UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT

OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-09729

iShares Trust

(Exact name of registrant as specified in charter)

c/o BlackRock Fund Advisors

400 Howard Street, San Francisco, CA 94105

(Address of principal executive offices) (Zip code)

The Corporation Trust Company

1209 Orange Street, Wilmington, DE 19801

(Name and address of agent for service)

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

Date of fiscal year end: August 31, 2024

Date of reporting period: February 29, 2024

Item 1. Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

FEBRUARY 29, 2024

2024 Semi-Annual Report

(Unaudited)

iShares Trust

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

· iShares MSCI China ETF | MCHI | NASDAQ

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

· iShares MSCI Indonesia ETF | EIDO | NYSE Arca

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

· iShares MSCI Philippines ETF | EPHE | NYSE Arca

· iShares MSCI Poland ETF | EPOL | NYSE Arca

· iShares MSCI Qatar ETF | QAT | NASDAQ

· iShares MSCI Saudi Arabia ETF | KSA | NYSE Arca

· iShares MSCI UAE ETF | UAE | NASDAQ

The Markets in Review

Dear Shareholder,

The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended February 29, 2024. Significantly tighter monetary policy helped to rein in inflation, and the Consumer Price Index decelerated substantially while remaining above pre-pandemic levels. 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 strongly, while emerging market stocks advanced at a more modest pace.

The 10-year U.S. Treasury yield rose during the reporting period, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. However, higher yields drove positive returns overall for 10-year U.S. Treasuries and solid gains in shorter-duration U.S. Treasuries. 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 three times during the 12-month period, but paused its tightening after its July meeting. The Fed also continued to reduce its balance sheet by not replacing some of the 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 rapid 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 February 29, 2024
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	13.93%	30.45%
U.S. small cap equities (Russell 2000® Index)	8.97	10.05
International equities (MSCI Europe, Australasia, Far East Index)	9.23	14.41
Emerging market equities (MSCI Emerging Markets Index)	4.93	8.73
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	2.69	5.22
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	0.58	0.69
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	2.35	3.33
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	4.33	5.42
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped  Index)	6.18	11.01
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		14
Disclosure of Expenses		14
Schedules of Investments		15
Financial Statements
Statements of Assets and Liabilities		53
Statements of Operations		56
Statements of Changes in Net Assets		59
Financial Highlights		64
Notes to Financial Statements		74
Statement Regarding Liquidity Risk Management Program		84
Supplemental Information		85
General Information		86
Glossary of Terms Used in this Report		87

Fund Summary as of February 29, 2024 iShares^® MSCI Brazil Small-Cap ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		3.91	%		26.98	%		0.47	%		0.82	%		26.98	%		2.37	%		8.46	%
Fund Market		3.27			27.59			0.43			0.80			27.59			2.14			8.31
Index		4.23			27.61			1.18			1.41			27.61			6.02			14.99

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 (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$  1,000.00	$	1,039.10	$	3.04		$	1,000.00	$	1,021.90	$	3.02		0.60	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (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	19.3
Consumer Staples	12.0
Utilities	10.4
Materials	9.8
Real Estate	8.6
Financials	5.9
Energy	4.8
Health Care	4.5
Information Technology	1.4

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Embraer SA	6.0	%
Allos SA	3.5
BRF SA	3.1
Multiplan Empreendimentos Imobiliarios SA	2.5
Metalurgica Gerdau SA (Preferred)	2.4
Cyrela Brazil Realty SA Empreendimentos e Participacoes	2.3
Transmissora Alianca de Energia Eletrica SA	2.3
3R Petroleum Oleo E Gas SA	2.3
Cielo SA	2.3
Smartfit Escola de Ginastica e Danca SA	2.3

^(a) Excludes money market funds.

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Fund Summary as of February 29, 2024 iShares^® MSCI China ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(10.66	)%		(15.19	)%		(6.69	)%		0.38	%		(15.19	)%		(29.25	)%		3.87	%
Fund Market		(10.98	)		(15.68	)		(6.78	)		0.39			(15.68	)		(29.61	)		4.00
Index		(9.75	)		(14.12	)		(6.06	)		0.97			(14.12	)		(26.83	)		10.18

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 (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$  1,000.00	$	893.40	$	2.82		$	1,000.00	$	1,021.90	$	3.02		0.60	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (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	30.1	%
Communication Services	19.5
Financials	17.1
Information Technology	5.9
Industrials	5.3
Consumer Staples	5.2
Health Care	5.0
Energy	3.8
Materials	3.2
Utilities	2.6
Real Estate	2.3

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Tencent Holdings Ltd.	13.0	%
Alibaba Group Holding Ltd.	8.4
PDD Holdings Inc.	4.2
China Construction Bank Corp., Class H	3.4
Meituan, Class B	2.9
NetEase Inc.	2.4
Industrial & Commercial Bank of China Ltd., Class H	1.9
Bank of China Ltd., Class H	1.7
Ping An Insurance Group Co. of China Ltd., Class H	1.7
Baidu Inc.	1.6

^(a) Excludes money market funds.

F U N D  S U M M A R Y 5

Fund Summary as of February 29, 2024 iShares^® MSCI China Small-Cap ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(12.56	)%		(31.11	)%		(8.19	)%		(3.02	)%		(31.11	)%		(34.78	)%		(26.42	)%
Fund Market		(13.48	)		(31.41	)		(8.43	)		(3.00	)		(31.41	)		(35.63	)		(26.29	)
Index		(12.49	)		(31.99	)		(10.06	)		(4.56	)		(31.99	)		(41.13	)		(37.27	)

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 (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$   1,000.00	$	874.40	$	2.80		$	1,000.00	$	1,021.90	$	3.02		0.60	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (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	22.6	%
Industrials	13.1
Consumer Discretionary	11.5
Materials	9.8
Information Technology	9.7
Real Estate	8.5
Communication Services	8.3
Consumer Staples	6.4
Financials	4.7
Utilities	3.9
Energy	1.5

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
HUTCHMED China Ltd.	1.7	%
China Traditional Chinese Medicine Holdings Co. Ltd.	1.6
Chinasoft International Ltd.	1.6
China Conch Venture Holdings Ltd.	1.5
Dongyue Group Ltd.	1.4
China Everbright Environment Group Ltd.	1.4
Minth Group Ltd.	1.3
Shenzhen International Holdings Ltd.	1.2
3SBio Inc.	1.2
JOYY Inc.	1.2

^(a) Excludes money market funds.

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Fund Summary as of February 29, 2024 iShares^® MSCI Indonesia ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(2.16	)%		0.55	%		(0.99	)%		0.32	%		0.55	%		(4.88	)%		3.28	%
Fund Market		(2.04	)		0.47			(0.75	)		0.44			0.47			(3.71	)		4.46
Index		(1.94	)		0.77			(0.47	)		0.83			0.77			(2.34	)		8.58

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

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$  1,000.00	$	978.40	$	2.95		$	1,000.00	$	1,021.90	$	3.02		0.60	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (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	52.4	%
Materials	9.6
Consumer Staples	9.1
Communication Services	6.9
Energy	6.3
Consumer Discretionary	5.4
Industrials	5.1
Real Estate	2.3
Health Care	2.0
Other (each representing less than 1%)	0.9

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Bank Central Asia Tbk PT	20.6	%
Bank Rakyat Indonesia Persero Tbk PT	15.3
Bank Mandiri Persero Tbk PT	9.0
Telkom Indonesia Persero Tbk PT	4.3
Bank Negara Indonesia Persero Tbk PT	4.0
Astra International Tbk PT	3.6
GoTo Gojek Tokopedia Tbk PT	2.5
Amman Mineral Internasional PT	2.3
Sumber Alfaria Trijaya Tbk PT	2.1
Charoen Pokphand Indonesia Tbk PT	1.7

^(a) Excludes money market funds.

F U N D  S U M M A R Y 7

Fund Summary as of February 29, 2024 iShares^® MSCI Peru and Global Exposure ETF

Investment Objective

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

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		10.58	%		24.82	%		1.73	%		3.18	%		24.82	%		8.93	%		36.78	%
Fund Market		12.04			26.52			1.70			3.26			26.52			8.79			37.77
Index		11.02			25.55			2.06			3.70			25.55			10.74			43.86

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 (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$  1,000.00	$	1,105.80	$	3.14		$	1,000.00	$	1,021.90	$	3.02		0.60	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (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)
Materials	49.8	%
Financials	26.6
Consumer Staples	8.3
Consumer Discretionary	5.0
Industrials	3.3
Utilities	2.4
Real Estate	2.4
Communication Services	2.2

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Credicorp Ltd.	22.5	%
Southern Copper Corp.	21.8
Cia. de Minas Buenaventura SAA	4.5
Alicorp SAA	4.3
Sociedad Minera Cerro Verde SAA	4.2
Ferreycorp SAA	3.3
InRetail Peru Corp.	2.9
Hochschild Mining PLC	2.8
MMG Ltd.	2.6
Laureate Education Inc., Class A	2.5

^(a) Excludes money market funds.

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Fund Summary as of February 29, 2024 iShares^® MSCI Philippines ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		12.88	%		5.11	%		(2.91	)%		(1.21	)%		5.11	%		(13.74	)%		(11.42	)%
Fund Market		13.79			6.10			(2.69	)		(1.21	)		6.10			(12.73	)		(11.49	)
Index		13.32			5.90			(2.17	)		(0.52	)		5.90			(10.39	)		(5.03	)

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

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$  1,000.00	$	1,128.80	$	3.18		$	1,000.00	$	1,021.90	$	3.02		0.60	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (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	31.4	%
Financials	21.1
Real Estate	17.3
Consumer Discretionary	8.5
Utilities	7.6
Consumer Staples	6.4
Communication Services	5.1
Energy	1.5
Materials	1.1

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
BDO Unibank Inc.	10.5	%
SM Prime Holdings Inc.	9.1
International Container Terminal Services Inc.	7.5
Ayala Land Inc.	6.4
SM Investments Corp.	6.2
Bank of the Philippine Islands	4.7
Jollibee Foods Corp.	4.6
Ayala Corp.	4.5
Metropolitan Bank & Trust Co.	4.3
Manila Electric Co.	4.2

^(a) Excludes money market funds.

F U N D  S U M M A R Y 9

Fund Summary as of February 29, 2024 iShares^® MSCI Poland ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		25.35	%		52.28	%		2.16	%		(0.62	)%		52.28	%		11.25	%		(6.02	)%
Fund Market		25.28			52.13			2.19			(0.60	)		52.13			11.44			(5.87	)
Index		24.84			51.68			2.21			(0.50	)		51.68			11.53			(4.89	)

Certain sectors and markets performed exceptionally well based on market conditions during the six-months and one-year periods. 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 (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$  1,000.00	$	1,253.50	$	4.59		$	1,000.00	$	1,020.80	$	4.12		0.82	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (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	48.6	%
Consumer Discretionary	12.7
Energy	10.5
Materials	7.5
Communication Services	5.3
Consumer Staples	5.3
Utilities	4.8
Industrials	3.1
Information Technology	2.2

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Powszechna Kasa Oszczednosci Bank Polski SA	14.2	%
ORLEN SA	10.5
Bank Polska Kasa Opieki SA	9.2
Powszechny Zaklad Ubezpieczen SA	8.6
Santander Bank Polska SA	4.7
LPP SA	4.7
Dino Polska SA	4.5
Allegro.eu SA	4.4
KGHM Polska Miedz SA	4.1
mBank SA	3.4

^(a) Excludes money market funds.

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Fund Summary as of February 29, 2024 iShares^® MSCI Qatar ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		2.61	%		2.96	%		3.13	%		0.43	%		2.96	%		16.63	%		4.27	%
Fund Market		1.17			3.41			3.31			0.44			3.41			17.68			4.46
Index		2.90			3.47			3.74			1.03			3.47			20.15			10.64

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

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$  1,000.00	$	1,026.10	$	3.02		$	1,000.00	$	1,021.90	$	3.02		0.60	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (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	55.9	%
Industrials	13.4
Energy	8.8
Materials	6.7
Communication Services	5.1
Real Estate	4.9
Utilities	3.2
Consumer Staples	1.4
Health Care	0.6

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Qatar National Bank QPSC	22.5	%
Qatar Islamic Bank SAQ	12.9
Industries Qatar QSC	6.9
Masraf Al Rayan QSC	4.5
Commercial Bank PSQC (The)	4.4
Qatar International Islamic Bank QSC	4.3
Qatar Gas Transport Co. Ltd.	4.0
Qatar Navigation QSC	3.9
Ooredoo QPSC	3.7
Mesaieed Petrochemical Holding Co. QSC	3.7

^(a)   Excludes money market funds.

F U N D  S U M M A R Y 11

Fund Summary as of February 29, 2024 iShares^® MSCI Saudi Arabia ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		11.07	%		26.04	%		9.41	%		9.50	%		26.04	%		56.81	%		115.35	%
Fund Market		10.20			25.70			9.08			9.41			25.70			54.44			113.89
Index		11.31			26.80			10.17			10.32			26.80			62.32			129.36

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

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$   1,000.00	$	1,110.70	$	3.88		$	1,000.00	$	1,021.20	$	3.72		0.74	%

^(a) Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (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	42.1	%
Materials	17.8
Communication Services	9.2
Energy	7.1
Health Care	5.7
Consumer Staples	4.9
Utilities	3.4
Consumer Discretionary	3.3
Industrials	2.6
Real Estate	2.1
Information Technology	1.8

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Al Rajhi Bank	13.1	%
Saudi National Bank (The)	9.4
Saudi Arabian Oil Co.	6.3
Saudi Telecom Co.	5.9
Saudi Basic Industries Corp.	5.3
Saudi Arabian Mining Co.	4.4
Riyad Bank	3.4
Alinma Bank	3.4
Saudi Awwal Bank	3.0
Bank AlBilad	2.0

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Fund Summary as of February 29, 2024 iShares^® MSCI UAE ETF

Investment Objective

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

Performance

			Average Annual Total Returns							Cumulative Total Returns
	6-Month Total Returns			1 Year		5 Years		Since Inception			1 Year		5 Years		Since Inception
Fund NAV	(3.31	)%		2.04	%	4.03	%	(1.70	)%		2.04	%	21.81	%	(15.51	)%
Fund Market	(2.49	)		2.76		3.89		(1.62	)		2.76		21.00		(14.81	)
Index	(3.02	)		2.81		5.19		(0.95	)		2.81		28.78		(8.97	)

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

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$   1,000.00	$	966.90	$	2.93		$	1,000.00	$	1,021.90	$	3.02		0.60	%

^(a) Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (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	39.1	%
Real Estate	21.0
Communication Services	16.4
Industrials	12.2
Consumer Discretionary	6.7
Utilities	2.4
Energy	1.3
Other (each representing less than 1%)	0.9

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Emirates Telecommunications Group Co. PJSC	15.4	%
First Abu Dhabi Bank PJSC	14.8
Emaar Properties PJSC	13.0
Aldar Properties PJSC	4.9
Abu Dhabi Islamic Bank PJSC	4.6
Emirates NBD Bank PJSC	4.6
Dubai Islamic Bank PJSC	4.5
Abu Dhabi Commercial Bank PJSC	4.5
Abu Dhabi National Oil Co. for Distribution PJSC	3.3
Americana Restaurants International PLC	2.7

F U N D  S U M M A R Y 13

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)  February 29, 2024 iShares^® MSCI Brazil Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 6.0%
Embraer SA(a)		3,001,427	$	14,750,229
Automobile Components — 0.4%
Fras-Le SA		287,581		945,857
Commercial Services & Supplies — 3.0%
Ambipar Participacoes e Empreendimentos SA		249,697		742,395
GPS Participacoes e Empreendimentos SA(b)		1,433,999		5,166,447
Orizon Valorizacao de Residuos SA(a)		212,360		1,431,084
				7,339,926
Communications Equipment — 0.7%
Intelbras SA Industria de Telecomunicacao Eletronica Brasileira		419,353		1,788,394
Consumer Staples Distribution & Retail — 1.5%
Grupo Mateus SA(a)		2,356,695		3,825,819
Diversified Consumer Services — 3.5%
Cogna Educacao SA(a)		8,007,053		4,059,016
YDUQS Participacoes SA		1,120,990		4,591,208
				8,650,224
Electric Utilities — 3.9%
Alupar Investimento SA		650,168		3,894,913
Transmissora Alianca de Energia Eletrica SA		809,719		5,766,139
				9,661,052
Financial Services — 2.3%
Cielo SA		5,216,415		5,614,013
Food Products — 10.4%
BrasilAgro - Co. Brasileira de Propriedades Agricolas		218,265		1,041,469
BRF SA(a)		2,512,556		7,632,032
Camil Alimentos SA		448,402		771,225
Jalles Machado SA		453,301		693,023
M. Dias Branco SA		289,287		2,398,747
Marfrig Global Foods SA(a)		1,590,653		3,167,803
Minerva SA		1,159,951		1,589,038
Sao Martinho SA		679,719		3,869,576
SLC Agricola SA		851,214		3,366,431
Tres Tentos Agroindustrial SA		531,695		1,136,955
				25,666,299
Ground Transportation — 3.0%
JSL SA		305,534		728,940
Movida Participacoes SA		695,637		1,193,656
SIMPAR SA		1,430,919		2,213,548
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA		1,884,761		3,309,924
				7,446,068
Health Care Providers & Services — 4.5%
CM Hospitalar SA(a)		685,119		1,164,582
Diagnosticos da America SA(a)		637,798		1,016,145
Fleury SA		1,050,633		3,362,550
Hospital Mater Dei SA		483,436		613,643
Odontoprev SA		1,178,687		2,857,150
Oncoclinicas do Brasil Servicos Medicos SA(a)		1,013,126		2,099,173
				11,113,243
Hotels, Restaurants & Leisure — 2.2%
Smartfit Escola de Ginastica e Danca SA		1,125,613		5,538,511
Household Durables — 6.0%
Cury Construtora e Incorporadora SA		560,414		2,173,519

Security	Shares		Value
Household Durables (continued)
Cyrela Brazil Realty SA Empreendimentos e Participacoes		1,193,928	$	5,776,180
Direcional Engenharia SA		555,214		2,643,663
Ez Tec Empreendimentos e Participacoes SA		469,282		1,593,507
MRV Engenharia e Participacoes SA(a)		1,678,461		2,572,846
				14,759,715
Independent Power and Renewable Electricity Producers — 2.8%
AES Brasil Energia SA(a)		1,027,315		2,157,504
Auren Energia SA		1,280,032		3,303,657
Serena Energia SA, NVS		794,770		1,496,459
				6,957,620
Insurance — 0.8%
IRB-Brasil Resseguros SA(a)		263,249		2,055,747
IT Services — 0.7%
LWSA SA(b)		1,528,068		1,712,164
Machinery — 1.6%
Iochpe Maxion SA		555,856		1,404,428
Marcopolo SA		728,820		1,011,619
Tupy SA		306,096		1,576,322
				3,992,369
Marine Transportation — 0.8%
Hidrovias do Brasil SA(a)		2,595,504		2,004,936
Metals & Mining — 0.6%
Bradespar SA		145,602		589,016
Cia. Brasileira de Aluminio		1,111,192		894,121
				1,483,137
Oil, Gas & Consumable Fuels — 4.8%
3R Petroleum Oleo E Gas SA(a)		1,023,961		5,757,219
Enauta Participacoes SA		623,776		3,197,242
Petroreconcavo SA		625,804		2,895,434
				11,849,895
Paper & Forest Products — 1.6%
Dexco SA		1,750,585		2,866,521
Irani Papel e Embalagem SA		544,406		996,579
				3,863,100
Real Estate Management & Development — 8.5%
Allos SA, NVS		1,714,201		8,513,935
Iguatemi SA		931,977		4,409,507
JHSF Participacoes SA		1,445,247		1,296,655
LOG Commercial Properties e Participacoes SA		173,769		764,135
Multiplan Empreendimentos Imobiliarios SA		1,153,490		6,128,155
				21,112,387
Specialty Retail — 0.9%
Grupo SBF SA		413,532		1,024,035
Pet Center Comercio e Participacoes SA		1,381,438		1,158,817
				2,182,852
Textiles, Apparel & Luxury Goods — 5.5%
Arezzo Industria e Comercio SA		307,818		3,667,611
Grendene SA		1,347,259		1,748,068
Grupo De Moda Soma SA		2,176,420		3,064,702
Vivara Participacoes SA		604,681		3,977,604
Vulcabras SA		289,613		1,080,711
				13,538,696
Trading Companies & Distributors — 0.9%
Armac Locacao Logistica E Servicos SA		441,858		1,127,066
Mills Locacao Servicos e Logistica SA		420,378		1,052,827
				2,179,893

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) February 29, 2024 iShares^® MSCI Brazil Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Transportation Infrastructure — 3.7%
EcoRodovias Infraestrutura e Logistica SA		1,039,885	$	1,920,329
Santos Brasil Participacoes SA		2,027,971		4,303,895
Wilson Sons SA, NVS		844,800		2,931,504
				9,155,728
Water Utilities — 2.7%
Cia de Saneamento de Minas Gerais Copasa MG		811,227		3,373,109
Cia. de Saneamento do Parana		626,224		3,253,881
				6,626,990
Total Common Stocks — 83.3% (Cost: $179,964,919)				205,814,864
Preferred Stocks
Aerospace & Defense — 0.3%
Taurus Armas SA, Preference Shares, NVS		273,403		774,929
Banks — 2.8%
Banco ABC Brasil SA
Preference Shares, NVS		376,513		1,788,230
Preference Shares, NVS		13,387		59,245
Banco do Estado do Rio Grande do Sul SA, Class B, Preference Shares, NVS		864,178		2,682,357
Banco Pan SA, Preference Shares, NVS		1,304,586		2,298,923
				6,828,755
Chemicals — 1.1%
Unipar Carbocloro SA, Class B, Preference Shares, NVS		209,034		2,782,438
Electric Utilities — 0.2%
Cia. Energetica do Ceara, Class A, Preference Shares, NVS		59,851		514,099
Machinery — 2.7%
Marcopolo SA, Preference Shares, NVS		2,324,284		4,105,170
Randon SA Implementos e Participacoes, Preference Shares, NVS		771,828		1,709,446
Schulz SA, Preference Shares, NVS		564,571		798,402
				6,613,018
Metals & Mining — 6.4%
Bradespar SA, Preference Shares, NVS		1,088,504		4,642,088

Security	Shares		Value
Metals & Mining (continued)
Cia. Ferro Ligas da Bahia - FERBASA, Preference Shares, NVS		552,783	$	1,073,074
Metalurgica Gerdau SA, Preference Shares, NVS		2,848,475		5,793,101
Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A, Preference Shares, NVS		1,986,564		4,423,822
				15,932,085
Passenger Airlines — 1.2%
Azul SA, Preference Shares, NVS		1,217,493		2,961,013
Textiles, Apparel & Luxury Goods — 0.7%
Alpargatas SA, Preference Shares, NVS		881,037		1,802,447
Water Utilities — 0.8%
Cia. de Saneamento do Parana, Preference Shares, NVS		1,793,749		1,901,603
Total Preferred Stocks — 16.2% (Cost: $34,134,336)				40,110,387
Total Long-Term Investments — 99.5% (Cost: $214,099,255)				245,925,251
Short-Term Securities
Money Market Funds — 0.3%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%(c)(d)		740,000		740,000
Total Short-Term Securities — 0.3% (Cost: $740,000)				740,000
Total Investments — 99.8% (Cost: $214,839,255)				246,665,251
Other Assets Less Liabilities — 0.2%				500,392
Net Assets — 100.0%			$	247,165,643

^(a) Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/23		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/29/24		Shares Held at 02/29/24		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	—	$	740,000	(a)	$	—	$	—	$	—	$	740,000		740,000	$	9,924	$	—

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

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) February 29, 2024 iShares^® MSCI Brazil Small-Cap ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Bclear MSCI Brazil Index		18		03/15/24	$	1,077	$	(29,118	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	29,118	$	—	$	—	$	—	$	29,118

^(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 February 29, 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	$	—	$	—	$	141,284		$	—	$	—	$	—	$	141,284
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(36,593	)	$	—	$	—	$	—	$	(36,593	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,568,461

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	$	205,814,864	$	—	$	—	$	205,814,864
Preferred Stocks		40,110,387		—		—		40,110,387
Short-Term Securities
Money Market Funds		740,000		—		—		740,000
	$	246,665,251	$	—	$	—	$	246,665,251

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) February 29, 2024 iShares^® MSCI Brazil Small-Cap ETF

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2		Level 3		Total
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(29,118	)	$	—	$	—	$	(29,118	)

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

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 

Schedule of Investments (unaudited)  February 29, 2024 iShares^® MSCI China ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.1%
AECC Aero-Engine Control Co. Ltd., Class A		200,200	$	491,096
AECC Aviation Power Co. Ltd., Class A		465,576		2,222,674
AviChina Industry & Technology Co. Ltd., Class H		7,960,000		3,266,064
Kuang-Chi Technologies Co. Ltd., Class A(a)		66,900		137,673
				6,117,507
Air Freight & Logistics — 0.7%
JD Logistics Inc.(a)(b)		5,519,500		5,449,959
SF Holding Co. Ltd., Class A		798,083		4,232,260
YTO Express Group Co. Ltd., Class A		665,000		1,175,190
Yunda Holding Co. Ltd., Class A		532,557		532,119
ZTO Express Cayman Inc., ADR		1,236,247		23,723,580
				35,113,108
Automobile Components — 0.4%
Bethel Automotive Safety Systems Co. Ltd.		66,500		580,478
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		66,595		1,297,911
Fuyao Glass Industry Group Co. Ltd., Class A		332,598		1,997,165
Fuyao Glass Industry Group Co. Ltd., Class H(b)		1,862,000		9,333,135
Huayu Automotive Systems Co. Ltd., Class A		665,072		1,609,146
Huizhou Desay Sv Automotive Co. Ltd., Class A		67,000		950,386
Ningbo Joyson Electronic Corp., Class A		266,000		613,488
Ningbo Tuopu Group Co. Ltd., Class A		199,500		1,620,419
Sailun Group Co. Ltd., Class A		666,261		1,331,517
Shandong Linglong Tyre Co. Ltd., Class A		332,528		1,020,614
				20,354,259
Automobiles — 5.0%
AIMA Technology Group Co. Ltd.		201,100		919,029
Anhui Jianghuai Automobile Group Corp. Ltd.(a)		399,000		854,359
BAIC BluePark New Energy Technology Co. Ltd.		997,500		821,037
Brilliance China Automotive Holdings Ltd.		7,980,000		4,645,094
BYD Co. Ltd., Class A		332,569		8,784,022
BYD Co. Ltd., Class H(c)		3,023,000		74,456,691
Chongqing Changan Automobile Co. Ltd., Class A		1,409,120		2,906,735
Dongfeng Motor Group Co. Ltd., Class H		7,344,000		3,141,453
Geely Automobile Holdings Ltd.		17,322,000		18,851,044
Great Wall Motor Co. Ltd.		399,000		1,293,648
Great Wall Motor Co. Ltd., Class H		6,673,500		7,532,079
Guangzhou Automobile Group Co. Ltd., Class A		731,500		902,863
Guangzhou Automobile Group Co. Ltd., Class H		7,962,400		3,445,315
Li Auto Inc.(a)		3,325,480		75,893,971
NIO Inc., ADR(a)(c)		3,966,365		22,806,599
SAIC Motor Corp. Ltd., Class A		1,396,504		2,894,705
Seres Group Co. Ltd., NVS(a)		269,200		3,433,095
XPeng Inc.(a)(c)		3,351,072		15,683,997
Yadea Group Holdings Ltd.(b)		3,990,000		6,268,568
Zhejiang Leapmotor Technology Co. Ltd.(a)(b)(c)		1,474,000		5,156,975
				260,691,279
Banks — 11.3%
Agricultural Bank of China Ltd., Class A		15,095,500		8,768,813
Agricultural Bank of China Ltd., Class H		80,293,000		32,939,840
Bank of Beijing Co. Ltd., Class A		3,997,799		2,873,683
Bank of Changsha Co. Ltd., Class A		334,500		361,589
Bank of Chengdu Co. Ltd., Class A		665,093		1,219,376
Bank of China Ltd., Class A		6,650,000		4,120,659
Bank of China Ltd., Class H		230,108,000		90,271,667
Bank of Communications Co. Ltd., Class A		7,094,922		6,165,414
Bank of Communications Co. Ltd., Class H		25,304,200		16,577,937
Bank of Hangzhou Co. Ltd., Class A		1,130,528		1,737,084
Bank of Jiangsu Co. Ltd., Class A		3,325,615		3,535,841

Security	Shares		Value
Banks (continued)
Bank of Nanjing Co. Ltd., Class A		1,979,304	$	2,401,400
Bank of Ningbo Co. Ltd., Class A		1,118,102		3,446,351
Bank of Shanghai Co. Ltd., Class A		2,460,510		2,229,205
China CITIC Bank Corp. Ltd., Class H		25,936,800		13,790,288
China Construction Bank Corp., Class A		1,309,814		1,271,016
China Construction Bank Corp., Class H		281,472,000		174,556,571
China Everbright Bank Co. Ltd., Class A		9,243,500		4,126,304
China Everbright Bank Co. Ltd., Class H		7,398,000		2,312,984
China Merchants Bank Co. Ltd., Class A		3,657,525		16,196,745
China Merchants Bank Co. Ltd., Class H		11,320,150		43,775,229
China Minsheng Banking Corp. Ltd., Class A		7,049,070		3,949,312
China Minsheng Banking Corp. Ltd., Class H		18,035,160		6,347,351
China Zheshang Bank Co. Ltd., Class A		4,738,890		1,826,532
Chongqing Rural Commercial Bank Co. Ltd., Class A		1,909,800		1,186,414
CNPC Capital Co. Ltd., NVS		1,543,900		1,325,562
Huaxia Bank Co. Ltd., Class A		2,859,561		2,514,342
Industrial & Commercial Bank of China Ltd., Class A		11,105,500		8,206,888
Industrial & Commercial Bank of China Ltd., Class H		189,684,000		97,234,424
Industrial Bank Co. Ltd., Class A		3,558,310		8,208,590
Ping An Bank Co. Ltd., Class A		3,331,455		4,884,560
Postal Savings Bank of China Co. Ltd., Class A		5,172,300		3,474,166
Postal Savings Bank of China Co. Ltd., Class H(b)		23,297,000		12,239,630
Shanghai Pudong Development Bank Co. Ltd., Class A		5,320,024		5,271,187
Shanghai Rural Commercial Bank Co. Ltd.		1,910,900		1,709,298
				591,056,252
Beverages — 3.1%
Anhui Gujing Distillery Co. Ltd., Class A		77,296		2,342,797
Anhui Gujing Distillery Co. Ltd., Class B		266,380		3,766,185
Anhui Kouzi Distillery Co. Ltd., Class A		124,900		737,336
Anhui Yingjia Distillery Co. Ltd., Class A		129,700		1,146,863
Beijing Yanjing Brewery Co. Ltd., Class A		399,400		484,153
China Resources Beer Holdings Co. Ltd.		4,698,000		20,243,471
Eastroc Beverage Group Co. Ltd.		67,300		1,669,688
Jiangsu King’s Luck Brewery JSC Ltd., Class A		266,003		1,975,245
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		266,076		3,712,788
JiuGui Liquor Co. Ltd., Class A		67,100		565,888
Kweichow Moutai Co. Ltd., Class A		217,555		51,036,009
Luzhou Laojiao Co. Ltd., Class A		286,500		6,947,159
Nongfu Spring Co. Ltd., Class H(b)		5,852,000		33,091,891
Shanghai Bairun Investment Holding Group Co. Ltd., Class A		234,097		652,409
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		234,386		7,545,982
Shede Spirits Co. Ltd.		67,300		755,173
Sichuan Swellfun Co. Ltd., Class A		88,252		613,602
Tsingtao Brewery Co. Ltd., Class A		66,563		739,508
Tsingtao Brewery Co. Ltd., Class H		1,898,000		12,144,775
Wuliangye Yibin Co. Ltd., Class A		668,277		13,147,894
				163,318,816
Biotechnology — 1.7%
Akeso Inc.(a)(b)(c)		1,459,000		8,748,782
BeiGene Ltd.(a)		2,005,334		25,818,165
Beijing Tiantan Biological Products Corp. Ltd., Class A		199,919		785,095
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		154,545		1,585,522

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) February 29, 2024 iShares^® MSCI China ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Bloomage Biotechnology Corp. Ltd.		119,900	$	1,062,535
Chongqing Zhifei Biological Products Co. Ltd., Class A		441,760		3,275,639
Hualan Biological Engineering Inc., Class A		374,372		1,023,048
Imeik Technology Development Co. Ltd., Class A		37,944		1,722,770
Innovent Biologics Inc.(a)(b)		3,643,500		19,648,303
Legend Biotech Corp., ADR(a)(c)		210,879		13,740,876
Shanghai Junshi Biosciences Co. Ltd.(a)		151,888		662,371
Shanghai RAAS Blood Products Co. Ltd., Class A		931,000		928,741
Shenzhen Kangtai Biological Products Co. Ltd., Class A		212,288		713,359
Walvax Biotechnology Co. Ltd., Class A		266,097		678,464
Zai Lab Ltd.(a)		2,710,960		5,785,664
				86,179,334
Broadline Retail — 14.5%
Alibaba Group Holding Ltd.		47,481,068		436,525,620
JD.com Inc.		6,829,446		77,076,311
MINISO Group Holding Ltd.		1,063,012		4,885,703
PDD Holdings Inc., ADR(a)		1,743,442		217,128,267
Vipshop Holdings Ltd., ADR(a)		1,015,106		19,540,790
Zhejiang China Commodities City Group Co. Ltd., Class A		942,200		1,072,520
				756,229,211
Building Products — 0.0%
Beijing New Building Materials PLC, Class A		332,570		1,294,838
Zhejiang Weixing New Building Materials Co. Ltd., Class A		370,600		807,950
				2,102,788
Capital Markets — 1.7%
BOC International China Co. Ltd., Class A		538,400		814,376
Caitong Securities Co. Ltd., Class A		931,000		1,030,189
Changjiang Securities Co. Ltd., Class A		1,396,536		1,065,472
China Cinda Asset Management Co. Ltd., Class H		29,242,000		2,799,983
China Galaxy Securities Co. Ltd., Class A		951,600		1,603,861
China Galaxy Securities Co. Ltd., Class H		10,000,000		5,254,346
China Great Wall Securities Co. Ltd., Class A		133,800		147,049
China International Capital Corp. Ltd., Class A		399,802		1,938,530
China International Capital Corp. Ltd., Class H(b)		4,397,200		5,512,146
China Merchants Securities Co. Ltd., Class A		1,463,068		2,862,553
CITIC Securities Co. Ltd., Class A		2,195,931		6,479,233
CITIC Securities Co. Ltd., Class H		5,046,300		9,327,847
CSC Financial Co. Ltd., Class A		798,099		2,573,951
Dongxing Securities Co. Ltd., Class A		731,511		860,635
East Money Information Co. Ltd., Class A		2,709,451		5,263,049
Everbright Securities Co. Ltd., Class A		731,599		1,714,147
First Capital Securities Co. Ltd., Class A		1,064,089		844,826
Founder Securities Co. Ltd., Class A		1,551,900		1,640,731
GF Securities Co. Ltd., Class A		962,799		1,891,515
GF Securities Co. Ltd., Class H		3,067,600		3,293,815
Guangzhou Yuexiu Financial Holdings Group Co. Ltd., Class A		602,100		514,673
Guolian Securities Co. Ltd., Class A(a)		465,500		707,360
Guosen Securities Co. Ltd., Class A		1,330,033		1,589,230
Guotai Junan Securities Co. Ltd., Class A		1,515,559		3,170,508
Guoyuan Securities Co. Ltd., Class A		861,470		832,904
Haitong Securities Co. Ltd., Class A		1,928,559		2,443,052
Haitong Securities Co. Ltd., Class H		7,182,000		3,565,088
Hithink RoyalFlush Information Network Co. Ltd., Class A		98,287		1,864,979
Huatai Securities Co. Ltd., Class A		1,396,593		2,812,393
Huatai Securities Co. Ltd., Class H(b)		3,402,800		4,016,392

Security	Shares		Value
Capital Markets (continued)
Industrial Securities Co. Ltd., Class A		1,744,792	$	1,405,337
Nanjing Securities Co. Ltd., Class A		133,800		154,847
Orient Securities Co. Ltd., Class A		1,251,121		1,527,310
SDIC Capital Co. Ltd., Class A		1,397,300		1,338,029
Shenwan Hongyuan Group Co. Ltd., Class A		4,433,579		2,814,949
Sinolink Securities Co. Ltd., Class A		266,000		335,266
SooChow Securities Co. Ltd., Class A		968,435		979,575
Southwest Securities Co. Ltd., Class A		1,278,700		764,930
Tianfeng Securities Co. Ltd., Class A(a)		334,500		144,821
Western Securities Co. Ltd., Class A		1,130,530		1,249,976
Zheshang Securities Co. Ltd., Class A		133,800		190,124
Zhongtai Securities Co. Ltd.		1,529,500		1,473,383
				90,813,380
Chemicals — 1.0%
Asia - Potash International Investment Guangzhou Co. Ltd.(a)		201,900		631,406
Canmax Technologies Co. Ltd., Class A		185,080		585,875
Cathay Biotech Inc.		133,000		889,849
Chengxin Lithium Group Co. Ltd., Class A		66,900		203,400
CNGR Advanced Material Co. Ltd.		133,776		879,812
Ganfeng Lithium Group Co. Ltd., Class A		311,341		1,726,495
Ganfeng Lithium Group Co. Ltd., Class H(b)(c)		1,175,000		3,892,560
Guangzhou Tinci Materials Technology Co. Ltd., Class A		333,300		954,172
Hangzhou Oxygen Plant Group Co. Ltd., Class A		66,900		259,936
Haohua Chemical Science & Technology Co. Ltd., NVS		133,000		628,579
Hengli Petrochemical Co. Ltd., Class A(a)		1,396,510		2,467,030
Hengyi Petrochemical Co. Ltd., Class A(a)		798,076		764,931
Hoshine Silicon Industry Co. Ltd., Class A		133,000		976,867
Huafon Chemical Co. Ltd., Class A		1,372,400		1,298,229
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		2,313,570		1,247,475
Inner Mongolia Yuan Xing Energy Co. Ltd., Class A		535,143		449,269
Jiangsu Eastern Shenghong Co. Ltd., Class A		1,198,700		1,744,845
Jiangsu Yangnong Chemical Co. Ltd., Class A		145,060		1,099,708
Jiangsu Yoke Technology Co. Ltd., Class A		133,000		929,124
LB Group Co. Ltd., Class A		465,500		1,211,229
Ningbo Shanshan Co. Ltd.		520,891		826,733
Ningxia Baofeng Energy Group Co. Ltd., Class A		1,438,400		3,041,009
Qinghai Salt Lake Industry Co. Ltd., Class A(a)		997,500		2,234,515
Rongsheng Petrochemical Co. Ltd., Class A		1,862,492		2,648,223
Satellite Chemical Co. Ltd., Class A(a)		798,443		1,832,993
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		399,000		1,519,796
Shanghai Putailai New Energy Technology Co. Ltd., Class A		399,340		1,039,357
Shenzhen Capchem Technology Co. Ltd.		115,620		651,420
Sichuan Hebang Biotechnology Co. Ltd., Class A		334,500		114,186
Skshu Paint Co. Ltd., Class A(a)		125,020		668,804
Tianqi Lithium Corp., Class A		266,000		1,974,695
Tongkun Group Co. Ltd., Class A(a)		532,064		1,000,721
Wanhua Chemical Group Co. Ltd., Class A		532,073		5,853,201
Weihai Guangwei Composites Co. Ltd., Class A		150,360		570,594
Yunnan Energy New Material Co. Ltd., Class A		183,804		1,169,286
Yunnan Yuntianhua Co. Ltd.		200,700		507,988
Zangge Mining Co. Ltd.		332,500		1,349,889
Zhejiang Juhua Co. Ltd., Class A		466,272		1,316,104
Zhejiang Longsheng Group Co. Ltd., Class A		133,800		158,932
				51,319,237

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) February 29, 2024 iShares^® MSCI China ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Commercial Services & Supplies — 0.0%
Shanghai M&G Stationery Inc., Class A		66,900	$	330,675
Zhejiang Weiming Environment Protection Co. Ltd., Class A		399,700		992,816
				1,323,491
Communications Equipment — 0.5%
BYD Electronic International Co. Ltd.		2,334,000		8,812,873
Guangzhou Haige Communications Group Inc. Co., Class A		665,084		1,065,932
Hengtong Optic-Electric Co. Ltd., Class A		466,200		790,792
Suzhou TFC Optical Communication Co. Ltd.		67,300		1,272,324
Tianjin 712 Communication & Broadcasting Co. Ltd., Class A		133,000		529,626
Yealink Network Technology Corp. Ltd., Class A		223,431		909,033
Zhongji Innolight Co. Ltd., Class A		133,077		2,866,317
ZTE Corp., Class A		694,264		2,872,487
ZTE Corp., Class H		2,128,040		4,793,376
				23,912,760
Construction & Engineering — 0.7%
China Communications Services Corp. Ltd., Class H		7,994,800		3,396,023
China Energy Engineering Corp. Ltd.		6,164,200		1,862,600
China National Chemical Engineering Co. Ltd., Class A		1,263,595		1,222,914
China Railway Group Ltd., Class A		3,726,098		3,277,754
China Railway Group Ltd., Class H		11,918,000		5,805,119
China State Construction Engineering Corp. Ltd., Class A		7,248,538		5,371,844
China State Construction International Holdings Ltd.		6,650,000		7,410,177
CSSC Science & Technology Co. Ltd.		266,000		647,215
Metallurgical Corp. of China Ltd., Class A		3,192,000		1,473,106
Power Construction Corp. of China Ltd., Class A		3,258,597		2,307,442
Shenzhen SED Industry Co. Ltd., NVS		201,900		553,891
Sichuan Road & Bridge Co. Ltd., Class A		1,364,160		1,543,617
				34,871,702
Construction Materials — 0.3%
Anhui Conch Cement Co. Ltd., Class A		763,291		2,533,691
Anhui Conch Cement Co. Ltd., Class H		3,325,000		7,235,146
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A		133,800		320,649
China Jushi Co. Ltd., Class A		731,505		1,015,468
China National Building Material Co. Ltd., Class H		11,970,000		4,502,003
				15,606,957
Consumer Finance — 0.1%
Qifu Technology Inc.		356,433		5,506,890
Consumer Staples Distribution & Retail — 0.4%
Alibaba Health Information Technology Ltd.(a)(c)		17,208,000		7,519,089
DaShenLin Pharmaceutical Group Co. Ltd., Class A		266,386		878,235
JD Health International Inc.(a)(b)(c)		3,250,800		12,260,631
Yifeng Pharmacy Chain Co. Ltd., Class A		200,272		1,093,619
Yonghui Superstores Co. Ltd., Class A(a)		334,500		122,541
				21,874,115
Containers & Packaging — 0.0%
Shenzhen YUTO Packaging Technology Co. Ltd.		201,840		755,900
Distributors — 0.0%
Wuchan Zhongda Group Co. Ltd., Class A		1,396,503		889,612
Diversified Consumer Services — 1.2%
East Buy Holding Ltd.(a)(b)(c)		1,305,500		4,024,177
New Oriental Education & Technology Group Inc.(a)		4,322,590		40,624,909
Offcn Education Technology Co. Ltd., Class A(a)		1,147,400		555,898

Security	Shares		Value
Diversified Consumer Services (continued)
TAL Education Group, ADR(a)		1,272,448	$	18,743,159
				63,948,143
Diversified Telecommunication Services — 0.3%
China Tower Corp. Ltd., Class H(b)		129,046,000		15,641,407
Electrical Equipment — 0.9%
China XD Electric Co. Ltd., NVS		735,900		548,371
Contemporary Amperex Technology Co. Ltd., Class A		774,719		17,522,165
Dongfang Electric Corp. Ltd., Class A		532,000		1,206,403
Eve Energy Co. Ltd., Class A		340,936		1,809,061
Fangda Carbon New Material Co. Ltd., Class A(a)		1,064,047		726,469
Ginlong Technologies Co. Ltd., Class A		98,100		885,488
Goldwind Science & Technology Co Ltd., Class A		733,620		777,183
Gongniu Group Co. Ltd.		66,820		945,776
GoodWe Technologies Co. Ltd., NVS		24,974		375,367
Gotion High-tech Co. Ltd., Class A(a)		370,392		1,016,697
Hongfa Technology Co. Ltd., Class A		133,091		458,932
Hoymiles Power Electronics Inc., NVS		10,704		345,492
Jiangsu Zhongtian Technology Co. Ltd., Class A		532,000		964,728
Jiangxi Special Electric Motor Co. Ltd., NVS(a)		266,700		386,312
Ming Yang Smart Energy Group Ltd., Class A		399,152		564,915
NARI Technology Co. Ltd., Class A		1,463,654		4,703,542
Ningbo Orient Wires & Cables Co. Ltd.		129,631		696,452
Shanghai Electric Group Co. Ltd., Class A(a)		3,059,000		1,798,011
Shanghai Moons’ Electric Co. Ltd.		67,300		539,250
Sieyuan Electric Co. Ltd.		201,100		1,595,405
Sungrow Power Supply Co. Ltd., Class A		289,400		3,494,004
Sunwoda Electronic Co. Ltd., Class A		399,008		785,780
TBEA Co. Ltd., Class A		1,048,634		2,164,734
Zhejiang Chint Electrics Co. Ltd., Class A		465,521		1,327,285
				45,637,822
Electronic Equipment, Instruments & Components — 1.3%
AAC Technologies Holdings Inc.(c)		1,995,000		4,959,869
Avary Holding Shenzhen Co. Ltd., Class A		375,100		1,095,906
BOE Technology Group Co. Ltd., Class A		7,182,000		3,973,110
Chaozhou Three-Circle Group Co. Ltd., Class A		386,677		1,360,640
China Railway Signal & Communication Corp. Ltd., Class A		669,000		453,031
China Zhenhua Group Science & Technology Co. Ltd., Class A		122,400		973,352
Eoptolink Technology Inc. Ltd.		133,000		1,110,486
Everdisplay Optronics Shanghai Co. Ltd.(a)		1,204,200		399,373
Foxconn Industrial Internet Co. Ltd., Class A		2,327,586		6,035,802
GoerTek Inc., Class A		598,500		1,382,932
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		133,019		723,015
Hengdian Group DMEGC Magnetics Co. Ltd.		312,500		622,277
Huagong Tech Co. Ltd., Class A		135,400		596,447
Kingboard Holdings Ltd.		2,004,000		3,930,782
Lens Technology Co. Ltd., Class A		997,542		1,673,765
Lingyi iTech Guangdong Co., Class A		1,729,213		1,316,275
Luxshare Precision Industry Co. Ltd., Class A		1,263,741		4,835,820
Maxscend Microelectronics Co. Ltd., Class A		113,552		1,693,179
OFILM Group Co. Ltd., Class A(a)		279,200		316,146
Shengyi Technology Co. Ltd., Class A		465,500		1,106,161
Shennan Circuits Co. Ltd., Class A		84,124		818,382
Shenzhen Kaifa Technology Co. Ltd., Class A		200,700		397,702
Sunny Optical Technology Group Co. Ltd.		2,062,600		13,274,704
SUPCON Technology Co. Ltd.		141,461		902,324
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		332,500		689,926

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) February 29, 2024 iShares^® MSCI China ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
TCL Technology Group Corp., Class A(a)		3,651,760	$	2,291,296
Tianma Microelectronics Co. Ltd., Class A(a)		665,036		844,218
Unisplendour Corp. Ltd., Class A(a)		569,127		1,744,300
Wingtech Technology Co. Ltd., Class A(a)		199,500		1,054,983
Wuhan Guide Infrared Co. Ltd., Class A		1,117,164		976,255
WUS Printed Circuit Kunshan Co. Ltd., Class A		334,118		1,224,670
Xiamen Faratronic Co. Ltd.		67,200		970,815
Zhejiang Dahua Technology Co. Ltd., Class A		601,700		1,542,076
				65,290,019
Energy Equipment & Services — 0.1%
China Oilfield Services Ltd., Class H		5,912,000		5,202,513
Offshore Oil Engineering Co. Ltd., Class A		898,698		770,689
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		199,592		835,430
				6,808,632
Entertainment — 3.4%
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		399,000		1,074,692
Beijing Enlight Media Co. Ltd., Class A		499,600		627,332
Bilibili Inc.(a)(c)		578,145		5,606,414
China Film Co. Ltd., Class A(a)		471,100		791,020
China Ruyi Holdings Ltd.(a)(c)		18,352,000		3,602,322
Giant Network Group Co. Ltd., Class A		403,800		632,832
iQIYI Inc., ADR(a)		1,304,730		4,814,454
Kingnet Network Co. Ltd.		334,500		580,213
Kingsoft Corp. Ltd.		2,795,200		7,766,849
Kunlun Tech Co. Ltd., Class A(a)		201,900		1,132,443
Mango Excellent Media Co. Ltd., Class A		332,580		1,141,974
NetEase Inc.		5,661,560		122,983,641
Perfect World Co. Ltd., Class A		352,900		572,215
Tencent Music Entertainment Group, ADR(a)		2,194,718		22,978,697
Wanda Film Holding Co. Ltd., Class A(a)		133,800		221,874
Zhejiang Century Huatong Group Co. Ltd., Class A(a)		1,330,098		902,556
				175,429,528
Financial Services — 0.1%
AVIC Industry-Finance Holdings Co. Ltd., Class A		1,529,582		703,600
Far East Horizon Ltd.		5,776,000		4,640,276
				5,343,876
Food Products — 1.3%
Angel Yeast Co. Ltd., Class A		199,511		929,969
Anjoy Foods Group Co. Ltd., Class A		67,100		811,217
Beijing Dabeinong Technology Group Co. Ltd., Class A		200,700		146,492
China Feihe Ltd.(b)		10,005,000		4,976,395
China Mengniu Dairy Co. Ltd.		9,044,000		22,613,089
Foshan Haitian Flavouring & Food Co. Ltd., Class A .		798,145		4,485,732
Guangdong Haid Group Co. Ltd., Class A		300,097		1,792,906
Hebei Yangyuan Zhihui Beverage Co. Ltd., Class A .		335,700		1,167,635
Henan Shuanghui Investment & Development Co. Ltd., Class A		672,708		2,723,214
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		1,064,023		4,177,385
Meihua Holdings Group Co. Ltd.		468,300		701,826
Muyuan Foods Co. Ltd., Class A		986,868		5,257,695
New Hope Liuhe Co. Ltd., Class A(a)		1,064,099		1,305,545
Tingyi Cayman Islands Holding Corp.		5,320,000		5,916,136
Want Want China Holdings Ltd.		13,966,000		7,705,871
Wens Foodstuffs Group Co. Ltd., Class A		1,263,516		3,362,877
Yihai Kerry Arawana Holdings Co. Ltd., Class A		318,577		1,425,698
				69,499,682

Security	Shares		Value
Gas Utilities — 1.0%
Beijing Enterprises Holdings Ltd.		1,330,000	$	5,003,218
China Gas Holdings Ltd.		7,861,400		7,194,612
China Resources Gas Group Ltd.		2,672,400		8,064,556
ENN Energy Holdings Ltd.		2,329,700		18,916,783
ENN Natural Gas Co. Ltd., Class A		516,500		1,341,285
Kunlun Energy Co. Ltd.		11,992,000		10,223,340
				50,743,794
Ground Transportation — 0.2%
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		7,980,000		5,591,407
Daqin Railway Co. Ltd., Class A		2,910,000		3,012,406
				8,603,813
Health Care Equipment & Supplies — 0.4%
Autobio Diagnostics Co. Ltd., Class A		121,600		1,119,464
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A		218,600		1,084,321
Lepu Medical Technology Beijing Co. Ltd., Class A		390,851		818,431
Ovctek China Inc., Class A		0		—
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		7,102,800		4,617,569
Shanghai United Imaging Healthcare Co. Ltd., NVS		146,115		2,887,697
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		232,495		9,296,145
Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A		133,700		1,500,853
				21,324,480
Health Care Providers & Services — 0.5%
Aier Eye Hospital Group Co. Ltd., Class A		1,583,110		3,209,777
China National Medicines Corp. Ltd., Class A		199,500		871,205
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		266,095		1,092,741
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		100,694		839,609
Huadong Medicine Co. Ltd., Class A		332,580		1,548,660
Hygeia Healthcare Holdings Co. Ltd.(b)(c)		1,064,000		3,994,085
Jointown Pharmaceutical Group Co. Ltd., Class A		334,440		377,767
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A(a)		931,025		718,397
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		586,797		1,474,083
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		1,928,500		3,101,223
Sinopharm Group Co. Ltd., Class H		3,994,400		11,178,063
				28,405,610
Hotels, Restaurants & Leisure — 6.1%
H World Group Ltd., ADR		605,833		22,149,254
Haidilao International Holding Ltd.(b)		4,655,000		8,465,448
Meituan, Class B(a)(b)		14,783,040		150,079,880
Shanghai Jinjiang International Hotels Co. Ltd., Class A		199,500		803,050
Songcheng Performance Development Co. Ltd., Class A		598,577		895,222
Tongcheng Travel Holdings Ltd.(a)		3,703,200		9,309,661
TravelSky Technology Ltd., Class H		2,660,000		3,179,945
Trip.com Group Ltd.(a)(c)		1,590,834		72,208,391
Yum China Holdings Inc.		1,192,626		51,151,729
				318,242,580
Household Durables — 0.7%
Ecovacs Robotics Co. Ltd., Class A		133,400		689,639
Gree Electric Appliances Inc. of Zhuhai, Class A		585,929		3,170,869
Haier Smart Home Co. Ltd., Class A		1,197,046		3,987,254

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) February 29, 2024 iShares^® MSCI China ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Household Durables (continued)
Haier Smart Home Co. Ltd., Class H		7,049,000	$	21,348,889
Hang Zhou Great Star Industrial Co. Ltd., Class A		133,800		404,200
Hisense Visual Technology Co. Ltd.		133,800		480,881
Jason Furniture Hangzhou Co. Ltd., Class A		199,150		1,034,050
Midea Group Co. Ltd., Class A		602,100		5,232,782
Oppein Home Group Inc., Class A		66,520		639,977
Sichuan Changhong Electric Co. Ltd.		869,700		620,318
Zhejiang Supor Co. Ltd., Class A		133,096		1,022,782
				38,631,641
Household Products — 0.0%
Vinda International Holdings Ltd.		665,000		1,969,431
Independent Power and Renewable Electricity Producers — 1.5%
CGN Power Co. Ltd.		1,471,800		788,348
CGN Power Co. Ltd., Class H(b)		33,321,000		10,119,000
China Longyuan Power Group Corp. Ltd., Class H		9,558,000		6,735,648
China National Nuclear Power Co. Ltd., Class A		3,657,576		4,403,089
China Power International Development Ltd.		14,296,000		5,774,616
China Resources Power Holdings Co. Ltd.		5,320,000		11,452,117
China Three Gorges Renewables Group Co. Ltd., Class A		5,499,426		3,523,369
China Yangtze Power Co. Ltd., Class A		4,259,241		14,805,449
Datang International Power Generation Co. Ltd.		2,288,200		815,374
GD Power Development Co. Ltd., Class A		3,258,500		2,116,144
Huadian Power International Corp. Ltd., Class A		1,577,300		1,354,836
Huaneng Power International Inc., Class A(a)		1,330,252		1,627,582
Huaneng Power International Inc., Class H(a)		13,218,000		7,413,469
SDIC Power Holdings Co. Ltd., Class A		1,413,300		2,826,051
Shanghai Electric Power Co. Ltd., Class A		133,800		155,033
Shenergy Co. Ltd., Class A		802,738		843,240
Shenzhen Energy Group Co. Ltd., Class A		1,130,580		1,033,130
Sichuan Chuantou Energy Co. Ltd., Class A		901,062		1,958,069
Wintime Energy Group Co. Ltd., NVS(a)		2,542,200		486,822
Zhejiang Zheneng Electric Power Co. Ltd., Class A(a)		2,088,700		1,559,337
				79,790,723
Industrial Conglomerates — 0.4%
CITIC Ltd.		17,301,000		17,404,315
Fosun International Ltd.		6,836,500		3,944,227
				21,348,542
Insurance — 3.7%
China Life Insurance Co. Ltd., Class A		465,505		1,953,814
China Life Insurance Co. Ltd., Class H		22,006,000		26,974,727
China Pacific Insurance Group Co. Ltd., Class A		1,197,047		4,238,793
China Pacific Insurance Group Co. Ltd., Class H		7,595,800		14,408,111
China Taiping Insurance Holdings Co. Ltd.		4,148,724		3,604,499
New China Life Insurance Co. Ltd., Class A		435,676		1,978,322
New China Life Insurance Co. Ltd., Class H		2,251,100		4,324,438
People’s Insurance Co. Group of China Ltd. (The), Class A		1,766,100		1,283,804
People’s Insurance Co. Group of China Ltd. (The), Class H		24,616,000		8,199,676
PICC Property & Casualty Co. Ltd., Class H		19,410,462		26,536,403
Ping An Insurance Group Co. of China Ltd., Class A		1,862,043		11,044,316
Ping An Insurance Group Co. of China Ltd., Class H.		19,628,500		87,291,217
ZhongAn Online P&C Insurance Co. Ltd., Class H(a)(b)		2,049,700		3,227,707
				195,065,827
Interactive Media & Services — 15.6%
Autohome Inc., ADR		199,131		5,175,414
Baidu Inc.(a)		6,584,356		83,314,469

