securities Co. Ltd.(b)		224,362		1,780,159
NHN Corp.(a)(b)		35,640		660,865
NongShim Co. Ltd.		5,541		1,568,956
OCI Co. Ltd.(b)		9,432		648,382
OCI Holdings Co. Ltd.(b)		18,482		1,441,552
Orion Corp./Republic of Korea		28,537		1,973,760
Oscotec Inc.(b)		56,282		801,274
Pan Ocean Co. Ltd.(b)		354,924		966,710
Paradise Co. Ltd.(b)		57,062		539,690
Pearl Abyss Corp.(b)		43,986		1,074,134
PI Advanced Materials Co. Ltd.(b)		26,582		464,404
Poongsan Corp.		24,389		711,658
Posco DX Co. Ltd.(b)		69,757		2,972,808
POSCO Future M Co. Ltd.(a)(b)		36,120		6,803,735
POSCO Holdings Inc.		83,967		26,641,069
Posco International Corp.(b)		60,934		2,391,828
Rainbow Robotics(a)(b)		14,339		1,537,998
S-1 Corp.		20,057		856,650
Sam Chun Dang Pharm Co. Ltd.(a)(b)		30,841		1,477,776
Samsung Biologics Co. Ltd.(b)(c)		21,182		13,333,482
Samsung C&T Corp.		102,237		10,561,534
Samsung Electro-Mechanics Co. Ltd.		67,881		7,059,687
Samsung Electronics Co. Ltd.		5,564,442		302,354,135
Samsung Engineering Co. Ltd.(b)		181,280		3,023,656
Samsung Fire & Marine Insurance Co. Ltd.(b)		36,997		7,320,953
Samsung Heavy Industries Co. Ltd.(b)		696,823		3,797,759
Samsung Life Insurance Co. Ltd.		80,693		4,193,258
Samsung SDI Co. Ltd.		63,569		17,641,897
Samsung SDS Co. Ltd.		41,902		4,765,120
Samsung Securities Co. Ltd.		79,646		2,238,699
SD Biosensor Inc.(b)		55,319		430,428
Seah Besteel Holdings Corp.(b)		20,779		340,501
Seegene Inc.		55,179		1,044,402
Seojin System Co. Ltd.(a)(b)		71,078		990,632
Seoul Semiconductor Co. Ltd.(b)		117,548		914,012
SFA Engineering Corp.		39,518		799,835
Shin Poong Pharmaceutical Co. Ltd.(b)		54,920		470,955
Shinhan Financial Group Co. Ltd.		511,039		15,658,263
Shinsegae Inc.(b)		8,587		1,107,794
Shinsegae International Inc.(a)(b)		18,754		226,068
SK Biopharmaceuticals Co. Ltd.(b)		38,470		2,672,055
SK Bioscience Co. Ltd.(b)		37,415		1,778,131
SK Chemicals Co. Ltd.		20,338		980,357
SK Hynix Inc.		636,721		63,761,650
SK IE Technology Co. Ltd.(b)(c)		35,059		1,943,214
SK Inc.		44,778		6,138,103
SK Innovation Co. Ltd.(b)		67,584		5,889,518
SK Networks Co. Ltd.(b)		125,091		610,365
SK Square Co. Ltd.(b)		81,833		3,179,063

112 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
SKC Co. Ltd.(b)		30,165	$	1,729,444
SM Entertainment Co. Ltd.(b)		24,268		1,381,065
S-Oil Corp.		52,991		2,694,075
SOLUM Co. Ltd.(b)		101,098		2,074,775
Solus Advanced Materials Co. Ltd.(b)		56,326		473,530
Soulbrain Co. Ltd.(b)		9,401		1,895,606
Taihan Electric Wire Co. Ltd.(b)		98,132		685,210
TKG Huchems Co. Ltd.(b)		39,610		614,732
Tongyang Life Insurance Co. Ltd.(b)		107,258		395,080
Webzen Inc.(b)		34,492		434,679
Wemade Co. Ltd.(b)		29,720		1,137,077
Woori Financial Group Inc.		707,731		7,338,006
Wysiwyg Studious Co. Ltd.(b)		230,570		526,177
YG Entertainment Inc.(b)		18,444		611,387
Youngone Corp.(b)		21,168		759,934
Youngone Holdings Co. Ltd.		23,685		1,435,594
Yuhan Corp.(b)		74,262		3,282,326
				1,073,023,242
Spain — 1.6%
Acciona SA		32,865		4,251,243
Acerinox SA		178,747		1,887,066
ACS Actividades de Construccion y Servicios SA		223,484		8,818,789
Aena SME SA(c)		85,449		15,116,541
Almirall SA		130,412		1,237,073
Amadeus IT Group SA		516,920		36,225,945
Applus Services SA		243,574		2,945,549
Atresmedia Corp. de Medios de Comunicacion SA		138,677		557,387
Banco Bilbao Vizcaya Argentaria SA		6,913,069		64,702,431
Banco de Sabadell SA		6,575,604		8,534,714
Banco Santander SA		18,791,119		75,522,620
Bankinter SA		796,357		4,916,803
CaixaBank SA		4,868,719		20,760,170
Cellnex Telecom SA(c)		673,918		25,930,588
Cia. de Distribucion Integral Logista Holdings SA		66,802		1,889,493
Cie. Automotive SA		108,831		2,871,268
Construcciones y Auxiliar de Ferrocarriles SA		43,313		1,556,694
Corp. ACCIONA Energias Renovables SA		66,132		1,718,445
EDP Renovaveis SA		319,518		5,174,030
Enagas SA		107,612		1,751,900
Ence Energia y Celulosa SA		277,571		877,633
Endesa SA		311,378		6,169,006
Faes Farma SA		771,578		2,535,542
Fluidra SA		137,007		2,966,093
Gestamp Automocion SA(c)		202,590		672,007
Global Dominion Access SA(c)		313,630		1,211,769
Grifols SA(b)		318,227		3,466,366
Iberdrola SA		6,930,175		83,445,935
Iberdrola SA, NVS		118,871		1,431,323
Indra Sistemas SA		265,346		4,711,013
Industria de Diseno Textil SA		1,256,641		53,730,659
Inmobiliaria Colonial SOCIMI SA		359,840		2,163,466
Lar Espana Real Estate SOCIMI SA		82,120		551,119
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros		834,432		872,012
Mapfre SA		783,864		1,726,001
Melia Hotels International SA(a)(b)		184,510		1,248,408
Merlin Properties SOCIMI SA		421,903		4,296,332
Naturgy Energy Group SA		146,624		3,948,255
Neinor Homes SA(c)		57,545		649,252
Pharma Mar SA		26,981		1,126,278
Prosegur Cia. de Seguridad SA		413,226		781,892

Security	Shares		Value
Spain (continued)
Redeia Corp. SA		286,554	$	4,768,293
Repsol SA		1,555,125		22,966,522
Sacyr SA		706,056		2,327,688
Sacyr SA, NVS		14,121		46,637
Solaria Energia y Medio Ambiente SA(b)		121,450		1,793,102
Talgo SA(a)(c)		238,768		1,079,259
Tecnicas Reunidas SA(a)(b)		99,640		836,970
Telefonica SA		5,751,004		23,399,875
Unicaja Banco SA(c)		1,789,443		1,710,965
Viscofan SA		47,273		2,768,966
				526,647,387
Sweden — 2.2%
AAK AB		187,632		4,228,866
AddLife AB, Class B		167,188		1,802,032
AddTech AB, Class B		320,698		6,615,905
AFRYAB		140,169		1,935,613
Alfa Laval AB		338,785		12,430,972
Alimak Group AB(c)		71,472		629,874
Alleima AB, NVS		279,382		1,854,745
Arjo AB, Class B		359,327		1,681,860
Assa Abloy AB, Class B		1,195,408		32,784,923
Atlas Copco AB, Class A		3,182,407		50,789,349
Atlas Copco AB, Class B		1,766,172		24,457,864
Attendo AB(b)(c)		121,070		474,082
Avanza Bank Holding AB		156,753		3,148,771
Axfood AB		120,986		3,061,082
Beijer Ref AB, Class B		472,805		6,437,236
Betsson AB		271,342		2,953,046
Bilia AB, Class A		112,868		1,364,504
Billerud Aktiebolag		284,736		2,531,898
BioArctic AB, Class B(b)(c)		51,573		1,118,621
BioGaia AB, Class B		174,997		1,893,468
Biotage AB		111,508		1,584,938
Boliden AB		315,899		8,384,802
Bravida Holding AB(c)		272,948		2,069,689
Bufab AB		48,485		1,717,168
Bure Equity AB		60,437		1,726,164
Camurus AB(b)		41,194		2,042,207
Castellum AB(b)		490,632		6,316,339
Clas Ohlson AB, Class B		67,662		962,868
Cloetta AB, Class B		539,566		971,117
Corem Property Group AB, Class B		970,266		977,563
Dios Fastigheter AB		134,762		1,045,285
Dometic Group AB(c)		400,484		3,187,016
Electrolux AB, Class B(b)		259,318		2,425,665
Electrolux Professional AB, Class B		434,840		2,310,494
Elekta AB, Class B		401,631		3,030,589
Embracer Group AB, Class B(a)(b)		797,629		1,522,249
Epiroc AB		751,234		13,273,365
Epiroc AB, Class B		481,767		7,511,661
EQTAB		451,382		12,120,574
Essity AB, Class B		722,079		16,956,790
Evolution AB(c)		216,522		25,281,885
Fabege AB		282,207		2,643,125
Fastighets AB Balder, Class B(b)		780,399		5,179,736
Fortnox AB		760,566		4,193,217
Getinge AB, Class B		264,851		5,661,753
Granges AB		131,232		1,301,253
H & M Hennes & Mauritz AB, Class B		760,021		10,722,941
Hemnet Group AB		81,143		2,190,683
Hexagon AB, Class B		2,427,867		26,496,735
Hexatronic Group AB(a)		279,716		586,736

S C H E D U L E  O F  I N V E S T M E N T S 113

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Sweden (continued)
Hexpol AB		349,159	$	3,996,667
HMS Networks AB		62,497		2,749,559
Holmen AB, Class B		116,608		4,595,438
Hufvudstaden AB, Class A		151,425		1,958,060
Husqvarna AB, Class B		279,120		2,171,249
Industrivarden AB, Class A		155,896		4,907,916
Industrivarden AB, Class C		202,074		6,350,999
Indutrade AB		381,145		9,259,567
Instalco AB		362,595		1,449,904
Intrum AB(a)		110,585		655,010
Investment AB Latour, Class B		157,531		3,961,999
Investor AB, Class B		1,976,251		46,530,367
INVISIO AB		79,766		1,548,195
JM AB(a)		144,574		2,354,227
Kambi Group PLC, Class B(b)		41,748		559,627
Kindred Group PLC.		279,396		3,286,871
Kinnevik AB, Class B(b)		275,906		2,964,338
L E Lundbergforetagen AB, Class B		71,935		3,750,749
Lifco AB, Class B		310,393		7,488,822
Lindab International AB		149,270		2,834,443
Loomis AB, Class B		86,548		2,369,509
MEKO AB		85,725		870,706
Millicom International Cellular SA, SDR(b)		199,800		3,427,475
MIPS AB		45,503		1,511,656
Modern Times Group MTG AB, Class B(b)		132,829		1,016,675
Munters Group AB(c)		179,970		2,872,543
Mycronic AB		109,410		3,043,113
NCC AB, Class B		146,206		1,867,062
Nibe Industrier AB, Class B		1,908,583		11,404,128
Nolato AB, Class B		347,809		1,684,410
Nordnet AB publ		185,216		2,914,476
Nyfosa AB		315,823		2,824,842
Pandox AB, Class B		109,399		1,500,108
Paradox Interactive AB		52,148		1,021,667
Peab AB, Class B(a)		221,002		1,091,073
Platzer Fastigheter Holding AB, Class B		94,855		772,711
Ratos AB, Class B		372,316		1,227,262
Resurs Holding AB(a)(c)		195,574		268,757
Saab AB, Class B		92,142		5,933,110
Sagax AB, Class B		217,554		5,286,848
Samhallsbyggnadsbolaget i Norden AB(a)		1,613,415		739,258
Sandvik AB		1,207,627		25,379,348
Scandic Hotels Group AB(a)(b)(c)		407,531		1,877,563
Sectra AB, Class B		150,398		2,801,382
Securitas AB, Class B		533,441		5,181,874
Sinch AB(a)(b)(c)		834,485		2,562,703
Skandinaviska Enskilda Banken AB, Class A		1,788,861		25,405,648
Skanska AB, Class B		374,746		6,497,945
SKF AB, Class B		365,154		7,195,402
SSAB AB, Class A		159,823		1,243,392
SSAB AB, Class B		995,464		7,603,811
Stillfront Group AB(b)		655,667		679,497
Storskogen Group AB		1,831,370		1,264,197
Svenska Cellulosa AB SCA, Class B		743,890		10,127,257
Svenska Handelsbanken AB, Class A		1,613,452		17,393,548
Sweco AB, Class B		234,496		2,748,716
Swedbank AB, Class A		960,834		19,579,853
Swedish Orphan Biovitrum AB(b)		215,829		6,057,916
Tele2 AB, Class B		536,632		4,575,341
Telefonaktiebolaget LM Ericsson, Class B		3,246,932		17,999,288
Telia Co. AB		2,546,559		6,568,014
Thule Group AB(c)		159,635		4,061,928

Security	Shares		Value
Sweden (continued)
Trelleborg AB, Class B		263,447	$	8,018,585
Truecaller AB(a)(b)		280,968		830,745
Vitec Software Group AB, Class B		22,854		1,269,442
Vitrolife AB		95,994		1,580,386
Volvo AB, Class A		238,511		5,863,827
Volvo AB, Class B		1,731,097		41,486,294
Volvo Car AB, Class B(a)(b)		645,088		1,681,745
Wallenstam AB, Class B(a)		472,197		2,370,317
Wihlborgs Fastigheter AB		368,750		3,296,496
				746,813,174
Switzerland — 6.2%
ABB Ltd., Registered		1,864,900		78,907,281
Accelleron Industries AG, NVS		125,323		4,010,303
Adecco Group AG, Registered		173,120		7,486,239
Alcon Inc.		578,899		43,576,619
Allreal Holding AG, Registered		12,551		2,232,464
ALSO Holding AG, Registered		9,231		2,702,528
Aryzta AG(b)		2,052,079		3,683,227
Autoneum Holding AG(a)(b)		5,669		842,369
Avolta AG, Registered(b)		102,884		3,930,666
Bachem Holding AG, Class B		36,927		2,472,031
Baloise Holding AG, Registered		54,059		8,635,445
Banque Cantonale Vaudoise, Registered		38,482		4,927,096
Barry Callebaut AG, Registered		3,719		5,431,998
Basilea Pharmaceutica AG, Registered(a)(b)		29,096		1,140,696
Belimo Holding AG, Registered		13,032		6,076,683
Bell Food Group AG, Registered(a)		2,275		667,058
BKWAG		29,335		4,660,404
Bossard Holding AG, Class A, Registered		8,266		1,978,100
Bucher Industries AG, Registered		6,908		2,925,996
Burckhardt Compression Holding AG		5,598		3,131,898
Bystronic AG, Registered		1,498		750,587
Cembra Money Bank AG		38,361		2,957,708
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		1,136		14,437,365
Chocoladefabriken Lindt & Spruengli AG, Registered		121		15,337,835
Cie. Financiere Richemont SA, Class A, Registered		610,087		90,618,993
Clariant AG, Registered		233,247		2,985,952
Coca-Cola HBC AG, Class DI		246,295		7,240,271
Comet Holding AG, Registered		11,342		3,739,614
COSMO Pharmaceuticals NV(a)		18,412		1,365,511
Daetwyler Holding AG, Bearer		8,608		1,750,276
DKSH Holding AG		42,314		2,960,914
DocMorris AG(a)(b)		16,325		1,522,976
dormakaba Holding AG		4,030		2,018,788
DSM-Firmenich AG		212,998		22,520,388
EFG International AG		220,721		2,834,391
Emmi AG, Registered		1,546		1,619,626
EMS-Chemie Holding AG, Registered		7,982		6,025,729
Flughafen Zurich AG, Registered		21,633		4,463,450
Forbo Holding AG, Registered		1,513		1,778,942
Galenica AG(c)		59,246		5,224,462
Geberit AG, Registered		40,610		23,376,250
Georg Fischer AG		89,109		5,963,930
Givaudan SA, Registered		10,887		45,273,988
Helvetia Holding AG, Registered		43,145		6,231,020
Holcim AG		602,132		45,990,134
Huber + Suhner AG, Registered		34,144		2,448,906
Idorsia Ltd.(a)(b)		140,564		250,840
Implenia AG, Registered		18,572		659,328

114 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Switzerland (continued)
Inficon Holding AG, Registered		2,350	$	3,567,007
Interroll Holding AG, Registered		775		2,263,614
Julius Baer Group Ltd.		236,969		12,900,924
Kardex Holding AG, Registered		9,955		2,528,395
Komax Holding AG, Registered		6,180		1,188,409
Kuehne + Nagel International AG, Registered		63,232		21,428,037
Landis+Gyr Group AG		33,499		2,746,802
LEM Holding SA, Registered		842		1,924,125
Leonteq AG		15,913		592,125
Logitech International SA, Registered		199,225		16,701,683
Lonza Group AG, Registered		86,504		42,292,298
Medmix AG(c)		35,707		715,836
Meyer Burger Technology AG(a)(b)		3,768,383		484,704
Mobilezone Holding AG, Registered		50,185		770,699
Mobimo Holding AG, Registered		11,679		3,450,422
Nestle SA, Registered		3,079,356		350,894,238
Novartis AG, Registered		2,374,377		245,543,154
OC Oerlikon Corp. AG, Registered		287,737		1,253,910
Partners Group Holding AG		26,337		35,533,221
PSP Swiss Property AG, Registered		54,869		7,302,902
Roche Holding AG, Bearer		35,318		10,698,791
Roche Holding AG, NVS		813,385		231,584,011
Sandoz Group AG(b)		476,460		16,340,188
Schindler Holding AG, Participation Certificates, NVS		49,551		12,342,595
Schindler Holding AG, Registered		26,879		6,398,299
Schweiter Technologies AG, NVS(a)		1,583		868,486
Sensirion Holding AG(a)(b)(c)		15,377		1,279,638
SFS Group AG		21,231		2,548,985
SGS SA		177,458		16,398,154
Siegfried Holding AG, Registered		5,195		5,174,987
Siemens Energy AG(a)(b)		607,779		9,029,752
SIG Group AG		368,596		7,715,526
Sika AG, Registered		177,676		49,048,850
Softwareone Holding AG		132,652		2,486,237
Sonova Holding AG, Registered		61,174		19,550,997
St. Galler Kantonalbank AG, Class A, Registered		4,638		2,684,184
Stadler Rail AG		63,726		2,034,238
STMicroelectronics NV		797,137		35,000,299
Straumann Holding AG		129,961		19,741,253
Sulzer AG, Registered		28,808		2,782,917
Swatch Group AG (The), Bearer		31,760		7,455,941
Swatch Group AG (The), Registered		63,963		2,910,255
Swiss Life Holding AG, Registered		36,133		25,948,119
Swiss Prime Site AG, Registered		87,114		8,823,371
Swiss Re AG		340,369		38,972,398
Swisscom AG, Registered		29,367		17,569,793
Swissquote Group Holding SA, Registered		14,204		3,564,819
Tecan Group AG, Registered		14,648		5,591,357
Temenos AG, Registered		77,410		7,878,046
UBS Group AG, Registered		3,851,366		115,281,424
Valiant Holding AG, Registered		23,895		2,863,136
VAT Group AG(c)		34,179		15,911,309
Vontobel Holding AG, Registered		38,971		2,566,985
Ypsomed Holding AG, Registered		7,940		2,802,728
Zurich Insurance Group AG		170,531		86,645,012
				2,064,342,860
Taiwan — 4.8%
AcBel Polytech Inc.		1,460,000		1,896,495
Accton Technology Corp.		584,000		9,824,371
Acer Inc.		3,199,148		4,698,247
Acter Group Corp. Ltd.		60,000		347,394

Security	Shares		Value
Taiwan (continued)
Advanced Ceramic X Corp.		114,000	$	784,700
Advanced Energy Solution Holding Co. Ltd.		60,000		1,209,607
Advanced Wireless Semiconductor Co.(b)		527,631		2,094,762
Advantech Co. Ltd.		495,756		5,343,858
Airtac International Group		155,185		4,650,856
Alchip Technologies Ltd.		94,000		11,659,753
Ambassador Hotel (The)		94,000		137,699
Andes Technology Corp.		132,000		2,086,743
AP Memory Technology Corp.		178,000		2,963,012
ASE Technology Holding Co. Ltd.		3,414,958		14,765,507
Asia Cement Corp.		2,001,329		2,537,918
Asia Optical Co. Inc.		590,000		1,264,947
Asia Vital Components Co. Ltd.		412,709		5,605,133
ASMedia Technology Inc.		51,000		3,015,714
ASPEED Technology Inc.		35,600		3,496,621
Asustek Computer Inc.		827,000		11,742,828
AUO Corp.		6,950,400		4,061,812
AURAS Technology Co. Ltd.		211,000		2,540,821
BES Engineering Corp.		7,320,000		2,871,530
Bizlink Holding Inc.		246,443		1,813,646
Bora Pharmaceuticals Co. Ltd.		75,336		1,619,870
Brighton-Best International Taiwan Inc.		950,000		1,025,532
Capital Securities Corp.		5,478,450		2,808,714
Career Technology MFG. Co. Ltd.		1,144,215		747,364
Catcher Technology Co. Ltd.		548,000		3,405,130
Cathay Financial Holding Co. Ltd.		11,088,254		15,592,630
Center Laboratories Inc.		926,518		1,349,344
Century Iron & Steel Industrial Co. Ltd.		341,000		2,383,780
Chailease Holding Co. Ltd.		1,671,250		9,251,243
Chang Hwa Commercial Bank Ltd.		5,544,840		3,095,428
Cheng Loong Corp.		1,613,000		1,484,930
Cheng Shin Rubber Industry Co. Ltd.		1,492,500		2,164,041
Cheng Uei Precision Industry Co. Ltd.		622,000		887,249
Chicony Electronics Co. Ltd.		674,137		3,534,651
China Airlines Ltd.		2,923,000		1,898,576
China Bills Finance Corp.		5,086,000		2,389,093
China Development Financial Holding Corp.(b)		19,608,340		7,527,979
China Man-Made Fiber Corp.(b)		6,753,135		1,674,831
China Petrochemical Development Corp.(b)		7,371,587		2,215,035
China Steel Chemical Corp.		475,000		1,721,471
China Steel Corp.		13,347,575		10,695,849
Chin-Poon Industrial Co. Ltd.		918,000		1,310,484
Chipbond Technology Corp.		1,061,000		2,440,761
ChipMOS Technologies Inc.		1,633,000		2,229,244
Chlitina Holding Ltd.		156,000		939,504
Chroma ATE Inc.		460,000		2,939,995
Chung-Hsin Electric & Machinery Manufacturing Corp.		663,000		2,518,130
Chunghwa Precision Test Tech Co. Ltd.		41,000		693,071
Chunghwa Telecom Co. Ltd.		4,059,000		15,387,304
Compal Electronics Inc.		3,329,000		3,817,885
Compeq Manufacturing Co. Ltd.		1,407,000		3,120,623
Coretronic Corp.		729,000		1,646,088
CTBC Financial Holding Co. Ltd.		21,165,980		19,202,018
CTCI Corp.		1,060,000		1,431,490
Cub Elecparts Inc.		160,016		660,790
Darfon Electronics Corp.		1,353,000		2,196,538
Delta Electronics Inc.		2,166,000		19,382,655
E Ink Holdings Inc.		1,094,000		7,255,084
E.Sun Financial Holding Co. Ltd.		18,032,119		14,232,559
Eclat Textile Co. Ltd.		188,365		3,287,584
EirGenix Inc.(b)		286,000		860,755

S C H E D U L E  O F  I N V E S T M E N T S 115

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Taiwan (continued)
Elan Microelectronics Corp.		581,000	$	2,779,066
Elite Material Co. Ltd.		361,000		5,303,311
Elite Semiconductor Microelectronics Technology Inc.		496,000		1,455,715
eMemory Technology Inc.		74,000		6,600,021
Ennoconn Corp.		139,273		1,197,559
ENNOSTAR Inc.(b)		882,500		1,183,674
Episil Technologies Inc.		529,350		1,064,110
Eternal Materials Co. Ltd.		1,755,253		1,606,409
Eva Airways Corp.		2,694,332		2,715,839
Evergreen Marine Corp. Taiwan Ltd.		1,157,590		5,552,455
Everlight Electronics Co. Ltd.		1,075,000		1,664,834
Far Eastern Department Stores Ltd.		1,094,702		869,225
Far Eastern International Bank		6,198,436		2,415,247
Far Eastern New Century Corp.		2,426,071		2,393,670
Far EasTone Telecommunications Co. Ltd.		1,512,000		3,881,033
Faraday Technology Corp.		325,400		4,300,779
Feng Hsin Steel Co. Ltd.		725,000		1,571,669
Feng TAY Enterprise Co. Ltd.		467,564		2,410,769
First Financial Holding Co. Ltd.		11,889,960		10,090,056
Fitipower Integrated Technology Inc.		146,250		1,095,041
FLEXium Interconnect Inc.		476,987		1,301,445
Formosa Chemicals & Fibre Corp.		4,548,660		8,212,006
Formosa Petrochemical Corp.		953,000		2,263,342
Formosa Plastics Corp.		4,348,040		9,991,995
Fortune Electric Co. Ltd.		188,000		2,659,050
Foxconn Technology Co. Ltd.		826,287		1,330,615
Fubon Financial Holding Co. Ltd.		8,538,469		17,551,241
Fulgent Sun International Holding Co. Ltd.		250,824		1,009,885
General Interface Solution Holding Ltd.		347,000		693,771
Genius Electronic Optical Co. Ltd.		123,281		1,567,263
Getac Holdings Corp.		486,000		1,598,149
Giant Manufacturing Co. Ltd.		409,189		2,329,073
Gigabyte Technology Co. Ltd.		599,000		5,927,454
Global Unichip Corp.		111,000		5,449,732
Globalwafers Co. Ltd.		228,000		4,212,212
Gloria Material Technology Corp.		992,000		1,506,105
Gold Circuit Electronics Ltd.		444,000		3,248,860
Goldsun Building Materials Co. Ltd.		1,522,056		1,443,244
Gourmet Master Co. Ltd.		129,000		395,434
Grand Pacific Petrochemical		2,283,189		1,049,683
Grape King Bio Ltd.		210,000		1,022,873
Great Wall Enterprise Co. Ltd.		1,836,195		3,383,140
HannStar Display Corp.(b)		3,434,000		1,289,693
Highwealth Construction Corp.		1,997,928		2,526,916
Hiwin Technologies Corp.		589,879		4,140,413
Holy Stone Enterprise Co. Ltd.		347,550		1,043,220
Hon Hai Precision Industry Co. Ltd.		14,485,769		47,386,188
Hota Industrial Manufacturing Co. Ltd.		367,194		615,384
Hotai Motor Co. Ltd.		336,600		6,818,857
HTC Corp.(b)		887,000		1,385,681
Hua Nan Financial Holdings Co. Ltd.		11,416,128		7,863,986
Huaku Development Co. Ltd.		568,000		1,725,794
IBF Financial Holdings Co. Ltd.(b)		6,784,221		2,589,271
Innolux Corp.		9,639,847		5,013,495
International CSRC Investment Holdings Co.		1,872,921		1,123,044
International Games System Co. Ltd.		220,000		5,820,249
Inventec Corp.		3,083,000		5,414,727
ITEQ Corp.		460,101		1,218,148
Jentech Precision Industrial Co. Ltd.		186,993		4,476,124
Jinan Acetate Chemical Co. Ltd.		67,827		1,819,887
Kaori Heat Treatment Co. Ltd.		200,000		1,446,725

Security	Shares		Value
Taiwan (continued)
Kenda Rubber Industrial Co. Ltd.		1,094,968	$	1,043,243
King Slide Works Co. Ltd.		73,000		2,424,242
King Yuan Electronics Co. Ltd.		2,011,000		5,371,820
King’s Town Bank Co. Ltd.		1,352,000		1,759,225
Kinsus Interconnect Technology Corp.		389,000		1,245,157
LandMark Optoelectronics Corp.		126,000		431,694
Largan Precision Co. Ltd.		107,000		8,483,462
Lien Hwa Industrial Holdings Corp.		1,073,000		2,222,622
Lite-On Technology Corp.		2,314,074		8,013,897
Lotes Co. Ltd.		108,841		3,433,483
Lotus Pharmaceutical Co. Ltd.		178,000		1,585,106
M31 Technology Corp.		44,000		2,464,381
Macronix International Co. Ltd.		1,561,525		1,454,826
Makalot Industrial Co. Ltd.		299,866		3,439,826
MediaTek Inc.		1,739,970		53,691,332
Medigen Vaccine Biologics Corp.(b)		384,595		739,712
Mega Financial Holding Co. Ltd.		12,594,939		15,129,295
Merida Industry Co. Ltd.		308,350		1,688,729
Merry Electronics Co. Ltd.		253,697		825,715
Microbio Co. Ltd.		676,803		1,002,655
Micro-Star International Co. Ltd.		690,000		4,002,018
Mitac Holdings Corp.		2,002,198		2,877,762
momo.com Inc.		95,040		1,319,249
Nan Kang Rubber Tire Co. Ltd.(b)		907,000		1,207,807
Nan Ya Plastics Corp.		5,490,300		10,640,251
Nan Ya Printed Circuit Board Corp.		282,000		2,035,882
Nanya Technology Corp.		1,140,000		2,500,323
Nien Made Enterprise Co. Ltd.		207,000		2,212,904
Novatek Microelectronics Corp.		640,000		10,425,408
Nuvoton Technology Corp.		362,000		1,481,633
OBI Pharma Inc.(b)		414,864		885,085
Oneness Biotech Co. Ltd.		491,703		2,708,509
Oriental Union Chemical Corp.		1,621,000		955,912
Pan Jit International Inc.		555,000		1,093,234
Parade Technologies Ltd.		85,000		3,015,556
Pegatron Corp.		1,892,000		4,987,632
PharmaEssentia Corp.(b)		273,000		2,741,172
Phihong Technology Co. Ltd.(b)		547,073		993,031
Phison Electronics Corp.		183,000		3,073,347
Pixart Imaging Inc.		302,000		1,532,941
Polaris Group/Tw(b)		498,000		1,123,092
Pou Chen Corp.		2,233,000		2,247,932
Powerchip Semiconductor Manufacturing Corp.		3,322,000		2,856,344
Powertech Technology Inc.		547,000		2,539,549
President Chain Store Corp.		572,000		4,822,732
Primax Electronics Ltd.		684,000		1,433,868
Prince Housing & Development Corp.		1,845,521		618,313
Qisda Corp.		2,810,000		4,174,317
Quanta Computer Inc.		3,108,000		24,575,001
Radiant Opto-Electronics Corp.		522,060		2,308,727
Raydium Semiconductor Corp.		101,000		1,211,941
Realtek Semiconductor Corp.		499,020		7,468,031
RichWave Technology Corp.(b)		159,668		909,520
Ruentex Development Co. Ltd.		2,288,469		2,606,847
Ruentex Industries Ltd.		855,044		1,638,372
Sanyang Motor Co. Ltd.		642,000		1,443,584
Sercomm Corp.		521,000		2,158,120
Shanghai Commercial & Savings Bank Ltd. (The)		4,243,007		5,996,816
Shihlin Electric & Engineering Corp.		416,000		1,611,041
Shin Kong Financial Holding Co. Ltd.(b)		12,026,422		3,220,102
Shin Zu Shing Co. Ltd.		275,190		1,311,607