Security	Shares		Value
Interactive Media & Services (continued)
Kanzhun Ltd., ADR		649,046	$	10,157,570
Kuaishou Technology(a)(b)		6,844,000		38,647,455
Tencent Holdings Ltd.		19,285,000		675,565,442
				812,860,350
IT Services — 0.0%
Isoftstone Information Technology Group Co. Ltd., NVS(a)		199,500		1,261,255
Life Sciences Tools & Services — 0.9%
Genscript Biotech Corp.(a)(c)		3,776,000		7,633,698
Hangzhou Tigermed Consulting Co. Ltd., Class A		66,537		415,385
MGI Tech Co. Ltd., NVS		44,823		444,846
Pharmaron Beijing Co. Ltd., Class A		242,925		785,068
WuXi AppTec Co. Ltd., Class A		483,217		3,641,646
WuXi AppTec Co. Ltd., Class H(b)(c)		997,581		6,149,596
Wuxi Biologics Cayman Inc.(a)(b)		11,305,000		26,777,114
				45,847,353
Machinery — 1.2%
China CSSC Holdings Ltd., Class A		798,000		3,932,756
CRRC Corp. Ltd., Class A		3,822,010		3,382,195
CRRC Corp. Ltd., Class H		14,353,000		7,389,673
FAW Jiefang Group Co. Ltd., Class A(a)		199,500		242,305
Haitian International Holdings Ltd.		1,995,000		5,051,475
Jiangsu Hengli Hydraulic Co. Ltd., Class A		217,256		1,710,513
Ningbo Deye Technology Co. Ltd., NVS		66,720		774,741
Sany Heavy Equipment International Holdings Co. Ltd.		3,266,000		2,525,485
Sany Heavy Industry Co. Ltd., Class A		1,442,093		2,782,300
Shandong Himile Mechanical Science & Technology Co. Ltd.		66,900		305,331
Shenzhen Inovance Technology Co. Ltd., Class A		266,030		2,329,616
Sinotruk Hong Kong Ltd.		1,918,000		5,070,898
Weichai Power Co. Ltd., Class A		1,130,568		2,648,962
Weichai Power Co. Ltd., Class H		5,996,000		11,802,297
XCMG Construction Machinery Co. Ltd., Class A		2,215,699		1,821,997
Yutong Bus Co. Ltd., Class A		401,400		1,039,928
Zhejiang Dingli Machinery Co. Ltd., Class A		150,309		1,229,682
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		336,500		1,162,452
Zhuzhou CRRC Times Electric Co. Ltd., NVS		35,892		193,321
Zhuzhou CRRC Times Electric Co. Ltd.		1,599,600		4,689,942
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		1,463,016		1,623,191
				61,709,060
Marine Transportation — 0.4%
COSCO Shipping Holdings Co. Ltd., Class A		2,311,070		3,367,317
COSCO Shipping Holdings Co. Ltd., Class H		8,661,600		9,324,563
Orient Overseas International Ltd.		443,500		6,867,745
				19,559,625
Media — 0.1%
China Literature Ltd.(a)(b)(c)		1,199,200		3,676,385
Focus Media Information Technology Co. Ltd., Class A		2,793,038		2,435,140
Jiangsu Phoenix Publishing & Media Corp. Ltd.		399,000		575,752
People.cn Co. Ltd.		199,500		734,249
				7,421,526
Metals & Mining — 1.9%
Aluminum Corp. of China Ltd., Class A		2,194,500		1,835,207
Aluminum Corp. of China Ltd., Class H		11,970,000		5,964,564
Baoshan Iron & Steel Co. Ltd., Class A		3,976,193		3,674,161
Chifeng Jilong Gold Mining Co. Ltd., Class A(a)		200,700		359,825

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) February 29, 2024 iShares^® MSCI China ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Metals & Mining (continued)
China Hongqiao Group Ltd.(c)		6,998,500	$	5,416,010
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		665,000		1,739,282
China Rare Earth Resources & Technology Co. Ltd., Class A		244,950		947,619
CMOC Group Ltd., Class A		3,059,000		2,603,775
CMOC Group Ltd., Class H		11,193,000		6,905,040
Henan Shenhuo Coal & Power Co. Ltd.		532,700		1,359,646
Huaibei Mining Holdings Co. Ltd.		468,300		1,231,445
Hunan Valin Steel Co. Ltd., Class A		1,172,400		923,611
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A(a)		9,243,592		1,974,966
Jiangxi Copper Co. Ltd., Class A		386,100		1,046,687
Jiangxi Copper Co. Ltd., Class H		3,325,000		4,934,677
Jinduicheng Molybdenum Co. Ltd., Class A		673,000		940,849
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A(a)		1,710,300		755,341
Shandong Gold Mining Co. Ltd., Class A		665,091		1,996,010
Shandong Gold Mining Co. Ltd., Class H(b)		2,249,750		3,554,755
Shandong Nanshan Aluminum Co. Ltd., Class A		3,724,000		1,601,212
Shanxi Meijin Energy Co. Ltd., Class A(a)		1,064,206		1,013,225
Shanxi Taigang Stainless Steel Co. Ltd., Class A		1,483,000		779,639
Sinomine Resource Group Co. Ltd., Class A		150,920		783,952
Tianshan Aluminum Group Co. Ltd., Class A		864,500		678,356
Tongling Nonferrous Metals Group Co. Ltd., Class A		2,610,100		1,185,117
Western Mining Co. Ltd., Class A		401,400		927,413
Western Superconducting Technologies Co. Ltd., Class A		160,764		892,786
Xiamen Tungsten Co. Ltd., Class A		133,000		309,193
Yintai Gold Co. Ltd., Class A		526,700		1,092,184
YongXing Special Materials Technology Co. Ltd., Class A		92,540		707,271
Yunnan Aluminium Co. Ltd., Class A		334,500		538,438
Yunnan Chihong Zinc&Germanium Co. Ltd.		1,080,800		771,390
Zhaojin Mining Industry Co. Ltd., Class H(c)		3,907,000		4,039,704
Zhejiang Huayou Cobalt Co. Ltd., Class A		303,606		1,164,618
Zhongjin Gold Corp. Ltd., Class A		943,800		1,359,619
Zijin Mining Group Co. Ltd., Class A		3,788,717		6,865,939
Zijin Mining Group Co. Ltd., Class H		15,458,000		24,830,547
				97,704,073
Oil, Gas & Consumable Fuels — 3.6%
China Coal Energy Co. Ltd., Class H		5,944,000		6,401,202
China Merchants Energy Shipping Co. Ltd., Class A		1,423,500		1,422,236
China Petroleum & Chemical Corp., Class A		5,453,288		4,718,972
China Petroleum & Chemical Corp., Class H		71,735,000		39,522,627
China Shenhua Energy Co. Ltd., Class A		1,197,152		6,395,924
China Shenhua Energy Co. Ltd., Class H		9,648,000		37,122,516
COSCO Shipping Energy Transportation Co. Ltd., Class A		529,700		1,010,268
COSCO Shipping Energy Transportation Co. Ltd., Class H		3,990,000		3,775,028
Guanghui Energy Co. Ltd., Class A		1,197,145		1,243,941
Inner Mongolia Yitai Coal Co. Ltd., Class B		3,109,600		6,246,082
Jizhong Energy Resources Co. Ltd.		267,600		301,897
PetroChina Co. Ltd., Class A		3,769,492		4,614,329
PetroChina Co. Ltd., Class H		61,202,000		48,001,425
Shaanxi Coal Industry Co. Ltd., Class A		1,662,689		5,945,159
Shan Xi Hua Yang Group New Energy Co. Ltd.		665,400		933,756
Shanxi Coking Coal Energy Group Co. Ltd., Class A.		1,064,000		1,718,140
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		532,000		1,906,924
Yankuang Energy Group Co. Ltd., Class A		864,504		3,099,892

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Yankuang Energy Group Co. Ltd., Class H(a)		6,263,000	$	14,442,743
				188,823,061
Passenger Airlines — 0.2%
Air China Ltd., Class A(a)		1,928,514		1,997,297
Air China Ltd., Class H(a)(c)		5,342,000		2,860,566
China Eastern Airlines Corp. Ltd., Class A(a)		3,591,096		1,895,714
China Southern Airlines Co. Ltd., Class A(a)		2,061,534		1,690,375
Hainan Airlines Holding Co. Ltd., Class A(a)		8,056,422		1,599,188
Juneyao Airlines Co. Ltd., Class A(a)		399,000		735,335
Spring Airlines Co. Ltd., Class A(a)		201,900		1,606,033
				12,384,508
Personal Care Products — 0.2%
By-health Co. Ltd., Class A		133,800		313,780
Giant Biogene Holding Co. Ltd.(a)(b)		798,000		3,648,815
Hengan International Group Co. Ltd.		1,995,000		6,148,991
Yunnan Botanee Bio-Technology Group Co. Ltd.		66,579		605,226
				10,716,812
Pharmaceuticals — 1.6%
Asymchem Laboratories Tianjin Co. Ltd., Class A		52,220		732,899
Beijing Tongrentang Co. Ltd., Class A		266,688		1,647,178
Changchun High & New Technology Industry Group Inc., Class A		76,396		1,363,996
China Medical System Holdings Ltd.		4,001,000		6,577,147
China Resources Pharmaceutical Group Ltd.(b)		4,570,500		3,091,200
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		199,517		1,522,181
Chongqing Taiji Industry Group Co. Ltd.(a)		134,600		708,637
CSPC Innovation Pharmaceutical Co. Ltd.		237,700		1,120,131
CSPC Pharmaceutical Group Ltd.		26,622,400		20,734,849
Dong-E-E-Jiao Co. Ltd., Class A		133,379		1,076,515
Hansoh Pharmaceutical Group Co. Ltd.(b)		3,496,000		6,161,926
Humanwell Healthcare Group Co. Ltd., Class A		332,800		1,015,101
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A .		1,064,080		6,279,764
Jiangsu Nhwa Pharmaceutical Co. Ltd., Class A		201,900		704,955
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		369,062		616,657
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A		309,855		615,873
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		399,084		1,359,095
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		1,346,000		2,425,331
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A		187,031		756,715
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		292,542		870,297
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		199,565		758,519
Sino Biopharmaceutical Ltd.		29,927,000		11,894,778
Yunnan Baiyao Group Co. Ltd., Class A		359,842		2,484,278
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		133,709		4,131,861
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		332,899		642,839
Zhejiang NHU Co. Ltd., Class A		665,031		1,659,933
				80,952,655
Real Estate Management & Development — 2.3%
C&D International Investment Group Ltd.		1,996,000		3,245,359
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		1,611,633		2,102,821
China Overseas Land & Investment Ltd.		10,978,000		16,212,506
China Overseas Property Holdings Ltd.		4,035,000		3,392,353
China Resources Land Ltd.		9,328,665		28,493,049

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) February 29, 2024 iShares^® MSCI China ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Real Estate Management & Development (continued)
China Resources Mixc Lifestyle Services Ltd.(b)		1,984,600	$	5,981,224
China Vanke Co. Ltd., Class A		1,855,928		2,578,522
China Vanke Co. Ltd., Class H		6,163,931		4,752,283
Country Garden Holdings Co. Ltd.(a)(c)		35,910,727		2,918,206
Country Garden Services Holdings Co. Ltd.(c)		6,651,000		5,062,650
Greenland Holdings Corp. Ltd., Class A(a)		2,086,300		636,243
Hainan Airport Infrastructure Co. Ltd., NVS(a)		2,419,600		1,257,735
Hangzhou Binjiang Real Estate Group Co. Ltd.		538,400		563,411
KE Holdings Inc., ADR		1,903,652		25,870,631
Longfor Group Holdings Ltd.(b)		5,558,500		6,962,045
Poly Developments and Holdings Group Co. Ltd., Class A		2,128,075		2,876,223
Seazen Holdings Co. Ltd., Class A(a)		399,064		573,535
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A		266,000		736,094
Shenzhen Overseas Chinese Town Co. Ltd., Class A(a)		1,862,038		791,674
Youngor Fashion Co. Ltd., Class A		401,400		409,399
Yuexiu Property Co. Ltd.		4,364,600		2,902,537
				118,318,500
Semiconductors & Semiconductor Equipment — 1.5%
Advanced Micro-Fabrication Equipment Inc., Class A		133,188		2,716,952
Amlogic Shanghai Co. Ltd.		105,853		820,872
Cambricon Technologies Corp. Ltd.(a)		73,434		1,718,688
China Resources Microelectronics Ltd.		266,612		1,582,478
Flat Glass Group Co. Ltd., Class A		266,000		804,895
Flat Glass Group Co. Ltd., Class H		1,330,000		2,458,864
GalaxyCore Inc., NVS		357,962		980,373
GCL Technology Holdings Ltd.		61,964,000		8,619,126
GigaDevice Semiconductor Inc., Class A		143,087		1,453,880
Hangzhou Chang Chuan Technology Co. Ltd.		133,700		536,469
Hangzhou First Applied Material Co. Ltd., Class A		333,236		1,284,678
Hangzhou Silan Microelectronics Co. Ltd., Class A		266,000		770,410
Hua Hong Semiconductor Ltd.(a)(b)		1,611,000		3,452,745
Hygon Information Technology Co. Ltd., NVS		343,805		4,058,221
Ingenic Semiconductor Co. Ltd., Class A		66,900		605,754
JA Solar Technology Co. Ltd., Class A		598,896		1,555,658
JCET Group Co. Ltd., Class A		332,600		1,207,224
Jiangsu Pacific Quartz Co. Ltd., NVS		67,100		742,637
Jinko Solar Co. Ltd.		1,288,449		1,579,977
LONGi Green Energy Technology Co. Ltd., Class A		1,276,423		3,757,570
Montage Technology Co. Ltd., Class A		215,001		1,558,968
National Silicon Industry Group Co. Ltd., Class A(a)		538,400		1,151,057
NAURA Technology Group Co. Ltd., Class A		88,900		3,503,526
Piotech Inc., NVS		41,496		1,230,507
Risen Energy Co. Ltd.		201,900		452,411
Rockchip Electronics Co. Ltd.		67,300		502,545
Sanan Optoelectronics Co. Ltd., Class A		942,200		1,625,030
SG Micro Corp., Class A		66,530		652,692
Shanghai Aiko Solar Energy Co. Ltd.		340,760		714,146
Shenzhen Goodix Technology Co. Ltd., Class A(a)		66,500		583,683
StarPower Semiconductor Ltd., Class A		22,000		462,400
Suzhou Maxwell Technologies Co. Ltd., Class A		56,947		958,476
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		686,472		1,286,518
Tianshui Huatian Technology Co. Ltd., Class A		731,529		829,546
TongFu Microelectronics Co. Ltd., Class A		305,296		940,190
Tongwei Co. Ltd., Class A		798,099		2,929,691
Trina Solar Co. Ltd.		400,313		1,391,455
Unigroup Guoxin Microelectronics Co. Ltd., Class A(a)		134,853		1,336,188

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Verisilicon Microelectronics Shanghai Co. Ltd.(a)		125,846	$	708,788
Will Semiconductor Co. Ltd. Shanghai, Class A		214,245		2,844,342
Xinjiang Daqo New Energy Co. Ltd.		256,850		1,039,863
Xinyi Solar Holdings Ltd.		14,630,000		8,859,128
Yangzhou Yangjie Electronic Technology Co. Ltd.		133,700		737,273
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		254,193		1,304,406
				78,310,300
Software — 0.5%
360 Security Technology Inc., Class A(a)		1,197,000		1,455,275
Beijing Kingsoft Office Software Inc., Class A		81,751		3,075,318
China National Software & Service Co. Ltd., Class A		167,435		747,859
Empyrean Technology Co. Ltd., NVS		66,500		839,083
Hundsun Technologies Inc., Class A		332,540		1,124,512
Iflytek Co. Ltd., Class A		436,662		2,996,272
Kingdee International Software Group Co. Ltd.(a)		8,645,000		9,295,857
Qi An Xin Technology Group Inc.(a)		144,076		699,609
Sangfor Technologies Inc., Class A(a)		77,900		685,475
Shanghai Baosight Software Co. Ltd., Class A		301,400		1,956,980
Shanghai Baosight Software Co. Ltd., Class B		1,823,266		4,096,649
Thunder Software Technology Co. Ltd., Class A		66,500		558,429
Yonyou Network Technology Co. Ltd., Class A		598,512		1,052,472
				28,583,790
Specialty Retail — 0.5%
China Tourism Group Duty Free Corp. Ltd.(b)(c)		266,100		2,605,732
China Tourism Group Duty Free Corp. Ltd., Class A		386,024		4,648,478
Chow Tai Fook Jewellery Group Ltd.		5,740,000		8,553,006
HLA Group Corp. Ltd., Class A		468,300		560,811
Pop Mart International Group Ltd.(b)		1,428,400		3,560,963
Topsports International Holdings Ltd.(b)		5,323,000		3,602,177
Zhongsheng Group Holdings Ltd.		2,327,500		4,237,526
				27,768,693
Technology Hardware, Storage & Peripherals — 2.1%
China Greatwall Technology Group Co. Ltd., Class A		665,000		957,212
IEIT Systems Co. Ltd., Class A		284,516		1,476,195
Lenovo Group Ltd.		23,962,000		26,471,523
Ninestar Corp., Class A		320,026		1,040,584
Shenzhen Transsion Holding Co. Ltd., Class A		143,090		3,154,062
Xiaomi Corp., Class B(a)(b)		44,802,600		75,287,332
				108,386,908
Textiles, Apparel & Luxury Goods — 1.5%
ANTA Sports Products Ltd.		3,713,600		36,204,067
Bosideng International Holdings Ltd.		11,566,000		5,817,433
Li Ning Co. Ltd.		7,104,000		17,576,075
Shenzhou International Group Holdings Ltd.		2,398,000		19,669,565
				79,267,140
Tobacco — 0.1%
Smoore International Holdings Ltd.(b)(c)		5,338,000		3,710,808
Trading Companies & Distributors — 0.1%
BOC Aviation Ltd.(b)		599,600		4,413,749
Shanxi Coal International Energy Group Co. Ltd.		399,000		1,017,800
Xiamen C & D Inc., Class A		457,188		658,450
				6,089,999
Transportation Infrastructure — 0.4%
China Merchants Expressway Network & Technology Holdings Co. Ltd.		133,800		195,880
China Merchants Port Holdings Co. Ltd.		4,012,000		4,979,901
COSCO Shipping Ports Ltd.		3,946,000		2,354,562

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) February 29, 2024 iShares^® MSCI China ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Transportation Infrastructure (continued)
Guangzhou Baiyun International Airport Co. Ltd., Class A(a)		471,100	$	661,053
Jiangsu Expressway Co. Ltd., Class H		4,004,000		4,112,856
Shanghai International Airport Co. Ltd., Class A(a)		199,799		973,047
Shanghai International Port Group Co. Ltd., Class A .		1,463,077		1,102,195
Zhejiang Expressway Co. Ltd., Class H		5,715,000		4,358,374
				18,737,868
Water Utilities — 0.2%
Beijing Enterprises Water Group Ltd.		13,300,000		3,119,929
Guangdong Investment Ltd.		7,980,000		4,735,473
				7,855,402
Wireless Telecommunication Services — 0.1%
China United Network Communications Ltd., Class A		5,749,527		3,825,723
Total Common Stocks — 99.6% (Cost: $7,042,745,980)				5,199,857,557
Rights
Pharmaceuticals — 0.0%
Kangmei Pharmaceutical Co. Ltd. (Expires 12/31/49)(a)		76,761		—
Total Rights — 0.0% (Cost: $—)				—
Total Long-Term Investments — 99.6% (Cost: $7,042,745,980)				5,199,857,557

Security	Shares		Value
Short-Term Securities
Money Market Funds — 3.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%(d)(e)(f)		156,349,851	$	156,428,026
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%(d)(e)		5,500,000		5,500,000
Total Short-Term Securities — 3.1% (Cost: $161,870,712)				161,928,026
Total Investments — 102.7% (Cost: $7,204,616,692)				5,361,785,583
Liabilities in Excess of Other Assets — (2.7)%				(142,640,863	)
Net Assets — 100.0%			$	5,219,144,720

^(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 February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/23		Purchases at Cost		Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	171,191,589	$	—	$	(14,753,942)(a)	$	20,941	$	(30,562	)	$	156,428,026		156,349,851	$	866,266	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		7,840,000		—		(2,340,000)(a)		—		—			5,500,000		5,500,000		183,889			—
							$	20,941	$	(30,562	)	$	161,928,026			$	1,050,155		$	—

^(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		900		03/15/24	$	18,221	$	(551,895	)

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) February 29, 2024 iShares^® MSCI China 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)	$	—	$	—	$	551,895	$	—	$	—	$	—	$	551,895

^(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 February 29, 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	$	—	$	—	$	(4,056,344	)	$	—	$	—	$	—	$	(4,056,344	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(585,629	)	$	—	$	—	$	—	$	(585,629	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	20,834,767

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	$	539,426,449	$	4,660,431,108		$	—	$	5,199,857,557
Rights		—		—			—		—
Short-Term Securities
Money Market Funds		161,928,026		—			—		161,928,026
	$	701,354,475	$	4,660,431,108		$	—	$	5,361,785,583
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	—	$	(551,895	)	$	—	$	(551,895	)

^(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 27

Schedule of Investments(unaudited)  February 29, 2024 iShares^® MSCI China Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 0.2%
Hangzhou SF Intra-City Industrial Co. Ltd.(a)(b)(c)		79,200	$	93,825
Automobile Components — 2.4%
Huazhong In-Vehicle Holdings Co. Ltd.(c)		264,000		77,216
Minth Group Ltd.		386,000		656,685
Nexteer Automotive Group Ltd.		440,000		202,733
Tianneng Power International Ltd.(c)		352,000		317,340
				1,253,974
Beverages — 0.5%
China Foods Ltd.		440,000		158,478
China Huiyuan Juice Group Ltd.(d)		81,000		—
Yantai Changyu Pioneer Wine Co. Ltd.		105,600		128,940
				287,418
Biotechnology — 5.4%
3SBio Inc.(a)		924,000		610,139
AIM Vaccine Co. Ltd., NVS(c)		140,800		126,602
Alphamab Oncology(a)(b)(c)		220,796		141,207
Ascentage Pharma Group International(a)(b)		110,000		363,757
CanSino Biologics Inc., Class H(a)(b)(c)		44,000		102,100
CARsgen Therapeutics Holdings Ltd., NVS(a)(b)		176,000		149,711
Everest Medicines Ltd.(a)(b)		88,386		271,831
InnoCare Pharma Ltd.(a)(b)		308,000		202,704
Jacobio Pharmaceuticals Group Co. Ltd. (a)(b)(c)		158,400		47,746
Keymed Biosciences Inc.(a)(b)(c)		88,000		381,146
Lepu Biopharma Co. Ltd.(c)		308,000		146,732
Shanghai Haohai Biological Technology Co. Ltd., Class H(a)		17,600		82,572
Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd., NVS(c)		13,200		180,925
Untrade Cteg(d)		600,000		1
				2,807,173
Building Products — 0.9%
China Lesso Group Holdings Ltd.		572,000		272,040
China State Construction Development Holdings Ltd.		352,000		94,260
Triumph New Energy Co. Ltd., Class H (b)		128,000		86,502
				452,802
Capital Markets — 1.9%
Bairong Inc. (a)(b)		132,000		222,388
China Everbright Ltd.(c)		474,000		259,851
China Renaissance Holdings Ltd.(a)(b)(c)(d)		162,800		92,742
Noah Holdings Ltd., ADR		20,152		224,090
Up Fintech Holding Ltd., ADR(b)		43,956		176,703
				975,774
Chemicals — 4.4%
China BlueChemical Ltd., Class H		792,000		237,704
China Risun Group Ltd.(c)		704,000		275,368
China XLX Fertiliser Ltd.		308,000		124,398
Dongyue Group Ltd.		792,000		708,918
Fufeng Group Ltd.(c)		704,600		431,976
Global New Material International Holdings Ltd.(b)		264,000		129,316
Huabao International Holdings Ltd.(c)		484,000		144,113
Shanghai Chlor-Alkali Chemical Co. Ltd., Class B		202,493		96,994
Sinofert Holdings Ltd.		1,144,000		118,214
Untradelumena Newmat, NVS(d)		21,700		—
				2,267,001
Commercial Services & Supplies — 1.9%
Binjiang Service Group Co. Ltd.		44,359		93,723
China Everbright Environment Group Ltd.		1,892,000		703,202

Security	Shares		Value
Commercial Services & Supplies (continued)
Dynagreen Environmental Protection Group Co. Ltd., Class H		176,000	$	56,467
Zonqing Environmental Ltd., NVS(c)		44,000		125,040
				978,432
Communications Equipment — 0.2%
Eastern Communications Co. Ltd., Class B		22,800		8,094
Yangtze Optical Fibre and Cable Joint Stock Ltd. Co., Class H(a)		88,000		99,020
				107,114
Construction & Engineering — 3.2%
China Conch Venture Holdings Ltd.		792,000		793,110
Greentown Management Holdings Co. Ltd.(a)		308,000		193,880
Sinopec Engineering Group Co. Ltd., Class H		748,000		410,118
Xinte Energy Co. Ltd.(b)		193,600		258,644
				1,655,752
Construction Materials — 1.1%
Asia Cement China Holdings Corp.		242,000		65,293
China Resources Building Materials Technology Holdings Ltd.		1,232,000		213,704
CSG Holding Co. Ltd.		563,247		173,373
MH Development Ltd.(d)		112,000		521
West China Cement Ltd.		968,000		111,239
				564,130
Consumer Finance — 1.5%
FinVolution Group, ADR		67,892		355,075
LexinFintech Holdings Ltd., ADR		12,628		23,236
Lufax Holding Ltd., Class A, ADR		102,520		319,862
Yixin Group Ltd.(a)		836,000		61,816
				759,989
Consumer Staples Distribution & Retail — 1.9%
Chongqing Hongjiu Fruit Co. Ltd.(b)(c)		202,480		89,054
Dada Nexus Ltd., ADR(b)(c)		33,440		70,221
Ping An Healthcare and Technology Co. Ltd.(a)(b)		286,000		443,456
Shenzhen Pagoda Industrial Group Corp. Ltd., NVS		220,000		76,991
Sipai Health Technology Co. Ltd., NVS		132,000		107,731
Sun Art Retail Group Ltd.		1,210,000		208,634
				996,087
Distributors — 0.2%
China Tobacco International HK Co. Ltd.		106,000		132,561
Diversified Consumer Services — 3.3%
China Chunlai Education Group Co. Ltd.		123,000		84,990
China East Education Holdings Ltd.(a)		286,000		95,660
China Education Group Holdings Ltd.		572,000		327,712
China New Higher Education Group Ltd.(a)		440,000		138,519
Fenbi Ltd., NVS(c)		286,000		179,720
Fu Shou Yuan International Group Ltd.		704,000		459,818
Tianli International Holdings Ltd.		660,000		396,243
Youdao Inc., ADR(b)(c)		3,795		16,546
				1,699,208
Diversified REITs — 0.3%
Yuexiu REIT		1,276,000		170,807
Electrical Equipment — 0.6%
China Fiber Optic Network System Group Ltd.(d)		181,600		—
China High Speed Transmission Equipment Group Co. Ltd.(b)		24,000		4,436
Hangzhou Steam Turbine Power Group Co. Ltd., Class B		206,812		185,331
Harbin Electric Co. Ltd., Class H		352,000		107,251
Sun King Technology Group Ltd.(b)		24,000		3,495

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) February 29, 2024 iShares^® MSCI China Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electrical Equipment (continued)
Trony Solar Holdings Co. Ltd.(d)		216,000	$	—
				300,513
Electronic Equipment, Instruments & Components — 1.5%
Anxin-China Holdings Ltd.(d)		672,000		1
BOE Varitronix Ltd.		132,000		91,993
FIH Mobile Ltd. (b)		1,628,000		100,722
Kingboard Laminates Holdings Ltd.		484,000		300,433
Q Technology Group Co. Ltd.(b)		264,000		103,900
Wasion Holdings Ltd.		264,000		165,308
				762,357
Energy Equipment & Services — 0.2%
Dalipal Holdings Ltd.		176,000		104,528
Entertainment — 3.6%
Alibaba Pictures Group Ltd.(b)		6,160,000		353,347
Cloud Music Inc.(a)(b)(c)		33,000		370,572
CMGE Technology Group Ltd.(b)(c)		704,000		87,138
HUYA Inc., ADR(b)(c)		44,748		156,618
iDreamSky Technology Holdings Ltd.(a)(b)(c)		475,200		122,998
Maoyan Entertainment(a)(b)		176,000		194,068
NetDragon Websoft Holdings Ltd.(c)		132,000		189,646
Untrade SMI Holdings(d)		267,200		—
XD Inc.(b)(c)		149,600		278,647
Zengame Technology Holding Ltd.		176,000		100,912
				1,853,946
Financial Services — 1.4%
CSSC Hong Kong Shipping Co. Ltd.(c)		616,000		114,081
Genertec Universal Medical Group Co. Ltd.(a)		396,000		217,138
Haitong UniTrust International Leasing Co. Ltd., Class H(a)		880,000		110,148
SY Holdings Group Ltd.(c)		220,000		119,226
Yeahka Ltd.(b)(c)		88,000		142,465
				703,058
Food Products — 2.3%
Ausnutria Dairy Corp. Ltd.		215,000		69,475
China Modern Dairy Holdings Ltd.		1,408,000		116,821
China Youran Dairy Group Ltd.(a)(c)		396,000		63,636
COFCO Joycome Foods Ltd.(b)(c)		1,408,000		275,040
Weilong Delicious Global Holdings Ltd., NVS		228,800		166,570
Yihai International Holding Ltd.		264,820		370,726
Zhou Hei Ya International Holdings Co. Ltd.(a)		550,000		127,058
				1,189,326
Gas Utilities — 1.0%
Tian Lun Gas Holdings Ltd.(c)		132,000		69,797
Towngas Smart Energy Co. Ltd.(c)		528,000		190,563
Zhongyu Energy Holdings Ltd.(b)		440,000		278,179
				538,539
Ground Transportation — 0.6%
ANE Cayman Inc.(b)		330,000		173,133
Canggang Railway Ltd., NVS(c)		616,000		115,236
				288,369
Health Care Equipment & Supplies — 4.6%
AK Medical Holdings Ltd.(a)(c)		288,000		186,863
Angelalign Technology Inc.(a)(c)		21,600		181,179
Beijing Chunlizhengda Medical Instruments Co. Ltd., Class H(c)		44,000		55,636
Gaush Meditech Ltd., NVS		26,400		96,435
Kangji Medical Holdings Ltd.		198,000		161,180
Lifetech Scientific Corp. (b)(c)		2,024,000		513,273
Microport Cardioflow Medtech Corp.(a)(b)(c)		572,000		94,584

Security	Shares		Value
Health Care Equipment & Supplies (continued)
MicroPort NeuroTech Ltd., NVS(b)		104,000	$	131,237
Microport Scientific Corp.(b)		422,400		414,335
Peijia Medical Ltd.(a)(b)		220,000		143,087
Shanghai MicroPort MedBot Group Co. Ltd.(b)		132,000		244,797
Untrade Hosa International Ltd.(d)		220,000		—
Venus MedTech Hangzhou Inc., Class H(a)(b)(d)		176,000		103,626
Zylox-Tonbridge Medical Technology Co. Ltd.(a)(b)		66,000		77,720
				2,403,952
Health Care Providers & Services — 3.2%
Adicon Holdings Ltd., NVS		66,000		105,371
Arrail Group Ltd., NVS(a)(b)(c)		110,000		84,999
Chaoju Eye Care Holdings Ltd.		154,000		74,672
China Resources Medical Holdings Co. Ltd.		440,000		239,776
ClouDr Group Ltd., NVS		180,400		123,039
Gushengtang Holdings Ltd.(c)		70,400		386,462
Jinxin Fertility Group Ltd.(a)(b)(c)		1,034,000		320,423
New Horizon Health Ltd.(a)(b)(c)		132,000		343,720
				1,678,462
Health Care Technology — 0.5%
Medlive Technology Co. Ltd.(a)(c)		110,000		104,658
Yidu Tech Inc. (a)(b)		294,800		158,503
				263,161
Hotels, Restaurants & Leisure — 2.1%
China Travel International Investment Hong Kong Ltd.		968,000		165,606
DPC Dash Ltd., NVS(c)		17,600		127,242
Haichang Ocean Park Holdings Ltd.(a)(b)		1,672,000		160,356
Helens International Holdings Co. Ltd. (c)		220,000		93,444
Huangshan Tourism Development Co. Ltd., Class B(b)		110,000		83,490
Jiumaojiu International Holdings Ltd.(a)		484,000		335,939
Nayuki Holdings Ltd.(b)(c)		264,000		103,593
				1,069,670
Household Durables — 1.0%
Chervon Holdings Ltd.(c)		66,000		126,108
Skyworth Group Ltd.		616,000		216,560
TCL Electronics Holdings Ltd.		440,000		160,817
				503,485
Household Products — 0.2%
Blue Moon Group Holdings Ltd.(a)		440,000		109,024
Independent Power and Renewable Electricity Producers — 2.2%
Beijing Jingneng Clean Energy Co. Ltd., Class H		792,000		167,574
Canvest Environmental Protection Group Co. Ltd.(c)		264,000		138,584
CGN New Energy Holdings Co. Ltd.(c)		616,000		152,429
China Datang Corp. Renewable Power Co. Ltd., Class H		1,188,000		269,774
Concord New Energy Group Ltd.		3,520,000		291,784
Xinyi Energy Holdings Ltd.		1,056,000		146,847
				1,166,992
Industrial Conglomerates — 0.7%
CITIC Resources Holdings Ltd.		1,408,000		72,736
Shanghai Industrial Holdings Ltd.		220,632		288,535
				361,271
Interactive Media & Services — 4.2%
Hello Group Inc., ADR		72,248		476,114
JOYY Inc., ADR		19,316		608,454
Meitu Inc.(a)(c)		1,496,000		492,328
Tongdao Liepin Group(b)		132,000		65,305
Weibo Corp., ADR		41,580		379,210
Zhihu Inc., NVS(b)		105,600		163,219
				2,184,630

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) February 29, 2024 iShares^® MSCI China Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
IT Services — 3.4%
Chinasoft International Ltd.		1,284,000	$	836,375
Digital China Holdings Ltd.		308,000		104,828
GDS Holdings Ltd.(b)		523,600		444,721
INESA Intelligent Tech Inc., Class B		145,242		83,172
Kingsoft Cloud Holdings Ltd., ADR(b)(c)		72,732		208,741
National Agricultural Holdings Ltd., NVS(d)		108,900		—
Vnet Group Inc., ADR(b)		51,524		79,862
				1,757,699
Life Sciences Tools & Services — 0.1%
Joinn Laboratories China Co. Ltd., Class H(a)		57,200		72,180
Machinery — 1.6%
CIMC Enric Holdings Ltd.		353,193		284,013
First Tractor Co. Ltd., Class H		200,000		156,158
LK Technology Holdings Ltd.		282,991		123,771
Lonking Holdings Ltd.		968,000		162,646
Shanghai Mechanical and Electrical Industry Co. Ltd., Class B		110,005		107,365
				833,953
Media — 0.5%
Mobvista Inc.(a)(b)(c)		264,000		110,565
Xinhua Winshare Publishing and Media Co. Ltd., Class H		176,000		160,027
				270,592
Metals & Mining — 3.2%
China Metal Recycling Holdings Ltd.(d)		184,800		—
China Nonferrous Mining Corp Ltd.		660,000		458,480
China Oriental Group Co. Ltd.		616,000		92,683
Jinchuan Group International Resources Co. Ltd.		1,276,000		107,197
MMG Ltd.(b)		1,584,000		424,041
Shougang Fushan Resources Group Ltd.		1,008,000		419,714
Tiangong International Co. Ltd.(c)		704,000		161,546
Untrade Real Gold Mining(d)		126,000		—
Youyuan International Holdings Ltd.(d)		120,000		133
				1,663,794
Oil, Gas & Consumable Fuels — 1.3%
CGN Mining Co. Ltd.(b)(c)		1,320,000		321,204
Kinetic Development Group Ltd.		1,320,000		111,272
Sinopec Kantons Holdings Ltd.		528,000		239,402
				671,878
Paper & Forest Products — 1.1%
China Forestry Holdings Co. Ltd.(d)		306,000		—
Lee & Man Paper Manufacturing Ltd.(c)		660,000		188,187
Nine Dragons Paper Holdings Ltd.(b)		836,000		387,596
Qunxing Paper Holdings Co. Ltd.(d)		148,000		—
Shandong Chenming Paper Holdings Ltd., Class B(b)		44,600		7,277
Superb Summit International Group Ltd.(d)		2,975		—
				583,060
Personal Care Products — 0.3%
Shanghai Chicmax Cosmetic Co. Ltd., NVS		30,800		158,140
Pharmaceuticals — 8.7%
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.(c)		132,000		157,112
China Animal Healthcare Ltd.(d)		140,000		—
China Shineway Pharmaceutical Group Ltd.		148,000		166,596
China Traditional Chinese Medicine Holdings Co. Ltd.		1,548,000		854,123
Consun Pharmaceutical Group Ltd.		176,000		127,681
Grand Pharmaceutical Group Ltd., Class A		550,000		251,082
Hua Han Health Industry Holdings Ltd.(d)		505,580		1
HUTCHMED China Ltd.(b)(c)		286,165		884,243
Luye Pharma Group Ltd. (a)(b)(c)		968,000		357,533

Security	Shares		Value
Pharmaceuticals (continued)
Ocumension Therapeutics(a)(b)		154,000	$	101,495
SciClone Pharmaceuticals Holdings Ltd.(a)		154,000		256,534
Shandong Xinhua Pharmaceutical Co. Ltd., Class H		88,000		62,473
Shanghai Haixin Group Co., Class B		224,463		68,237
Sihuan Pharmaceutical Holdings Group Ltd.(c)		2,200,000		160,170
Simcere Pharmaceutical Group Ltd.(a)		396,000		281,719
SSY Group Ltd.(c)		704,000		394,339
Tong Ren Tang Technologies Co. Ltd., Class H		308,000		201,978
YiChang HEC ChangJiang Pharmaceutical Co. Ltd., Class H(a)(b)		132,000		171,509
				4,496,825
Real Estate Management & Development — 8.2%
Agile Group Holdings Ltd.(b)(c)		1,144,000		110,680
A-Living Smart City Services Co. Ltd., Class A(a)		330,000		168,975
C&D Property Management Group Co. Ltd.		264,000		110,276
China Aoyuan Group Ltd.(b)(c)		896,000		19,226
China Jinmao Holdings Group Ltd.		3,080,000		250,284
China Overseas Grand Oceans Group Ltd.		924,000		236,495
China South City Holdings Ltd.(c)		2,904,000		61,690
Cosmopolitan International Holdings Ltd., NVS(c)		184,800		43,241
Gemdale Properties & Investment Corp. Ltd.(c)		2,992,000		100,965
Greentown China Holdings Ltd.		572,000		459,529
Greentown Service Group Co. Ltd.		704,000		252,942
Guangzhou R&F Properties Co. Ltd., Class H(b)(c)		862,400		111,793
Hopson Development Holdings Ltd.(b)(c)		585,224		279,671
Jinke Smart Services Group Co. Ltd.(b)		66,000		77,962
Midea Real Estate Holding Ltd.(a)		149,600		83,342
Poly Property Group Co. Ltd.		1,100,000		202,107
Poly Property Services Co. Ltd., Class H		79,200		284,754
Radiance Holdings Group Co. Ltd.(b)(c)		396,000		108,237
Redco Properties Group Ltd.(a)(b)(c)(d)		704,000		51,942
Seazen Group Ltd.(b)(c)		1,232,000		173,774
Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class B		136,483		129,607
Shenzhen Investment Ltd.		1,408,000		188,513
Shoucheng Holdings Ltd.		1,145,600		220,929
Shui On Land Ltd.		1,826,000		165,253
SOHO China Ltd.(b)		1,056,000		92,681
Sunac Services Holdings Ltd.(a)(c)		748,000		190,164
Yuexiu Services Group Ltd., NVS		242,000		81,180
				4,256,212
Semiconductors & Semiconductor Equipment — 2.1%
Daqo New Energy Corp., ADR(b)		23,584		501,868
JinkoSolar Holding Co. Ltd., ADR		22,088		597,259
				1,099,127
Software — 1.8%
AsiaInfo Technologies Ltd.(a)		123,200		115,025
Linklogis Inc.(a)		396,000		62,065
Ming Yuan Cloud Group Holdings Ltd.(b)(c)		396,000		112,875
Qingdao Ainnovation Technology Group Co. Ltd.(a)(b)		101,200		89,989
Tuya Inc.(b)		116,072		228,662
Weimob Inc.(a)(b)(c)		1,144,000		306,334
				914,950
Specialty Retail — 0.3%
Boshiwa International Holding Ltd.(d)		67,000		—
China Meidong Auto Holdings Ltd.		352,000		138,471
				138,471
Technology Hardware, Storage & Peripherals — 0.7%
Canaan Inc., ADR(b)(c)		81,488		127,936

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) February 29, 2024 iShares^® MSCI China Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Technology Hardware, Storage & Peripherals (continued)
Legend Holdings Corp., Class H(a)		281,600	$	235,221
				363,157
Textiles, Apparel & Luxury Goods — 2.3%
361 Degrees International Ltd.		440,000		234,936
China Lilang Ltd.		176,000		94,363
China Longevity Group Co. Ltd.(b)(d)		96,000		—
Fuguiniao Co. Ltd.(d)		43,200		—
Golden Solar New Energy Technology Holdings Ltd. (b)(c)		529,200		259,548
JNBY Design Ltd.		88,000		168,171
Xtep International Holdings Ltd.		748,000		413,671
				1,170,689
Tobacco — 1.1%
RLX Technology Inc., ADR(c)		290,840		567,138
Trading Companies & Distributors — 0.3%
China Aircraft Leasing Group Holdings Ltd.		154,000		67,269
Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd.		101,200		73,673
				140,942
Transportation Infrastructure — 3.3%
Anhui Expressway Co. Ltd., Class H		214,000		237,793
Beijing Capital International Airport Co. Ltd., Class H(b)		968,000		312,158
COSCO Shipping International Hong Kong Co. Ltd.		176,000		78,244
Hainan Meilan International Airport Co. Ltd., Class H(b)		111,000		104,553
Shenzhen International Holdings Ltd.		726,000		612,195
Sichuan Expressway Co. Ltd., Class H		352,000		117,676
Yuexiu Transport Infrastructure Ltd.		441,601		250,925
				1,713,544
Water Utilities — 0.6%
China Water Affairs Group Ltd.		440,000		301,782
Total Long-Term Investments — 100.1%  (Cost: $66,901,110)			51,857,463

Security	Shares		Value
Short-Term Securities
Money Market Funds — 21.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%(e)(f)(g)		11,175,642	$	11,181,230
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%(e)(f)		30,000		30,000
Total Short-Term Securities — 21.6% (Cost: $11,207,901)				11,211,230
Total Investments — 121.7% (Cost: $78,109,011)				63,068,693
Liabilities in Excess of Other Assets — (21.7)%				(11,256,648	)
Net Assets — 100.0%			$	51,812,045

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

^(b)  Non-income producing security.

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

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

^(e)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	11,772,234	$	—	$	(593,067	)(a)	$	2,008	$	55	$	11,181,230		11,175,642	$	266,078	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		80,000		—		(50,000	)(a)		—		—		30,000		30,000		1,813			—
								$	2,008	$	55	$	11,211,230			$	267,891		$	—

^(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.

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) February 29, 2024 iShares^® MSCI China Small-Cap ETF

Derivative Financial Instruments Categorized by Risk Exposure

For the period ended February 29, 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	$	—	$	—	$	(57,139	)	$	—	$	—	$	—	$	(57,139	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	32,568

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	$	12,909,651	$	38,698,845	$	248,967	$	51,857,463
Short-Term Securities
Money Market Funds		11,211,230		—		—		11,211,230
	$	24,120,881	$	38,698,845	$	248,967	$	63,068,693

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

Assets	Common Stocks
Opening balance, as of August 31, 2023			$	760,951
Transfers into Level 3				125,574
Transfers out of Level 3				(52,888	)
Accrued discounts/premiums				—
Net realized gain (loss)				(1,246,214	)
Net change in unrealized appreciation (depreciation)(a)(b)				974,557
Purchases				—
Sales				(313,013	)
Closing balance, as of February 29, 2024			$	248,967
Net change in unrealized appreciation (depreciation) on investments still held at February 29, 2024(b)			$	(86,681	)

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

^(b)  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at February 29, 2024 is generally due to investments no longer held or categorized as Level 3 at period end.

See notes to financial statements.

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)  February 29, 2024 iShares^® MSCI Indonesia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Automobile Components — 0.4%
Astra Otoparts Tbk PT		3,069,700	$	459,039
Selamat Sempurna Tbk PT		9,862,100		1,317,875
				1,776,914
Banks — 51.0%
Bank Aladin Syariah Tbk PT(a)		26,612,700		1,812,001
Bank BTPN Syariah Tbk PT		10,844,400		948,842
Bank Bukopin Tbk PT(a)		164,265,122		804,862
Bank Central Asia Tbk PT		163,708,590		103,016,236
Bank Jago Tbk PT(a)		11,455,600		1,982,237
Bank Mandiri Persero Tbk PT		101,003,620		45,115,640
Bank Negara Indonesia Persero Tbk PT		52,686,016		20,135,761
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		21,153,476		1,622,013
Bank Pembangunan Daerah Jawa Timur Tbk PT		30,396,900		1,170,227
Bank Rakyat Indonesia Persero Tbk PT		196,226,354		76,466,209
Bank Tabungan Negara Persero Tbk PT		33,402,126		3,041,993
				256,116,021
Broadline Retail — 3.8%
Bukalapak.com PT Tbk(a)		199,613,900		1,998,726
GoTo Gojek Tokopedia Tbk PT(a)		2,716,496,700		12,295,884
Mitra Adiperkasa Tbk PT		39,146,200		4,782,287
				19,076,897
Capital Markets — 0.5%
Pacific Strategic Financial Tbk PT(a)		34,648,600		2,447,340
Pool Advista Indonesia Tbk PT(a)(b)		7,126,300		—
				2,447,340
Chemicals — 1.6%
Barito Pacific Tbk PT		111,571,252		6,935,084
Surya Esa Perkasa Tbk PT		28,188,900		923,785
				7,858,869
Construction & Engineering — 0.1%
Waskita Karya Persero Tbk PT(a)(b)		61,414,619		631,537
Construction Materials — 1.9%
Berkah Beton Sadaya Tbk PT(a)		64,732,500		205,958
Indocement Tunggal Prakarsa Tbk PT		6,100,644		3,522,662
Semen Indonesia Persero Tbk PT		14,390,241		5,589,943
				9,318,563
Consumer Finance — 0.5%
BFI Finance Indonesia Tbk PT		27,938,900		2,453,432
Consumer Staples Distribution & Retail — 2.3%
Midi Utama Indonesia Tbk PT, NVS		34,548,500		936,536
Sumber Alfaria Trijaya Tbk PT		60,677,300		10,618,045
				11,554,581
Diversified Telecommunication Services — 5.1%
Inovisi Infracom Tbk PT(b)		9,476,400		—
Sarana Menara Nusantara Tbk PT		68,662,200		4,026,309
Telkom Indonesia Persero Tbk PT		84,994,690		21,665,939
				25,692,248
Electronic Equipment, Instruments & Components — 0.2%
Metrodata Electronics Tbk PT		23,443,900		872,713
Food Products — 5.4%
Astra Agro Lestari Tbk PT		990,300		422,443
Charoen Pokphand Indonesia Tbk PT		28,121,125		8,670,301
Indofood CBP Sukses Makmur Tbk PT		9,517,654		7,017,207
Indofood Sukses Makmur Tbk PT		17,308,530		7,296,787
Inti Agri Resources Tbk PT(a)(b)		190,840,700		—

Security	Shares		Value
Food Products (continued)
Japfa Comfeed Indonesia Tbk PT		23,389,100	$	1,711,579
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		22,337,500		1,202,152
Sawit Sumbermas Sarana Tbk PT		12,784,700		923,362
				27,243,831
Gas Utilities — 0.7%
Perusahaan Gas Negara Tbk PT		50,848,707		3,527,625
Health Care Providers & Services — 0.5%
Medikaloka Hermina Tbk PT		21,675,400		1,744,790
Metro Healthcare Indonesia TBK PT(a)		77,734,500		727,138
				2,471,928
Household Products — 1.0%
Unilever Indonesia Tbk PT		29,542,320		5,132,073
Industrial Conglomerates — 3.6%
Astra International Tbk PT		54,733,430		18,220,659
Insurance — 0.3%
Panin Financial Tbk PT(a)		104,525,978		1,730,674
Marine Transportation — 0.4%
Transcoal Pacific Tbk PT		3,606,600		1,808,195
Media — 0.6%
Elang Mahkota Teknologi Tbk PT		46,113,800		1,379,798
Media Nusantara Citra Tbk PT		32,020,300		664,246
Surya Citra Media Tbk PT		117,524,000		1,115,429
				3,159,473
Metals & Mining — 4.5%
Amman Mineral Internasional PT(a)		21,195,884		11,456,546
Aneka Tambang Tbk		38,092,354		3,537,847
Bumi Resources Minerals Tbk PT(a)		202,359,100		1,854,261
Merdeka Copper Gold Tbk PT(a)		40,999,406		5,896,840
				22,745,494
Oil, Gas & Consumable Fuels — 6.3%
Adaro Energy Indonesia Tbk PT		55,656,339		8,577,783
AKR Corporindo Tbk PT		41,542,900		4,493,982
Bukit Asam Tbk PT		19,336,400		3,148,310
Bumi Resources Tbk PT(a)		392,186,500		2,171,189
Energi Mega Persada Tbk PT, NVS(a)		59,569,900		765,709
Harum Energy Tbk PT(a)		11,348,200		904,148
Indika Energy Tbk PT		8,264,200		715,197
Indo Tambangraya Megah Tbk PT		2,094,300		3,490,514
Medco Energi Internasional Tbk PT		41,549,086		3,454,919
Sekawan Intipratama Tbk PT(b)		30,572,100		—
Sugih Energy Tbk PT(a)(b)		39,886,700		—
Trada Alam Minera Tbk PT(a)(b)		163,879,000		—
United Tractors Tbk PT		2,579,296		3,862,997
				31,584,748
Paper & Forest Products — 1.7%
Indah Kiat Pulp & Paper Tbk PT		10,764,500		5,982,652
Pabrik Kertas Tjiwi Kimia Tbk PT		5,344,300		2,329,523
				8,312,175
Personal Care Products — 0.3%
Industri Jamu Dan Farmasi Sido Muncul Tbk PT		41,152,737		1,610,495
Pharmaceuticals — 1.5%
Kalbe Farma Tbk PT		78,338,185		7,416,212
Real Estate Management & Development — 2.3%
Bumi Serpong Damai Tbk PT(a)		37,928,622		2,446,553
Ciputra Development Tbk PT		49,284,713		3,982,920

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) February 29, 2024 iShares^® MSCI Indonesia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Real Estate Management & Development (continued)
Hanson International Tbk PT(a)(b)		372,896,535	$	—
Lippo Karawaci Tbk PT(a)		160,641,442		766,663
Pakuwon Jati Tbk PT		94,174,677		2,433,021
Rimo International Lestari Tbk PT(a)(b)		54,096,000		—
Summarecon Agung Tbk PT		56,464,186		1,974,135
				11,603,292
Specialty Retail — 1.2%
Ace Hardware Indonesia Tbk PT		36,649,379		1,947,652
Erajaya Swasembada Tbk PT		55,809,600		1,683,344
Map Aktif Adiperkasa PT		35,089,300		2,456,139
				6,087,135
Transportation Infrastructure — 1.0%
Astrindo Nusantara Infrastructure Tbk PT(a)		165,270,300		862,371
Jasa Marga Persero Tbk PT		11,588,008		4,002,559
				4,864,930
Wireless Telecommunication Services — 1.1%
Smartfren Telecom Tbk PT(a)		597,155,700		2,013,952
XL Axiata Tbk PT		23,128,700		3,502,787
				5,516,739
Total Long-Term Investments — 99.8% (Cost: $593,805,141)				500,834,793

Security	Shares		Value
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%(c)(d)		320,000	$	320,000
Total Short-Term Securities — 0.1% (Cost: $320,000)				320,000
Total Investments — 99.9% (Cost: $594,125,141)				501,154,793
Other Assets Less Liabilities — 0.1%				571,208
Net Assets — 100.0%			$	501,726,001

^(a) Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/29/24		Shares Held at 02/29/24		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	450,000	$	—	$	(130,000	)(a)	$	—	$	—	$	320,000		320,000	$	9,900	$	—

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets Index		3		03/15/24	$	153	$	598

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) February 29, 2024 iShares^® MSCI Indonesia ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	598	$	—	$	—	$	—	$	598

^(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 February 29, 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	$	—	$	—	$	(53,282	)	$	—	$	—	$	—	$	(53,282	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	7,068		$	—	$	—	$	—	$	7,068

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	298,358

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

Fair Value Hierarchy as of Period End

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

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	$	76,434,196	$	423,769,060	$	631,537	$	500,834,793
Short-Term Securities
Money Market Funds		320,000		—		—		320,000
	$	76,754,196	$	423,769,060	$	631,537	$	501,154,793
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	598	$	—	$	—	$	598

^(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)  February 29, 2024 iShares^® MSCI Peru and Global Exposure ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Banks — 26.5%
Banco BBVA Peru SA		4,449,005	$	2,034,597
Banco de Credito del Peru SA, Class C		279,943		227,924
Credicorp Ltd.		126,032		21,536,348
Intercorp Financial Services Inc.		61,869		1,689,024
				25,487,893
Broadline Retail — 2.5%
Falabella SA(a)		948,745		2,406,302
Construction Materials — 2.2%
Cementos Pacasmayo SAA		1,790,135		2,105,791
Consumer Staples Distribution & Retail — 2.8%
InRetail Peru Corp.(b)		76,253		2,729,857
Diversified Consumer Services — 2.5%
Laureate Education Inc., Class A		179,643		2,409,013
Electric Utilities — 2.4%
Interconexion Electrica SA ESP		539,226		2,297,034
Food Products — 5.4%
Alicorp SAA		2,303,911		4,068,287
Casa Grande SAA		374,827		1,109,732
				5,178,019
Metals & Mining — 47.2%
Cia. de Minas Buenaventura SAA, ADR		285,401		4,309,555
Corp. Aceros Arequipa SA, NVS		2,182,547		663,485
Fortuna Silver Mines Inc.(a)		815,664		2,217,736
Hochschild Mining PLC(a)		2,270,422		2,651,875
MMG Ltd.(a)		9,224,000		2,469,287
Pan American Silver Corp.		177,637		2,204,183
Sociedad Minera Cerro Verde SAA		103,402		4,033,712
Southern Copper Corp.		258,291		20,885,410
Triple Flag Precious Metals Corp.		176,949		2,243,888

Security	Shares		Value
Metals & Mining (continued)
Volcan Cia. Minera SAA, Class B, NVS(a)		19,395,932	$	1,666,339
Wheaton Precious Metals Corp.		52,495		2,163,390
				45,508,860
Real Estate Management & Development — 2.4%
Parque Arauco SA		1,434,263		2,287,849
Trading Companies & Distributors — 3.2%
Ferreycorp SAA		3,881,498		3,129,454
Wireless Telecommunication Services — 2.2%
Empresa Nacional de Telecomunicaciones SA		637,752		2,076,922
Total Long-Term Investments — 99.3% (Cost: $104,184,846)				95,616,994
Short-Term Securities
Money Market Funds — 0.4%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%(c)(d)		360,000		360,000
Total Short-Term Securities — 0.4% (Cost: $360,000)				360,000
Total Investments — 99.7% (Cost: $104,544,846)				95,976,994
Other Assets Less Liabilities — 0.3%				331,050
Net Assets — 100.0%			$	96,308,044

^(a) Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/29/24		Shares Held at 02/29/24		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	450,000	$	—	$	(90,000	)(a)	$	—	$	—	$	360,000		360,000	$	7,898	$	—

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets Index		11		03/15/24	$	559	$	3,241

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) February 29, 2024 iShares^® MSCI Peru and Global Exposure 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)	$	—	$	—	$	3,241	$	—	$	—	$	—	$	3,241

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

For the period ended February 29, 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	$	—	$	—	$	(5,267	)	$	—	$	—	$	—	$	(5,267	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	13,728		$	—	$	—	$	—	$	13,728

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	625,105

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	$	88,089,530	$	7,527,464	$	—	$	95,616,994
Short-Term Securities
Money Market Funds		360,000		—		—		360,000
	$	88,449,530	$	7,527,464	$	—	$	95,976,994
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	3,241	$	—	$	—	$	3,241

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

See notes to financial statements.

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

Schedule of Investments(unaudited)  February 29, 2024 iShares^® MSCI Philippines ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Banks — 21.1%
Bank of the Philippine Islands		2,625,345	$	5,845,394
BDO Unibank Inc.		4,747,898		12,934,716
Metropolitan Bank & Trust Co.		4,761,054		5,251,096
Security Bank Corp.		1,537,650		1,942,064
				25,973,270
Chemicals — 1.1%
D&L Industries Inc.		11,142,600		1,339,927
Consumer Staples Distribution & Retail — 2.4%
Puregold Price Club Inc.		3,798,360		1,858,132
Robinsons Retail Holdings Inc.		1,692,400		1,128,969
				2,987,101
Diversified Telecommunication Services — 1.2%
Converge Information and Communications Technology Solutions Inc.(a)		9,628,100		1,542,169
Electric Utilities — 5.4%
Manila Electric Co.		743,910		5,160,987
Synergy Grid & Development Phils Inc.		9,283,900		1,486,349
				6,647,336
Food Products — 4.0%
Century Pacific Food Inc.		4,152,100		2,474,346
Universal Robina Corp.		1,158,388		2,411,516
				4,885,862
Hotels, Restaurants & Leisure — 6.9%
Bloomberry Resorts Corp.(a)		14,121,665		2,818,555
Jollibee Foods Corp.		1,168,961		5,693,525
				8,512,080
Independent Power and Renewable Electricity Producers — 1.0%
SP New Energy Corp., NVS		60,551,000		1,184,846
Industrial Conglomerates — 23.6%
Aboitiz Equity Ventures Inc.		4,712,517		4,444,322
Alliance Global Group Inc.		10,020,639		1,839,598
Ayala Corp.		460,448		5,556,821
DMCI Holdings Inc.		10,071,900		1,963,676
GT Capital Holdings Inc.		285,026		3,564,409
JG Summit Holdings Inc.		3,571,561		2,604,892
LT Group Inc.		9,374,200		1,584,184
SM Investments Corp.		454,416		7,603,843
				29,161,745

Security	Shares		Value
Office REITs — 0.2%
AREIT Inc		486,300	$	301,910
Oil, Gas & Consumable Fuels — 1.5%
Semirara Mining & Power Corp., Class A		3,272,500		1,880,312
Passenger Airlines — 0.2%
Cebu Air Inc.(a)		486,240		281,979
Real Estate Management & Development — 17.0%
Ayala Land Inc.		12,590,950		7,847,486
Megaworld Corp.		43,149,960		1,482,621
Robinsons Land Corp.		1,112,606		324,055
SM Prime Holdings Inc.		20,049,735		11,270,508
				20,924,670
Specialty Retail — 1.6%
Wilcon Depot Inc.		5,129,100		1,970,801
Transportation Infrastructure — 7.5%
International Container Terminal Services Inc.		1,804,293		9,259,326
Water Utilities — 1.3%
Manila Water Co. Inc.		4,513,129		1,560,709
Wireless Telecommunication Services — 3.8%
PLDT Inc.		202,754		4,731,058
Total Long-Term Investments — 99.8% (Cost: $146,063,237)				123,145,101
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%(b)(c)		160,000		160,000
Total Short-Term Securities — 0.1% (Cost: $160,000)				160,000
Total Investments — 99.9% (Cost: $146,223,237)				123,305,101
Other Assets Less Liabilities — 0.1%				68,172
Net Assets — 100.0%			$	123,373,273

^(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 February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/23		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/29/24		Shares Held at 02/29/24		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	60,000	$	100,000	(a)	$	—	$	—	$	—	$	160,000		160,000	$	2,941	$	—

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

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) February 29, 2024 iShares^® MSCI Philippines ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets Index		3		03/15/24	$	153	$	24

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	$	—	$	—	$	—	$	24

^(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 February 29, 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	$	—	$	—	$	(48,782	)	$	—	$	—	$	—	$	(48,782	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	1,567		$	—	$	—	$	—	$	1,567

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	125,615

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	$	53,910,678	$	69,234,423	$	—	$	123,145,101
Short-Term Securities
Money Market Funds		160,000		—		—		160,000
	$	54,070,678	$	69,234,423	$	—	$	123,305,101

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) February 29, 2024 iShares^® MSCI Philippines ETF

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	24	$	—	$	—	$	24

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

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 

Schedule of Investments(unaudited)  February 29, 2024 iShares^® MSCI Poland ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Banks — 35.8%
Alior Bank SA(a)		245,189	$	5,889,948
Bank Millennium SA(a)		2,202,130		5,510,012
Bank Polska Kasa Opieki SA		553,321		23,999,407
mBank SA(a)		50,436		8,788,370
Powszechna Kasa Oszczednosci Bank Polski SA		2,648,993		36,914,780
Santander Bank Polska SA		89,462		12,337,511
				93,440,028
Broadline Retail — 5.6%
Allegro.eu SA (a)(b)(c)		1,431,167		11,565,853
Pepco Group NV(a)		623,647		3,129,692
				14,695,545
Capital Markets — 1.7%
Warsaw Stock Exchange		159,418		1,759,092
XTB SA(b)(c)		215,058		2,597,004
				4,356,096
Chemicals — 0.6%
Grupa Azoty SA(a)(c)		271,610		1,533,126
Construction & Engineering — 3.1%
Budimex SA		43,699		7,988,848
Consumer Finance — 2.4%
KRUK SA		60,505		6,379,695
Consumer Staples Distribution & Retail — 5.3%
Dino Polska SA(a)(b)(c)		101,994		11,868,192
Eurocash SA		434,203		1,835,628
				13,703,820
Diversified Telecommunication Services — 1.9%
Orange Polska SA		2,390,206		4,891,928
Electric Utilities — 4.8%
Enea SA(a)		1,132,206		2,772,842
PGE Polska Grupa Energetyczna SA(a)		3,106,354		6,207,875
Tauron Polska Energia SA(a)		3,934,297		3,568,918
				12,549,635
Entertainment — 2.3%
CD Projekt SA		219,814		6,041,322
Hotels, Restaurants & Leisure — 0.8%
AmRest Holdings SE(a)		339,275		2,126,198
Insurance — 8.6%
Powszechny Zaklad Ubezpieczen SA		1,822,825		22,430,265
Media — 1.1%
Cyfrowy Polsat SA(a)		986,166		2,896,161

Security	Shares		Value
Metals & Mining — 6.9%
Grupa Kety SA		28,053	$	4,954,396
Jastrzebska Spolka Weglowa SA, Class S(a)(c)		238,667		2,466,704
KGHM Polska Miedz SA		394,622		10,665,691
				18,086,791
Oil, Gas & Consumable Fuels — 10.5%
ORLEN SA		1,755,430		27,267,662
Software — 2.2%
Asseco Poland SA		205,203		3,853,584
Text SA		76,450		1,830,313
				5,683,897
Specialty Retail — 0.3%
Auto Partner SA		123,468		814,751
Textiles, Apparel & Luxury Goods — 6.0%
CCC SA(a)		174,620		3,328,542
LPP SA		2,723		12,233,758
				15,562,300
Total Long-Term Investments — 99.9% (Cost: $279,407,388)				260,448,068
Short-Term Securities
Money Market Funds — 8.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%(d)(e)(f)		18,903,632		18,913,084
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%(d)(e)		3,640,000		3,640,000
Total Short-Term Securities — 8.7% (Cost: $22,554,514)				22,553,084
Total Investments — 108.6% (Cost: $301,961,902)				283,001,152
Liabilities in Excess of Other Assets — (8.6)%				(22,365,717	)
Net Assets — 100.0%			$	260,635,435

^(a)  Non-income producing security.

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

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

^(d)  Affiliate of the Fund.

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

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

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

Schedule of Investments (unaudited) (continued) February 29, 2024 iShares^® MSCI Poland ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/23		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	55,822	$	18,856,894	(a)	$	—	$	1,798	$	(1,430	)	$	18,913,084		18,903,632	$	18,536	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,780,000		860,000	(a)		—		—		—			3,640,000		3,640,000		74,070			—
								$	1,798	$	(1,430	)	$	22,553,084			$	92,606		$	—

^(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
WIG20 Index		26		03/15/24	$	315	$	5,836

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)	$	—	$	—	$	5,836	$	—	$	—	$	—	$	5,836

^(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 February 29, 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	$	—	$	—	$	42,534	$	—	$	—	$	—	$	42,534
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	44,312	$	—	$	—	$	—	$	44,312

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	626,587

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

Schedule of Investments(unaudited) (continued) February 29, 2024 iShares^® MSCI Poland ETF

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	25,464,674	$	234,983,394	$	—	$	260,448,068
Short-Term Securities
Money Market Funds		22,553,084		—		—		22,553,084
	$	48,017,758	$	234,983,394	$	—	$	283,001,152
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	5,836	$	—	$	5,836

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

See notes to financial statements.

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

Schedule of Investments(unaudited)  February 29, 2024 iShares^® MSCI Qatar ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 0.7%
Gulf Warehousing Co.		638,021	$	549,925
Banks — 53.3%
Commercial Bank PSQC (The)		2,620,351		3,634,396
Doha Bank QPSC		2,599,478		1,175,356
Dukhan Bank		2,025,413		2,313,383
Lesha Bank LLC(a)		1,484,655		540,731
Masraf Al Rayan QSC		5,369,139		3,729,422
Qatar International Islamic Bank QSC		1,124,255		3,517,825
Qatar Islamic Bank SAQ		1,919,685		10,607,885
Qatar National Bank QPSC		4,433,905		18,518,682
				44,037,680
Chemicals — 3.7%
Mesaieed Petrochemical Holding Co. QSC		5,876,486		3,045,813
Construction & Engineering — 0.6%
Estithmar Holding QPSC(a)		893,110		484,947
Construction Materials — 1.4%
Qatar National Cement Co. QSC		618,681		643,956
Qatari Investors Group QSC		944,828		491,615
				1,135,571
Consumer Staples Distribution & Retail — 0.8%
Al Meera Consumer Goods Co. QSC		187,896		667,800
Diversified Telecommunication Services — 3.7%
Ooredoo QPSC		979,221		3,053,268
Energy Equipment & Services — 1.3%
Gulf International Services QSC		1,370,558		1,079,497
Financial Services — 0.5%
Salam International Investment Ltd. QSC(a)		2,345,036		430,814
Food Products — 0.6%
Baladna(a)		1,489,023		521,138
Health Care Providers & Services — 0.6%
Medicare Group		403,483		511,864
Industrial Conglomerates — 8.1%
Aamal Co.		3,313,801		717,857
Industries Qatar QSC		1,597,368		5,655,861
Mannai Corp. QSC		304,619		348,852
				6,722,570

Security	Shares		Value
Insurance — 2.0%
Qatar Insurance Co. SAQ(a)		2,514,801	$	1,605,601
Marine Transportation — 3.9%
Qatar Navigation QSC		1,071,849		3,233,330
Metals & Mining — 1.6%
Qatar Aluminum Manufacturing Co.		3,780,592		1,317,478
Multi-Utilities — 3.1%
Qatar Electricity & Water Co. QSC		546,214		2,590,149
Oil, Gas & Consumable Fuels — 7.5%
Qatar Fuel QSC		699,988		2,870,287
Qatar Gas Transport Co. Ltd.		3,018,716		3,309,546
				6,179,833
Real Estate Management & Development — 4.9%
Barwa Real Estate Co.		2,702,780		2,267,717
Ezdan Holding Group QSC(a)		2,633,887		624,400
Mazaya Real Estate Development QPSC(a)		1,957,142		383,402
United Development Co. QSC		2,731,011		775,516
				4,051,035
Wireless Telecommunication Services — 1.4%
Vodafone Qatar QSC		2,399,880		1,138,569
Total Long-Term Investments — 99.7% (Cost: $68,799,357)				82,356,882
Short-Term Securities
Money Market Funds — 0.6%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%(b)(c)		500,000		500,000
Total Short-Term Securities — 0.6% (Cost: $500,000)				500,000
Total Investments — 100.3% (Cost: $69,299,357)				82,856,882
Liabilities in Excess of Other Assets — (0.3)%				(240,094	)
Net Assets — 100.0%			$	82,616,788

^(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 February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/23		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/29/24		Shares Held at 02/29/24		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	—	$	500,000	(a)	$	—	$	—	$	—	$	500,000		500,000	$	1,838	$	—

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

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Schedule of Investments(unaudited) (continued) February 29, 2024 iShares^® MSCI Qatar ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets Index		5		03/15/24	$	254	$	(3,801	)

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)	$	—	$	—	$	3,801	$	—	$	—	$	—	$	3,801

^(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 February 29, 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	$	—	$	—	$	784		$	—	$	—	$	—	$	784
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(3,669	)	$	—	$	—	$	—	$	(3,669	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	151,778

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	$	45,678,760	$	36,678,122	$	—	$	82,356,882
Short-Term Securities
Money Market Funds		500,000		—		—		500,000
	$	46,178,760	$	36,678,122	$	—	$	82,856,882

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) February 29, 2024 iShares^® MSCI Qatar ETF

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2		Level 3		Total
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(3,801	)	$	—	$	—	$	(3,801	)

^(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)  February 29, 2024 iShares^® MSCI Saudi Arabia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Banks — 38.5%
Al Rajhi Bank		4,735,337	$	112,455,791
Alinma Bank		2,469,421		28,984,155
Arab National Bank		1,671,600		12,429,101
Bank AlBilad		1,288,870		17,010,937
Bank Al-Jazira(a)		1,221,449		6,344,679
Banque Saudi Fransi		1,532,474		15,581,581
Riyad Bank		3,557,997		29,538,842
Saudi Awwal Bank		2,366,760		26,061,329
Saudi Investment Bank (The)		552,373		2,386,627
Saudi National Bank (The)		7,102,534		80,267,346
				331,060,388
Building Products — 0.2%
Bawan Co.		45,351		610,509
Saudi Ceramic Co.		178,862		1,477,085
				2,087,594
Capital Markets — 0.4%
Saudi Tadawul Group Holding Co.		49,454		3,192,724
Chemicals — 10.7%
Advanced Petrochemical Co.		407,910		4,153,389
Alujain Corp.(a)		81,651		919,489
Methanol Chemicals Co.(a)		78,645		364,376
National Industrialization Co.(a)		1,112,293		3,916,059
SABIC Agri-Nutrients Co.		472,804		15,806,705
Sahara International Petrochemical Co.		986,297		8,059,432
Saudi Aramco Base Oil Co.		27,124		1,216,755
Saudi Basic Industries Corp.		2,167,110		45,528,825
Saudi Industrial Investment Group		841,417		4,651,574
Saudi Kayan Petrochemical Co.(a)		1,163,383		2,993,533
Yanbu National Petrochemical Co.		428,046		4,271,761
				91,881,898
Commercial Services & Supplies — 0.6%
Catrion Catering Holding Co.		136,554		4,864,575
Construction Materials — 2.5%
Arabian Cement Co./Saudi Arabia		208,410		1,825,042
City Cement Co.		277,047		1,412,233
Eastern Province Cement Co.		179,405		1,716,511
Najran Cement Co.		399,321		1,103,260
Northern Region Cement Co.		450,997		1,207,422
Qassim Cement Co. (The)		159,669		2,533,212
Saudi Cement Co.		260,533		3,244,245
Southern Province Cement Co.		224,541		2,391,919
Yamama Cement Co.		364,840		3,510,730
Yanbu Cement Co.		280,961		2,359,884
				21,304,458
Consumer Finance — 0.0%
Nayifat Finance Co.(a)		82,995		317,168
Consumer Staples Distribution & Retail — 0.9%
Abdullah Al Othaim Markets Co.		1,371,633		4,881,839
Al-Dawaa Medical Services Co.		18,023		550,798
Almunajem Foods Co.		25,764		721,641
BinDawood Holding Co.		258,595		492,657
Nahdi Medical Co.		28,614		1,083,430
				7,730,365
Diversified Consumer Services — 0.3%
Ataa Educational Co.		34,850		732,389
National Co. for Learning & Education		35,892		1,619,317
				2,351,706

Security	Shares		Value
Diversified REITs — 0.2%
Al Rajhi REIT		153,235	$	367,735
Jadwa REIT Saudi Fund		379,517		1,325,673
Riyad REIT Fund		152,310		354,549
				2,047,957
Diversified Telecommunication Services — 5.8%
Saudi Telecom Co.		4,438,388		50,240,743
Electric Utilities — 1.4%
Saudi Electricity Co.		2,221,301		11,857,446
Electrical Equipment — 0.1%
Electrical Industries Co.		716,265		804,063
Energy Equipment & Services — 0.0%
Ades Holding Co.(a)		68,360		364,557
Financial Services — 0.1%
Amlak International Finance Co.		93,955		354,608
SHL Finance Co.		69,181		318,760
				673,368
Food Products — 4.0%
Al Jouf Agricultural Development Co.		37,416		540,743
Almarai Co. JSC		667,160		10,460,232
First Milling Co., NVS		15,427		336,049
Halwani Brothers Co.(a)		33,379		495,889
National Agriculture Development Co. (The)(a)		537,875		4,748,482
Saudia Dairy & Foodstuff Co.		52,073		5,277,695
Savola Group (The)		736,449		10,407,647
Sinad Holding Co.(a)		339,098		1,265,865
Tanmiah Food Co.		13,187		468,609
				34,001,211
Gas Utilities — 0.4%
National Gas & Industrialization Co.		160,262		3,663,500
Ground Transportation — 0.7%
Lumi Rental Co.(a)		2,915		91,096
Saudi Public Transport Co.(a)		301,860		1,670,963
Theeb Rent A Car Co.		29,569		583,037
United International Transportation Co.		148,512		3,500,089
				5,845,185
Health Care Providers & Services — 5.4%
Al Hammadi Holding		265,044		4,728,096
Dallah Healthcare Co.		110,246		5,514,799
Dr Sulaiman Al Habib Medical Services Group Co.		166,228		14,637,983
Middle East Healthcare Co.(a)		151,626		4,916,332
Mouwasat Medical Services Co.		274,724		9,053,476
National Medical Care Co.		83,456		4,478,515
Saudi Chemical Co. Holding		1,939,511		2,769,911
				46,099,112
Hotels, Restaurants & Leisure — 1.4%
Alamar Foods, NVS		13,627		391,699
Herfy Food Services Co.		103,234		1,008,043
Jahez International Co., NVS		49,206		468,054
Leejam Sports Co. JSC		87,862		5,046,390
Seera Group Holding(a)		532,575		4,743,089
				11,657,275
Independent Power and Renewable Electricity Producers — 1.4%
ACWA Power Co.		168,717		11,878,461
Industrial Conglomerates — 0.3%
Astra Industrial Group		50,655		2,282,669

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) February 29, 2024 iShares^® MSCI Saudi Arabia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Insurance — 3.0%
Al Rajhi Co. for Co-operative Insurance(a)		162,849	$	3,684,972
Bupa Arabia for Cooperative Insurance Co.		201,839		12,349,576
Co. for Cooperative Insurance (The)		213,193		9,209,201
Saudi Reinsurance Co.(a)		56,684		392,978
				25,636,727
IT Services — 1.8%
Al Moammar Information Systems Co.		21,470		833,582
Arabian Internet & Communications Services Co.		16,504		1,616,363
Elm Co.		43,281		12,207,779
Perfect Presentation For Commercial Services Co., NVS(a)		69,441		648,064
				15,305,788
Media — 1.0%
Arabian Contracting Services Co.		17,707		1,239,863
Saudi Research & Media Group(a)		112,187		7,408,639
				8,648,502
Metals & Mining — 4.5%
Al Masane Al Kobra Mining Co.		24,045		375,072
East Pipes Integrated Co. for Industry, NVS		20,744		663,755
Saudi Arabian Mining Co.(a)		2,831,508		37,573,762
Saudi Steel Pipe Co.(a)		37,810		495,524
				39,108,113
Multi-Utilities — 0.0%
Power & Water Utility Co. for Jubail & Yanbu		18,371		372,717
Oil, Gas & Consumable Fuels — 7.1%
Aldrees Petroleum and Transport Services Co.		123,382		5,939,550
Rabigh Refining & Petrochemical Co.(a)		67,542		149,001
Saudi Arabia Refineries Co.		16,715		412,270
Saudi Arabian Oil Co.(b)		6,405,348		54,156,395
				60,657,216
Paper & Forest Products — 0.1%
Middle East Paper Co.		56,616		667,433
Pharmaceuticals — 0.3%
Jamjoom Pharmaceuticals Factory Co., NVS		9,792		376,782
Saudi Pharmaceutical Industries & Medical
Appliances Corp.(a)		234,927		2,397,628
				2,774,410
Professional Services — 0.2%
Maharah Human Resources Co.		948,379		1,854,516
Real Estate Management & Development — 1.8%
Alandalus Property Co.		52,671		346,899
Arriyadh Development Co.		373,295		2,352,762
Dar Al Arkan Real Estate Development Co.(a)		1,513,780		5,641,660
Emaar Economic City(a)		1,409,164		3,063,526
Retal Urban Development Co., NVS		148,573		378,336

Security	Shares		Value
Real Estate Management & Development (continued)
Saudi Real Estate Co.(a)		664,334	$	3,555,929
Sumou Real Estate Co., NVS		25,788		378,881
				15,717,993
Specialty Retail — 1.7%
AlSaif Stores For Development & Investment Co.		167,062		455,454
Fawaz Abdulaziz Al Hokair & Co.(a)		165,691		792,602
Jarir Marketing Co.		1,710,038		7,107,799
Saudi Automotive Services Co.		55,798		1,404,736
Saudi Co. For Hardware CJSC(a)		87,353		930,482
United Electronics Co.		146,803		3,742,243
				14,433,316
Textiles, Apparel & Luxury Goods — 0.0%
Alaseel Co.		244,352		308,893
Transportation Infrastructure — 0.5%
Saudi Ground Services Co.(a)		327,496		3,615,267
Sustained Infrastructure Holding Co.		96,230		801,852
				4,417,119
Water Utilities — 0.2%
AlKhorayef Water & Power Technologies Co.(a)		20,812		1,346,290
Wireless Telecommunication Services — 2.3%
Etihad Etisalat Co.		997,106		14,702,814
Mobile Telecommunications Co. Saudi Arabia		1,366,336		5,428,474
				20,131,288
Total Long-Term Investments — 99.8% (Cost: $552,517,811)				857,586,744
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%(c)(d)		870,000		870,000
Total Short-Term Securities — 0.1% (Cost: $870,000)				870,000
Total Investments — 99.9% (Cost: $553,387,811)				858,456,744
Other Assets Less Liabilities — 0.1%			1,081,907
Net Assets — 100.0%			$ 859,538,651

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

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Schedule of Investments(unaudited) (continued) February 29, 2024 iShares^® MSCI Saudi Arabia ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/23		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/29/24		Shares Held at 02/29/24		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	—	$	870,000	(a)	$	—	$	—	$	—	$	870,000		870,000	$	43,122	$	—

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets Index		29		03/15/24	$	1,474	$	20,507

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	20,507	$	—	$	—	$	—	$	20,507

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

For the period ended February 29, 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	$	—	$	—	$	(175,161	)	$	—	$	—	$	—	$	(175,161	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	53,363		$	—	$	—	$	—	$	53,363

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,304,763

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 49

Schedule of Investments(unaudited) (continued) February 29, 2024 iShares^® MSCI Saudi Arabia 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	$	113,185,118	$	744,401,626	$	—	$	857,586,744
Short-Term Securities
Money Market Funds		870,000		—		—		870,000
	$	114,055,118	$	744,401,626	$	—	$	858,456,744
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	20,507	$	—	$	—	$	20,507

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

See notes to financial statements.

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Schedule of Investments(unaudited)  February 29, 2024 iShares^® MSCI UAE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 1.6%
Abu Dhabi Aviation Co., NVS		142,667	$	264,130
Aramex PJSC		538,155		356,040
				620,170
Banks — 34.9%
Abu Dhabi Commercial Bank PJSC		749,039		1,747,714
Abu Dhabi Islamic Bank PJSC		581,630		1,779,910
Ajman Bank PJSC(a)		729,942		357,722
Dubai Islamic Bank PJSC		1,004,120		1,760,583
Emirates NBD Bank PJSC		355,895		1,773,201
First Abu Dhabi Bank PJSC		1,547,238		5,747,942
Sharjah Islamic Bank		764,294		457,792
				13,624,864
Building Products — 0.9%
Ras Al Khaimah Ceramics		448,543		354,150
Capital Markets — 1.9%
Dubai Financial Market PJSC		1,038,617		374,084
Investcorp Capital PLC, NVS		533,034		287,346
SHUAA Capital PSC(a)		1,859,319		71,997
				733,427
Construction & Engineering — 0.0%
Arabtec Holding PJSC(a)(b)		2,433,366		7
Drake & Scull International PJSC(a)(b)		2,972,998		8
				15
Diversified Consumer Services — 0.7%
Taaleem Holdings PJSC, NVS		253,641		255,509
Diversified Telecommunication Services — 16.4%
AL Yah Satellite Communications Co-PJSC-Yah Sat		633,381		388,001
Emirates Telecommunications Group Co. PJSC		1,221,133		6,017,643
				6,405,644
Financial Services — 2.2%
Al Waha Capital PJSC		789,790		367,699
Amanat Holdings PJSC		1,062,342		295,019
Amlak Finance PJSC(a)		901,683		193,939
Gulf General Investment Co.(a)(b)		7,295,803		20
				856,677
Food Products — 0.9%
Agthia Group PJSC		248,703		356,651
Health Care Providers & Services — 0.0%
NMC Health PLC, NVS(b)		112,588		1

Security	Shares		Value
Hotels, Restaurants & Leisure — 2.7%
Americana Restaurants International PLC		1,128,650	$	1,053,995
Industrial Conglomerates — 6.5%
Dubai Investments PJSC		1,063,703		677,674
Multiply Group PJSC(a)		1,699,276		1,050,919
Q Holding PJSC(a)		968,388		785,689
				2,514,282
Marine Transportation — 1.0%
Gulf Navigation Holding PJSC(a)		235,222		396,673
Oil, Gas & Consumable Fuels — 1.3%
Dana Gas PJSC		3,047,524		524,384
Passenger Airlines — 2.2%
Air Arabia PJSC		1,098,612		856,116
Real Estate Management & Development — 21.0%
Aldar Properties PJSC		1,278,456		1,924,846
Deyaar Development PJSC(a)		120,541		23,795
Emaar Development PJSC		179,917		387,466
Emaar Properties PJSC		2,293,397		5,070,144
Eshraq Investments PJSC(a)		2,068,080		157,723
RAK Properties PJSC(a)		937,244		339,382
Union Properties PJSC(a)		2,795,864		267,315
				8,170,671
Specialty Retail — 3.3%
Abu Dhabi National Oil Co. for Distribution PJSC		1,364,110		1,299,878
Water Utilities — 2.4%
Emirates Central Cooling Systems Corp.		1,123,802		501,786
National Central Cooling Co. PJSC		446,615		423,770
				925,556
Total Investments — 99.9% (Cost: $37,365,970)				38,948,663
Other Assets Less Liabilities — 0.1%				55,392
Net Assets — 100.0%			$	39,004,055

^(a)  Non-income producing security.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/29/24		Shares Held at 02/29/24		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares(a)	$	30,000	$	—	$	(30,000	)(b)	$	—	$	—	$	—		—	$	886	$	—

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

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

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

Schedule of Investments (unaudited) (continued) February 29, 2024 iShares^® MSCI UAE 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	$	29,221,642	$	9,726,985	$	36	$	38,948,663

See notes to financial statements.

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Statements of Assets and Liabilities (unaudited)

February 29, 2024

	iShares MSCI Brazil Small-Cap ETF			iShares MSCI China ETF			iShares MSCI China Small-Cap ETF			iShares MSCI Indonesia ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	245,925,251		$	5,199,857,557		$	51,857,463		$	500,834,793
Investments, at value — affiliated(c)		740,000			161,928,026			11,211,230			320,000
Cash		9,453			25,879			7,893			2,178
Cash pledged for futures contracts		135,000			950,000			19,000			5,000
Foreign currency, at value(d)		29,293			45,738,381			136,958			112,269
Receivables:
Investments sold		3,540,776			53,352,249			11,007,174			21,047,207
Securities lending income — affiliated		—			99,729			34,582			—
Dividends — unaffiliated		724,151			254,185			45,612			84,752
Dividends — affiliated		1,898			13,380			97			1,134
Variation margin on futures contracts		—			—			620			31
Total assets		251,105,822			5,462,219,386			74,320,629			522,407,364
LIABILITIES
Collateral on securities loaned, at value		—			156,237,219			11,183,680			—
Payables:
Investments purchased		3,801,297			78,239,473			11,301,718			20,460,342
Capital shares redeemed		—			5,963,705			—			—
Investment advisory fees		111,938			2,430,701			23,186			221,021
Variation margin on futures contracts		26,944			203,568			—			—
Total liabilities		3,940,179			243,074,666			22,508,584			20,681,363
Commitments and contingent liabilities
NET ASSETS	$	247,165,643		$	5,219,144,720		$	51,812,045		$	501,726,001
NET ASSETS CONSIST OF
Paid-in capital	$	312,953,306		$	9,170,449,423		$	117,686,596		$	822,669,679
Accumulated loss		(65,787,663	)		(3,951,304,703	)		(65,874,551	)		(320,943,678	)
NET ASSETS	$	247,165,643		$	5,219,144,720		$	51,812,045		$	501,726,001
NET ASSETVALUE
Shares outstanding		17,500,000			133,000,000			2,200,000			22,400,000
Net asset value	$	14.12		$	39.24		$	23.55		$	22.40
Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited
Par value		None			None			None			None
(a) Investments, at cost — unaffiliated	$	214,099,255		$	7,042,745,980		$	66,901,110		$	593,805,141
(b) Securities loaned, at value	$	—		$	144,644,148		$	10,221,672		$	—
(c)  Investments, at cost — affiliated	$	740,000		$	161,870,712		$	11,207,901		$	320,000
(d) Foreign currency, at cost	$	29,454		$	45,758,065		$	137,100		$	112,829

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 53

Statements of Assets and Liabilities (unaudited) (continued)

February 29, 2024

	iShares MSCI Peru and Global Exposure ETF			iShares MSCI Philippines ETF			iShares MSCI Poland ETF			iShares MSCI Qatar ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	95,616,994		$	123,145,101		$	260,448,068		$	82,356,882
Investments, at value — affiliated(c)		360,000			160,000			22,553,084			500,000
Cash		2,566			5,140			4,693			7,683
Cash pledged for futures contracts		11,000			6,000			—			18,000
Foreign currency collateral pledged for futures contracts(d)		—			—			44,076			—
Foreign currency, at value(e)		139,141			27,703			795,705			151,185
Receivables:
Investments sold		5,660,114			4,970,105			2,519,931			2,911,823
Securities lending income — affiliated		—			—			4,877			—
Capital shares sold		—			114,094			—			—
Dividends — unaffiliated		—			—			76			80,625
Dividends — affiliated		749			428			12,731			736
Tax reclaims		—			—			507,143			—
Variation margin on futures contracts		—			215			—			1,202
Total assets		101,790,564			128,428,786			286,890,384			86,028,136
LIABILITIES
Collateral on securities loaned, at value		—			—			18,912,716			—
Payables:
Investments purchased		5,438,235			5,005,751			2,951,780			3,374,884
Investment advisory fees		44,274			49,762			115,452			36,464
IRS compliance fee for foreign withholding tax claims		—			—			4,071,668			—
Professional fees		—			—			192,092			—
Variation margin on futures contracts		11			—			11,241			—
Total liabilities		5,482,520			5,055,513			26,254,949			3,411,348
Commitments and contingent liabilities
NET ASSETS	$	96,308,044		$	123,373,273		$	260,635,435		$	82,616,788
NET ASSETS CONSIST OF
Paid-in capital	$	286,361,847		$	231,696,947		$	434,233,743		$	92,936,496
Accumulated loss		(190,053,803	)		(108,323,674	)		(173,598,308	)		(10,319,708	)
NET ASSETS	$	96,308,044		$	123,373,273		$	260,635,435		$	82,616,788
NET ASSETVALUE
Shares outstanding		2,750,000			4,500,000			11,150,000			4,550,000
Net asset value	$	35.02		$	27.42		$	23.38		$	18.16
Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited
Par value		None			None			None			None
(a) Investments, at cost — unaffiliated	$	104,184,846		$	146,063,237		$	279,407,388		$	68,799,357
(b)   Securities loaned, at value	$	—		$	—		$	17,992,103		$	—
(c)  Investments, at cost — affiliated	$	360,000		$	160,000		$	22,554,514		$	500,000
(d) Foreign currency collateral pledged, at cost	$	—		$	—		$	43,577		$	—
(e) Foreign currency, at cost	$	140,728		$	27,787		$	797,672		$	151,185

See notes to financial statements.

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Statements of Assets and Liabilities (unaudited) (continued)

February 29, 2024

	iShares MSCI Saudi Arabia ETF		iShares MSCI UAE ETF
ASSETS
Investments, at value — unaffiliated(a)	$	857,586,744	$	38,948,663
Investments, at value — affiliated(b)		870,000		—
Cash		31,678		30,918
Cash pledged for futures contracts		43,000		—
Foreign currency, at value(c)		3,344		72
Receivables:
Investments sold		4,798,211		996,958
Dividends — unaffiliated		1,672,298		19,267
Dividends — affiliated		7,675		55
Variation margin on futures contracts		290		13
Total assets		865,013,240		39,995,946
LIABILITIES
Payables:
Investments purchased		4,981,682		974,735
Investment advisory fees		492,907		17,156
Total liabilities		5,474,589		991,891
Commitments and contingent liabilities
NET ASSETS	$	859,538,651	$	39,004,055
NET ASSETS CONSIST OF
Paid-in capital	$	689,238,199	$	80,312,597
Accumulated earnings (loss)		170,300,452		(41,308,542	)
NET ASSETS	$	859,538,651	$	39,004,055
NET ASSET VALUE
Shares outstanding		19,200,000		2,700,000
Net asset value	$	44.77	$	14.45
Shares authorized		Unlimited		Unlimited
Par value		None		None
(a) Investments, at cost — unaffiliated	$	552,517,811	$	37,365,970
(b) Investments, at cost — affiliated	$	870,000	$	—
(c)  Foreign currency, at cost	$	3,344	$	66

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 55

Statements of Operations (unaudited) 

Six Months Ended February 29, 2024

	iShares MSCI Brazil Small-Cap ETF			iShares MSCI China ETF			iShares MSCI China Small-Cap ETF			iShares MSCI Indonesia ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	4,340,185		$	30,265,737		$	494,296		$	3,171,702
Dividends — affiliated		9,924			183,889			1,813			9,900
Interest — unaffiliated		9,884			55,668			801			—
Securities lending income — affiliated — net		—			866,266			266,078			—
Foreign taxes withheld		(291,334	)		(1,237,773	)		(3,155	)		(562,141	)
Total investment income		4,068,659			30,133,787			759,833			2,619,461
EXPENSES
Investment advisory		701,595			18,339,020			165,941			1,275,529
Interest expense		3,080			11,557			653			37
Commitment costs		1,230			19,473			282			2,175
Total expenses		705,905			18,370,050			166,876			1,277,741
Net investment income		3,362,754			11,763,737			592,957			1,341,720
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(16,840,542	)		(396,010,598	)		(16,650,989	)		(10,385,917	)
Investments — affiliated		—			20,941			2,008			—
Foreign currency transactions		(38,184	)		(3,992	)		142			(28,431	)
Futures contracts		141,284			(4,056,344	)		(57,139	)		(53,282	)
In-kind redemptions — unaffiliated(a)		—			85,755,831			—			6,439,847
		(16,737,442	)		(314,294,162	)		(16,705,978	)		(4,027,783	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		21,698,861			(455,293,342	)		8,456,942			(10,451,706	)
Investments — affiliated		—			(30,562	)		55			—
Foreign currency translations		(4,902	)		80,614			276			(1,141	)
Futures contracts		(36,593	)		(585,629	)		—			7,068
		21,657,366			(455,828,919	)		8,457,273			(10,445,779	)
Net realized and unrealized gain (loss)		4,919,924			(770,123,081	)		(8,248,705	)		(14,473,562	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	8,282,678		$	(758,359,344	)	$	(7,655,748	)	$	(13,131,842	)
(a) See Note 2 of the Notes to Financial Statements.

See notes to financial statements.

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Statements of Operations (unaudited) (continued)

Six Months Ended February 29, 2024

	iShares MSCI Peru and Global Exposure ETF			iShares MSCI Philippines ETF			iShares MSCI Poland ETF			iShares MSCI Qatar ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	1,278,628		$	850,168		$	2,638,425		$	1,607,559
Dividends — affiliated		7,898			2,941			74,070			1,838
Interest — unaffiliated		—			—			1,210			—
Securities lending income — affiliated — net		—			—			18,536			—
Other income — unaffiliated		—			—			2,429,156			—
Foreign taxes withheld		(75,885	)		(209,148	)		(395,764	)		—
Foreign withholding tax claims		—			—			168,746			—
IRS compliance fee for foreign withholding tax claims		—			—			(1,165,393	)		—
Total investment income		1,210,641			643,961			3,768,986			1,609,397
EXPENSES
Investment advisory		281,099			283,539			683,968			215,787
Commitment costs		483			465			1,125			368
Professional		—			—			259,790			—
Interest expense		—			—			—			341
Total expenses		281,582			284,004			944,883			216,496
Net investment income		929,059			359,957			2,824,103			1,392,901
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(2,354,446	)		(2,296,965	)		(504,939	)		(1,192,363	)
Investments — affiliated		—			—			1,798			—
Foreign currency transactions		(30,019	)		2,968			(138,899	)		(3,041	)
Futures contracts		(5,267	)		(48,782	)		42,534			784
In-kind redemptions — unaffiliated(a)		(1,898,266	)		(201,157	)		7,330,657			—
		(4,287,998	)		(2,543,936	)		6,731,151			(1,194,620	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		11,886,546			14,117,015			40,588,927			1,970,054
Investments — affiliated		—			—			(1,430	)		—
Foreign currency translations		(1,393	)		(423	)		16,308			118
Futures contracts		13,728			1,567			44,312			(3,669	)
		11,898,881			14,118,159			40,648,117			1,966,503
Net realized and unrealized gain		7,610,883			11,574,223			47,379,268			771,883
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	8,539,942		$	11,934,180		$	50,203,371		$	2,164,784
(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 57

Statements of Operations (unaudited) (continued)

Six Months Ended February 29, 2024

	iShares MSCI Saudi Arabia ETF			iShares MSCI UAE ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	7,055,185		$	97,715
Dividends — affiliated		43,122			886
Other income — unaffiliated		3,428			—
Foreign taxes withheld		(264,793	)		—
Total investment income		6,836,942			98,601
EXPENSES
Investment advisory		2,983,755			110,087
Commitment costs		4,191			192
Interest expense		3,082			1,115
Total expenses		2,991,028			111,394
Net investment income (loss)		3,845,914			(12,793	)
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		13,780,607			(1,055,144	)
Foreign currency transactions		(95,774	)		(1,686	)
Futures contracts		(175,161	)		—
		13,509,672			(1,056,830	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		47,646,433			(503,766	)
Foreign currency translations		1,010			—
Futures contracts		53,363			—
		47,700,806			(503,766	)
Net realized and unrealized gain (loss)		61,210,478			(1,560,596	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	65,056,392		$	(1,573,389	)

See notes to financial statements.

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Statements of Changes in Net Assets

	iShares MSCI Brazil Small-Cap ETF								iShares MSCI China ETF
	Six Months Ended 02/29/24 (unaudited)					Year Ended 08/31/23			Six Months Ended 02/29/24 (unaudited)			Year Ended 08/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income.			$	3,362,754		$	2,973,001		$	11,763,737		$	137,247,479
Net realized loss				(16,737,442	)		(8,691,862	)		(314,294,162	)		(403,575,257	)
Net change in unrealized appreciation (depreciation)				21,657,366			2,355,411			(455,828,919	)		(459,683,273	)
Net increase (decrease) in net assets resulting from operations				8,282,678			(3,363,450	)		(758,359,344	)		(726,011,051	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders				(4,240,057	)(b)		(3,229,157	)		(147,329,473	)(b)		(185,102,080	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions				35,830,216			131,020,321			(1,403,418,137	)		598,298,463
NET ASSETS
Total increase (decrease) in net assets				39,872,837			124,427,714			(2,309,106,954	)		(312,814,668	)
Beginning of period				207,292,806			82,865,092			7,528,251,674			7,841,066,342
End of period.			$	247,165,643		$	207,292,806		$	5,219,144,720		$	7,528,251,674

^(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 59

Statements of Changes in Net Assets (continued)

	iShares MSCI China Small-Cap ETF							iShares MSCI Indonesia ETF
		Six Months Ended 02/29/24 (unaudited)			Year Ended 08/31/23			Six Months Ended 02/29/24 (unaudited)			Year Ended 08/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	592,957		$	1,941,729		$	1,341,720		$	15,505,479
Net realized loss			(16,705,978	)		(12,287,920	)		(4,027,783	)		(32,301,301	)
Net change in unrealized appreciation (depreciation)			8,457,273			(769,324	)		(10,445,779	)		8,642,869
Net decrease in net assets resulting from operations			(7,655,748	)		(11,115,515	)		(13,131,842	)		(8,152,953	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(2,006,783	)		(2,051,160	)		(3,304,138	)(b)		(15,973,903	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions			—			19,303,725			19,731,473			79,376,618
NET ASSETS
Total increase (decrease) in net assets			(9,662,531	)		6,137,050			3,295,493			55,249,762
Beginning of period			61,474,576			55,337,526			498,430,508			443,180,746
End of period		$	51,812,045		$	61,474,576		$	501,726,001		$	498,430,508

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

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

See notes to financial statements.

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Statements of Changes in Net Assets (continued)

		iShares MSCI Peru and Global Exposure ETF								iShares MSCI Philippines ETF
		Six Months Ended 02/29/24 (unaudited)				Year Ended 08/31/23				Six Months Ended 02/29/24 (unaudited)				Year Ended 08/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	929,059			$	4,843,913			$	359,957			$	1,847,468
Net realized loss			(4,287,998	)			(9,652,823	)			(2,543,936	)			(12,131,236	)
Net change in unrealized appreciation (depreciation)			11,898,881				37,682,418				14,118,159				2,855,980
Net increase (decrease) in net assets resulting from operations			8,539,942				32,873,508				11,934,180				(7,427,788	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(2,021,021	)(b)			(4,760,633	)			(793,886	)(b)			(1,786,082	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			(15,313,847	)			(50,539,908	)			19,158,631				(6,529,849	)
NET ASSETS
Total increase (decrease) in net assets			(8,794,926	)			(22,427,033	)			30,298,925				(15,743,719	)
Beginning of period			105,102,970				127,530,003				93,074,348				108,818,067
End of period		$	96,308,044			$	105,102,970			$	123,373,273			$	93,074,348

^(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 61

Statements of Changes in Net Assets (continued)

	iShares MSCI Poland ETF							iShares MSCI Qatar ETF
	Six Months Ended 02/29/24 (unaudited)			Year Ended 08/31/23				Six Months Ended 02/29/24 (unaudited)				Year Ended 08/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	2,824,103		$	4,802,068			$	1,392,901			$	2,662,375
Net realized gain (loss)		6,731,151			1,924,881				(1,194,620	)			1,532,812
Net change in unrealized appreciation (depreciation)		40,648,117			82,983,593				1,966,503				(20,733,507	)
Net increase (decrease) in net assets resulting from operations		50,203,371			89,710,542				2,164,784				(16,538,320	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(7,613,178	)(b)		(3,006,382	)			—				(3,190,299	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(10,318,365	)		11,286,835				1,700,540				2,327,031
NET ASSETS
Total increase (decrease) in net assets		32,271,828			97,990,995				3,865,324				(17,401,588	)
Beginning of period		228,363,607			130,372,612				78,751,464				96,153,052
End of period	$	260,635,435		$	228,363,607			$	82,616,788			$	78,751,464

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

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

See notes to financial statements.

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Statements of Changes in Net Assets (continued)

		iShares MSCI Saudi Arabia ETF								iShares MSCI UAE ETF
		Six Months Ended 02/29/24 (unaudited)				Year Ended 08/31/23				Six Months Ended 02/29/24 (unaudited)			Year Ended 08/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)		$	3,845,914			$	21,419,083			$	(12,793	)	$	1,212,862
Net realized gain (loss)			13,509,672				860,242				(1,056,830	)		(834,060	)
Net change in unrealized appreciation (depreciation)			47,700,806				(98,987,685	)			(503,766	)		(1,820,127	)
Net increase (decrease) in net assets resulting from operations			65,056,392				(76,708,360	)			(1,573,389	)		(1,441,325	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(9,994,512	)			(20,626,572	)			(235,765	)		(1,124,629	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			(159,310,671	)			(74,480,593	)			3,972,934			1,439,745
NET ASSETS
Total increase (decrease) in net assets			(104,248,791	)			(171,815,525	)			2,163,780			(1,126,209	)
Beginning of period			963,787,442				1,135,602,967				36,840,275			37,966,484
End of period		$	859,538,651			$	963,787,442			$	39,004,055		$	36,840,275

^(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 63

Financial Highlights

(For a share outstanding throughout each period)

		iShares MSCI Brazil Small-Cap ETF
			Six Months Ended
			02/29/24 (unaudited)				Year Ended 08/31/23				Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19
Net asset value, beginning of period				$	13.82			$	13.58			$	17.42			$	13.62			$	16.92			$	11.87
Net investment income(a)					0.20				0.39				0.46				0.37				0.23				0.50
Net realized and unrealized gain (loss)(b)					0.35				0.34				(3.71	)			3.79				(3.30	)			5.15
Net increase (decrease) from investment operations					0.55				0.73				(3.25	)			4.16				(3.07	)			5.65
Distributions from net investment income(c)					(0.25	)(d)			(0.49	)			(0.59	)			(0.36	)			(0.23	)			(0.60	)
Net asset value, end of period				$	14.12			$	13.82			$	13.58			$	17.42			$	13.62			$	16.92
Total Return(e)
Based on net asset value					3.91	%(f)			5.95	%			(18.61	)%			30.34	%			(18.40	)%			48.35	%
Ratios to Average Net Assets(g)
Total expenses					0.60	%(h)			0.59	%			0.58	%			0.57	%			0.59	%			0.59	%
Net investment income.					2.85	%(h)			2.97	%			3.18	%			2.26	%			1.51	%			3.26	%
Supplemental Data
Net assets, end of period (000)				$	247,166			$	207,293			$	82,865			$	107,976			$	97,375			$	106,588
Portfolio turnover rate(i)					46	%(j)			50	%(j)			52	%(j)			40	%(j)			65	%(j)			47	%(j)
(a)    (b)       (c)    (d)    (e)    (f)    (g)    (h)    (i)	Based on average shares outstanding. 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. Distributions for annual periods determined in accordance with U.S. federal income tax regulations. A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. Where applicable, assumes the reinvestment of distributions. Not annualized. Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. Annualized. Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars (“cash creations”).
(j)	Portfolio turnover rate excluding cash creations was as follows: .				5	%			35	%			32	%			39	%			26	%			30	%

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI China ETF
		Six Months Ended
		02/29/24 (unaudited)				Year Ended 08/31/23				Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19
Net asset value, beginning of period			$	45.03			$	49.82			$	70.90			$	75.92			$	56.43			$	60.85
Net investment income(a)				0.08				0.83				1.01				0.74				0.90				0.95
Net realized and unrealized gain (loss)(b)				(4.88	)			(4.48	)			(21.30	)			(4.98	)			19.40				(4.49	)
Net increase (decrease) from investment operations				(4.80	)			(3.65	)			(20.29	)			(4.24	)			20.30				(3.54	)
Distributions from net investment income(c)				(0.99	)(d)			(1.14	)			(0.79	)			(0.78	)			(0.81	)			(0.88	)
Net asset value, end of period			$	39.24			$	45.03			$	49.82			$	70.90			$	75.92			$	56.43
Total Return(e)
Based on net asset value				(10.66	)%(f)			(7.39	)%			(28.80	)%			(5.69	)%			36.29	%			(5.76	)%
Ratios to Average Net Assets(g)
Total expenses				0.60	%(h)			0.59	%			0.58	%			0.57	%			0.59	%			0.59	%
Net investment income				0.38	%(h)			1.77	%			1.75	%			0.93	%			1.43	%			1.63	%
Supplemental Data
Net assets, end of period (000)			$	5,219,145			$	7,528,252			$	7,841,066			$	6,182,469			$	6,118,904			$	3,588,927
Portfolio turnover rate(i)				3	%			13	%			8	%			18	%			16	%			14	%

^(a)  Based on average shares outstanding.

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

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

^(d)  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, if any.

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 65

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI China Small-Cap ETF
		Six Months Ended
		02/29/24 (unaudited)				Year Ended 08/31/23				Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19
Net asset value, beginning of period			$	27.94			$	34.59			$	53.83			$	45.21			$	38.46			$	47.23
Net investment income(a)				0.27				0.97				1.44				1.50				1.46				1.39
Net realized and unrealized gain (loss)(b)				(3.75	)			(6.62	)			(18.32	)			8.86				6.48				(7.78	)
Net increase (decrease) from investment operations				(3.48	)			(5.65	)			(16.88	)			10.36				7.94				(6.39	)
Distributions from net investment income(c)				(0.91	)			(1.00	)			(2.36	)			(1.74	)			(1.19	)			(2.38	)
Net asset value, end of period			$	23.55			$	27.94			$	34.59			$	53.83			$	45.21			$	38.46
Total Return(d)
Based on net asset value				(12.56	)%(e)			(16.74	)%			(32.33	)%			23.33	%			21.21	%			(13.60	)%
Ratios to Average Net Assets(f)
Total expenses				0.60	%(g)			0.59	%			0.58	%			0.57	%			0.59	%			0.59	%
Net investment income				2.12	%(g)			2.96	%			3.31	%			2.82	%			3.70	%			3.26	%
Supplemental Data
Net assets, end of period (000)			$	51,812			$	61,475			$	55,338			$	88,821			$	51,989			$	19,230
Portfolio turnover rate(h)				37	%			37	%			64	%			51	%			39	%			38	%

^(a) Based on average shares outstanding.

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

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

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

^(e)  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, if any.

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Indonesia ETF
		Six Months Ended
		02/29/24 (unaudited)				Year Ended 08/31/23				Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19
Net asset value, beginning of period			$	23.08			$	23.96			$	21.33			$	19.69			$	25.22			$	23.57
Net investment income(a)				0.07				0.73				0.59				0.27				0.36				0.41
Net realized and unrealized gain (loss)(b)				(0.57	)			(0.90	)			2.54				1.68				(5.66	)			1.70
Net increase (decrease) from investment operations				(0.50	)			(0.17	)			3.13				1.95				(5.30	)			2.11
Distributions from net investment income(c)				(0.18	)(d)			(0.71	)			(0.50	)			(0.31	)			(0.23	)			(0.46	)
Net asset value, end of period			$	22.40			$	23.08			$	23.96			$	21.33			$	19.69			$	25.22
Total Return(e)
Based on net asset value				(2.16	)%(f)			(0.66	)%			14.69	%			9.88	%			(21.04	)%			9.00	%
Ratios to Average Net Assets(g)
Total expenses				0.60	%(h)			0.59	%			0.58	%			0.57	%			0.59	%			0.59	%
Net investment income				0.62	%(h)			3.12	%			2.52	%			1.26	%			1.65	%			1.64	%
Supplemental Data
Net assets, end of period (000)			$	501,726			$	498,431			$	443,181			$	351,958			$	319,892			$	402,185
Portfolio turnover rate(i)				7	%			19	%			16	%			10	%			13	%			12	%

^(a) Based on average shares outstanding.

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

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

^(d) 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, if any.

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 67

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Peru and Global Exposure ETF
		Six Months Ended
		02/29/24 (unaudited)				Year Ended 08/31/23				Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19
Net asset value, beginning of period			$	32.34			$	25.51			$	27.00			$	31.65			$	34.11			$	37.44
Net investment income(a)				0.31				1.19				1.34				0.79				0.69				0.85
Net realized and unrealized gain (loss)(b)				3.08				6.87				(1.08	)			(5.00	)			(2.34	)			(3.36	)
Net increase (decrease) from investment operations				3.39				8.06				0.26				(4.21	)			(1.65	)			(2.51	)
Distributions from net investment income(c)				(0.71	)(d)			(1.23	)			(1.75	)			(0.44	)			(0.81	)			(0.82	)
Net asset value, end of period			$	35.02			$	32.34			$	25.51			$	27.00			$	31.65			$	34.11
Total Return(e)
Based on net asset value				10.58	%(f)			32.09	%			0.24	%			(13.49	)%			(4.78	)%			(6.75	)%
Ratios to Average Net Assets(g)
Total expenses				0.60	%(h)			0.59	%			0.58	%			0.57	%			0.59	%			0.59	%
Net investment income				1.96	%(h)			4.03	%			4.36	%			2.42	%			2.15	%			2.33	%
Supplemental Data
Net assets, end of period (000)			$	96,308			$	105,103			$	127,530			$	95,862			$	82,297			$	163,738
Portfolio turnover rate(i)				13	%			20	%			24	%			33	%			26	%			18	%

^(a)  Based on average shares outstanding.

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

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

^(d)  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, if any.

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Philippines ETF
		Six Months Ended
		02/29/24 (unaudited)				Year Ended 08/31/23				Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19
Net asset value, beginning of period			$	24.49			$	26.54			$	30.50			$	26.63			$	34.45			$	33.08
Net investment income(a)				0.10				0.42				0.39				0.26				0.17				0.28
Net realized and unrealized gain (loss)(b)				3.04				(2.04	)			(3.90	)			3.90				(7.80	)			1.35
Net increase (decrease) from investment operations				3.14				(1.62	)			(3.51	)			4.16				(7.63	)			1.63
Distributions from net investment income(c)				(0.21	)(d)			(0.43	)			(0.45	)			(0.29	)			(0.19	)			(0.26	)
Net asset value, end of period			$	27.42			$	24.49			$	26.54			$	30.50			$	26.63			$	34.45
Total Return(e)
Based on net asset value				12.88	%(f)			(6.16	)%			(11.65	)%			15.57	%			(22.16	)%			4.93	%
Ratios to Average Net Assets(g)
Total expenses				0.60	%(h)			0.59	%			0.58	%			0.57	%			0.59	%			0.59	%
Net investment income				0.75	%(h)			1.62	%			1.28	%			0.87	%			0.57	%			0.83	%
Supplemental Data
Net assets, end of period (000)			$	123,373			$	93,074			$	108,818			$	125,043			$	118,507			$	217,028
Portfolio turnover rate(i)				10	%			18	%			13	%			20	%			16	%			8	%

^(a)  Based on average shares outstanding.

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

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

^(d)  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, if any.

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 69

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Poland ETF
		Six Months Ended
		02/29/24 (unaudited)				Year Ended 08/31/23				Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19
Net asset value, beginning of period			$	19.19			$	12.60			$	23.10			$	18.24			$	20.68			$	24.31
Net investment income(a)				0.25	(b)			0.39				0.51	(b)			0.16	(b)			0.17	(b)			0.65	(b)
Net realized and unrealized gain (loss)(c)				4.59				6.47				(10.65	)			4.86				(1.95	)			(3.93	)
Net increase (decrease) from investment operations				4.84				6.86				(10.14	)			5.02				(1.78	)			(3.28	)
Distributions from net investment income(d)				(0.65	)(e)			(0.27	)			(0.36	)			(0.16	)			(0.66	)			(0.35	)
Net asset value, end of period			$	23.38			$	19.19			$	12.60			$	23.10			$	18.24			$	20.68
Total Return(f)
Based on net asset value				25.35	%(b)(g)			55.04	%			(44.38	)%(b)			27.65	%(b)			(8.76	)%(b)			(13.64	)%(b)
Ratios to Average Net Assets(h)
Total expenses				0.71	%(i)(j)			0.59	%			0.65	%			0.61	%			0.78	%			0.61	%
Total expenses excluding professional fees for foreign withholding tax claims				0.59	%(i)			0.59	%			0.58	%			0.57	%			0.59	%			0.59	%
Net investment income				2.45	%(b)(i)			2.43	%			2.72	%(b)			0.80	%(b)			0.93	%(b)			2.81	%(b)
Supplemental Data
Net assets, end of period (000)			$	260,635			$	228,364			$	130,373			$	284,146			$	253,594			$	260,578
Portfolio turnover rate(k)				6	%			20	%			11	%			22	%			15	%			5	%

^(a)  Based on average shares outstanding.