116 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Taiwan (continued)
Shinkong Synthetic Fibers Corp.		4,266,000	$	2,039,993
Silergy Corp.		373,000		4,590,413
Silicon Integrated Systems Corp.		893,000		1,175,796
Simplo Technology Co. Ltd.		197,200		2,551,985
Sinbon Electronics Co. Ltd.		280,000		2,305,256
Sino-American Silicon Products Inc.		562,000		3,436,301
SinoPac Financial Holdings Co. Ltd.		12,540,395		7,674,371
Sitronix Technology Corp.		258,000		2,238,691
St. Shine Optical Co. Ltd.		71,000		434,695
Standard Foods Corp.		829,422		991,776
Synnex Technology International Corp.		1,338,600		3,073,394
TA Chen Stainless Pipe		1,978,561		2,339,736
Ta Ya Electric Wire & Cable		1,966,000		2,187,293
Taichung Commercial Bank Co. Ltd.		4,436,737		2,224,410
TaiDoc Technology Corp.		155,000		791,077
TaiMed Biologics Inc.(b)		464,000		1,271,600
Tainan Spinning Co. Ltd.		2,527,816		1,196,987
Taishin Financial Holding Co. Ltd.		12,234,570		6,702,239
Taiwan Business Bank		7,977,031		3,399,465
Taiwan Cement Corp.		6,912,081		7,034,655
Taiwan Cooperative Financial Holding Co. Ltd.		11,851,833		9,615,349
Taiwan Fertilizer Co. Ltd.		1,320,000		2,866,338
Taiwan High Speed Rail Corp.		1,225,000		1,155,843
Taiwan Hon Chuan Enterprise Co. Ltd.		849,696		3,788,347
Taiwan Mask Corp.		371,000		799,711
Taiwan Mobile Co. Ltd.		1,551,000		4,848,177
Taiwan Secom Co. Ltd.		600,105		2,232,356
Taiwan Semiconductor Co. Ltd.		484,000		1,243,966
Taiwan Semiconductor Manufacturing Co. Ltd.		28,659,000		573,709,960
Taiwan Surface Mounting Technology Corp.		417,000		1,234,723
Taiwan Union Technology Corp.		417,000		1,801,871
Tatung Co. Ltd.(b)		1,738,000		2,424,958
TCI Co. Ltd.		156,896		860,326
Teco Electric and Machinery Co. Ltd.		1,924,000		2,821,775
Tong Hsing Electronic Industries Ltd.		608,931		2,791,705
Transcend Information Inc.		781,000		1,961,628
Tripod Technology Corp.		507,000		3,027,391
TSRC Corp.		1,792,100		1,262,519
TTY Biopharm Co. Ltd.		518,965		1,288,261
Tung Ho Steel Enterprise Corp.		979,540		2,308,898
TXC Corp.		651,000		1,971,715
Unimicron Technology Corp.		1,571,000		8,813,747
Uni-President Enterprises Corp.		6,249,292		14,441,383
United Integrated Services Co. Ltd.		279,000		2,468,293
United Microelectronics Corp.		13,298,000		20,713,738
United Renewable Energy Co. Ltd.		2,114,000		872,591
UPI Semiconductor Corp.(b)		165,000		1,349,636
USI Corp.		2,079,258		1,213,333
Vanguard International Semiconductor Corp.		883,000		2,071,844
Via Technologies Inc.		263,000		1,164,429
VisEra Technologies Co. Ltd.		255,000		2,291,433
Visual Photonics Epitaxy Co. Ltd.		452,000		1,945,349
Voltronic Power Technology Corp.		67,788		2,898,806
Wafer Works Corp.		1,260,580		1,657,704
Waffer Technology Corp.		330,000		1,064,155
Walsin Lihwa Corp.		3,241,256		3,659,660
Walsin Technology Corp.		607,000		2,080,686
Wan Hai Lines Ltd.		892,200		1,392,988
Win Semiconductors Corp.		483,953		2,384,637
Winbond Electronics Corp.		3,290,677		2,860,305
Wisdom Marine Lines Co. Ltd.		506,000		830,993
Wistron Corp.		3,203,227		11,728,046

Security	Shares		Value
Taiwan (continued)
Wistron NeWeb Corp.		555,973	$	2,533,116
Wiwynn Corp.		106,000		7,473,084
WPG Holdings Ltd.		1,510,360		4,204,696
WT Microelectronics Co. Ltd.		577,000		2,898,473
XinTec Inc.		350,000		1,402,659
Yageo Corp.		394,766		6,943,579
Yang Ming Marine Transport Corp.		1,942,000		2,961,210
YFY Inc.		2,046,000		1,957,500
Yuanta Financial Holding Co. Ltd.		11,561,875		9,967,421
Yulon Finance Corp.		317,000		1,767,042
Yulon Motor Co. Ltd.		976,274		2,158,853
Zhen Ding Technology Holding Ltd.		561,050		1,806,211
				1,595,523,616
Thailand — 0.5%
Advanced Info Service PCL, NVDR		1,349,000		8,319,800
Airports of Thailand PCL, NVDR		5,855,300		9,859,473
Amata Corp. PCL, NVDR(a)		4,075,100		2,442,403
B Grimm Power PCL, NVDR(a)		2,308,900		1,803,786
Bangchak Corp. PCL, NVDR		2,803,700		3,313,515
Bangkok Chain Hospital PCL, NVDR		3,612,100		2,297,108
Bangkok Dusit Medical Services PCL, NVDR		12,721,600		9,860,991
Bangkok Expressway & Metro PCL, NVDR		11,815,500		2,446,750
Banpu PCL, NVDR		11,267,500		1,966,947
Berli Jucker PCL, NVDR		1,881,200		1,253,704
Betagro PCL, NVS		526,100		326,241
BTS Group Holdings PCL, NVDR(a)		13,899,600		2,348,635
Bumrungrad Hospital PCL, NVDR		710,000		4,803,601
Central Pattana PCL, NVDR		2,722,900		4,963,722
Central Retail Corp. PCL, NVDR		2,337,174		2,185,354
CH Karnchang PCL, NVDR(a)		2,249,100		1,363,322
Charoen Pokphand Foods PCL, NVDR(a)		4,372,600		2,294,212
CK Power PCL, NVDR(a)		6,916,300		742,793
CP ALL PCL, NVDR		7,126,500		10,490,933
CP Axtra PCL(a)		2,460,100		1,972,069
Delta Electronics Thailand PCL, NVDR(a)		3,668,000		8,117,349
Electricity Generating PCL, NVDR		641,900		2,376,112
Energy Absolute PCL, NVDR(a)		2,245,100		2,509,701
Global Power Synergy PCL, NVDR(a)		1,729,700		2,395,704
Gulf Energy Development PCL, NVDR		4,026,000		4,931,188
Hana Microelectronics PCL, NVDR(a)		809,400		1,085,292
Home Product Center PCL, NVDR		6,232,600		1,843,306
Indorama Ventures PCL, NVDR(a)		2,752,400		1,830,751
Intouch Holdings PCL, NVDR		2,212,600		4,594,726
IRPC PCL, NVDR(a)		21,270,700		1,166,446
Jasmine International PCL, NVDR		23,224,900		1,343,065
KCE Electronics PCL, NVDR		1,393,900		1,739,378
Kiatnakin Phatra Bank PCL, NVDR(a)		1,219,200		1,672,864
Krung Thai Bank PCL, NVDR		5,233,200		2,345,593
Land & Houses PCL, NVDR		7,370,800		1,590,434
MBK PCL, NVDR(a)		2,250,700		1,011,811
Minor International PCL, NVDR		3,886,000		3,341,091
Muangthai Capital PCL, NVDR		1,742,200		2,083,240
Osotspa PCL, NVDR		2,090,600		1,225,693
PTT Exploration & Production PCL, NVDR		1,788,861		7,549,551
PTT Global Chemical PCL, NVDR		2,819,300		2,658,373
PTT Public Co. Ltd., NVDR		12,004,400		11,395,513
SCB X PCL, NVS		843,600		2,469,203
Siam Cement PCL (The), NVDR		926,900		7,055,332
Sino-Thai Engineering & Construction PCL, NVDR(a)		2,229,600		537,163
Sri Trang Agro-Industry PCL, NVDR(a)		4,103,000		1,998,665
Srisawad Corp. PCL, NVDR(a)		2,099,710		2,336,187

S C H E D U L E  O F  I N V E S T M E N T S 117

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Thailand (continued)
Thai Oil PCL, NVDR		2,240,000	$	3,446,195
Thai Union Group PCL, NVDR		4,162,600		1,783,769
Thanachart Capital PCL, NVDR		1,062,500		1,519,889
TPI Polene PCL, NVDR		20,301,500		801,130
True Corp. PCL(a)(b)		12,063,285		2,051,286
TTW PCL, NVDR(a)		8,722,300		2,371,612
WHA Corp. PCL, NVDR		19,605,200		2,614,145
				172,847,116
Turkey — 0.3%
Akbank TAS		3,710,329		4,829,771
Alarko Holding A/S		405,346		1,428,373
Anadolu Efes Biracilik Ve Malt Sanayii AS		271,607		1,259,976
Aselsan Elektronik Sanayi Ve Ticaret AS		2,233,090		3,723,656
BIM Birlesik Magazalar AS		569,700		7,144,004
Dogan Sirketler Grubu Holding AS		4,103,879		1,789,234
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		6,201,903		2,054,016
Eregli Demir ve Celik Fabrikalari TAS(b)		2,259,832		3,204,256
Ford Otomotiv Sanayi AS		132,073		3,838,800
Haci Omer Sabanci Holding AS		1,736,555		4,150,276
Hektas Ticaret TAS(b)		1,240,127		726,714
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D		1,940,594		1,709,607
KOC Holding AS		968,291		5,113,976
Kontrolmatik Enerji Ve Muhendislik AS, NVS		97,044		775,521
Koza Altin Isletmeleri AS		1,369,175		936,697
Koza Anadolu Metal Madencilik Isletmeleri AS(a)(b)		437,012		707,374
Migros Ticaret AS(a)		222,478		2,992,277
ODAS Elektrik Uretim ve Sanayi Ticaret AS(b)		3,024,048		921,078
Pegasus Hava Tasimaciligi AS(b)		99,268		2,453,865
Petkim Petrokimya Holding AS(b)		2,052,002		1,466,312
Sasa Polyester Sanayi AS(b)		1,215,811		1,542,551
Sok Marketler Ticaret AS		805,667		1,688,871
TAV Havalimanlari Holding AS(b)		374,609		1,707,313
Tekfen Holding AS		283,600		390,470
Tofas Turk Otomobil Fabrikasi AS		198,905		1,613,502
Turk Hava Yollari AO(b)		817,962		7,332,121
Turkcell Iletisim Hizmetleri AS		1,360,549		3,073,509
Turkiye Is Bankasi AS, Class C		4,788,319		4,037,498
Turkiye Petrol Rafinerileri AS		1,108,748		5,462,626
Turkiye Sise ve Cam Fabrikalari AS		2,109,945		3,422,297
Ulker Biskuvi Sanayi AS(b)		422,432		1,300,915
Yapi ve Kredi Bankasi AS		3,370,786		2,421,067
				85,218,523
United Arab Emirates — 0.4%
Abu Dhabi Commercial Bank PJSC		3,781,930		9,267,039
Abu Dhabi Islamic Bank PJSC		2,118,311		6,459,408
Abu Dhabi National Oil Co. for Distribution PJSC		3,507,423		3,390,014
Air Arabia PJSC		2,556,758		2,071,880
Ajman Bank PJSC(b)		1,942,231		1,084,026
Aldar Properties PJSC		5,462,965		7,585,489
Americana Restaurants International PLC		2,713,162		2,297,318
Aramex PJSC		976,613		561,035
Dubai Financial Market PJSC		1,857,934		687,946
Dubai Investments PJSC		3,120,698		2,005,158
Dubai Islamic Bank PJSC		2,833,534		4,875,627
Emaar Properties PJSC		8,153,553		16,485,434
Emirates Central Cooling Systems Corp.		3,445,309		1,641,539
Emirates NBD Bank PJSC		2,339,970		11,276,350
Emirates Telecommunications Group Co. PJSC		4,079,180		21,301,317
First Abu Dhabi Bank PJSC		5,352,462		21,338,607

Security	Shares		Value
United Arab Emirates (continued)
Gulf Navigation Holding PJSC(b)		626,582	$	1,194,156
Multiply Group PJSC(b)		4,413,965		3,465,911
National Central Cooling Co. PJSC		328,382		286,992
Taaleem Holdings PJSC, NVS		387,655		406,341
				117,681,587
United Kingdom — 9.3%
3i Group PLC		1,160,276		36,322,368
4imprint Group PLC		34,165		2,342,830
888 Holdings PLC(b)		775,165		762,317
abrdn PLC		1,872,379		3,983,364
Admiral Group PLC		270,722		8,608,181
AG Barr PLC		185,045		1,332,003
Airtel Africa PLC(c)		1,509,506		2,143,783
AJ Bell PLC		460,926		1,848,192
Anglo American PLC		1,456,263		34,713,934
Anglogold Ashanti PLC, NVS		482,940		8,642,254
Antofagasta PLC		441,802		9,629,189
Ascential PLC(b)		732,033		2,819,614
Ashmore Group PLC		430,259		1,157,057
Ashtead Group PLC		520,220		34,018,168
ASOS PLC(a)(b)		85,271		398,284
Associated British Foods PLC		404,998		11,995,776
Assura PLC		3,439,724		1,941,571
Aston Martin Lagonda Global Holdings PLC(b)(c)		553,364		1,334,718
AstraZeneca PLC		1,791,132		237,462,620
Auto Trader Group PLC(c)		1,089,181		10,020,333
Aviva PLC		3,022,159		16,496,678
B&M European Value Retail SA		1,060,265		6,948,677
Babcock International Group PLC		358,329		2,047,937
BAE Systems PLC		3,569,062		53,166,404
Balfour Beatty PLC		794,687		3,343,595
Bank of Georgia Group PLC		49,428		2,377,192
Barclays PLC		17,723,354		32,935,792
Barratt Developments PLC		1,196,128		8,152,006
Beazley PLC		769,574		5,297,412
Bellway PLC		145,213		5,059,529
Berkeley Group Holdings PLC		133,545		8,086,768
Big Yellow Group PLC		225,770		3,264,639
Bodycote PLC		263,766		2,126,773
boohoo Group PLC(a)(b)		1,341,737		618,600
BP PLC		19,754,827		115,376,417
Breedon Group PLC		403,653		1,859,483
British American Tobacco PLC		2,451,841		72,289,113
British Land Co. PLC (The)		1,009,454		4,852,162
Britvic PLC		296,162		3,312,253
BT Group PLC		7,518,667		10,651,932
Bunzl PLC		388,392		15,784,160
Burberry Group PLC		456,136		7,513,437
Burford Capital Ltd.		245,724		3,746,215
Bytes Technology Group PLC		257,679		2,139,153
C&C Group PLC		690,748		1,344,592
Capita PLC(b)		2,430,989		587,199
Capital & Counties Properties PLC		1,880,304		3,167,542
Carnival PLC(b)		165,027		2,479,391
Centamin PLC		2,503,032		3,049,254
Centrica PLC		6,458,436		11,302,580
Ceres Power Holdings PLC(a)(b)		218,022		660,908
Close Brothers Group PLC		169,550		1,165,413
Coats Group PLC		2,101,279		1,906,673
Coca-Cola Europacific Partners PLC		242,684		16,720,928
Compass Group PLC		2,037,352		56,116,317
Computacenter PLC		97,328		3,555,706

118 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
ConvaTec Group PLC(c)		1,724,598	$	5,248,598
Craneware PLC		42,660		1,162,355
Cranswick PLC		56,285		2,870,319
Crest Nicholson Holdings PLC		493,455		1,309,495
Croda International PLC		165,700		10,029,255
Currys PLC		1,368,021		857,831
CVS Group PLC		127,223		2,721,558
Darktrace PLC(b)		403,263		1,748,554
DCC PLC		97,611		7,096,253
Deliveroo PLC, Class A(b)(c)		1,241,468		1,848,642
Derwent London PLC		118,555		3,195,275
Diageo PLC		2,595,648		93,749,261
Diploma PLC		161,637		6,662,957
Direct Line Insurance Group PLC(b)		1,499,675		3,200,237
Diversified Energy Co. PLC		76,728		884,931
Domino’s Pizza Group PLC		575,665		2,542,267
Dowlais Group PLC		1,643,431		1,877,310
Dr. Martens PLC		779,410		877,578
Drax Group PLC		490,881		3,167,701
DS Smith PLC		1,608,964		5,736,910
Dunelm Group PLC		175,715		2,420,471
easyJet PLC(b)		437,389		3,062,178
Elementis PLC(b)		1,073,267		1,923,491
Endeavour Mining PLC		181,667		3,227,115
Energean PLC		230,745		2,772,522
Entain PLC		730,423		8,896,839
Essentra PLC		409,244		897,239
Experian PLC		1,066,714		44,399,186
FD Technologies PLC(a)(b)		32,999		524,355
Ferrexpo PLC		409,886		450,881
Fevertree Drinks PLC		163,297		2,090,158
Firstgroup PLC		1,842,487		3,879,226
Frasers Group PLC(a)(b)		323,151		3,306,317
Future PLC		157,129		1,408,055
Games Workshop Group PLC		42,502		5,335,110
Gamma Communications PLC		129,090		1,953,334
GB Group PLC		324,485		1,158,818
Genuit Group PLC		404,582		2,163,661
Genus PLC		84,535		2,455,361
Glencore PLC		12,068,146		63,852,056
Grafton Group PLC		289,540		3,566,233
Grainger PLC		881,829		2,941,371
Great Portland Estates PLC		320,884		1,688,390
Greatland Gold PLC(a)(b)		7,347,458		670,423
Greggs PLC		117,063		3,943,302
GSK PLC		4,737,865		93,704,230
Haleon PLC		6,165,839		25,044,178
Halfords Group PLC		443,113		1,002,153
Halma PLC		454,403		12,577,460
Hammerson PLC		4,769,760		1,627,710
Harbour Energy PLC		649,543		2,282,908
Hargreaves Lansdown PLC		356,590		3,440,885
Hays PLC		1,653,660		2,057,741
Hikma Pharmaceuticals PLC		184,011		4,489,326
Hill & Smith PLC		115,096		2,724,394
Hiscox Ltd.		373,822		4,922,208
Hochschild Mining PLC(b)		559,340		735,383
Howden Joinery Group PLC		717,668		7,267,739
HSBC Holdings PLC		22,648,999		176,836,644
Hunting PLC		272,477		1,134,344
Ibstock PLC(c)		669,179		1,300,910
IG Group Holdings PLC		437,490		3,931,344

Security	Shares		Value
United Kingdom (continued)
IMI PLC		301,263	$	6,389,652
Imperial Brands PLC		1,039,318		24,948,961
Inchcape PLC		459,687		3,958,250
Indivior PLC, NVS(b)		201,070		3,534,299
Informa PLC		1,738,982		17,079,497
IntegraFin Holdings PLC		403,145		1,503,459
InterContinental Hotels Group PLC		199,844		18,935,831
Intermediate Capital Group PLC		351,194		7,917,703
International Distributions Services PLC(b)		784,509		2,751,969
Intertek Group PLC		188,094		10,676,341
Investec PLC		771,137		5,020,499
IP Group PLC		1,877,588		1,246,841
ITM Power PLC(a)(b)		815,159		614,475
ITV PLC		4,160,443		3,151,370
IWG PLC(b)		942,583		2,233,724
J D Wetherspoon PLC(b)		130,727		1,391,631
J Sainsbury PLC		1,790,856		6,114,269
JD Sports Fashion PLC		3,290,305		4,862,129
JET2 PLC		199,852		3,383,720
John Wood Group PLC(b)		831,552		1,648,583
Johnson Matthey PLC		213,237		4,396,728
JTC PLC(c)		182,738		1,836,881
Jupiter Fund Management PLC		630,118		631,253
Just Group PLC		1,625,283		1,751,272
Kainos Group PLC		156,463		2,274,336
Keller Group PLC		123,840		1,371,677
Keywords Studios PLC		90,014		1,882,359
Kingfisher PLC		2,403,951		6,683,765
Lancashire Holdings Ltd.		328,428		2,526,436
Land Securities Group PLC		780,967		6,584,099
Learning Technologies Group PLC		977,412		996,922
Legal & General Group PLC		6,802,316		21,879,256
Liontrust Asset Management PLC		138,889		1,096,275
Lloyds Banking Group PLC		73,884,076		39,605,952
London Stock Exchange Group PLC		491,018		55,541,030
LondonMetric Property PLC		987,077		2,411,818
M&G PLC		2,896,838		8,190,424
Man Group PLC/Jersey		1,596,105		4,795,927
Marks & Spencer Group PLC		2,216,316		6,924,426
Marshalls PLC		350,486		1,243,695
Melrose Industries PLC		1,643,431		12,249,291
Mitchells & Butlers PLC(b)		464,527		1,531,785
Mitie Group PLC		2,200,612		2,883,657
Mobico Group PLC		655,448		709,272
Mondi PLC, NVS		486,318		8,714,636
Moneysupermarket.com Group PLC		713,761		2,302,959
Morgan Advanced Materials PLC		480,125		1,648,933
National Grid PLC		4,212,466		56,106,271
NatWest Group PLC, NVS		6,469,238		18,257,084
NCC Group PLC		505,324		776,161
Network International Holdings PLC(b)(c)		603,612		2,963,446
Next PLC		150,068		16,020,737
Ninety One PLC		583,204		1,304,502
NMC Health PLC, NVS(d)		74,553		1
Ocado Group PLC(b)		652,922		4,472,456
OSB Group PLC		574,639		3,269,855
Oxford Instruments PLC		37,557		1,056,631
Oxford Nanopore Technologies PLC(b)		663,469		1,347,826
Pagegroup PLC		420,558		2,444,215
Paragon Banking Group PLC		447,558		3,986,212
Pearson PLC		818,614		10,042,574
Pennon Group PLC		305,933		2,723,903

S C H E D U L E  O F  I N V E S T M E N T S 119

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Persimmon PLC		378,542	$	6,972,026
Petrofac Ltd.(a)(b)		650,490		251,887
Pets at Home Group PLC		618,643		2,196,786
Phoenix Group Holdings PLC		761,789		4,863,741
Playtech PLC(b)		349,824		1,970,168
Plus500 Ltd.		148,037		3,348,133
Premier Foods PLC		1,191,592		2,147,369
Primary Health Properties PLC		1,641,527		2,021,019
Prudential PLC		3,203,184		32,904,923
QinetiQ Group PLC		721,504		3,258,472
Quilter PLC(c)		1,438,558		1,910,420
Rathbones Group PLC		77,563		1,622,500
Reckitt Benckiser Group PLC		835,099		60,378,404
Redde Northgate PLC		524,487		2,359,623
Redrow PLC		364,490		2,768,861
RELX PLC		2,216,401		91,479,865
Renishaw PLC		47,871		2,117,177
Rentokil Initial PLC		2,976,335		15,327,368
RHI Magnesita NV		59,294		2,527,821
Rightmove PLC		1,009,459		7,144,115
Rio Tinto PLC		1,299,540		89,953,397
Rolls-Royce Holdings PLC(b)		9,863,643		37,446,828
Rotork PLC		947,374		3,734,647
RS GROUP PLC		561,343		5,562,324
RWS Holdings PLC		479,818		1,444,783
S4 Capital PLC(b)		490,124		273,290
Safestore Holdings PLC		273,207		2,845,241
Sage Group PLC (The)		1,177,857		17,535,842
Savills PLC		208,490		2,676,543
Schroders PLC		776,713		3,973,740
Segro PLC		1,434,081		15,927,003
Serco Group PLC		1,387,530		3,027,785
Severn Trent PLC		300,978		9,893,455
Shell PLC		7,693,714		238,522,889
Sirius Real Estate Ltd.		1,566,877		1,803,019
Smart Metering Systems PLC		180,127		2,170,895
Smith & Nephew PLC		1,004,957		14,054,325
Smiths Group PLC		455,492		9,334,689
Softcat PLC		148,342		2,718,391
SolGold PLC(a)(b)		2,021,900		199,864
Spectris PLC		130,577		6,078,804
Spirax-Sarco Engineering PLC		91,076		11,462,900
Spire Healthcare Group PLC(c)		685,026		2,052,995
Spirent Communications PLC		819,115		1,221,926
SSE PLC		1,245,777		26,532,474
SSP Group PLC(b)		878,524		2,500,258
St. James’s Place PLC		605,073		4,981,144
Standard Chartered PLC		2,681,682		20,266,922
Supermarket Income REIT PLC		191,381		196,455
Synthomer PLC(b)		187,284		373,948
Tate & Lyle PLC		466,822		3,685,691
Taylor Wimpey PLC		4,295,940		8,020,485
TBC Bank Group PLC		50,537		1,866,928
Team17 Group PLC(b)		153,538		525,363
Telecom Plus PLC		100,522		1,852,273
Tesco PLC		8,174,379		29,620,839
THG PLC, Class B(a)(b)		1,099,835		917,109
TP ICAP Group PLC		901,364		2,135,568
Trainline PLC(b)(c)		586,204		2,454,530
Travis Perkins PLC		193,910		1,934,178
Tritax Big Box REIT PLC		1,902,239		3,982,504
TUI AG(b)		469,298		3,233,276

Security	Shares		Value
United Kingdom (continued)
Unilever PLC		2,883,665	$	140,319,756
UNITE Group PLC (The)		393,517		5,027,509
United Utilities Group PLC		761,003		10,249,768
Vanquis Banking Group PLC		488,259		731,387
Vesuvius PLC		337,022		2,029,240
Victoria PLC(a)(b)		166,244		587,800
Victrex PLC		104,646		1,807,582
Virgin Money UK PLC		1,517,145		2,996,473
Vistry Group PLC		462,577		5,851,276
Vodafone Group PLC		26,536,512		22,559,763
Watches of Switzerland Group PLC(a)(b)(c)		394,545		1,858,087
Weir Group PLC (The)		304,437		6,997,763
WH Smith PLC		146,805		2,243,361
Whitbread PLC		229,254		10,391,612
Wickes Group PLC		318,257		631,470
Wise PLC, Class A(b)		726,875		7,414,054
Workspace Group PLC		257,217		1,691,899
WPP PLC		1,303,318		12,603,724
Yellow Cake PLC(b)(c)		218,007		1,916,005
YouGov PLC		102,753		1,517,050
				3,112,624,240
Total Common Stocks — 98.8% (Cost: $29,196,041,021)				33,046,637,042
Preferred Stocks
Brazil — 0.4%
Alpargatas SA, Preference Shares, NVS		313,910		543,627
Azul SA, Preference Shares, NVS		434,392		1,174,886
Banco Bradesco SA, Preference Shares, NVS		6,430,028		19,921,873
Banco do Estado do Rio Grande do Sul SA, Class B, Preference Shares, NVS		208,297		620,132
Bradespar SA, Preference Shares, NVS		341,625		1,571,458
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS		335,414		3,103,378
Cia. Energetica de Minas Gerais, Preference Shares, NVS		1,461,319		3,397,868
Cia. Paranaense de Energia, Preference Shares, NVS		803,042		1,641,938
Gerdau SA, Preference Shares, NVS		1,372,207		5,827,393
Itau Unibanco Holding SA, Preference Shares, NVS		5,647,087		37,363,053
Itausa SA, Preference Shares, NVS		6,452,542		13,023,861
Marcopolo SA, Preference Shares, NVS		800,504		1,292,595
Metalurgica Gerdau SA, Preference Shares, NVS		1,381,597		2,763,529
Petroleo Brasileiro SA, Preference Shares, NVS		5,447,644		44,477,071
Randon SA Implementos e Participacoes, Preference Shares, NVS		481,405		1,136,856
Unipar Carbocloro SA, Class B, Preference Shares, NVS		78,752		1,117,285
				138,976,803
Chile — 0.0%
Embotelladora Andina SA, Class B, Preference Shares, NVS		505,713		1,288,486
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares, NVS		184,972		7,942,706
				9,231,192
Colombia — 0.0%
Bancolombia SA, Preference Shares, NVS		564,470		4,447,368

120 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Germany — 0.3%
Bayerische Motoren Werke AG, Preference Shares, NVS		68,601	$	6,703,036
Dr Ing hc F Porsche AG, Preference Shares, NVS(c)		123,867		10,516,548
Draegerwerk AG & Co. KGaA, Preference Shares, NVS		12,147		624,372
Fuchs Petrolub SE, Preference Shares, NVS		86,870		3,807,818
Henkel AG & Co. KGaA, Preference Shares, NVS		197,634		15,150,330
Jungheinrich AG, Preference Shares, NVS		67,789		2,281,736
Porsche Automobil Holding SE, Preference Shares, NVS		180,672		9,019,861
Sartorius AG, Preference Shares, NVS		30,836		11,249,050
Volkswagen AG, Preference Shares, NVS		237,545		30,551,856
				89,904,607
Russia — 0.0%
Surgutneftegas PJSC, Preference Shares, NVS(d)		7,082,700		787
South Korea — 0.2%
Hyundai Motor Co.
Preference Shares, NVS		25,718		2,274,043
Series 2, Preference Shares, NVS		39,739		3,511,396
LG Chem Ltd., Preference Shares, NVS		8,314		1,685,560
Samsung Electronics Co. Ltd., Preference Shares, NVS		953,757		41,732,453
				49,203,452
Total Preferred Stocks — 0.9% (Cost: $286,055,633)				291,764,209
Rights
Brazil — 0.0%
Localiza Rent a Car SA, (Expires 02/19/24, Strike Price BRL 45.35)(b)		4,109		7,464
South Korea — 0.0%
LG Display Co. Ltd., (Expires 03/14/24, Strike Price KWR 10070)(b)		76,031		90,008
Taihan Electric Wire Co. Ltd.		48,865		57,482
				147,490
Spain — 0.0%
ACS Actividades de Construccion y Servicios SA, (Expires 02/09/24)(b)		222,296		101,860
Total Rights — 0.0% (Cost: $110,417)				256,814

Security	Shares		Value
Warrants
Australia — 0.0%
Magellan Financial Group Ltd. (Issued/Exercisable 04/14/22, 1 Share for 1 Warrant, Expires 04/16/27, Strike Price AUD )(b)		16,323	$	1,607
PointsBet Holdings Ltd. (Issued/Exercisable 06/20/22, 1 Share for 1 Warrant, Expires 07/08/24, Strike Price AUD 10.00)		20,102		—
				1,607
Canada — 0.0%
Constellation Software Inc., (Issued 08/29/23, 1 Share for 1 Warrant, Expires 03/31/40, Strike Price CAD 11.50 )(d)		23,204		—
Total Warrants — 0.0% (Cost: $—)				1,607
Total Long-Term Investments — 99.7% (Cost: $29,482,207,071)				33,338,659,672
Short-Term Securities
Money Market Funds — 1.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.51%(f)(g)(h)		306,184,003		306,367,713
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.32%(f)(g)		21,930,000		21,930,000
Total Short-Term Securities — 1.0% (Cost: $328,064,331)				328,297,713
Total Investments — 100.7% (Cost: $29,810,271,402)				33,666,957,385
Liabilities in Excess of Other Assets — (0.7)%				(233,174,017	)
Net Assets — 100.0%			$	33,433,783,368

^(a)  All or a portion of this security is on loan.

^(b)  Non-income producing security.

^(c)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(e)  This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^(f)  Affiliate of the Fund.

^(g)  Annualized 7-day yield as of period end.

^(h)  All or a portion of this security was purchased with the cash collateral from loaned securities.

S C H E D U L E  O F  I N V E S T M E N T S 121

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI Total International Stock ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/24		Shares Held at 01/31/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	424,504,480	$	—	$	(118,255,576	)(a)	$	61,416	$	57,393	$	306,367,713		306,184,003	$	4,177,432	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		71,870,000		—		(49,940,000	)(a)		—		—		21,930,000		21,930,000		1,480,427			—
								$	61,416	$	57,393	$	328,297,713			$	5,657,859		$	—

^(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		478		03/15/24	$	53,369	$	1,126,433
MSCI Emerging Markets Index		442		03/15/24		21,675		(348,002	)
							$	778,431

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)	$	—	$	—	$	1,126,433	$	—	$	—	$	—	$	1,126,433
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	348,002	$	—	$	—	$	—	$	348,002

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended January 31, 2024, 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	$	—	$	—	$	(4,187,879	)	$	—	$	—	$	—	$	(4,187,879	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(3,629,926	)	$	—	$	—	$	—	$	(3,629,926	)

122 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® Core MSCI Total International Stock ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	112,780,825

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	$	4,400,677,514		$	28,645,253,166	$	706,362	$	33,046,637,042
Preferred Stocks		144,712,657			147,050,765		787		291,764,209
Rights		109,324			147,490		—		256,814
Warrants		1,607			—		—		1,607
Short-Term Securities
Money Market Funds		328,297,713			—		—		328,297,713
	$	4,873,798,815		$	28,792,451,421	$	707,149	$	33,666,957,385
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	1,126,433		$	—	$	—	$	1,126,433
Liabilities
Equity Contracts		(348,002	)		—		—		(348,002	)
	$	778,431		$	—	$	—		778,431

^(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 123

Statements of Assets and Liabilities (unaudited)

January 31, 2024

	iShares Core MSCI EAFE ETF			iShares Core MSCI Europe ETF				iShares Core MSCI International Developed Markets ETF			iShares Core MSCI Pacific ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	105,839,816,052		$	4,089,331,773			$	11,911,279,395		$	1,841,545,171
Investments, at value — affiliated(c)		765,112,924			31,219,280				93,889,593			12,219,713
Cash		7,330			9,761				6,943			3,399
Cash pledged for futures contracts		18,376,314			—				—			—
Foreign currency collateral pledged for futures contracts(d)		11,262,271			1,572,102				3,526,600			304,878
Foreign currency, at value(e)		203,671,945			9,352,860				40,052,169			2,194,560
Receivables:
Investments sold		5,746,917			—				738,144			991,175
Securities lending income — affiliated		972,248			28,220				78,072			15,222
Capital shares sold		3,150,507			564,150				—			—
Dividends — unaffiliated		84,520,968			2,316,351				10,222,448			2,268,102
Dividends — affiliated		129,851			1,795				21,351			1,011
Tax reclaims		180,290,893			11,108,695				11,513,250			2,378
Total assets		107,113,058,220			4,145,504,987				12,071,327,965			1,859,545,609
LIABILITIES
Collateral on securities loaned, at value		736,697,222			29,519,203				88,469,218			11,901,071
Payables:
Investments purchased		3,150,507			564,150				—			—
Deferred foreign capital gain tax		74,091			—				2,643			—
Investment advisory fees		6,250,228			308,483				403,402			138,258
Professional fees		—			—				60,820			—
Variation margin on futures contracts		1,970,599			167,374				228,537			1,603
Total liabilities		748,142,647			30,559,210				89,164,620			12,040,932
Commitments and contingent liabilities
NET ASSETS	$	106,364,915,573		$	4,114,945,777			$	11,982,163,345		$	1,847,504,677
NET ASSETS CONSIST OF
Paid-in capital	$	98,863,106,116		$	4,392,719,967			$	10,997,303,166		$	1,838,627,212
Accumulated earnings (loss)		7,501,809,457			(277,774,190	)			984,860,179			8,877,465
NET ASSETS	$	106,364,915,573		$	4,114,945,777			$	11,982,163,345		$	1,847,504,677
NET ASSET VALUE
Shares outstanding		1,525,000,000			75,700,000				189,900,000			31,000,000
Net asset value	$	69.75		$	54.36			$	63.10		$	59.60
Shares authorized		Unlimited			Unlimited				Unlimited			Unlimited
Par value		None			None				None			None
(a) Investments, at cost — unaffiliated	$	94,004,810,225		$	4,188,696,000			$	10,628,535,482		$	1,739,415,178
(b) Securities loaned, at value	$	677,098,647		$	27,196,474			$	81,440,725		$	11,151,532
(c)  Investments, at cost — affiliated	$	764,644,913		$	31,197,299			$	93,834,334		$	12,216,575
(d) Foreign currency collateral pledged, at cost	$	11,335,186		$	1,626,348			$	3,550,408		$	314,582
(e) Foreign currency, at cost	$	205,607,327		$	9,362,112			$	40,443,996		$	2,245,998

See notes to financial statements.

124 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Statements of Assets and Liabilities (unaudited) (continued)

January 31, 2024

	iShares Core MSCI Total International Stock ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	33,338,659,672
Investments, at value — affiliated(c)		328,297,713
Cash		6,489
Cash pledged for futures contracts		2,508,000
Foreign currency, at value(d)		52,141,270
Receivables:
Investments sold		2,342,472
Securities lending income — affiliated		409,736
Capital shares sold		37,976,517
Dividends — unaffiliated		32,987,566
Dividends — affiliated		151,609
Tax reclaims		35,341,082
Total assets		33,830,822,126
LIABILITIES
Collateral on securities loaned, at value		306,221,778
Payables:
Investments purchased		37,377,554
Deferred foreign capital gain tax		51,057,356
Investment advisory fees		1,973,138
Professional fees		3,654
Variation margin on futures contracts		405,278
Total liabilities		397,038,758
Commitments and contingent liabilities
NET ASSETS	$	33,433,783,368
NET ASSETS CONSIST OF
Paid-in capital	$	31,297,700,047
Accumulated earnings		2,136,083,321
NET ASSETS	$	33,433,783,368
NET ASSET VALUE
Shares outstanding		524,800,000
Net asset value	$	63.71
Shares authorized		Unlimited
Par value		None
(a) Investments, at cost — unaffiliated	$	29,482,207,071
(b) Securities loaned, at value	$	278,944,546
(c)  Investments, at cost — affiliated	$	328,064,331
(d) Foreign currency, at cost	$	52,396,608

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 125

Statements of Operations (unaudited)

Six Months Ended January 31, 2024

	iShares Core MSCI EAFE ETF				iShares Core MSCI Europe ETF				iShares Core MSCI International Developed Markets ETF				iShares Core MSCI Pacific ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	1,040,760,991			$	33,510,583			$	123,211,362			$	24,271,575
Dividends — affiliated		1,484,551				39,957				165,387				28,520
Interest — unaffiliated		629,650				48,464				85,726				807
Securities lending income — affiliated — net		6,651,361				228,309				640,654				111,461
Other income — unaffiliated		9,617				47,454				56,335				—
Foreign taxes withheld		(60,275,617	)			(1,595,984	)			(8,959,782	)			(1,388,046	)
Foreign withholding tax claims		119,966				897,431				538,932				—
Total investment income		989,380,519				33,176,214				115,738,614				23,024,317
EXPENSES
Investment advisory		35,006,502				1,832,201				2,247,810				772,744
Professional		12,964				98,276				63,314				—
Total expenses		35,019,466				1,930,477				2,311,124				772,744
Net investment income		954,361,053				31,245,737				113,427,490				22,251,573
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(316,525,128	)			(25,276,041	)			(19,877,600	)			(10,443,077	)
Investments — affiliated		117,375				7,294				8,372				1,663
Foreign currency transactions		(996,552	)			(178,681	)			(67,562	)			131,979
Futures contracts		22,814,275				241,181				1,901,703				396,774
In-kind redemptions — unaffiliated(a)		—				74,462,134				—				—
		(294,590,030	)			49,255,887				(18,035,087	)			(9,912,661	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated(b)		1,488,567,376				(21,551,105	)			140,272,800				35,939,064
Investments — affiliated		107,456				2,702				22,564				2,252
Foreign currency translations		(4,239,687	)			45,849				(711,492	)			(209,065	)
Futures contracts		(934,212	)			(328,533	)			77,231				(1,142	)
		1,483,500,933				(21,831,087	)			139,661,103				35,731,109
Net realized and unrealized gain		1,188,910,903				27,424,800				121,626,016				25,818,448
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,143,271,956			$	58,670,537			$	235,053,506			$	48,070,021
(a) See Note 2 of the Notes to Financial Statements.
(b) Net of increase in deferred foreign capital gain tax of	$	(17,987	)		$	—			$	(886	)		$	—

See notes to financial statements.

126 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Statements of Operations (unaudited) (continued)

Six Months Ended January 31, 2024

	iShares Core MSCI Total International Stock ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	341,472,771
Dividends — affiliated		1,480,427
Interest — unaffiliated		198,405
Securities lending income — affiliated — net		4,177,432
Other income — unaffiliated		36,782
Foreign taxes withheld		(29,080,641	)
Foreign withholding tax claims		26,381
Other foreign taxes		(222,465	)
Total investment income		318,089,092
EXPENSES
Investment advisory		11,180,643
Interest expense		86,996
Commitment costs		19,473
Professional		10,081
Total expenses		11,297,193
Net investment income		306,791,899
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated(a)		(123,421,947	)
Investments — affiliated		61,416
Foreign currency transactions		(470,577	)
Futures contracts		(4,187,879	)
		(128,018,987	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated(b)		(247,696,469	)
Investments — affiliated		57,393
Foreign currency translations		(1,246,878	)
Futures contracts		(3,629,926	)
		(252,515,880	)
Net realized and unrealized loss		(380,534,867	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(73,742,968	)
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable of	$	(67,549	)
(b) Net of increase in deferred foreign capital gain tax of	$	(30,583,469	)

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 127

Statements of Changes in Net Assets

	iShares Core MSCI EAFE ETF								iShares Core MSCI Europe ETF
	Six Months Ended 01/31/24 (unaudited)				Year Ended 07/31/23					Six Months Ended 01/31/24 (unaudited)				Year Ended 07/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	954,361,053			$	2,934,336,151				$	31,245,737			$	132,228,856
Net realized gain (loss)		(294,590,030	)			(535,403,304	)				49,255,887				(44,881,380	)
Net change in unrealized appreciation (depreciation)		1,483,500,933				10,854,004,778					(21,831,087	)			544,173,475
Net increase in net assets resulting from operations		2,143,271,956				13,252,937,625					58,670,537				631,520,951
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(1,451,329,376	)			(2,335,829,412	)				(42,457,079	)			(123,397,635	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		3,669,266,813				2,263,134,016					(291,101,200	)			(45,011,400	)
NET ASSETS
Total increase (decrease) in net assets		4,361,209,393				13,180,242,229					(274,887,742	)			463,111,916
Beginning of period		102,003,706,180				88,823,463,951					4,389,833,519				3,926,721,603
End of period	$	106,364,915,573			$	102,003,706,180				$	4,114,945,777			$	4,389,833,519

^(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

128 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)

	iShares Core MSCI International Developed Markets ETF								iShares Core MSCI Pacific ETF
			Six Months Ended 01/31/24 (unaudited)			Year Ended 07/31/23				Six Months Ended 01/31/24 (unaudited)			Year Ended 07/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income			$	113,427,490		$	293,536,299			$	22,251,573		$	48,752,006
Net realized gain (loss)				(18,035,087	)		(21,298,349	)			(9,912,661	)		90,745,322
Net change in unrealized appreciation (depreciation)				139,661,103			1,136,036,244				35,731,109			30,947,793
Net increase in net assets resulting from operations				235,053,506			1,408,274,194				48,070,021			170,445,121
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders				(161,910,383	)		(243,534,870	)			(33,494,135	)		(38,736,051	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions				528,233,062			2,838,953,351				95,992,523			104,176,179
NET ASSETS
Total increase in net assets				601,376,185			4,003,692,675				110,568,409			235,885,249
Beginning of period				11,380,787,160			7,377,094,485				1,736,936,268			1,501,051,019
End of period			$	11,982,163,345		$	11,380,787,160			$	1,847,504,677		$	1,736,936,268

^(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 129

Statements of Changes in Net Assets (continued)

	iShares Core MSCI Total International Stock ETF
			Six Months Ended 01/31/24 (unaudited)			Year Ended 07/31/23	(a)
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	306,791,899		$	929,365,736
Net realized loss			(128,018,987	)		(225,978,064	)
Net change in unrealized appreciation (depreciation)			(252,515,880	)		3,126,687,616
Net increase (decrease) in net assets resulting from operations			(73,742,968	)		3,830,075,288
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders			(540,028,265	)		(735,951,498	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions			955,915,535			1,884,043,701
NET ASSETS
Total increase in net assets			342,144,302			4,978,167,491
Beginning of period			33,091,639,066			28,113,471,575
End of period		$	33,433,783,368		$	33,091,639,066

^(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.

130 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Financial Highlights

(For a share outstanding throughout each period)

	iShares Core MSCI EAFE ETF
	Six Months Ended 01/31/24 (unaudited)					Year Ended 07/31/23			Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19
Net asset value, beginning of period			$	69.41		$	61.88		$	75.40		$	58.48		$	60.80		$	64.89
Net investment income(a)				0.64			2.03	(b)		2.10	(b)		1.76			1.52			2.00
Net realized and unrealized gain (loss)(c)				0.67			7.12			(12.90	)		16.86			(2.26	)		(4.14	)
Net increase (decrease) from investment operations				1.31			9.15			(10.80	)		18.62			(0.74	)		(2.14	)
Distributions from net investment income(d)				(0.97	)		(1.62	)		(2.72	)		(1.70	)		(1.58	)		(1.95	)
Net asset value, end of period			$	69.75		$	69.41		$	61.88		$	75.40		$	58.48		$	60.80
Total Return(e)
Based on net asset value				1.91	%(f)		14.94	%(b)		(14.58	)%(b)		31.95	%		(1.30	)%		(3.13	)%
Ratios to Average Net Assets(g)
Total expenses				0.07	%(h)		0.07	%		0.07	%		0.08	%		0.07	%		0.08	%
Total expenses excluding professional fees for foreign withholding tax claims				0.07	%(h)		0.07	%		0.07	%		0.07	%		N/A			0.08	%
Net investment income				1.91	%(h)		3.21	%(b)		3.00	%(b)		2.55	%(b)		2.57	%		3.31	%
Supplemental Data
Net assets, end of period (000)			$	106,364,916		$	102,003,706		$	88,823,464		$	99,092,545		$	66,212,280		$	64,849,495
Portfolio turnover rate(i)				1	%		3	%		4	%		2	%		2	%		3	%

^(a)  Based on average shares outstanding.

^(b)  Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2023 and July 31, 2022, respectively:

• Net investment income per share by $0.02 and $0.01.

• Total return by 0.03% and 0.02%.

• Ratio of net investment income to average net assets by 0.03% and 0.02%.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)  Annualized.

⁽ⁱ⁾  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 131

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Core MSCI Europe ETF
	Six Months Ended 01/31/24 (unaudited)					Year Ended 07/31/23			Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19
Net asset value, beginning of period			$	54.06		$	47.25		$	58.23		$	44.41		$	45.70		$	49.27
Net investment income(a)				0.40	(b)		1.65	(b)		1.61	(b)		1.28			1.09			1.64
Net realized and unrealized gain (loss)(c)				0.47			6.67			(10.68	)		13.91			(1.39	)		(3.65	)
Net increase (decrease) from investment operations				0.87			8.32			(9.07	)		15.19			(0.30	)		(2.01	)
Distributions from net investment income(d)				(0.57	)		(1.51	)		(1.91	)		(1.37	)		(0.99	)		(1.56	)
Net asset value, end of period			$	54.36		$	54.06		$	47.25		$	58.23		$	44.41		$	45.70
Total Return(e)
Based on net asset value				1.61	%(b)(f)		17.84	%(b)		(15.80	)%(b)		34.39	%		(0.66	)%		(3.96	)%
Ratios to Average Net Assets(g)
Total expenses				0.09	%(h)		0.11	%		0.09	%		0.09	%		0.09	%		0.10	%
Total expenses excluding professional fees for foreign withholding tax claims				0.09	%(h)		0.09	%		0.09	%		0.09	%		N/A			0.10	%
Net investment income				1.53	%(b)(h)		3.36	%(b)		2.98	%(b)		2.46	%		2.45	%		3.62	%
Supplemental Data
Net assets, end of period (000)			$	4,114,946		$	4,389,834		$	3,926,722		$	5,287,174		$	3,463,613		$	3,217,533
Portfolio turnover rate(i)				2	%		5	%		5	%		3	%		3	%		4	%

^(a)  Based on average shares outstanding.

^(b)  Reflects, the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended January 31, 2024, for the years ended July 31, 2023 and July 31, 2022, respectively:

• Net investment income per share by $0.01, $0.09 and $0.01.

• Total return by 0.02%, 0.18% and 0.02%.

• Ratio of net investment income to average net assets by 0.04%, 0.18% and 0.01%.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)  Annualized.

⁽ⁱ⁾  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

132 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Core MSCI International Developed Markets ETF
	Six Months Ended 01/31/24 (unaudited)					Year Ended 07/31/23			Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19
Net asset value, beginning of period			$	62.81		$	56.46		$	67.86		$	52.39		$	54.31		$	57.40
Net investment income(a)				0.61	(b)		1.83	(b)		1.85			1.60			1.46			1.76
Net realized and unrealized gain (loss)(c)				0.55			5.94			(10.90	)		15.42			(2.04	)		(3.27	)
Net increase (decrease) from investment operations				1.16			7.77			(9.05	)		17.02			(0.58	)		(1.51	)
Distributions from net investment income(d)				(0.87	)		(1.42	)		(2.35	)		(1.55	)		(1.34	)		(1.58	)
Net asset value, end of period			$	63.10		$	62.81		$	56.46		$	67.86		$	52.39		$	54.31
Total Return(e)
Based on net asset value				1.87	%(b)(f)		13.91	%(b)		(13.57	)%		32.63	%		(1.14	)%		(2.48	)%
Ratios to Average Net Assets(g)
Total expenses				0.04	%(h)		0.04	%		0.05	%		0.05	%		0.05	%		0.05	%
Total expenses after fees waived				0.04	%(h)		0.04	%		0.05	%		0.05	%		0.05	%		0.05	%
Total expenses excluding professional fees for foreign withholding tax claims				0.04	%(h)		0.04	%		N/A			N/A			N/A			N/A
Net investment income				2.02	%(b)(h)		3.15	%(b)		2.93	%		2.56	%		2.81	%		3.28	%
Supplemental Data
Net assets, end of period (000)			$	11,982,163		$	11,380,787		$	7,377,094		$	6,158,362		$	2,844,598		$	1,425,653
Portfolio turnover rate(i)				1	%		2	%		6	%		7	%		17	%		5	%

^(a)  Based on average shares outstanding.

^(b)  Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended January 31, 2024 and for the year ended July 31, 2023, respectively:

• Net investment income per share by $0.00 and $0.01.

• Total return by 0.00% and 0.02%.

• Ratio of net investment income to average net assets by 0.01% and 0.02%.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)  Annualized.

⁽ⁱ⁾  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 133

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Core MSCI Pacific ETF
	Six Months Ended 01/31/24 (unaudited)					Year Ended 07/31/23			Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19
Net asset value, beginning of period			$	59.28		$	54.78		$	65.86		$	52.60		$	55.60		$	58.23
Net investment income(a)				0.74			1.66			1.66			1.42			1.45			1.64
Net realized and unrealized gain (loss)(b)				0.69			4.14			(10.02	)		13.15			(2.72	)		(2.67	)
Net increase (decrease) from investment operations				1.43			5.80			(8.36	)		14.57			(1.27	)		(1.03	)
Distributions from net investment income(c)				(1.11	)		(1.30	)		(2.72	)		(1.31	)		(1.73	)		(1.60	)
Net asset value, end of period			$	59.60		$	59.28		$	54.78		$	65.86		$	52.60		$	55.60
Total Return(d)
Based on net asset value				2.49	%(e)		10.73	%		(13.01	)%		27.70	%		(2.45	)%		(1.61	)%
Ratios to Average Net Assets(f)
Total expenses				0.09	%(g)		0.09	%		0.09	%		0.09	%		0.09	%		0.10	%
Net investment income				2.59	%(g)		3.03	%		2.72	%		2.24	%		2.67	%		2.97	%
Supplemental Data
Net assets, end of period (000)			$	1,847,505		$	1,736,936		$	1,501,051		$	1,119,667		$	904,692		$	1,034,208
Portfolio turnover rate(h)				3	%		7	%		16	%		6	%		5	%		5	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

134 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Core MSCI Total International Stock ETF
		Six Months Ended 01/31/24 (unaudited)					Year Ended 07/31/23	(a)		Year Ended 07/31/22	(a)		Year Ended 07/31/21	(a)		Year Ended 07/31/20	(a)		Year Ended 07/31/19	(a)
Net asset value, beginning of period			$	64.95		$	59.02		$	72.22		$	56.92		$	57.96		$	61.36
Net investment income(b)				0.60			1.87	(c)		1.93	(c)		1.58			1.53			1.77
Net realized and unrealized gain (loss)(d)				(0.79	)		5.53			(12.82	)		15.28			(1.06	)		(3.55	)
Net increase (decrease) from investment operations				(0.19	)		7.40			(10.89	)		16.86			0.47			(1.78	)
Distributions from net investment income(e)				(1.05	)		(1.47	)		(2.31	)		(1.56	)		(1.51	)		(1.62	)
Net asset value, end of period			$	63.71		$	64.95		$	59.02		$	72.22		$	56.92		$	57.96
Total Return(f)
Based on net asset value				(0.27	)%(g)		12.72	%(c)		(15.36	)%(c)		29.71	%		0.77	%(h)		(2.73	)%
Ratios to Average Net Assets(i)
Total expenses				0.07	%(j)		0.07	%		0.09	%		0.09	%		0.09	%		0.10	%
Total expenses after fees waived				0.07	%(j)		0.07	%		0.09	%		0.09	%		0.09	%		0.10	%
Total expenses excluding professional fees for foreign withholding tax claims				0.07	%(j)		0.07	%		0.09	%		0.09	%		N/A			0.10	%
Net investment income				1.92	%(j)		3.14	%(c)		2.87	%(c)		2.35	%		2.72	%		3.09	%
Supplemental Data
Net assets, end of period (000)			$	33,433,783		$	33,091,639		$	28,113,472		$	30,065,795		$	19,546,312		$	15,457,552
Portfolio turnover rate(k)				1	%		3	%		10	%		7	%		7	%		6	%

^(a)  Consolidated Financial Highlights.

^(b)  Based on average shares outstanding.

^(c)  Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended July 31, 2023 and July 31, 2022, respectively:

• Net investment income per share by $0.02 and $0.00.

• Total return by 0.04% and 0.01%.

• Ratio of net investment income to average net assets by 0.03% and 0.00%.

^(d)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(e)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(f)  Where applicable, assumes the reinvestment of distributions.

^(g)  Not annualized.

^(h)  Includes payment received from an affiliate, which had no impact on the Fund’s total return.

⁽ⁱ⁾  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(j)  Annualized.