^(b)  Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended February 29, 2024 and for the years ended August 31, 2022, August 31, 2021, August 31, 2020 and August 31, 2019, respectively:

  • Net investment income per share by $(0.01), $0.15, $0.07, $0.28 and $0.05.

  • Total return by (0.04)%, 0.76%, 0.38%, 1.40% and 0.21%.

  • Ratio of net investment income to average net assets by (0.08)%, 0.78%, 0.34%, 1.54% and 0.22%.

^(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 0.82%.

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

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

		iShares MSCI Qatar ETF
			Six Months Ended
			02/29/24 (unaudited)				Year Ended 08/31/23				Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19
Net asset value, beginning of period				$	17.70			$	22.62			$	19.60			$	17.62			$	17.44			$	17.82
Net investment income(a)					0.33				0.68				0.63				0.37				0.56				0.64
Net realized and unrealized gain (loss)(b)					0.13				(4.77	)			3.20				2.03				0.11				(0.26	)
Net increase (decrease) from investment operations					0.46				(4.09	)			3.83				2.40				0.67				0.38
Distributions(c)
From net investment income					—				(0.83	)			(0.81	)			(0.42	)			(0.45	)			(0.76	)
Return of capital					—				—				—				—				(0.04	)			—
Total distributions					—				(0.83	)			(0.81	)			(0.42	)			(0.49	)			(0.76	)
Net asset value, end of period				$	18.16			$	17.70			$	22.62			$	19.60			$	17.62			$	17.44
Total Return(d)
Based on net asset value					2.61	%(e)			(18.16	)%			19.69	%			13.70	%			4.10	%			1.98	%
Ratios to Average Net Assets(f)
Total expenses					0.60	%(g)			0.59	%			0.58	%			0.57	%			0.59	%			0.59	%
Net investment income					3.83	%(g)			3.54	%			2.89	%			1.98	%			3.31	%			3.48	%
Supplemental Data
Net assets, end of period (000)				$	82,617			$	78,751			$	96,153			$	86,234			$	87,223			$	50,576
Portfolio turnover rate(h)					16	%(i)			25	%(i)			38	%(i)			26	%(i)			24	%(i)			33	%(i)
(a)    (b)       (c)    (d)    (e)    (f)    (g)    (h)	Based on average shares outstanding. 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. Distributions for annual periods determined in accordance with U.S. federal income tax regulations. Where applicable, assumes the reinvestment of distributions. Not annualized. Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. Annualized. 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: .				6	%			11	%			12	%			9	%			14	%			23	%

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 71

Financial Highlights (continued)

(For a share outstanding throughout each period)

		iShares MSCI Saudi Arabia ETF
			Six Months Ended
			02/29/24 (unaudited)				Year Ended 08/31/23				Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19
Net asset value, beginning of period				$	40.84			$	44.53			$	41.22			$	28.70			$	30.21			$	29.72
Net investment income(a)					0.19				0.91				0.69				0.71				0.57				1.11
Net realized and unrealized gain (loss)(b)					4.28				(3.71	)			3.23				12.27				(1.26	)			0.12
Net increase (decrease) from investment operations					4.47				(2.80	)			3.92				12.98				(0.69	)			1.23
Distributions from net investment income(c)					(0.54	)			(0.89	)			(0.61	)			(0.46	)			(0.82	)			(0.74	)
Net asset value, end of period				$	44.77			$	40.84			$	44.53			$	41.22			$	28.70			$	30.21
Total Return(d)
Based on net asset value					11.07	%(e)			(6.20	)%			9.60	%			45.37	%			(2.21	)%			4.14	%
Ratios to Average Net Assets(f)
Total expenses					0.74	%(g)			0.74	%			0.74	%			0.74	%			0.74	%			0.74	%
Net investment income					0.95	%(g)			2.26	%			1.56	%			2.06	%			2.03	%			3.46	%
Supplemental Data
Net assets, end of period (000)				$	859,539			$	963,787			$	1,135,603			$	898,684			$	516,629			$	646,591
Portfolio turnover rate(h)					12	%(i)			11	%(i)			36	%(i)			13	%(i)			64	%(i)			82	%(i)
(a)    (b)       (c)    (d)    (e)    (f)    (g)    (h)	Based on average shares outstanding. 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. Distributions for annual periods determined in accordance with U.S. federal income tax regulations. Where applicable, assumes the reinvestment of distributions. Not annualized. Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. Annualized. 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:				2	%			5	%			8	%			6	%			20	%			14	%

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI UAE ETF
	Six Months Ended
	02/29/24 (unaudited)					Year Ended 08/31/23					Year Ended 08/31/22					Year Ended 08/31/21					Year Ended 08/31/20					Year Ended 08/31/19
Net asset value, beginning of period			$	15.04				$	16.16				$	14.82				$	10.91				$	14.09				$	15.61
Net investment income (loss)(a)				(0.01	)				0.49					0.49					0.46					0.53					0.57
Net realized and unrealized gain (loss)(b)				(0.49	)				(1.19	)				1.50					3.96					(3.16	)				(1.54	)
Net increase (decrease) from investment operations				(0.50	)				(0.70	)				1.99					4.42					(2.63	)				(0.97	)
Distributions from net investment income(c)				(0.09	)				(0.42	)				(0.65	)				(0.51	)				(0.55	)				(0.55	)
Net asset value, end of period			$	14.45				$	15.04				$	16.16				$	14.82				$	10.91				$	14.09
Total Return(d)
Based on net asset value				(3.31	)%(e)				(4.17	)%				13.30	%				40.74	%				(18.43	)%				(5.95	)%
Ratios to Average Net Assets(f)
Total expenses				0.60	%(g)				0.59	%				0.58	%				0.57	%				0.59	%				0.59	%
Net investment income (loss)				(0.07	)%(g)				3.25	%				2.93	%				3.61	%				4.46	%				3.95	%
Supplemental Data
Net assets, end of period (000)			$	39,004				$	36,840				$	37,966				$	23,718				$	38,177				$	45,807
Portfolio turnover rate(h)				13	%				38	%				52	%				112	%				67	%				55	%

^(a) Based on average shares outstanding.

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

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

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

^(e)  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, if any.

See notes to financial statements.

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

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 Brazil Small-Cap		Diversified
MSCI China		Non-diversified
MSCI China Small-Cap		Diversified
MSCI Indonesia		Non-diversified
MSCI Peru and Global Exposure		Non-diversified
MSCI Philippines		Non-diversified
MSCI Poland		Non-diversified
MSCI Qatar		Non-diversified
MSCI Saudi Arabia		Non-diversified
MSCI UAE		Non-diversified

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 29, 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.

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Notes to Financial Statements (unaudited) (continued)

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

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

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

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

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

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

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

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

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

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

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Notes to Financial Statements (unaudited) (continued)

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

4. SECURITIES AND OTHER INVESTMENTS

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

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

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

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

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
MSCI China
BNP Paribas SA	$	6,295,750	$	(6,295,750	)	$	—		$	—
BofA Securities, Inc.		9,093,596		(9,093,596	)		—			—
Citigroup Global Markets, Inc.		305,927		(304,065	)		—			1,862	(b)
Goldman Sachs & Co. LLC		12,758,605		(12,758,605	)		—			—
HSBC Bank PLC		1,607,422		(1,607,422	)		—			—
J.P. Morgan Securities LLC		843,863		(843,863	)		—			—
Morgan Stanley		113,374,046		(113,374,046	)		—			—
Nomura Securities International, Inc.		228,103		(228,103	)		—			—
Wells Fargo Bank N.A		136,836		(136,836	)		—			—
	$	144,644,148	$	(144,642,286	)	$	—		$	1,862

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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 China Small-Cap
Barclays Bank PLC	$	155,050	$	(155,050	)	$	—		$	—
Barclays Capital, Inc.		1,864,470		(1,864,470	)		—			—
BNP Paribas SA		693,242		(693,242	)		—			—
BofA Securities, Inc.		1,881,616		(1,881,616	)		—			—
Citigroup Global Markets, Inc.		602,282		(602,282	)		—			—
Goldman Sachs & Co. LLC		615,559		(615,559	)		—			—
HSBC Bank PLC		1,579,015		(1,579,015	)		—			—
J.P. Morgan Securities LLC		131,712		(131,712	)		—			—
Macquarie Bank Ltd.		20,952		(20,952	)		—			—
Morgan Stanley		2,281,284		(2,281,284	)		—			—
UBS AG		396,490		(396,490	)		—			—
	$	10,221,672	$	(10,221,672	)	$	—		$	—
MSCI Poland
BofA Securities, Inc.	$	86,595	$	(86,595	)	$	—		$	—
Goldman Sachs & Co. LLC		15,726,925		(15,726,925	)		—			—
J.P. Morgan Securities LLC		90,071		(90,071	)		—			—
Morgan Stanley		2,088,512		(2,088,512	)		—			—
	$	17,992,103	$	(17,992,103	)	$	—		$	—

^(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 February 29, 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).

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

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Notes to Financial Statements (unaudited) (continued)

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

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

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

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

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

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

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

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

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended February 29, 2024, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
MSCI China	$	194,797
MSCI China Small-Cap		53,035
MSCI Poland		4,998

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 February 29, 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 China	$	26,324,399	$	29,359,166	$	(70,264,429	)
MSCI China Small-Cap		13,291,249		1,223,548		(261,514	)
MSCI Peru and Global Exposure		1,135,611		1,272,616		6,978
MSCI Poland		4,367,966		438,304		17,414

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Notes to Financial Statements (unaudited) (continued)

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

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

7. PURCHASES AND SALES

For the six months ended February 29, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
MSCI Brazil Small-Cap	$	144,552,082	$	108,664,125
MSCI China		173,657,529		593,161,885
MSCI China Small-Cap		20,666,507		22,172,796
MSCI Indonesia		32,178,929		31,518,043
MSCI Peru and Global Exposure		11,971,250		12,643,356
MSCI Philippines		10,049,217		10,319,332
MSCI Poland		16,620,149		14,204,879
MSCI Qatar		14,730,795		11,748,095
MSCI Saudi Arabia		98,799,194		265,919,317
MSCI UAE		8,474,595		4,739,652

For the six months ended February 29, 2024, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind  Sales
MSCI China	$	1,430,098	$	1,109,803,445
MSCI Indonesia		128,511,220		111,538,337
MSCI Peru and Global Exposure		—		15,603,569
MSCI Philippines		21,385,574		2,374,471
MSCI Poland		47,725,924		64,411,456

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 February 29, 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 August 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 Brazil Small-Cap	$	(65,487,510	)
MSCI China		(1,481,582,455	)
MSCI China Small-Cap		(31,135,100	)
MSCI Indonesia		(221,558,856	)
MSCI Peru and Global Exposure		(173,861,385	)
MSCI Philippines		(81,870,539	)
MSCI Poland		(156,752,171	)
MSCI Qatar		(19,413,333	)
MSCI Saudi Arabia		(86,113,701	)
MSCI UAE		(37,384,402	)

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

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 79

Notes to Financial Statements (unaudited) (continued)

As of February 29, 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 Brazil Small-Cap	$	229,791,300	$	39,364,071	$	(22,519,238	)	$	16,844,833
MSCI China		7,490,067,147		402,021,261		(2,530,854,720	)		(2,128,833,459	)
MSCI China Small-Cap		81,410,209		2,951,629		(21,293,145	)		(18,341,516	)
MSCI Indonesia		596,966,970		38,985,503		(134,797,082	)		(95,811,579	)
MSCI Peru and Global Exposure		107,422,416		6,994,899		(18,437,080	)		(11,442,181	)
MSCI Philippines		147,003,247		5,588,620		(29,286,742	)		(23,698,122	)
MSCI Poland		307,500,956		33,423,148		(57,917,116	)		(24,493,968	)
MSCI Qatar		73,957,962		15,370,469		(6,475,350	)		8,895,119
MSCI Saudi Arabia		616,995,796		323,025,178		(81,543,723	)		241,481,455
MSCI UAE		41,803,186		8,899,347		(11,753,870	)		(2,854,523	)

9. LINE OF CREDIT

The Funds, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on 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 February 29, 2024, the Funds did not borrow under the Syndicated Credit Agreement.

10. PRINCIPAL RISKS

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

BFA uses 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.

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Notes to Financial Statements (unaudited) (continued)

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

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

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

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

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

Certain Funds invest a significant portion of their assets in securities of issuers located in China or with significant exposure to Chinese issuers. Investments in Chinese securities, including certain Hong Kong-listed securities, involve risks specific to China. China may be subject to considerable degrees of economic, political and social instability and demonstrates significantly higher volatility from time to time in comparison to developed markets. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries may disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation. Incidents involving China’s or the region’s security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and a fund’s investments. Reduction in spending on Chinese products and services, 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. Investment percentages in specific sectors are presented in the Schedule of Investments.

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

11. CAPITAL SHARE TRANSACTIONS

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

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 81

Notes to Financial Statements (unaudited) (continued)

Transactions in capital shares were as follows:

	Six Months Ended 02/29/24						Year Ended 08/31/23
iShares ETF	Shares			Amount			Shares			Amount
MSCI Brazil Small-Cap
Shares sold		9,600,000		$	134,808,106			10,000,000		$	146,897,816
Shares redeemed		(7,100,000	)		(98,977,890	)		(1,100,000	)		(15,877,495	)
		2,500,000		$	35,830,216			8,900,000		$	131,020,321
MSCI China
Shares sold		400,000		$	17,746,458			30,800,000		$	1,477,496,067
Shares redeemed		(34,600,000	)		(1,421,164,595	)		(21,000,000	)		(879,197,604	)
		(34,200,000	)	$	(1,403,418,137	)		9,800,000		$	598,298,463
MSCI China Small-Cap
Shares sold		—		$	—			800,000		$	25,436,562
Shares redeemed		—			—			(200,000	)		(6,132,837	)
		—		$	—			600,000		$	19,303,725
MSCI Indonesia
Shares sold		6,000,000		$	132,589,019			11,000,000		$	260,973,947
Shares redeemed		(5,200,000	)		(112,857,546	)		(7,900,000	)		(181,597,329	)
		800,000		$	19,731,473			3,100,000		$	79,376,618
MSCI Peru and Global Exposure
Shares sold		50,000		$	1,704,550			400,000		$	12,350,840
Shares redeemed		(550,000	)		(17,018,397	)		(2,150,000	)		(62,890,748	)
		(500,000	)	$	(15,313,847	)		(1,750,000	)	$	(50,539,908	)
MSCI Philippines
Shares sold		800,000		$	21,597,941			1,500,000		$	40,747,736
Shares redeemed		(100,000	)		(2,439,310	)		(1,800,000	)		(47,277,585	)
		700,000		$	19,158,631			(300,000	)	$	(6,529,849	)
MSCI Poland
Shares sold		2,550,000		$	54,586,271			9,800,000		$	144,940,429
Shares redeemed		(3,300,000	)		(64,904,636	)		(8,250,000	)		(133,653,594	)
		(750,000	)	$	(10,318,365	)		1,550,000		$	11,286,835
MSCI Qatar
Shares sold		550,000		$	9,425,627			750,000		$	13,636,879
Shares redeemed		(450,000	)		(7,725,087	)		(550,000	)		(11,309,848	)
		100,000		$	1,700,540			200,000		$	2,327,031
MSCI Saudi Arabia
Shares sold		2,300,000		$	97,584,969			1,300,000		$	54,599,079
Shares redeemed		(6,700,000	)		(256,895,640	)		(3,200,000	)		(129,079,672	)
		(4,400,000	)	$	(159,310,671	)		(1,900,000	)	$	(74,480,593	)
MSCI UAE
Shares sold		450,000		$	6,705,887			350,000		$	5,281,592
Shares redeemed		(200,000	)		(2,732,953	)		(250,000	)		(3,841,847	)
		250,000		$	3,972,934			100,000		$	1,439,745

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.

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Notes to Financial Statements (unaudited) (continued)

12. FOREIGN WITHHOLDING TAX CLAIMS

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

13. SUBSEQUENT EVENTS

Management 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 83

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 Brazil Small-Cap ETF, iShares MSCI China ETF, iShares MSCI China Small-Cap ETF, iShares MSCI Indonesia ETF, iShares MSCI Peru and Global Exposure ETF, iShares MSCI Philippines ETF, iShares MSCI Poland ETF, iShares MSCI Qatar ETF, iShares MSCI Saudi Arabia ETF and iShares MSCI UAE 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.

February 29, 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 Brazil Small-Cap(a)	$	0.241845	$	—	$	0.003245	$	0.245090		99	%		—	%		1	%		100	%
MSCI China(a)		0.958710		—		0.035416		0.994126		96			—			4			100
MSCI Indonesia(a)		0.152068		—		0.023684		0.175752		87			—			13			100
MSCI Peru and Global Exposure(a)		0.683663		—		0.025467		0.709130		96			—			4			100
MSCI Philippines(a)		0.199868		—		0.011835		0.211703		94			—			6			100
MSCI Poland(a)		0.600685		—		0.050014		0.650699		92			—			8			100

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

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 85

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
CJSC	Closed Joint Stock Company
JSC	Joint Stock Company
NVS	Non-Voting Shares
PJSC	Public Joint Stock Company
REIT	Real Estate Investment Trust

G L O S S A R Y  O F  T E R M S  U S E D  I N  T H I S  R E P O R T 87

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-806-0224

  FEBRUARY 29, 2024

2024 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares MSCI Denmark ETF | EDEN | Cboe BZX

· iShares MSCI Finland ETF | EFNL | Cboe BZX

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

· iShares MSCI Ireland ETF | EIRL | NYSE Arca

· iShares MSCI Kuwait ETF | KWT | Cboe BZX

· iShares MSCI New Zealand ETF | ENZL | NASDAQ

· iShares MSCI Norway ETF | ENOR | Cboe BZX

The Markets in Review

Dear Shareholder,

The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended February 29, 2024. Significantly tighter monetary policy helped to rein in inflation, and the Consumer Price Index decelerated substantially while remaining above pre-pandemic levels. 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 strongly, while emerging market stocks advanced at a more modest pace.

The 10-year U.S. Treasury yield rose during the reporting period, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. However, higher yields drove positive returns overall for 10-year U.S. Treasuries and solid gains in shorter-duration U.S. Treasuries. 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 three times during the 12-month period, but paused its tightening after its July meeting. The Fed also continued to reduce its balance sheet by not replacing some of the 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 rapid 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 February 29, 2024
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	13.93%	30.45%
U.S. small cap equities (Russell 2000® Index)	8.97	10.05
International equities (MSCI Europe, Australasia, Far East Index)	9.23	14.41
Emerging market equities (MSCI Emerging Markets Index)	4.93	8.73
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	2.69	5.22
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	0.58	0.69
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	2.35	3.33
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	4.33	5.42
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	6.18	11.01
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		10
Disclosure of Expenses		10
Schedules of Investments		11
Financial Statements
Statements of Assets and Liabilities		27
Statements of Operations		29
Statements of Changes in Net Assets		31
Financial Highlights		34
Notes to Financial Statements		40
Statement Regarding Liquidity Risk Management Program		49
Supplemental Information		50
General Information		51
Glossary of Terms Used in this Report		52

Fund Summary as of February 29, 2024 iShares^® MSCI Denmark ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		14.21	%		19.83	%		15.61	%		10.51	%		19.83	%		106.48	%		171.71	%
Fund Market		14.10			19.71			15.62			10.51			19.71			106.60			171.62
Index		14.03			19.60			15.97			10.84			19.60			109.73			179.80

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 (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,142.10	$	2.82		$	1,000.00	$	1,022.20	$	2.66		0.53	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (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	40.0	%
Industrials	23.3
Financials	14.9
Consumer Staples	6.2
Consumer Discretionary	5.5
Materials	5.1
Utilities	2.7
Information Technology	1.5
Energy	0.8

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Novo Nordisk A/S	21.6	%
DSV A/S	5.8
Vestas Wind Systems A/S	5.5
Novozymes A/S, Class B	5.1
Danske Bank A/S	4.3
Coloplast A/S, Class B	3.9
Genmab A/S	3.9
Pandora A/S	3.6
Carlsberg A/S, Class B	3.2
Zealand Pharma A/S, Class A	3.0

^(a)  Excludes money market funds.

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Fund Summary as of February 29, 2024  iShares^® MSCI Finland ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		2.66	%		(4.80	)%		2.04	%		3.34	%		(4.80	)%		10.60	%		38.92	%
Fund Market		2.62			(4.55	)		2.06			3.37			(4.55	)		10.74			39.34
Index		2.09			(6.52	)		1.21			2.66			(6.52	)		6.18			30.06

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 (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,026.60	$	2.67		$	1,000.00	$	1,022.20	$	2.66		0.53	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (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	29.5	%
Industrials	18.9
Materials	17.9
Information Technology	11.6
Energy	4.2
Consumer Discretionary	3.9
Communication Services	3.5
Utilities	3.1
Health Care	3.0
Consumer Staples	2.9
Real Estate	1.5

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Nordea Bank Abp	18.9	%
Sampo OYJ, Class A	9.6
Nokia OYJ	9.0
UPM-Kymmene OYJ	8.4
Kone OYJ, Class B	4.4
Neste OYJ	4.2
Stora Enso OYJ, Class R	4.0
Wartsila OYJ Abp	4.0
Metso OYJ	3.9
Elisa OYJ	3.5

^(a)  Excludes money market funds.

F U N D S U M M A R Y 5

Fund Summary as of February 29, 2024  iShares^® MSCI Ireland ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		14.03	%(a)		27.95	%		11.02	%		6.48	%		27.95	%		68.66	%		87.42	%
Fund Market		14.25			28.21			11.11			6.41			28.21			69.38			86.11
Index		14.15			27.76			11.43			6.89			27.76			71.83			94.73

^(a)  The NAV total return presented in the table for the six-months period differs from the same period return disclosed in the financial highlights. The total return in the financial highlights is calculated in the same manner but differs due to certain adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,140.30	$	2.66		$	1,000.00	$	1,022.40	$	2.51		0.50	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (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	29.0	%
Health Care	24.9
Consumer Staples	15.8
Financials	9.2
Consumer Discretionary	9.2
Materials	6.6
Utilities	3.6
Real Estate	1.7

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
ICON PLC	22.2	%
Ryanair Holdings PLC	12.8
Kingspan Group PLC	11.3
Glanbia PLC	4.7
Kerry Group PLC, Class A	4.6
Smurfit Kappa Group PLC	4.5
AIB Group PLC	4.5
Grafton Group PLC	4.4
Bank of Ireland Group PLC	4.2
Greencoat Renewables PLC	3.6

^(a) Excludes money market funds.

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Fund Summary as of February 29, 2024 iShares^® MSCI Kuwait ETF

Investment Objective 

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

included in the Index. 

Performance 

				Average Annual Total Returns						Cumulative Total Returns
	6-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		5.97	%		5.23	%		13.41	%		5.23	%		55.24	%
Fund Market		6.70			4.94			13.53			4.94			55.83
Index		6.30			5.93			14.27			5.93			59.45

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 (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,059.70	$	3.79		$	1,000.00	$	1,021.20	$	3.72		0.74	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (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	63.8	%
Industrials	12.4
Real Estate	10.1
Communication Services	5.6
Consumer Discretionary	4.0
Materials	1.5
Energy	1.2
Consumer Staples	1.0
Utilities	0.4

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Kuwait Finance House KSCP	22.9	%
National Bank of Kuwait SAKP	22.1
Agility Public Warehousing Co. KSC	4.4
Mobile Telecommunications Co. KSCP	4.4
Gulf Bank KSCP	3.3
Mabanee Co. KPSC	3.2
National Industries Group Holding SAK	2.4
Humansoft Holding Co. KSC	2.4
Kuwait Projects Co. Holding KSCP	2.2
Al Ahli Bank of Kuwait KSCP	2.1

^(a)  Excludes money market funds.

F U N D S U M M A R Y 7

Fund Summary as of February 29, 2024 iShares^® MSCI New Zealand ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		0.93	%		(5.27	)%		0.67	%		4.71	%		(5.27	)%		3.39	%		58.45	%
Fund Market		1.59			(5.13	)		0.65			4.69			(5.13	)		3.29			58.07
Index		1.35			(5.09	)		1.19			5.19			(5.09	)		6.09			65.89

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 (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,009.30	$	2.50		$	1,000.00	$	1,022.40	$	2.51		0.50	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (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	37.5	%
Health Care	33.8
Utilities	14.1
Real Estate	9.9
Communication Services	4.7

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Fisher & Paykel Healthcare Corp. Ltd.	24.3	%
Auckland International Airport Ltd.	22.9
Goodman Property Trust	5.1
Fletcher Building Ltd.	5.1
Meridian Energy Ltd.	4.9
Kiwi Property Group Ltd.	4.8
EBOS Group Ltd.	4.8
Infratil Ltd.	4.8
Air New Zealand Ltd.	4.8
Spark New Zealand Ltd.	4.7

^(a)  Excludes money market funds.

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Fund Summary as of February 29, 2024 iShares^® MSCI Norway ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		1.30	%		(1.02	)%		1.46	%		(0.02	)%		(1.02	)%		7.53	%		(0.25	)%
Fund Market		1.33			(0.90	)		1.47			—			(0.90	)		7.59			(0.01	)
Index		1.39			(1.21	)		1.88			0.32			(1.21	)		9.76			3.29

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 (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,013.00	$	2.65		$	1,000.00	$	1,022.20	$	2.66		0.53	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (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)
Energy	30.6	%
Financials	20.0
Consumer Staples	14.7
Industrials	12.0
Communication Services	9.7
Materials	8.9
Information Technology	2.4
Other (each representing less than 1%)	1.7

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Equinor ASA	13.8	%
DNB Bank ASA	11.6
Mowi ASA	5.6
Aker BP ASA	4.8
Telenor ASA	4.3
Norsk Hydro ASA	4.2
Kongsberg Gruppen ASA	3.5
Yara International ASA	3.2
Orkla ASA	3.1
Salmar ASA	2.6

^(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) February 29, 2024 iShares^® MSCI Denmark ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 5.8%
DSV A/S		87,976	$	14,115,787
Banks — 10.4%
Danske Bank A/S		352,573		10,372,752
Jyske Bank A/S, Registered		53,149		4,302,646
Ringkjoebing Landbobank A/S		26,373		4,525,337
Spar Nord Bank A/S		106,408		1,874,382
Sydbank A/S		78,362		4,207,054
				25,282,171
Beverages — 4.8%
Carlsberg A/S, Class B		56,274		7,860,520
Royal Unibrew A/S		59,499		3,864,614
				11,725,134
Biotechnology — 7.9%
Bavarian Nordic A/S(a)(b)		114,973		2,606,879
Genmab A/S(a)		33,657		9,350,591
Zealand Pharma A/S, Class A(a)		75,024		7,241,004
				19,198,474
Building Products — 1.6%
Rockwool A/S, Class B		12,226		3,912,939
Chemicals — 5.1%
Novozymes A/S, Class B		218,201		12,308,256
Commercial Services & Supplies — 1.4%
ISS A/S		196,463		3,532,929
Construction & Engineering — 0.5%
Per Aarsleff Holding A/S		26,622		1,268,077
Electric Utilities — 2.7%
Orsted A/S(c)		117,374		6,573,146
Electrical Equipment — 7.2%
NKT A/S(a)		58,708		4,418,066
Vestas Wind Systems A/S(a)		474,576		13,225,495
				17,643,561
Food Products — 0.7%
Schouw & Co. A/S		18,770		1,608,528
Ground Transportation — 0.1%
NTG Nordic Transport Group A/S, Class A(a)		8,331		338,513
Health Care Equipment & Supplies — 7.3%
Ambu A/S, Class B(a)		228,701		4,001,680
Coloplast A/S, Class B(b)		70,559		9,372,580
Demant A/S(a)		89,361		4,480,288
				17,854,548
Household Durables — 1.5%
GN Store Nord A/S(a)		157,221		3,680,061
Insurance — 4.5%
Alm Brand A/S		1,247,848		2,354,053
Topdanmark A/S		66,247		2,980,249
Tryg A/S		259,803		5,525,027
				10,859,329
IT Services — 1.2%
Netcompany Group A/S(a)(b)(c)		66,247		2,839,676
Life Sciences Tools & Services — 0.7%
Chemometec A/S		23,057		1,641,451

Security	Shares		Value
Machinery — 1.4%
FLSmidth & Co. A/S		63,653	$	3,035,777
Nilfisk Holding A/S(a)		17,886		333,442
				3,369,219
Marine Transportation — 4.8%
AP Moller - Maersk A/S, Class A		2,916		3,961,015
AP Moller - Maersk A/S, Class B, NVS		3,278		4,651,950
D/S Norden A/S		32,535		1,462,308
Dfds A/S		51,789		1,563,982
				11,639,255
Oil, Gas & Consumable Fuels — 0.8%
TORM PLC, Class A		58,844		2,016,166
Pharmaceuticals — 23.9%
ALK-Abello A/S(a)(b)		193,838		3,616,329
H Lundbeck A/S		410,451		1,987,155
H Lundbeck A/S		60,188		261,185
Novo Nordisk A/S		438,038		52,286,680
				58,151,349
Software — 0.3%
cBrain A/S		16,365		816,297
Specialty Retail — 0.4%
Matas A/S(b)		50,734		870,025
Textiles, Apparel & Luxury Goods — 3.5%
Pandora A/S		53,449		8,643,779
Tobacco — 0.6%
Scandinavian Tobacco Group A/S, Class A(b)(c)		83,251		1,528,250
Trading Companies & Distributors — 0.2%
Solar A/S, Class B		8,084		441,732
Total Long-Term Investments — 99.3% (Cost: $210,431,359)				241,858,652
Short-Term Securities
Money Market Funds — 3.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%(d)(e)(f)		9,495,726		9,500,474
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%(d)(e)		90,000		90,000
Total Short-Term Securities — 3.9% (Cost: $9,589,767)				9,590,474
Total Investments — 103.2% (Cost: $220,021,126)				251,449,126
Liabilities in Excess of Other Assets — (3.2)%				(7,731,218	)
Net Assets — 100.0%			$	243,717,908

^(a)  Non-income producing security.

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

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

^(d)  Affiliate of the Fund.

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

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

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

Schedule of Investments (unaudited) (continued) February 29, 2024 iShares^® MSCI Denmark ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	6,769,188	$	2,729,481	(a)	$	—		$	1,800	$	5	$	9,500,474		9,495,726	$	22,795	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		130,000		—			(40,000	)(a)		—		—		90,000		90,000		2,656			—
									$	1,800	$	5	$	9,590,474			$	25,451		$	—

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

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
OMX Copenhagen 25 Index		67		03/15/24	$	1,836	$	11,810

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)	$	—	$	—	$	11,810	$	—	$	—	$	—	$	11,810

^(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 February 29, 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	$	—	$	—	$	38,890	$	—	$	—	$	—	$	38,890
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	73,324	$	—	$	—	$	—	$	73,324

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$2,359,587

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

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Schedule of Investments (unaudited) (continued) February 29, 2024 iShares^® MSCI Denmark 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	$	1,528,250	$	240,330,402	$	—	$	241,858,652
Short-Term Securities
Money Market Funds		9,590,474		—		—		9,590,474
	$	11,118,724	$	240,330,402	$	—	$	251,449,126
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	11,810	$	—	$	11,810

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

See notes to financial statements.

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

Schedule of Investments (unaudited) February 29, 2024 iShares^® MSCI Finland ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Automobile Components — 0.8%
Nokian Renkaat OYJ		20,564	$	187,805
Banks — 18.4%
Nordea Bank Abp, New		341,041		4,150,636
Broadline Retail — 1.4%
Puuilo OYJ		15,164		155,684
Tokmanni Group Corp.		9,195		155,529
				311,213
Chemicals — 1.3%
Kemira OYJ		15,808		284,792
Communications Equipment — 8.7%
Nokia OYJ		559,180		1,971,161
Consumer Staples Distribution & Retail — 2.9%
Kesko OYJ, Class B		33,760		645,477
Containers & Packaging — 3.1%
Huhtamaki OYJ		12,362		485,369
Metsa Board OYJ, Class B(a)		27,148		204,118
				689,487
Diversified Telecommunication Services — 3.4%
Elisa OYJ		17,231		776,052
Electric Utilities — 3.0%
Fortum OYJ		54,558		681,872
Electrical Equipment — 0.5%
Kempower OYJ(a)(b)		4,064		102,418
Health Care Equipment & Supplies — 0.6%
Revenio Group OYJ		4,684		131,240
Household Durables — 0.3%
YIT OYJ(a)		44,880		77,985
Insurance — 10.4%
Mandatum OYJ(b)		51,380		225,718
Sampo OYJ, Class A		47,212		2,112,585
				2,338,303
IT Services — 1.5%
TietoEVRY OYJ		14,664		342,300
Machinery — 17.9%
Cargotec OYJ, Class B		5,292		358,034
Kone OYJ, Class B		19,826		970,709
Konecranes OYJ		8,770		451,920
Metso OYJ		79,516		850,564
Valmet OYJ		19,873		520,923
Wartsila OYJ Abp		56,663		877,187
				4,029,337

Security	Shares		Value
Metals & Mining — 1.1%
Outokumpu OYJ		55,771	$	247,038
Oil, Gas & Consumable Fuels — 4.1%
Neste OYJ		33,537		919,319
Paper & Forest Products — 12.1%
Stora Enso OYJ, Class R		69,442		877,998
UPM-Kymmene OYJ		55,180		1,846,840
				2,724,838
Passenger Airlines — 0.1%
Finnair OYJ(a)(b)		739,113		24,630
Pharmaceuticals — 2.4%
Orion OYJ, Class B		13,546		532,570
Real Estate Management & Development — 1.4%
Citycon OYJ		22,896		97,499
Kojamo OYJ		19,792		219,486
				316,985
Software — 1.1%
QT Group OYJ(a)(b)		2,927		247,611
Specialty Retail — 0.7%
Musti Group OYJ(b)		5,720		161,546
Textiles, Apparel & Luxury Goods — 0.5%
Marimekko OYJ		8,647		110,466
Total Long-Term Investments — 97.7% (Cost: $25,156,667)				22,005,081
Short-Term Securities
Money Market Funds — 2.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%(c)(d)(e)		426,803		427,016
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%(c)(d)		10,000		10,000
Total Short-Term Securities — 2.0% (Cost: $436,864)				437,016
Total Investments — 99.7% (Cost: $25,593,531)				22,442,097
Other Assets Less Liabilities — 0.3%				73,693
Net Assets — 100.0%			$	22,515,790

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

^(b)  Non-income producing security.

^(c)  Affiliate of the Fund.

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

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

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Schedule of Investments (unaudited) (continued) February 29, 2024 iShares^® MSCI Finland ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	631,830	$	—	$	(204,928	)(a)	$	66	$	48	$	427,016		426,803	$	22,288	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		20,000		—		(10,000	)(a)		—		—		10,000		10,000		855			—
								$	66	$	48	$	437,016			$	23,143		$	—

^(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		8		03/15/24	$	424	$	28,767

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)	$	—	$	—	$	28,767	$	—	$	—	$	—	$	28,767

^(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 February 29, 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	$	—	$	—	$	25,207	$	—	$	—	$	—	$	25,207
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	31,711	$	—	$	—	$	—	$	31,711

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	403,713

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) February 29, 2024 iShares^® MSCI Finland ETF

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	265,995	$	21,739,086	$	—	$	22,005,081
Short-Term Securities
Money Market Funds		437,016		—		—		437,016
	$	703,011	$	21,739,086	$	—	$	22,442,097
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	28,767	$	—	$	28,767

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

See notes to financial statements.

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Schedule of Investments (unaudited) February 29, 2024 iShares^® MSCI Ireland ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Banks — 8.8%
AIB Group PLC		1,076,527	$	4,997,853
Bank of Ireland Group PLC		532,706		4,652,111
Permanent TSB Group Holdings PLC(a)		135,679		230,227
				9,880,191
Beverages — 2.5%
C&C Group PLC		1,566,437		2,835,466
Building Products — 11.2%
Kingspan Group PLC		138,387		12,514,180
Containers & Packaging — 6.3%
Ardagh Metal Packaging SA		594,440		1,949,763
Smurfit Kappa Group PLC		118,311		5,056,549
				7,006,312
Food Products — 13.2%
Dole PLC		245,437		2,898,611
Glanbia PLC		291,824		5,279,850
Kerry Group PLC, Class A		57,712		5,067,796
Origin Enterprises PLC		441,681		1,510,872
				14,757,129
Health Care Providers & Services — 2.4%
Uniphar PLC(a)		923,360		2,714,470
Hotels, Restaurants & Leisure — 3.3%
Dalata Hotel Group PLC		764,750		3,727,702
Household Durables — 5.7%
Cairn Homes PLC		2,389,176		3,761,450
Glenveagh Properties PLC(a)(b)		2,185,012		2,678,009
				6,439,459
Independent Power and Renewable Electricity Producers — 3.6%
Greencoat Renewables PLC, NVS		4,149,699		4,035,229
Insurance — 0.3%
FBD Holdings PLC		21,401		294,910
Life Sciences Tools & Services — 22.0%
ICON PLC(a)		76,817		24,629,067

Security	Shares		Value
Marine Transportation — 0.6%
Irish Continental Group PLC		132,273	$	647,670
Metals & Mining — 0.3%
Kenmare Resources PLC		75,444		283,318
Passenger Airlines — 12.7%
Ryanair Holdings PLC, ADR		102,762		14,206,847
Pharmaceuticals — 0.3%
GH Research PLC(a)		40,674		361,185
Residential REITs — 1.7%
Irish Residential Properties REIT PLC		1,791,080		1,877,724
Trading Companies & Distributors — 4.3%
Grafton Group PLC		392,507		4,842,144
Total Long-Term Investments — 99.2% (Cost: $98,858,487)				111,053,003
Short-Term Securities
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%(c)(d)		30,000		30,000
Total Short-Term Securities — 0.0% (Cost: $30,000)				30,000
Total Investments — 99.2% (Cost: $98,888,487)				111,083,003
Other Assets Less Liabilities — 0.8%				911,787
Net Assets — 100.0%			$	111,994,790

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/29/24		Shares Held at 02/29/24		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	60,000	$	—	$	(30,000	)(a)	$	—	$	—	$	30,000		30,000	$	1,326	$	—

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

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

Schedule of Investments (unaudited) (continued) February 29, 2024 iShares^® MSCI Ireland ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro STOXX 50 Index		20		03/15/24	$	1,060	$	18,653

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)	$	—	$	—	$	18,653	$	—	$	—	$	—	$	18,653

^(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 February 29, 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	$	—	$	—	$	4,248	$	—	$	—	$	—	$	4,248
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	18,653	$	—	$	—	$	—	$	18,653

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	745,779

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	$	70,320,165	$	40,732,838	$	—	$	111,053,003
Short-Term Securities
Money Market Funds		30,000		—		—		30,000
	$	70,350,165	$	40,732,838	$	—	$	111,083,003

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Schedule of Investments (unaudited) (continued) February 29, 2024 iShares^® MSCI Ireland ETF

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	18,653	$	—		$  18,653

^(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) February 29, 2024 iShares^® MSCI Kuwait ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 4.4%
Agility Public Warehousing Co. KSC(a)		1,590,702	$	3,110,596
Banks — 57.4%
Al Ahli Bank of Kuwait KSCP		1,757,420		1,464,469
Boubyan Bank KSCP		74,399		155,560
Burgan Bank SAK		1,297,467		872,939
Gulf Bank KSCP		2,426,680		2,328,162
Kuwait Finance House KSCP		6,106,437		16,088,393
Kuwait International Bank KSCP		2,066,144		1,108,480
Kuwait Projects Co. Holding KSCP(a)		3,677,734		1,505,822
National Bank of Kuwait SAKP		4,867,213		15,507,660
Warba Bank KSCP		2,190,008		1,339,161
				40,370,646
Capital Markets — 2.4%
Boursa Kuwait Securities Co. KPSC		163,026		1,082,165
Noor Financial Investment Co. KSC		738,153		606,415
				1,688,580
Chemicals — 1.5%
Boubyan Petrochemicals Co. KSCP		517,929		1,026,920
Construction & Engineering — 0.8%
Combined Group Contracting Co. SAK		413,036		565,031
Consumer Finance — 0.7%
Arzan Financial Group for Financing & Investment KPSC		647,741		471,467
Diversified Consumer Services — 2.4%
Humansoft Holding Co. KSC		152,992		1,675,331
Electrical Equipment — 1.1%
Gulf Cable & Electrical Industries Co. KSCP		158,039		766,701
Energy Equipment & Services — 1.2%
Heavy Engineering & Ship Building Co. KSCP		311,389		861,063
Financial Services — 3.3%
A’ayan Leasing & Investment Co. KSCP		1,582,582		915,774
Alimtiaz Investment Group KSC(a)		2,004,029		368,155
National Investments Co. KSCP		1,135,332		1,051,404
				2,335,333

Security	Shares		Value
Food Products — 1.0%
Mezzan Holding Co. KSCC		354,976	$	717,039
Independent Power and Renewable Electricity Producers — 0.4%
Shamal Az-Zour Al-Oula for the First Phase of Az-Zour Power Plant KSC		522,596		289,137
Industrial Conglomerates — 3.2%
Arabi Group Holding KSC(a)		315,065		536,455
National Industries Group Holding SAK		2,197,340		1,710,284
				2,246,739
Passenger Airlines — 1.1%
Jazeera Airways Co. KSCP		216,329		793,616
Real Estate Management & Development — 10.1%
Commercial Real Estate Co. Ksc		3,399,873		1,325,702
Kuwait Real Estate Co. KSC		1,627,673		1,217,780
Mabanee Co. KPSC		855,918		2,275,031
National Real Estate Co. KPSC(a)		3,720,346		959,904
Salhia Real Estate Co. KSCP		861,255		1,287,335
				7,065,752
Specialty Retail — 1.6%
Ali Alghanim Sons Automotive Co. KSCC, NVS		294,841		1,125,506
Trading Companies & Distributors — 1.7%
ALAFCO Aviation Lease & Finance Co. KSCP(a)		533,182		367,293
Integrated Holding Co. KCSC		538,762		857,818
				1,225,111
Wireless Telecommunication Services — 5.6%
Kuwait Telecommunications Co.		445,529		877,096
Mobile Telecommunications Co. KSCP		1,872,324		3,062,173
				3,939,269
Total Investments — 99.9%  (Cost: $64,264,388)			70,273,837
Other Assets Less Liabilities — 0.1%				61,522
Net Assets — 100.0%			$	70,335,359

^(a) Non-income producing security.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/29/24		Shares Held at 02/29/24		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares(a)	$	640,000	$	—		$ (640,000	)(b)	$	—	$	—	$	—		—	$	1,367	$	—

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

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

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Schedule of Investments (unaudited) (continued) February 29, 2024 iShares^® MSCI Kuwait ETF

Derivative Financial Instruments Categorized by Risk Exposure

For the period ended February 29, 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	$	—	$	—	$	(4,580	)	$	—	$	—	$	—	$	(4,580	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	1,500		$	—	$	—	$	—	$	1,500

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Average notional value of contracts — long $ 0^(a)

^(a)  Derivative not held at quarter-end. The amounts shown in the Statement of Operations serve as an indicator of volume activity during the period.

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	$	12,834,247	$	57,439,590	$	—	$	70,273,837

See notes to financial statements.

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

Schedule of Investments (unaudited) February 29, 2024 iShares^® MSCI New Zealand ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Building Products — 5.0%
Fletcher Building Ltd.		2,007,853	$	5,012,172
Diversified Telecommunication Services — 4.7%
Spark New Zealand Ltd.		1,513,732		4,672,692
Electric Utilities — 9.2%
Contact Energy Ltd.		948,630		4,663,928
Mercury NZ Ltd.		1,110,360		4,515,964
				9,179,892
Health Care Equipment & Supplies — 24.2%
Fisher & Paykel Healthcare Corp. Ltd.		1,618,693		24,088,482
Health Care Providers & Services — 9.5%
EBOS Group Ltd.		212,745		4,795,046
Oceania Healthcare Ltd.		4,322		1,552
Ryman Healthcare Ltd.(a)		1,630,790		4,613,443
				9,410,041
Independent Power and Renewable Electricity Producers — 4.9%
Meridian Energy Ltd.		1,331,669		4,849,012
Industrial Conglomerates — 4.8%
Infratil Ltd.		756,127		4,748,846
Industrial REITs — 5.1%
Goodman Property Trust		3,681,857		5,021,404
Passenger Airlines — 4.7%
Air New Zealand Ltd.		12,607,242		4,720,689

Security	Shares		Value
Retail REITs — 4.8%
Kiwi Property Group Ltd.		9,337,721	$	4,808,494
Transportation Infrastructure — 22.8%
Auckland International Airport Ltd.		4,602,809		22,699,600
Total Long-Term Investments — 99.7%  (Cost: $115,551,708)			99,211,324
Short-Term Securities
Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%(b)(c)		108,634		108,689
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%(b)(c)		30,000		30,000
Total Short-Term Securities — 0.2% (Cost: $138,689)				138,689
Total Investments — 99.9% (Cost: $115,690,397)				99,350,013
Other Assets Less Liabilities — 0.1%				127,472
Net Assets — 100.0%			$	99,477,485

^(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 February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer		Value at 08/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/29/24	Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	432,780	$	—	$	(324,116	)(a)	$	25	$	—	$	108,689	108,634	$	1,254	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		60,000		—		(30,000	)(a)		—		—		30,000	30,000		2,538			—
								$	25	$	—	$	138,689		$	3,792		$	—

^(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
SPI 200 Index		2		03/21/24	$	250	$	1,175

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Schedule of Investments (unaudited) (continued) February 29, 2024 iShares^® MSCI New Zealand 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)	$	—	$	—	$	1,175	$	—	$	—	$	—	$	1,175

^(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 February 29, 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	$	—	$	—	$	(19,066	)	$	—	$	—	$	—	$	(19,066	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(433	)	$	—	$	—	$	—	$	(433	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	241,682

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	$	46,644,073	$	52,567,251	$	—	$	99,211,324
Short-Term Securities
Money Market Funds		138,689		—		—		138,689
	$	46,782,762	$	52,567,251	$	—	$	99,350,013
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	1,175	$	—	$	1,175

^(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) February 29, 2024 iShares^® MSCI Norway ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 3.5%
Kongsberg Gruppen ASA		14,978	$	954,575
Banks — 14.8%
DNB Bank ASA		157,601		3,155,758
SpareBank 1 Nord Norge		16,252		155,462
SpareBank 1 Oestlandet		5,933		69,894
SpareBank 1 SMN		22,101		301,065
SpareBank 1 SR-Bank ASA		31,499		381,144
				4,063,323
Biotechnology — 0.1%
Nykode Therapeutics ASA(a)(b)		24,721		38,660
Broadline Retail — 0.7%
Europris ASA(c)		27,009		186,264
Chemicals — 4.6%
Borregaard ASA		16,176		280,228
Elkem ASA(b)(c)		48,997		97,339
Yara International ASA		28,193		877,341
				1,254,908
Commercial Services & Supplies — 0.2%
Aker Carbon Capture ASA(a)		60,914		46,452
Construction & Engineering — 0.6%
Cadeler AS(a)		29,164		126,746
Norconsult A/S, NVS		18,504		46,368
				173,114
Diversified Telecommunication Services — 4.3%
Telenor ASA		107,232		1,173,148
Electrical Equipment — 0.5%
NEL ASA(a)(b)		284,586		131,681
Electronic Equipment, Instruments & Components — 0.4%
Kitron ASA(b)		30,376		103,855
Energy Equipment & Services — 6.3%
Aker Solutions ASA		41,902		140,775
Borr Drilling Ltd.		35,973		217,088
BW Offshore Ltd.		14,172		34,025
DOF Group ASA(a)		25,567		160,076
Odfjell Drilling Ltd.		16,180		68,162
PGS ASA(a)		162,666		104,782
Seadrill Ltd.(a)		5,043		207,639
Subsea 7 SA		38,860		567,254
TGS ASA		22,312		219,764
				1,719,565
Food Products — 14.6%
Austevoll Seafood ASA		15,533		117,897
Bakkafrost P/F		8,572		535,486
Grieg Seafood ASA		8,758		53,185
Leroy Seafood Group ASA		45,651		201,579
Mowi ASA		79,246		1,530,479
Orkla ASA		119,363		855,689
Salmar ASA		11,241		713,911
				4,008,226
Independent Power and Renewable Electricity Producers — 0.5%
Scatec ASA(a)(c)		20,295		125,664
Industrial Conglomerates — 0.8%
Aker ASA, Class A		3,797		204,842

Security	Shares		Value
Insurance — 5.1%
Gjensidige Forsikring ASA		34,055	$	538,009
Protector Forsikring ASA		9,131		185,407
Storebrand ASA		75,300		673,141
				1,396,557
Interactive Media & Services — 2.3%
Adevinta ASA(a)		59,546		635,752
IT Services — 0.6%
Atea ASA		13,402		156,968
Machinery — 2.1%
Hexagon Composites ASA(a)		22,494		46,465
TOMRA Systems ASA		40,327		536,691
				583,156
Marine Transportation — 3.6%
Belships ASA		14,842		29,135
Golden Ocean Group Ltd.		22,081		281,904
Gram Car Carriers ASA		2,003		41,394
Hoegh Autoliners ASA		19,490		190,105
MPC Container Ships ASA		60,508		77,854
Odfjell SE, Class A		3,089		38,681
Stolt-Nielsen Ltd.		3,986		149,363
Wallenius Wilhelmsen ASA		18,011		172,785
				981,221
Media — 3.0%
Schibsted ASA, Class A		12,451		372,270
Schibsted ASA, Class B		16,576		460,700
				832,970
Metals & Mining — 4.2%
Norsk Hydro ASA		225,919		1,159,586
Oil, Gas & Consumable Fuels — 24.3%
Aker BP ASA		53,809		1,306,141
Avance Gas Holding Ltd.(c)		3,316		36,091
BlueNord ASA(a)		4,015		205,640
BW Energy Ltd.(a)(b)		10,867		28,750
BW LPG Ltd.(c)		15,495		178,856
Cool Co. Ltd.		4,144		47,209
DNO ASA		82,669		70,209
Equinor ASA		153,406		3,779,735
Flex LNG Ltd.		5,027		126,086
Frontline PLC, NVS		22,744		512,855
Hafnia Ltd.		47,786		351,659
				6,643,231
Passenger Airlines — 0.7%
Norwegian Air Shuttle ASA(a)(b)		122,824		202,089
Real Estate Management & Development — 0.4%
Entra ASA(b)(c)		12,405		121,932
Semiconductors & Semiconductor Equipment — 1.1%
Nordic Semiconductor ASA(a)		29,543		252,819
REC Silicon ASA(a)(b)		45,938		41,666
				294,485
Software — 0.3%
Crayon Group Holding ASA(a)(b)(c)		12,965		93,987
Total Long-Term Investments — 99.6%  (Cost: $34,801,440)			27,286,211

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Schedule of Investments (unaudited) (continued) February 29, 2024 iShares^® MSCI Norway ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Securities
Money Market Funds — 2.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%(d)(e)(f)		754,255	$	754,632
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%(d)(e)		10,000		10,000
Total Short-Term Securities — 2.8% (Cost: $764,530)				764,632
Total Investments — 102.4% (Cost: $35,565,970)				28,050,843
Liabilities in Excess of Other Assets — (2.4)%				(651,657	)
Net Assets — 100.0%			$	27,399,186

^(a)  Non-income producing security.

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

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

^(d)  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 February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer		Value at 08/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/29/24	Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	552,887	$	201,640	(a)	$	—		$	57	$	48	$	754,632	754,255	$	7,146	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		10,000		—			0	(a)		—		—		10,000	10,000		633			—
									$	57	$	48	$	764,632		$	7,779		$	—

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

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro STOXX 50 Index		2		03/15/24	$	106	$	3,199

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) February 29, 2024 iShares^® MSCI Norway ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	3,199	$	—	$	—	$	—	$	3,199

^(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 February 29, 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	$	—	$	—	$	13,496	$	—	$	—	$	—	$	13,496
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	3,394	$	—	$	—	$	—	$	3,394

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	100,928

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	$	5,397,287	$	21,888,924	$	—	$	27,286,211
Short-Term Securities
Money Market Funds		764,632		—		—		764,632
	$	6,161,919	$	21,888,924	$	—	$	28,050,843
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	3,199	$	—	$	3,199

^(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

Statements of Assets and Liabilities (unaudited)

February 29, 2024

	iShares MSCI Denmark ETF		iShares MSCI Finland ETF			iShares MSCI Ireland ETF		iShares MSCI Kuwait ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	241,858,652	$	22,005,081		$	111,053,003	$	70,273,837
Investments, at value — affiliated(c)		9,590,474		437,016			30,000		—
Cash		6,841		306			7,918		—
Cash pledged for futures contracts		—		—			—		7
Foreign currency collateral pledged for futures contracts(d)		158,051		34,586			15,131		—
Foreign currency, at value(e)		158,592		63,850			123,151		95,210
Receivables:
Investments sold		5,243,462		431,594			30,093,999		1,605,533
Securities lending income — affiliated		3,386		847			—		—
Dividends — unaffiliated		26,938		—			61,717		—
Dividends — affiliated		287		24			113		142
Tax reclaims		1,557,652		415,540			35,148		—
Variation margin on futures contracts		3,926		1,032			3,470		—
Total assets		258,608,261		23,389,876			141,423,650		71,974,729
LIABILITIES
Bank overdraft		—		—			—		12,589
Collateral on securities loaned, at value		9,499,102		426,742			—		—
Payables:
Investments purchased		5,289,913		438,035			29,386,761		1,587,015
Investment advisory fees		101,338		9,309			42,099		39,766
Total liabilities		14,890,353		874,086			29,428,860		1,639,370
Commitments and contingent liabilities
NET ASSETS	$	243,717,908	$	22,515,790		$	111,994,790	$	70,335,359
NET ASSETS CONSIST OF
Paid-in capital	$	202,791,581	$	34,005,096		$	99,469,779	$	66,222,556
Accumulated earnings (loss)		40,926,327		(11,489,306	)		12,525,011		4,112,803
NET ASSETS	$	243,717,908	$	22,515,790		$	111,994,790	$	70,335,359
NET ASSET VALUE
Shares outstanding		2,050,000		650,000			1,700,000		2,100,000
Net asset value	$	118.89	$	34.64		$	65.88	$	33.49
Shares authorized		Unlimited		Unlimited			Unlimited		Unlimited
Par value		None		None			None		None
(a) Investments, at cost — unaffiliated	$	210,431,359	$	25,156,667		$	98,858,487	$	64,264,388
(b) Securities loaned, at value	$	8,916,374	$	402,162		$	—	$	—
(c)  Investments, at cost — affiliated	$	9,589,767	$	436,864		$	30,000	$	—
(d) Foreign currency collateral pledged, at cost	$	160,710	$	35,463		$	15,287	$	—
(e) Foreign currency, at cost	$	154,362	$	62,864		$	123,607	$	95,198

See notes to financial statements.

F I N A N C I A L S T A T E M E N T S 27

Statements of Assets and Liabilities (unaudited) (continued)

February 29, 2024

	iShares MSCI New Zealand ETF			iShares MSCI Norway ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	99,211,324		$	27,286,211
Investments, at value — affiliated(c)		138,689			764,632
Cash		9,619			2,011
Foreign currency collateral pledged for futures contracts(d)		10,400			15,131
Foreign currency, at value(e)		99,530			148,492
Receivables:
Investments sold		5,611,974			346,949
Securities lending income — affiliated		242			587
Dividends — unaffiliated		135,617			54,182
Dividends — affiliated		98			22
Tax reclaims		—			4,629
Variation margin on futures contracts		1,027			157
Total assets		105,218,520			28,623,003
LIABILITIES
Collateral on securities loaned, at value		108,695			754,515
Payables:
Investments purchased		5,591,165			457,550
Investment advisory fees		41,175			11,752
Total liabilities		5,741,035			1,223,817
Commitments and contingent liabilities
NET ASSETS	$	99,477,485		$	27,399,186
NET ASSETS CONSIST OF
Paid-in capital	$	173,595,948		$	47,570,698
Accumulated loss		(74,118,463	)		(20,171,512	)
NET ASSETS	$	99,477,485		$	27,399,186
NET ASSET VALUE
Shares outstanding		2,200,000			1,200,000
Net asset value	$	45.22		$	22.83
Shares authorized		Unlimited			Unlimited
Par value		None			None
(a) Investments, at cost — unaffiliated	$	115,551,708		$	34,801,440
(b) Securities loaned, at value	$	—		$	729,802
(c)  Investments, at cost — affiliated	$	138,689		$	764,530
(d) Foreign currency collateral pledged, at cost	$	10,808		$	15,137
(e) Foreign currency, at cost	$	100,432		$	149,789

See 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

Statements of Operations (unaudited)

Six Months Ended February 29, 2024

	iShares MSCI Denmark ETF			iShares MSCI Finland ETF			iShares MSCI Ireland ETF			iShares MSCI Kuwait ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	792,163		$	230,017		$	525,163		$	59,065
Dividends — affiliated		2,656			855			1,326			1,367
Interest — unaffiliated		3,093			204			733			144
Securities lending income — affiliated — net		22,795			22,288			—			—
Foreign taxes withheld		(55,896	)		—			(11,540	)		—
Total investment income		764,811			253,364			515,682			60,576
EXPENSES
Investment advisory		634,800			51,280			240,019			216,050
Commitment costs		1,178			91			469			277
Total expenses		635,978			51,371			240,488			216,327
Net investment income (loss)		128,833			201,993			275,194			(155,751	)
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		66,721			(2,245,022	)		13,790,118			(300,927	)
Investments — affiliated		1,800			66			—			—
Foreign currency transactions		(40,278	)		7,278			2,242			(10,813	)
Futures contracts		38,890			25,207			4,248			(4,580	)
In-kind redemptions — unaffiliated(a)		13,990,724			(26,642	)		996,872			—
		14,057,857			(2,239,113	)		14,793,480			(316,320	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		18,266,095			2,359,272			(1,794,677	)		4,103,544
Investments — affiliated		5			48			—			—
Foreign currency translations		26,169			(1,222	)		(686	)		61
Futures contracts		73,324			31,711			18,653			1,500
		18,365,593			2,389,809			(1,776,710	)		4,105,105
Net realized and unrealized gain		32,423,450			150,696			13,016,770			3,788,785
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	32,552,283		$	352,689		$	13,291,964		$	3,633,034

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

See notes to financial statements.

F I N A N C I A L S T A T E M E N T S 29

Statements of Operations (unaudited) (continued)

Six Months Ended February 29, 2024

		iShares MSCI New Zealand ETF			iShares MSCI Norway ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	2,648,169		$	699,843
Dividends — affiliated		2,538			633
Interest — unaffiliated		544232
Securities lending income — affiliated — net		1,254			7,146
Foreign taxes withheld		(375,102	)		(146,209	)
Total investment income		2,277,403			561,645
EXPENSES
Investment advisory		281,788			88,351
Commitment costs		589			169
Total expenses		282,377			88,520
Net investment income		1,995,026			473,125
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(11,451,564	)		(1,063,415	)
Investments — affiliated		25			57
Foreign currency transactions		42,902			7,281
Futures contracts		(19,066	)		13,496
In-kind redemptions — unaffiliated(a)		687,027			521,049
		(10,740,676	)		(521,532	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		9,757,432			613,613
Investments — affiliated		—			48
Foreign currency translations		(2,916	)		(2,285	)
Futures contracts		(433	)		3,394
		9,754,083			614,770
Net realized and unrealized gain (loss)		(986,593	)		93,238
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,008,433		$	566,363

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

See notes to financial statements.

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

Statements of Changes in Net Assets

	iShares MSCI Denmark ETF						iShares MSCI Finland ETF
	Six Months Ended 02/29/24 (unaudited)			Year Ended 08/31/23			Six Months Ended 02/29/24 (unaudited)			Year Ended 08/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	128,833		$	4,989,560		$	201,993		$	554,220
Net realized gain (loss)		14,057,857			8,949,696			(2,239,113	)		(1,797,269	)
Net change in unrealized appreciation (depreciation)		18,365,593			30,444,577			2,389,809			976,736
Net increase (decrease) in net assets resulting from operations		32,552,283			44,383,833			352,689			(266,313	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(768,499	)		(4,553,471	)		(422,841	)(b)		(542,108	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(33,459,775	)		29,047,817			1,895,128			(1,153,170	)
NET ASSETS
Total increase (decrease) in net assets		(1,675,991	)		68,878,179			1,824,976			(1,961,591	)
Beginning of period		245,393,899			176,515,720			20,690,814			22,652,405
End of period	$	243,717,908		$	245,393,899		$	22,515,790		$	20,690,814

^(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 31

Statements of Changes in Net Assets (continued)

	iShares MSCI Ireland ETF						iShares MSCI Kuwait ETF
	Six Months Ended 02/29/24 (unaudited)			Year Ended 08/31/23			Six Months Ended 02/29/24 (unaudited)			Year Ended 08/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)	$	275,194		$	879,347		$	(155,751	)	$	1,598,870
Net realized gain (loss)		14,793,480			818,037			(316,320	)		(795,777	)
Net change in unrealized appreciation (depreciation)		(1,776,710	)		19,311,887			4,105,105			(3,930,730	)
Net increase (decrease) in net assets resulting from operations		13,291,964			21,009,271			3,633,034			(3,127,637	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(247,578	)		(758,088	)		(19,732	)(b)		(2,297,236	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		401,214			29,818,961			8,227,443			34,803,545
NET ASSETS
Total increase in net assets		13,445,600			50,070,144			11,840,745			29,378,672
Beginning of period		98,549,190			48,479,046			58,494,614			29,115,942
End of period	$	111,994,790		$	98,549,190		$	70,335,359		$	58,494,614

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

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

See notes to financial statements.

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Statements of Changes in Net Assets (continued)

	iShares MSCI New Zealand ETF						iShares MSCI Norway ETF
	Six Months Ended 02/29/24 (unaudited)			Year Ended 08/31/23			Six Months Ended 02/29/24 (unaudited)			Year Ended 08/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	1,995,026		$	2,773,750		$	473,125		$	1,561,036
Net realized loss		(10,740,676	)		(12,211,599	)		(521,532	)		(902,932	)
Net change in unrealized appreciation (depreciation)		9,754,083			5,505,786			614,770			(3,253,727	)
Net increase (decrease) in net assets resulting from operations		1,008,433			(3,932,063	)		566,363			(2,595,623	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(2,304,838	)		(1,728,068	)		(625,022	)		(1,339,598	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(31,826,254	)		23,113,264			(6,952,714	)		4,655,667
NET ASSETS
Total increase (decrease) in net assets		(33,122,659	)		17,453,133			(7,011,373	)		720,446
Beginning of period		132,600,144			115,147,011			34,410,559			33,690,113
End of period	$	99,477,485		$	132,600,144		$	27,399,186		$	34,410,559

^(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 33

Financial Highlights

(For a share outstanding throughout each period)

	iShares MSCI Denmark ETF
	Six Months Ended 02/29/24 (unaudited)					Year Ended 08/31/23				Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19
Net asset value, beginning of period			$	104.42			$	86.11			$	115.08			$	84.54			$	60.99			$	67.75
Net investment income(a)				0.06				2.23				1.37				0.76				0.50				0.97
Net realized and unrealized gain (loss)(b)				14.74				17.99				(28.97	)			30.62				23.52				(5.99	)
Net increase (decrease) from investment operations				14.80				20.22				(27.60	)			31.38				24.02				(5.02	)
Distributions from net investment income(c)				(0.33	)			(1.91	)			(1.37	)			(0.84	)			(0.47	)			(1.74	)
Net asset value, end of period			$	118.89			$	104.42			$	86.11			$	115.08			$	84.54			$	60.99
Total Return(d)
Based on net asset value				14.21	%(e)			23.48	%			(24.07	)%			37.21	%			39.52	%			(7.41	)%
Ratios to Average Net Assets(f)
Total expenses				0.53	%(g)			0.53	%			0.53	%			0.53	%			0.53	%			0.53	%
Net investment income				0.11	%(g)			2.26	%			1.37	%			0.77	%			0.71	%			1.59	%
Supplemental Data
Net assets, end of period (000)			$	243,718			$	245,394			$	176,516			$	166,868			$	109,899			$	33,544
Portfolio turnover rate(h)				9	%			16	%			12	%			11	%			21	%			14	%

^(a)  Based on average shares outstanding.

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

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

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

^(e)  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, if any.

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Finland ETF
	Six Months Ended 02/29/24 (unaudited)					Year Ended 08/31/23				Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19
Net asset value, beginning of period			$	34.48			$	34.85			$	52.00			$	41.34			$	35.63			$	41.83
Net investment income(a)				0.35				1.05				1.73				1.10				0.85				1.30
Net realized and unrealized gain (loss)(b)				0.58				(0.47	)			(16.54	)			10.93				6.25				(5.98	)
Net increase (decrease) from investment operations				0.93				0.58				(14.81	)			12.03				7.10				(4.68	)
Distributions from net investment income(c)				(0.77	)(d)			(0.95	)			(2.34	)			(1.37	)			(1.39	)			(1.52	)
Net asset value, end of period			$	34.64			$	34.48			$	34.85			$	52.00			$	41.34			$	35.63
Total Return(e)
Based on net asset value				2.66	%(f)			1.53	%			(28.85	)%			29.37	%			20.61	%			(11.24	)%
Ratios to Average Net Assets(g)
Total expenses				0.53	%(h)			0.56	%			0.57	%			0.55	%			0.53	%			0.53	%
Total expenses excluding professional fees for foreign withholding tax claims				N/A				0.53	%			N/A				0.53	%			0.53	%			0.53	%
Net investment income				2.09	%(h)			2.92	%			4.05	%			2.39	%			2.36	%			3.40	%
Supplemental Data
Net assets, end of period (000)			$	22,516			$	20,691			$	22,652			$	31,198			$	35,139			$	26,725
Portfolio turnover rate(i)				23	%			15	%			20	%			12	%			22	%			16	%

^(a)  Based on average shares outstanding.

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

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

^(d)  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, if any.

See notes to financial statements.

F I N A N C I A L H I G H L I G H T S 35

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Ireland ETF
	Six Months Ended 02/29/24 (unaudited)					Year Ended 08/31/23				Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19
Net asset value, beginning of period			$	57.97			$	42.16			$	61.21			$	42.50			$	39.39			$	46.25
Net investment income(a)				0.16				0.64				0.52				0.32				0.43				0.61
Net realized and unrealized gain (loss)(b)				7.90				15.63				(18.92	)			18.74				3.34				(6.80	)
Net increase (decrease) from investment operations				8.06				16.27				(18.40	)			19.06				3.77				(6.19	)
Distributions from net investment income(c)				(0.15	)			(0.46	)			(0.65	)			(0.35	)			(0.66	)			(0.67	)
Net asset value, end of period			$	65.88			$	57.97			$	42.16			$	61.21			$	42.50			$	39.39
Total Return(d)
Based on net asset value				13.93	%(e)			38.57	%			(30.16	)%			44.90	%			9.59	%			(13.44	)%
Ratios to Average Net Assets(f)
Total expenses				0.50	%(g)			0.50	%			0.50	%			0.50	%			0.51	%			0.49	%
Net investment income				0.57	%(g)			1.23	%			1.02	%			0.62	%			1.06	%			1.49	%
Supplemental Data
Net assets, end of period (000)			$	111,995			$	98,549			$	48,479			$	82,630			$	53,119			$	55,151
Portfolio turnover rate(h)				56	%			23	%			33	%			40	%			47	%			24	%

^(a)  Based on average shares outstanding.

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

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

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

^(e)  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, if any.

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Kuwait ETF
	Six Months Ended 02/29/24 (unaudited)					Year Ended 08/31/23					Year Ended 08/31/22				Period From   09/01/20(a) to 08/31/21
Net asset value, beginning of period			$	31.62				$	36.39			$	33.93			$	25.22
Net investment income (loss)(b)				(0.08	)				1.19				0.87				0.66
Net realized and unrealized gain (loss)(c)				1.96					(4.09	)			4.38				8.62
Net increase (decrease) from investment operations				1.88					(2.90	)			5.25				9.28
Distributions(d)
From net investment income				(0.01	)(e)				(1.14	)			(2.79	)			(0.57	)
From net realized gain				—					(0.73	)			—				—
Total distributions				(0.01	)				(1.87	)			(2.79	)			(0.57	)
Net asset value, end of period			$	33.49				$	31.62			$	36.39			$	33.93
Total Return(f)
Based on net asset value				5.97	%(g)				(8.04	)%			16.26	%			37.03	%(g)
Ratios to Average Net Assets(h)
Total expenses				0.74	%(i)				0.74	%			0.74	%			0.74	%(i)
Net investment income (loss)				(0.53	)%(i)				3.62	%			2.42	%			2.24	%(i)
Supplemental Data
Net assets, end of period (000)			$	70,335				$	58,495			$	29,116			$	18,662
Portfolio turnover rate(j)				7	%				25	%			26	%			16	%

^(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, if any.

See notes to financial statements.

F I N A N C I A L H I G H L I G H T S 37

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI New Zealand ETF
	Six Months Ended 02/29/24 (unaudited)					Year Ended 08/31/23				Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19
Net asset value, beginning of period			$	45.72			$	47.00			$	63.49			$	60.80			$	51.80			$	49.11
Net investment income(a)				0.80				1.09				1.06				1.04				1.06				1.58
Net realized and unrealized gain (loss)(b)				(0.32	)			(1.65	)			(16.12	)			2.97				9.49				2.70
Net increase (decrease) from investment operations				0.48				(0.56	)			(15.06	)			4.01				10.55				4.28
Distributions from net investment income(c)				(0.98	)			(0.72	)			(1.43	)			(1.32	)			(1.55	)			(1.59	)
Net asset value, end of period			$	45.22			$	45.72			$	47.00			$	63.49			$	60.80			$	51.80
Total Return(d)
Based on net asset value				0.93	%(e)			(1.25	)%			(23.96	)%			6.58	%			20.71	%			9.00	%
Ratios to Average Net Assets(f)
Total expenses				0.50	%(g)			0.50	%			0.50	%			0.50	%			0.51	%			0.50	%
Net investment income				3.53	%(g)			2.26	%			1.95	%			1.64	%			1.96	%			3.16	%
Supplemental Data
Net assets, end of period (000)			$	99,477			$	132,600			$	115,147			$	142,856			$	167,203			$	165,751
Portfolio turnover rate(h)				26	%			34	%			12	%			16	%			12	%			15	%

^(a)  Based on average shares outstanding.

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

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

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

^(e)  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, if any.

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Norway ETF
	Six Months Ended 02/29/24 (unaudited)					Year Ended 08/31/23				Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19
Net asset value, beginning of period			$	22.94			$	25.92			$	28.67			$	22.40			$	22.63			$	27.67
Net investment income(a)				0.33				1.19				0.97				0.69				0.34				0.67
Net realized and unrealized gain (loss)(b)				(0.02	)			(3.05	)			(2.79	)			6.30				(0.15	)			(4.91	)
Net increase (decrease) from investment operations				0.31				(1.86	)			(1.82	)			6.99				0.19				(4.24	)
Distributions from net investment income(c)				(0.42	)			(1.12	)			(0.93	)			(0.72	)			(0.42	)			(0.80	)
Net asset value, end of period			$	22.83			$	22.94			$	25.92			$	28.67			$	22.40			$	22.63
Total Return(d)
Based on net asset value				1.30	%(e)			(7.05	)%			(6.50	)%			31.42	%			1.04	%			(15.42	)%
Ratios to Average Net Assets(f)
Total expenses				0.53	%(g)			0.53	%			0.53	%			0.53	%			0.53	%			0.53	%
Net investment income				2.84	%(g)			5.05	%			3.39	%			2.61	%			1.58	%			2.66	%
Supplemental Data
Net assets, end of period (000)			$	27,399			$	34,411			$	33,690			$	45,868			$	31,364			$	22,632
Portfolio turnover rate(h)				6	%			11	%			27	%			12	%			16	%			13	%

^(a)  Based on average shares outstanding.

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

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

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

^(e)  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, if any.

See notes to financial statements.

F I N A N C I A L H I G H L I G H T S 39

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 Denmark	Non-diversified
MSCI Finland	Non-diversified
MSCI Ireland	Non-diversified
MSCI Kuwait	Non-diversified
MSCI New Zealand	Non-diversified
MSCI Norway	Non-diversified

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 29, 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.

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

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.

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

Notes to Financial Statements (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 Denmark
BofA Securities, Inc.	$	1,033,486	$	(1,033,486	)	$	—		$	—
Goldman Sachs & Co. LLC		391,858		(391,858	)		—			—
J.P. Morgan Securities LLC		396,188		(396,188	)		—			—
Morgan Stanley		7,094,842		(7,094,842	)		—			—
	$	8,916,374	$	(8,916,374	)	$	—		$	—
MSCI Finland
Citigroup Global Markets, Inc.	$	5,721	$	(5,721	)	$	—		$	—
Goldman Sachs & Co. LLC		160,312		(160,312	)		—			—
J.P. Morgan Securities LLC		8,398		(8,398	)		—			—
Morgan Stanley		227,731		(227,731	)		—			—
	$	402,162	$	(402,162	)	$	—		$	—
MSCI Norway
BofA Securities, Inc.	$	129,924	$	(129,924	)	$	—		$	—
Goldman Sachs & Co. LLC		549,573		(549,573	)		—			—
Morgan Stanley		24,521		(24,521	)		—			—
UBS AG		25,784		(25,784	)		—			—
	$	729,802	$	(729,802	)	$	—		$	—

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

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

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Notes to Financial Statements (unaudited) (continued)

5. DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

For its investment advisory services to 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 Denmark		0.53	%
MSCI Finland		0.53
MSCI Kuwait		0.74
MSCI Norway		0.53

For its investment advisory services to each of the iShares MSCI Ireland and iShares MSCI New Zealand ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fees
First $7 billion		0.59	%
Over $7 billion, up to and including $11 billion		0.54
Over $11 billion, up to and including $24 billion		0.49
Over $24 billion, up to and including $48 billion		0.44
Over $48 billion, up to and including $72 billion		0.40
Over $72 billion, up to and including $96 billion		0.36
Over $96 billion		0.32

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

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution

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Notes to Financial Statements (unaudited) (continued)

fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

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

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

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

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended February 29, 2024, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
MSCI Denmark	$	5,848
MSCI Finland		4,012
MSCI New Zealand		321
MSCI Norway		1,498

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

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

For the six months ended February 29, 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 Denmark	$	4,696,762	$	5,457,675	$	2,718,406
MSCI Finland		180,074		2,079,608		(1,072,246	)
MSCI Ireland		4,086,694		19,125,694		5,062,243
MSCI New Zealand		8,010,627		3,394,514		(298,149	)
MSCI Norway		71,838		144,399		(11,237	)

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 February 29, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
MSCI Denmark	$	20,686,247	$	20,845,121
MSCI Finland		4,404,128		4,636,990
MSCI Ireland		54,554,332		55,584,901
MSCI Kuwait		12,302,604		4,114,903
MSCI New Zealand		29,711,807		29,797,853
MSCI Norway		2,004,684		2,157,734

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Notes to Financial Statements (unaudited) (continued)

For the six months ended February 29, 2024, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI Denmark	$	14,568,665	$	47,743,045
MSCI Finland		3,414,384		1,580,339
MSCI Ireland		3,185,945		2,782,842
MSCI New Zealand		4,289,073		35,769,626
MSCI Norway		1,136,848		8,071,531

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 February 29, 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 August 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 Denmark	$	(2,424,703	)
MSCI Finland		(5,577,801	)
MSCI Ireland		(13,733,284	)
MSCI Kuwait		(490,446	)
MSCI New Zealand		(45,886,373	)
MSCI Norway		(11,977,242	)

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 February 29, 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 Denmark	$	222,074,644	$	57,431,243	$	(28,044,951	)	$	29,386,292
MSCI Finland		25,925,122		599,990		(4,054,248	)		(3,454,258	)
MSCI Ireland		99,661,456		14,999,968		(3,559,768	)		11,440,200
MSCI Kuwait		65,200,108		7,410,412		(2,336,683	)		5,073,729
MSCI New Zealand		116,790,589		1,335,563		(18,774,964	)		(17,439,401	)
MSCI Norway		35,866,210		1,206,649		(9,018,817	)		(7,812,168	)

9. LINE OF CREDIT

The Funds, along with certain other iShares funds (“Participating Funds”), is a party to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on 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 February 29, 2024, the Funds 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 45

Notes to Financial Statements (unaudited) (continued)

10. PRINCIPAL RISKS

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

BFA uses 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.

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

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Notes to Financial Statements (unaudited) (continued)

actions have adversely affected, and may in the future adversely affect, the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but have been, and may continue to be, significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

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

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

11. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

	Six Months Ended 02/29/24						Year Ended 08/31/23
iShares ETF	Shares			Amount			Shares			Amount
MSCI Denmark
Shares sold		150,000		$	14,716,890			650,000		$	62,810,244
Shares redeemed		(450,000	)		(48,176,665	)		(350,000	)		(33,762,427	)
		(300,000	)	$	(33,459,775	)		300,000		$	29,047,817
MSCI Finland
Shares sold		100,000		$	3,507,354			150,000		$	5,542,446
Shares redeemed		(50,000	)		(1,612,226	)		(200,000	)		(6,695,616	)
		50,000		$	1,895,128			(50,000	)	$	(1,153,170	)
MSCI Ireland
Shares sold		50,000		$	3,193,613			700,000		$	36,609,982
Shares redeemed		(50,000	)		(2,792,399	)		(150,000	)		(6,791,021	)
		—		$	401,214			550,000		$	29,818,961
MSCI Kuwait
Shares sold		250,000		$	8,227,443			1,050,000		$	34,803,545
MSCI New Zealand
Shares sold		100,000		$	4,323,437			1,350,000		$	66,595,558
Shares redeemed		(800,000	)		(36,149,691	)		(900,000	)		(43,482,294)
		(700,000	)	$	(31,826,254)			450,000		$	23,113,264
MSCI Norway
Shares sold		50,000		$	1,149,347			600,000		$	14,097,793
Shares redeemed		(350,000	)		(8,102,061	)		(400,000	)		(9,442,126	)
		(300,000	)	$	(6,952,714	)		200,000		$	4,655,667

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.

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Notes to Financial Statements (unaudited) (continued)

12. FOREIGN WITHHOLDING TAX CLAIMS

During the period, the iShares MSCI Finland ETF filed a closing agreement with the IRS related to the recovery of foreign taxes received in fiscal year 2020, and the related tax compliance fee, including interest, was paid to the IRS.

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 Denmark ETF, iShares MSCI Finland ETF, iShares MSCI Ireland ETF, iShares MSCI Kuwait ETF, iShares MSCI New Zealand ETF and iShares MSCI Norway 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 49

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.

February 29, 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 Finland(a)	$	0.479046	$	—	$	0.289756	$	0.768802		62	%		—	%		38	%		100	%
MSCI Kuwait(a)		—		—		0.010666		0.010666		—			—			100			100

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

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

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

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

General Information

Electronic Delivery

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

To enroll in electronic delivery:

• Go to icsdelivery.com.

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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

G E N E R A L I N F O R M A T I O N 51

Glossary of Terms Used in this Report

Portfolio Abbreviation

ADR	American Depositary Receipt
NVS	Non-Voting Shares
REIT	Real Estate Investment Trust

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

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-808-0224

FEBRUARY 29, 2024

     2024 Semi-Annual Report (Unaudited)  

iShares Trust

· iShares MSCI India ETF | INDA | Cboe BZX

· iShares MSCI India Small-Cap ETF | SMIN | Cboe BZX

The Markets in Review

Dear Shareholder,

The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended February 29, 2024. Significantly tighter monetary policy helped to rein in inflation, and the Consumer Price Index decelerated substantially while remaining above pre-pandemic levels. 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 strongly, while emerging market stocks advanced at a more modest pace.

The 10-year U.S. Treasury yield rose during the reporting period, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. However, higher yields drove positive returns overall for 10-year U.S. Treasuries and solid gains in shorter-duration U.S. Treasuries. 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 three times during the 12-month period, but paused its tightening after its July meeting. The Fed also continued to reduce its balance sheet by not replacing some of the 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 rapid 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 February 29, 2024
	6-Month		12-Month
U.S. large cap equities (S&P 500® Index)		13.93%		30.45%
U.S. small cap equities (Russell 2000® Index)		8.97		10.05
International equities (MSCI Europe, Australasia, Far East Index)		9.23		14.41
Emerging market equities (MSCI Emerging Markets Index)		4.93		8.73
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		2.69		5.22
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		0.58		0.69
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		2.35		3.33
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		4.33		5.42
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		6.18		11.01
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		29
Supplemental Information		30
General Information		31
Glossary of Terms Used in this Report		32

Fund Summary as of February 29, 2024 iShares^® MSCI India ETF

Investment Objective

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

Performance

				Average Annual Total Returns										Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years				1 Year			5 Years			10 Years
Fund NAV		16.70	%(a)		31.68	%		11.23	%		9.06	%			31.68	%		70.24	%		138.03	%
Fund Market		16.35			32.11			11.12			9.10				32.11			69.42			138.83
Index		19.70			37.30			13.35			10.52				37.30			87.14			172.01

^(a)  The NAV total return presented in the table for the six-months period differs from the same period return disclosed in the financial highlights. The total return in the financial highlights is calculated in the same manner but differs due to certain adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

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

Expense Example

	Actual					Hypothetical 5% Return
		Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
		$  1,000.00	$  1,167.00	$   3.39			$  1,000.00	$  1,021.70	$    3.17		0.63	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (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		24.3%
Information Technology		12.9
Consumer Discretionary		12.4
Energy		11.3
Industrials		8.8
Consumer Staples		8.0
Materials		8.0
Health Care		5.4
Utilities		4.7
Communication Services		3.0
Real Estate		1.2

TEN LARGEST HOLDINGS

Security	Percent of   Total Investments(a)
Reliance Industries Ltd.		8.5%
Infosys Ltd.		5.3
ICICI Bank Ltd.		5.1
HDFC Bank Ltd.		3.8
Tata Consultancy Services Ltd.		3.5
Bharti Airtel Ltd.		2.4
Axis Bank Ltd.		2.3
Larsen & Toubro Ltd.		2.2
Hindustan Unilever Ltd.		1.9
Kotak Mahindra Bank Ltd.		1.8

^(a)  Excludes money market funds.

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Fund Summary as of February 29, 2024 iShares^® MSCI India Small-Cap ETF

Investment Objective

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

Performance

				Average Annual Total Returns										Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years				1 Year			5 Years			10 Years
Fund NAV		15.83	%		45.22	%		16.34	%		14.47	%			45.22	%		113.10	%		286.39	%
Fund Market		14.92			45.89			16.15			14.61				45.89			111.37			291.13
Index		18.82			54.82			19.49			16.49				54.82			143.54			360.28

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 (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
		$  1,000.00	$  1,158.30	$   4.02			$  1,000.00	$  1,021.10	$    3.77		0.75	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (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		21.5%
Financials		17.8
Materials		15.0
Consumer Discretionary		13.7
Health Care		10.6
Information Technology		7.7
Real Estate		4.4
Consumer Staples		3.2
Utilities		2.7
Communication Services		2.5
Energy		0.9

TEN LARGEST HOLDINGS

Security	Percent of   Total Investments(a)
Coforge Ltd.		1.4%
Embassy Office Parks REIT		1.2
PB Fintech Ltd.		1.1
Federal Bank Ltd.		1.0
Phoenix Mills Ltd. (The)		1.0
KPIT Technologies Ltd.		1.0
Max Financial Services Ltd.		0.9
Voltas Ltd.		0.8
Dixon Technologies India Ltd.		0.8
LIC Housing Finance Ltd.		0.7

^(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.

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Schedule of Investments (unaudited) February 29, 2024 iShares^® MSCI India ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.3%
Bharat Electronics Ltd.		25,513,740	$	63,021,424
Hindustan Aeronautics Ltd., NVS		1,400,539		51,999,570
				115,020,994
Automobile Components — 1.7%
Balkrishna Industries Ltd.		539,772		14,498,411
Bharat Forge Ltd.		1,787,534		24,786,292
MRF Ltd.		16,247		28,642,426
Samvardhana Motherson International Ltd.		16,556,147		23,785,852
Sona Blw Precision Forgings Ltd.(a)		2,865,632		23,802,165
Tube Investments of India Ltd.		742,406		31,164,649
				146,679,795
Automobiles — 7.0%
Bajaj Auto Ltd.		474,398		45,214,409
Eicher Motors Ltd.		955,563		43,666,154
Hero MotoCorp Ltd.		837,207		44,617,717
Mahindra & Mahindra Ltd.		6,510,537		151,596,065
Maruti Suzuki India Ltd.		987,616		134,409,089
Tata Motors Ltd.		11,597,912		132,785,903
Tata Motors Ltd., Class A		3,194,737		24,326,435
TVS Motor Co. Ltd.		1,658,197		42,730,216
				619,345,988
Banks — 16.1%
AU Small Finance Bank Ltd.(a)		1,195,722		8,196,695
Axis Bank Ltd.		15,689,268		203,097,973
Bandhan Bank Ltd.(a)		5,426,082		12,778,007
Bank of Baroda		7,219,942		23,100,383
HDFC Bank Ltd.		19,610,368		331,198,585
ICICI Bank Ltd.		35,685,776		453,236,580
IDFC First Bank Ltd.(b)		24,172,417		23,616,964
IndusInd Bank Ltd.		2,008,749		35,682,866
Kotak Mahindra Bank Ltd.		7,631,333		155,259,307
Punjab National Bank		15,138,297		22,246,562
State Bank of India		12,460,006		112,199,854
Union Bank of India Ltd.		10,190,871		17,981,088
Yes Bank Ltd.(b)		90,349,419		26,567,265
				1,425,162,129
Beverages — 0.9%
United Spirits Ltd.		2,030,923		28,548,031
Varun Beverages Ltd.		3,174,296		53,945,232
				82,493,263
Building Products — 0.3%
Astral Ltd.		937,603		23,397,269
Capital Markets — 0.3%
HDFC Asset Management Co. Ltd.(a)		670,614		30,350,080
Chemicals — 2.7%
Asian Paints Ltd.		2,678,335		91,354,041
Berger Paints India Ltd.		2,034,383		14,885,982
PI Industries Ltd.		582,465		25,799,991
Pidilite Industries Ltd.		1,065,097		35,166,956
SRF Ltd.		1,034,577		29,824,814
Supreme Industries Ltd.		443,333		22,172,008
UPL Ltd.		3,143,843		17,804,817
				237,008,609
Commercial Services & Supplies — 0.2%
Indian Railway Catering & Tourism Corp. Ltd.		1,675,344		18,732,901
Construction & Engineering — 2.2%
Larsen & Toubro Ltd.		4,701,706		197,125,110

Security	Shares		Value
Construction Materials — 2.2%
Ambuja Cements Ltd.		4,158,335	$	30,369,703
Grasim Industries Ltd.		1,838,550		48,528,255
Shree Cement Ltd.		62,960		19,322,031
UltraTech Cement Ltd.		806,090		96,171,602
				194,391,591
Consumer Finance — 3.1%
Bajaj Finance Ltd.		1,939,717		151,332,067
Cholamandalam Investment and Finance Co. Ltd.		2,930,729		38,393,423
Muthoot Finance Ltd.		840,732		13,187,266
SBI Cards & Payment Services Ltd.		1,990,886		17,271,791
Shriram Finance Ltd.		1,966,719		57,772,811
				277,957,358
Consumer Staples Distribution & Retail — 0.6%
Avenue Supermarts Ltd.(a)(b)		1,135,642		53,630,773
Diversified Telecommunication Services — 0.2%
Tata Communications Ltd.		795,791		18,429,392
Electric Utilities — 1.8%
Power Grid Corp. of India Ltd.		32,462,418		110,907,059
Tata Power Co. Ltd. (The)		10,037,597		45,017,226
				155,924,285
Electrical Equipment — 1.7%
ABB India Ltd.		369,791		24,240,843
Bharat Heavy Electricals Ltd.		7,180,878		19,706,738
CG Power and Industrial Solutions Ltd.		4,264,601		22,789,239
Havells India Ltd.		1,749,827		32,285,053
Polycab India Ltd.		314,459		18,001,596
Suzlon Energy Ltd.(b)		61,607,978		33,565,023
				150,588,492
Financial Services — 2.9%
Bajaj Finserv Ltd.		2,672,992		51,307,594
Bajaj Holdings & Investment Ltd.		186,421		20,563,992
Jio Financial Services Ltd., NVS(b)		19,957,716		74,506,099
One 97 Communications Ltd., NVS(b)		1,773,288		8,583,186
Power Finance Corp. Ltd.		10,366,648		50,150,783
REC Ltd.		9,190,893		48,940,796
				254,052,450
Food Products — 2.2%
Britannia Industries Ltd.		756,596		45,341,768
Marico Ltd.		3,612,778		22,762,290
Nestle India Ltd., NVS		2,355,654		73,773,267
Tata Consumer Products Ltd.		3,990,861		57,232,517
				199,109,842
Gas Utilities — 0.5%
GAIL India Ltd.		16,064,579		35,251,982
Indraprastha Gas Ltd.		2,198,910		11,285,475
				46,537,457
Ground Transportation — 0.2%
Container Corp. of India Ltd.		1,701,325		20,042,722
Health Care Providers & Services — 1.2%
Apollo Hospitals Enterprise Ltd.		702,585		51,723,812
Max Healthcare Institute Ltd.		5,427,229		51,942,227
				103,666,039
Hotels, Restaurants & Leisure — 1.6%
Indian Hotels Co. Ltd., Class A		5,949,222		42,108,683
Jubilant Foodworks Ltd.		2,763,717		15,458,939
Zomato Ltd.(b)		42,565,889		84,723,589
				142,291,211

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) February 29, 2024 iShares^® MSCI India ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Independent Power and Renewable Electricity Producers — 2.4%
Adani Green Energy Ltd.(b)		2,211,487	$	50,543,512
Adani Power Ltd.(b)		5,384,794		35,637,269
NTPC Ltd.		30,460,366		123,085,956
				209,266,737
Industrial Conglomerates — 0.4%
Siemens Ltd.		621,494		35,040,538
Insurance — 1.8%
HDFC Life Insurance Co. Ltd.(a)		6,755,876		47,425,119
ICICI Lombard General Insurance Co. Ltd.(a)		1,683,833		34,786,450
ICICI Prudential Life Insurance Co. Ltd.(a)		2,472,847		15,892,868
SBI Life Insurance Co. Ltd.(a)		3,145,174		58,767,558
				156,871,995
Interactive Media & Services — 0.4%
Info Edge India Ltd.		496,753		31,512,494
IT Services — 12.6%
HCL Technologies Ltd.		6,615,024		132,566,176
Infosys Ltd.		23,178,477		466,455,045
LTIMindtree Ltd.(a)		620,196		39,653,479
Mphasis Ltd.		527,041		16,626,527
Persistent Systems Ltd.		349,017		36,319,784
Tata Consultancy Services Ltd.		6,314,182		311,485,533
Tech Mahindra Ltd.		3,747,858		57,594,177
Wipro Ltd.		9,117,523		56,882,619
				1,117,583,340
Life Sciences Tools & Services — 0.4%
Divi’s Laboratories Ltd.		833,913		35,076,900
Machinery — 0.6%
Ashok Leyland Ltd.		10,248,108		20,990,690
Cummins India Ltd.		967,493		31,966,202
				52,956,892
Metals & Mining — 3.0%
APL Apollo Tubes Ltd.		1,162,351		21,648,403
Hindalco Industries Ltd.		9,412,266		57,094,097
Jindal Steel & Power Ltd.		2,492,288		23,251,688
JSW Steel Ltd.		4,267,748		41,145,953
NMDC Ltd.		7,050,909		19,209,749
Tata Steel Ltd.		51,506,157		87,311,975
Vedanta Ltd.		6,487,172		20,903,442
				270,565,307
Oil, Gas & Consumable Fuels — 11.2%
Bharat Petroleum Corp. Ltd.		5,300,005		38,517,101
Coal India Ltd.		10,755,037		56,478,119
Hindustan Petroleum Corp. Ltd.		3,960,952		24,350,556
Indian Oil Corp. Ltd.		19,715,265		39,315,887
Oil & Natural Gas Corp. Ltd.		21,954,833		69,846,765
Petronet LNG Ltd.		5,235,492		17,237,948
Reliance Industries Ltd.		21,253,193		748,011,323
				993,757,699
Passenger Airlines — 0.5%
InterGlobe Aviation Ltd.(a)(b)		1,077,650		40,920,494
Personal Care Products — 3.0%
Colgate-Palmolive India Ltd.		949,305		28,869,448
Dabur India Ltd.		4,329,481		28,114,762
Godrej Consumer Products Ltd.		2,855,978		43,239,632
Hindustan Unilever Ltd.		5,740,622		167,021,982
				267,245,824

Security	Shares		Value
Pharmaceuticals — 3.8%
Aurobindo Pharma Ltd.		1,840,616	$	22,817,252
Cipla Ltd.		3,663,354		65,422,343
Dr. Reddy’s Laboratories Ltd.		815,037		63,197,897
Lupin Ltd.		1,589,215		31,086,398
Sun Pharmaceutical Industries Ltd.		6,699,602		127,366,320
Torrent Pharmaceuticals Ltd.		708,770		22,835,532
				332,725,742
Real Estate Management & Development — 1.2%
DLF Ltd.		5,183,843		56,315,551
Godrej Properties Ltd.(b)		873,383		25,264,191
Macrotech Developers Ltd.		1,683,131		23,583,923
				105,163,665
Software — 0.2%
Tata Elxsi Ltd.		239,056		22,510,708
Specialty Retail — 0.7%
Trent Ltd.		1,265,568		59,148,118
Textiles, Apparel & Luxury Goods — 1.4%
Page Industries Ltd.		42,806		17,711,939
Titan Co. Ltd.		2,478,903		108,331,728
				126,043,667
Tobacco — 1.2%
ITC Ltd.		20,903,498		102,302,743
Trading Companies & Distributors — 0.5%
Adani Enterprises Ltd.		1,193,662		47,278,822
Transportation Infrastructure — 0.8%
Adani Ports & Special Economic Zone Ltd.		3,686,432		58,525,281
GMR Airports Infrastructure Ltd.(b)		16,596,822		16,813,749
				75,339,030
Wireless Telecommunication Services — 2.4%
Bharti Airtel Ltd.		15,706,395		212,648,856
Total Long-Term Investments — 99.4% (Cost: $7,147,307,068)				8,805,897,321
Short-Term Securities
Money Market Funds — 1.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%(c)(d)		88,510,000		88,510,000
Total Short-Term Securities — 1.0% (Cost: $88,510,000)				88,510,000
Total Investments — 100.4% (Cost: $7,235,817,068)				8,894,407,321
Liabilities in Excess of Other Assets — (0.4)%				(36,913,437	)
Net Assets — 100.0%			$	8,857,493,884

^(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.

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) February 29, 2024 iShares^® MSCI India ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/23		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/29/24		Shares Held at 02/29/24		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	—	$	88,510,000	(a)	$	—	$	—	$	—	$	88,510,000		88,510,000	$	3,143,068	$	—

^(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
IFSC Nifty 50 Index		557		03/28/24	$	24,694	$	(46,950	)

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)	$	—	$	—	$	46,950	$	—	$	—	$	—	$	46,950

^(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 February 29, 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	$	—	$	—	$	1,185,887		$	—	$	—	$	—	$	1,185,887
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(79,581	)	$	—	$	—	$	—	$	(79,581	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	19,478,074

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 9

Schedule of Investments (unaudited) (continued) February 29, 2024 iShares^® MSCI India ETF

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2			Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	92,496,812	$	8,713,400,509		$	—	$	8,805,897,321
Short-Term Securities
Money Market Funds		88,510,000		—			—		88,510,000
	$	181,006,812	$	8,713,400,509		$	—	$	8,894,407,321
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	—	$	(46,950	)	$	—	$	(46,950	)

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

See notes to financial statements.

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) February 29, 2024 iShares^® MSCI India Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.6%
Bharat Dynamics Ltd.		113,866	$	2,481,746
Data Patterns India Ltd.(a)		48,669		1,454,956
Garden Reach Shipbuilders & Engineers Ltd.		71,840		703,640
				4,640,342
Air Freight & Logistics — 1.2%
Allcargo Logistics Ltd.		600,026		616,914
Blue Dart Express Ltd.		14,689		1,069,075
Delhivery Ltd.(a)		914,959		5,201,145
Gateway Distriparks Ltd.		869,136		1,129,484
Mahindra Logistics Ltd.(b)		82,990		425,492
TCI Express Ltd.		27,764		374,544
Transport Corp. of India Ltd.		58,098		581,009
				9,397,663
Automobile Components — 4.7%
Apollo Tyres Ltd.		789,117		4,926,560
Asahi India Glass Ltd.		181,217		1,170,966
Banco Products India Ltd.		56,211		449,837
Ceat Ltd.		50,624		1,741,605
CIE Automotive India Ltd.		329,961		1,750,683
Endurance Technologies Ltd.(b)		70,679		1,582,079
Exide Industries Ltd.		1,056,131		4,071,735
Gabriel India Ltd.		158,147		658,188
JBM Auto Ltd.		58,768		1,533,989
JK Tyre & Industries Ltd.		259,166		1,622,101
Minda Corp. Ltd.		180,451		913,248
Motherson Sumi Wiring India Ltd.		4,394,575		3,711,715
Pricol Ltd.(a)		136,302		663,468
Sansera Engineering Ltd.(b)		73,243		905,196
Sundram Fasteners Ltd.		261,088		3,367,905
Suprajit Engineering Ltd.		174,248		893,947
TVS Holdings Ltd.		12,418		1,351,669
UNO Minda Ltd.		498,566		4,016,671
Varroc Engineering Ltd.(a)(b)		96,697		567,182
ZF Commercial Vehicle Control Systems India Ltd.		11,787		2,064,673
				37,963,417
Banks — 2.9%
City Union Bank Ltd.		894,174		1,453,862
DCB Bank Ltd.		377,727		582,751
Equitas Small Finance Bank Ltd.(b)		1,386,519		1,664,491
Federal Bank Ltd.		4,475,398		8,110,628
Jammu & Kashmir Bank Ltd. (The)		820,936		1,414,624
Karnataka Bank Ltd. (The)		421,171		1,152,406
Karur Vysya Bank Ltd. (The)		977,101		2,159,913
RBL Bank Ltd.(b)		1,110,045		3,481,763
South Indian Bank Ltd. (The)		2,582,559		1,004,337
Tamilnad Mercantile Bank Ltd., NVS		192,439		1,122,347
Ujjivan Small Finance Bank Ltd.(b)		1,440,546		923,026
				23,070,148
Beverages — 0.6%
Radico Khaitan Ltd.		182,755		3,456,149
Sula Vineyards Ltd., NVS		105,908		671,504
Tilaknagar Industries Ltd.		233,742		605,139
				4,732,792
Biotechnology — 0.4%
Biocon Ltd.		1,039,064		3,456,845
Broadline Retail — 0.3%
RattanIndia Enterprises Ltd.(a)		872,403		879,073
Shoppers Stop Ltd.(a)		96,718		865,623

Security	Shares		Value
Broadline Retail (continued)
V-Mart Retail Ltd.(a)		23,892	$	550,272
				2,294,968
Building Products — 1.5%
Blue Star Ltd.		332,128		5,083,331
Cera Sanitaryware Ltd.		14,612		1,334,988
Electrosteel Castings Ltd.		738,806		1,423,375
Kajaria Ceramics Ltd.		217,676		3,348,964
Prince Pipes and Fittings Ltd.(a)		112,069		773,539
				11,964,197
Capital Markets — 5.6%
360 ONE WAM Ltd.		311,761		2,693,904
Anand Rathi Wealth Ltd.		41,498		1,824,190
Angel One Ltd.		93,887		3,151,160
BSE Ltd.		174,268		4,977,934
Central Depository Services India Ltd.		127,253		2,943,101
CRISIL Ltd.		45,428		2,743,416
Edelweiss Financial Services Ltd.		1,407,150		1,289,626
ICICI Securities Ltd.(b)		212,077		2,089,406
ICRA Ltd.		10,666		756,121
IDFC Ltd.(a)		2,975,465		4,173,778
IIFL Securities Ltd.		281,734		502,707
Indian Energy Exchange Ltd.(b)		1,082,768		1,851,062
JM Financial Ltd.		956,346		1,108,828
Kfin Technologies Ltd.(a)		169,691		1,404,828
Maharashtra Scooters Ltd.		6,777		612,937
Motilal Oswal Financial Services Ltd.		91,602		1,779,716
Multi Commodity Exchange of India Ltd.		65,607		2,971,926
Nippon Life India Asset Management Ltd.(b)		310,196		1,930,255
Nuvama Wealth Management Ltd., NVS		17,613		873,241
Prudent Corporate Advisory Services Ltd., NVS		26,451		435,802
Share India Securities Ltd.		24,164		545,917
Tata Investment Corp. Ltd.		31,383		2,739,037
UTI Asset Management Co. Ltd.		109,618		1,182,196
				44,581,088
Chemicals — 8.8%
Aarti Industries Ltd.		450,410		3,562,746
Advanced Enzyme Technologies Ltd.		139,611		647,321
Akzo Nobel India Ltd.		22,788		691,504
Alkyl Amines Chemicals		37,745		976,135
Anupam Rasayan India Ltd.		53,393		615,799
Archean Chemical Industries Ltd., NVS		137,045		1,249,115
Atul Ltd.		32,935		2,468,394
Balaji Amines Ltd.		24,160		633,175
BASF India Ltd.		26,532		1,054,128
Bayer CropScience Ltd.		33,511		2,291,295
Carborundum Universal Ltd.		283,373		3,651,061
Castrol India Ltd.		1,038,756		2,607,394
Chambal Fertilisers and Chemicals Ltd.		413,630		1,749,755
Chemplast Sanmar Ltd.(a)		174,991		993,156
Clean Science & Technology Ltd.		53,832		915,758
Coromandel International Ltd.		292,637		3,793,389
Deepak Fertilisers & Petrochemicals Corp. Ltd.		172,543		1,051,215
Deepak Nitrite Ltd.		152,523		4,062,045
Dhanuka Agritech Ltd.		35,823		459,516
EID Parry India Ltd.		197,746		1,501,691
Epigral Ltd.		30,232		429,060
Fine Organic Industries Ltd.		22,862		1,193,398
Fineotex Chemical Ltd.		83,230		428,890
Finolex Industries Ltd.		612,521		1,611,847
Galaxy Surfactants Ltd.		26,867		821,762
GHCL Ltd.		152,697		939,868

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) February 29, 2024 iShares^® MSCI India Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Chemicals (continued)
Gujarat Alkalies & Chemicals Ltd.		44,604	$	430,653
Gujarat Fluorochemicals Ltd.		68,254		3,048,527
Gujarat Narmada Valley Fertilizers & Chemicals Ltd.		216,394		1,670,318
Gujarat State Fertilizers & Chemicals Ltd.		550,333		1,441,929
Himadri Speciality Chemical Ltd.		436,992		1,940,185
Indigo Paints Ltd.		29,881		503,982
Jubilant Ingrevia Ltd.		176,654		1,025,681
Kansai Nerolac Paints Ltd.		502,209		1,753,959
Laxmi Organic Industries Ltd.		205,271		625,956
Navin Fluorine International Ltd.		80,085		2,919,345
Neogen Chemicals Ltd.		29,507		471,028
NOCIL Ltd.		228,054		720,580
Paradeep Phosphates Ltd., NVS(b)		817,425		749,864
PCBL Ltd.		425,795		1,469,199
Polyplex Corp. Ltd.		40,146		417,162
Rain Industries Ltd.		457,281		1,014,055
Rallis India Ltd.		218,281		652,018
Rashtriya Chemicals & Fertilizers Ltd.		348,480		593,296
Rossari Biotech Ltd.		39,911		358,413
Sharda Cropchem Ltd.		59,817		258,527
Sumitomo Chemical India Ltd.		247,528		1,117,401
Supreme Petrochem Ltd., NVS		163,549		1,439,699
Tata Chemicals Ltd.		348,193		3,933,807
Tatva Chintan Pharma Chem Pvt. Ltd.		17,506		256,139
Vinati Organics Ltd.		64,095		1,287,898
				70,499,038
Commercial Services & Supplies — 0.4%
CMS Info Systems Ltd.		272,521		1,262,065
ION Exchange India Ltd., NVS		181,959		1,060,413
SIS Ltd.(a)		108,839		574,761
				2,897,239
Communications Equipment — 0.4%
Astra Microwave Products Ltd.		114,987		856,346
Sterlite Technologies Ltd.		404,260		668,177
Tejas Networks Ltd.(a)(b)		148,627		1,337,805
				2,862,328
Construction & Engineering — 4.8%
Ahluwalia Contracts India Ltd.		74,914		1,073,273
Ashoka Buildcon Ltd.(a)		308,605		692,854
Engineers India Ltd.		634,434		1,601,822
G R Infraprojects Ltd.(a)		48,546		709,572
HG Infra Engineering Ltd.		40,582		430,406
Hindustan Construction Co. Ltd.(a)		2,655,000		1,332,062
IRB Infrastructure Developers Ltd., NVS		2,997,269		2,269,410
IRCON International Ltd.(b)		818,015		2,254,464
ITD Cementation India Ltd.		202,531		806,912
J Kumar Infraprojects Ltd.		89,207		694,742
Kalpataru Projects International Ltd.		242,218		2,815,494
KEC International Ltd.		319,367		2,794,162
KNR Constructions Ltd.		347,689		1,121,207
Man Infraconstruction Ltd.		271,838		703,431
NBCC India Ltd.		1,341,906		2,178,690
NCC Ltd./India		1,014,135		3,022,227
Patel Engineering Ltd.(a)		869,095		706,762
PNC Infratech Ltd.		286,875		1,480,801
Power Mech Projects Ltd.		16,566		1,019,880
Praj Industries Ltd.		296,908		1,783,934
Sterling and Wilson Renewable Energy Ltd.(a)		231,616		1,685,416
Techno Electric & Engineering Co. Ltd.		94,884		807,967
Voltas Ltd.		493,176		6,591,056
				38,576,544

Security	Shares		Value
Construction Materials — 2.0%
Birla Corp. Ltd.		66,975	$	1,323,119
HeidelbergCement India Ltd.		143,146		355,297
India Cements Ltd. (The)(a)		303,200		835,460
JK Cement Ltd.		86,417		4,701,126
JK Lakshmi Cement Ltd.		147,584		1,634,795
Kesoram Industries Ltd.(a)		284,849		580,923
Nuvoco Vistas Corp. Ltd.(a)		265,259		1,059,207
Orient Cement Ltd.		278,250		761,838
Prism Johnson Ltd.(a)		311,939		655,187
Ramco Cements Ltd. (The)		264,240		2,659,825
Rhi Magnesita India Ltd.		154,828		1,065,245
Star Cement Ltd.(a)		245,957		613,517
				16,245,539
Consumer Finance — 2.8%
Cholamandalam Financial Holdings Ltd.		233,321		2,950,253
CreditAccess Grameen Ltd.(a)		138,474		2,452,484
Five-Star Business Finance Ltd., NVS		290,475		2,472,721
Fusion Micro Finance Ltd., NVS		115,004		761,286
Mahindra & Mahindra Financial Services Ltd.		1,226,293		4,182,310
Manappuram Finance Ltd.		1,367,203		2,907,575
MAS Financial Services Ltd.(b)		41,803		169,291
MAS Financial Services Ltd., NVS		88,142		356,952
Paisalo Digital Ltd.		682,418		1,517,239
Poonawalla Fincorp Ltd.		573,096		3,225,380
SBFC Finance Ltd., NVS		560,169		571,544
Spandana Sphoorty Financial Ltd.(a)		62,705		690,968
Ujjivan Financial Services Ltd.		77,906		514,974
				22,772,977
Consumer Staples Distribution & Retail — 0.1%
Medplus Health Services Ltd.(a)		133,476		1,120,641
Containers & Packaging — 0.2%
AGI Greenpac Ltd.		54,631		539,527
EPL Ltd.		319,427		720,920
Jai Corp. Ltd.		114,274		433,836
				1,694,283
Diversified Consumer Services — 0.1%
NIIT Learning Systems Ltd., NVS		182,525		1,143,474
Diversified Telecommunication Services — 0.6%
HFCL Ltd.		1,775,253		2,293,289
Railtel Corp. of India Ltd.		237,401		1,285,539
Tata Teleservices Maharashtra Ltd.(a)		1,220,770		1,286,761
				4,865,589
Electric Utilities — 0.8%
Bajel Projects Ltd., NVS		48,630		127,416
CESC Ltd.		1,477,096		2,262,656
Reliance Infrastructure Ltd.(a)		495,402		1,316,729
SJVN Ltd.		1,947,050		2,850,755
				6,557,556
Electrical Equipment — 3.8%
Amara Raja Energy & Mobility Ltd.		275,909		2,791,399
Elecon Engineering Co. Ltd.		97,087		1,172,343
Finolex Cables Ltd.		172,435		1,912,199
GE T&D India Ltd.(a)		158,527		1,742,499
Graphite India Ltd.		169,629		1,223,882
HBL Power Systems Ltd.		273,386		1,712,361
HEG Ltd.		33,579		654,665
Hitachi Energy India Ltd.		26,197		1,894,470
Inox Wind Ltd.(a)		283,501		2,061,902
KEI Industries Ltd.		145,769		5,633,505

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) February 29, 2024 iShares^® MSCI India Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electrical Equipment (continued)
Olectra Greentech Ltd.		91,607	$	2,169,746
Schneider Electric Infrastructure Ltd.(a)		120,160		922,992
TD Power Systems Ltd.		255,970		922,642
Triveni Turbine Ltd.		355,470		2,132,613
V-Guard Industries Ltd.		484,962		1,898,331
Voltamp Transformers Ltd.		16,353		1,733,095
				30,578,644
Electronic Equipment, Instruments & Components —1.2%
Avalon Technologies Ltd., NVS(a)(b)		65,244		417,429
Cyient DLM Ltd., NVS		62,333		603,737
Genus Power Infrastructures Ltd.		211,328		636,921
Kaynes Technology India Ltd., NVS		63,540		2,252,177
PG Electroplast Ltd.(a)		29,110		637,426
Redington Ltd.		1,456,920		3,628,391
Syrma SGS Technology Ltd.		152,722		963,702
Zen Technologies Ltd.		79,296		823,261
				9,963,044
Entertainment — 0.6%
Nazara Technologies Ltd.(a)		72,886		655,212
PVR Inox Ltd.(a)		182,901		3,024,539
Saregama India Ltd.		191,379		928,553
				4,608,304
Financial Services — 4.1%
Aavas Financiers Ltd.(a)		118,003		2,068,541
Aptus Value Housing Finance India Ltd.		432,110		1,832,738
Can Fin Homes Ltd.		198,536		1,852,698
Home First Finance Co. India Ltd.(b)		109,786		1,146,708
IFCI Ltd.(a)		1,551,386		856,648
IIFL Finance Ltd.		521,393		3,704,685
Indiabulls Housing Finance Ltd.		965,902		2,201,727
Indian Renewable Energy Development Agency Ltd., NVS		1,722,776		3,117,634
Infibeam Avenues Ltd.		2,761,698		1,219,834
L&T Finance Holdings Ltd.		1,854,486		3,731,407
LIC Housing Finance Ltd.		751,805		5,868,327
Piramal Enterprises Ltd.		251,239		2,772,197
PNB Housing Finance Ltd.(a)(b)		257,952		2,158,344
				32,531,488
Food Products — 1.5%
Avanti Feeds Ltd.		100,607		614,440
Balrampur Chini Mills Ltd.		302,802		1,360,192
Bikaji Foods International Ltd.		153,635		965,458
Bombay Burmah Trading Co.		43,898		918,067
CCL Products India Ltd.		183,177		1,391,232
Dodla Dairy Ltd., NVS		50,655		608,382
Gujarat Ambuja Exports Ltd.		172,222		814,583
Hindustan Foods Ltd.(a)		83,182		518,794
Kaveri Seed Co. Ltd.		48,926		391,646
KRBL Ltd.		109,920		426,614
LT Foods Ltd.		304,552		660,845
Mrs Bectors Food Specialities Ltd.		72,168		924,360
Shree Renuka Sugars Ltd.(a)		1,614,299		906,006
Triveni Engineering & Industries Ltd.		192,234		764,710
Zydus Wellness Ltd.		40,011		756,344
				12,021,673
Gas Utilities — 1.0%
Gujarat Gas Ltd.		342,130		2,334,205
Gujarat State Petronet Ltd.		701,031		3,117,256
Mahanagar Gas Ltd.		122,735		2,193,653
				7,645,114