^(k)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 135

Notes to Financial Statements (unaudited)

1. ORGANIZATION

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):

iShares ETF	Diversification  Classification
Core MSCI EAFE	Diversified
Core MSCI Europe	Diversified
Core MSCI International Developed Markets	Diversified
Core MSCI Pacific	Diversified
Core MSCI Total International Stock	Diversified

Basis of Consolidation: The accompanying consolidated financial statements for Core MSCI Total International Stock included the accounts of its subsidiary in the Republic of Mauritius, which was a wholly-owned subsidiary (the “Subsidiary”) of the Fund that invested in Indian securities. On April 26, 2023, Core MSCI Total International Stock 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. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of January 31, 2024, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

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Notes to Financial Statements (unaudited) (continued)

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

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 137

Notes to Financial Statements (unaudited) (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

Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

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Notes to Financial Statements (unaudited) (continued)

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
Core MSCI EAFE
Barclays Bank PLC	$	1,763,221	$	(1,763,221	)	$	—		$	—
Barclays Capital, Inc.		32,955,322		(32,955,322	)		—			—
BNP Paribas SA		7,016,334		(7,016,334	)		—			—
BofA Securities, Inc.		45,831,895		(45,831,895	)		—			—
Citigroup Global Markets, Inc.		26,446,945		(26,446,945	)		—			—
Deutsche Bank Securities, Inc.		4		(4	)		—			—
Goldman Sachs & Co. LLC		198,265,374		(198,265,374	)		—			—
HSBC Bank PLC		1,128,644		(1,128,644	)		—			—
J.P. Morgan Securities LLC		104,692,277		(104,692,277	)		—			—
Jefferies LLC		1,767,638		(1,767,638	)		—			—
Macquarie Bank Ltd.		6,625,155		(6,625,155	)		—			—
Morgan Stanley		184,648,105		(184,648,105	)		—			—
Nomura Securities International, Inc.		716,132		(716,132	)		—			—
RBC Capital Markets LLC		5,500,723		(5,500,723	)		—			—
Scotia Capital (USA), Inc.		3,320,157		(3,320,157	)		—			—
SG Americas Securities LLC		5,536,208		(5,536,208	)		—			—
State Street Bank & Trust Co.		28,427,224		(28,427,224	)		—			—
UBS AG		21,008,698		(21,008,698	)		—			—
UBS Securities LLC		754,717		(754,717	)		—			—
Wells Fargo Securities LLC		693,874		(693,874	)		—			—
	$	677,098,647	$	(677,098,647	)	$	—		$	—
Core MSCI Europe
Barclays Capital, Inc.	$	836,228	$	(836,228	)	$	—		$	—
BNP Paribas SA		485,353		(485,353	)		—			—
BofA Securities, Inc.		1,186,976		(1,186,976	)		—			—
Citigroup Global Markets, Inc.		372,420		(372,420	)		—			—
Goldman Sachs & Co. LLC		9,806,792		(9,806,792	)		—			—
HSBC Bank PLC		1,482,264		(1,482,264	)		—			—
J.P. Morgan Securities LLC		7,434,455		(7,434,455	)		—			—
Morgan Stanley		5,152,755		(5,152,755	)		—			—
Scotia Capital (USA), Inc.		2,132		(2,132	)		—			—
SG Americas Securities LLC		144,841		(144,841	)		—			—
UBS AG		292,258		(292,258	)		—			—
	$	27,196,474	$	(27,196,474	)	$	—		$	—
Core MSCI International Developed Markets
Barclays Bank PLC	$	210,000	$	(210,000	)	$	—		$	—
BNP Paribas SA		1,699,612		(1,699,612	)		—			—
BofA Securities, Inc.		12,108,583		(12,108,583	)		—			—
Citigroup Global Markets, Inc.		6,507,462		(6,507,462	)		—			—
Goldman Sachs & Co. LLC		11,847,072		(11,847,072	)		—			—
HSBC Bank PLC		5,013,565		(5,013,565	)		—			—
J.P. Morgan Securities LLC		8,961,138		(8,961,138	)		—			—
Jefferies LLC		441,970		(441,970	)		—			—
Macquarie Bank Ltd.		186,224		(186,224	)		—			—
Morgan Stanley		20,370,694		(20,370,694	)		—			—
RBC Capital Markets LLC		1,306,338		(1,306,338	)		—			—
Scotia Capital (USA), Inc.		882,228		(882,228	)		—			—
SG Americas Securities LLC		716,907		(716,907	)		—			—
State Street Bank & Trust Co.		5,166,294		(5,166,294	)		—			—
UBS AG		3,290,922		(3,290,922	)		—			—
Wells Fargo Bank N.A.		2,731,716		(2,731,716	)		—			—
	$	81,440,725	$	(81,440,725	)	$	—		$	—

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 139

Notes to Financial Statements (unaudited) (continued)

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
Core MSCI Pacific
BNP Paribas SA	$	12,888	$	(12,888	)	$	—		$	—
BofA Securities, Inc.		1,209,750		(1,209,750	)		—			—
Citigroup Global Markets, Inc.		1,969,936		(1,969,936	)		—			—
Goldman Sachs & Co. LLC		646,348		(646,348	)		—			—
HSBC Bank PLC		1,919,789		(1,919,789	)		—			—
J.P. Morgan Securities LLC		2,445,576		(2,445,576	)		—			—
Jefferies LLC		13,880		(13,880	)		—			—
Macquarie Bank Ltd.		641,754		(641,754	)		—			—
Morgan Stanley		1,181,108		(1,181,108	)		—			—
Nomura Securities International, Inc.		113,436		(113,436	)		—			—
SG Americas Securities LLC		119,579		(111,867	)		—			7,712	(b)
State Street Bank & Trust Co.		427,799		(427,799	)		—			—
UBS AG		415,483		(415,483	)		—			—
Wells Fargo Securities LLC		34,206		(34,206	)		—			—
	$	11,151,532	$	(11,143,820	)	$	—		$	7,712
Core MSCI Total International Stock
Barclays Bank PLC	$	221,589	$	(221,589	)	$	—		$	—
Barclays Capital, Inc.		5,755,141		(5,755,141	)		—			—
BNP Paribas SA		5,367,165		(5,367,165	)		—			—
BofA Securities, Inc.		38,439,787		(38,439,787	)		—			—
Citigroup Global Markets Ltd.		1,417,203		(1,417,203	)		—			—
Citigroup Global Markets, Inc.		12,717,326		(12,717,326	)		—			—
Goldman Sachs & Co. LLC		58,400,200		(58,400,200	)		—			—
HSBC Bank PLC		14,248,493		(14,248,493	)		—			—
J.P. Morgan Securities LLC		25,036,108		(25,036,108	)		—			—
J.P. Morgan Securities PLC		454,806		(454,806	)		—			—
Jefferies LLC		653,016		(653,016	)		—			—
Macquarie Bank Ltd.		3,015,998		(3,015,998	)		—			—
Morgan Stanley		93,493,723		(93,493,723	)		—			—
National Financial Services LLC		273,702		(273,702	)		—			—
Scotia Capital (USA), Inc.		2,222,309		(2,222,309	)		—			—
SG Americas Securities LLC		3,721,961		(3,721,961	)		—			—
State Street Bank & Trust Co.		6,879,702		(6,879,702	)		—			—
Toronto-Dominion Bank		13,293		(13,293	)		—			—
UBS AG		6,501,222		(6,501,222	)		—			—
Wells Fargo Bank N.A.		83,902		(83,902	)		—			—
Wells Fargo Securities LLC		27,900		(27,900	)		—			—
	$	278,944,546	$	(278,944,546	)	$	—		$	—

^(a)  Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s Statements of Assets and Liabilities.

^(b)  The market value of the loaned securities is determined as of January 31, 2024. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

140 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each of the following Funds, BFAis entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fees
Core MSCI EAFE		0.07	%
Core MSCI Europe		0.09
Core MSCI International Developed Markets		0.04
Core MSCI Pacific		0.09
Core MSCI Total International Stock		0.07

Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statement of Operations does not include acquired fund fees and expenses.

For the iShares Core MSCI Total International Stock ETF, BFA contractually agreed to waive a portion of its investment advisory fee for the Fund through November 30, 2026 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other iShares funds.

For six months ended January 31, 2024, there were no fees waived by BFA pursuant to this arrangement.

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 141

Notes to Financial Statements (unaudited) (continued)

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended January 31, 2024, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
Core MSCI EAFE	$	1,425,799
Core MSCI Europe		50,486
Core MSCI International Developed Markets		143,250
Core MSCI Pacific		23,639
Core MSCI Total International Stock		874,982

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended January 31, 2024, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Core MSCI EAFE	$	182,158,077	$	46,884,189	$	(749,105	)
Core MSCI Europe		21,057,122		11,153,349		(2,257,582	)
Core MSCI International Developed Markets		38,180,799		9,512,053		(664,760	)
Core MSCI Pacific		3,821,186		2,639,508		(222,120	)
Core MSCI Total International Stock		8,259,930		16,676,832		(1,226,542	)

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

7. PURCHASES AND SALES

For the six months ended January 31, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Core MSCI EAFE	$	2,066,869,922	$	1,237,582,280
Core MSCI Europe		83,089,353		100,940,384
Core MSCI International Developed Markets		215,821,516		115,603,930
Core MSCI Pacific		47,242,123		51,353,503
Core MSCI Total International Stock		828,093,791		475,682,996

For the six months ended January 31, 2024, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Core MSCI EAFE	$	2,366,928,765	$	—
Core MSCI Europe		47,880,778		330,150,171
Core MSCI International Developed Markets		366,275,931		—
Core MSCI Pacific		90,919,313		—
Core MSCI Total International Stock		399,871,088		—

8. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 2024, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

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Notes to Financial Statements (unaudited) (continued)

As of July 31, 2023, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring Capital Loss Carryforwards
Core MSCI EAFE	$	(2,851,726,162	)
Core MSCI Europe		(198,685,591	)
Core MSCI International Developed Markets		(210,120,034	)
Core MSCI Pacific		(65,751,545	)
Core MSCI Total International Stock		(1,399,588,738	)

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of January 31, 2024, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Core MSCI EAFE	$	96,091,743,098	$	22,884,381,822	$	(12,357,684,538	)	$	10,526,697,284
Core MSCI Europe		4,253,992,203		546,211,885		(679,314,287	)		(133,102,402	)
Core MSCI International Developed Markets		10,811,913,214		2,068,172,881		(873,599,029	)		1,194,573,852
Core MSCI Pacific		1,774,223,327		260,085,411		(180,270,713	)		79,814,698
Core MSCI Total International Stock		29,998,671,833		7,462,838,456		(3,793,774,473	)		3,669,063,983

9. LINE OF CREDIT

The iShares Core MSCI Total International Stock ETF, along with certain other iShares funds (“Participating Funds”), is a party to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on October 16, 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 six months ended January 31, 2024, 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
Core MSCI Total International Stock	$	59,000,000	$	2,642,663		6.43	%

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 an indexing approach to try to achieve each Fund’s investment objective. The Fund is not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

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.

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

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 143

Notes to Financial Statements (unaudited) (continued)

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 may significantly impact the resulting fair value and therefore each Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by each Fund, and each Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. Each Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

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.

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Notes to Financial Statements (unaudited) (continued)

Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

11. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

	Six Months Ended 01/31/24						Year Ended 07/31/23
iShares ETF	Shares			Amount			Shares			Amount
Core MSCI EAFE
Shares sold		55,400,000		$	3,669,266,813			34,200,000		$	2,263,134,016
Core MSCI Europe
Shares sold		900,000		$	49,275,013			5,900,000		$	308,442,219
Shares redeemed		(6,400,000	)		(340,376,213	)		(7,800,000	)		(353,453,619	)
		(5,500,000	)	$	(291,101,200	)		(1,900,000	)	$	(45,011,400	)
Core MSCI International Developed Markets
Shares sold		8,700,000		$	528,233,062			50,550,000		$	2,838,953,351
Core MSCI Pacific
Shares sold		1,700,000		$	95,992,523			9,900,000		$	555,909,181
Shares redeemed		—			—			(8,000,000	)		(451,733,002	)
		1,700,000		$	95,992,523			1,900,000		$	104,176,179
Core MSCI Total International Stock
Shares sold		15,300,000		$	955,915,535			33,200,000		$	1,884,043,701

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. Authorized Participants 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. Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

12. FOREIGN WITHHOLDING TAX CLAIMS

The Internal Revenue Service (“IRS”) has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which each of the iShares Core MSCI EAFE ETF, iShares Core MSCI Europe ETF, iShares Core MSCI International Developed Markets ETF and iShares Core MSCI Total International Stock ETF is able to pass through to its shareholders as a foreign tax credit in the current year, each of the Funds will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Funds.

13. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 145

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Core MSCI EAFE ETF, iShares Core MSCI Europe ETF, iShares Core MSCI International Developed Markets ETF, iShares Core MSCI Pacific ETF and iShares Core MSCI Total International Stock ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 8, 2023 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40Act Liquidity Risk Management Committee (the “Committee”).At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2022 through September 30, 2023 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays, delays in the repatriation of the local currency in certain non-U.S. countries, the continued illiquidity of Russian equity securities and the suspension of select sanctions in Venezuela.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size utilized for liquidity classifications. The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. The Committee also considered that ETFs generally do not engage in borrowing.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs. However, there were no ETFs with persistent deviations of fund premium/discount or bid/ask spreads from long-term averages over the Program Reporting Period.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review. There were no ETFs for which the custom baskets accepted by the ETF had a significant change in its liquidity profile.

There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

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Supplemental Information (unaudited)

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.

S U P P L E M E N T A L  I N F O R M A T I O N 147

General Information

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

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Glossary of Terms Used in this Report

Portfolio Abbreviation
ADR	American Depositary Receipt
CPO	Certificates of Participation (Ordinary)
GDR	Global Depositary Receipt
NVDR	Non-Voting Depositary Receipt
NVS	Non-Voting Shares
PJSC	Public Joint Stock Company
REIT	Real Estate Investment Trust
SDR	Swedish Depositary Receipt

G L O S S A R Y  O F  T E R M S  U S E D  I N  T H I S  R E P O R T 149

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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.

©2024 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-710-0124

  

JANUARY 31, 2024

       2024 Semi-Annual Report
(Unaudited)  

iShares Trust

· iShares MSCI Intl Momentum Factor ETF | IMTM | NYSE Arca

· iShares MSCI Intl Quality Factor ETF | IQLT | NYSE Arca

· iShares MSCI Intl Size Factor ETF | ISZE | NYSE Arca

· iShares MSCI Intl Value Factor ETF | IVLU | NYSE Arca

The Markets in Review

Dear Shareholder,

The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended January 31, 2024. Significantly tighter monetary policy helped to rein in inflation, and the Consumer Price Index decelerated substantially in the first half of the period before stalling between 3% and 4% in the second half. A moderating labor market helped ease inflationary pressure, although wages continued to grow. Wage and job growth powered robust consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were robust during the period, as interest rates stabilized and the economy proved to be more resilient than many investors expected. The U.S. economy continued to show strength, and growth further accelerated in the second half of 2023. Large-capitalization U.S. stocks posted particularly substantial gains, supported by the performance of a few notable technology companies, while small-capitalization U.S. stocks advanced at a significantly slower pace. Meanwhile, international developed market equities also gained, while emerging market stocks declined overall.

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. However, shorter-duration U.S. Treasuries gained, as higher yields boosted returns. The corporate bond market benefited from improving economic sentiment, 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”), attempting to manage persistent inflation, raised interest rates four times during the 12-month period, but paused its tightening in the second half of the period. The Fed also wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity.

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 stopped tightening for now, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period despite the market’s hopes for interest rate cuts, as reflected in the recent rally. In this new regime, we anticipate greater volatility and dispersion of returns, creating more opportunities for selective portfolio management.

Looking at developed market stocks, we have an overweight stance on U.S. stocks overall, particularly given the promise of emerging AI technologies. We are also overweight Japanese stocks as shareholder-friendly policies generate increased investor interest, although we maintain an underweight stance on European stocks. In credit, there are selective opportunities in the near term despite tighter 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 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 January 31, 2024
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	6.43%	20.82%
U.S. small cap equities (Russell 2000® Index)	(2.02)	2.40
International equities (MSCI Europe, Australasia, Far East Index)	3.15	10.01
Emerging market equities (MSCI Emerging Markets Index)	(6.00)	(2.94)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	2.73	5.13
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	1.74	(0.38)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	3.15	2.10
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	2.70	2.90
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	6.18	9.28
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 T H I S  P A G E  I S  N O T  P A R T  O F  Y O U R  F U N D  R E P O R T

Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		8
Disclosure of Expenses		8
Schedules of Investments		9
Financial Statements:
Statements of Assets and Liabilities		36
Statements of Operations		37
Statements of Changes in Net Assets		38
Financial Highlights		40
Notes to Financial Statements		44
Statement Regarding Liquidity Risk Management Program		52
Supplemental Information		53
General Information		54
Glossary of Terms Used in this Report		55

3

Fund Summary asof January 31,  2024 iShares^® MSCI Intl Momentum Factor ETF

Investment Objective

The iShares MSCI Intl Momentum Factor ETF (the “Fund”) seeks to track the investment results of an index that measures the performance of international developed large- and mid-capitalization stocks exhibiting relatively higher momentum characteristics, as represented by the MSCI World ex USA Momentum Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		5.53	%		11.39	%		8.13	%		6.16	%		11.39	%		47.83	%		71.77	%
Fund Market		5.57			11.54			8.22			6.19			11.54			48.45			72.26
Index		6.81			13.50			8.61			6.56			13.50			51.10			77.68

The inception date of the Fund was January 13, 2015. The first day of secondary market trading was January 15, 2015.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

	Actual						Hypothetical 5% Return
	Beginning Account Value   (08/01/23)		Ending Account Value (01/31/24)		Expenses Paid During the Period	(a)		Beginning Account Value (08/01/23)		Ending Account Value (01/31/24)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$   1,000.00	$	1,055.30	$	1.55		$	1,000.00	$	1,023.60	$	1.53		0.30	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of   Total Investments(a)
Financials		22.9%
Industrials		20.3
Consumer Discretionary		15.2
Information Technology		10.5
Health Care		8.8
Materials		7.9
Consumer Staples		4.6
Energy		3.3
Utilities		2.6
Communication Services		2.4
Real Estate		1.5

^(a)  Excludes money market funds.

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of   Total Investments(a)
Japan		46.0%
France		8.7
United Kingdom		7.2
Denmark		5.7
Switzerland		5.5
Germany		5.3
Canada		4.6
Italy		4.2
Australia		3.9
Spain		2.4

4 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Fund Summary asof January 31, 2024 iShares^® MSCI Intl Quality Factor ETF

Investment Objective

The iShares MSCI Intl Quality Factor ETF (the “Fund”) seeks to track the investment results of an index that measures the performance of international developed large-and mid-capitalization stocks exhibiting relatively higher quality characteristics as identified through three fundamental variables: return on equity, earnings variability and debt-to-equity, as represented by the MSCI World ex USA Sector Neutral Quality Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		3.56	%		9.18	%		8.81	%		6.84	%		9.18	%		52.51	%		81.99	%
Fund Market		3.55			9.18			8.81			6.86			9.18			52.52			82.29
Index		4.43			10.83			9.10			7.12			10.83			54.60			86.31

The inception date of the Fund was January 13, 2015. The first day of secondary market trading was January 15, 2015.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

	Actual				Hypothetical 5% Return
	Beginning Account Value    (08/01/23)	Ending Account Value (01/31/24)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/23)	Ending Account Value (01/31/24)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$  1,000.00	$  1,035.60	$    1.54			$  1,000.00	$  1,023.60	$    1.53		0.30	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of   Total Investments(a)
Financials		20.2%
Industrials		16.1
Health Care		11.8
Consumer Discretionary		11.1
Information Technology		9.6
Consumer Staples		8.8
Materials		7.5
Energy		5.5
Communication Services		4.1
Utilities		3.2
Real Estate		2.1

^(a)  Excludes money market funds.

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of   Total Investments(a)
Switzerland		15.2%
United Kingdom		14.4
Japan		12.2
France		8.8
Canada		7.8
Netherlands		7.8
Australia		7.0
Germany		5.5
Denmark		5.2
Sweden		3.5

F U N D  S U M M A R Y 5

Fund Summary asof January 31, 2024 iShares^® MSCI Intl Size Factor ETF

Investment Objective

The iShares MSCI Intl Size Factor ETF(the “Fund”) seeks to track the investment results of an index composed of international developed large- and mid-capitalization stocks with relatively smaller average market capitalization, as represented by the MSCI World ex USA Low Size Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(0.11	)%		4.60	%		4.29	%		4.02	%		4.60	%		23.36	%		40.47	%
Fund Market		(0.27	)		4.73			4.27			3.98			4.73			23.22			40.05
Index		0.94			6.32			4.59			4.24			6.32			25.15			43.05

The inception date of the Fund was June 16, 2015. The first day of secondary market trading was June 18, 2015.

Index performance through December 2, 2018 reflects the performance of the MSCI World ex USA Risk Weighted Index. Index performance beginning on December 3, 2018 reflects the performance of the MSCI World ex USA Low Size Index.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

	Actual						Hypothetical 5% Return
	Beginning Account Value    (08/01/23)		Ending Account Value (01/31/24)		Expenses Paid During the Period	(a)		Beginning Account Value (08/01/23)		Ending Account Value (01/31/24)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$   1,000.00	$	998.90	$	1.51		$	1,000.00	$	1,023.60	$	1.53		0.30	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Industrials	19.7	%
Financials	17.0
Consumer Discretionary	10.6
Materials	9.2
Consumer Staples	7.6
Information Technology	7.4
Health Care	7.2
Real Estate	6.9
Communication Services	5.8
Utilities	5.4
Energy	3.2

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
Japan	26.7	%
Canada	10.3
United Kingdom	9.4
Australia	7.0
France	6.9
Germany	5.9
Switzerland	5.2
Sweden	4.6
Hong Kong	3.5
Netherlands	3.2

^(a)  Excludes money market funds.

6 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Fund Summary asof January 31, 2024 iShares^® MSCI Intl Value Factor ETF

Investment Objective

The iShares MSCI Intl Value Factor ETF (the “Fund”) seeks to track the investment results of an index composed of international developed large- and mid-capitalization stocks with value characteristics and relatively lower valuations, as represented by the MSCI World ex USA Enhanced Value Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		2.11	%		10.23	%		5.83	%		3.95	%		10.23	%		32.72	%		39.71	%
Fund Market		1.67			9.96			5.82			3.93			9.96			32.66			39.48
Index		3.26			12.04			6.19			4.18			12.04			35.02			42.32

The inception date of the Fund was June 16, 2015. The first day of secondary market trading was June 18, 2015.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

	Actual						Hypothetical 5% Return
	Beginning Account Value    (08/01/23)		Ending Account Value (01/31/24)		Expenses Paid During the Period	(a)		Beginning Account Value (08/01/23)		Ending Account Value (01/31/24)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$  1,000.00	$	1,021.10	$	1.52		$	1,000.00	$	1,023.60	$	1.53		0.30	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Financials	20.9	%
Industrials	16.5
Health Care	11.6
Consumer Discretionary	11.3
Information Technology	8.7
Consumer Staples	8.6
Materials	7.6
Energy	5.6
Communication Services	3.8
Utilities	3.3
Real Estate	2.1

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
Japan	32.7	%
United Kingdom	15.7
France	11.3
Germany	10.1
Switzerland	6.3
Italy	4.6
Canada	3.1
Spain	2.9
Netherlands	2.5
Australia	2.2

^(a)  Excludes money market funds.

F U N D  S U M M A R Y 7

About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, index returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, index returns would be lower.

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

8 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited)  January 31, 2024 iShares^® MSCI Intl Momentum Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 3.9%
BHP Group Ltd.		802,387	$	24,548,234
Brambles Ltd.		161,182		1,536,833
CAR Group Ltd.		92,360		1,983,090
Fortescue Ltd.		384,994		7,440,682
Goodman Group		335,087		5,562,166
Insurance Australia Group Ltd.		507,224		1,991,070
James Hardie Industries PLC(a)		87,028		3,269,680
Medibank Pvt Ltd.		457,556		1,145,556
Northern Star Resources Ltd.		175,329		1,503,938
Origin Energy Ltd.		470,138		2,623,934
QBE Insurance Group Ltd.		291,648		3,002,977
Rio Tinto Ltd.		77,415		6,661,356
Suncorp Group Ltd.		235,614		2,168,717
Washington H Soul Pattinson & Co. Ltd.		49,898		1,115,377
Xero Ltd.(a)		32,086		2,296,672
				66,850,282
Austria — 0.2%
Erste Group Bank AG		67,716		2,917,097
Belgium — 0.3%
Argenx SE(a)		11,667		4,405,833
Lotus Bakeries NV		85		724,771
				5,130,604
Canada — 4.6%
Alimentation Couche-Tard Inc.		172,434		10,104,021
ARC Resources Ltd.		130,952		2,033,752
Cameco Corp.		145,415		6,942,756
CGI Inc.(a)		37,744		4,226,811
Constellation Software Inc./Canada		5,225		14,441,124
Descartes Systems Group Inc. (The)(a)		10,341		905,458
Dollarama Inc.		65,632		4,816,772
Element Fleet Management Corp.		57,861		976,078
Fairfax Financial Holdings Ltd.		8,692		9,060,640
FirstService Corp.		6,194		1,036,687
Great-West Lifeco Inc.		52,595		1,755,709
Ivanhoe Mines Ltd., Class A(a)(b)		69,128		725,498
Kinross Gold Corp.		256,912		1,415,983
MEG Energy Corp.(a)		63,587		1,202,262
Onex Corp.		16,647		1,229,163
Open Text Corp.		34,950		1,524,131
Parkland Corp.		51,658		1,762,854
Restaurant Brands International Inc.		42,907		3,349,392
Stantec Inc.		23,148		1,860,001
TFI International Inc.		14,494		1,904,827
Thomson Reuters Corp.		20,542		3,049,863
Wheaton Precious Metals Corp.		69,411		3,253,068
WSP Global Inc.		17,724		2,603,791
				80,180,641
Denmark — 5.7%
Danske Bank A/S		171,915		4,616,168
Novo Nordisk A/S		779,731		89,126,672
Pandora A/S		31,113		4,546,136
				98,288,976
Finland — 0.1%
Wartsila OYJ Abp		127,795		1,885,175
France — 8.7%
Air Liquide SA		92,361		17,283,819
Airbus SE		87,216		13,892,274
AXA SA		222,173		7,457,306

Security	Shares		Value
France (continued)
Dassault Aviation SA		3,924	$	743,238
Engie SA		291,374		4,653,963
EssilorLuxottica SA		32,108		6,292,301
Hermes International SCA		5,103		10,765,590
Ipsen SA		5,336		615,236
L’Oreal SA		35,711		17,089,642
Orange SA		234,972		2,794,269
Publicis Groupe SA		38,711		3,878,592
Renault SA		23,528		886,057
Safran SA		71,204		13,294,417
Schneider Electric SE		62,910		12,358,669
SEB SA		4,726		577,093
Sodexo SA		13,279		1,497,990
Thales SA		13,876		2,029,421
TotalEnergies SE		416,475		27,019,059
Vinci SA		59,565		7,524,386
				150,653,322
Germany — 5.3%
adidas AG		43,045		8,126,379
Beiersdorf AG		19,295		2,823,624
Commerzbank AG		173,250		1,989,532
Covestro AG(a)(c)		51,244		2,705,964
Daimler Truck Holding AG		70,070		2,504,103
E.ON SE		422,672		5,718,446
Hannover Rueck SE		13,211		3,166,900
Heidelberg Materials AG		32,367		2,988,912
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		38,205		16,264,592
Nemetschek SE		12,460		1,149,729
Rheinmetall AG		10,432		3,652,981
SAP SE		221,636		38,397,678
Talanx AG(a)		25,896		1,816,889
				91,305,729
Hong Kong — 0.4%
Futu Holdings Ltd., ADR(a)		11,675		545,456
Hong Kong Exchanges & Clearing Ltd.		156,900		4,757,020
Sands China Ltd.(a)		358,800		941,767
Swire Pacific Ltd., Class A		47,500		367,509
				6,611,752
Ireland — 0.9%
AIB Group PLC		309,611		1,359,943
Bank of Ireland Group PLC		129,613		1,191,918
CRH PLC		194,754		13,816,164
				16,368,025
Israel — 0.2%
CyberArk Software Ltd.(a)		7,803		1,821,844
Global-e Online Ltd.(a)		24,483		924,723
				2,746,567
Italy — 4.2%
Banco BPM SpA		357,763		1,930,236
Enel SpA		1,574,355		10,742,416
Eni SpA		469,194		7,479,581
Ferrari NV		36,471		12,718,793
Intesa Sanpaolo SpA		2,880,217		8,874,794
Leonardo SpA		133,387		2,328,145
Mediobanca Banca di Credito Finanziario SpA		119,485		1,582,459
Stellantis NV		506,513		11,156,781
UniCredit SpA		550,438		16,123,461
				72,936,666

S C H E D U L E  O F  I N V E S T M E N T S 9

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI Intl Momentum Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan — 45.8%
Advantest Corp.		303,900	$	12,094,557
Aeon Co. Ltd.		157,400		3,761,415
Aisin Corp.		46,200		1,724,881
Ajinomoto Co. Inc.		131,500		5,400,037
ANA Holdings Inc.(a)		22,600		499,418
Asahi Group Holdings Ltd.		112,900		4,196,261
Azbil Corp.		27,500		888,654
Bridgestone Corp.		96,000		4,159,937
Canon Inc.		222,100		6,118,216
Capcom Co. Ltd.		29,000		1,106,024
Chiba Bank Ltd. (The)		173,500		1,285,680
Chubu Electric Power Co. Inc.		250,800		3,253,550
Chugai Pharmaceutical Co. Ltd.		202,300		7,276,775
Concordia Financial Group Ltd.		427,300		2,036,274
Dai Nippon Printing Co. Ltd.		48,400		1,400,693
Dai-ichi Life Holdings Inc.		288,200		6,321,022
Daito Trust Construction Co. Ltd.		15,400		1,751,758
Daiwa House Industry Co. Ltd.		200,700		6,206,034
Daiwa Securities Group Inc.		613,700		4,398,303
Denso Corp.		349,100		5,483,680
Disco Corp.		45,400		12,250,690
East Japan Railway Co.		38,800		2,219,074
Eisai Co. Ltd.		30,700		1,445,621
ENEOS Holdings Inc.		695,700		2,809,621
Fast Retailing Co. Ltd.		33,700		8,997,117
FUJIFILM Holdings Corp.		94,800		6,008,888
Fujitsu Ltd.		34,100		4,719,926
Hankyu Hanshin Holdings Inc.		48,200		1,474,704
Hikari Tsushin Inc.		4,500		784,124
Hitachi Construction Machinery Co. Ltd.		30,000		851,172
Hitachi Ltd.		311,700		24,484,144
Honda Motor Co. Ltd.		1,490,100		16,656,427
Hoshizaki Corp.		19,300		702,160
Hulic Co. Ltd.		110,800		1,223,492
Ibiden Co. Ltd.		27,500		1,383,798
Idemitsu Kosan Co. Ltd.		207,000		1,149,467
Iida Group Holdings Co. Ltd.		22,700		342,701
Inpex Corp.		341,100		4,636,387
ITOCHU Corp.		405,600		18,407,792
Japan Exchange Group Inc.		212,400		4,700,773
Japan Post Bank Co. Ltd.		550,700		5,727,195
Japan Post Holdings Co. Ltd.		678,100		6,491,235
Japan Post Insurance Co. Ltd.		66,100		1,237,516
Japan Tobacco Inc.		491,900		12,965,197
JFE Holdings Inc.		171,300		2,704,625
JSR Corp.		53,700		1,464,649
Kajima Corp.		201,000		3,587,218
Kansai Electric Power Co. Inc. (The)		329,300		4,492,356
Kawasaki Kisen Kaisha Ltd.		53,000		2,582,360
Keisei Electric Railway Co. Ltd.		41,100		1,859,769
Kobe Bussan Co. Ltd.		26,100		666,925
Komatsu Ltd.		187,200		5,325,831
Konami Group Corp.		21,100		1,297,612
Lasertec Corp.		16,600		4,323,121
Makita Corp.		50,800		1,367,282
Marubeni Corp.		489,900		8,356,059
MatsukiyoCocokara & Co.		92,800		1,686,804
Mazda Motor Corp.		145,000		1,757,900
McDonald’s Holdings Co. Japan Ltd.		19,800		881,585
MEIJI Holdings Co. Ltd.		64,700		1,564,744
Mitsubishi Chemical Group Corp.		299,300		1,804,701
Mitsubishi Corp.		1,656,700		28,553,129