Security	Shares		Value
Ground Transportation — 0.1%
VRL Logistics Ltd.		89,110	$	627,839
Health Care Equipment & Supplies — 0.2%
Poly Medicure Ltd.		71,842		1,352,509
Health Care Providers & Services — 3.1%
Aster DM Healthcare Ltd.(a)(b)		310,323		1,771,262
Dr Lal PathLabs Ltd.(b)		93,353		2,644,899
Fortis Healthcare Ltd.		1,125,643		5,529,100
Global Health Ltd., NVS(a)		200,118		3,291,901
HealthCare Global Enterprises Ltd.(a)		109,470		477,468
Jupiter Life Line Hospitals Ltd.(a)		34,356		572,522
Krishna Institute Of Medical Sciences Ltd.(a)(b)		119,332		3,243,027
Metropolis Healthcare Ltd.(b)		63,657		1,229,082
Narayana Hrudayalaya Ltd.		176,621		2,857,802
Rainbow Children’s Medicare Ltd.		126,123		2,062,599
Vijaya Diagnostic Centre Pvt Ltd.		116,339		904,292
				24,583,954
Hotels, Restaurants & Leisure — 1.8%
Chalet Hotels Ltd.(a)		153,131		1,493,750
Devyani International Ltd.(a)		898,973		1,659,683
Easy Trip Planners Ltd., NVS		1,308,357		762,470
EIH Ltd.		464,838		2,260,151
Lemon Tree Hotels Ltd.(a)(b)		1,077,780		1,811,191
Mahindra Holidays & Resorts India Ltd.(a)		175,643		883,171
Restaurant Brands Asia Ltd.(a)		857,934		1,106,176
Sapphire Foods India Ltd.(a)		94,987		1,720,191
Thomas Cook India Ltd.		409,114		808,162
Westlife Foodworld Ltd.		153,584		1,386,146
Wonderla Holidays Ltd.		43,428		493,277
				14,384,368
Household Durables — 2.7%
Amber Enterprises India Ltd.(a)		46,055		2,044,843
Bajaj Electricals Ltd.		100,121		1,202,206
Borosil Ltd.(a)		68,682		315,374
Cello World Ltd., NVS		111,206		1,144,567
Crompton Greaves Consumer Electricals Ltd.		1,590,885		5,572,506
Dixon Technologies India Ltd.		81,760		6,572,725
LA Opala RG Ltd.		95,216		388,196
Orient Electric Ltd.		323,347		812,515
Sheela Foam Ltd.(a)		95,084		1,188,197
Symphony Ltd.		43,623		463,768
TTK Prestige Ltd.		101,738		917,018
Whirlpool of India Ltd.		78,807		1,194,657
				21,816,572
Household Products — 0.3%
Jyothy Labs Ltd.		365,011		2,033,971
Independent Power and Renewable Electricity Producers — 1.0%
Jaiprakash Power Ventures Ltd.(a)		7,919,846		1,735,129
KPI Green Energy Ltd.(b)		45,264		949,948
NLC India Ltd.		522,514		1,401,465
PTC India Ltd.		517,609		1,262,609
RattanIndia Power Ltd.(a)		3,680,841		446,142
Reliance Power Ltd.(a)		6,586,611		1,924,079
				7,719,372
Industrial Conglomerates — 1.2%
3M India Ltd.		7,006		2,701,948
Apar Industries Ltd.		44,921		3,388,921
Balmer Lawrie & Co. Ltd.		156,806		461,343
Godrej Industries Ltd.(a)		165,853		1,602,224
Jaiprakash Associates Ltd.(a)		3,215,425		771,706

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) February 29, 2024 iShares^® MSCI India Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Industrial Conglomerates (continued)
Nava Ltd.		164,221	$	989,502
				9,915,644
Insurance — 2.4%
Max Financial Services Ltd.(a)		643,210		7,505,786
PB Fintech Ltd.(a)		616,406		8,670,569
Religare Enterprises Ltd.(a)		242,587		690,042
Star Health & Allied Insurance Co. Ltd.(a)		362,855		2,451,001
				19,317,398
Interactive Media & Services — 0.1%
Just Dial Ltd.(a)		53,708		599,036
IT Services — 3.2%
Coforge Ltd.		145,789		11,524,630
Cyient Ltd.		206,528		5,046,849
Happiest Minds Technologies Ltd.		170,028		1,735,327
Hinduja Global Solutions Ltd.		34,692		382,547
Mastek Ltd.		38,055		1,344,972
Sonata Software Ltd.		418,123		4,082,761
Zensar Technologies Ltd.		281,458		1,863,964
				25,981,050
Life Sciences Tools & Services — 0.5%
Syngene International Ltd.(b)		446,866		3,801,140
Machinery — 5.6%
Action Construction Equipment Ltd.		102,486		1,561,694
AIA Engineering Ltd.		105,476		4,646,670
BEML Ltd., (Acquired 09/19/22, Cost: $1,165,134)(c)		46,241		1,736,408
Cochin Shipyard Ltd., NVS		195,583		2,058,686
Craftsman Automation Ltd.		20,935		1,056,882
Elgi Equipments Ltd.		471,857		3,712,497
ESAB India Ltd.		11,545		704,497
Force Motors Ltd.		11,319		918,683
GMM Pfaudler Ltd.		84,710		1,328,001
Greaves Cotton Ltd.		230,613		419,950
Grindwell Norton Ltd.		110,067		2,767,445
Ingersoll Rand India Ltd.		19,757		870,689
ISGEC Heavy Engineering Ltd.		64,331		659,000
Jain Irrigation Systems Ltd.(a)		723,615		478,827
Jamna Auto Industries Ltd.		496,129		715,247
Jupiter Wagons Ltd., NVS		253,365		1,136,252
Kennametal India Ltd.		13,289		370,993
Kirloskar Brothers Ltd.		59,686		661,596
Kirloskar Oil Engines Ltd.		198,044		2,183,089
Kirloskar Pneumatic Co. Ltd., NVS		88,312		746,649
KSB Ltd.		30,286		1,336,706
Lakshmi Machine Works Ltd.		9,292		1,621,609
Lloyds Engineering Works Ltd., NVS		1,156,013		815,381
MTAR Technologies Ltd.(a)		49,694		1,147,937
Rolex Rings Ltd.(a)		30,903		763,721
SKF India Ltd.		61,438		3,499,538
Tega Industries Ltd., NVS		41,368		581,280
Texmaco Rail & Engineering Ltd.		428,018		974,836
Timken India Ltd.		74,771		2,450,391
Titagarh Rail System Ltd.		176,417		1,993,795
Vesuvius India Ltd.		20,417		799,407
				44,718,356
Marine Transportation — 0.1%
Shipping Corp. of India Ltd.		366,888		1,045,170
Shipping Corp. of India Ltd.		158,258		53,729
				1,098,899

Security	Shares		Value
Media — 1.2%
Affle India Ltd.(a)		139,335	$	1,874,126
Brightcom Group Ltd.(a)		3,997,051		829,141
DB Corp. Ltd.		118,541		421,575
Network18 Media & Investments Ltd.(a)		532,936		686,195
Sun TV Network Ltd.		194,284		1,442,165
TV18 Broadcast Ltd.(a)		1,119,472		803,993
Zee Entertainment Enterprises Ltd.(a)		2,028,853		3,927,140
				9,984,335
Metals & Mining — 3.3%
Godawari Power and Ispat Ltd.		117,346		1,047,054
Gravita India Ltd.		52,968		609,115
Hindustan Copper Ltd.		597,671		1,942,387
Jai Balaji Industries Ltd., NVS		79,753		1,228,508
Jindal Saw Ltd.		276,272		1,593,051
Kirloskar Ferrous Industries Ltd.		122,918		787,885
Maharashtra Seamless Ltd.		99,469		1,102,660
Mishra Dhatu Nigam Ltd.(b)		116,951		571,960
MOIL Ltd.		156,339		499,331
National Aluminium Co. Ltd.		2,053,808		3,851,662
NMDC Steel Ltd., NVS(a)		1,820,634		1,348,072
Orissa Minerals Development Co. Ltd. (The)(a)		5,356		437,865
PTC Industries Ltd., NVS		9,304		943,584
Rajratan Global Wire Ltd.		36,961		280,428
Ramkrishna Forgings Ltd.		202,161		1,906,617
Ratnamani Metals & Tubes Ltd.		69,674		2,546,285
Sandur Manganese & Iron Ores Ltd. (The)		98,184		491,238
Sarda Energy & Minerals Ltd., NVS		219,209		565,850
Shivalik Bimetal Controls Ltd., NVS		57,260		372,631
Shyam Metalics & Energy Ltd.		138,737		1,087,019
Surya Roshni Ltd., NVS		79,319		573,558
Usha Martin Ltd.		382,308		1,516,564
Welspun Corp. Ltd.		227,593		1,401,341
				26,704,665
Office REITs — 1.6%
Brookfield India Real Estate Trust(b)		496,146		1,515,372
Embassy Office Parks REIT		2,119,963		9,557,140
Mindspace Business Parks REIT(b)		515,785		2,115,186
				13,187,698
Oil, Gas & Consumable Fuels — 0.9%
Aegis Logistics Ltd.		346,652		1,838,950
Chennai Petroleum Corp. Ltd.		110,205		1,176,023
Great Eastern Shipping Co. Ltd. (The)		248,351		3,013,221
Gujarat Mineral Development Corp. Ltd.		195,020		917,170
				6,945,364
Paper & Forest Products — 0.6%
Century Plyboards India Ltd.		137,699		1,174,746
Century Textiles & Industries Ltd.		111,030		1,887,108
Greenpanel Industries Ltd.		153,626		714,152
JK Paper Ltd.		189,435		852,835
West Coast Paper Mills Ltd.		65,299		488,550
				5,117,391
Passenger Airlines — 0.1%
SpiceJet Ltd.(a)		627,519		485,645
Personal Care Products — 0.5%
Emami Ltd.		488,122		2,737,131
Honasa Consumer Ltd., NVS		252,885		1,262,957
				4,000,088
Pharmaceuticals — 6.4%
Aarti Drugs Ltd.		79,157		474,612
Aarti Pharmalabs Ltd., NVS		101,995		600,987

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) February 29, 2024 iShares^® MSCI India Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals (continued)
Aether Industries Ltd., NVS		66,221	$	701,469
Ajanta Pharma Ltd.		109,521		2,916,465
Alembic Pharmaceuticals Ltd.		122,121		1,498,889
AMI Organics Ltd.		33,921		456,566
AstraZeneca Pharma India Ltd.		12,557		835,437
Caplin Point Laboratories Ltd.		47,458		848,639
Concord Biotech Ltd., NVS		51,740		904,955
Eris Lifesciences Ltd.(a)(b)		118,314		1,258,192
FDC Ltd./India(a)		141,612		745,648
Gland Pharma Ltd.(a)(b)		73,256		1,559,903
GlaxoSmithKline Pharmaceuticals Ltd.		105,246		2,750,436
Glenmark Life Sciences Ltd.		61,351		642,579
Glenmark Pharmaceuticals Ltd.		350,597		3,912,936
Granules India Ltd.		303,682		1,700,910
Hikal Ltd.		92,895		314,044
Indoco Remedies Ltd.		93,134		392,133
Ipca Laboratories Ltd.		346,749		4,980,703
JB Chemicals & Pharmaceuticals Ltd., NVS		173,384		3,268,488
Jubilant Pharmova Ltd., Class A		155,298		1,062,403
Laurus Labs Ltd.(b)		870,564		4,263,248
Marksans Pharma Ltd.		500,344		918,929
Natco Pharma Ltd.		200,292		2,402,221
Neuland Laboratories Ltd.		19,136		1,646,367
Piramal Pharma Ltd., NVS(a)		1,315,008		2,091,712
Procter & Gamble Health Ltd.		20,629		1,266,619
Sanofi India Ltd.		20,038		2,076,666
Strides Pharma Science Ltd.		136,673		1,296,491
Sun Pharma Advanced Research Co. Ltd.(a)		163,987		721,064
Suven Pharmaceuticals Ltd.(a)		253,048		1,919,799
Wockhardt Ltd.(a)		143,231		1,043,981
				51,473,491
Professional Services — 1.6%
BLS International Services Ltd.		254,060		1,118,679
Computer Age Management Services Ltd.		109,863		4,060,359
eClerx Services Ltd.		54,526		1,660,685
Firstsource Solutions Ltd.		779,295		1,927,527
Latent View Analytics Ltd.(a)		130,026		799,162
Quess Corp. Ltd.(b)		147,270		912,560
RITES Ltd.		120,604		1,134,825
TeamLease Services Ltd.(a)		28,891		1,048,131
				12,661,928
Real Estate Management & Development — 2.5%
Anant Raj Ltd.		241,616		1,018,321
Brigade Enterprises Ltd.		286,937		3,453,457
D B Realty Ltd.(a)		216,211		699,223
Hemisphere Properties India Ltd.(a)		224,003		556,116
Indiabulls Real Estate Ltd.(a)		1,076,854		1,548,666
Mahindra Lifespace Developers Ltd.		193,123		1,345,368
NESCO Ltd.		52,103		530,766
Phoenix Mills Ltd. (The)		244,200		8,102,859
Sobha Ltd.		94,283		1,775,152
Sunteck Realty Ltd.		127,411		709,264
TARC Ltd.(a)		231,938		447,701
				20,186,893
Retail REITs — 0.2%
Nexus Select Trust, NVS		1,128,106		1,716,861
Semiconductors & Semiconductor Equipment — 0.1%
Borosil Renewables Ltd.(a)		127,836		827,463
Software — 2.6%
Birlasoft Ltd.		411,144		3,842,620

Security	Shares		Value
Software (continued)
CE Info Systems Ltd.		33,967	$	739,070
Intellect Design Arena Ltd.		203,816		2,714,230
KPIT Technologies Ltd.		408,753		7,725,004
Newgen Software Technologies Ltd.		157,862		1,615,671
Rategain Travel Technologies Ltd.(a)		117,119		1,149,496
Route Mobile Ltd.		70,416		1,354,221
Tanla Platforms Ltd.		163,734		1,929,332
				21,069,644
Specialty Retail — 0.8%
Aditya Birla Fashion and Retail Ltd.(a)		822,815		2,231,889
Arvind Fashions Ltd.		133,171		733,276
Electronics Mart India Ltd., NVS		236,521		588,867
Ethos Ltd., NVS		22,448		704,063
Go Fashion India Ltd.(a)		66,276		904,182
Redtape Ltd/India(a)		84,099		609,596
Thanga Mayil Jewellery Ltd., NVS		24,580		405,427
				6,177,300
Technology Hardware, Storage & Peripherals — 0.1%
Netweb Technologies India Ltd., NVS		36,721		752,567
Textiles, Apparel & Luxury Goods — 3.3%
Alok Industries Ltd.(a)		3,056,187		1,062,220
Arvind Ltd.		359,597		1,218,267
Bata India Ltd.		143,729		2,443,208
Campus Activewear Ltd.(a)		190,109		558,406
Garware Technical Fibres Ltd.		23,151		1,014,098
Gokaldas Exports Ltd.		121,358		1,233,235
Indo Count Industries Ltd.		175,145		717,505
Kalyan Jewellers India Ltd.		639,925		3,067,016
Klass Pack Ltd., NVS		39,477		45,560
KPR Mill Ltd.		213,911		1,981,892
PDS Ltd.		65,530		404,472
Rajesh Exports Ltd.(a)		183,430		681,853
Raymond Ltd.		82,504		1,824,092
Relaxo Footwears Ltd.		185,592		1,872,094
Safari Industries India Ltd.		53,568		1,315,486
Swan Energy Ltd.		172,860		1,553,559
Trident Ltd.		3,143,060		1,601,722
Vaibhav Global Ltd.		123,836		629,576
Vardhman Textiles Ltd.		251,509		1,295,267
VIP Industries Ltd.		157,880		1,051,672
Welspun Living Ltd.		482,992		899,823
				26,471,023
Tobacco — 0.2%
Godfrey Phillips India Ltd.		31,396		1,116,706
VST Industries Ltd.		9,050		401,713
				1,518,419
Trading Companies & Distributors — 0.4%
Hindware Home Innovation Ltd.		70,826		346,320
IndiaMART Intermesh Ltd.(b)		67,077		2,149,726
MSTC Ltd.		55,332		606,764
				3,102,810
Transportation Infrastructure — 0.2%
Dreamfolks Services Ltd., NVS		46,057		277,555
Gujarat Pipavav Port Ltd.		660,748		1,662,895
				1,940,450
Total Common Stocks — 99.9% (Cost: $669,584,827)				800,959,078

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) February 29, 2024 iShares^® MSCI India Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Preferred Stocks
Automobile Components — 0.0%
Sundaram Clayton Ltd., Preference Shares		7,035	$	764
Total Preferred Stocks — 0.0% (Cost: $410)				764
Rights
Banks — 0.0%
South Indian Bank Ltd. (The) (Expires 03/27/24, Strike Price IDR 22) )(a)		680,694		84,109
Total Rights — 0.0% (Cost: $—)				84,109
Total Investments — 99.9% (Cost: $669,585,237)				801,043,951
Other Assets Less Liabilities — 0.1%				610,765
Net Assets — 100.0%			$	801,654,716

^(a)  Non-income producing security.

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

^(c)  Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $1,736,408, representing 0.2% of its net assets as of period end, and an original cost of $1,165,134.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/29/24		Shares Held at 02/29/24		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares(a)	$	—	$	—	$	0	(b)	$	—	$	—	$	—		—	$	299,231	$	—

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

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
IFSC Nifty 50 Index		4		03/28/24	$	177	$	(1,288	)

For the period ended February 29, 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	$	—	$	—	$	181,489		$	—	$	—	$	—	$	181,489
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(1,288	)	$	—	$	—	$	—	$	(1,288	)

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Schedule of Investments (unaudited) (continued) February 29, 2024 iShares^® MSCI India Small-Cap ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	88,667

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	$	80,315,825	$	720,643,253		$	—	$	800,959,078
Preferred Stocks		—		764			—		764
Rights		—		84,109			—		84,109
	$	80,315,825	$	720,728,126		$	—	$	801,043,951
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	—	$	(1,288	)	$	—	$	(1,288	)

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

See notes to financial statements.

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

Statements of Assets and Liabilities (unaudited)

February 29, 2024

	iShares MSCI India ETF		iShares MSCI India Small-Cap ETF
ASSETS
Investments, at value — unaffiliated(a)	$	8,805,897,321	$	801,043,951
Investments, at value — affiliated(b)		88,510,000		—
Cash		155,267,752		21,764,088
Cash pledged for futures contracts		216,000		9,000
Foreign currency, at value(c)		1,078,552		616,631
Receivables:
Investments sold		161,782,133		74,157,191
Capital shares sold		135,652,721		—
Dividends — unaffiliated		2,636,319		255,258
Dividends — affiliated		797,412		76,869
Variation margin on futures contracts		9,554		965
Total assets		9,351,847,764		897,923,953
LIABILITIES
Payables:
Investments purchased		270,374,339		33,329,075
Capital shares redeemed		—		43,512,959
Deferred foreign capital gain tax		219,860,003		18,940,843
Foreign taxes		—		5,881
Investment advisory fees		4,119,538		480,479
Total liabilities		494,353,880		96,269,237
Commitments and contingent liabilities
NET ASSETS	$	8,857,493,884	$	801,654,716
NET ASSETS CONSIST OF
Paid-in capital	$	6,468,367,229	$	645,344,085
Accumulated earnings		2,389,126,655		156,310,631
NET ASSETS	$	8,857,493,884	$	801,654,716
NET ASSET VALUE
Shares outstanding		173,600,000		11,050,000
Net asset value	$	51.02	$	72.55
Shares authorized		Unlimited		Unlimited
Par value		None		None
(a) Investments, at cost — unaffiliated	$	7,147,307,068	$	669,585,237
(b) Investments, at cost — affiliated	$	88,510,000	$	—
(c)  Foreign currency, at cost	$	1,078,437	$	616,607

See notes to financial statements.

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Statements of Operations (unaudited)

Six Months Ended February 29, 2024

	iShares MSCI India ETF			iShares MSCI India Small-Cap ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	33,440,013		$	2,187,612
Dividends — affiliated		3,143,068			299,231
Foreign taxes withheld		(8,010,719	)		(391,314	)
Total investment income		28,572,362			2,095,529
EXPENSES
Investment advisory		21,701,096			2,113,062
Interest expense		76,554			35,307
Commitment costs		19,473			2,513
Total expenses		21,797,123			2,150,882
Net investment income (loss)		6,775,239			(55,353	)
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated(a)		(19,622,461	)		13,551,460
Foreign currency transactions		(2,837,578	)		(591,355	)
Futures contracts		1,185,887			181,489
		(21,274,152	)		13,141,594
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated(b)		1,081,820,153			70,091,789
Foreign currency translations		2,706			685
Futures contracts		(79,581	)		(1,288	)
		1,081,743,278			70,091,186
Net realized and unrealized gain		1,060,469,126			83,232,780
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,067,244,365		$	83,177,427
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable of	$	(2,776,703	)	$	(4,908,496	)
(b) Net of increase in deferred foreign capital gain tax of	$	(163,613,617	)	$	(7,592,991	)

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 19

Statements of Changes in Net Assets

	iShares MSCI India ETF								iShares MSCI India Small-Cap ETF
	Six Months Ended 02/29/24 (unaudited)						Year Ended 08/31/23		Six Months Ended 02/29/24 (unaudited)						Year Ended 08/31/23	(a)
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)		$	6,775,239			$	24,354,156			$	(55,353	)		$	824,593
Net realized gain (loss)			(21,274,152	)			(170,802,234	)			13,141,594				81,779,762
Net change in unrealized appreciation (depreciation)			1,081,743,278				211,124,528				70,091,186				(42,292,040	)
Net increase in net assets resulting from operations			1,067,244,365				64,676,450				83,177,427				40,312,315
DISTRIBUTIONS TO SHAREHOLDERS(b)
From net investment income and net realized gain			—				—				(1,937,789	)			(224,971	)
Return of capital			—				(9,188,147	)			—				—
Decrease in net assets resulting from distributions to shareholders			—				(9,188,147	)			(1,937,789	)			(224,971	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions			1,850,067,151				1,699,075,760				305,850,355				69,677,478
NET ASSETS
Total increase in net assets			2,917,311,516				1,754,564,063				387,089,993				109,764,822
Beginning of period			5,940,182,368				4,185,618,305				414,564,723				304,799,901
End of period		$	8,857,493,884			$	5,940,182,368			$	801,654,716			$	414,564,723

^(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.

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Financial Highlights

(For a share outstanding throughout each period)

		iShares MSCI India ETF
	Six Months Ended 02/29/24 (unaudited)				Year Ended 08/31/23			Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19
Net asset value, beginning of period		$	43.77		$	43.22		$	48.79		$	33.37		$	32.38		$	35.68
Net investment income(a)			0.05			0.21			0.21			0.14			0.14			0.29
Net realized and unrealized gain (loss)(b)			7.20			0.42			(2.87	)		15.35			0.96			(3.00	)
Net increase (decrease) from investment operations			7.25			0.63			(2.66	)		15.49			1.10			(2.71	)
Distributions(c)
From net investment income			—			—			(2.91	)		(0.07	)		(0.11	)		(0.49	)
Return of capital			—			(0.08	)		—			—			—			(0.10	)
Total distributions			—			(0.08	)		(2.91	)		(0.07	)		(0.11	)		(0.59	)
Net asset value, end of period		$	51.02		$	43.77		$	43.22		$	48.79		$	33.37		$	32.38
Total Return(d)
Based on net asset value			16.56	%(e)		1.44	%		(5.66	)%		46.54	%		3.40	%		(7.61	)%
Ratios to Average Net Assets(f)
Total expenses			0.63	%(g)		0.65	%		0.68	%		0.65	%		0.69	%		0.69	%
Net investment income			0.20	%(g)		0.51	%		0.47	%		0.35	%		0.43	%		0.86	%
Supplemental Data
Net assets, end of period (000)		$	8,857,494		$	5,940,182		$	4,185,618		$	6,350,592		$	3,093,833		$	4,899,749
Portfolio turnover rate(h)			7	%(i)		18	%(i)		95	%(i)		25	%(i)		25	%(i)		9	%(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:      7 %         14 %        91 %          17 %         19 %         6 % 

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 21

Financial Highlights (continued)

(For a share outstanding throughout each period)

							iShares MSCI India Small-Cap ETF
	Six Months Ended
	02/29/24					Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
		(unaudited)						08/31/23	(a)			08/31/22	(a)			08/31/21	(a)			08/31/20	(a)			08/31/19	(a)
Net asset value, beginning of period			$	62.81			$	54.43			$	57.80			$	34.60			$	33.39			$	44.10
Net investment income (loss)(b)				(0.01	)			0.15				0.04				(0.01	)			0.15				0.10
Net realized and unrealized gain (loss)(c)				9.99				8.28				(2.64	)			23.26				1.88				(10.60	)
Net increase (decrease) from investment operations				9.98				8.43				(2.60	)			23.25				2.03				(10.50	)
Distributions(d)
From net investment income				—				—				(0.77	)			(0.05	)			(0.82	)			(0.21	)
From net realized gain				(0.24	)			(0.05	)			—				—				—				—
Return of capital				—				—				—				(0.00	)(e)			—				—
Total distributions				(0.24	)			(0.05	)			(0.77	)			(0.05	)			(0.82	)			(0.21	)
Net asset value, end of period			$	72.55			$	62.81			$	54.43			$	57.80			$	34.60			$	33.39
Total Return(f)
Based on net asset value				15.83	%(g)			15.50	%			(4.61	)%			67.25	%			6.35	%			(23.88	)%
Ratios to Average Net Assets(h)
Total expenses				0.75	%(i)			0.80	%(j)			0.74	%			0.74	%			0.81	%			0.76	%
Net investment income (loss)				(0.02	)%(i)			0.28	%			0.08	%			(0.01	)%			0.45	%			0.28	%
Supplemental Data
Net assets, end of period (000)			$	801,655			$	414,565			$	304,800			$	329,466			$	193,770			$	270,433
Portfolio turnover rate(k)				26	%(l)			150	%(l)			56	%(l)			55	%(l)			32	%(l)			24	%(l)

^(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)  Rounds to less than $0.01.

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

^(g)  Not annualized.

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

⁽ⁱ⁾  Annualized.

^(j)  Includes non-recurring expense of Interest expense. Without this cost, total expenses would have been 0.74%.

^(k)  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”).

^(l)   Portfolio turnover rate excluding cash creations was as follows:     17 %        128 %        37 %         37 %       28 %      19 % 

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 India		Non-diversified
MSCI India Small-Cap		Diversified

Basis of Consolidation: The accompanying consolidated financial statements for MSCI India Small-Cap included the accounts of its subsidiary in the Republic of Mauritius, which was a wholly-owned subsidiary (each, a “Subsidiary”) of the Fund that invested in Indian securities. On June 16, 2023, the Fund filed to liquidate its Subsidiary with the Mauritius Financial Services Commission.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the 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 February 29, 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.

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

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)

non-taxable returns of capital. Return of capital distributions will reduce a shareholder’s cost basis and will result in higher capital gains or lower capital losses when each Fund’s shares on which distributions were received are sold. Once a shareholder’s cost basis is reduced to zero, further distributions will be treated as capital gains.

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. 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. 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.

5. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

For its investment advisory services to the iShares MSCI India ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fees
First $4 billion		0.6500%
Over $4 billion, up to and including $6 billion		0.6175
Over $6 billion, up to and including $8 billion		0.5867
Over $8 billion		0.5573

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

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

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

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

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

6. PURCHASES AND SALES

For the six months ended February 29, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
MSCI India	$	2,167,240,207	$	493,074,890
MSCI India Small-Cap		453,840,443		164,356,336

There were no in-kind transactions for the six months ended February 29, 2024.

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)

7. INCOME TAX INFORMATION

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

Management has analyzed tax laws and regulations and their application to the Funds as of February 29, 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 August 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
MSCI India	$	(408,251,134	)		$	(70,695,940	)

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 February 29, 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 India	$	5,791,930,894		$	3,514,025,721		$	(411,596,244	)		$	3,102,429,477
MSCI India Small-Cap		638,710,076			188,264,377			(25,931,790	)			162,332,587

8. LINE OF CREDIT

The Funds, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on 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 February 29, 2024, the Funds did not borrow under the Syndicated Credit Agreement.

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.

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

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Notes to Financial Statements (unaudited) (continued)

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

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

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

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

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

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

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 02/29/24								Year Ended 08/31/23
iShares ETF	Shares				Amount				Shares				Amount
MSCI India
Shares sold		37,900,000			$	1,850,067,151				44,900,000			$	1,947,706,220
Shares redeemed		—				—				(6,050,000	)			(248,630,460	)
		37,900,000			$	1,850,067,151				38,850,000			$	1,699,075,760
MSCI India Small-Cap
Shares sold		5,050,000			$	349,398,659				2,100,000			$	126,296,325
Shares redeemed		(600,000	)			(43,548,304	)			(1,100,000	)			(56,618,847	)
		4,450,000			$	305,850,355				1,000,000			$	69,677,478

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

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

11. SUBSEQUENT EVENTS

Management 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 India ETF and iShares MSCI India 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 29

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.

February 29, 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 India Small-Cap	$	—	$	0.243747	$	—	$	0.243747			—	%		100	%		—	%		100	%

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

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

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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 31

Glossary of Terms Used in this Report

Portfolio Abbreviation

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-809-0224

FEBRUARY 29, 2024

    2024 Semi-Annual Report (Unaudited)  

iShares Trust

·  iShares Currency Hedged MSCI Eurozone ETF | HEZU | NYSE Arca

·  iShares Currency Hedged MSCI Germany ETF | HEWG | NASDAQ

·  iShares Currency Hedged MSCI Japan ETF | HEWJ | NYSE Arca

The Markets in Review

Dear Shareholder,

The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended February 29, 2024. Significantly tighter monetary policy helped to rein in inflation, and the Consumer Price Index decelerated substantially while remaining above pre-pandemic levels. 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 strongly, while emerging market stocks advanced at a more modest pace.

The 10-year U.S. Treasury yield rose during the reporting period, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. However, higher yields drove positive returns overall for 10-year U.S. Treasuries and solid gains in shorter-duration U.S. Treasuries. 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 three times during the 12-month period, but paused its tightening after its July meeting. The Fed also continued to reduce its balance sheet by not replacing some of the 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 rapid 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 February 29, 2024
	6-Month		12-Month
U.S. large cap equities (S&P 500® Index)		13.93%		30.45%
U.S. small cap equities (Russell 2000® Index)		8.97		10.05
International equities (MSCI Europe, Australasia, Far East Index)		9.23		14.41
Emerging market equities  (MSCI Emerging Markets Index)		4.93		8.73
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		2.69		5.22
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		0.58		0.69
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		2.35		3.33
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		4.33		5.42
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		6.18		11.01
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		7
Disclosure of Expenses		7
Schedules of Investments		8
Financial Statements
Statements of Assets and Liabilities		18
Statements of Operations		19
Statements of Changes in Net Assets		20
Financial Highlights		22
Notes to Financial Statements		25
Statement Regarding Liquidity Risk Management Program		32
Supplemental Information		33
General Information		34
Glossary of Terms Used in this Report		35

Fund Summary as of February 29, 2024 iShares^® Currency Hedged MSCI Eurozone ETF

Investment Objective

The iShares Currency Hedged MSCI Eurozone ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization equities from developed market countries which use the euro as their official currency while mitigating exposure to fluctuations between the value of the euro and the U.S. dollar, as represented by the MSCI EMU 100% Hedged to USD Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI Eurozone ETF.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			Since  Inception			1 Year			5 Years			Since Inception
Fund NAV		11.80	%		15.82	%		11.20	%		8.55	%		15.82	%		70.03	%		120.61	%
Fund Market		11.71			15.82			11.21			8.55			15.82			70.11			120.55
Index		11.34			15.33			11.00			8.65			15.33			68.54			122.59

The inception date of the Fund was July 9, 2014. The first day of secondary market trading was July 10, 2014.

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$   1,000.00		$   1,118.00		$    0.16			$   1,000.00		$   1,024.70		$    0.15		0.03	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (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		99.8	%
Short-term Investments		0.1
Forward foreign currency exchange contracts, net cumulative appreciation		0.6
Other assets less liabilities		(0.5	)

SECTOR ALLOCATION (of the UNDERLYING FUND)

Sector	Percent of Total Investment(a)
Financials		18.2	%
Industrials		17.4
Consumer Discretionary		16.0
Information Technology		14.4
Consumer Staples		7.4
Health Care		6.9
Materials		5.4
Utilities		5.2
Communication Services		4.1
Energy		4.1
Real Estate		0.9

^(a)  Excludes money market funds.

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Fund Summary as of February 29, 2024 iShares^® Currency Hedged MSCI Germany ETF

Investment Objective

The iShares Currency Hedged MSCI Germany ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization German equities while mitigating exposure to fluctuations between the value of the euro and the U.S. dollar, as represented by the MSCI Germany 100% Hedged to USD Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI Germany ETF.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		11.67	%		16.04	%		8.71	%		6.38	%		16.04	%		51.84	%		85.69	%
Fund Market		11.79			16.31			8.75			6.38			16.31			52.09			85.68
Index		11.30			15.55			8.80			6.54			15.55			52.45			88.41

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 (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$   1,000.00		$   1,116.70		$    0.16			$   1,000.00		$   1,024.70		$    0.15		0.03	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (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		99.9	%
Short-term Investments		10.4
Forward foreign currency exchange contracts, net cumulative appreciation		0.6
Other assets less liabilities		(10.9	)

SECTOR ALLOCATION (of the UNDERLYING FUND)

Sector	Percent of Total Investment(a)
Industrials		20.6	%
Financials		19.0
Information Technology		17.8
Consumer Discretionary		15.1
Health Care		7.9
Materials		6.1
Communication Services		5.8
Utilities		3.5
Consumer Staples		2.4
Real Estate		1.8

^(a)  Excludes money market funds.

F U N D  S U M M A R Y 5

Fund Summary as of February 29, 2024 iShares^® Currency Hedged MSCI Japan ETF

Investment Objective

The iShares Currency Hedged MSCI Japan ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization Japanese equities while mitigating exposure to fluctuations between the value of the Japanese yen and the U.S. dollar, as represented by the MSCI Japan 100% Hedged to USD Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI Japan ETF.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		20.14	%		45.78	%		15.65	%		11.28	%		45.78	%		106.88	%		191.30	%
Fund Market		20.25			45.86			15.66			11.28			45.86			106.99			191.27
Index		20.62			46.77			16.44			11.91			46.77			114.06			208.01

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 (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$   1,000.00		$   1,201.40		$   0.05			$   1,000.00		$   1,024.80		$    0.05		0.01	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (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		99.8	%
Short-term Investments		0.1
Forward foreign currency exchange contracts, net cumulative appreciation		2.4
Other assets less liabilities		(2.3	)

SECTOR ALLOCATION (of the UNDERLYING FUND)

Sector	Percent of Total Investment(a)
Industrials		22.0	%
Consumer Discretionary		19.6
Information Technology		15.7
Financials		13.0
Health Care		8.1
Communication Services		7.1
Consumer Staples		5.3
Materials		4.5
Real Estate		2.8
Utilities		1.0
Energy		0.8

^(a)  Excludes money market funds.

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About Fund Performance

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. 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 7

Schedule of Investments (unaudited) February 29, 2024 iShares^® Currency Hedged MSCI Eurozone ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 99.8%
iShares MSCI Eurozone ETF(a)		7,957,000	$	390,290,850
Total Investment Companies (Cost: $381,055,717)				390,290,850
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%(a)(b)		230,000		230,000
Total Short-Term Securities — 0.1% (Cost: $230,000)				230,000
Total Investments in Securities — 99.9% (Cost: $381,285,717)				390,520,850
Other Assets Less Liabilities — 0.1%				444,556
Net Assets — 100.0%			$	390,965,406

^(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 February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	7,072,263	$	—		$	(7,073,849	)(b)	$	1,586	$	—	$	—		—	$	13,382	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		160,000		70,000	(b)		—			—		—		230,000		230,000		4,845			—
iShares MSCI Eurozone ETF		331,161,227		116,591,677			(90,372,937	)		2,001,595		30,909,288		390,290,850		7,957,000		2,764,948			—
									$	2,003,181	$	30,909,288	$	390,520,850			$	2,783,175		$	—

^(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)
EUR	1,554,000		USD	1,673,122	Barclays Bank PLC		03/04/24		$	6,440
USD	5,047,530		EUR	4,663,000	BNP Paribas SA		03/04/24			7,762
USD	18,430,517		EUR	16,945,000	Citibank N.A.		03/04/24			116,370
USD	8,457,992		EUR	7,772,000	JPMorgan Chase Bank N.A.		03/04/24			58,018
USD	349,626,133		EUR	321,458,345	Morgan Stanley & Co. International PLC		03/04/24			2,194,118
USD	13,306,331		EUR	12,282,000	Bank of America N.A.		04/02/24			16,295
USD	373,852,525		EUR	345,060,345	State Street Bank & Trust Co.		04/02/24			471,614
										2,870,617
EUR	2,670,000		USD	2,898,814	JPMorgan Chase Bank N.A.		03/04/24			(13,079	)

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Schedule of Investments (unaudited) (continued) February 29, 2024 iShares^® Currency Hedged MSCI Eurozone ETF

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased			Currency Sold		Counterparty	Settlement Date			Unrealized Appreciation (Depreciation)
EUR	346,614,345		USD	375,093,666	State Street Bank & Trust Co.		03/04/24		$	(473,059	)
USD	699,741		EUR	647,000	State Street Bank & Trust Co.		04/02/24			(361	)
										(486,499	)
										$2,384,118

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts			Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	2,870,617		$	—	$	—	$	2,870,617
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	486,499		$	—	$	—	$	486,499

For the period ended February 29, 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	$	—	$	—	$	—	$	7,727,531		$	—	$	—	$	7,727,531
Net Change in Unrealized Appreciation (Depreciation) on
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	(3,764,012	)	$	—	$	—	$	(3,764,012	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	362,121,366
Average amounts sold — in USD	$	715,108,811

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	$	2,870,617	$	486,499
Total derivative assets and liabilities in the Statement of Assets and Liabilities		2,870,617		486,499
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA	$	2,870,617	$	486,499

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) February 29, 2024 iShares^® Currency Hedged MSCI Eurozone ETF

Derivative Financial Instruments - Offsetting as of Period End (continued)

The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:

	Derivative
			Assets
	Subject to				Derivatives					Non-Cash					Cash		Net Amount
	an MNA by				Available					Collateral					Collateral		of Derivative
Counterparty		Counterparty						for Offset	(a)				Received			Received				Assets	(b)(c)
Bank of America N.A.			$	16,295			$	—				$	—		$	—			$	16,295
Barclays Bank PLC				6,440				—					—			—				6,440
BNP Paribas SA				7,762				—					—			—				7,762
Citibank N.A.				116,370				—					—			—				116,370
JPMorgan Chase Bank N.A.				58,018				(13,079	)				—			—				44,939
Morgan Stanley & Co. International PLC				2,194,118				—					—			—				2,194,118
State Street Bank & Trust Co.				471,614				(471,614	)				—			—				—
			$	2,870,617			$	(484,693	)			$	—		$	—			$	2,385,924
	Derivative
	Liabilities
	Subject to				Derivatives					Non-Cash					Cash		Net Amount
	an MNA by				Available					Collateral					Collateral		of Derivative
Counterparty		Counterparty						for Offset	(a)				Pledged			Pledged				Liabilities	(c)(d)
JPMorgan Chase Bank N.A.			$	13,079			$	(13,079	)			$	—		$	—			$	—
State Street Bank & Trust Co.				473,420				(471,614	)				—			—				1,806
			$	486,499			$	(484,693	)			$	—		$	—			$	1,806

^(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	$	390,290,850		$	—		$	—		$	390,290,850
Short-Term Securities
Money Market Funds		230,000			—			—			230,000
	$	390,520,850		$	—		$	—		$	390,520,850
Derivative Financial Instruments(a)
Assets
Foreign Currency Exchange Contracts	$	—		$	2,870,617		$	—		$	2,870,617
Liabilities
Foreign Currency Exchange Contracts		—			(486,499	)		—			(486,499	)
	$	—		$	2,384,118		$	—			2,384,118

^(a)  Derivative financial instruments are forward foreign currency exchange contracts. Forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

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Schedule of Investments (unaudited) February 29, 2024 iShares^® Currency Hedged MSCI Germany ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 99.9%
iShares MSCI Germany ETF(a)(b)		1,112,139	$	34,075,939
Total Investment Companies (Cost: $38,015,758)				34,075,939
Short-Term Securities
Money Market Funds — 10.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%(a)(c)(d)		3,546,516		3,548,289
Total Short-Term Securities — 10.4% (Cost: $3,548,289)				3,548,289
Total Investments in Securities — 110.3% (Cost: $41,564,047)				37,624,228
Liabilities in Excess of Other Assets — (10.3)%				(3,506,681	)
Net Assets — 100.0%			$	34,117,547

^(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 February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,998,138	$	1,547,220	(a)	$	—		$	2,931		$	—	$	3,548,289		3,546,516	$	86,384	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(c)		60,000		—			(60,000	)(a)		—			—		—		—		295			—
iShares MSCI Germany ETF		35,151,587		1,832,515			(5,854,527	)		(354,332	)		3,300,696		34,075,939		1,112,139		1,765			—
									$	(351,401	)	$	3,300,696	$	37,624,228			$	88,444		$	—

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

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

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

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts

Currency Purchased			Currency Sold		Counterparty	Settlement Date			Unrealized Appreciation (Depreciation)
USD	1,448,772		EUR	1,332,000	Citibank N.A.		03/04/24		$	9,147
USD	31,494,357		EUR	28,957,000	Morgan Stanley & Co. International PLC		03/04/24			197,646
USD	1,305,509		EUR	1,205,000	Natwest Markets PLC		04/02/24			1,610
USD	32,496,729		EUR	29,994,000	State Street Bank & Trust Co.		04/02/24			40,995
										249,398
EUR	313,000		USD	339,823	JPMorgan Chase Bank N.A.		03/04/24			(1,533	)
EUR	29,994,000		USD	32,458,007	State Street Bank & Trust Co.		03/04/24			(40,507	)
USD	19,415		EUR	18,000	HSBC Bank PLC		03/04/24			(40	)

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) February 29, 2024 iShares^® Currency Hedged MSCI Germany ETF

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased			Currency Sold		Counterparty	Settlement Date			Unrealized Appreciation (Depreciation)
USD	61,647		EUR	57,000	Bank of New York		04/02/24		$	(32	)
										(42,112	)
										$207,286

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
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	249,398		$	—	$	—	$	249,398
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	42,112		$	—	$	—	$	42,112

For the period ended February 29, 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	$	—	$	—	$	—	$	949,738		$	—	$	—	$	949,738
Net Change in Unrealized Appreciation (Depreciation) on
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	(463,202	)	$	—	$	—	$	(463,202	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	32,453,440
Average amounts sold — in USD	$	65,360,945

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	$	249,398	$	42,112
Total derivative assets and liabilities in the Statement of Assets and Liabilities		249,398		42,112
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA	$	249,398	$	42,112

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) February 29, 2024 iShares^® Currency Hedged MSCI Germany ETF

Derivative Financial Instruments - Offsetting as of Period End (continued)

The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:

	Derivative
			Assets
	Subject to				Derivatives					Non-Cash						Cash		Net Amount
	an MNA by				Available					Collateral				Collateral				of Derivative
Counterparty		Counterparty						for Offset	(a)		Received				Received						Assets	(b)(c)
Citibank N.A.			$	9,147			$	—				$	—			$	—			$	9,147
Morgan Stanley & Co. International PLC				197,646				—					—				—				197,646
Natwest Markets PLC				1,610				—					—				—				1,610
State Street Bank & Trust Co.				40,995				(40,507	)				—				—				488
			$	249,398			$	(40,507	)			$	—			$	—			$	208,891
	Derivative
	Liabilities
	Subject to				Derivatives					Non-Cash						Cash		Net Amount
	an MNA by				Available					Collateral				Collateral				of Derivative
Counterparty		Counterparty						for Offset	(a)		Pledged				Pledged						Liabilities	(c)(d)
Bank of New York			$	32			$	—				$	—			$	—			$	32
HSBC Bank PLC				40				—					—				—				40
JPMorgan Chase Bank N.A.				1,533				—					—				—				1,533
State Street Bank & Trust Co.				40,507				(40,507	)				—				—				—
			$	42,112			$	(40,507	)			$	—			$	—			$	1,605

^(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	$	34,075,939	$	—		$	—	$	34,075,939
Short-Term Securities
Money Market Funds		3,548,289		—			—		3,548,289
	$	37,624,228	$	—		$	—	$	37,624,228
Derivative Financial Instruments(a)
Assets
Foreign Currency Exchange Contracts	$	—	$	249,398		$	—	$	249,398
Liabilities
Foreign Currency Exchange Contracts		—		(42,112	)		—		(42,112	)
	$	—	$	207,286		$	—		207,286

^(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 13

Schedule of Investments (unaudited) February 29, 2024 iShares^® Currency Hedged MSCI Japan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 99.8%
iShares MSCI Japan ETF(a)		4,380,037	$	302,748,157
Total Investment Companies (Cost: $292,871,321)				302,748,157
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%(a)(b)		200,000		200,000
Total Short-Term Securities — 0.1% (Cost: $200,000)				200,000
Total Investments in Securities — 99.9% (Cost: $293,071,321)				302,948,157
Other Assets Less Liabilities — 0.1%				413,569
Net Assets — 100.0%			$	303,361,726

^(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 February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	—	$	13	(b)	$	—		$	(13	)	$	—	$	—		—	$	10,322	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		100,000		100,000	(b)		—			—			—		200,000		200,000		5,580			—
iShares MSCI Japan ETF		215,596,625		229,833,505			(169,824,921	)		1,287,531			25,855,417		302,748,157		4,380,037		2,934,013			—
									$	1,287,518		$	25,855,417	$	302,948,157			$	2,949,915		$	—

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

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

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

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts

Currency Purchased			Currency Sold			Counterparty	Settlement Date			Unrealized Appreciation (Depreciation)
JPY	1,647,736,000		USD	10,982,092		HSBC Bank PLC		03/04/24		$	8,677
USD	16,613,317		JPY	2,465,602,000		BNP Paribas SA		03/04/24			167,199
USD	27,775,948		JPY	4,040,595,000		Citibank N.A.		03/04/24			824,274
USD	342,312		JPY	51,031,000		HSBC Bank PLC		03/04/24			1,923
USD	3,662,926		JPY	548,227,000		Imperial Bank of Canada		03/04/24			6,129
USD	7,320,565		JPY	1,097,005,000		JPMorgan Chase Bank N.A.		03/04/24			3,295
USD	160,009		JPY	23,951,000		Natwest Markets PLC		03/04/24			251
USD	150,561		JPY	22,568,000		Toronto Dominion Bank		03/04/24			28
USD	215,692,276		JPY	31,377,661,238		UBS AG		03/04/24			6,396,243

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) February 29, 2024 iShares^® Currency Hedged MSCI Japan ETF

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased			Currency Sold			Counterparty	Settlement Date			Unrealized Appreciation (Depreciation)
JPY	361,887,000		USD	2,424,262		JPMorgan Chase Bank N.A.		04/02/24		$	620
USD	278,664,451		JPY	41,518,077,238		BNP Paribas SA		04/02/24			465,922
USD	26,702,959		JPY	3,978,522,000		Toronto Dominion Bank		04/02/24			44,235
											7,918,796
JPY	42,339,993,238		USD	282,919,610		BNP Paribas SA		03/04/24			(502,366	)
JPY	356,022,000		USD	2,441,005		JPMorgan Chase Bank N.A.		03/04/24			(66,258	)
USD	1,826,770		JPY	274,675,000		Bank of America N.A.		03/04/24			(5,374	)
USD	10,953,513		JPY	1,646,208,000		BNP Paribas SA		03/04/24			(27,064	)
USD	18,290,522		JPY	2,746,558,000		HSBC Bank PLC		03/04/24			(29,636	)
USD	278,789		JPY	41,907,000		Morgan Stanley & Co. International PLC		03/04/24			(740	)
USD	51,623		JPY	7,763,000		Natwest Markets PLC		03/04/24			(158	)
											(631,596	)
											$7,287,200

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	$	—	$	—	$	—	$	7,918,796	$	—	$	—	$	7,918,796
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	631,596	$	—	$	—	$	631,596

For the period ended February 29, 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	$	—	$	—	$	—	$	12,280,643	$	—	$	—	$	12,280,643
Net Change in Unrealized Appreciation (Depreciation) on
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	55,656	$	—	$	—	$	55,656

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	275,467,528
Average amounts sold — in USD	$	541,432,303

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) February 29, 2024 iShares^® Currency Hedged MSCI Japan ETF

Derivative Financial Instruments - Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:

	Assets		Liabilities
Derivative Financial Instruments:
Forward foreign currency exchange contracts	$	7,918,796	$	631,596
Total derivative assets and liabilities in the Statement of Assets and Liabilities		7,918,796		631,596
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA	$	7,918,796	$	631,596

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				Derivatives					Non-Cash		Cash		Net Amount
	an MNA by						Available			Collateral		Collateral		of Derivative
Counterparty		Counterparty						for Offset	(a)		Received		Received				Assets	(b)(c)
BNP Paribas SA			$	633,121			$	(529,430	)	$	—	$	—			$	103,691
Citibank N.A.				824,274				—			—		—				824,274
HSBC Bank PLC				10,600				(10,600	)		—		—				—
Imperial Bank of Canada				6,129				—			—		—				6,129
JPMorgan Chase Bank N.A.				3,915				(3,915	)		—		—				—
Natwest Markets PLC				251				(158	)		—		—				93
Toronto Dominion Bank				44,263				—			—		—				44,263
UBS AG				6,396,243				—			—		—				6,396,243
			$	7,918,796			$	(544,103	)	$	—	$	—			$	7,374,693
			Derivative
			Liabilities
	Subject to				Derivatives					Non-Cash		Cash		Net Amount
	an MNA by						Available			Collateral		Collateral		of Derivative
Counterparty		Counterparty						for Offset	(a)		Pledged		Pledged				Liabilities	(c)(d)
Bank of America N.A.			$	5,374			$	—		$	—	$	—			$	5,374
BNP Paribas SA				529,430				(529,430	)		—		—				—
HSBC Bank PLC				29,636				(10,600	)		—		—				19,036
JPMorgan Chase Bank N.A.				66,258				(3,915	)		—		—				62,343
Morgan Stanley & Co. International PLC				740				—			—		—				740
Natwest Markets PLC				158				(158	)		—		—				—
			$	631,596			$	(544,103	)	$	—	$	—			$	87,493

^(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	$	302,748,157	$	—		$	—	$	302,748,157

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) February 29, 2024 iShares^® Currency Hedged MSCI Japan ETF

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2			Level 3		Total
Short-Term Securities
Money Market Funds	$	200,000	$	—		$	—	$	200,000
	$	302,948,157	$	—		$	—	$	302,948,157
Derivative Financial Instruments(a)
Assets
Foreign Currency Exchange Contracts	$	—	$	7,918,796		$	—	$	7,918,796
Liabilities
Foreign Currency Exchange Contracts		—		(631,596	)		—		(631,596	)
	$	—	$	7,287,200		$	—		7,287,200

^(a)  Derivative financial instruments are forward foreign currency exchange contracts. Forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

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

Statements of Assets and Liabilities (unaudited)

February 29, 2024

	iShares Currency Hedged MSCI Eurozone ETF			iShares Currency Hedged MSCI Germany ETF			iShares Currency Hedged MSCI Japan ETF
ASSETS
Investments, at value — affiliated(a)(b)	$	390,520,850		$	37,624,228		$	302,948,157
Cash		1,509			—			1,793
Receivables:
Securities lending income — affiliated		—			10,705			—
Capital shares sold		—			—			58,294
Dividends — affiliated		192			—			782
Unrealized appreciation on forward foreign currency exchange contracts		2,870,617			249,398			7,918,796
Total assets		393,393,168			37,884,331			310,927,822
LIABILITIES
Bank overdraft		—			438			—
Collateral on securities loaned, at value		—			3,549,125			—
Payables:
Investments purchased		1,932,247			174,080			6,931,949
Investment advisory fees		9,016			1,029			2,551
Unrealized depreciation on forward foreign currency exchange contracts		486,499			42,112			631,596
Total liabilities		2,427,762			3,766,784			7,566,096
Commitments and contingent liabilities
NET ASSETS	$	390,965,406		$	34,117,547		$	303,361,726
NET ASSETS CONSIST OF
Paid-in capital	$	416,245,383		$	76,445,562		$	319,658,189
Accumulated loss		(25,279,977	)		(42,328,015	)		(16,296,463	)
NET ASSETS	$	390,965,406		$	34,117,547		$	303,361,726
NET ASSET VALUE
Shares outstanding		11,100,000			1,000,000			7,550,000
Net asset value	$	35.22		$	34.12		$	40.18
Shares authorized		Unlimited			Unlimited			Unlimited
Par value		None			None			None
(a)  Investments, at cost — affiliated	$	381,285,717		$	41,564,047		$	293,071,321
(b)  Securities loaned, at value	$	—		$	3,477,640		$	—

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 February 29, 2024

	iShares Currency Hedged MSCI Eurozone ETF			iShares Currency Hedged MSCI Germany ETF			iShares Currency Hedged MSCI Japan ETF
INVESTMENT INCOME
Dividends — affiliated	$	2,769,793		$	2,060		$	2,939,593
Securities lending income — affiliated — net		13,382			86,384			10,322
Total investment income		2,783,175			88,444			2,949,915
EXPENSES
Investment advisory		1,068,074			85,290			593,373
Commitment costs		1,703			154			1,026
Total expenses		1,069,777			85,444			594,399
Less:
Investment advisory fees waived		(1,018,096	)		(79,966	)		(586,789	)
Total expenses after fees waived		51,681			5,478			7,610
Net investment income		2,731,494			82,966			2,942,305
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — affiliated		(958,321	)		(333,420	)		(1,467,589	)
Forward foreign currency exchange contracts		7,727,531			949,738			12,280,643
In-kind redemptions — affiliated(a)		2,961,502			(17,981	)		2,755,107
		9,730,712			598,337			13,568,161
Net change in unrealized appreciation (depreciation) on:
Investments — affiliated		30,909,288			3,300,696			25,855,417
Forward foreign currency exchange contracts		(3,764,012	)		(463,202	)		55,656
		27,145,276			2,837,494			25,911,073
Net realized and unrealized gain		36,875,988			3,435,831			39,479,234
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	39,607,482		$	3,518,797		$	42,421,539

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

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 19

Statements of Changes in Net Assets

			iShares Currency Hedged MSCI Eurozone ETF									iShares Currency Hedged MSCI Germany ETF
	Six Months Ended 02/29/24 (unaudited)					Year Ended 08/31/23				Six Months Ended 02/29/24 (unaudited)					Year Ended 08/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income			$	2,731,494			$	7,503,836				$	82,966				$	1,150,274
Net realized gain (loss)				9,730,712				(44,700,444	)				598,337					(5,025,112	)
Net change in unrealized appreciation (depreciation)				27,145,276				103,272,177					2,837,494					12,430,166
Net increase in net assets resulting from operations				39,607,482				66,075,569					3,518,797					8,555,328
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders				(2,815,286	)(b)			(57,511,739	)				(66,214	)				(1,139,414	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions				22,479,791				(30,008,453	)				(4,540,587	)				(8,490,927	)
NET ASSETS
Total increase (decrease) in net assets				59,271,987				(21,444,623	)				(1,088,004	)				(1,075,013	)
Beginning of period				331,693,419				353,138,042					35,205,551					36,280,564
End of period			$	390,965,406			$	331,693,419				$	34,117,547				$	35,205,551

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

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

See notes to financial statements.

20 2 0 2 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 Currency Hedged MSCI Japan ETF
		Six Months Ended 02/29/24 (unaudited)			Year Ended 08/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	2,942,305		$	1,644,865
Net realized gain (loss)			13,568,161			(51,545,835	)
Net change in unrealized appreciation (depreciation)			25,911,073			89,524,568
Net increase in net assets resulting from operations			42,421,539			39,623,598
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(3,048,595	)		(79,916,537	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			48,495,585			(208,964,696	)
NET ASSETS
Total increase (decrease) in net assets			87,868,529			(249,257,635	)
Beginning of period			215,493,197			464,750,832
End of period		$	303,361,726		$	215,493,197

^(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 21

Financial Highlights

(For a share outstanding throughout each period)

	iShares Currency Hedged MSCI Eurozone ETF
	Six Months Ended 02/29/24 (unaudited)				Year Ended 08/31/23				Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19
Net asset value, beginning of period		$	31.74			$	30.98			$	37.33			$	28.36			$	29.86			$	29.76
Net investment income(a)			0.25				0.75				1.18				0.83				0.35				0.76
Net realized and unrealized gain (loss)(b)			3.48				6.16				(6.17	)			9.00				(0.64	)			0.24
Net increase (decrease) from investment operations			3.73				6.91				(4.99	)			9.83				(0.29	)			1.00
Distributions(c)
From net investment income			(0.25	)(d)			(0.71	)			(1.36	)			(0.86	)			(0.38	)			(0.90	)
From net realized gain			—				(5.44	)			(0.00	)(e)			—				(0.83	)			(0.00	)(e)
Return of capital			—				—				—				—				(0.00	)(e)			—
Total distributions			(0.25	)			(6.15	)			(1.36	)			(0.86	)			(1.21	)			(0.90	)
Net asset value, end of period		$	35.22			$	31.74			$	30.98			$	37.33			$	28.36			$	29.86
Total Return(f)
Based on net asset value			11.80	%(g)			24.30	%			(13.50	)%			35.04	%			(1.21	)%			3.41	%
Ratios to Average Net Assets(h)
Total expenses			0.62	%(i)			0.62	%			0.62	%			0.62	%			0.62	%			0.62	%
Total expenses after fees waived			0.03	%(i)			0.03	%			0.03	%			0.03	%			0.03	%			0.03	%
Net investment income			1.59	%(i)			2.40	%			3.32	%			2.52	%			1.18	%			2.63	%
Supplemental Data
Net assets, end of period (000)		$	390,965			$	331,693			$	353,138			$	744,670			$	569,970			$	868,987
Portfolio turnover rate(j)			5	%			14	%			6	%			14	%			10	%			5	%

^(a)  Based on average shares outstanding.