Security	Shares		Value
Japan (continued)
Mitsubishi Electric Corp.		440,800	$	6,541,604
Mitsubishi Estate Co. Ltd.		226,900		3,143,907
Mitsubishi HC Capital Inc.		392,700		2,784,417
Mitsubishi Heavy Industries Ltd.		128,500		8,571,396
Mitsubishi UFJ Financial Group Inc.		5,486,300		51,387,683
Mitsui & Co. Ltd.		498,100		20,201,554
Mitsui Chemicals Inc.		45,600		1,342,020
Mitsui Fudosan Co. Ltd.		220,000		5,522,829
Mitsui OSK Lines Ltd.		75,400		2,708,403
Mizuho Financial Group Inc.		1,102,200		20,017,671
MS&AD Insurance Group Holdings Inc.		153,700		6,347,001
NEC Corp.		90,300		5,900,627
Nexon Co. Ltd.		45,400		724,540
Nippon Sanso Holdings Corp.		85,200		2,158,909
Nippon Steel Corp.		246,100		5,922,312
Nippon Telegraph & Telephone Corp.		6,034,200		7,577,472
Nippon Yusen KK		105,500		3,635,621
Nissan Motor Co. Ltd.		492,500		1,933,469
Nissin Foods Holdings Co. Ltd.		53,200		1,721,093
Nitori Holdings Co. Ltd.		13,400		1,753,815
Nitto Denko Corp.		34,100		2,828,862
Nomura Holdings Inc.		776,400		4,181,803
Nomura Research Institute Ltd.		90,000		2,752,517
Obayashi Corp.		202,500		1,874,449
Odakyu Electric Railway Co. Ltd.		77,400		1,182,710
Oji Holdings Corp.		241,900		945,788
Oracle Corp. Japan		9,500		748,687
Oriental Land Co. Ltd./Japan		219,000		8,133,675
ORIX Corp.		314,300		6,068,902
Osaka Gas Co. Ltd.		137,100		2,886,894
Otsuka Corp.		33,400		1,405,397
Otsuka Holdings Co. Ltd.		82,300		3,235,075
Pan Pacific International Holdings Corp.		84,200		1,820,108
Panasonic Holdings Corp.		441,000		4,153,681
Renesas Electronics Corp.(a)		414,800		6,805,863
Resona Holdings Inc.		661,900		3,653,859
Ricoh Co. Ltd.		101,300		796,217
SBI Holdings Inc.		60,900		1,496,048
SCSK Corp.		44,400		871,777
Secom Co. Ltd.		66,600		4,833,850
Seiko Epson Corp.		44,000		642,286
Sekisui Chemical Co. Ltd.		72,200		1,030,838
Sekisui House Ltd.		136,800		3,088,150
Shimizu Corp.		203,700		1,363,593
Shin-Etsu Chemical Co. Ltd.		550,400		21,664,944
Shionogi & Co. Ltd.		48,200		2,313,427
Shizuoka Financial Group Inc., NVS		160,900		1,470,627
SoftBank Corp.		868,700		11,541,412
Sompo Holdings Inc.		61,400		3,183,678
Sony Group Corp.		229,100		22,467,449
Subaru Corp.		132,900		2,651,263
Sumitomo Corp.		404,000		9,291,126
Sumitomo Mitsui Financial Group Inc.		609,700		31,712,538
Sumitomo Mitsui Trust Holdings Inc.		189,000		3,873,226
Sumitomo Realty & Development Co. Ltd.		62,800		1,975,006
Suzuki Motor Corp.		86,700		3,894,448
T&D Holdings Inc.		243,400		4,030,398
Taisei Corp.		45,100		1,644,282
TDK Corp.		89,200		4,438,129
Tobu Railway Co. Ltd.		33,400		884,541
Tokio Marine Holdings Inc.		545,200		14,375,518
Tokyo Electric Power Co. Holdings Inc.(a)		385,000		2,049,799

10 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI Intl Momentum Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Tokyo Electron Ltd.		143,900	$	26,703,871
Tokyo Gas Co. Ltd.		116,400		2,673,925
TOPPAN Holdings Inc.		92,500		2,549,711
Toray Industries Inc.		157,600		787,437
Toyota Industries Corp.		53,200		4,499,608
Toyota Motor Corp.		3,677,000		73,421,655
Toyota Tsusho Corp.		84,900		5,563,618
Unicharm Corp.		59,000		2,030,094
USS Co. Ltd.		48,500		917,203
West Japan Railway Co.		26,800		1,116,207
Yamaha Motor Co. Ltd.		169,000		1,597,345
Yamato Holdings Co. Ltd.		53,000		916,181
Yaskawa Electric Corp.		34,100		1,285,103
Yokogawa Electric Corp.		54,400		1,068,998
Zensho Holdings Co. Ltd.		44,900		2,198,695
				792,797,894
Netherlands — 2.2%
ABN AMRO Bank NV, CVA(c)		74,919		1,102,612
ASM International NV		8,440		4,677,732
BE Semiconductor Industries NV		24,578		3,693,540
EXOR NV, NVS		20,187		1,953,143
Ferrovial SE		83,467		3,183,033
Koninklijke KPN NV		499,939		1,700,663
Koninklijke Philips NV(a)		168,493		3,564,563
Prosus NV		207,125		6,162,316
Universal Music Group NV		205,733		6,064,540
Wolters Kluwer NV		38,408		5,661,993
				37,764,135
Norway — 0.2%
Adevinta ASA(a)		72,822		782,418
Kongsberg Gruppen ASA		15,170		773,114
Salmar ASA		17,933		995,468
				2,551,000
Portugal — 0.1%
Galp Energia SGPS SA		128,311		2,019,839
Singapore — 0.2%
Keppel Ltd.		339,400		1,803,490
Sembcorp Industries Ltd.		251,500		1,058,435
Singapore Airlines Ltd.(b)		242,700		1,204,589
				4,066,514
Spain — 2.4%
ACS Actividades de Construccion y Servicios SA		60,299		2,379,428
Aena SME SA(c)		8,873		1,569,697
Banco Bilbao Vizcaya Argentaria SA		1,373,377		12,854,035
Banco Santander SA		3,172,664		12,751,125
Grifols SA(a)		57,035		621,268
Industria de Diseno Textil SA		261,851		11,196,059
				41,371,612
Sweden — 1.7%
Alfa Laval AB		52,696		1,933,564
Atlas Copco AB, Class A		419,301		6,691,798
Atlas Copco AB, Class B		221,453		3,066,671
H & M Hennes & Mauritz AB, Class B		119,753		1,689,564
Industrivarden AB, Class C		22,520		707,783
Investor AB, Class B		203,400		4,789,005
Lifco AB, Class B		33,689		812,811
Saab AB, Class B		17,599		1,133,216
Svenska Cellulosa AB SCA, Class B		116,727		1,589,112
Volvo AB, Class A		33,881		832,969

Security	Shares		Value
Sweden (continued)
Volvo AB, Class B		282,987	$	6,781,874
				30,028,367
Switzerland — 5.4%
ABB Ltd., Registered		209,525		8,865,380
Adecco Group AG, Registered		29,579		1,279,086
Banque Cantonale Vaudoise, Registered		6,691		856,691
BKW AG		4,987		792,277
Helvetia Holding AG, Registered		6,007		867,534
Holcim AG		91,275		6,971,477
Logitech International SA, Registered		49,226		4,126,777
Novartis AG, Registered		304,646		31,504,576
Schindler Holding AG, Participation Certificates, NVS		5,163		1,286,045
Swiss Re AG		78,492		8,987,368
UBS Group AG, Registered		871,487		26,085,878
VAT Group AG(c)		5,462		2,542,718
				94,165,807
United Kingdom — 7.2%
3i Group PLC		318,680		9,976,258
Associated British Foods PLC		85,737		2,539,474
BAE Systems PLC		732,310		10,908,830
Berkeley Group Holdings PLC		11,973		725,020
Centrica PLC		2,538,860		4,443,130
Coca-Cola Europacific Partners PLC		33,870		2,333,643
Compass Group PLC		229,261		6,314,708
Haleon PLC		793,590		3,223,375
Hikma Pharmaceuticals PLC		40,222		981,298
HSBC Holdings PLC		3,915,546		30,571,418
Informa PLC		233,510		2,293,430
InterContinental Hotels Group PLC		30,950		2,932,607
J Sainsbury PLC		289,514		988,447
JD Sports Fashion PLC		337,121		498,168
Melrose Industries PLC		379,646		2,829,686
Next PLC		25,584		2,731,259
RELX PLC		400,583		16,533,686
Rolls-Royce Holdings PLC(a)		3,913,777		14,858,459
Sage Group PLC (The)		282,696		4,208,756
Tesco PLC		1,165,496		4,223,314
				124,114,966
Total Common Stocks — 99.7% (Cost: $1,459,208,819)				1,724,754,970
Rights
Spain — 0.0%
ACS Actividades de Construccion y Servicios SA, (Expires 02/09/24)(a)		59,019		27,044
Total Rights — 0.0% (Cost: $29,316)				27,044
Warrants
Canada — 0.0%
Constellation Software Inc., (Issued 08/29/23, 1 Share for 1 Warrant, Expires 03/31/40, Strike Price CAD 11.50 )(d)		6,329		—
Total Warrants — 0.0% (Cost: $—)				—
Total Long-Term Investments — 99.7% (Cost: $1,459,238,135)				1,724,782,014

S C H E D U L E  O F  I N V E S T M E N T S 11

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI Intl Momentum Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.51%(e)(f)(g)		757,705	$	758,159
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.32%(e)(f)		630,000		630,000
Total Short-Term Securities — 0.1% (Cost: $1,388,100)				1,388,159
Total Investments — 99.8% (Cost: $1,460,626,235)				1,726,170,173
Other Assets Less Liabilities — 0.2%				3,086,879
Net Assets — 100.0%			$	1,729,257,052

^(a)  Non-income producing security.

^(b)  All or a portion of this security is on loan.

^(c)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(e)  Affiliate of the Fund.

^(f)  Annualized 7-day yield as of period end.

^(g)  All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 01/31/24		Shares Held at 01/31/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	2,381,308	$	—		$	(1,623,317	)(a)	$	344	$	(176	)	$	758,159		757,705	$	2,823	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		380,000		250,000	(a)		—			—		—			630,000		630,000		20,191			—
									$	344	$	(176	)	$	1,388,159			$	23,014		$	—

^(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		132		03/07/24	$	2,266	$	149,434
Euro STOXX 50 Index		30		03/15/24		1,508		29,711
FTSE 100 Index		4		03/15/24		385		(1,118	)
							$	178,027

12 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI Intl Momentum Factor ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	179,145	$	—	$	—	$	—	$	179,145
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	1,118	$	—	$	—	$	—	$	1,118

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended January 31, 2024, 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	$	—	$	—	$	236,255	$	—	$	—	$	—	$	236,255
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	15,052	$	—	$	—	$	—	$	15,052

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	5,468,413

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	93,475,812	$	1,631,279,158	$	—	$	1,724,754,970
Rights		27,044		—		—		27,044
Warrants		—		—		—		—
Short-Term Securities
Money Market Funds		1,388,159		—		—		1,388,159
	$	94,891,015	$	1,631,279,158	$	—	$	1,726,170,173
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	179,145	$	—	$	179,145

S C H E D U L E  O F  I N V E S T M E N T S 13

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI Intl Momentum Factor ETF

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2			Level 3		Total
Liabilities
Equity Contracts	$	—	$	(1,118	)	$	—	$	(1,118	)
	$	—	$	178,027		$	—		178,027

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

14 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited)  January 31, 2024 iShares^® MSCI Intl Quality Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 7.0%
Aristocrat Leisure Ltd.		486,878	$	14,036,990
ASX Ltd.		301,164		12,875,470
BHP Group Ltd.		4,487,194		137,281,249
Brambles Ltd.		1,231,607		11,743,085
Computershare Ltd.		411,320		6,812,795
Fortescue Ltd.		1,558,354		30,117,914
Goodman Group		1,961,717		32,562,874
IDP Education Ltd.		262,169		3,357,272
IGO Ltd.		614,830		2,988,819
Insurance Australia Group Ltd.		2,494,113		9,790,453
James Hardie Industries PLC(a)		394,926		14,837,542
Medibank Pvt Ltd.		4,463,434		11,174,834
Mirvac Group		3,108,809		4,369,121
QBE Insurance Group Ltd.		1,609,004		16,567,241
REA Group Ltd.		73,293		8,741,411
Rio Tinto Ltd.		243,230		20,929,297
Santos Ltd.		6,464,666		32,672,033
Stockland		2,194,736		6,481,297
Washington H Soul Pattinson & Co. Ltd.		266,236		5,951,210
Wesfarmers Ltd.		1,154,802		43,717,270
Woodside Energy Group Ltd.		4,681,400		97,917,164
				524,925,341
Austria — 0.3%
OMV AG		266,557		11,864,826
Verbund AG		141,078		11,472,225
				23,337,051
Belgium — 0.2%
Ageas SA/NV		180,139		7,740,932
Lotus Bakeries NV		268		2,285,162
Umicore SA		93,378		2,124,019
Warehouses De Pauw CVA		150,123		4,392,171
				16,542,284
Canada — 7.8%
Alimentation Couche-Tard Inc.		536,154		31,416,722
ARC Resources Ltd.		2,504,086		38,889,745
Brookfield Asset Management Ltd.		488,346		19,636,271
Canadian National Railway Co.		559,791		69,442,481
Canadian Pacific Kansas City Ltd.		952,933		76,684,013
CCL Industries Inc., Class B, NVS		86,078		3,683,981
Cenovus Energy Inc.		2,746,298		44,489,844
CGI Inc.(a)		154,019		17,248,020
Franco-Nevada Corp.		105,640		11,429,502
Great-West Lifeco Inc.		387,313		12,929,159
iA Financial Corp. Inc.		142,564		9,691,956
IGM Financial Inc.		102,802		2,780,995
Imperial Oil Ltd.		398,137		22,965,171
Intact Financial Corp.		227,267		35,540,843
Manulife Financial Corp.		2,298,009		50,799,083
Nutrien Ltd.		231,403		11,538,739
Power Corp. of Canada		588,617		17,157,871
Sun Life Financial Inc.		735,123		38,105,338
TFI International Inc.		69,402		9,120,934
TMX Group Ltd.		352,112		8,708,188
Toromont Industries Ltd.		80,684		7,067,089
Tourmaline Oil Corp.		976,520		42,221,806
				581,547,751
Denmark — 5.2%
AP Moller - Maersk A/S, Class A		3,331		6,040,003
AP Moller - Maersk A/S, Class B, NVS		5,351		9,866,168

Security	Shares		Value
Denmark (continued)
Carlsberg A/S, Class B		79,853	$	10,274,481
Coloplast A/S, Class B		67,395		7,768,737
DSV A/S		165,549		29,618,325
Genmab A/S(a)		33,754		9,333,724
Novo Nordisk A/S		2,405,138		274,917,819
Novozymes A/S, Class B		258,034		13,221,838
Pandora A/S		97,919		14,307,622
Rockwool A/S, Class B		7,321		1,995,901
Tryg A/S		429,670		9,183,815
				386,528,433
Finland — 2.5%
Elisa OYJ		194,504		8,861,886
Fortum OYJ		791,044		10,813,687
Kesko OYJ, Class B		172,936		3,377,371
Kone OYJ, Class B		496,840		24,594,228
Metso OYJ		560,274		5,599,735
Neste OYJ		1,214,580		41,872,058
Nordea Bank Abp		4,150,879		51,148,755
Orion OYJ, Class B		101,049		4,652,062
Sampo OYJ, Class A		547,321		22,908,360
UPM-Kymmene OYJ		274,441		9,982,029
				183,810,171
France — 8.7%
Air Liquide SA		284,281		53,198,441
Amundi SA(b)		71,708		4,850,156
Euronext NV(b)		105,522		9,281,415
Hermes International SCA		40,272		84,960,190
Ipsen SA		19,554		2,254,559
Kering SA		71,154		29,228,170
La Francaise des Jeux SAEM(b)		142,108		5,760,149
Legrand SA		204,521		19,821,276
L’Oreal SA		197,447		94,489,055
LVMH Moet Hennessy Louis Vuitton SE		283,201		235,639,810
Publicis Groupe SA		219,256		21,968,033
Remy Cointreau SA		12,947		1,311,843
Sartorius Stedim Biotech		19,283		5,195,558
Schneider Electric SE		443,177		87,062,118
				655,020,773
Germany — 5.3%
Allianz SE, Registered		569,396		152,128,919
Bechtle AG		57,896		3,002,072
Beiersdorf AG		55,413		8,109,119
Brenntag SE		112,100		9,910,760
Deutsche Boerse AG		290,245		57,799,288
Deutsche Post AG, Registered		729,881		34,957,029
GEA Group AG		151,558		6,069,752
Hannover Rueck SE		77,211		18,508,780
Knorr-Bremse AG		58,822		3,633,206
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		184,134		78,389,327
Nemetschek SE		47,923		4,422,029
Rational AG		7,382		5,670,745
Rheinmetall AG		36,734		12,863,173
Scout24 SE(b)		74,517		5,486,708
				400,950,907
Hong Kong — 2.2%
CK Asset Holdings Ltd.		2,081,000		9,390,179
CK Infrastructure Holdings Ltd.		905,500		5,377,621
CLP Holdings Ltd.		2,375,000		18,889,416
Hang Seng Bank Ltd.		993,500		10,342,502
Henderson Land Development Co. Ltd.		1,332,000		3,470,687

S C H E D U L E  O F  I N V E S T M E N T S 15

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI Intl Quality Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Hong Kong (continued)
Hong Kong & China Gas Co. Ltd.		12,006,370	$	8,544,057
Hong Kong Exchanges & Clearing Ltd.		1,969,400		59,709,841
Power Assets Holdings Ltd.		2,121,000		12,418,847
Sino Land Co. Ltd.		3,158,000		3,298,733
SITC International Holdings Co. Ltd.		1,824,000		2,767,634
Sun Hung Kai Properties Ltd.		1,563,500		14,592,749
Swire Properties Ltd.		1,389,000		2,595,726
Techtronic Industries Co. Ltd.		1,018,500		10,817,595
Wharf Holdings Ltd. (The)		885,005		2,585,708
				164,801,295
Ireland — 0.2%
Kingspan Group PLC		114,242		9,278,346
Smurfit Kappa Group PLC		163,662		6,098,829
				15,377,175
Israel — 0.6%
Bank Hapoalim BM		1,436,562		12,222,141
Bank Leumi Le-Israel BM		1,574,158		11,955,991
Check Point Software Technologies Ltd.(a)		107,092		17,020,132
Mizrahi Tefahot Bank Ltd.		168,380		6,266,650
				47,464,914
Italy — 1.4%
Assicurazioni Generali SpA		1,239,686		27,653,574
Ferrari NV		153,304		53,462,801
FinecoBank Banca Fineco SpA		901,340		12,995,845
Moncler SpA		183,395		11,281,859
Recordati Industria Chimica e Farmaceutica SpA		51,944		2,867,011
				108,261,090
Japan — 12.2%
Advantest Corp.		865,600		34,448,992
Bandai Namco Holdings Inc.		476,600		10,319,600
BayCurrent Consulting Inc.		186,400		4,333,613
Capcom Co. Ltd.		253,700		9,675,805
Chugai Pharmaceutical Co. Ltd.		447,400		16,093,076
Daifuku Co. Ltd.		243,000		4,791,959
Daito Trust Construction Co. Ltd.		107,700		12,250,930
Daiwa House Industry Co. Ltd.		712,500		22,031,884
Disco Corp.		86,200		23,260,120
Fast Retailing Co. Ltd.		142,800		38,124,282
GLP J-REIT		3,428		3,060,633
Hoya Corp.		222,800		28,302,077
Japan Exchange Group Inc.		803,900		17,791,675
Japan Real Estate Investment Corp.		833		3,193,339
Japan Tobacco Inc.		561,000		14,786,492
KDDI Corp.		1,470,200		48,715,130
Kikkoman Corp.		61,500		3,783,986
Kobe Bussan Co. Ltd.		108,100		2,762,247
Koei Tecmo Holdings Co. Ltd.		142,580		1,775,999
Konami Group Corp.		81,000		4,981,353
Lasertec Corp.		110,000		28,647,189
M3 Inc		228,500		3,605,729
McDonald’s Holdings Co. Japan Ltd.(c)		61,000		2,715,993
Mitsui OSK Lines Ltd.		259,000		9,303,401
MonotaRO Co. Ltd.		310,200		2,921,530
MS&AD Insurance Group Holdings Inc.		515,000		21,266,789
Nexon Co. Ltd.		337,000		5,378,192
Nintendo Co. Ltd.		1,327,400		74,163,018
Nippon Building Fund Inc.		1,290		5,219,480
Nippon Prologis REIT Inc.		1,689		3,005,071
Nippon Telegraph & Telephone Corp.		24,996,500		31,389,459
Nippon Yusen KK		360,500		12,423,140
Nissan Chemical Corp.		90,900		3,625,347

Security	Shares		Value
Japan (continued)
Nitori Holdings Co. Ltd.		58,700	$	7,682,756
Nitto Denko Corp.		76,700		6,362,866
Obic Co. Ltd.		47,200		7,250,370
Ono Pharmaceutical Co. Ltd.		213,600		3,849,954
Open House Group Co. Ltd.		49,400		1,544,842
Oracle Corp. Japan		51,500		4,058,670
Osaka Gas Co. Ltd.		393,200		8,279,554
Recruit Holdings Co. Ltd.		1,082,800		42,769,209
Secom Co. Ltd.		137,200		9,958,021
Sekisui Chemical Co. Ltd.		268,300		3,830,664
Sekisui House Ltd.		398,300		8,991,301
SG Holdings Co. Ltd.		253,300		3,280,260
Shimano Inc.		62,500		8,973,457
Shin-Etsu Chemical Co. Ltd.		1,274,800		50,178,908
Shionogi & Co. Ltd.		142,700		6,849,088
SMC Corp.		40,600		22,599,766
Sompo Holdings Inc.		318,600		16,519,868
Square Enix Holdings Co. Ltd.		77,000		3,008,870
Tokio Marine Holdings Inc.		2,236,800		58,978,649
Tokyo Electron Ltd.		535,100		99,299,801
Tokyo Gas Co. Ltd.		526,800		12,101,577
Unicharm Corp.		201,400		6,929,846
USS Co. Ltd.		198,100		3,746,349
Yamaha Corp.		89,700		1,972,553
ZOZO Inc.		196,900		4,311,422
				911,476,151
Netherlands — 7.7%
Adyen NV(a)(b)		37,041		46,456,329
ASML Holding NV		479,972		416,417,890
ASR Nederland NV		220,722		10,401,853
BE Semiconductor Industries NV		101,512		15,255,049
IMCD NV		60,644		9,256,744
Randstad NV		141,422		8,041,284
Universal Music Group NV		1,104,318		32,552,781
Wolters Kluwer NV		281,608		41,513,817
				579,895,747
New Zealand — 0.3%
Fisher & Paykel Healthcare Corp. Ltd.		272,651		3,937,909
Mercury NZ Ltd.		724,381		2,988,750
Meridian Energy Ltd.		1,318,343		4,466,268
Spark New Zealand Ltd.		2,682,414		8,714,609
				20,107,536
Norway — 1.2%
Aker BP ASA		671,067		17,811,177
Equinor ASA		2,013,109		57,609,307
Gjensidige Forsikring ASA		313,085		5,035,807
Kongsberg Gruppen ASA		91,627		4,669,618
Mowi ASA		225,997		4,068,019
Orkla ASA		330,753		2,590,830
				91,784,758
Portugal — 0.1%
Jeronimo Martins SGPS SA		221,323		5,033,620
Singapore — 1.4%
CapitaLand Ascendas REIT		3,558,200		7,711,427
DBS Group Holdings Ltd.		1,930,200		45,717,333
Oversea-Chinese Banking Corp. Ltd.		4,202,800		40,201,334
Singapore Exchange Ltd.		1,729,800		12,078,560
				105,708,654
Spain — 2.2%
Corp. ACCIONA Energias Renovables SA		103,028		2,677,190

16 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI Intl Quality Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Spain (continued)
Endesa SA		460,495	$	9,123,305
Iberdrola SA		7,260,787		87,426,820
Iberdrola SA, NVS		124,749		1,502,095
Industria de Diseno Textil SA		1,358,060		58,067,068
Naturgy Energy Group SA		162,319		4,370,886
Redeia Corp. SA		120,954		2,012,689
				165,180,053
Sweden — 3.5%
Alfa Laval AB		226,060		8,294,776
Assa Abloy AB, Class B		716,500		19,650,527
Atlas Copco AB, Class A		3,418,267		54,553,536
Atlas Copco AB, Class B		1,990,428		27,563,350
Boliden AB		157,151		4,171,207
Epiroc AB		830,457		14,673,136
Epiroc AB, Class B		495,024		7,718,363
EQT AB		348,010		9,344,814
Evolution AB(b)		230,437		26,906,650
Industrivarden AB, Class A		120,566		3,795,657
Industrivarden AB, Class C		190,055		5,973,253
Indutrade AB		242,550		5,892,529
Lifco AB, Class B		216,143		5,214,861
Nibe Industrier AB, Class B		1,256,199		7,506,016
Sandvik AB		852,847		17,923,333
SKF AB, Class B		242,013		4,768,894
Volvo AB, Class A		170,591		4,194,005
Volvo AB, Class B		1,471,624		35,267,941
				263,412,848
Switzerland — 15.1%
ABB Ltd., Registered		1,851,546		78,342,249
Baloise Holding AG, Registered		62,343		9,958,740
BKW AG		35,942		5,710,048
Cie. Financiere Richemont SA, Class A, Registered		409,348		60,802,318
Clariant AG, Registered		164,301		2,103,328
Coca-Cola HBC AG, Class DI		139,855		4,111,282
EMS-Chemie Holding AG, Registered		6,479		4,891,092
Geberit AG, Registered		44,474		25,600,476
Givaudan SA, Registered		5,621		23,375,134
Helvetia Holding AG, Registered		51,860		7,489,644
Kuehne + Nagel International AG, Registered		71,388		24,191,939
Logitech International SA, Registered		117,639		9,862,062
Nestle SA, Registered		2,157,264		245,821,369
Novartis AG, Registered		1,135,467		117,422,864
Partners Group Holding AG		45,885		61,906,893
Roche Holding AG, Bearer		26,022		7,882,778
Roche Holding AG, NVS		569,291		162,086,457
Schindler Holding AG, Participation Certificates, NVS .		39,794		9,912,236
Schindler Holding AG, Registered		22,716		5,407,335
Sika AG, Registered		106,983		29,533,494
Sonova Holding AG, Registered		38,328		12,249,495
STMicroelectronics NV		701,765		30,812,752
Straumann Holding AG		68,832		10,455,675
Swiss Re AG		338,818		38,794,808
Swisscom AG, Registered		25,448		15,225,120
VAT Group AG(b)		37,170		17,303,706
Zurich Insurance Group AG		222,462		113,030,608
				1,134,283,902
United Kingdom — 14.3%
3i Group PLC		1,194,816		37,403,640
abrdn PLC		2,383,674		5,071,111
Admiral Group PLC		461,313		14,668,427
Anglo American PLC		648,738		15,464,410

Security	Shares		Value
United Kingdom (continued)
Ashtead Group PLC		380,671	$	24,892,796
AstraZeneca PLC		1,127,888		149,531,826
Auto Trader Group PLC(b)		1,500,296		13,802,541
BAE Systems PLC		2,400,739		35,762,522
Barratt Developments PLC		730,718		4,980,084
Berkeley Group Holdings PLC		90,336		5,470,263
Bunzl PLC		288,751		11,734,773
Burberry Group PLC		413,337		6,808,455
Compass Group PLC		1,529,903		42,139,268
Croda International PLC		78,912		4,776,274
Diageo PLC		1,461,130		52,772,895
Experian PLC		644,941		26,843,986
Glencore PLC		6,712,932		35,517,843
GSK PLC		2,402,461		47,515,233
Halma PLC		275,074		7,613,797
Hargreaves Lansdown PLC		866,752		8,363,649
Hikma Pharmaceuticals PLC		77,934		1,901,360
Imperial Brands PLC		737,574		17,705,558
Intertek Group PLC		166,976		9,477,669
JD Sports Fashion PLC		2,670,488		3,946,217
Land Securities Group PLC		632,500		5,332,418
London Stock Exchange Group PLC		485,944		54,967,089
Mondi PLC, NVS		284,425		5,096,789
Next PLC		114,993		12,276,252
Persimmon PLC		314,438		5,791,352
Prudential PLC		3,229,465		33,174,896
Reckitt Benckiser Group PLC		541,654		39,162,068
RELX PLC		1,897,017		78,297,591
Rio Tinto PLC		849,301		58,788,117
Schroders PLC		1,249,567		6,392,908
Segro PLC		1,056,507		11,733,640
Spirax-Sarco Engineering PLC		66,270		8,340,797
SSE PLC		1,647,815		35,095,052
St. James’s Place PLC		1,170,171		9,633,202
Taylor Wimpey PLC		2,439,348		4,554,243
Unilever PLC		2,133,851		103,833,646
Wise PLC, Class A(a)		874,246		8,917,224
WPP PLC		1,033,907		9,998,388
				1,075,550,269
Total Common Stocks — 99.4% (Cost: $6,587,991,085)				7,461,000,723
Preferred Stocks
Germany — 0.2%
Dr Ing hc F Porsche AG, Preference Shares, NVS(b)		132,075		11,213,423
Total Preferred Stocks — 0.2% (Cost: $15,357,892)				11,213,423
Warrants
Canada — 0.0%
Constellation Software Inc., (Issued 08/29/23, 1 Share for 1 Warrant, Expires 03/31/40, Strike Price CAD 11.50 )(d)		15,091		—
Total Warrants — 0.0% (Cost: $—)				—
Total Long-Term Investments — 99.6% (Cost: $6,603,348,977)				7,472,214,146

S C H E D U L E  O F  I N V E S T M E N T S 17

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI Intl Quality Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Securities
Money Market Funds — 0.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.51%(e)(f)(g)		59,078	$	59,114
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.32%(e)(f)		2,140,000		2,140,000
Total Short-Term Securities — 0.0% (Cost: $2,199,102)				2,199,114
Total Investments — 99.6% (Cost: $6,605,548,079)				7,474,413,260
Other Assets Less Liabilities — 0.4%				32,003,168
Net Assets — 100.0%			$	7,506,416,428

^(a) Non-income producing security.

^(b) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)  All or a portion of this security is on loan.

^(d)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(e)  Affiliate of the Fund.

^(f)  Annualized 7-day yield as of period end.

^(g)  All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 01/31/24		Shares Held at 01/31/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	631,745	$	—		$	(575,456	)(a)	$	2,876	$	(51	)	$	59,114		59,078	$	22,600	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,540,000		600,000	(a)		—			—		—			2,140,000		2,140,000		94,773			—
									$	2,876	$	(51	)	$	2,199,114			$	117,373		$	—

^(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		36		03/07/24	$	6,179	$	409,258
Euro STOXX 50 Index		288		03/15/24		14,479		282,334
FTSE 100 Index		67		03/15/24		6,453		5,211
SPI 200 Index		50		03/21/24		6,197		110,828
							$	807,631

18 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI Intl Quality Factor ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	807,631	$	—	$	—	$	—	$	807,631

^(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 January 31, 2024, 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	$	—	$	—	$	1,297,488		$	—	$	—	$	—	$	1,297,488
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(266,051	)	$	—	$	—	$	—	$	(266,051	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	34,420,039

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	$	612,556,404	$	6,848,444,319	$	—	$	7,461,000,723
Preferred Stocks		—		11,213,423		—		11,213,423
Warrants		—		—		—		—
Short-Term Securities
Money Market Funds		2,199,114		—		—		2,199,114
	$	614,755,518	$	6,859,657,742	$	—	$	7,474,413,260
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	807,631	$	—	$	807,631

^(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 19

Schedule of Investments (unaudited) January 31, 2024 iShares^® MSCI Intl Size Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 6.9%
Ampol Ltd.		276	$	6,528
ANZ Group Holdings Ltd.		297		5,240
APA Group		1,115		6,167
Aristocrat Leisure Ltd.		197		5,680
ASX Ltd.		160		6,840
Aurizon Holdings Ltd.		2,280		5,620
BHP Group Ltd.		184		5,629
BlueScope Steel Ltd.		417		6,367
Brambles Ltd.		694		6,617
CAR Group Ltd.		341		7,322
Cochlear Ltd.		36		7,144
Coles Group Ltd.		587		6,092
Commonwealth Bank of Australia		69		5,262
Computershare Ltd.		347		5,747
CSL Ltd.		32		6,284
Dexus		1,128		5,708
Endeavour Group Ltd./Australia		1,598		5,848
Fortescue Ltd.		336		6,494
Goodman Group		391		6,490
GPT Group (The)		2,199		6,646
IDP Education Ltd.		403		5,161
IGO Ltd.		1,052		5,114
Insurance Australia Group Ltd.		1,549		6,081
James Hardie Industries PLC(a)		184		6,913
Lottery Corp. Ltd. (The)		1,720		5,646
Macquarie Group Ltd.		47		5,799
Medibank Pvt Ltd.		2,598		6,504
Mineral Resources Ltd.		144		5,554
Mirvac Group		3,855		5,418
National Australia Bank Ltd.		304		6,412
Northern Star Resources Ltd.		702		6,022
Orica Ltd.		570		6,012
Origin Energy Ltd.		1,064		5,938
Pilbara Minerals Ltd.(b)		2,596		5,913
Qantas Airways Ltd.(a)		1,757		6,335
QBE Insurance Group Ltd.		511		5,262
Ramsay Health Care Ltd.		181		6,034
REA Group Ltd.		56		6,679
Reece Ltd.		434		6,393
Rio Tinto Ltd.		69		5,937
Santos Ltd.		1,236		6,247
Scentre Group		3,236		6,433
SEEK Ltd.		397		6,545
Sonic Healthcare Ltd.		314		6,547
South32 Ltd.		2,860		6,193
Stockland		2,317		6,842
Suncorp Group Ltd.		695		6,397
Telstra Corp. Ltd.		2,282		6,018
Transurban Group		677		5,948
Treasury Wine Estates Ltd.		895		6,276
Vicinity Ltd.		5,118		6,794
Washington H Soul Pattinson & Co. Ltd.		282		6,304
Wesfarmers Ltd.		138		5,224
Westpac Banking Corp.		396		6,212
WiseTech Global Ltd.		139		6,544
Woodside Energy Group Ltd.		270		5,647
Woolworths Group Ltd.		249		5,848
Xero Ltd.(a)		80		5,726
				354,597

Security	Shares		Value
Austria — 0.5%
Erste Group Bank AG		149	$	6,419
OMV AG		123		5,475
Verbund AG		59		4,798
voestalpine AG		215		6,396
				23,088
Belgium — 1.5%
Ageas SA/NV		143		6,145
Anheuser-Busch InBev SA/NV		75		4,639
Argenx SE(a)		10		3,776
D’ieteren Group		35		7,071
Elia Group SA/NV		54		6,502
Groupe Bruxelles Lambert NV		58		4,397
KBC Group NV		99		6,458
Lotus Bakeries NV		1		8,527
Sofina SA		27		6,458
Syensqo SA(a)		50		4,457
UCB SA		78		7,337
Umicore SA		236		5,368
Warehouses De Pauw CVA		183		5,354
				76,489
Canada — 10.2%
Agnico Eagle Mines Ltd.		114		5,602
Air Canada(a)		409		5,543
Algonquin Power & Utilities Corp.		1,022		6,059
Alimentation Couche-Tard Inc.		88		5,157
AltaGas Ltd.		300		6,237
ARC Resources Ltd.		379		5,886
Bank of Montreal		63		5,934
Bank of Nova Scotia (The)		104		4,863
Barrick Gold Corp.		361		5,639
BCE Inc.		143		5,770
Brookfield Asset Management Ltd.		174		6,997
Brookfield Corp., Class A		160		6,350
Brookfield Renewable Corp., Class A		227		6,342
BRP Inc.		74		4,670
CAE Inc.(a)		296		5,927
Cameco Corp.		128		6,111
Canadian Apartment Properties REIT		186		6,457
Canadian Imperial Bank of Commerce		137		6,191
Canadian National Railway Co.		48		5,954
Canadian Natural Resources Ltd.		82		5,248
Canadian Pacific Kansas City Ltd.		77		6,196
Canadian Tire Corp. Ltd., Class A, NVS		48		5,102
Canadian Utilities Ltd., Class A, NVS		268		6,108
CCL Industries Inc., Class B, NVS		142		6,077
Cenovus Energy Inc.		311		5,038
CGI Inc.(a)		54		6,047
Constellation Software Inc./Canada		2		5,528
Descartes Systems Group Inc. (The)(a)		85		7,443
Dollarama Inc.		80		5,871
Element Fleet Management Corp.		351		5,921
Emera Inc.		162		5,725
Empire Co. Ltd., Class A, NVS		191		4,950
Enbridge Inc.		152		5,397
Fairfax Financial Holdings Ltd.		6		6,254
First Quantum Minerals Ltd.		560		5,082
FirstService Corp.		34		5,691
Fortis Inc./Canada		141		5,657
Franco-Nevada Corp.		49		5,301
George Weston Ltd.		47		5,988
GFL Environmental Inc.		197		6,693

20 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI Intl Size Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Canada (continued)
Gildan Activewear Inc.		169	$	5,581
Great-West Lifeco Inc.		180		6,009
Hydro One Ltd.(c)		209		6,203
iA Financial Corp. Inc.		92		6,254
IGM Financial Inc.		211		5,708
Imperial Oil Ltd.		98		5,653
Intact Financial Corp.		37		5,786
Ivanhoe Mines Ltd., Class A(a)(b)		692		7,263
Keyera Corp.		262		6,337
Kinross Gold Corp.		1,190		6,559
Loblaw Companies Ltd.		65		6,495
Lundin Mining Corp.		893		7,293
Magna International Inc.		92		5,229
Manulife Financial Corp.		292		6,455
MEG Energy Corp.(a)		272		5,143
Metro Inc./CN		112		5,881
National Bank of Canada		87		6,654
Northland Power Inc.		376		6,919
Nutrien Ltd.		94		4,687
Onex Corp.		96		7,088
Open Text Corp.		151		6,585
Pan American Silver Corp.		430		5,821
Parkland Corp.		190		6,484
Pembina Pipeline Corp.		158		5,442
Power Corp. of Canada		185		5,393
Quebecor Inc., Class B		227		5,519
RB Global Inc.		96		6,145
Restaurant Brands International Inc.		81		6,323
RioCan REIT		410		5,578
Rogers Communications Inc., Class B, NVS		135		6,306
Royal Bank of Canada		61		5,953
Saputo Inc.		306		6,309
Shopify Inc., Class A(a)		71		5,684
Stantec Inc.		77		6,187
Sun Life Financial Inc.		114		5,909
Suncor Energy Inc.		167		5,530
TC Energy Corp.		154		6,075
Teck Resources Ltd., Class B		159		6,364
TELUS Corp.		325		5,821
TFI International Inc.		47		6,177
Thomson Reuters Corp.		43		6,384
TMX Group Ltd.		291		7,197
Toromont Industries Ltd.		76		6,657
Toronto-Dominion Bank (The)		74		4,495
Tourmaline Oil Corp.		106		4,583
West Fraser Timber Co. Ltd.		81		6,441
Wheaton Precious Metals Corp.		123		5,765
WSP Global Inc.		42		6,170
				523,500
Denmark — 1.7%
AP Moller - Maersk A/S, Class A		1		1,813
AP Moller - Maersk A/S, Class B, NVS		2		3,688
Carlsberg A/S, Class B		39		5,018
Coloplast A/S, Class B		52		5,994
Danske Bank A/S		221		5,934
Demant A/S(a)		141		6,387
DSV A/S		36		6,441
Genmab A/S(a)		18		4,977
Novo Nordisk A/S		50		5,715
Novozymes A/S, Class B		228		11,683
Orsted A/S(c)		108		6,087
Pandora A/S		44		6,429

Security	Shares		Value
Denmark (continued)
Rockwool A/S, Class B		25	$	6,816
Tryg A/S		264		5,643
Vestas Wind Systems A/S(a)		224		6,316
				88,941
Finland — 1.5%
Elisa OYJ		128		5,832
Fortum OYJ		424		5,796
Kesko OYJ, Class B		312		6,093
Kone OYJ, Class B		126		6,237
Metso OYJ		559		5,587
Neste OYJ		138		4,757
Nokia OYJ		1,615		5,839
Nordea Bank Abp		436		5,372
Orion OYJ, Class B		149		6,860
Sampo OYJ, Class A		125		5,232
Stora Enso OYJ, Class R		437		5,561
UPM-Kymmene OYJ		161		5,856
Wartsila OYJ Abp		455		6,712
				75,734
France — 6.9%
Accor SA		174		6,872
Aeroports de Paris SA		47		6,289
Air Liquide SA		28		5,240
Airbus SE		39		6,212
Alstom SA		392		4,943
Amundi SA(c)		91		6,155
ArcelorMittal SA		205		5,646
Arkema SA		54		5,877
AXA SA		183		6,142
BioMerieux		49		5,274
BNP Paribas SA		76		5,106
Bollore SE		945		6,242
Bouygues SA		128		4,689
Bureau Veritas SA		225		5,985
Capgemini SE		27		6,003
Carrefour SA		295		5,036
Cie. de Saint-Gobain		97		6,858
Cie. Generale des Etablissements Michelin SCA		177		5,877
Covivio SA/France		122		5,908
Credit Agricole SA		427		6,117
Danone SA		82		5,463
Dassault Aviation SA		29		5,493
Dassault Systemes SE		109		5,650
Edenred SE		106		6,331
Eiffage SA		50		5,231
Engie SA		297		4,744
EssilorLuxottica SA		24		4,703
Eurazeo SE		92		7,837
Eurofins Scientific SE		105		6,323
Euronext NV(c)		74		6,509
Gecina SA		55		6,066
Getlink SE		330		5,686
Hermes International SCA		3		6,329
Ipsen SA		52		5,996
Kering SA		13		5,340
Klepierre SA		239		6,188
La Francaise des Jeux SAEM(c)		160		6,485
Legrand SA		63		6,106
L’Oreal SA		11		5,264
LVMH Moet Hennessy Louis Vuitton SE		6		4,992
Orange SA		455		5,411

S C H E D U L E  O F  I N V E S T M E N T S 21

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI Intl Size Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
France (continued)
Pernod Ricard SA		31	$	5,084
Publicis Groupe SA		70		7,014
Remy Cointreau SA		50		5,066
Renault SA		139		5,235
Safran SA		32		5,975
Sanofi SA		58		5,808
Sartorius Stedim Biotech		26		7,005
Schneider Electric SE		31		6,090
SEB SA		48		5,861
Societe Generale SA		229		5,886
Sodexo SA		45		5,076
Teleperformance SE		41		6,403
Thales SA		38		5,558
TotalEnergies SE		77		4,995
Unibail-Rodamco-Westfield, New(a)		99		7,089
Veolia Environnement SA		193		6,289
Vinci SA		47		5,937
Vivendi SE		622		7,010
Worldline SA/France(a)(c)		409		5,529
				351,528
Germany — 5.3%
adidas AG		28		5,286
Allianz SE, Registered		22		5,878
BASF SE		115		5,497
Bayer AG, Registered		150		4,668
Bayerische Motoren Werke AG		43		4,474
Bechtle AG		110		5,704
Beiersdorf AG		42		6,146
Brenntag SE		71		6,277
Carl Zeiss Meditec AG, Bearer		64		6,746
Commerzbank AG		475		5,455
Continental AG		69		5,637
Covestro AG(a)(c)		113		5,967
Daimler Truck Holding AG		180		6,433
Delivery Hero SE(a)(c)		165		3,744
Deutsche Bank AG, Registered		464		5,994
Deutsche Boerse AG		31		6,173
Deutsche Lufthansa AG, Registered(a)		683		5,679
Deutsche Post AG, Registered		129		6,178
Deutsche Telekom AG, Registered		190		4,664
E.ON SE		453		6,129
Evonik Industries AG		246		4,525
Fresenius Medical Care AG & Co. KGaA		152		5,875
Fresenius SE & Co. KGaA		195		5,474
GEA Group AG		133		5,327
Hannover Rueck SE		22		5,274
Heidelberg Materials AG		68		6,279
HelloFresh SE(a)		354		4,682
Henkel AG & Co. KGaA		32		2,189
Infineon Technologies AG		188		6,854
Knorr-Bremse AG		98		6,053
LEG Immobilien SE(a)		79		6,555
Mercedes-Benz Group AG		76		5,131
Merck KGaA		29		4,758
MTU Aero Engines AG		25		5,748
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		12		5,109
Nemetschek SE		68		6,275
Puma SE		101		4,065
Rational AG		9		6,914
Rheinmetall AG		20		7,003
RWE AG		136		5,022

Security	Shares		Value
Germany (continued)
SAP SE		37	$	6,410
Scout24 SE(c)		84		6,185
Siemens AG, Registered		31		5,550
Siemens Healthineers AG(c)		97		5,398
Symrise AG, Class A		52		5,365
Talanx AG(a)		82		5,753
Volkswagen AG		2		282
Vonovia SE		206		6,417
Wacker Chemie AG		46		4,987
Zalando SE(a)(c)		235		4,692
				272,880
Hong Kong — 3.5%
AIA Group Ltd.		600		4,705
BOC Hong Kong Holdings Ltd.		2,000		4,794
Budweiser Brewing Co. APAC Ltd.(c)		3,000		4,728
CK Asset Holdings Ltd.		1,000		4,512
CK Hutchison Holdings Ltd.		1,000		5,165
CK Infrastructure Holdings Ltd.		1,000		5,939
CLP Holdings Ltd.		500		3,977
ESR Group Ltd.(c)		5,000		6,391
Futu Holdings Ltd., ADR(a)		100		4,672
Galaxy Entertainment Group Ltd.		1,000		5,190
Hang Lung Properties Ltd.		4,000		4,644
Hang Seng Bank Ltd.		400		4,164
Henderson Land Development Co. Ltd.		2,464		6,420
HKT Trust & HKT Ltd., Class SS		6,000		7,208
Hong Kong & China Gas Co. Ltd.		8,676		6,174
Hong Kong Exchanges & Clearing Ltd.		100		3,032
Hongkong Land Holdings Ltd.		1,600		4,994
Jardine Matheson Holdings Ltd.		200		8,031
Link REIT		1,160		5,818
MTR Corp. Ltd.		1,500		4,880
New World Development Co. Ltd.		3,000		3,677
Power Assets Holdings Ltd.		1,000		5,855
Sands China Ltd.(a)		2,000		5,250
Sino Land Co. Ltd.		6,000		6,267
SITC International Holdings Co. Ltd.		4,000		6,069
Sun Hung Kai Properties Ltd.		500		4,667
Swire Pacific Ltd., Class A		1,000		7,737
Swire Properties Ltd.		2,600		4,859
Techtronic Industries Co. Ltd.		500		5,311
WH Group Ltd.(c)		9,000		5,310
Wharf Holdings Ltd. (The)		2,000		5,843
Wharf Real Estate Investment Co. Ltd.		2,000		5,860
Xinyi Glass Holdings Ltd.		5,000		4,145
				176,288
Ireland — 0.9%
AIB Group PLC		1,277		5,609
Bank of Ireland Group PLC		626		5,757
CRH PLC		95		6,739
Flutter Entertainment PLC(a)		35		7,184
Kerry Group PLC, Class A		74		6,596
Kingspan Group PLC		73		5,929
Smurfit Kappa Group PLC		178		6,633
				44,447
Israel — 1.8%
Azrieli Group Ltd.		100		6,738
Bank Hapoalim BM		731		6,219
Bank Leumi Le-Israel BM		813		6,175
Check Point Software Technologies Ltd.(a)(b)		41		6,516
CyberArk Software Ltd.(a)		32		7,471

22 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI Intl Size Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Israel (continued)
Elbit Systems Ltd.		29	$	5,982
Global-e Online Ltd.(a)		173		6,534
ICL Group Ltd.		1,161		5,281
Isracard Ltd.		1		4
Israel Discount Bank Ltd., Class A		1,159		5,622
Mizrahi Tefahot Bank Ltd.		168		6,253
Monday.com Ltd.(a)		35		7,352
Nice Ltd.(a)		31		6,432
Teva Pharmaceutical Industries Ltd., ADR(a)		630		7,623
Wix.com Ltd.(a)		56		7,105
				91,307
Italy — 2.6%
Amplifon SpA		197		6,430
Assicurazioni Generali SpA		217		4,841
Banco BPM SpA		1,029		5,552
DiaSorin SpA		63		5,793
Enel SpA		773		5,274
Eni SpA		312		4,974
Ferrari NV		17		5,929
FinecoBank Banca Fineco SpA		440		6,344
Infrastrutture Wireless Italiane SpA(c)		464		5,611
Intesa Sanpaolo SpA		1,980		6,101
Leonardo SpA		250		4,363
Mediobanca Banca di Credito Finanziario SpA		499		6,609
Moncler SpA		104		6,398
Nexi SpA(a)(c)		658		5,047
Poste Italiane SpA(c)		447		4,847
Prysmian SpA		160		7,042
Recordati Industria Chimica e Farmaceutica SpA		126		6,954
Snam SpA		1,176		5,743
Stellantis NV		267		5,881
Telecom Italia SpA/Milano(a)(b)		21,157		6,377
Tenaris SA, NVS		336		5,307
Terna - Rete Elettrica Nazionale		721		6,079
UniCredit SpA		202		5,917
				133,413
Japan — 26.6%
Advantest Corp.		200		7,960
Aeon Co. Ltd.		300		7,169
AGC Inc.		200		7,522
Aisin Corp.		200		7,467
Ajinomoto Co. Inc.		100		4,107
ANA Holdings Inc.(a)		300		6,629
Asahi Group Holdings Ltd.		200		7,434
Asahi Intecc Co. Ltd.		300		5,700
Asahi Kasei Corp.		900		6,825
Astellas Pharma Inc.		500		5,821
Azbil Corp.		200		6,463
Bandai Namco Holdings Inc.		300		6,496
BayCurrent Consulting Inc.(b)		200		4,650
Bridgestone Corp.		100		4,333
Brother Industries Ltd.		400		6,701
Canon Inc.		300		8,264
Capcom Co. Ltd.		200		7,628
Central Japan Railway Co.		200		4,999
Chiba Bank Ltd. (The)		800		5,928
Chubu Electric Power Co. Inc.		500		6,486
Chugai Pharmaceutical Co. Ltd.		200		7,194
Concordia Financial Group Ltd.		1,300		6,195
Dai Nippon Printing Co. Ltd.		200		5,788
Daifuku Co. Ltd.		300		5,916

Security	Shares		Value
Japan (continued)
Dai-ichi Life Holdings Inc.		300	$	6,580
Daiichi Sankyo Co. Ltd.		200		5,988
Daito Trust Construction Co. Ltd.		100		11,375
Daiwa House Industry Co. Ltd.		200		6,184
Daiwa House REIT Investment Corp.		3		5,301
Daiwa Securities Group Inc.		900		6,450
Denso Corp.		300		4,712
Dentsu Group Inc.		200		5,308
East Japan Railway Co.		100		5,719
Eisai Co. Ltd.		100		4,709
ENEOS Holdings Inc.		1,450		5,856
FANUC Corp.		200		5,532
Fuji Electric Co. Ltd.		100		5,008
FUJIFILM Holdings Corp.		100		6,339
GLP J-REIT		7		6,250
Hamamatsu Photonics KK		200		7,901
Hankyu Hanshin Holdings Inc.		200		6,119
Hirose Electric Co. Ltd.		100		11,635
Hitachi Construction Machinery Co. Ltd.		200		5,675
Hitachi Ltd.		100		7,855
Honda Motor Co. Ltd.		600		6,707
Hoshizaki Corp.		200		7,276
Hulic Co. Ltd.		700		7,730
Ibiden Co. Ltd.		100		5,032
Idemitsu Kosan Co. Ltd.		1,020		5,664
Iida Group Holdings Co. Ltd.		400		6,039
Inpex Corp.		400		5,437
Isuzu Motors Ltd.		500		6,822
ITOCHU Corp.		100		4,538
Japan Airlines Co. Ltd.		300		5,765
Japan Exchange Group Inc.		300		6,640
Japan Metropolitan Fund Invest		9		6,110
Japan Post Bank Co. Ltd.		600		6,240
Japan Post Holdings Co. Ltd.		700		6,701
Japan Post Insurance Co. Ltd.		300		5,617
Japan Real Estate Investment Corp.		2		7,667
Japan Tobacco Inc.		200		5,272
JFE Holdings Inc.		400		6,316
JSR Corp.		200		5,455
Kajima Corp.		400		7,139
Kansai Electric Power Co. Inc. (The)		400		5,457
Kao Corp.		200		7,914
Kawasaki Kisen Kaisha Ltd.		200		9,745
KDDI Corp.		200		6,627
KDX Realty Investment Corp.		6		6,508
Keisei Electric Railway Co. Ltd.		100		4,525
Kikkoman Corp.		100		6,153
Kintetsu Group Holdings Co. Ltd.		200		6,172
Kirin Holdings Co. Ltd.		400		5,750
Kobe Bussan Co. Ltd.		200		5,111
Koei Tecmo Holdings Co. Ltd.		500		6,228
Koito Manufacturing Co. Ltd.		400		6,124
Komatsu Ltd.		200		5,690
Konami Group Corp.		100		6,150
Kose Corp.		100		6,542
Kubota Corp.		400		6,055
Kyocera Corp.		400		5,856
Kyowa Kirin Co. Ltd.		400		6,301
LY Corp.		2,300		7,155
M3 Inc.		400		6,312
Makita Corp.		200		5,383
Marubeni Corp.		400		6,823

S C H E D U L E  O F  I N V E S T M E N T S 23

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI Intl Size Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
MatsukiyoCocokara & Co.		300	$	5,453
Mazda Motor Corp.		500		6,062
McDonald’s Holdings Co. Japan Ltd.		100		4,452
MEIJI Holdings Co. Ltd.		300		7,255
MINEBEA MITSUMI Inc.		300		6,201
MISUMI Group Inc.		400		6,858
Mitsubishi Chemical Group Corp.		1,000		6,030
Mitsubishi Corp.		300		5,170
Mitsubishi Electric Corp.		400		5,936
Mitsubishi Estate Co. Ltd.		400		5,542
Mitsubishi HC Capital Inc.		900		6,381
Mitsubishi Heavy Industries Ltd.		100		6,670
Mitsubishi UFJ Financial Group Inc.		600		5,620
Mitsui & Co. Ltd.		200		8,111
Mitsui Chemicals Inc.		200		5,886
Mitsui Fudosan Co. Ltd.		200		5,021
Mitsui OSK Lines Ltd.		200		7,184
Mizuho Financial Group Inc.		300		5,448
MonotaRO Co. Ltd.		600		5,651
MS&AD Insurance Group Holdings Inc.		200		8,259
Murata Manufacturing Co. Ltd.		300		6,058
NEC Corp.		100		6,534
Nexon Co. Ltd.		300		4,788
Nidec Corp.		100		3,730
Nintendo Co. Ltd.		100		5,587
Nippon Building Fund Inc.		1		4,046
Nippon Express Holdings Inc.		100		5,952
Nippon Paint Holdings Co. Ltd.		800		6,301
Nippon Prologis REIT Inc.		3		5,338
Nippon Sanso Holdings Corp.		200		5,068
Nippon Steel Corp.		200		4,813
Nippon Telegraph & Telephone Corp.		5,000		6,279
Nippon Yusen KK		200		6,892
Nissan Chemical Corp.		200		7,977
Nissan Motor Co. Ltd.		1,600		6,281
Nissin Foods Holdings Co. Ltd.		300		9,705
Nitori Holdings Co. Ltd.		100		13,088
Nitto Denko Corp.		100		8,296
Nomura Holdings Inc.		1,700		9,156
Nomura Real Estate Holdings Inc.		200		5,473
Nomura Real Estate Master Fund Inc.		5		5,471
Nomura Research Institute Ltd.		260		7,952
NTT Data Group Corp.		500		7,202
Obayashi Corp.		700		6,480
Odakyu Electric Railway Co. Ltd.		400		6,112
Oji Holdings Corp.		1,600		6,256
Olympus Corp.		400		5,921
Omron Corp.		100		4,497
Ono Pharmaceutical Co. Ltd.		300		5,407
Open House Group Co. Ltd.		200		6,254
Oracle Corp. Japan		100		7,881
Oriental Land Co. Ltd./Japan		200		7,428
ORIX Corp.		300		5,793
Osaka Gas Co. Ltd.		300		6,317
Otsuka Corp.		200		8,416
Otsuka Holdings Co. Ltd.		100		3,931
Pan Pacific International Holdings Corp.		200		4,323
Panasonic Holdings Corp.		600		5,651
Rakuten Group Inc.(a)		1,600		7,028
Recruit Holdings Co. Ltd.		200		7,900
Renesas Electronics Corp.(a)		400		6,563
Resona Holdings Inc.		1,100		6,072

Security	Shares		Value
Japan (continued)
Ricoh Co. Ltd.		800	$	6,288
Rohm Co. Ltd.		400		6,904
SBI Holdings Inc.		300		7,370
SCSK Corp.		400		7,854
Secom Co. Ltd.		100		7,258
Seiko Epson Corp.		400		5,839
Sekisui Chemical Co. Ltd.		400		5,711
Sekisui House Ltd.		300		6,772
Seven & i Holdings Co. Ltd.		100		3,949
SG Holdings Co. Ltd.		400		5,180
Sharp Corp./Japan(a)		900		6,052
Shimadzu Corp.		200		5,530
Shimizu Corp.		1,000		6,694
Shin-Etsu Chemical Co. Ltd.		200		7,872
Shionogi & Co. Ltd.		100		4,800
Shiseido Co. Ltd.		200		5,575
Shizuoka Financial Group Inc., NVS		800		7,312
SoftBank Corp.		500		6,643
SoftBank Group Corp.		100		4,317
Sompo Holdings Inc.		100		5,185
Sony Group Corp.		100		9,807
Square Enix Holdings Co. Ltd.		200		7,815
Subaru Corp.		300		5,985
SUMCo Corp.		700		10,612
Sumitomo Chemical Co. Ltd.		2,400		5,651
Sumitomo Corp.		300		6,899
Sumitomo Electric Industries Ltd.		500		6,646
Sumitomo Metal Mining Co. Ltd.		200		5,528
Sumitomo Mitsui Financial Group Inc.		100		5,201
Sumitomo Mitsui Trust Holdings Inc.		400		8,197
Sumitomo Realty & Development Co. Ltd.		200		6,290
Suntory Beverage & Food Ltd.		200		6,525
Suzuki Motor Corp.		100		4,492
Sysmex Corp.		100		5,417
T&D Holdings Inc.		400		6,624
Taisei Corp.		200		7,292
Takeda Pharmaceutical Co. Ltd.		151		4,438
TDK Corp.		100		4,975
Terumo Corp.		200		6,770
TIS Inc.		300		6,673
Tobu Railway Co. Ltd.		300		7,945
Toho Co. Ltd./Tokyo		200		6,515
Tokio Marine Holdings Inc.		200		5,274
Tokyo Electric Power Co. Holdings Inc.(a)		1,300		6,921
Tokyo Gas Co. Ltd.		300		6,892
Tokyu Corp.		500		5,867
TOPPAN Holdings Inc.		300		8,269
Toray Industries Inc.		1,100		5,496
Tosoh Corp.		500		6,447
TOTO Ltd.		200		5,413
Toyota Industries Corp.		100		8,458
Toyota Motor Corp.		300		5,990
Toyota Tsusho Corp.		100		6,553
Trend Micro Inc./Japan(a)		100		5,721
Unicharm Corp.		200		6,882
USS Co. Ltd.		300		5,673
West Japan Railway Co.		200		8,330
Yakult Honsha Co. Ltd.		300		6,553
Yamaha Corp.		300		6,597
Yamaha Motor Co. Ltd.		700		6,616
Yamato Holdings Co. Ltd.		300		5,186
Yaskawa Electric Corp.		200		7,537