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

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

^(d)  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)  Rounds to less than $0.01.

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

^(g)  Not annualized.

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

⁽ⁱ⁾  Annualized.

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

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Currency Hedged MSCI Germany ETF
	Six Months Ended 02/29/24 (unaudited)					Year Ended 08/31/23					Year Ended 08/31/22					Year Ended 08/31/21					Year Ended 08/31/20					Year Ended 08/31/19
Net asset value, beginning of period			$	30.61				$	25.02				$	33.37				$	28.13				$	26.21			$	27.64
Net investment income(a)				0.08					0.92					1.06					0.85					0.21				0.55
Net realized and unrealized gain (loss)(b)				3.50					5.64					(8.32	)				5.31					2.06				(1.25	)
Net increase (decrease) from investment operations				3.58					6.56					(7.26	)				6.16					2.27				(0.70	)
Distributions(c)
From net investment income				(0.07	)				(0.97	)				(1.09	)				(0.92	)				(0.35	)			(0.73	)
Return of capital				—					—					—					—					(0.00	)(d)			(0.00	)(d)
Total distributions				(0.07	)				(0.97	)				(1.09	)				(0.92	)				(0.35	)			(0.73	)
Net asset value, end of period			$	34.12				$	30.61				$	25.02				$	33.37				$	28.13			$	26.21
Total Return(e)
Based on net asset value				11.67	%(f)				26.26	%				(21.88	)%				22.12	%				8.71	%			(2.65	)%
Ratios to Average Net Assets(g)
Total expenses				0.53	%(h)				0.53	%				0.53	%				0.53	%				0.53	%			0.53	%
Total expenses after fees waived				0.03	%(h)				0.03	%				0.04	%				0.03	%				0.02	%			0.04	%
Net investment income				0.52	%(h)				3.17	%				3.49	%				2.78	%				0.77	%			2.09	%
Supplemental Data
Net assets, end of period (000)			$	34,118				$	35,206				$	36,281				$	63,394				$	75,957			$	154,620
Portfolio turnover rate(i)				4	%				18	%				9	%				16	%				12	%			5	%

^(a)  Based on average shares outstanding.

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

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

^(d)  Rounds to less than $0.01.

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

^(f)  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, if any.

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 23

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Currency Hedged MSCI Japan ETF
	Six Months Ended 02/29/24 (unaudited)					Year Ended 08/31/23				Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19
Net asset value, beginning of period			$	33.94			$	38.73			$	38.66			$	31.50			$	29.13			$	32.36
Net investment income(a)				0.47				0.25				1.02				0.51				0.72				0.45
Net realized and unrealized gain (loss)(b)				6.29				7.27				(0.09	)			7.06				2.35				(3.04	)
Net increase (decrease) from investment operations				6.76				7.52				0.93				7.57				3.07				(2.59	)
Distributions(c)
From net investment income				(0.52	)			(0.27	)			(0.86	)			(0.41	)			(0.70	)			(0.64	)
From net realized gain				—				(12.04	)			(0.00	)(d)			—				—				—
Total distributions				(0.52	)			(12.31	)			(0.86	)			(0.41	)			(0.70	)			(0.64	)
Net asset value, end of period			$	40.18			$	33.94			$	38.73			$	38.66			$	31.50			$	29.13
Total Return(e)
Based on net asset value				20.14	%(f)			27.07	%			2.43	%			24.08	%			10.52	%			(8.06	)%
Ratios to Average Net Assets(g)
Total expenses				0.53	%(h)			0.53	%			0.53	%			0.53	%			0.53	%			0.53	%
Total expenses after fees waived				0.01	%(h)			0.00	%(i)			0.01	%			0.00	%(i)			0.00	%(i)			0.00	%(i)
Net investment income				2.63	%(h)			0.74	%			2.62	%			1.38	%			2.31	%			1.47	%
Supplemental Data
Net assets, end of period (000)			$	303,362			$	215,493			$	464,751			$	535,398			$	247,256			$	329,138
Portfolio turnover rate(j)				8	%			29	%			6	%			7	%			9	%			9	%

^(a)  Based on average shares outstanding.

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

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

^(d)  Rounds to less than $0.01.

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

^(f)  Not annualized.

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

^(h)  Annualized.

⁽ⁱ⁾  Rounds to less than 0.01%.

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

See notes to financial statements.

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
Currency Hedged MSCI Eurozone		Diversified
Currency Hedged MSCI Germany		Diversified
Currency Hedged MSCI Japan		Diversified

Currently each Fund seeks to achieve its investment objective by investing a substantial portion of its assets in an iShares fund (an “underlying fund”). The financial statements, including the accounting policies, and schedules of investments for the underlying funds are available on iShares.com and should be read in conjunction with the Funds’ financial statements.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions from the underlying funds, if any, are recorded on the ex-dividend date. Interest income is recognized daily on an accrual basis.

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

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

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.

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

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

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 25

Notes to Financial Statements (unaudited) (continued)

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

• Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price.

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

• Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the New York Stock Exchange (“NYSE”) based on that day’s prevailing forward exchange rate for the underlying currencies.

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

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

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

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

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

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

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

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned

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)

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 Germany
Mizuho Securities USA LLC	$	91,920	$	(91,920	)	$	—		$	—
Morgan Stanley		2,460,392		(2,460,392	)		—			—
SG Americas Securities LLC		925,328		(925,328	)		—			—
	$	3,477,640	$	(3,477,640	)	$	—		$	—

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

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

5. DERIVATIVE FINANCIAL INSTRUMENTS

Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market. The contracts are traded over-the-counter (“OTC”) and not on an organized exchange.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities. A fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting 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

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)

the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

For its investment advisory services to each of the following Funds, 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 Eurozone		0.62%
Currency Hedged MSCI Germany		0.53
Currency Hedged MSCI Japan		0.53

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

For the iShares Currency Hedged MSCI Eurozone ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through December 31, 2025 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in the iShares MSCI Eurozone ETF (“EZU”), after taking into account any fee waivers by EZU, plus 0.03%.

For the iShares Currency Hedged MSCI Germany ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through December 31, 2025 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other iShares funds, provided that the waiver be no greater than the Fund’s investment advisory fee of 0.53%.

For the iShares Currency Hedged MSCI Japan ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through December 31, 2025 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other iShares funds, provided that the waiver be no greater than the Fund’s investment advisory fee of 0.53%. BFA has also contractually agreed to waive an additional portion of its investment advisory fee for the Fund through December 31, 2025 such that the Fund’s total annual operating expenses after fee waiver will be equal to the greater of the acquired fund fees and expenses or 0.48%.

These amounts are included in investment advisory fees waived in the Statements of Operations. For the six months ended February 29, 2024, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:

iShares ETF	Amounts Waived
Currency Hedged MSCI Eurozone	$	1,018,096
Currency Hedged MSCI Germany		79,966
Currency Hedged MSCI Japan		586,789

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Notes to Financial Statements (unaudited) (continued)

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 February 29, 2024, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
Currency Hedged MSCI Eurozone	$	3,634
Currency Hedged MSCI Germany		18,265
Currency Hedged MSCI Japan		3,359

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

Other Transactions: 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.

7. PURCHASES AND SALES

For the six months ended February 29, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases			Sales
Currency Hedged MSCI Eurozone	$	21,880,927		$	17,018,081
Currency Hedged MSCI Germany		1,832,515			1,402,558
Currency Hedged MSCI Japan		31,223,951			17,521,982

For the six months ended February 29, 2024, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind  Sales
Currency Hedged MSCI Eurozone	$	94,710,749	$	73,354,856
Currency Hedged MSCI Germany		—		4,451,969
Currency Hedged MSCI Japan		198,609,554		152,302,939

8. INCOME TAX INFORMATION

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

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 29

Notes to Financial Statements (unaudited) (continued)

Management has analyzed tax laws and regulations and their application to the Funds as of February 29, 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 August 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   Capital   Losses
Currency Hedged MSCI Eurozone	$	—		$	(39,759,953)
Currency Hedged MSCI Germany		(38,514,846	)		—
Currency Hedged MSCI Japan		—			(39,152,435)

As of February 29, 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 Eurozone	$	381,928,469	$	12,105,750	$	(1,129,251	)	$	10,976,499
Currency Hedged MSCI Germany		41,600,144		249,398		(4,018,028	)		(3,768,630)
Currency Hedged MSCI Japan		293,613,283		17,795,632		(1,173,558	)		16,622,074

9. LINE OF CREDIT

The Funds, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on 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 February 29, 2024, the Funds did not borrow under the Syndicated Credit Agreement.

10. PRINCIPAL RISKS

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

BFA uses 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.

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.

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.

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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 02/29/24						Year Ended 08/31/23
iShares ETF	Shares			Amount			Shares			Amount
Currency Hedged MSCI Eurozone
Shares sold		2,900,000		$	95,485,980			7,400,000		$	228,433,701
Shares redeemed		(2,250,000	)		(73,006,189	)		(8,350,000	)		(258,442,154	)
		650,000		$	22,479,791			(950,000	)	$	(30,008,453	)
Currency Hedged MSCI Germany
Shares sold		—		$	—			5,650,000		$	155,408,081
Shares redeemed		(150,000	)		(4,540,587	)		(5,950,000	)		(163,899,008	)
		(150,000	)	$	(4,540,587	)		(300,000	)	$	(8,490,927	)
Currency Hedged MSCI Japan
Shares sold		5,550,000		$	201,561,038			15,600,000		$	515,196,763
Shares redeemed		(4,350,000	)		(153,065,453	)		(21,250,000	)		(724,161,459	)
		1,200,000		$	48,495,585			(5,650,000	)	$	(208,964,696	)

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.

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

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 Eurozone ETF, iShares Currency Hedged MSCI Germany ETF and iShares Currency Hedged MSCI Japan 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.

February 29, 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 Eurozone(a)	$	0.252214	$	—	$	0.000278	$	0.252492			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.

S U P P L E M E N T A L  I N F O R M A T I O N 33

General Information

Electronic Delivery

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

To enroll in electronic delivery:

• Go to icsdelivery.com.

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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

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Glossary of Terms Used in this Report

Currency Abbreviation
EUR	Euro
JPY	Japanese Yen
USD	United States Dollar

 

G L O S S A R Y  O F  T E R M S  U S E D  I N  T H I S  R E P O R T 35

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-801-0224

   

FEBRUARY 29, 2024

     2024 Semi-Annual Report (Unaudited)  

iShares Trust

· iShares MSCI United Kingdom ETF | EWU | NYSE Arca

· iShares MSCI United Kingdom Small-Cap ETF | EWUS | Cboe BZX

The Markets in Review

Dear Shareholder,

The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended February 29, 2024. Significantly tighter monetary policy helped to rein in inflation, and the Consumer Price Index decelerated substantially while remaining above pre-pandemic levels. 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 strongly, while emerging market stocks advanced at a more modest pace.

The 10-year U.S. Treasury yield rose during the reporting period, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. However, higher yields drove positive returns overall for 10-year U.S. Treasuries and solid gains in shorter-duration U.S. Treasuries. 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 three times during the 12-month period, but paused its tightening after its July meeting. The Fed also continued to reduce its balance sheet by not replacing some of the 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 rapid 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 February 29, 2024

	6-Month		12-Month
U.S. large cap equities (S&P 500® Index)		13.93%		30.45%
U.S. small cap equities (Russell 2000® Index)		8.97		10.05
International equities (MSCI Europe, Australasia, Far East Index)		9.23		14.41
Emerging market equities (MSCI Emerging Markets Index)		4.93		8.73
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		2.69		5.22
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		0.58		0.69
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		2.35		3.33
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		4.33		5.42
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		6.18		11.01
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		16
Statements of Operations		17
Statements of Changes in Net Assets		18
Financial Highlights		19
Notes to Financial Statements		21
Statement Regarding Liquidity Risk Management Program		29
Supplemental Information		30
General Information		31
Glossary of Terms Used in this Report		32

Fund Summary as of February 29, 2024 iShares^® MSCI United Kingdom ETF

Investment Objective

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

Performance

				Average Annual Total Returns										Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years				1 Year			5 Years			10 Years
Fund NAV		4.45	%		5.61	%		3.86	%		1.57	%			5.61	%		20.83	%		16.83	%
Fund Market		4.70			5.81			3.95			1.58				5.81			21.40			17.01
Index		4.58			5.45			4.44			2.11				5.45			24.28			23.24

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 (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$  1,000.00	$  1,044.50	$   2.54			$  1,000.00	$  1,022.40	$    2.51		0.50	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (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		18.4%
Consumer Staples		17.1
Industrials		13.2
Energy		12.7
Health Care		12.6
Materials		9.9
Consumer Discretionary		7.5
Utilities		4.1
Communication Services		2.6
Information Technology		1.1
Real Estate		0.8

TEN LARGEST HOLDINGS
Security	Percent of   Total Investments(a)
Shell PLC		8.5%
AstraZeneca PLC		8.3
HSBC Holdings PLC		6.3
Unilever PLC		5.2
BP PLC		4.2
GSK PLC		3.6
Diageo PLC		3.5
RELX PLC		3.5
Rio Tinto PLC		3.1
British American Tobacco PLC		2.5

^(a) Excludes money market funds.

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Fund Summary as of February 29, 2024 iShares^® MSCI United Kingdom Small-Cap ETF

Investment Objective

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

Performance

				Average Annual Total Returns										Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years				1 Year			5 Years			10 Years
Fund NAV		3.53	%		3.75	%		(0.45	)%		(0.09	)%			3.75	%		(2.22	)%		(0.87	)%
Fund Market		3.80			4.19			(0.37	)		(0.05	)			4.19			(1.84	)		(0.48	)
Index		3.73			3.59			0.13			0.49				3.59			0.63			5.05

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 (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$  1,000.00	$  1,035.30	$   2.99			$  1,000.00	$  1,021.90	$    2.97		0.59	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (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		22.9%
Financials		18.0
Consumer Discretionary		16.8
Real Estate		12.2
Information Technology		6.2
Materials		5.8
Communication Services		5.6
Consumer Staples		5.3
Health Care		3.6
Energy		2.0
Utilities		1.6

TEN LARGEST HOLDINGS
Security	Percent of   Total Investments(a)
Intermediate Capital Group PLC		1.9%
B&M European Value Retail SA		1.8
Weir Group PLC (The)		1.6
Marks & Spencer Group PLC		1.6
Diploma PLC		1.6
Rightmove PLC		1.5
Howden Joinery Group PLC		1.5
IMI PLC		1.5
DS Smith PLC		1.5
Beazley PLC		1.5

^(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.

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Schedule of Investments (unaudited) February 29, 2024 iShares^® MSCI United Kingdom ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 4.1%
BAE Systems PLC		3,262,882	$	51,216,322
Melrose Industries PLC		1,437,564		11,545,018
Rolls-Royce Holdings PLC(a)		9,055,625		42,265,326
				105,026,666
Banks — 10.7%
Barclays PLC		16,304,966		34,077,452
HSBC Holdings PLC		20,611,820		160,437,653
Lloyds Banking Group PLC		68,394,890		40,440,101
NatWest Group PLC, NVS		6,151,744		18,600,405
Standard Chartered PLC		2,447,352		20,692,271
				274,247,882
Beverages — 3.8%
Coca-Cola HBC AG, Class DI		238,075		7,421,578
Diageo PLC		2,407,341		90,191,720
				97,613,298
Broadline Retail — 0.5%
Next PLC		130,364		13,706,246
Capital Markets — 3.9%
3i Group PLC		1,047,241		32,719,009
abrdn PLC		1,996,242		3,975,301
Hargreaves Lansdown PLC		385,448		3,552,361
London Stock Exchange Group PLC		448,083		50,325,628
Schroders PLC		870,489		4,338,613
St. James’s Place PLC		583,188		3,713,368
				98,624,280
Chemicals — 0.3%
Croda International PLC		142,724		8,604,401
Commercial Services & Supplies — 0.6%
Rentokil Initial PLC		2,714,031		15,108,948
Construction Materials — 2.4%
CRH PLC		746,456		62,172,528
Consumer Staples Distribution & Retail — 1.4%
J Sainsbury PLC		1,770,190		5,588,179
Ocado Group PLC(a)		624,492		4,044,697
Tesco PLC		7,588,957		26,766,500
				36,399,376
Diversified Consumer Services — 0.3%
Pearson PLC		682,742		8,299,808
Diversified REITs — 0.2%
Land Securities Group PLC		755,662		5,920,172
Diversified Telecommunication Services — 0.4%
BT Group PLC		6,975,765		9,207,811
Electric Utilities — 0.9%
SSE PLC		1,175,863		24,166,795
Electronic Equipment, Instruments & Components —0.5%
Halma PLC		405,437		11,806,938
Financial Services — 0.6%
M&G PLC		2,430,502		6,910,010
Wise PLC, Class A(a)		655,573		7,615,982
				14,525,992
Food Products — 0.4%
Associated British Foods PLC		368,100		10,592,453

Security	Shares		Value
Health Care Equipment & Supplies — 0.5%
Smith & Nephew PLC		940,596	$	12,409,050
Health Care Providers & Services — 0.0%
NMC Health PLC, NVS(b)		122,262		1
Hotels, Restaurants & Leisure — 5.0%
Compass Group PLC		1,839,127		50,463,074
Entain PLC		682,181		7,871,768
Flutter Entertainment PLC(a)		190,446		41,238,212
InterContinental Hotels Group PLC		177,794		18,880,541
Whitbread PLC		200,610		8,379,482
				126,833,077
Household Durables — 1.0%
Barratt Developments PLC		1,040,785		6,140,740
Berkeley Group Holdings PLC		113,626		6,675,879
Persimmon PLC		341,125		5,878,755
Taylor Wimpey PLC		3,806,784		6,634,252
				25,329,626
Household Products — 1.9%
Reckitt Benckiser Group PLC		768,506		48,556,400
Industrial Conglomerates — 0.6%
DCC PLC		106,569		7,574,141
Smiths Group PLC		371,039		7,554,131
				15,128,272
Industrial REITs — 0.5%
Segro PLC		1,254,755		13,420,220
Insurance — 3.1%
Admiral Group PLC		281,127		9,485,584
Aviva PLC		2,947,447		16,647,702
Legal & General Group PLC		6,433,500		19,725,399
Phoenix Group Holdings PLC		802,170		5,052,091
Prudential PLC		2,958,402		29,148,669
				80,059,445
Interactive Media & Services — 0.4%
Auto Trader Group PLC(c)		977,100		9,149,382
Machinery — 0.4%
Spirax-Sarco Engineering PLC		79,555		10,379,887
Media — 1.0%
Informa PLC		1,477,681		15,150,550
WPP PLC		1,147,827		10,269,040
				25,419,590
Metals & Mining — 6.8%
Anglo American PLC		1,367,160		29,458,131
Antofagasta PLC		421,132		9,675,609
Endeavour Mining PLC		195,314		3,151,333
Glencore PLC		11,157,858		53,045,871
Rio Tinto PLC		1,211,680		77,729,684
				173,060,628
Multi-Utilities — 2.4%
Centrica PLC		5,851,410		9,309,984
National Grid PLC		4,002,072		52,367,120
				61,677,104
Oil, Gas & Consumable Fuels — 12.6%
BP PLC		18,416,566		107,001,410
Shell PLC		6,996,227		216,391,979
				323,393,389
Paper & Forest Products — 0.3%
Mondi PLC, NVS(d)		471,399		8,381,233

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) February 29, 2024 iShares^® MSCI United Kingdom ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Personal Care Products — 6.2%
Haleon PLC		6,458,132	$	27,093,347
Unilever PLC		2,690,227		131,375,191
				158,468,538
Pharmaceuticals — 12.0%
AstraZeneca PLC		1,667,839		210,236,807
GSK PLC		4,427,461		92,615,573
Hikma Pharmaceuticals PLC		178,750		4,436,024
				307,288,404
Professional Services — 5.5%
Experian PLC		988,561		42,335,653
Intertek Group PLC		174,075		10,189,342
RELX PLC		2,028,458		88,854,759
				141,379,754
Software — 0.7%
Sage Group PLC (The)		1,096,637		17,274,879
Specialty Retail — 0.4%
JD Sports Fashion PLC		2,810,179		4,199,201
Kingfisher PLC		2,010,496		5,962,316
				10,161,517
Textiles, Apparel & Luxury Goods — 0.2%
Burberry Group PLC		385,844		6,264,866
Tobacco — 3.3%
British American Tobacco PLC		2,165,560		64,341,806
Imperial Brands PLC		900,190		19,392,159
				83,733,965
Trading Companies & Distributors — 1.9%
Ashtead Group PLC		470,821		33,863,683
Bunzl PLC		363,681		14,496,022
				48,359,705
Water Utilities — 0.7%
Severn Trent PLC		287,423		9,070,167

Security	Shares		Value
Water Utilities (continued)
United Utilities Group PLC		735,812	$	9,524,239
				18,594,406
Wireless Telecommunication Services — 0.8%
Vodafone Group PLC		24,764,189		21,753,055
Total Long-Term Investments — 99.2%
(Cost: $2,949,881,988)				2,542,499,987
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%(e)(f)(g)		1,799,682		1,800,581
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%(e)(f)		840,000		840,000
Total Short-Term Securities — 0.1% (Cost: $2,640,757)				2,640,581
Total Investments — 99.3% (Cost: $2,952,522,745)				2,545,140,568
Other Assets Less Liabilities — 0.7%				16,797,624
Net Assets — 100.0%			$	2,561,938,192

^(a)  Non-income producing security.

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

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

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

^(e)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	1,800,911	(a)	$	—		$	(154	)	$	(176	)	$	1,800,581		1,799,682	$	522	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,260,000		—			(420,000	)(a)		—			—			840,000		840,000		65,029			—
									$	(154	)	$	(176	)	$	2,640,581			$	65,551		$	—

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

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

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Schedule of Investments (unaudited) (continued) February 29, 2024 iShares^® MSCI United Kingdom ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
FTSE 100 Index		193		03/15/24	$	18,607	$	1,434

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)	$	—	$	—	$	1,434	$	—	$	—	$	—	$	1,434

^(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 February 29, 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	$	—	$	—	$	419,069	$	—	$	—	$	—	$	419,069
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	408,533	$	—	$	—	$	—	$	408,533

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	19,128,476

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

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	—	$	2,542,499,986	$	1	$	2,542,499,987
Short-Term Securities
Money Market Funds		2,640,581		—		—		2,640,581
	$	2,640,581	$	2,542,499,986	$	1	$	2,545,140,568

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) February 29, 2024 iShares^® MSCI United Kingdom ETF

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	1,434	$	—	$	1,434

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

See notes to financial statements.

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Schedule of Investments (unaudited)  February 29, 2024 iShares^® MSCI United Kingdom Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.4%
Babcock International Group PLC		29,010	$	179,941
Chemring Group PLC		31,526		138,090
QinetiQ Group PLC		60,142		281,699
				599,730
Air Freight & Logistics — 0.8%
International Distributions Services PLC(a)		82,840		253,266
Wincanton PLC		14,281		112,755
				366,021
Automobile Components — 0.7%
AB Dynamics PLC		2,022		47,474
Dowlais Group PLC		159,887		183,844
TI Fluid Systems PLC(b)		38,547		74,264
				305,582
Automobiles — 0.1%
Aston Martin Lagonda Global Holdings PLC(a)(b)		23,716		51,895
Banks — 1.7%
Bank of Georgia Group PLC		3,950		234,844
Close Brothers Group PLC		17,267		75,872
TBC Bank Group PLC		4,785		178,787
Virgin Money UK PLC		135,530		266,148
				755,651
Beverages — 1.4%
AG Barr PLC		11,570		76,091
Britvic PLC		27,296		292,896
C&C Group PLC		45,013		81,480
Fevertree Drinks PLC		12,051		175,698
				626,165
Biotechnology — 0.4%
Genus PLC		7,577		171,346
Broadline Retail — 1.9%
B&M European Value Retail SA		115,493		768,175
THG PLC, Class B(a)		66,683		53,054
				821,229
Building Products — 0.8%
Genuit Group PLC		28,594		146,131
Tyman PLC		22,588		84,968
Volution Group PLC		22,668		116,023
				347,122
Capital Markets — 8.8%
AJ Bell PLC		35,477		136,050
Alpha Group International PLC(c)		3,964		85,076
Ashmore Group PLC		53,164		139,050
Bridgepoint Group PLC(b)		27,536		89,955
IG Group Holdings PLC		44,287		390,917
Impax Asset Management Group PLC		11,458		65,447
IntegraFin Holdings PLC		32,435		112,482
Intermediate Capital Group PLC		33,509		817,046
Investec PLC		74,311		465,108
IP Group PLC		118,992		71,872
JTC PLC(b)		18,238		179,632
Jupiter Fund Management PLC		49,655		50,770
Liontrust Asset Management PLC		7,433		60,049
Man Group PLC/Jersey		138,286		425,050
Molten Ventures PLC(a)		16,680		55,923
Ninety One PLC		32,307		66,881
Polar Capital Holdings PLC		9,907		52,932
Quilter PLC(b)		161,130		197,129

Security	Shares		Value
Capital Markets (continued)
Rathbones Group PLC		7,357	$	144,664
TP ICAP Group PLC		88,883		200,720
				3,806,753
Chemicals — 1.7%
Elementis PLC(a)		67,359		120,400
Essentra PLC		33,799		71,079
Johnson Matthey PLC		21,139		412,043
Victrex PLC		9,992		155,138
				758,660
Commercial Services & Supplies — 1.9%
Finablr PLC(a)(b)(d)		61,710		1
Johnson Service Group PLC		48,285		87,037
Mitie Group PLC		145,996		196,822
Renewi PLC(a)		8,267		57,291
Serco Group PLC		127,390		300,956
Smart Metering Systems PLC		13,849		166,188
				808,295
Communications Equipment — 0.2%
Spirent Communications PLC		66,403		88,252
Construction & Engineering — 1.6%
Balfour Beatty PLC		62,455		267,573
Keller Group PLC		8,456		92,330
Kier Group PLC(a)		48,881		83,915
Morgan Sindall Group PLC		5,163		153,510
Renew Holdings PLC		9,191		101,186
				698,514
Construction Materials — 1.1%
Breedon Group PLC		31,300		145,792
Forterra PLC(b)		23,215		50,345
Ibstock PLC(b)		45,175		92,278
Marshalls PLC		26,014		98,635
RHI Magnesita NV		2,163		100,859
				487,909
Consumer Finance — 0.1%
Vanquis Banking Group PLC		29,626		45,325
Consumer Staples Distribution & Retail — 1.6%
Marks & Spencer Group PLC		226,912		680,113
Containers & Packaging — 1.5%
DS Smith PLC		158,502		645,808
Distributors — 0.9%
Inchcape PLC		42,866		370,015
Diversified Consumer Services — 0.3%
Auction Technology Group PLC(a)(c)		11,092		84,709
Me Group International PLC		23,861		48,432
				133,141
Diversified REITs — 2.1%
Balanced Commercial Property Trust Ltd.		80,601		79,527
British Land Co. PLC (The)		101,471		446,480
Custodian REIT PLC		48,729		44,287
LXI REIT PLC		186,909		234,953
Picton Property Income Ltd.		63,969		51,051
U.K. Commercial Property REIT Ltd.		90,058		72,630
				928,928
Diversified Telecommunication Services — 0.6%
Gamma Communications PLC(c)		10,621		165,441
Helios Towers PLC(a)		83,938		79,943
				245,384

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) February 29, 2024 iShares^® MSCI United Kingdom Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electrical Equipment — 0.5%
Ceres Power Holdings PLC(a)(c)		14,492	$	30,458
DiscoverIE Group PLC		10,954		92,826
ITM Power PLC(a)(c)		53,768		36,834
Volex PLC		14,642		52,676
				212,794
Electronic Equipment, Instruments & Components — 2.1%
Oxford Instruments PLC		6,306		173,780
Renishaw PLC		4,178		227,290
Spectris PLC		11,687		516,492
				917,562
Energy Equipment & Services — 0.5%
Hunting PLC		16,957		71,599
John Wood Group PLC(a)		79,393		148,288
Petrofac Ltd.(a)(c)		700		233
				220,120
Entertainment — 0.1%
Team17 Group PLC(a)		13,515		41,115
Financial Services — 2.8%
Burford Capital Ltd.		21,479		320,746
Network International Holdings PLC(a)(b)		55,023		266,014
OSB Group PLC		45,662		240,665
Paragon Banking Group PLC		23,834		193,570
Plus500 Ltd.		9,216		197,767
				1,218,762
Food Products — 2.2%
Cranswick PLC		6,221		302,932
Greencore Group PLC(a)		55,344		71,398
Hilton Food Group PLC		8,740		88,149
Premier Foods PLC		74,767		130,304
Tate & Lyle PLC		46,320		351,110
				943,893
Ground Transportation — 0.7%
Firstgroup PLC		75,046		149,106
National Express Group PLC		56,580		55,708
Redde Northgate PLC		26,388		115,251
				320,065
Health Care Equipment & Supplies — 1.5%
Advanced Medical Solutions Group PLC		24,945		66,125
ConvaTec Group PLC(b)		188,751		587,455
				653,580
Health Care Providers & Services — 0.6%
CVS Group PLC(c)		8,291		153,951
Spire Healthcare Group PLC(b)		32,823		93,459
				247,410
Health Care REITs — 1.1%
Assura PLC		341,009		179,305
Impact Healthcare REIT PLC, Class B		38,796		39,870
Primary Health Properties PLC		153,371		173,467
Target Healthcare REIT PLC		70,731		69,390
				462,032
Health Care Technology — 0.2%
Craneware PLC		3,461		91,745
Hotels, Restaurants & Leisure — 5.3%
888 Holdings PLC(a)		41,075		44,849
Carnival PLC(a)		15,750		224,521
Deliveroo PLC, Class A(a)(b)		105,291		145,934
Domino’s Pizza Group PLC		40,917		174,346
Greggs PLC		11,785		401,930

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Hollywood Bowl Group PLC		19,776	$	81,380
J D Wetherspoon PLC(a)		10,060		96,256
Mitchells & Butlers PLC(a)		30,867		91,692
Playtech PLC(a)		28,497		159,499
Rank Group PLC(a)		25,070		22,342
SSP Group PLC		92,004		254,327
Trainline PLC(a)(b)		52,071		203,498
TUI AG(a)		52,644		367,987
Young & Co’s Brewery PLC, Series A, Class A		2,564		31,977
				2,300,538
Household Durables — 3.0%
Bellway PLC		13,750		468,986
Crest Nicholson Holdings PLC		28,009		74,954
Redrow PLC		30,476		245,925
Victoria PLC(a)		6,869		20,983
Vistry Group PLC		37,692		501,589
				1,312,437
Independent Power and Renewable Electricity Producers — 0.6%
Drax Group PLC		44,455		261,330
Industrial REITs — 1.9%
LondonMetric Property PLC		125,769		287,786
Tritax Big Box REIT PLC		218,466		405,200
Urban Logistics REIT PLC		54,274		79,471
Warehouse REIT PLC		46,124		44,016
				816,473
Insurance — 4.5%
Beazley PLC		77,430		639,144
Direct Line Insurance Group PLC(a)		151,336		386,352
Hiscox Ltd.		40,090		573,361
Just Group PLC		119,198		126,441
Lancashire Holdings Ltd.		28,103		230,939
				1,956,237
Interactive Media & Services — 2.1%
Moneysupermarket.com Group PLC		58,528		181,046
Rightmove PLC		92,337		662,675
Trustpilot Group PLC(a)(b)		33,583		81,095
				924,816
IT Services — 2.4%
Computacenter PLC		9,902		364,557
FDM Group Holdings PLC		10,610		53,438
Kainos Group PLC		10,177		141,696
Keywords Studios PLC(c)		8,640		156,518
NCC Group PLC		33,967		54,196
Softcat PLC		14,979		277,569
				1,047,974
Leisure Products — 1.0%
Games Workshop Group PLC		3,791		450,065
Life Sciences Tools & Services — 0.2%
Oxford Nanopore Technologies PLC(a)(c)		64,323		107,989
Machinery — 5.2%
Bodycote PLC		21,971		171,642
IMI PLC		30,113		660,972
Judges Scientific PLC		694		93,736
Morgan Advanced Materials PLC		32,748		109,132
Rotork PLC		99,229		387,698
Vesuvius PLC		24,899		152,277
Weir Group PLC (The)		29,868		692,784
				2,268,241

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) February 29, 2024 iShares^® MSCI United Kingdom Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Marine Transportation — 0.4%
Clarkson PLC		3,381	$	153,215
Media — 2.5%
4imprint Group PLC		3,235		233,319
Ascential PLC(a)		51,467		194,210
Future PLC		11,964		92,559
ITV PLC		420,049		297,224
Next 15 Group PLC(c)		9,728		110,640
YouGov PLC		12,092		174,007
				1,101,959
Metals & Mining — 1.4%
Atalaya Mining PLC		11,168		46,239
Centamin PLC		134,423		153,318
Central Asia Metals PLC		19,710		38,713
Ferrexpo PLC(a)		33,686		30,658
Greatland Gold PLC(a)(c)		532,654		42,359
Hill & Smith PLC		9,273		212,842
Hochschild Mining PLC(a)		37,861		44,222
Pan African Resources PLC		218,584		53,197
SolGold PLC(a)		3,056		237
				621,785
Multi-Utilities — 0.4%
Telecom Plus PLC		8,668		159,966
Office REITs — 1.1%
CLS Holdings PLC		18,196		20,934
Derwent London PLC		10,953		266,012
Great Portland Estates PLC		23,306		106,529
Workspace Group PLC		16,688		103,007
				496,482
Oil, Gas & Consumable Fuels — 1.5%
Diversified Energy Co. PLC		5,573		65,922
Energean PLC		17,962		232,896
Harbour Energy PLC		70,723		225,929
Serica Energy PLC(c)		29,087		63,769
Tullow Oil PLC(a)(c)		132,144		47,103
				635,619
Passenger Airlines — 1.4%
easyJet PLC		34,795		239,727
JET2 PLC(c)		19,808		348,801
				588,528
Personal Care Products — 0.1%
PZ Cussons PLC		27,466		34,705
Pharmaceuticals — 0.7%
Indivior PLC, NVS(a)(c)		13,328		287,931
Professional Services — 2.0%
Alpha Financial Markets Consulting PLC		13,302		59,608
Capita PLC(a)(c)		194,618		49,870
Hays PLC		182,540		217,998
Learning Technologies Group PLC(c)		68,562		71,573
Marlowe PLC(a)(c)		9,416		59,429
Pagegroup PLC		37,711		215,354
RWS Holdings PLC(c)		34,926		91,084
SThree PLC		15,680		82,788
				847,704
Real Estate Management & Development — 1.9%
Grainger PLC		81,361		255,933
IWG PLC(a)		86,643		203,163
Savills PLC		15,741		183,299

Security	Shares		Value
Real Estate Management & Development (continued)
Sirius Real Estate Ltd.		154,894	$	169,127
				811,522
Residential REITs — 1.6%
Empiric Student Property PLC		69,363		79,502
Home REIT PLC(a)(d)		103,572		37,310
PRS REIT PLC (The)		60,095		56,666
UNITE Group PLC (The)		42,639		517,751
				691,229
Retail REITs — 1.3%
Hammerson PLC		460,185		148,124
Shaftesbury Capital PLC		168,104		263,045
Supermarket Income REIT PLC		143,014		136,659
				547,828
Semiconductors & Semiconductor Equipment — 0.2%
Alphawave IP Group PLC(a)		36,587		79,436
Software — 1.3%
Alfa Financial Software Holdings PLC(b)		13,601		29,358
Bytes Technology Group PLC		26,362		186,173
Darktrace PLC(a)		40,250		182,488
FD Technologies PLC(a)		2,729		45,610
GB Group PLC		28,985		103,836
				547,465
Specialized REITs — 1.2%
Big Yellow Group PLC		21,523		273,138
Safestore Holdings PLC		25,202		244,337
				517,475
Specialty Retail — 2.9%
AO World PLC(a)		36,294		42,538
ASOS PLC(a)(c)		5,493		26,141
boohoo Group PLC(a)(c)		73,044		31,423
Currys PLC(a)(c)		112,667		94,254
Dunelm Group PLC		14,013		204,275
Frasers Group PLC(a)		13,042		133,660
Halfords Group PLC		25,137		48,234
Moonpig Group PLC(a)(c)		33,484		70,932
Pets at Home Group PLC		51,939		181,084
Watches of Switzerland Group PLC(a)(b)		27,492		140,750
WH Smith PLC		15,023		235,323
Wickes Group PLC		29,574		59,521
				1,268,135
Textiles, Apparel & Luxury Goods — 0.5%
Coats Group PLC		183,359		157,389
Dr. Martens PLC		67,717		81,902
				239,291
Trading Companies & Distributors — 6.2%
Ashtead Technology Holdings PLC		9,208		81,363
Diploma PLC		15,463		677,199
Grafton Group PLC		22,417		276,546
Howden Joinery Group PLC		63,139		661,258
RS GROUP PLC		54,506		520,229
SIG PLC(a)		81,879		32,040
Travis Perkins PLC		24,569		229,530
Yellow Cake PLC(a)(b)		24,886		193,194
				2,671,359
Water Utilities — 0.6%
Penno Group PLC		32,940		275,053

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) February 29, 2024 iShares^® MSCI United Kingdom Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Wireless Telecommunication Services — 0.3%
Airtel Africa PLC(b)		107,906	$	129,553
Total Long-Term Investments — 99.6% (Cost: $58,778,437)				43,223,256
Short-Term Securities
Money Market Funds — 3.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%(e)(f)(g)		1,288,108		1,288,752
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%(e)(f)		10,000		10,000
Total Short-Term Securities — 3.0% (Cost: $1,298,516)				1,298,752
Total Investments — 102.6% (Cost: $60,076,953)				44,522,008
Liabilities in Excess of Other Assets — (2.6)%				(1,148,827	)
Net Assets — 100.0%			$	43,373,181

^(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 February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	621,984	$	666,747	(a)	$	—		$	250	$	(229	)	$	1,288,752		1,288,108	$	8,836	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		20,000		—			(10,000	)(a)		—		—			10,000		10,000		925			—
									$	250	$	(229	)	$	1,298,752			$	9,761		$	—

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

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts FTSE 250 Index		3		03/15/24	$	145	$	922

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) February 29, 2024 iShares^® MSCI United Kingdom Small-Cap ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	922	$	—	$	—	$	—	$	922

^(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 February 29, 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	$	—	$	—	$	19,906	$	—	$	—	$	—	$	19,906
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	1,481	$	—	$	—	$	—	$	1,481

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	188,281

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

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	13,940,590	$	29,245,355	$	37,311	$	43,223,256
Short-Term Securities
Money Market Funds		1,298,752		—		—		1,298,752
	$	15,239,342	$	29,245,355	$	37,311	$	44,522,008
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	922	$	—	$	922

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

See notes to financial statements.

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

Statements of Assets and Liabilities (unaudited) 

February 29, 2024

	iShares MSCI United Kingdom ETF			iShares MSCI United Kingdom Small-Cap ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	2,542,499,987		$	43,223,256
Investments, at value — affiliated(c)		2,640,581			1,298,752
Cash		8,977			9,257
Foreign currency collateral pledged for futures contracts(d)		910,118			7,574
Foreign currency, at value(e)		7,569,118			70,382
Receivables:
Investments sold		10,249,710			339,090
Securities lending income — affiliated		207			1,095
Dividends — unaffiliated		12,533,213			59,549
Dividends — affiliated		2,725			38
Tax reclaims		167,518			27,822
Variation margin on futures contracts		81,064			1,077
Total assets		2,576,663,218			45,037,892
LIABILITIES
Collateral on securities loaned, at value		1,800,914			1,289,598
Payables:
Investments purchased		11,904,273			354,798
Investment advisory fees		1,019,839			20,315
Total liabilities		14,725,026			1,664,711
Commitments and contingent liabilities
NET ASSETS	$	2,561,938,192		$	43,373,181
NET ASSETS CONSIST OF
Paid-in capital	$	3,624,617,825		$	76,824,387
Accumulated loss		(1,062,679,633	)		(33,451,206	)
NET ASSETS	$	2,561,938,192		$	43,373,181
NET ASSET VALUE
Shares outstanding		78,500,000			1,300,000
Net asset value	$	32.64		$	33.36
Shares authorized		Unlimited			Unlimited
Par value		None			None
(a) Investments, at cost — unaffiliated	$	2,949,881,988		$	58,778,437
(b) Securities loaned, at value	$	1,708,609		$	1,120,761
(c)  Investments, at cost — affiliated	$	2,640,757		$	1,298,516
(d) Foreign currency collateral pledged, at cost	$	910,816		$	8,062
(e) Foreign currency, at cost	$	7,602,765		$	69,745
See notes to financial statements.

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Statements of Operations (unaudited)

Six Months Ended February 29, 2024

	iShares MSCI United Kingdom ETF			iShares MSCI United Kingdom Small-Cap ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	36,007,878		$	603,228
Dividends — affiliated		65,029			925
Interest — unaffiliated		25,692			463
Securities lending income — affiliated — net		522			8,836
Foreign taxes withheld		(27,672	)		(23,643	)
Total investment income		36,071,449			589,809
EXPENSES
Investment advisory		6,540,663			126,199
Commitment costs		12,995			212
Total expenses		6,553,658			126,411
Net investment income		29,517,791			463,398
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(48,021,575	)		(2,213,616	)
Investments — affiliated		(154	)		250
Foreign currency transactions		(128,053	)		8,301
Futures contracts		419,069			19,906
In-kind redemptions — unaffiliated(a)		7,456,843			178,129
		(40,273,870	)		(2,007,030	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		126,752,723			3,144,270
Investments — affiliated		(176	)		(229	)
Foreign currency translations		32,524			664
Futures contracts		408,533			1,481
		127,193,604			3,146,186
Net realized and unrealized gain		86,919,734			1,139,156
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	116,437,525		$	1,602,554

^(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 17

Statements of Changes in Net Assets

	iShares MSCI United Kingdom ETF						iShares MSCI United Kingdom Small-Cap ETF
	Six Months Ended 02/29/24 (unaudited)			Year Ended 08/31/23			Six Months Ended 02/29/24 (unaudited)				Year Ended 08/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	29,517,791		$	108,676,857			$	463,398		$	1,322,620
Net realized loss		(40,273,870	)		(7,795,792	)			(2,007,030	)		(2,394,227	)
Net change in unrealized appreciation (depreciation)		127,193,604			321,442,861				3,146,186			5,478,562
Net increase in net assets resulting from operations		116,437,525			422,323,926				1,602,554			4,406,955
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(60,286,935	)		(103,364,666	)			(828,766	)(b)		(804,655	)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(191,965,914	)		(921,047,759	)			(1,715,809	)		(6,527,018	)
NET ASSETS
Total decrease in net assets		(135,815,324	)		(602,088,499	)			(942,021	)		(2,924,718	)
Beginning of period		2,697,753,516			3,299,842,015				44,315,202			47,239,920
End of period	$	2,561,938,192		$	2,697,753,516			$	43,373,181		$	44,315,202

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

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

See notes to financial statements.

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Financial Highlights

(For a share outstanding throughout each period)

	iShares MSCI United Kingdom ETF
	Six Months Ended 02/29/24 (unaudited)					Year Ended 08/31/23			Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19
Net asset value, beginning of period			$	31.96		$	28.90		$	33.05		$	26.88		$	30.27		$	33.62
Net investment income(a)				0.36			1.10			1.26			1.20			0.90			1.49
Net realized and unrealized gain (loss)(b)				1.07			3.05			(3.95	)		5.87			(3.30	)		(3.39	)
Net increase (decrease) from investment operations				1.43			4.15			(2.69	)		7.07			(2.40	)		(1.90	)
Distributions from net investment income(c)				(0.75	)		(1.09	)		(1.46	)		(0.90	)		(0.99	)		(1.45	)
Net asset value, end of period			$	32.64		$	31.96		$	28.90		$	33.05		$	26.88		$	30.27
Total Return(d)
Based on net asset value				4.45	%(e)		14.46	%		(8.50	)%		26.46	%		(8.25	)%		(5.64	)%
Ratios to Average Net Assets(f)
Total expenses				0.50	%(g)		0.50	%		0.50	%		0.50	%		0.51	%		0.50	%
Net investment income				2.25	%(g)		3.54	%		3.90	%		3.91	%		3.12	%		4.64	%
Supplemental Data
Net assets, end of period (000)			$	2,561,938		$	2,697,754		$	3,299,842		$	3,579,181		$	2,191,064		$	2,000,722
Portfolio turnover rate(h)				5	%		6	%		7	%		9	%		4	%		11	%

^(a)  Based on average shares outstanding.

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

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

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

^(e)  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, if any.

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 19

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI United Kingdom Small-Cap ETF
	Six Months Ended 02/29/24 (unaudited)					Year Ended 08/31/23				Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19
Net asset value, beginning of period			$	32.83			$	30.48			$	50.22			$	35.68			$	35.95			$	42.65
Net investment income(a)				0.35				0.90				0.92				0.86				0.72				1.05
Net realized and unrealized gain (loss)(b)				0.82				2.00				(18.83	)			14.32				0.03				(6.69	)
Net increase (decrease) from investment operations				1.17				2.90				(17.91	)			15.18				0.75				(5.64	)
Distributions from net investment income(c)				(0.64	)(d)			(0.55	)			(1.83	)			(0.64	)			(1.02	)			(1.06	)
Net asset value, end of period			$	33.36			$	32.83			$	30.48			$	50.22			$	35.68			$	35.95
Total Return(e)
Based on net asset value				3.53	%(f)			9.55	%			(36.56	)%			42.88	%			1.90	%			(13.17	)%
Ratios to Average Net Assets(g)
Total expenses				0.59	%(h)			0.59	%			0.59	%			0.59	%			0.59	%			0.59	%
Net investment income				2.17	%(h)			2.84	%			2.23	%			1.94	%			1.99	%			2.76	%
Supplemental Data
Net assets, end of period (000)			$	43,373			$	44,315			$	47,240			$	130,560			$	60,657			$	61,109
Portfolio turnover rate(i)				6	%			22	%			17	%			15	%			25	%			20	%

^(a)  Based on average shares outstanding.

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

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

^(d)  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, if any.

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 United Kingdom	Non-diversified
MSCI United Kingdom Small-Cap	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 February 29, 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 21

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.

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

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

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

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

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

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

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

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

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Notes to Financial Statements (unaudited) (continued)

4. SECURITIES AND OTHER INVESTMENTS

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

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

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

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

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
MSCI United Kingdom
BofA Securities, Inc.	$	515,605	$	(515,605	)	$	—		$	—
Goldman Sachs & Co. LLC		1,193,004		(1,193,004	)		—			—
	$	1,708,609	$	(1,708,609	)	$	—		$	—
MSCI United Kingdom Small-Cap
Barclays Capital, Inc.	$	137,361	$	(137,361	)	$	—		$	—
BofA Securities, Inc.		304,103		(304,103	)		—			—
Citigroup Global Markets, Inc.		3,994		(3,994	)		—			—
Credit Suisse Securities (USA) LLC		5,065		(5,009	)		—			56	(b)
J.P. Morgan Securities LLC		599,518		(599,518	)		—			—
Morgan Stanley		40,241		(40,241	)		—			—
Scotia Capital (USA), Inc.		29,851		(29,851	)		—			—
SG Americas Securities LLC		628		(628	)		—			—
	$	1,120,761	$	(1,120,705	)	$	—		$	56

^(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 February 29, 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).

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)

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

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

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

Aggregate Average Daily Net Assets	Investment Advisory Fees
First $7 billion		0.59%
Over $7 billion, up to and including $11 billion		0.54
Over $11 billion, up to and including $24 billion		0.49
Over $24 billion, up to and including $48 billion		0.44
Over $48 billion, up to and including $72 billion		0.40
Over $72 billion, up to and including $96 billion		0.36
Over $96 billion		0.32

For its investment advisory services to the iShares MSCI United Kingdom Small-Cap ETF, BFA is entitled to an annual investment advisory fee of 0.59%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

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

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

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

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

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

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Notes to Financial Statements (unaudited) (continued)

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended February 29, 2024, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
MSCI United Kingdom	$	195
MSCI United Kingdom Small-Cap		1,702

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 February 29, 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 United Kingdom	$	9,608,901	$	20,502,298	$	(8,776,575)
MSCI United Kingdom Small-Cap		431,430		6,012		(2,259)

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 February 29, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
MSCI United Kingdom	$	148,718,815	$	141,348,071
MSCI United Kingdom Small-Cap		2,849,073		2,661,208

For the six months ended February 29, 2024, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind   Sales
MSCI United Kingdom	$	—	$	212,152,305
MSCI United Kingdom Small-Cap		—		1,699,570

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 February 29, 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 August 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 United Kingdom	$	(599,102,446)
MSCI United Kingdom Small-Cap		(15,128,508)

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

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 25

Notes to Financial Statements (unaudited) (continued)

As of February 29, 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 United Kingdom		$  2,984,303,716			$    171,285,678			$   (610,447,392	)			$ (439,161,714	)
MSCI United Kingdom Small-Cap		60,757,853			2,171,834			(18,406,757	)			(16,234,923	)

9. LINE OF CREDIT

The Funds, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on 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 February 29, 2024, the Funds did not borrow under the Syndicated Credit Agreement.

10. PRINCIPAL RISKS

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

BFA uses 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.

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Notes to Financial Statements (unaudited) (continued)

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

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

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

The Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. These events and actions have adversely affected, and may in the future adversely affect, the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but have been, and may continue to be, significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

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

11. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

	Six Months Ended 02/29/24						Year Ended 08/31/23
iShares ETF	Shares			Amount			Shares			Amount
MSCI United Kingdom
Shares sold		1,000,000		$	32,437,336			3,100,000		$	98,515,459
Shares redeemed		(6,900,000	)		(224,403,250	)		(32,900,000	)		(1,019,563,218	)
		(5,900,000	)	$	(191,965,914	)		(29,800,000	)	$	(921,047,759	)
MSCI United Kingdom Small-Cap
Shares sold		—		$	—			—		$	16
Shares redeemed		(50,000	)		(1,715,809	)		(200,000	)		(6,527,034	)
		(50,000	)	$	(1,715,809	)		(200,000	)	$	(6,527,018	)

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 BRIL, to offset transfer and other transaction costs associated

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)

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 MSCI United Kingdom ETF and iShares MSCI United Kingdom 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 29

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.

February 29, 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 United Kingdom Small-Cap(a)	$	0.499195	$	—	$	0.138317	$	0.637512			78	%		—	%		22	%		100	%

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

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 31

Glossary of Terms Used in this Report

Portfolio Abbreviation

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-813-0224

FEBRUARY 29, 2024

     2024 Semi-Annual Report (Unaudited)

iShares Trust

·  iShares Emergent Food and AgTech Multisector ETF | IVEG | NASDAQ

·  iShares ESG Aware MSCI EAFE ETF | ESGD | NASDAQ

·  iShares ESG MSCI EM Leaders ETF | LDEM | NASDAQ

·  iShares MSCI Global Sustainable Development Goals ETF | SDG | NASDAQ

·  iShares MSCI Water Management Multisector ETF | IWTR | NASDAQ

·  iShares Paris-Aligned Climate MSCI World ex USA ETF | PABD | 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 February 29, 2024. Significantly tighter monetary policy helped to rein in inflation, and the Consumer Price Index decelerated substantially while remaining above pre-pandemic levels. 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 strongly, while emerging market stocks advanced at a more modest pace.

The 10-year U.S. Treasury yield rose during the reporting period, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. However, higher yields drove positive returns overall for 10-year U.S. Treasuries and solid gains in shorter-duration U.S. Treasuries. 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 three times during the 12-month period, but paused its tightening after its July meeting. The Fed also continued to reduce its balance sheet by not replacing some of the 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 rapid 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 February 29, 2024
	6-Month		12-Month
U.S. large cap equities (S&P 500® Index)		13.93%		30.45%
U.S. small cap equities (Russell 2000® Index)		8.97		10.05
International equities (MSCI Europe, Australasia, Far East Index)		9.23		14.41
Emerging market equities (MSCI Emerging Markets Index)		4.93		8.73
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		2.69		5.22
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		0.58		0.69
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		2.35		3.33
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		4.33		5.42
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		6.18		11.01
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		40
Statements of Operations		42
Statements of Changes in Net Assets		44
Financial Highlights		47
Notes to Financial Statements		53
Board Review and Approval of Investment Advisory Contract		63
Statement Regarding Liquidity Risk Management Program		65
Supplemental Information		66
General Information		67
Glossary of Terms Used in this Report		68

Fund Summary as of February 29, 2024 iShares^® Emergent Food and AgTech Multisector ETF

Investment Objective

The iShares Emergent Food and AgTech Multisector ETF (the “Fund”) seeks to track the investment results of an index composed of companies from U.S. and non-U.S. markets that are expected to benefit from creating or using agricultural technologies or innovative food products or services as represented by the Morningstar Global Food Innovation Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns						Cumulative Total Returns
	6-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(1.01	)%		(6.38	)%		(9.69	)%		(6.38	)%		(17.17	)%
Fund Market		(1.27	)		(6.61	)		(9.71	)		(6.61	)		(17.22	)
Index		(1.05	)		(6.70	)		(9.69	)		(6.70	)		(17.17	)

The inception date of the Fund was April 25, 2022. The first day of secondary market trading was April 27, 2022. 

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00		$   989.90		$    2.33			$   1,000.00		$   1,022.50		$    2.36		0.47	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (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)
Materials	49.2%
Industrials	18.4
Consumer Staples	14.1
Health Care	13.2
Information Technology	5.1

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of   Total Investments(a)
United States	60.8%
Germany	9.8
France	6.8
Norway	6.2
Netherlands	4.6
Japan	3.9
Canada	3.8
United Kingdom	3.5
Australia	0.6

^(a)  Excludes money market funds.

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Fund Summary as of February 29, 2024 iShares^® ESG Aware MSCI EAFE ETF

Investment Objective

The iShares ESG Aware MSCI EAFE ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization developed market equities, excluding the U.S. and Canada that have positive environmental, social and governance characteristics, as identified by the index provider while exhibiting risk and return characteristics similar to those of the parent index, as represented by the MSCI EAFE Extended ESG Focus Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		8.84	%		14.35	%		7.02	%		8.12	%		14.35	%		40.38	%		82.06	%
Fund Market		8.92			14.53			7.04			8.14			14.53			40.53			82.31
Index		8.63			13.87			7.03			8.19			13.87			40.48			82.92

The inception date of the Fund was June 28, 2016. The first day of secondary market trading was June 30, 2016.

Index performance through May 31, 2018 reflects the performance of the MSCI EAFE ESG Focus Index. Index performance beginning on June 1, 2018 reflects the performance of the MSCI EAFE Extended ESG Focus Index.

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00		$ 1,088.40		$    1.04			$   1,000.00		$   1,023.90		$    1.01		0.20	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (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	17.0
Consumer Discretionary	12.6
Health Care	12.5
Information Technology	10.0
Consumer Staples	8.6
Materials	7.3
Energy	4.3
Communication Services	3.9
Utilities	3.0
Real Estate	1.9

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of   Total Investments(a)
Japan	23.7%
United Kingdom	13.8
France	11.3
Switzerland	10.3
Germany	8.0
Australia	7.2
Netherlands	5.0
Denmark	3.7
Sweden	3.0
Spain	2.5
Italy	2.4
Hong Kong	1.9
Finland	1.5
Ireland	1.3
Singapore	1.2
Norway	1.0
Other (each representing less than 1%)	2.2

^(a)  Excludes money market funds.

F U N D  S U M M A R Y 5

Fund Summary as of February 29, 2024 iShares^® ESG MSCI EM Leaders ETF

Investment Objective

The iShares ESG MSCI EM Leaders ETF (the “Fund”) seeks to track the investment results of an index composed of large and mid-capitalization stocks of emerging market companies with high environmental, social, and governance performance relative to their sector peers as determined by the index provider, as represented by the MSCI EM Extended ESG Leaders 5% Issuer Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns							Cumulative Total Returns
	6-Month Total Returns			1 Year			Since Inception				1 Year			Since Inception
Fund NAV		1.03	%		2.35	%		(1.22	)%			2.35	%		(4.86	)%
Fund Market		0.97			2.07			(1.39	)			2.07			(5.55	)
Index		1.64			3.31			(0.62	)			3.31			(2.49	)

The inception date of the Fund was February 5, 2020. The first day of secondary market trading was February 7, 2020.