24 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI Intl Size Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Yokogawa Electric Corp.		300	$	5,895
Zensho Holdings Co. Ltd.		100		4,897
ZOZO Inc.		300		6,569
				1,357,764
Netherlands — 3.2%
ABN AMRO Bank NV, CVA(c)		423		6,226
Adyen NV(a)(c)		5		6,271
Aegon Ltd.		1,091		6,436
AerCap Holdings NV(a)		86		6,584
Akzo Nobel NV		76		5,838
ASM International NV		11		6,097
ASML Holding NV		10		8,676
ASR Nederland NV		149		7,022
BE Semiconductor Industries NV		47		7,063
Davide Campari-Milano NV		523		5,299
EXOR NV, NVS		61		5,902
Ferrovial SE		156		5,949
Heineken Holding NV		62		5,202
Heineken NV		51		5,130
IMCD NV		42		6,411
ING Groep NV		400		5,683
JDE Peet’s NV		176		4,345
Koninklijke Ahold Delhaize NV		162		4,556
Koninklijke KPN NV		1,414		4,810
Koninklijke Philips NV(a)		246		5,204
NN Group NV		170		6,968
OCI NV		272		7,769
Prosus NV		156		4,641
Qiagen NV, NVS		146		6,355
Randstad NV		86		4,890
Universal Music Group NV		216		6,367
Wolters Kluwer NV		42		6,192
				161,886
New Zealand — 0.8%
Auckland International Airport Ltd.		1,282		6,610
EBOS Group Ltd.		266		6,092
Fisher & Paykel Healthcare Corp. Ltd.		450		6,499
Mercury NZ Ltd.		1,680		6,932
Meridian Energy Ltd.		1,966		6,660
Spark New Zealand Ltd.		2,015		6,546
				39,339
Norway — 1.3%
Adevinta ASA(a)		587		6,307
Aker BP ASA		198		5,255
DNB Bank ASA		272		5,287
Equinor ASA		164		4,693
Gjensidige Forsikring ASA		360		5,790
Kongsberg Gruppen ASA		139		7,084
Mowi ASA		334		6,012
Norsk Hydro ASA		823		4,823
Orkla ASA		809		6,337
Salmar ASA		111		6,162
Telenor ASA		548		6,081
Yara International ASA		145		4,793
				68,624
Portugal — 0.3%
EDP - Energias de Portugal SA		1,175		5,241
Galp Energia SGPS SA		396		6,234
Jeronimo Martins SGPS SA		236		5,367
				16,842

Security	Shares		Value
Singapore — 2.5%
CapitaLand Ascendas REIT		2,807	$	6,083
CapitaLand Integrated Commercial Trust		4,149		6,185
CapitaLand Investment Ltd./Singapore		2,100		4,610
City Developments Ltd.(b)		1,300		5,900
DBS Group Holdings Ltd.		200		4,737
Genting Singapore Ltd.		8,700		6,534
Grab Holdings Ltd., Class A(a)		1,665		5,112
Jardine Cycle & Carriage Ltd.		300		5,789
Keppel Ltd.		1,100		5,845
Mapletree Logistics Trust		5,090		5,853
Mapletree Pan Asia Commercial Trust		5,900		6,389
Oversea-Chinese Banking Corp. Ltd.		600		5,739
Sea Ltd., ADR(a)(b)		155		5,912
Seatrium Ltd.(a)		77,759		5,771
Sembcorp Industries Ltd.		1,600		6,734
Singapore Airlines Ltd.(b)		1,200		5,956
Singapore Exchange Ltd.		800		5,586
Singapore Technologies Engineering Ltd.		2,100		5,819
Singapore Telecommunications Ltd.		3,300		5,889
United Overseas Bank Ltd.		300		6,324
UOL Group Ltd.		1,400		6,501
Wilmar International Ltd.		1,900		4,652
				127,920
Spain — 2.0%
Acciona SA		39		5,045
ACS Actividades de Construccion y Servicios SA		151		5,959
Aena SME SA(c)		36		6,369
Amadeus IT Group SA		82		5,747
Banco Bilbao Vizcaya Argentaria SA		612		5,728
Banco Santander SA		1,106		4,445
CaixaBank SA		1,262		5,381
Cellnex Telecom SA(c)		156		6,003
Corp. ACCIONA Energias Renovables SA		195		5,067
EDP Renovaveis SA		285		4,615
Enagas SA		290		4,721
Endesa SA		271		5,369
Grifols SA(a)		431		4,695
Iberdrola SA		450		5,418
Iberdrola SA, NVS		8		93
Industria de Diseno Textil SA		155		6,627
Naturgy Energy Group SA		189		5,089
Redeia Corp. SA		315		5,242
Repsol SA		335		4,947
Telefonica SA		1,126		4,582
				101,142
Sweden — 4.5%
Alfa Laval AB		153		5,614
Assa Abloy AB, Class B		227		6,226
Atlas Copco AB, Class A		237		3,782
Atlas Copco AB, Class B		161		2,230
Beijer Ref AB, Class B		523		7,121
Boliden AB		180		4,778
Epiroc AB		195		3,445
Epiroc AB, Class B		131		2,043
EQT AB		239		6,418
Essity AB, Class B		198		4,650
Evolution AB(c)		57		6,655
Fastighets AB Balder, Class B(a)		998		6,624
Getinge AB, Class B		290		6,199
H & M Hennes & Mauritz AB, Class B		356		5,023
Hexagon AB, Class B		581		6,341

S C H E D U L E  O F  I N V E S T M E N T S 25

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI Intl Size Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Sweden (continued)
Holmen AB, Class B		131	$	5,163
Husqvarna AB, Class B		701		5,453
Industrivarden AB, Class A		97		3,054
Industrivarden AB, Class C		119		3,740
Indutrade AB		280		6,802
Investment AB Latour, Class B		279		7,017
Investor AB, Class B		271		6,381
L E Lundbergforetagen AB, Class B		130		6,778
Lifco AB, Class B		265		6,394
Nibe Industrier AB, Class B		950		5,676
Saab AB, Class B		110		7,083
Sagax AB, Class B		267		6,488
Sandvik AB		300		6,305
Securitas AB, Class B		628		6,100
Skandinaviska Enskilda Banken AB, Class A		399		5,667
Skanska AB, Class B		360		6,242
SKF AB, Class B		333		6,562
Svenska Cellulosa AB SCA, Class B		338		4,601
Svenska Handelsbanken AB, Class A		519		5,595
Swedbank AB, Class A		328		6,684
Swedish Orphan Biovitrum AB(a)		261		7,326
Tele2 AB, Class B		788		6,718
Telefonaktiebolaget LM Ericsson, Class B		1,136		6,297
Telia Co. AB		2,391		6,167
Volvo AB, Class A		34		836
Volvo AB, Class B		220		5,272
Volvo Car AB, Class B(a)		1,659		4,325
				231,875
Switzerland — 5.2%
ABB Ltd., Registered		149		6,304
Adecco Group AG, Registered		129		5,578
Alcon Inc.		79		5,947
Avolta AG, Registered(a)		170		6,495
Bachem Holding AG, Class B		76		5,088
Baloise Holding AG, Registered		39		6,230
Banque Cantonale Vaudoise, Registered		59		7,554
Barry Callebaut AG, Registered		3		4,382
BKW AG		34		5,401
Cie. Financiere Richemont SA, Class A, Registered		43		6,387
Clariant AG, Registered		398		5,095
Coca-Cola HBC AG, Class DI		228		6,702
DSM-Firmenich AG		56		5,921
EMS-Chemie Holding AG, Registered		8		6,039
Geberit AG, Registered		12		6,907
Givaudan SA, Registered		1		4,159
Helvetia Holding AG, Registered		41		5,921
Holcim AG		78		5,958
Julius Baer Group Ltd.		106		5,771
Kuehne + Nagel International AG, Registered		20		6,778
Logitech International SA, Registered		71		5,952
Lonza Group AG, Registered		14		6,845
Nestle SA, Registered		47		5,356
Novartis AG, Registered		55		5,688
Partners Group Holding AG		4		5,397
Roche Holding AG, Bearer		1		303
Roche Holding AG, NVS		19		5,410
Sandoz Group AG(a)		199		6,825
Schindler Holding AG, Participation Certificates, NVS		16		3,985
Schindler Holding AG, Registered		11		2,618
SGS SA		66		6,099
Siemens Energy AG(a)		415		6,166
SIG Group AG		255		5,338

Security	Shares		Value
Switzerland (continued)
Sika AG, Registered		20	$	5,521
Sonova Holding AG, Registered		22		7,031
STMicroelectronics NV		141		6,191
Straumann Holding AG		42		6,380
Swatch Group AG (The), Bearer		16		3,756
Swatch Group AG (The), Registered		28		1,274
Swiss Life Holding AG, Registered		9		6,463
Swiss Prime Site AG, Registered		53		5,368
Swiss Re AG		49		5,610
Swisscom AG, Registered		10		5,983
Temenos AG, Registered		77		7,836
UBS Group AG, Registered		207		6,196
VAT Group AG(c)		14		6,517
Zurich Insurance Group AG		10		5,081
				263,806
United Kingdom — 9.3%
3i Group PLC		212		6,637
abrdn PLC		2,885		6,138
Admiral Group PLC		182		5,787
Anglo American PLC		197		4,696
Antofagasta PLC		346		7,542
Ashtead Group PLC		95		6,212
Associated British Foods PLC		196		5,805
AstraZeneca PLC		42		5,568
Auto Trader Group PLC(c)		662		6,090
Aviva PLC		976		5,328
BAE Systems PLC		374		5,571
Barclays PLC		2,863		5,320
Barratt Developments PLC		1,000		6,815
Berkeley Group Holdings PLC		90		5,450
BP PLC		923		5,391
British American Tobacco PLC		164		4,835
BT Group PLC		3,932		5,571
Bunzl PLC		153		6,218
Burberry Group PLC		306		5,040
Centrica PLC		3,154		5,520
Coca-Cola Europacific Partners PLC		89		6,132
Compass Group PLC		204		5,619
Croda International PLC		105		6,355
DCC PLC		84		6,107
Diageo PLC		156		5,634
Endeavour Mining PLC		286		5,081
Entain PLC		564		6,870
Experian PLC		154		6,410
Glencore PLC		804		4,254
GSK PLC		315		6,230
Haleon PLC		1,384		5,622
Halma PLC		229		6,339
Hargreaves Lansdown PLC		687		6,629
Hikma Pharmaceuticals PLC		267		6,514
HSBC Holdings PLC		689		5,380
Imperial Brands PLC		246		5,905
Informa PLC		644		6,325
InterContinental Hotels Group PLC		77		7,296
Intertek Group PLC		120		6,811
J Sainsbury PLC		1,826		6,234
JD Sports Fashion PLC		3,443		5,088
Kingfisher PLC		2,113		5,875
Land Securities Group PLC		654		5,514
Legal & General Group PLC		2,004		6,446
Lloyds Banking Group PLC		10,012		5,367
London Stock Exchange Group PLC		45		5,090

26 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI Intl Size Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
M&G PLC		2,409	$	6,811
Melrose Industries PLC		918		6,842
Mondi PLC, NVS		301		5,394
National Grid PLC		431		5,741
NatWest Group PLC, NVS		1,929		5,444
Next PLC		61		6,512
Ocado Group PLC(a)		819		5,610
Pearson PLC		478		5,864
Persimmon PLC		379		6,981
Phoenix Group Holdings PLC		846		5,401
Prudential PLC		482		4,951
Reckitt Benckiser Group PLC		84		6,073
RELX PLC		147		6,067
Rentokil Initial PLC		999		5,145
Rio Tinto PLC		79		5,468
Rolls-Royce Holdings PLC(a)		1,865		7,080
Sage Group PLC (The)		477		7,102
Schroders PLC		1,000		5,116
Segro PLC		502		5,575
Severn Trent PLC		176		5,785
Shell PLC		159		4,929
Smith & Nephew PLC		465		6,503
Smiths Group PLC		280		5,738
Spirax-Sarco Engineering PLC		52		6,545
SSE PLC		266		5,665
St. James’s Place PLC		718		5,911
Standard Chartered PLC		619		4,678
Taylor Wimpey PLC		3,496		6,527
Tesco PLC		1,702		6,167
Unilever PLC		104		5,061
United Utilities Group PLC		405		5,455
Vodafone Group PLC		6,147		5,226
Whitbread PLC		127		5,757
Wise PLC, Class A(a)		660		6,732
WPP PLC		673		6,508
				477,025
Total Common Stocks — 99.0% (Cost: $5,721,167)				5,058,435
Preferred Stocks
Germany — 0.5%
Bayerische Motoren Werke AG, Preference Shares, NVS		4		391
Dr Ing hc F Porsche AG, Preference Shares, NVS(c)		55		4,670
Henkel AG & Co. KGaA, Preference Shares, NVS		44		3,373
Porsche Automobil Holding SE, Preference Shares, NVS		114		5,691
Sartorius AG, Preference Shares, NVS		19		6,931
Volkswagen AG, Preference Shares, NVS		40		5,144
				26,200
Total Preferred Stocks — 0.5% (Cost: $40,311)				26,200

Security	Shares		Value
Rights
Spain — 0.0%
ACS Actividades de Construccion y Servicios SA, (Expires 02/09/24)(a)		151	$	69
Total Rights — 0.0% (Cost: $75)				69
Warrants
Canada — 0.0%
Constellation Software Inc., (Issued 08/29/23, 1 Share for 1 Warrant, Expires 03/31/40, Strike Price CAD 11.50)(d)		9		—
Total Warrants — 0.0% (Cost: $—)				—
Total Long-Term Investments — 99.5% (Cost: $5,761,553)				5,084,704
Short-Term Securities
Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.51%(e)(f)(g)		41,589		41,614
Total Short-Term Securities — 0.8% (Cost: $41,603)				41,614
Total Investments — 100.3% (Cost: $5,803,156)				5,126,318
Liabilities in Excess of Other Assets — (0.3)%				(16,841	)
Net Assets — 100.0%			$	5,109,477

^(a)  Non-income producing security.

^(b)  All or a portion of this security is on loan.

^(c)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(e)  Affiliate of the Fund.

^(f)  Annualized 7-day yield as of period end.

^(g)  All or a portion of this security was purchased with the cash collateral from loaned securities.

S C H E D U L E  O F  I N V E S T M E N T S 27

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI Intl Size Factor ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 01/31/24		Shares Held at 01/31/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	102,095	$	—			$ (60,505	)(a)	$	29	$	(5	)	$	41,614		41,589	$	147	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(c)		—		0	(a)		—			—		—			—		—		160			—
									$	29	$	(5	)	$	41,614			$	307		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

^(c)  As of period end, the entity is no longer held.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Mini TOPIX Index		1		03/07/24	$	17	$	1,155

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)	$	—	$	—	$	1,155	$	—	$	—	$	—	$	1,155

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended January 31, 2024, 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	$	—	$	—	$	1,963		$	—	$	—	$	—	$	1,963
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(1,170	)	$	—	$	—	$	—	$	(1,170	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	45,235

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

28 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI Intl Size Factor ETF

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	650,991	$	4,407,444	$	—	$	5,058,435
Preferred Stocks		—		26,200		—		26,200
Rights		69		—		—		69
Warrants		—		—		—		—
Short-Term Securities
Money Market Funds		41,614		—		—		41,614
	$	692,674	$	4,433,644	$	—	$	5,126,318
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	1,155	$	—	$	1,155

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

S C H E D U L E  O F  I N V E S T M E N T S 29

Schedule of Investments (unaudited)  January 31, 2024 iShares^® MSCI Intl Value Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 2.2%
Aurizon Holdings Ltd.		342,500	$	844,273
BHP Group Ltd.		500,575		15,314,596
BlueScope Steel Ltd.		120,823		1,844,763
Dexus		240,054		1,214,833
Fortescue Ltd.		225,572		4,359,573
Qantas Airways Ltd.(a)		230,263		830,181
Rio Tinto Ltd.		44,842		3,858,535
Santos Ltd.		293,955		1,485,631
Sonic Healthcare Ltd.		74,764		1,558,844
South32 Ltd.		888,503		1,923,801
Vicinity Ltd.		899,603		1,194,139
Woodside Energy Group Ltd.		129,861		2,716,201
				37,145,370
Austria — 0.4%
Erste Group Bank AG		82,201		3,541,088
OMV AG		33,571		1,494,292
voestalpine AG		39,008		1,160,555
				6,195,935
Belgium — 0.9%
Ageas SA/NV		34,629		1,488,077
Anheuser-Busch InBev SA/NV		170,842		10,567,874
Syensqo SA(a)		14,749		1,314,829
UCB SA		25,990		2,444,767
				15,815,547
Canada — 3.1%
Air Canada(a)		29,578		400,841
Algonquin Power & Utilities Corp.		105,360		624,582
AltaGas Ltd.		60,872		1,265,478
Canadian Tire Corp. Ltd., Class A, NVS		8,025		852,968
CGI Inc.(a)		35,899		4,020,197
Empire Co. Ltd., Class A, NVS		40,415		1,047,312
Fairfax Financial Holdings Ltd.		3,818		3,979,927
First Quantum Minerals Ltd.		75,125		681,710
George Weston Ltd.		10,981		1,399,119
iA Financial Corp. Inc.		11,892		808,456
Kinross Gold Corp.		170,535		939,912
Loblaw Companies Ltd.		24,085		2,406,798
Lundin Mining Corp.		126,407		1,032,354
Magna International Inc.		47,844		2,719,149
Manulife Financial Corp.		356,499		7,880,658
Metro Inc./CN		35,623		1,870,376
Nutrien Ltd.		87,171		4,346,717
Onex Corp.		11,054		816,193
Open Text Corp.		109,615		4,780,191
Power Corp. of Canada		75,725		2,207,343
Saputo Inc.		47,010		969,257
Teck Resources Ltd., Class B		116,433		4,660,091
West Fraser Timber Co. Ltd.		16,357		1,300,701
				51,010,330
Denmark — 0.8%
AP Moller—Maersk A/S, Class A		1,909		3,461,533
AP Moller—Maersk A/S, Class B, NVS		3,022		5,571,961
Danske Bank A/S		139,385		3,742,690
				12,776,184
Finland — 0.7%
Nokia OYJ		2,921,685		10,562,543
Stora Enso OYJ, Class R		85,401		1,086,708
				11,649,251

Security	Shares		Value
France — 11.3%
Alstom SA		101,656	$	1,281,924
ArcelorMittal SA		259,813		7,155,254
Arkema SA		11,414		1,242,220
AXA SA		217,681		7,306,530
BNP Paribas SA		291,480		19,582,841
Bollore SE		160,399		1,059,440
Bouygues SA		60,887		2,230,449
Capgemini SE		36,342		8,079,604
Carrefour SA		253,431		4,326,649
Cie. de Saint-Gobain		153,252		10,835,917
Cie. Generale des Etablissements Michelin SCA		120,443		3,999,028
Credit Agricole SA		315,484		4,519,261
Danone SA		108,342		7,218,136
Dassault Aviation SA		9,366		1,773,999
Eiffage SA		20,965		2,193,571
Engie SA		597,730		9,547,225
Eurazeo SE		10,874		926,250
Ipsen SA		8,741		1,007,830
Orange SA		456,857		5,432,908
Publicis Groupe SA		40,438		4,051,626
Renault SA		105,614		3,977,389
Sanofi SA		331,204		33,168,602
Societe Generale SA		347,060		8,921,184
Teleperformance SE		7,656		1,195,668
TotalEnergies SE		325,223		21,099,032
Unibail-Rodamco-Westfield, New(a)		15,631		1,119,253
Vinci SA		86,107		10,877,231
Vivendi SE		218,791		2,465,678
Worldline SA/France(a)(b)		61,461		830,860
				187,425,559
Germany — 8.7%
BASF SE		158,366		7,570,527
Bayer AG, Registered		432,700		13,464,159
Bayerische Motoren Werke AG		102,967		10,714,035
Commerzbank AG		382,008		4,386,824
Continental AG		26,097		2,131,881
Daimler Truck Holding AG		141,666		5,062,740
Deutsche Bank AG, Registered		893,640		11,543,796
Deutsche Lufthansa AG, Registered(a)		221,704		1,843,551
Deutsche Telekom AG, Registered		505,746		12,414,956
E.ON SE		382,123		5,169,848
Evonik Industries AG		42,786		787,097
Fresenius Medical Care AG & Co. KGaA		82,242		3,178,620
Fresenius SE & Co. KGaA		211,524		5,938,078
Heidelberg Materials AG		43,843		4,048,657
Henkel AG & Co. KGaA		24,784		1,694,994
Infineon Technologies AG		195,627		7,131,958
Mercedes-Benz Group AG		254,847		17,205,429
Merck KGaA		20,297		3,330,240
RWE AG		152,643		5,636,438
Siemens AG, Registered		110,195		19,727,533
Talanx AG(a)		7,103		498,353
Volkswagen AG		13,991		1,975,265
				145,454,979
Hong Kong — 1.9%
BOC Hong Kong Holdings Ltd.		732,500		1,755,651
CK Asset Holdings Ltd.		500,000		2,256,170
CK Hutchison Holdings Ltd.		1,722,000		8,893,820
CK Infrastructure Holdings Ltd.		184,000		1,092,747
Hongkong Land Holdings Ltd.		254,600		794,735
Jardine Matheson Holdings Ltd.		90,100		3,617,886

30 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI Intl Value Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Hong Kong (continued)
New World Development Co. Ltd.		564,000	$	691,268
Power Assets Holdings Ltd.		265,500		1,554,551
Sino Land Co. Ltd.		1,352,000		1,412,250
SITC International Holdings Co. Ltd.		592,000		898,267
Sun Hung Kai Properties Ltd.		357,000		3,332,019
Swire Pacific Ltd., Class A		84,000		649,911
WH Group Ltd.(b)		5,145,000		3,035,522
Wharf Holdings Ltd. (The)		219,363		640,910
Xinyi Glass Holdings Ltd.		572,000		474,202
				31,099,909
Ireland — 0.2%
AIB Group PLC		262,886		1,154,707
Bank of Ireland Group PLC		222,794		2,048,809
				3,203,516
Israel — 1.1%
Bank Hapoalim BM		280,482		2,386,316
Bank Leumi Le-Israel BM		339,469		2,578,323
Check Point Software Technologies Ltd.(a)		16,089		2,557,025
ICL Group Ltd.		135,330		615,520
Isracard Ltd.		2		7
Israel Discount Bank Ltd., Class A		299,441		1,452,555
Mizrahi Tefahot Bank Ltd.		19,347		720,043
Teva Pharmaceutical Industries Ltd., ADR(a)		631,532		7,641,537
				17,951,326
Italy — 4.5%
Banco BPM SpA		179,232		967,009
Enel SpA		1,646,826		11,236,913
Eni SpA		449,388		7,163,847
Intesa Sanpaolo SpA		3,429,527		10,567,379
Leonardo SpA		41,551		725,234
Mediobanca Banca di Credito Finanziario SpA		96,665		1,280,231
Nexi SpA(a)(b)		118,068		905,636
Stellantis NV		1,209,513		26,641,512
Telecom Italia SpA/Milano(a)(c)		2,990,662		901,407
Tenaris SA, NVS		47,054		743,184
UniCredit SpA		499,706		14,637,417
				75,769,769
Japan — 32.6%
AGC Inc.		66,100		2,485,905
Aisin Corp.		39,600		1,478,469
ANA Holdings Inc.(a)		19,600		433,124
Asahi Group Holdings Ltd.		135,100		5,021,389
Asahi Kasei Corp.		240,000		1,820,050
Astellas Pharma Inc.		338,400		3,939,813
Bridgestone Corp.		92,200		3,995,273
Brother Industries Ltd.		115,800		1,939,948
Canon Inc.		455,400		12,544,960
Central Japan Railway Co.		194,200		4,853,570
Chiba Bank Ltd. (The)		88,300		654,326
Chubu Electric Power Co. Inc.		321,200		4,166,827
Concordia Financial Group Ltd.		205,400		978,822
Dai Nippon Printing Co. Ltd.		56,400		1,632,213
Daito Trust Construction Co. Ltd.		41,000		4,663,771
Daiwa House Industry Co. Ltd.		230,400		7,124,415
Daiwa House REIT Investment Corp.		353		623,716
Daiwa Securities Group Inc.		178,000		1,275,701
Denso Corp.		226,800		3,562,586
Dentsu Group Inc.		32,300		857,283
ENEOS Holdings Inc.		458,500		1,851,677
Fuji Electric Co. Ltd.		24,300		1,216,944
FUJIFILM Holdings Corp.		152,300		9,653,520

Security	Shares		Value
Japan (continued)
Fujitsu Ltd.		50,000	$	6,920,712
Hankyu Hanshin Holdings Inc.		40,700		1,245,238
Hirose Electric Co. Ltd.		7,400		861,011
Hitachi Construction Machinery Co. Ltd.		27,000		766,055
Hitachi Ltd.		182,900		14,366,859
Honda Motor Co. Ltd.		1,434,800		16,038,280
Hulic Co. Ltd.		228,600		2,524,280
Ibiden Co. Ltd.		32,700		1,645,462
Idemitsu Kosan Co. Ltd.		177,900		987,875
Iida Group Holdings Co. Ltd.		36,400		549,529
Inpex Corp.		201,500		2,738,880
Isuzu Motors Ltd.		130,400		1,779,300
ITOCHU Corp.		319,000		14,477,528
Japan Post Bank Co. Ltd.		241,100		2,507,403
Japan Post Holdings Co. Ltd.		537,900		5,149,145
Japan Post Insurance Co. Ltd.		34,700		649,649
Japan Real Estate Investment Corp.		235		900,882
Japan Tobacco Inc.		352,900		9,301,521
JFE Holdings Inc.		235,700		3,721,424
Kajima Corp.		127,800		2,280,828
Kansai Electric Power Co. Inc. (The)		304,700		4,156,759
Kawasaki Kisen Kaisha Ltd.		53,900		2,626,212
KDDI Corp.		204,600		6,779,428
Kirin Holdings Co. Ltd.		171,100		2,459,384
Koito Manufacturing Co. Ltd.		25,600		391,918
Komatsu Ltd.		228,700		6,506,504
Kubota Corp.		191,000		2,891,256
Kyocera Corp.		559,200		8,186,727
LY Corp.		267,400		831,890
Marubeni Corp.		547,000		9,329,995
Mazda Motor Corp.		200,300		2,428,326
MEIJI Holdings Co. Ltd.		56,700		1,371,267
MINEBEA MITSUMI Inc.		62,300		1,287,754
Mitsubishi Chemical Group Corp.		308,800		1,861,984
Mitsubishi Corp.		1,219,700		21,021,459
Mitsubishi Electric Corp.		434,300		6,445,142
Mitsubishi Estate Co. Ltd.		324,200		4,492,087
Mitsubishi HC Capital Inc.		125,900		892,687
Mitsubishi Heavy Industries Ltd.		73,700		4,916,046
Mitsubishi UFJ Financial Group Inc.		2,034,000		19,051,555
Mitsui & Co. Ltd.		448,400		18,185,860
Mitsui Chemicals Inc.		45,300		1,333,191
Mitsui OSK Lines Ltd.		163,400		5,869,404
Mizuho Financial Group Inc.		520,170		9,447,098
MS&AD Insurance Group Holdings Inc.		45,100		1,862,393
Murata Manufacturing Co. Ltd.		366,900		7,408,489
NEC Corp.		105,500		6,893,866
Nippon Building Fund Inc.		391		1,582,029
Nippon Express Holdings Inc.		25,000		1,488,033
Nippon Steel Corp.		291,000		7,002,815
Nippon Telegraph & Telephone Corp.		4,878,500		6,126,197
Nippon Yusen KK		253,100		8,722,043
Nissan Motor Co. Ltd.		902,500		3,543,057
Nomura Holdings Inc.		687,100		3,700,821
NTT Data Group Corp.		149,400		2,151,902
Obayashi Corp.		228,500		2,115,119
Oji Holdings Corp.		253,500		991,142
Ono Pharmaceutical Co. Ltd.		104,500		1,883,521
ORIX Corp.		189,700		3,662,968
Osaka Gas Co. Ltd.		121,900		2,566,830
Otsuka Holdings Co. Ltd.		118,700		4,665,898
Panasonic Holdings Corp.		486,600		4,583,177

S C H E D U L E  O F  I N V E S T M E N T S 31

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI Intl Value Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Renesas Electronics Corp.(a)		608,600	$	9,985,651
Resona Holdings Inc.		366,000		2,020,415
Ricoh Co. Ltd.		341,500		2,684,188
Rohm Co. Ltd.		148,000		2,554,367
SBI Holdings Inc.		42,000		1,031,758
SCSK Corp.		30,900		606,710
Secom Co. Ltd.		27,300		1,981,443
Seiko Epson Corp.		157,000		2,291,793
Sekisui Chemical Co. Ltd.		58,100		829,525
Sekisui House Ltd.		108,900		2,458,330
Seven & i Holdings Co. Ltd.		187,700		7,413,177
Shimizu Corp.		171,500		1,148,042
Shionogi & Co. Ltd.		65,300		3,134,166
Shizuoka Financial Group Inc., NVS		91,400		835,396
Subaru Corp.		195,500		3,900,090
SUMCO Corp.		180,200		2,731,907
Sumitomo Chemical Co. Ltd.		349,200		822,219
Sumitomo Corp.		421,400		9,691,288
Sumitomo Electric Industries Ltd.		168,200		2,235,647
Sumitomo Metal Mining Co. Ltd.		49,800		1,376,406
Sumitomo Mitsui Financial Group Inc.		253,300		13,174,981
Sumitomo Mitsui Trust Holdings Inc.		123,800		2,537,065
Suntory Beverage & Food Ltd.		32,700		1,066,830
Suzuki Motor Corp.		61,600		2,766,989
Taisei Corp.		43,900		1,600,532
Takeda Pharmaceutical Co. Ltd.		395,200		11,615,117
TDK Corp.		160,500		7,985,647
Tokyo Electric Power Co. Holdings Inc.(a)		952,200		5,069,658
Tokyo Gas Co. Ltd.		123,500		2,837,025
TOPPAN Holdings Inc.		70,300		1,937,780
Toray Industries Inc.		265,600		1,327,051
Tosoh Corp.		64,600		832,994
Toyota Industries Corp.		44,000		3,721,480
Toyota Motor Corp.		1,889,300		37,725,193
Toyota Tsusho Corp.		67,400		4,416,818
Yamaha Motor Co. Ltd.		191,100		1,806,229
Yamato Holdings Co. Ltd.		46,400		802,090
Yokogawa Electric Corp.		56,400		1,108,299
				541,964,692
Netherlands — 2.5%
ABN AMRO Bank NV, CVA(b)		135,759		1,998,017
Aegon Ltd.		404,293		2,385,101
AerCap Holdings NV(a)		66,019		5,054,415
ASR Nederland NV		18,052		850,728
EXOR NV, NVS		16,221		1,569,422
ING Groep NV		744,424		10,577,122
JDE Peet’s NV		30,288		747,670
Koninklijke Ahold Delhaize NV		296,565		8,340,342
Koninklijke Philips NV(a)		206,814		4,375,266
NN Group NV		100,961		4,138,213
OCI NV		14,511		414,492
Randstad NV		20,896		1,188,151
				41,638,939
Norway — 0.5%
Adevinta ASA(a)		32,018		344,009
Aker BP ASA		28,962		768,697
Equinor ASA		102,205		2,924,809
Norsk Hydro ASA		224,651		1,316,568
Orkla ASA		157,837		1,236,357
Yara International ASA		32,930		1,088,424
				7,678,864

Security	Shares		Value
Singapore — 0.5%
Jardine Cycle & Carriage Ltd.		27,500	$	530,641
Keppel Ltd.		331,000		1,758,855
Seatrium Ltd.(a)		6,946,083		515,491
Singapore Airlines Ltd.(c)		398,200		1,976,379
Singapore Telecommunications Ltd.		1,019,500		1,819,341
Wilmar International Ltd.		852,300		2,087,017
				8,687,724
Spain — 2.9%
ACS Actividades de Construccion y Servicios SA		46,493		1,834,637
Banco Bilbao Vizcaya Argentaria SA		1,305,551		12,219,222
Banco Santander SA		5,131,989		20,625,768
CaixaBank SA		822,663		3,507,827
Grifols SA(a)		87,614		954,357
Repsol SA		359,799		5,313,612
Telefonica SA		1,054,905		4,292,232
				48,747,655
Sweden — 1.5%
Boliden AB		40,956		1,087,082
Industrivarden AB, Class A		28,582		899,818
Industrivarden AB, Class C		24,551		771,615
Securitas AB, Class B		121,210		1,177,440
Skanska AB, Class B		67,656		1,173,128
SKF AB, Class B		70,773		1,394,590
Svenska Handelsbanken AB, Class A		186,135		2,006,597
Swedbank AB, Class A		129,904		2,647,181
Telefonaktiebolaget LM Ericsson, Class B		1,283,834		7,116,903
Telia Co. AB		319,683		824,517
Volvo AB, Class B		253,744		6,081,056
Volvo Car AB, Class B(a)		108,003		281,564
				25,461,491
Switzerland — 6.2%
Adecco Group AG, Registered		34,896		1,509,010
Coca-Cola HBC AG, Class DI		40,206		1,181,926
Holcim AG		86,782		6,628,307
Novartis AG, Registered		356,628		36,880,227
Roche Holding AG, NVS		99,877		28,436,615
Sandoz Group AG(a)		113,827		3,903,695
Siemens Energy AG(a)		210,052		3,120,735
STMicroelectronics NV		238,149		10,456,529
Swatch Group AG (The), Registered		13,360		607,867
UBS Group AG, Registered		378,811		11,338,801
				104,063,712
United Kingdom — 15.6%
3i Group PLC		188,660		5,905,990
abrdn PLC		272,288		579,275
Anglo American PLC		259,725		6,191,242
Associated British Foods PLC		105,339		3,120,072
Aviva PLC		365,972		1,997,685
Barclays PLC		6,716,307		12,481,096
Barratt Developments PLC		213,376		1,454,228
Berkeley Group Holdings PLC		15,427		934,176
BP PLC		2,434,418		14,218,015
British American Tobacco PLC		1,211,656		35,723,988
BT Group PLC		2,400,368		3,400,677
Coca-Cola Europacific Partners PLC		32,288		2,224,643
DCC PLC		21,418		1,557,074
Glencore PLC		1,986,895		10,512,578
GSK PLC		888,704		17,576,551
Haleon PLC		876,832		3,561,484
Hikma Pharmaceuticals PLC		41,159		1,004,158
HSBC Holdings PLC		4,287,128		33,472,620

32 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI Intl Value Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Imperial Brands PLC		385,757	$	9,260,146
Informa PLC		167,789		1,647,948
J Sainsbury PLC		832,238		2,841,394
Kingfisher PLC		470,536		1,308,243
Lloyds Banking Group PLC		18,425,309		9,876,985
NatWest Group PLC, NVS		2,062,375		5,820,307
Pearson PLC		74,401		912,735
Persimmon PLC		55,821		1,028,117
Phoenix Group Holdings PLC		85,821		547,935
Rio Tinto PLC		174,757		12,096,577
Shell PLC		943,496		29,250,553
Smith & Nephew PLC		159,806		2,234,887
Standard Chartered PLC		871,578		6,586,987
Taylor Wimpey PLC		725,100		1,353,756
Tesco PLC		2,322,805		8,416,961
Vodafone Group PLC		9,420,089		8,008,399
WPP PLC		203,632		1,969,221
				259,076,703
Total Common Stocks — 98.1% (Cost: $1,495,879,409)				1,632,817,455
Preferred Stocks
Germany — 1.3%
Bayerische Motoren Werke AG, Preference Shares, NVS		20,350		1,988,408
Henkel AG & Co. KGaA, Preference Shares, NVS		35,998		2,759,553
Porsche Automobil Holding SE, Preference Shares, NVS		82,078		4,097,659
Volkswagen AG, Preference Shares, NVS		101,544		13,060,084
				21,905,704
Total Preferred Stocks — 1.3% (Cost: $28,012,227)				21,905,704

Security	Shares		Value
Rights
Spain — 0.0%
ACS Actividades de Construccion y Servicios SA, (Expires 02/09/24)(a)		46,493	$	21,304
Total Rights — 0.0% (Cost: $23,094)				21,304
Total Long-Term Investments — 99.4% (Cost: $1,523,914,730)				1,654,744,463
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.51%(d)(e)(f)		1,999,618		2,000,818
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.32%(d)(e)		470,000		470,000
Total Short-Term Securities — 0.1% (Cost: $2,469,700)				2,470,818
Total Investments — 99.5% (Cost: $1,526,384,430)				1,657,215,281
Other Assets Less Liabilities — 0.5%				7,656,393
Net Assets — 100.0%			$	1,664,871,674

^(a)  Non-income producing security.

^(b)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)  All or a portion of this security is on loan.

^(d)  Affiliate of the Fund.

^(e)  Annualized 7-day yield as of period end.

^(f)  All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/24		Shares Held at 01/31/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	6,275,031	$	—			$ (4,277,135	)(a)	$	2,353	$	569	$	2,000,818		1,999,618	$	10,808	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		410,000		60,000	(a)		—			—		—		470,000		470,000		36,676			—
									$	2,353	$	569	$	2,470,818			$	47,484		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

S C H E D U L E  O F  I N V E S T M E N T S 33

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI Intl Value Factor ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
TOPIX Index		18		03/07/24	$	3,089	$	196,523
Euro STOXX 50 Index		68		03/15/24		3,419		68,985
FTSE 100 Index		34		03/15/24		3,275		(4,163	)
							$	261,345

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)	$	—	$	—	$	265,508	$	—	$	—	$	—	$	265,508
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	4,163	$	—	$	—	$	—	$	4,163

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended January 31, 2024, 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	$	—	$	—	$	380,592	$	—	$	—	$	—	$	380,592
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	29,286	$	—	$	—	$	—	$	29,286

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	12,754,768

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

34 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 iShares^® MSCI Intl Value Factor ETF

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	71,048,195	$	1,561,769,260		$	—	$	1,632,817,455
Preferred Stocks		—		21,905,704			—		21,905,704
Rights		21,304		—			—		21,304
Short-Term Securities
Money Market Funds		2,470,818		—			—		2,470,818
	$	73,540,317	$	1,583,674,964		$	—	$	1,657,215,281
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	265,508		$	—	$	265,508
Liabilities
Equity Contracts		—		(4,163	)		—		(4,163	)
	$	—	$	261,345		$	—		261,345

^(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

Statements of Assets and Liabilities (unaudited) 

January 31, 2024

	iShares MSCI Intl Momentum Factor ETF		iShares MSCI Intl Quality Factor ETF		iShares MSCI Intl Size Factor ETF			iShares MSCI Intl Value Factor ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	1,724,782,014	$	7,472,214,146	$	5,084,704		$	1,654,744,463
Investments, at value — affiliated(c)		1,388,159		2,199,114		41,614			2,470,818
Cash		7,084		6,960		1,461			2,025
Foreign currency collateral pledged for futures contracts(d)		240,261		2,118,083		849			560,206
Foreign currency, at value(e)		1,818,342		13,445,372		7,144			5,313,793
Receivables:
Securities lending income — affiliated		619		368		14			928
Dividends — unaffiliated		947,902		3,031,501		5,536			2,317,416
Dividends — affiliated		1,915		6,795		—			1,996
Tax reclaims		1,268,319		15,469,859		11,062			1,947,235
Total assets		1,730,454,615		7,508,492,198		5,152,384			1,667,358,880
LIABILITIES
Collateral on securities loaned, at value		758,345		55,690		41,601			2,000,021
Payables:
Investment advisory fees		424,171		1,883,811		1,303			421,459
Professional fees		—		—		—			15,708
Variation margin on futures contracts		15,047		136,269		3			50,018
Total liabilities		1,197,563		2,075,770		42,907			2,487,206
Commitments and contingent liabilities
NET ASSETS	$	1,729,257,052	$	7,506,416,428	$	5,109,477		$	1,664,871,674
NET ASSETS CONSIST OF
Paid-in capital	$	1,638,481,902	$	6,890,017,006	$	7,798,614		$	1,635,728,981
Accumulated earnings (loss)		90,775,150		616,399,422		(2,689,137	)		29,142,693
NET ASSETS	$	1,729,257,052	$	7,506,416,428	$	5,109,477		$	1,664,871,674
NET ASSET VALUE
Shares outstanding		49,100,000		201,100,000		200,000			63,200,000
Net asset value	$	35.22	$	37.33	$	25.55		$	26.34
Shares authorized		Unlimited		Unlimited		Unlimited			Unlimited
Par value		None		None		None			None
(a) Investments, at cost — unaffiliated	$	1,459,238,135	$	6,603,348,977	$	5,761,553		$	1,523,914,730
(b) Securities loaned, at value	$	706,270	$	53,429	$	39,253		$	1,887,866
(c)  Investments, at cost — affiliated	$	1,388,100	$	2,199,102	$	41,603		$	2,469,700
(d) Foreign currency collateral pledged, at cost	$	243,883	$	2,112,858	$	867		$	560,622
(e) Foreign currency, at cost	$	1,830,501	$	13,550,154	$	7,218		$	5,391,843

See notes to financial statements.

36 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Statements of Operations (unaudited)

Six Months Ended January 31, 2024

	iShares MSCI Intl Momentum Factor ETF			iShares MSCI Intl Quality Factor ETF			iShares MSCI Intl Size Factor ETF			iShares MSCI Intl Value Factor ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	13,471,119		$	67,277,647		$	145,406		$	23,065,188
Dividends — affiliated		20,191			94,773			160			36,676
Interest — unaffiliated		6,726			58,078			86			13,958
Securities lending income — affiliated — net		2,823			22,600			147			10,808
Other income — unaffiliated		3,608			47,832			—			38,651
Foreign taxes withheld		(986,564	)		(4,583,278	)		(11,592	)		(1,557,229	)
Foreign withholding tax claims		—			707,515			—			144,639
Total investment income		12,517,903			63,625,167			134,207			21,752,691
EXPENSES
Investment advisory		2,324,682			10,266,940			16,737			2,496,596
Professional		5,223			79,322			—			23,203
Total expenses		2,329,905			10,346,262			16,737			2,519,799
Net investment income		10,187,998			53,278,905			117,470			19,232,892
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(31,503,763	)		(28,066,326	)		(188,787	)		(2,699,843	)
Investments — affiliated		344			2,876			29			2,353
Foreign currency transactions		(228,152	)		(756,418	)		242			156,337
Futures contracts		236,255			1,297,488			1,963			380,592
In-kind redemptions — unaffiliated(a)		—			—			(92,967	)		21,476,099
		(31,495,316	)		(27,522,380	)		(279,520	)		19,315,538
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		113,886,585			239,285,581			(369,732	)		(10,725,628	)
Investments — affiliated		(176	)		(51	)		(5	)		569
Foreign currency translations		(46,502	)		(82,922	)		(617	)		(150,904	)
Futures contracts		15,052			(266,051	)		(1,170	)		29,286
		113,854,959			238,936,557			(371,524	)		(10,846,677	)
Net realized and unrealized gain (loss)		82,359,643			211,414,177			(651,044	)		8,468,861
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	92,547,641		$	264,693,082		$	(533,574	)	$	27,701,753

^(a)  See Note 2 of the Notes to Financial Statements.

F I N A N C I A L  S T A T E M E N T S 37

Statements of Changes in Net Assets

	iShares MSCI Intl Momentum Factor ETF						iShares MSCI Intl Quality Factor ETF
	Six Months Ended 01/31/24 (unaudited)			Year Ended 07/31/23			Six Months Ended 01/31/24 (unaudited)			Year Ended 07/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	10,187,998		$	27,897,055		$	53,278,905		$	135,253,533
Net realized loss		(31,495,316	)		(67,618,684	)		(27,522,380	)		(72,653,398	)
Net change in unrealized appreciation (depreciation)		113,854,959			166,460,976			238,936,557			605,057,925
Net increase in net assets resulting from operations		92,547,641			126,739,347			264,693,082			667,658,060
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(16,852,875	)		(26,203,219	)		(72,337,760	)		(124,082,259	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		135,728,712			593,890,344			440,423,705			2,308,184,692
NET ASSETS
Total increase in net assets		211,423,478			694,426,472			632,779,027			2,851,760,493
Beginning of period		1,517,833,574			823,407,102			6,873,637,401			4,021,876,908
End of period	$	1,729,257,052		$	1,517,833,574		$	7,506,416,428		$	6,873,637,401

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

38 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)

	iShares MSCI Intl Size Factor ETF						iShares MSCI Intl Value Factor ETF
	Six Months Ended 01/31/24 (unaudited)			Year Ended 07/31/23			Six Months Ended 01/31/24 (unaudited)			Year Ended 07/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	117,470		$	571,127		$	19,232,892		$	67,168,537
Net realized gain (loss)		(279,520	)		833,908			19,315,538			2,738,557
Net change in unrealized appreciation (depreciation)		(371,524	)		1,677,560			(10,846,677	)		269,009,993
Net increase (decrease) in net assets resulting from operations		(533,574	)		3,082,595			27,701,753			338,917,087
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(222,431	)		(547,721	)		(37,956,265	)		(61,269,424	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(10,153,001	)		(1,335,458	)		(75,946,688	)		65,537,081
NET ASSETS
Total increase (decrease) in net assets		(10,909,006	)		1,199,416			(86,201,200	)		343,184,744
Beginning of period		16,018,483			14,819,067			1,751,072,874			1,407,888,130
End of period	$	5,109,477		$	16,018,483		$	1,664,871,674		$	1,751,072,874

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

F I N A N C I A L  S T A T E M E N T S 39

Financial Highlights

(For a share outstanding throughout each period)

	iShares MSCI Intl Momentum Factor ETF
	Six Months Ended 01/31/24 (unaudited)				Year Ended 07/31/23			Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19
Net asset value, beginning of period		$	33.73		$	30.84		$	39.06		$	32.99		$	29.44		$	30.00
Net investment income(a)			0.22	(b)		0.91	(b)		0.94			0.43			0.46			0.69
Net realized and unrealized gain (loss)(c)			1.62			2.76			(6.94	)		6.09			3.52			(0.57	)
Net increase (decrease) from investment operations			1.84			3.67			(6.00	)		6.52			3.98			0.12
Distributions(d)
From net investment income			(0.35	)		(0.78	)		(1.11	)		(0.45	)		(0.43	)		(0.68	)
From net realized gain			—			—			(1.11	)		—			—			—
Total distributions			(0.35	)		(0.78	)		(2.22	)		(0.45	)		(0.43	)		(0.68	)
Net asset value, end of period		$	35.22		$	33.73		$	30.84		$	39.06		$	32.99		$	29.44
Total Return(e)
Based on net asset value			5.53	%(b)(f)		12.09	%(b)		(16.09	)%		19.80	%		13.65	%		0.55	%
Ratios to Average Net Assets(g)
Total expenses			0.30	%(h)		0.30	%		0.30	%		0.30	%		0.30	%		0.30	%
Total expenses excluding professional fees for foreign withholding tax claims			0.30	%(h)		0.30	%		N/A			N/A			N/A			N/A
Net investment income			1.31	%(b)(h)		2.89	%(b)		2.65	%		1.16	%		1.53	%		2.44	%
Supplemental Data
Net assets, end of period (000)		$	1,729,257		$	1,517,834		$	823,407		$	831,917		$	405,753		$	164,888
Portfolio turnover rate(i)			40	%		101	%		100	%		104	%		125	%		105	%

^(a)  Based on average shares outstanding.

^(b)  Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended January 31, 2024 and for the year ended July 31, 2023, respectively:

• Net investment income per share by $0.00 and $0.00.

• Total return by 1.78% and 0.00%.

• Ratio of net investment income to average net assets by 0.02% and 0.01%.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)  Annualized.

⁽ⁱ⁾  Portfolio turnover rate excludes in-kind transactions.

40 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

			iShares MSCI Intl Quality Factor ETF
	Six Months Ended 01/31/24 (unaudited)					Year Ended 07/31/23			Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19
Net asset value, beginning of period			$	36.41		$	32.80		$	39.29		$	30.32		$	29.79		$	29.62
Net investment income(a)				0.28			0.95			1.00			0.78			0.70			0.96
Net realized and unrealized gain (loss)(b)				1.01			3.45			(6.37	)		8.90			0.44			(0.12	)
Net increase (decrease) from investment operations				1.29			4.40			(5.37	)		9.68			1.14			0.84
Distributions from net investment income(c)				(0.37	)		(0.79	)		(1.12	)		(0.71	)		(0.61	)		(0.67	)
Net asset value, end of period			$	37.33		$	36.41		$	32.80		$	39.29		$	30.32		$	29.79
Total Return(d)
Based on net asset value				3.56	%(e)		13.54	%		(13.78	)%		32.03	%		3.86	%		2.99	%
Ratios to Average Net Assets(f)
Total expenses				0.30	%(g)		0.30	%		0.30	%		0.30	%		0.30	%		0.30	%
Total expenses excluding professional fees for foreign withholding tax claims				0.30	%(g)		0.30	%		N/A			N/A			N/A			N/A
Net investment income				1.56	%(g)		2.84	%		2.75	%		2.18	%		2.38	%		3.31	%
Supplemental Data
Net assets, end of period (000)			$	7,506,416		$	6,873,637		$	4,021,877		$	3,744,470		$	1,655,632		$	822,240
Portfolio turnover rate(h)				13	%		28	%		32	%		37	%		26	%		29	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h)  Portfolio turnover rate excludes in-kind transactions.

F I N A N C I A L  H I G H L I G H T S 41

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Intl Size Factor ETF
	Six Months Ended 01/31/24 (unaudited)				Year Ended 07/31/23			Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19
Net asset value, beginning of period		$	26.70		$	24.70		$	31.73		$	24.61		$	26.01		$	27.58
Net investment income(a)			0.26			0.66			0.70			0.62			0.48			0.72
Net realized and unrealized gain (loss)(b)			(0.30	)		2.10			(5.18	)		7.19			(1.57	)		(1.56	)
Net increase (decrease) from investment operations			(0.04	)		2.76			(4.48	)		7.81			(1.09	)		(0.84	)
Distributions from net investment income(c)			(1.11	)		(0.76	)		(2.55	)		(0.69	)		(0.31	)		(0.73	)
Net asset value, end of period		$	25.55		$	26.70		$	24.70		$	31.73		$	24.61		$	26.01
Total Return(d)
Based on net asset value			(0.11	)%(e)		11.38	%		(14.94	)%		31.83	%		(4.25	)%		(2.93	)%
Ratios to Average Net Assets(f)
Total expenses			0.30	%(g)		0.30	%		0.30	%		0.30	%		0.30	%		0.30	%
Net investment income			2.11	%(g)		2.66	%		2.42	%		2.11	%		1.91	%		2.78	%
Supplemental Data
Net assets, end of period (000)		$	5,109		$	16,018		$	14,819		$	25,384		$	19,686		$	5,202
Portfolio turnover rate(h)			7	%		23	%		25	%		25	%		42	%		26	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h)  Portfolio turnover rate excludes in-kind transactions.

42 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Intl Value Factor ETF
	Six Months Ended 01/31/24 (unaudited)				Year Ended 07/31/23			Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19
Net asset value, beginning of period		$	26.41		$	22.63		$	25.69		$	19.05		$	22.61		$	25.67
Net investment income(a)			0.30	(b)		1.00	(b)		0.99			0.76			0.58			0.86
Net realized and unrealized gain (loss)(c)			0.24			3.71			(2.99	)		6.44			(3.57	)		(3.14	)
Net increase (decrease) from investment operations			0.54			4.71			(2.00	)		7.20			(2.99	)		(2.28	)
Distributions from net investment income(d)			(0.61	)		(0.93	)		(1.06	)		(0.56	)		(0.57	)		(0.78	)
Net asset value, end of period		$	26.34		$	26.41		$	22.63		$	25.69		$	19.05		$	22.61
Total Return(e)
Based on net asset value			2.11	%(b)(f)		21.19	%(b)		(8.02	)%		37.95	%		(13.57	)%		(8.80	)%
Ratios to Average Net Assets(g)
Total expenses			0.30	%(h)		0.30	%		0.30	%		0.30	%		0.30	%		0.30	%
Total expenses excluding professional fees for foreign withholding tax claims			0.30	%(h)		0.30	%		N/A			N/A			N/A			N/A
Net investment income			2.31	%(b)(h)		4.24	%(b)		3.96	%		3.18	%		2.76	%		3.63	%
Supplemental Data
Net assets, end of period (000)		$	1,664,872		$	1,751,073		$	1,407,888		$	1,125,168		$	451,494		$	314,222
Portfolio turnover rate(i)			7	%		14	%		17	%		24	%		18	%		20	%

^(a)  Based on average shares outstanding.

^(b)  Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended January 31, 2024 and for the year ended July 31, 2023, respectively:

• Net investment income per share by $0.00 and $0.01.

• Total return by 0.01% and 0.03%.

• Ratio of net investment income to average net assets by 0.01% and 0.03%.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)  Annualized.

⁽ⁱ⁾  Portfolio turnover rate excludes in-kind transactions.

F I N A N C I A L  H I G H L I G H T S 43

Notes to Financial Statements (unaudited) 

1. ORGANIZATION

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):

iShares ETF	Diversification  Classification
MSCI Intl Momentum Factor		Diversified
MSCI Intl Quality Factor		Diversified
MSCI Intl Size Factor		Diversified
MSCI Intl Value Factor		Diversified

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of January 31, 2024, 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.

44 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Company (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 45

Notes to Financial Statements (unaudited) (continued)

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
MSCI Intl Momentum Factor
Citigroup Global Markets, Inc.	$	701,307	$	(701,307	)	$	—		$	—
HSBC Bank PLC		4,963		(4,963	)		—			—
	$	706,270	$	(706,270	)	$	—		$	—
MSCI Intl Quality Factor
State Street Bank & Trust Co.	$	53,429	$	(53,429	)	$	—		$	—
MSCI Intl Size Factor
BofA Securities, Inc.	$	10,852	$	(10,852	)	$	—		$	—
Citigroup Global Markets, Inc.		7,189		(7,189	)		—			—
HSBC Bank PLC		10,874		(10,874	)		—			—
Scotia Capital (USA), Inc.		6,357		(6,357	)		—			—
SG Americas Securities LLC		3,981		(3,981	)		—			—
	$	39,253	$	(39,253	)	$	—		$	—
MSCI Intl Value Factor
BofA Securities, Inc.	$	842,102	$	(842,102	)	$	—		$	—
HSBC Bank PLC		1,045,764		(1,045,764	)		—			—
	$	1,887,866	$	(1,887,866	)	$	—		$	—

^(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.

46 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

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 Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each of the following Funds, BFAis entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fees
MSCI Intl Momentum Factor		0.30%
MSCI Intl Quality Factor		0.30
MSCI Intl Size Factor		0.30
MSCI Intl Value Factor		0.30

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 47

Notes to Financial Statements (unaudited) (continued)

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended January 31, 2024, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
MSCI Intl Momentum Factor	$	947
MSCI Intl Quality Factor		5,038
MSCI Intl Size Factor		44
MSCI Intl Value Factor		3,187

Officers and Trustees: Certain officers and/or trustees of the Company are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended January 31, 2024, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
MSCI Intl Momentum Factor	$	275,919,913	$	292,252,367		$ (17,764,179	)
MSCI Intl Quality Factor		327,002,545		327,926,962		(40,535,147	)
MSCI Intl Size Factor		222,937		230,085		1,787
MSCI Intl Value Factor		63,896,007		71,553,446		4,640,265

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

7. PURCHASES AND SALES

For the six months ended January 31, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
MSCI Intl Momentum Factor	$	628,074,371	$	615,221,060
MSCI Intl Quality Factor		911,281,458		857,036,035
MSCI Intl Size Factor		785,020		1,113,748
MSCI Intl Value Factor		121,676,868		141,334,961

For the six months ended January 31, 2024, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI Intl Momentum Factor	$	116,999,685	$	—
MSCI Intl Quality Factor		364,517,715		—
MSCI Intl Size Factor		—		9,880,961
MSCI Intl Value Factor		35,975,629		111,064,731

8. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 2024, 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.

48 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

As of July 31, 2023, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring Capital Loss Carryforwards
MSCI Intl Momentum Factor		$ (138,466,058	)
MSCI Intl Quality Factor		(192,006,726	)
MSCI Intl Size Factor		(1,536,561	)
MSCI Intl Value Factor		(88,143,448	)

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of January 31, 2024, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized    Appreciation   (Depreciation)
MSCI Intl Momentum Factor	$	1,467,052,493	$	272,833,149	$	(13,537,442	)	$	259,295,707
MSCI Intl Quality Factor		6,640,292,346		1,139,683,408		(304,754,863	)		834,928,545
MSCI Intl Size Factor		6,016,486		319,134		(1,208,147	)		(889,013)
MSCI Intl Value Factor		1,560,851,647		240,960,809		(144,335,830	)		96,624,979

9. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses an indexing approach to try to achieve each Fund’s investment objective. The Fund is not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

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.

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 may significantly impact the resulting fair value and therefore each Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by each Fund, and each Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. Each Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

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 49

Notes to Financial Statements (unaudited) (continued)

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

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 Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

10. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

	Six Months Ended 01/31/24				Year Ended 07/31/23
iShares ETF	Shares		Amount		Shares			Amount
MSCI Intl Momentum Factor
Shares sold		4,100,000	$	135,728,712		18,600,000		$	603,143,499
Shares redeemed		—		—		(300,000	)		(9,253,155	)
		4,100,000	$	135,728,712		18,300,000		$	593,890,344

50 2 0 2 4  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

	Six Months Ended 01/31/24						Year Ended 07/31/23
iShares ETF	Shares			Amount			Shares			Amount
MSCI Intl Quality Factor
Shares sold		12,300,000		$	440,423,705			70,900,000		$	2,461,661,141
Shares redeemed		—			—			(4,700,000	)		(153,476,449	)
		12,300,000		$	440,423,705			66,200,000		$	2,308,184,692
MSCI Intl Size Factor
Shares sold		—		$	—			600,000		$	14,349,062
Shares redeemed		(400,000	)		(10,153,001	)		(600,000	)		(15,684,520	)
		(400,000	)	$	(10,153,001	)		—		$	(1,335,458	)
MSCI Intl Value Factor
Shares sold		1,400,000		$	36,712,159			11,600,000		$	246,667,929
Shares redeemed		(4,500,000	)		(112,658,847	)		(7,500,000	)		(181,130,848	)
		(3,100,000	)	$	(75,946,688	)		4,100,000		$	65,537,081

The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars. Authorized Participants purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Company’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

11. FOREIGN WITHHOLDING TAX CLAIMS

The Internal Revenue Service (“IRS”) has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which iShares MSCI Intl Quality Factor ETF and iShares MSCI Intl Value Factor ETF are able to pass through to shareholders as a foreign tax credit in the current year, each of the Funds will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Funds.

12. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

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

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares MSCI Intl Momentum Factor ETF, iShares MSCI Intl Quality Factor ETF, iShares MSCI Intl Size Factor ETF and iShares MSCI Intl Value Factor ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 8, 2023 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40Act Liquidity Risk Management Committee (the “Committee”).At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2022 through September 30, 2023 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays, delays in the repatriation of the local currency in certain non-U.S. countries, the continued illiquidity of Russian equity securities and the suspension of select sanctions in Venezuela.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size utilized for liquidity classifications. The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. The Committee also considered that ETFs generally do not engage in borrowing.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs. However, there were no ETFs with persistent deviations of fund premium/discount or bid/ask spreads from long-term averages over the Program Reporting Period.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review. There were no ETFs for which the custom baskets accepted by the ETF had a significant change in its liquidity profile.

There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

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Supplemental Information (unaudited) 

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.

S U P P L E M E N T A L  I N F O R M A T I O N 53

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
NVS	Non-Voting Shares
REIT	Real Estate Investment Trust

G L O S S A R Y  O F  T E R M S   U S E D  I N  T H I S  R E P O R T 55

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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.

^©2024 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-711-0124

   

(b) Not Applicable

Item 2. Code of Ethics.

Not applicable to this semi-annual report.

Item 3. Audit Committee Financial Expert.

Not applicable to this semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable to this semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this semi-annual report.

Item 6. Investments.

(a) Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a) The President (the registrant’s Principal Executive Officer) and Treasurer and Chief Financial Officer (the registrant’s Principal Financial Officer) have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b) under the Exchange Act of 1934.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 13. Recovery of Erroneously Awarded Compensation.

Not applicable

Item 14. Exhibits.

(a) (1) Not applicable to this semi-annual report.

(a) (2) Section 302 Certifications are attached.

(a) (3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a) (4) Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

iShares Trust

By:	/s/ Jessica Tan
	Jessica Tan, President (Principal Executive Officer)

Date: March 21, 2024

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/ Jessica Tan
	Jessica Tan, President (Principal Executive Officer)

Date: March 21, 2024

By:	/s/ Trent Walker
	Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)

Date: March 21, 2024