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

Expense Example

	Actual					Hypothetical 5% Return
		Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$   1,000.00			$   1,010.30	$   0.80			$   1,000.00	$   1,024.10	$   0.81		0.16	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (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	24.7%
Information Technology	13.6
Communication Services	13.2
Consumer Discretionary	13.1
Industrials	8.0
Materials	6.6
Consumer Staples	6.2
Energy	5.5
Health Care	4.2
Utilities	2.8
Real Estate	2.1

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of   Total Investments(a)
China	27.5%
India	18.7
Taiwan	14.5
South Korea	7.2
South Africa	5.0
Brazil	4.8
Mexico	3.4
Saudi Arabia	2.6
Indonesia	2.5
Malaysia	2.4
Thailand	2.4
United Arab Emirates	2.3
Poland	1.4
Other (each representing less than 1%)	5.3

^(a)  Excludes money market funds.

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Fund Summary as of February 29, 2024 iShares^® MSCI Global Sustainable Development Goals ETF

Investment Objective

The iShares MSCI Global Sustainable Development Goals ETF (the “Fund”) (formerly the iShares MSCI Global Impact ETF) seeks to track the investment results of an index composed of companies that derive a majority of their revenue from products and services that address at least one of the world’s major social and environmental challenges as identified by the United Nations Sustainable Development Goals, as represented by the MSCIACWI Sustainable Impact Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns										Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			Since Inception				1 Year			5 Years			Since Inception
Fund NAV		(0.96	)%		1.07	%		7.67	%		7.98	%			1.07	%		44.68	%		82.86	%
Fund Market		(1.09	)		0.82			7.45			7.91				0.82			43.20			81.97
Index		(1.19	)		1.17			7.64			8.08				1.17			44.52			84.23

The inception date of the Fund was April 20, 2016. The first day of secondary market trading was April 22, 2016.

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

Expense Example

	Actual					Hypothetical 5% Return
		Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$   1,000.00			$    990.40	$   2.42			$   1,000.00	$   1,022.40	$   2.46		0.49	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (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 Staples	20.1	%
Health Care	19.5
Industrials	18.4
Real Estate	16.9
Consumer Discretionary	11.1
Materials	6.0
Information Technology	4.5
Utilities	3.5

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	23.4	%
China	14.6
Japan	13.1
Denmark	9.1
France	5.5
Switzerland	4.4
Hong Kong	4.2
Belgium	4.2
South Korea	3.7
Sweden	2.7
Canada	2.5
Germany	2.4
Taiwan	1.8
United Kingdom	1.8
Australia	1.4
Norway	1.0
Other (each representing less than 1%)	4.2

^(a)  Excludes money market funds.

F U N D  S U M M A R Y 7

Fund Summary as of February 29, 2024 iShares^® MSCI Water Management Multisector ETF

Investment Objective

The iShares MSCI Water Management Multisector ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. and non-U.S. companies that either 1) derive a proportion of their revenues from sustainable water products or services or 2) demonstrate relative efficiency in their water management, as represented by the MSCI ACWI IMI Sustainable Water Transition Extended Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns							Cumulative Total Returns
	6-Month Total Returns			1 Year			Since Inception				1 Year			Since Inception
Fund NAV		10.07	%		14.09	%		16.96	%			14.09	%		25.38	%
Fund Market		9.65			13.90			16.77				13.90			25.08
Index		10.07			13.92			16.78				13.92			25.12

The inception date of the Fund was September 20, 2022. The first day of secondary market trading was September 22, 2022.

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

Expense Example

	Actual					Hypothetical 5% Return
		Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$   1,000.00			$   1,100.70	$   2.45			$   1,000.00	$   1,022.50	$   2.36		0.47	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (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	32.7%
Utilities	17.4
Information Technology	15.0
Consumer Staples	13.7
Consumer Discretionary	10.9
Materials	9.9
Real Estate	0.4

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of   Total Investments(a)
United States	52.4%
United Kingdom	8.0
Taiwan	6.8
Switzerland	6.1
Brazil	4.9
Japan	4.5
France	4.4
Mexico	2.7
Austria	2.6
India	2.5
Saudi Arabia	2.3
China	1.8
Other (each representing less than 1%)	1.0

^(a)  Excludes money market funds.

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Fund Summary as of February 29, 2024 iShares^® Paris-Aligned Climate MSCI World ex USA ETF

Investment Objective

The iShares Paris-Aligned Climate MSCI World ex USA 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., that is designed to be compatible with the objectives of the Paris Agreement by, in aggregate, following a decarbonization trajectory, reducing exposure to climate-related transition and physical risks and increasing exposure to companies favorably positioned for the transition to a low-carbon economy, as represented by the MSCI World ex USA Climate Paris Aligned Benchmark Extended 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
	Since Inception
Fund NAV		5.48	%
Fund Market		6.29
Index		5.51

The inception date of the Fund was January 17, 2024. The first day of secondary market trading was January 19, 2024.

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 (01/17/24)	(a)	Ending Account Value (02/29/24)	Expenses Paid During the Period	(b)		Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	(b)	Annualized Expense Ratio
$   1,000.00				$   1,054.80	$   0.15			$   1,000.00	$   1,024.30	$   0.60		0.12	%

^(a)  Commencement of operations.

^(b)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 44/366 for actual expenses and 182/366 for hypothetical expenses (to reflect the six month period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of   Total Investments(a)
Financials	23.5%
Industrials	18.6
Health Care	13.3
Consumer Discretionary	11.0
Information Technology	10.6
Real Estate	5.6
Materials	5.5
Consumer Staples	5.3
Utilities	3.7
Communication Services	2.6
Energy	0.3

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of   Total Investments(a)
Japan	20.7%
Canada	12.3
France	10.5
United Kingdom	10.1
Switzerland	9.9
Germany	6.3
Australia	6.3
Netherlands	4.5
Denmark	3.6
Sweden	3.1
Italy	2.3
Spain	2.1
Finland	1.4
Hong Kong	1.4
Singapore	1.3
Belgium	1.2
Other (each representing less than 1%)	3.0

^(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.

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Schedule of Investments (unaudited)  February 29, 2024 iShares^® Emergent Food and AgTech Multisector ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 0.6%
Nufarm Ltd./Australia		7,055	$	26,454
Canada — 3.8%
Nutrien Ltd.		3,455		180,343
France — 6.7%
Danone SA		2,924		186,584
Eurofins Scientific SE		2,304		137,694
				324,278
Germany — 9.8%
BASF SE		3,860		196,617
Bayer AG, Registered		5,292		159,893
GEA Group AG		2,784		112,297
				468,807
Japan — 3.9%
Kubota Corp.		12,800		187,858
Netherlands — 4.6%
CNH Industrial NV		16,817		200,963
Corbion NV		1,105		20,972
				221,935
Norway — 6.2%
Bakkafrost P/F		907		56,660
Mowi ASA		8,389		162,017
Salmar ASA		1,263		80,212
				298,889
United Kingdom — 3.4%
Croda International PLC		2,292		138,178
Genus PLC		1,200		27,137
				165,315
United States — 60.5%
AGCO Corp.		1,111		121,877
CF Industries Holdings Inc.		2,480		200,186
Corteva Inc.		4,185		223,981
Deere & Co.		512		186,906
Ecolab Inc.		973		218,769

Security	Shares		Value
United States (continued)
Exponent Inc.		855	$	69,161
FMC Corp.		2,191		123,550
International Flavors & Fragrances Inc.		2,444		184,522
International Paper Co.		5,075		179,452
Kellanova		3,430		189,164
Mosaic Co. (The)		5,265		164,057
Neogen Corp.(a)		3,685		63,345
Packaging Corp. of America		1,130		204,745
Sealed Air Corp.		2,436		84,943
Sotera Health Co.(a)		1,917		28,774
Trimble Inc.(a)		3,989		244,087
Waters Corp.(a)(b)		637		214,937
Westrock Co.		4,510		204,258
				2,906,714
Total Long-Term Investments — 99.5% (Cost: $5,732,504)				4,780,593
Short-Term Securities
Money Market Funds — 4.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%(c)(d)(e)		216,927		217,035
Total Short-Term Securities — 4.5% (Cost: $217,035)				217,035
Total Investments — 104.0% (Cost: $5,949,539)				4,997,628
Liabilities in Excess of Other Assets — (4.0)%				(193,067	)
Net Assets — 100.0%			$	4,804,561

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	217,029	(a)	$	—		$	6	$	—	$	217,035		216,927	$	53	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(c)		—		—			0	(a)		—		—		—		—		41			—
									$	6	$	—	$	217,035			$	94		$	—

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

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

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

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

Schedule of Investments (unaudited) (continued) February 29, 2024 iShares^® Emergent Food and AgTech Multisector ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Micro E-Mini Russell 2000 Index		2		03/15/24	$	21	$	71

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)	$	—	$	—	$	71	$	—	$	—	$	—	$	71

^(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 February 29, 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	$	—	$	—	$	582	$	—	$	—	$	—	$	582
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	62	$	—	$	—	$	—	$	62

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	23,878

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	$	3,288,020	$	1,492,573	$	—	$	4,780,593
Short-Term Securities
Money Market Funds		217,035		—		—		217,035
	$	3,505,055	$	1,492,573	$	—	$	4,997,628

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) February 29, 2024 iShares^® Emergent Food and AgTech Multisector ETF

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	71	$	—	$	—	$	71

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

See notes to financial statements.

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

Schedule of Investments (unaudited) February 29, 2024 iShares^® ESG Aware MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 7.2%
ANZ Group Holdings Ltd.		1,007,937	$	18,682,773
APA Group		1,847,228		9,430,595
Aristocrat Leisure Ltd.		346,138		10,516,855
ASX Ltd.		194,516		8,334,405
Aurizon Holdings Ltd.		2,816,828		6,975,872
BlueScope Steel Ltd.		603,895		8,980,206
Brambles Ltd.		2,241,729		22,011,506
Cochlear Ltd.		81,568		18,593,688
Coles Group Ltd.		752,323		8,274,993
Commonwealth Bank of Australia		856,615		64,979,795
Computershare Ltd.		551,457		9,319,626
CSL Ltd.		250,255		46,588,529
Fortescue Ltd.		1,123,504		18,962,508
Goodman Group		781,970		15,223,069
GPT Group (The)		2,852,376		8,067,138
IGO Ltd.		109,090		562,671
Insurance Australia Group Ltd.		1,918,830		7,745,672
James Hardie Industries PLC(a)		209,853		8,300,821
Macquarie Group Ltd.		216,853		27,535,857
Mineral Resources Ltd.		217,394		9,433,643
National Australia Bank Ltd.		840,181		18,668,083
Northern Star Resources Ltd.		921,171		7,657,389
Orica Ltd.		785,079		8,748,882
Pilbara Minerals Ltd.(b)		3,245,489		8,862,769
QBE Insurance Group Ltd.		1,724,399		19,408,063
Ramsay Health Care Ltd.		231,889		8,272,607
REA Group Ltd.		64,431		8,148,547
Rio Tinto Ltd.		188,473		15,177,524
Santos Ltd.		1,587,164		7,308,151
Sonic Healthcare Ltd.		384,195		7,455,601
Stockland		2,304,815		6,726,600
Suncorp Group Ltd.		1,436,521		14,306,383
Telstra Group Ltd.		3,175,406		7,889,969
Transurban Group		4,799,193		42,291,536
Westpac Banking Corp.		858,246		14,726,856
Woodside Energy Group Ltd.		1,693,517		33,411,030
Xero Ltd.(a)		102,764		8,546,732
				566,126,944
Austria — 0.3%
OMV AG		221,733		9,770,873
Verbund AG		134,444		9,732,386
				19,503,259
Belgium — 0.9%
Anheuser-Busch InBev SA/NV		494,984		29,917,087
Argenx SE(a)		24,591		9,217,079
KBC Group NV		393,259		27,702,280
				66,836,446
Denmark — 3.7%
AP Moller - Maersk A/S, Class B, NVS		4,966		7,047,463
Carlsberg A/S, Class B		65,484		9,147,000
Coloplast A/S, Class B		61,567		8,178,143
DSV A/S		66,104		10,606,415
Genmab A/S(a)		36,676		10,189,330
Novo Nordisk A/S		1,594,099		190,280,624
Novozymes A/S, Class B		178,314		10,058,315
Orsted A/S(c)		199,356		11,164,279
Pandora A/S		81,475		13,176,147
Vestas Wind Systems A/S(a)		610,488		17,013,094
				286,860,810

Security	Shares		Value
Finland — 1.5%
Elisa OYJ		293,358	$	13,208,769
Kesko OYJ, Class B		485,857		9,289,385
Metso OYJ		898,763		9,613,855
Neste OYJ		459,041		12,583,275
Nokia OYJ		4,992,952		17,600,617
Nordea Bank Abp, New		975,275		11,869,575
Sampo OYJ, Class A		260,605		11,652,347
Stora Enso OYJ, Class R		647,669		8,188,872
UPM-Kymmene OYJ		499,135		16,705,737
Wartsila OYJ Abp		549,999		8,514,410
				119,226,842
France — 11.3%
Aeroports de Paris SA		54,176		7,360,161
Air Liquide SA		140,446		28,546,016
Airbus SE		162,165		26,831,654
AXA SA		1,121,248		39,918,555
BNP Paribas SA		519,896		31,204,155
Bouygues SA		213,444		8,440,785
Capgemini SE		37,074		9,018,018
Carrefour SA		458,907		7,710,257
Cie. de Saint-Gobain SA		117,114		9,028,388
Cie. Generale des Etablissements Michelin SCA		1,109,793		41,069,497
Covivio SA/France		380,460		17,083,427
Danone SA		619,200		39,511,959
Dassault Systemes SE		550,876		25,814,639
Engie SA		790,587		12,686,061
EssilorLuxottica SA		134,842		28,631,570
Eurazeo SE		101,674		8,601,666
Gecina SA		77,308		7,467,307
Hermes International SCA		14,551		36,411,536
Kering SA		52,755		24,300,417
L’Oreal SA		120,939		57,768,797
LVMH Moet Hennessy Louis Vuitton SE		129,793		118,466,625
Pernod Ricard SA		120,103		20,073,248
Publicis Groupe SA		106,233		11,240,034
Rexel SA		568,094		14,551,698
Safran SA		112,956		23,685,792
Sanofi SA		439,219		41,863,953
Schneider Electric SE		389,753		88,587,771
Societe Generale SA		487,468		11,838,467
TotalEnergies SE		1,278,870		81,514,083
Worldline SA/France(a)(c)		591,389		6,807,993
				886,034,529
Germany — 7.7%
adidas AG		89,999		18,205,002
Allianz SE, Registered		194,561		53,437,218
BASF SE		162,434		8,273,900
Bayer AG, Registered		354,122		10,699,493
Bayerische Motoren Werke AG		280,835		33,219,436
Commerzbank AG		653,957		7,570,155
Continental AG		95,548		7,664,401
Daimler Truck Holding AG		197,760		8,075,056
Deutsche Bank AG, Registered		828,031		11,089,578
Deutsche Boerse AG		118,350		24,776,240
Deutsche Lufthansa AG, Registered(a)		967,620		7,525,013
E.ON SE		654,554		8,358,194
GEA Group AG		267,307		10,782,219
Heidelberg Materials AG		92,556		8,987,082
Henkel AG & Co. KGaA		314,997		21,251,810
Infineon Technologies AG		735,304		26,401,497
LEG Immobilien SE(a)		101,709		7,491,825

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) February 29, 2024 iShares^® ESG Aware MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Germany (continued)
Mercedes-Benz Group AG		334,540	$	26,657,748
Merck KGaA		147,042		25,018,727
MTU Aero Engines AG		32,185		7,742,072
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		97,542		45,412,911
Puma SE		170,309		7,833,090
Rheinmetall AG		23,190		10,640,883
SAP SE		626,162		117,338,550
Siemens AG, Registered		384,865		76,191,265
Vonovia SE		268,166		7,484,282
Zalando SE(a)(b)(c)		361,870		7,658,357
				605,786,004
Hong Kong — 1.8%
AIA Group Ltd.		5,443,000		43,877,031
BOC Hong Kong Holdings Ltd.		3,600,500		9,459,266
Hang Lung Properties Ltd.		7,125,000		7,647,355
Hang Seng Bank Ltd.		725,600		8,267,609
Hong Kong Exchanges & Clearing Ltd.		660,200		20,333,208
MTR Corp. Ltd.		9,438,000		31,223,464
Sands China Ltd.(a)		2,607,600		7,403,875
Sino Land Co. Ltd.		7,488,000		8,064,100
Swire Pacific Ltd., Class A		994,500		8,238,371
				144,514,279
Ireland — 1.3%
CRH PLC		576,544		48,020,510
Flutter Entertainment PLC(a)		89,513		19,382,692
Kerry Group PLC, Class A		253,895		22,294,984
Kingspan Group PLC		95,986		8,679,905
				98,378,091
Israel — 0.6%
Bank Hapoalim BM		1,503,054		14,397,366
CyberArk Software Ltd.(a)		29,198		7,701,265
Elbit Systems Ltd.		37,569		8,356,690
Isracard Ltd.		1		4
Nice Ltd.(a)		42,953		10,508,718
Wix.com Ltd.(a)		60,382		8,464,349
				49,428,392
Italy — 2.4%
Assicurazioni Generali SpA		1,825,019		43,287,641
Enel SpA		5,053,530		32,155,854
Eni SpA		514,822		7,927,451
Intesa Sanpaolo SpA		9,873,226		31,440,360
Mediobanca Banca di Credito Finanziario SpA		602,508		8,207,401
Moncler SpA		218,221		15,721,971
Stellantis NV		394,972		10,332,307
Terna - Rete Elettrica Nazionale		1,151,469		9,020,609
UniCredit SpA		882,922		29,573,124
				187,666,718
Japan — 23.5%
Advantest Corp.		376,700		17,733,490
Aeon Co. Ltd.		350,500		8,368,873
Ajinomoto Co. Inc.		546,300		20,093,608
ANA Holdings Inc.(a)		367,300		8,007,964
Asahi Group Holdings Ltd.		313,400		10,736,291
Asahi Kasei Corp.		3,532,600		24,579,736
Astellas Pharma Inc.		1,289,800		14,095,903
Azbil Corp.		396,700		11,657,933
Bridgestone Corp.		1,211,200		52,011,979
Chugai Pharmaceutical Co. Ltd.		448,600		17,917,812
Daifuku Co. Ltd.		357,900		8,497,837
Daiichi Sankyo Co. Ltd.		957,400		31,530,921

Security	Shares		Value
Japan (continued)
Daikin Industries Ltd.		141,100	$	19,886,956
Daiwa Securities Group Inc.		3,786,400		27,915,954
Disco Corp.		33,600		10,949,813
Eisai Co. Ltd.		184,000		7,632,445
ENEOS Holdings Inc.		2,605,600		11,242,088
FANUC Corp.		887,200		25,861,338
Fast Retailing Co. Ltd.		93,500		27,082,259
FUJIFILM Holdings Corp.		211,200		13,452,740
Fujitsu Ltd.		147,600		23,065,850
Hankyu Hanshin Holdings Inc.		771,800		22,256,882
Hitachi Ltd.		530,900		44,978,115
Honda Motor Co. Ltd.		3,419,000		40,626,471
Hoya Corp.		263,400		34,383,452
Ibiden Co. Ltd.		190,900		8,836,182
Inpex Corp.		779,100		10,384,398
ITOCHU Corp.		1,104,600		47,984,848
JFE Holdings Inc.		708,400		11,617,978
Kao Corp.		226,000		8,551,391
KDDI Corp.		1,579,100		47,738,975
Keyence Corp.		58,200		27,275,752
Kirin Holdings Co. Ltd.		597,900		8,312,087
Komatsu Ltd.		459,900		13,350,011
Kubota Corp.		992,200		14,561,924
Marubeni Corp.		1,449,100		24,014,480
MatsukiyoCocokara & Co.		429,100		7,115,843
Mazda Motor Corp.		657,400		7,634,064
Mitsubishi Chemical Group Corp.		1,322,800		7,590,674
Mitsubishi Corp.		1,320,000		28,313,386
Mitsubishi Electric Corp.		1,198,100		19,083,314
Mitsubishi Heavy Industries Ltd.		201,600		15,956,013
Mitsubishi UFJ Financial Group Inc.		4,652,000		47,789,082
Mitsui Chemicals Inc.		277,300		7,690,123
Mitsui Fudosan Co. Ltd.		452,800		12,292,098
Mizuho Financial Group Inc.		1,476,200		27,578,491
NEC Corp.		163,200		11,015,543
Nintendo Co. Ltd.		402,880		22,513,026
Nippon Telegraph & Telephone Corp.		6,476,600		7,876,617
Nippon Yusen KK		288,300		9,181,331
Nitto Denko Corp.		85,500		7,861,208
Nomura Holdings Inc.		2,547,700		14,505,746
Nomura Research Institute Ltd.		490,900		13,794,306
Obayashi Corp.		844,200		8,173,068
Omron Corp.		332,600		12,366,965
Oriental Land Co. Ltd./Japan		619,000		22,185,084
ORIX Corp.		593,100		12,461,348
Pan Pacific International Holdings Corp.		316,700		7,466,058
Panasonic Holdings Corp.		1,399,400		13,229,410
Rakuten Group Inc.(a)(b)		1,468,000		8,046,066
Recruit Holdings Co. Ltd.(b)		726,100		29,287,852
Renesas Electronics Corp.		843,600		13,938,871
Secom Co. Ltd.		111,200		8,114,502
Seiko Epson Corp.		493,700		7,991,816
Sekisui Chemical Co. Ltd.		572,000		8,064,893
Sekisui House Ltd.		1,053,100		23,458,513
Seven & i Holdings Co. Ltd.		570,300		8,499,144
SG Holdings Co. Ltd.		831,300		10,428,498
Shimadzu Corp.		299,600		8,184,546
Shin-Etsu Chemical Co. Ltd.		637,200		27,192,087
Shionogi & Co. Ltd.		159,800		7,955,942
Shiseido Co. Ltd.		275,800		7,498,190
SoftBank Corp.		3,436,500		45,201,881
SoftBank Group Corp.		469,800		27,827,555

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) February 29, 2024 iShares^® ESG Aware MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Sompo Holdings Inc.		329,600	$	19,323,072
Sony Group Corp.		789,300		67,996,732
Sumitomo Metal Mining Co. Ltd.		423,600		11,027,304
Sumitomo Mitsui Financial Group Inc.		585,300		32,609,703
Sumitomo Mitsui Trust Holdings Inc.		393,600		7,975,607
Sysmex Corp.		224,800		12,623,601
Takeda Pharmaceutical Co. Ltd.		769,594		22,507,684
TDK Corp.		165,700		8,639,077
Terumo Corp.		209,900		8,178,058
Tokio Marine Holdings Inc.		885,600		25,874,274
Tokyo Electron Ltd.		249,400		61,878,356
Tokyo Gas Co. Ltd.		369,700		8,092,059
Tokyu Corp.		662,000		8,237,152
Toray Industries Inc.		4,425,200		20,417,575
Toyota Motor Corp.		4,634,500		111,628,480
Unicharm Corp.(b)		227,100		7,531,345
West Japan Railway Co.		190,900		7,937,947
Yamaha Corp.		494,000		10,803,258
Yamaha Motor Co. Ltd.		2,525,700		22,643,737
Yaskawa Electric Corp.		411,600		16,870,826
Yokogawa Electric Corp.		678,200		14,356,000
				1,849,709,737
Netherlands — 5.0%
Adyen NV(a)(c)		8,973		14,197,415
AerCap Holdings NV(a)		98,109		7,572,053
Akzo Nobel NV		260,107		18,958,951
ASM International NV		19,574		11,954,767
ASML Holding NV		208,374		197,747,233
BE Semiconductor Industries NV		45,905		8,314,210
Heineken NV		98,742		9,122,894
ING Groep NV		1,682,199		23,150,154
Koninklijke Ahold Delhaize NV		756,865		22,540,841
Koninklijke KPN NV		6,810,434		24,895,266
Prosus NV		700,127		20,449,309
Universal Music Group NV		331,899		10,020,156
Wolters Kluwer NV		142,173		22,451,927
				391,375,176
New Zealand — 0.2%
EBOS Group Ltd.		431,694		9,729,924
Meridian Energy Ltd.		2,401,081		8,743,066
				18,472,990
Norway — 1.0%
DNB Bank ASA		775,826		15,534,919
Equinor ASA		941,907		23,207,432
Gjensidige Forsikring ASA		486,188		7,680,911
Kongsberg Gruppen ASA		116,748		7,436,003
Norsk Hydro ASA		1,347,456		6,916,157
Orkla ASA		1,478,241		10,597,206
Telenor ASA		938,117		10,263,263
				81,635,891
Portugal — 0.3%
Galp Energia SGPS SA		1,196,606		18,829,402
Singapore — 1.2%
CapitaLand Investment Ltd/Singapore		6,849,500		14,169,671
City Developments Ltd.		3,865,200		16,291,582
DBS Group Holdings Ltd.		305,200		7,567,514
Grab Holdings Ltd., Class A(a)		2,186,380		6,712,187
Keppel Ltd.		3,787,500		20,424,292
Oversea-Chinese Banking Corp. Ltd.		921,000		8,895,858
United Overseas Bank Ltd.		638,400		13,284,216

Security	Shares		Value
Singapore (continued)
Wilmar International Ltd.		2,984,800	$	7,371,257
				94,716,577
Spain — 2.5%
ACS Actividades de Construccion y Servicios SA		217,238		8,907,960
Amadeus IT Group SA		460,536		27,244,778
Banco Bilbao Vizcaya Argentaria SA		2,981,235		29,735,673
Banco Santander SA		8,700,445		36,258,974
Cellnex Telecom SA(c)		249,761		9,029,992
Corp. ACCIONA Energias Renovables SA		13,106		270,982
Endesa SA		518,659		9,341,107
Iberdrola SA		4,020,198		46,172,574
Industria de Diseno Textil SA		574,586		25,562,223
Redeia Corp. SA		248,322		3,950,889
				196,475,152
Sweden — 3.0%
Alfa Laval AB		206,961		7,792,418
Assa Abloy AB, Class B		438,133		12,506,285
Atlas Copco AB, Class A		1,536,701		26,695,776
Boliden AB		680,423		17,244,910
Epiroc AB		571,338		10,371,002
EQT AB		286,409		8,390,851
Essity AB, Class B		575,837		13,426,251
Evolution AB(c)		101,300		13,122,808
H & M Hennes & Mauritz AB, Class B		557,993		7,577,010
Saab AB, Class B		102,095		8,048,515
Sandvik AB		375,618		8,457,894
Skandinaviska Enskilda Banken AB, Class A		624,492		9,287,882
Svenska Cellulosa AB SCA, Class B		955,908		13,534,014
Svenska Handelsbanken AB, Class A		1,418,234		16,961,820
Swedbank AB, Class A		412,414		9,070,169
Tele2 AB, Class B		1,665,347		13,967,900
Telia Co. AB		6,570,953		15,639,707
Volvo AB, Class B		913,673		25,174,911
				237,270,123
Switzerland — 10.2%
ABB Ltd., Registered		1,627,806		75,110,742
Alcon Inc.		418,646		35,697,030
Coca-Cola HBC AG, Class DI		252,426		7,868,946
DSM-Firmenich AG		154,880		16,598,245
Geberit AG, Registered		14,807		8,608,629
Givaudan SA, Registered		6,699		28,108,585
Holcim AG		210,421		17,174,467
Kuehne + Nagel International AG, Registered		73,902		24,881,764
Logitech International SA, Registered		157,480		13,934,835
Lonza Group AG, Registered		54,584		28,490,463
Nestle SA, Registered		1,011,524		104,912,414
Novartis AG, Registered		982,460		99,127,741
Partners Group Holding AG		5,476		7,873,750
Roche Holding AG, NVS		299,867		78,403,537
SGS SA		137,378		13,191,305
SIG Group AG		630,136		12,483,465
Sika AG, Registered		73,462		21,246,416
Sonova Holding AG, Registered		58,142		17,933,729
STMicroelectronics NV		534,837		24,285,479
Straumann Holding AG		47,777		7,551,663
Swiss Re AG		284,077		34,286,548
Temenos AG, Registered		108,208		8,143,280
UBS Group AG, Registered		1,850,485		52,834,671
VAT Group AG(c)		17,315		8,691,264
Zurich Insurance Group AG		102,970		54,783,163
				802,222,131

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) February 29, 2024 iShares^® ESG Aware MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom — 13.7%
3i Group PLC		963,002	$	30,087,125
Anglo American PLC		913,206		19,676,806
Antofagasta PLC		360,456		8,281,563
Ashtead Group PLC		152,644		10,978,882
AstraZeneca PLC		714,509		90,066,302
Aviva PLC		3,274,050		18,492,414
BAE Systems PLC		1,879,737		29,505,578
Barclays PLC		8,259,582		17,262,563
Barratt Developments PLC		1,232,216		7,270,203
Berkeley Group Holdings PLC		197,844		11,623,947
BP PLC		4,466,667		25,951,617
BT Group PLC		5,612,304		7,408,081
Bunzl PLC		199,543		7,953,618
Burberry Group PLC		544,925		8,847,830
Centrica PLC		4,611,073		7,336,525
Coca-Cola Europacific Partners PLC		220,954		15,164,072
Compass Group PLC		285,572		7,835,697
Croda International PLC		163,305		9,845,167
DCC PLC		193,616		13,760,802
Diageo PLC		1,578,098		59,123,893
Entain PLC		639,744		7,372,918
GSK PLC		1,865,185		39,016,759
HSBC Holdings PLC		8,682,707		67,584,189
Informa PLC		1,467,353		15,044,658
Intertek Group PLC		145,413		8,511,635
J Sainsbury PLC		3,866,515		12,205,909
Kingfisher PLC		4,511,592		13,379,554
Legal & General Group PLC		4,307,948		13,208,361
Lloyds Banking Group PLC		32,523,741		19,230,433
London Stock Exchange Group PLC		132,893		14,925,636
Mondi PLC, NVS		492,939		8,764,203
National Grid PLC		2,596,882		33,980,206
NatWest Group PLC, NVS		3,739,525		11,306,823
Pearson PLC		607,004		7,379,093
Prudential PLC		927,437		9,137,891
Reckitt Benckiser Group PLC		221,118		13,970,865
RELX PLC		1,336,707		58,553,235
Rentokil Initial PLC		1,421,467		7,913,274
Rio Tinto PLC		526,144		33,752,316
Rolls-Royce Holdings PLC(a)		3,740,533		17,458,192
Sage Group PLC (The)		1,427,731		22,490,469
Segro PLC		1,257,161		13,445,953
Shell PLC		3,028,942		93,684,604
SSE PLC		1,101,170		22,631,675
St. James’s Place PLC		903,891		5,755,400
Standard Chartered PLC		1,213,102		10,256,733

Security	Shares		Value
United Kingdom (continued)
Taylor Wimpey PLC		4,530,354	$	7,895,250
Tesco PLC		3,513,630		12,392,688
Unilever PLC		1,317,713		64,349,513
WPP PLC		805,750		7,208,646
				1,079,279,766
Total Common Stocks — 99.3% (Cost: $6,555,960,528)				7,800,349,259
Preferred Stocks
Germany — 0.2%
Henkel AG & Co. KGaA, Preference Shares, NVS		115,288		8,673,553
Sartorius AG, Preference Shares, NVS		22,810		8,638,827
				17,312,380
Total Preferred Stocks — 0.2% (Cost: $17,864,196)				17,312,380
Total Long-Term Investments — 99.5% (Cost: $6,573,824,724)				7,817,661,639
Short-Term Securities
Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%(d)(e)(f)		15,841,678		15,849,599
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%(d)(e)		420,000		420,000
Total Short-Term Securities — 0.2% (Cost: $16,271,574)				16,269,599
Total Investments — 99.7% (Cost: $6,590,096,298)				7,833,931,238
Other Assets Less Liabilities — 0.3%				24,014,734
Net Assets — 100.0%			$	7,857,945,972

^(a)  Non-income producing security.

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

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

^(d)  Affiliate of the Fund.

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

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

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

Schedule of Investments (unaudited) (continued) February 29, 2024 iShares^® ESG Aware MSCI EAFE ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	6,361,879	$	9,487,829	(a)	$	—		$	1,988	$	(2,097	)	$	15,849,599		15,841,678	$	16,734	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,330,000		—			(910,000	)(a)		—		—			420,000		420,000		97,635			—
									$	1,988	$	(2,097	)	$	16,269,599			$	114,369		$	—

^(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	$	10,745	$	829,684
Euro STOXX 50 Index		295		03/15/24		15,641		776,068
FTSE 100 Index		89		03/15/24		8,580		27,490
SPI 200 Index		38		03/21/24		4,741		102,371
							$	1,735,613

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)	$	—	$	—	$	1,735,613	$	—	$	—	$	—	$	1,735,613

^(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 February 29, 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	$	—	$	—	$	2,021,611	$	—	$	—	$	—	$	2,021,611
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	1,565,951	$	—	$	—	$	—	$	1,565,951

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) February 29, 2024 iShares^® ESG Aware MSCI EAFE ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	42,369,448

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	$	55,877,189	$	7,744,472,070	$	—	$	7,800,349,259
Preferred Stocks		—		17,312,380		—		17,312,380
Short-Term Securities
Money Market Funds		16,269,599		—		—		16,269,599
	$	72,146,788	$	7,761,784,450	$	—	$	7,833,931,238
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	1,735,613	$	—	$	1,735,613

^(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)  February 29, 2024 iShares^® ESG MSCI EM Leaders ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Brazil — 3.1%
Atacadao SA		6,670	$	16,222
Banco Santander Brasil SA		3,822		21,989
CCR SA		10,084		27,953
Cia. de Saneamento Basico do Estado de Sao Paulo		3,359		53,489
Cia. Siderurgica Nacional SA		6,881		23,282
Cosan SA		11,741		40,151
Energisa SA		2,130		21,784
Equatorial Energia SA		10,042		69,046
Hapvida Participacoes e Investimentos SA(a)(b)		49,207		36,328
Klabin SA		7,571		34,374
Localiza Rent a Car SA		8,809		93,918
Localiza Rent a Car SA, NVS(b)		44		448
Lojas Renner SA		9,672		30,741
Magazine Luiza SA(b)		31,377		13,444
Magazine Luiza SA, NVS		3,005		1,288
Natura & Co. Holding SA(b)		9,010		29,561
PRIO SA		8,086		71,099
Raia Drogasil SA		12,546		67,234
Rede D’Or Sao Luiz SA(a)		5,744		29,257
Rumo SA		13,110		59,918
Telefonica Brasil SA		4,237		46,435
TIM SA/Brazil		8,519		31,138
TOTVS SA		5,327		32,887
Ultrapar Participacoes SA		7,053		41,656
WEG SA		16,652		122,903
				1,016,545
Chile — 0.3%
Cencosud SA		12,687		22,785
Empresas CMPC SA		11,177		19,842
Empresas Copec SA		3,891		24,972
Enel Americas SA		222,123		22,648
Falabella SA(b)		8,732		22,147
				112,394
China — 27.4%
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		1,500		4,040
AAC Technologies Holdings Inc.		7,500		18,646
Agricultural Bank of China Ltd., Class A		50,800		29,509
Agricultural Bank of China Ltd., Class H		269,000		110,356
Aier Eye Hospital Group Co. Ltd., Class A		5,200		10,571
Air China Ltd., Class A(b)		7,200		7,457
Air China Ltd., Class H(b)		18,000		9,639
Alibaba Group Holding Ltd.		161,216		1,482,168
Alibaba Health Information Technology Ltd.(b)		54,000		23,596
Angel Yeast Co. Ltd., Class A		500		2,331
Anhui Conch Cement Co. Ltd., Class A		2,200		7,303
Anhui Conch Cement Co. Ltd., Class H		11,000		23,936
Anjoy Foods Group Co. Ltd., Class A		200		2,418
Asymchem Laboratories Tianjin Co. Ltd., Class A		200		2,820
Baidu Inc.(b)		22,350		282,803
Beijing Enterprises Water Group Ltd.		42,000		9,852
Beijing Tongrentang Co. Ltd., Class A		800		4,941
BOC Aviation Ltd.(a)		2,300		16,931
Bosideng International Holdings Ltd.		38,000		19,113
BYD Co. Ltd., Class A		1,000		26,413
BYD Co. Ltd., Class H		10,500		258,616
By-health Co. Ltd., Class A		900		2,108
CECEP Solar Energy Co. Ltd., Class A		2,300		1,733
China Baoan Group Co. Ltd., Class A		1,400		2,310
China Construction Bank Corp., Class H		952,000		590,389

Security	Shares		Value
China (continued)
China Eastern Airlines Corp. Ltd., Class A(b)		11,000	$	5,807
China Feihe Ltd.(a)		37,000		18,403
China Jushi Co. Ltd., Class A		1,978		2,746
China Literature Ltd.(a)(b)		4,200		12,876
China Medical System Holdings Ltd.		13,000		21,370
China Mengniu Dairy Co. Ltd.		31,000		77,511
China Merchants Bank Co. Ltd., Class A		12,300		54,469
China Merchants Bank Co. Ltd., Class H		38,500		148,880
China Merchants Port Holdings Co. Ltd.		12,000		14,882
China National Medicines Corp. Ltd., Class A		400		1,748
China Overseas Land & Investment Ltd.		37,500		55,381
China Resources Gas Group Ltd.		9,400		28,367
China Resources Land Ltd.		32,000		97,739
China Resources Pharmaceutical Group Ltd.(a)		15,500		10,483
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		600		4,578
China Ruyi Holdings Ltd.(b)(c)		52,000		10,207
China Southern Airlines Co. Ltd., Class A(b)		7,500		6,150
China Three Gorges Renewables Group Co. Ltd., Class A		17,000		10,892
China Tourism Group Duty Free Corp. Ltd.(a)(c)		1,100		10,772
China Tourism Group Duty Free Corp. Ltd., Class A		1,200		14,450
China Vanke Co. Ltd., Class A		5,400		7,502
China Vanke Co. Ltd., Class H		23,600		18,195
China Yangtze Power Co. Ltd., Class A		14,600		50,751
Chongqing Zhifei Biological Products Co. Ltd., Class A		1,400		10,392
Chow Tai Fook Jewellery Group Ltd.(c)		19,000		28,311
CITIC Ltd.		58,000		58,346
CMOC Group Ltd., Class A		10,500		8,937
CMOC Group Ltd., Class H		36,000		22,209
CNGR Advanced Material Co. Ltd.		400		2,631
Contemporary Amperex Technology Co. Ltd., Class A		2,640		59,710
Country Garden Services Holdings Co. Ltd.		22,000		16,746
CSPC Innovation Pharmaceutical Co. Ltd.		700		3,325
CSPC Pharmaceutical Group Ltd.		89,360		69,598
East Buy Holding Ltd.(a)(b)(c)		4,500		13,871
Ecovacs Robotics Co. Ltd., Class A		300		1,551
ENN Energy Holdings Ltd.		7,800		63,335
ENN Natural Gas Co. Ltd., Class A		1,550		4,025
Far East Horizon Ltd.		20,000		16,067
Fosun International Ltd.		25,000		14,423
Ganfeng Lithium Group Co. Ltd., Class A		820		4,547
Ganfeng Lithium Group Co. Ltd., Class H(a)		4,240		14,046
Geely Automobile Holdings Ltd.		61,000		66,385
GEM Co. Ltd., Class A		3,600		2,675
Genscript Biotech Corp.(b)(c)		12,000		24,260
Goldwind Science & Technology Co Ltd., Class A		2,400		2,543
GoodWe Technologies Co. Ltd., NVS		93		1,398
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		700		2,875
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		200		1,668
Haier Smart Home Co. Ltd., Class A		3,800		12,657
Haier Smart Home Co. Ltd., Class H		23,800		72,082
Haitian International Holdings Ltd.		6,000		15,192
Hangzhou Robam Appliances Co. Ltd., Class A		400		1,384
Hangzhou Tigermed Consulting Co. Ltd., Class A		200		1,249
Hansoh Pharmaceutical Group Co. Ltd.(a)		12,000		21,151
Henan Shuanghui Investment & Development Co. Ltd., Class A		2,100		8,501
Hoymiles Power Electronics Inc., NVS		45		1,452
Huadong Medicine Co. Ltd., Class A		1,200		5,588
Huatai Securities Co. Ltd., Class A		4,600		9,263
Huatai Securities Co. Ltd., Class H(a)		12,800		15,108

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) February 29, 2024 iShares^® ESG MSCI EM Leaders ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Hygeia Healthcare Holdings Co. Ltd.(a)		3,200	$	12,037
Imeik Technology Development Co. Ltd., Class A		100		4,538
Industrial & Commercial Bank of China Ltd., Class A		37,300		27,564
Industrial & Commercial Bank of China Ltd., Class H		645,000		330,635
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		3,800		14,919
Innovent Biologics Inc.(a)(b)		11,500		62,204
JD Logistics Inc.(a)(b)		18,000		17,773
JD.com Inc.		23,100		260,704
Jiangsu Eastern Shenghong Co. Ltd., Class A		3,600		5,240
Jiangsu Expressway Co. Ltd., Class H		12,000		12,326
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A		3,700		21,836
Jiangsu Zhongtian Technology Co. Ltd., Class A		1,700		3,083
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		600		1,003
Juneyao Airlines Co. Ltd., Class A(b)		1,400		2,590
Kanzhun Ltd., ADR		2,261		35,385
Kingdee International Software Group Co. Ltd.(b)		28,000		30,108
Kuaishou Technology(a)(b)		23,200		131,008
Kuang-Chi Technologies Co. Ltd., Class A(b)		1,800		3,704
Kunlun Energy Co. Ltd.		38,000		32,396
Lenovo Group Ltd.		80,000		88,378
Lepu Medical Technology Beijing Co. Ltd., Class A		1,100		2,303
Li Auto Inc.(b)		11,404		260,262
Longfor Group Holdings Ltd.(a)		18,500		23,171
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A(b)		1,800		1,394
Ming Yang Smart Energy Group Ltd., Class A		1,600		2,264
MINISO Group Holding Ltd.		3,768		17,318
NetEase Inc.		19,200		417,073
NIO Inc., ADR(b)(c)		13,316		76,567
Nongfu Spring Co. Ltd., Class H(a)		19,800		111,965
Offshore Oil Engineering Co. Ltd., Class A		2,800		2,401
Orient Overseas International Ltd.		1,500		23,316
Perfect World Co. Ltd., Class A		1,000		1,621
Pharmaron Beijing Co. Ltd., Class A		850		2,747
Pop Mart International Group Ltd.(a)		4,800		11,966
Postal Savings Bank of China Co. Ltd., Class A		16,057		10,785
Postal Savings Bank of China Co. Ltd., Class H(a)		80,000		42,030
Sany Heavy Equipment International Holdings Co. Ltd.		10,000		7,766
SF Holding Co. Ltd., Class A		3,000		15,909
Shandong Nanshan Aluminum Co. Ltd., Class A		6,100		2,623
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		24,800		16,123
Shanghai Electric Group Co. Ltd., Class A(b)		7,800		4,585
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		1,000		3,406
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		6,000		10,811
Shanghai M&G Stationery Inc., Class A		800		3,950
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		1,700		4,271
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		7,000		11,257
Shanghai Putailai New Energy Technology Co. Ltd., Class A		1,595		4,151
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		2,000		1,832
Shenzhen Inovance Technology Co. Ltd., Class A		850		7,443
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		700		27,989
Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A		500		5,619
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		900		2,680
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		700		2,666
Sino Biopharmaceutical Ltd.		105,000		41,733
Sinoma Science & Technology Co. Ltd., Class A		1,000		2,170
Sinopharm Group Co. Ltd., Class H		13,600		38,059
Sinotruk Hong Kong Ltd.		6,500		17,185
Skshu Paint Co. Ltd., Class A(b)		420		2,247

Security	Shares		Value
China (continued)
Sungrow Power Supply Co. Ltd., Class A		900	$	10,866
Sunwoda Electronic Co. Ltd., Class A		1,200		2,363
TCL Technology Group Corp., Class A(b)		11,300		7,090
Tencent Holdings Ltd.		44,700		1,565,869
Tianqi Lithium Corp., Class A		900		6,681
Tongcheng Travel Holdings Ltd.(b)		12,400		31,173
Topchoice Medical Corp., Class A(b)		300		2,729
Vinda International Holdings Ltd.		3,000		8,885
Vipshop Holdings Ltd., ADR(b)		3,422		65,874
Want Want China Holdings Ltd.		49,000		27,036
Weichai Power Co. Ltd., Class A		3,700		8,669
Weichai Power Co. Ltd., Class H		20,000		39,367
Western Mining Co. Ltd., Class A		1,500		3,458
WuXi AppTec Co. Ltd., Class A		1,392		10,491
WuXi AppTec Co. Ltd., Class H(a)(c)		3,460		21,329
Wuxi Biologics Cayman Inc.(a)(b)		38,500		91,191
XPeng Inc.(b)		11,400		53,355
Yadea Group Holdings Ltd.(a)		12,000		18,853
Yihai Kerry Arawana Holdings Co. Ltd., Class A		1,100		4,923
Yum China Holdings Inc.		4,014		172,160
Yunnan Baiyao Group Co. Ltd., Class A		1,140		7,870
Yunnan Chihong Zinc&Germanium Co. Ltd.		3,300		2,355
Yunnan Energy New Material Co. Ltd., Class A		700		4,453
Zai Lab Ltd.(b)		9,300		19,848
Zangge Mining Co. Ltd.		1,000		4,060
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		400		12,361
Zhejiang Chint Electrics Co. Ltd., Class A		1,500		4,277
Zhejiang Expressway Co. Ltd., Class H		14,840		11,317
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		800		1,546
Zhejiang Weixing New Building Materials Co. Ltd., Class A		900		1,962
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		4,900		5,436
ZTO Express Cayman Inc., ADR		4,118		79,024
				8,957,619
Colombia — 0.1%
Bancolombia SA		2,541		21,325
Interconexion Electrica SA ESP		4,573		19,480
				40,805
Czech Republic — 0.1%
Komercni Banka AS		755		26,276
Moneta Money Bank AS(a)		3,180		13,959
				40,235
Egypt — 0.2%
Commercial International Bank - Egypt (CIB)		36,001		51,393
Greece — 0.5%
Alpha Services and Holdings SA(b)		21,931		41,312
Eurobank Ergasias Services and Holdings SA, Class A(b)		25,737		53,171
Hellenic Telecommunications Organization SA		1,827		27,566
Motor Oil Hellas Corinth Refineries SA		659		18,828
Mytilineos SA		980		38,131
				179,008
Hungary — 0.5%
MOL Hungarian Oil & Gas PLC		4,487		35,701
OTP Bank Nyrt		2,189		104,952
Richter Gedeon Nyrt		1,355		36,073
				176,726
India — 18.7%
ABB India Ltd.		528		34,612
Adani Green Energy Ltd.(b)		3,133		71,605
Ashok Leyland Ltd.		14,551		29,804

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) February 29, 2024 iShares^® ESG MSCI EM Leaders ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
India (continued)
Asian Paints Ltd.		3,787	$	129,169
Astral Ltd.		1,310		32,690
AU Small Finance Bank Ltd.(a)		1,640		11,242
Axis Bank Ltd.		22,591		292,441
Bajaj Finance Ltd.		2,755		214,938
Berger Paints India Ltd.		2,845		20,817
Bharti Airtel Ltd.		22,348		302,570
Britannia Industries Ltd.		1,069		64,064
Cipla Ltd.		5,143		91,821
Colgate-Palmolive India Ltd.		1,366		41,542
Cummins India Ltd.		1,382		45,662
Dabur India Ltd.		6,267		40,697
DLF Ltd.		7,239		78,642
Eicher Motors Ltd.		1,356		61,965
GAIL India Ltd.		22,925		50,306
GMR Airports Infrastructure Ltd.(b)		23,352		23,657
Grasim Industries Ltd.		2,588		68,310
Havells India Ltd.		2,446		45,130
HCL Technologies Ltd.		9,417		188,718
Hero MotoCorp Ltd.		1,179		62,833
Hindalco Industries Ltd.		12,950		78,554
Hindustan Unilever Ltd.		8,135		236,686
ICICI Prudential Life Insurance Co. Ltd.(a)		3,619		23,259
Indian Hotels Co. Ltd., Class A		8,614		60,970
Indraprastha Gas Ltd.		3,312		16,998
Info Edge India Ltd.		702		44,533
Infosys Ltd.		32,903		662,156
InterGlobe Aviation Ltd.(a)(b)		1,485		56,511
Kotak Mahindra Bank Ltd.		10,774		219,197
Lupin Ltd.		2,180		42,643
Mahindra & Mahindra Ltd.		9,281		216,106
Marico Ltd.		5,069		31,937
Max Healthcare Institute Ltd.		7,634		73,043
Nestle India Ltd., NVS		3,335		104,444
PI Industries Ltd.		824		36,499
Pidilite Industries Ltd.		1,536		50,715
Power Grid Corp. of India Ltd.		46,152		157,677
Reliance Industries Ltd.		30,147		1,061,031
Shree Cement Ltd.		88		27,007
Shriram Finance Ltd.		2,797		82,162
Siemens Ltd.		900		50,743
Supreme Industries Ltd.		646		32,308
Suzlon Energy Ltd.(b)		30,763		16,788
Tata Consultancy Services Ltd.		8,976		442,796
Torrent Pharmaceuticals Ltd.		1,007		32,444
TVS Motor Co. Ltd.		2,377		61,253
UPL Ltd.		4,535		25,683
Vedanta Ltd.		9,211		29,680
Zomato Ltd.(b)		60,116		119,655
				6,096,713
Indonesia — 2.5%
Aneka Tambang Tbk		87,000		8,080
Bank Central Asia Tbk PT		548,300		345,027
Bank Rakyat Indonesia Persero Tbk PT		674,000		262,647
Barito Pacific Tbk PT		288,584		17,938
Kalbe Farma Tbk PT		218,700		20,704
Merdeka Copper Gold Tbk PT(b)		99,857		14,362
Sarana Menara Nusantara Tbk PT		210,000		12,314
Telkom Indonesia Persero Tbk PT		489,600		124,804
Unilever Indonesia Tbk PT		71,900		12,490
				818,366

Security	Shares		Value
Kazakhstan — 0.0%
Polymetal International PLC(b)(d)		7,120	$	1
Kuwait — 0.7%
Kuwait Finance House KSCP		84,709		223,180
Malaysia — 2.4%
AMMB Holdings Bhd		17,700		16,202
Axiata Group Bhd		28,600		16,765
CELCOMDIGI Bhd		35,000		32,139
CIMB Group Holdings Bhd		63,000		85,792
Gamuda Bhd		19,300		21,514
IHH Healthcare Bhd		21,800		28,252
Kuala Lumpur Kepong Bhd		4,900		23,155
Malayan Banking Bhd		53,100		106,684
Malaysia Airports Holdings Bhd		9,163		16,374
Maxis Bhd(c)		24,500		19,206
MISC Bhd		12,300		19,720
MR DIY Group M Bhd(a)		34,600		11,372
Nestle Malaysia Bhd		700		18,424
Petronas Chemicals Group Bhd		27,000		39,851
Petronas Dagangan Bhd		3,100		14,920
Petronas Gas Bhd		7,400		27,975
PPB Group Bhd		6,000		19,699
Press Metal Aluminium Holdings Bhd		37,500		37,010
Public Bank Bhd		141,700		131,516
QL Resources Bhd		9,700		11,871
RHB Bank Bhd		13,500		15,944
Sime Darby Bhd		28,700		16,399
Telekom Malaysia Bhd		12,000		15,307
YTL Corp. Bhd		29,700		16,710
YTL Power International Bhd		23,600		19,644
				782,445
Mexico — 3.4%
America Movil SAB de CV		185,331		173,541
Arca Continental SAB de CV		5,077		54,692
Cemex SAB de CV, NVS(b)		150,194		114,820
Fibra Uno Administracion SA de CV		28,545		51,583
Fomento Economico Mexicano SAB de CV		19,303		241,035
Gruma SAB de CV, Class B		1,870		33,302
Grupo Aeroportuario del Sureste SAB de CV, Class B		1,791		52,549
Grupo Bimbo SAB de CV, Series A		12,958		54,206
Grupo Financiero Banorte SAB de CV, Class O		25,807		266,818
Industrias Penoles SAB de CV(b)(c)		2,025		25,375
Orbia Advance Corp. SAB de CV		10,500		19,418
Prologis Property Mexico SA de CV		7,079		31,819
				1,119,158
Netherlands — 0.1%
NEPI Rockcastle NV		5,327		38,008
Peru — 0.4%
Credicorp Ltd.		668		114,148
Philippines — 0.6%
Ayala Corp.		2,570		31,016
JG Summit Holdings Inc.		27,728		20,223
PLDT Inc.		750		17,500
SM Investments Corp.		2,490		41,666
SM Prime Holdings Inc.		102,500		57,618
Universal Robina Corp.		8,730		18,174
				186,197
Poland — 1.4%
Allegro.eu SA (a)(b)		5,311		42,920
CD Projekt SA		631		17,342

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) February 29, 2024 iShares^® ESG MSCI EM Leaders ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Poland (continued)
KGHM Polska Miedz SA		1,418	$	38,325
mBank SA(b)		151		26,312
ORLEN SA		5,696		88,478
Powszechna Kasa Oszczednosci Bank Polski SA		8,636		120,346
Powszechny Zaklad Ubezpieczen SA		5,837		71,826
Santander Bank Polska SA		355		48,957
				454,506
Qatar — 0.7%
Qatar Fuel QSC		5,754		23,594
Qatar Gas Transport Co. Ltd.		25,406		27,854
Qatar National Bank QPSC		45,452		189,835
				241,283
Russia — 0.0%
Gazprom PJSC(b)(d)		244,340		27
LUKOIL PJSC(b)(d)		8,544		1
Mobile TeleSystems PJSC(b)(d)		18,946		2
Moscow Exchange MICEX-RTS PJSC(b)(d)		30,360		3
Novatek PJSC(b)(d)		18,630		2
Novolipetsk Steel PJSC(b)(d)		31,136		4
PhosAgro PJSC(b)(d)		910		—
PhosAgro PJSC, New(b)(d)		18		—
Polyus PJSC(b)(d)		698		—
				39
Saudi Arabia — 2.6%
ACWA Power Co.		941		66,251
Alinma Bank		9,656		113,335
Bank AlBilad		4,783		63,127
Dr Sulaiman Al Habib Medical Services Group Co.		867		76,348
Sahara International Petrochemical Co.		3,664		29,940
Saudi Arabian Oil Co.(a)		26,210		221,602
Saudi Basic Industries Corp.		8,879		186,539
Saudi Electricity Co.		8,323		44,429
Savola Group (The)		2,625		37,097
				838,668
South Africa — 5.0%
Absa Group Ltd.		8,430		71,965
Anglo American Platinum Ltd.		671		25,813
Aspen Pharmacare Holdings Ltd.		3,788		38,708
Bid Corp. Ltd.		3,312		77,481
Bidvest Group Ltd. (The)		2,872		34,988
Capitec Bank Holdings Ltd.		861		90,713
Clicks Group Ltd.		2,335		36,533
Discovery Ltd.		5,188		36,794
FirstRand Ltd.		50,094		169,473
Gold Fields Ltd.		8,821		116,203
Impala Platinum Holdings Ltd.		8,928		30,298
Kumba Iron Ore Ltd.		657		18,393
MTN Group Ltd.		16,694		72,677
Naspers Ltd., Class N		1,817		298,899
Nedbank Group Ltd.		4,443		50,829
Northam Platinum Holdings Ltd.		3,710		21,216
Old Mutual Ltd.		44,778		27,869
Sanlam Ltd.		17,139		65,723
Sasol Ltd.		5,814		43,816
Shoprite Holdings Ltd.		4,959		66,763
Sibanye Stillwater Ltd.		28,463		29,337
Standard Bank Group Ltd.		13,246		139,380
Vodacom Group Ltd.		6,242		30,598
Woolworths Holdings Ltd./South Africa		9,322		31,188
				1,625,657

Security	Shares		Value
South Korea — 7.1%
Amorepacific Corp.		296	$	26,616
CJ CheilJedang Corp.		83		18,705
Coway Co. Ltd.		555		22,590
Doosan Bobcat Inc.		535		18,889
Doosan Enerbility Co. Ltd.(b)(c)		4,405		53,765
Hana Financial Group Inc.		2,901		123,431
Hanon Systems		1,827		8,466
Hanwha Solutions Corp.		1,095		22,865
HD Hyundai Co. Ltd.		423		22,486
HMM Co. Ltd.(b)		2,342		32,132
Hyundai Engineering & Construction Co. Ltd.(b)		757		19,746
Hyundai Glovis Co. Ltd.(b)		186		26,629
Kakao Corp.		3,071		123,264
KB Financial Group Inc.		3,802		181,333
Korea Zinc Co. Ltd.		81		27,233
Korean Air Lines Co. Ltd.		1,859		32,117
Kumho Petrochemical Co. Ltd.(b)		152		16,881
LG Chem Ltd.		489		167,021
LG Corp.		940		66,166
LG Display Co. Ltd.(b)		2,400		20,483
LG Electronics Inc.		1,048		74,919
LG Energy Solution Ltd.(b)		458		138,095
LG H&H Co. Ltd.		91		21,857
LG Uplus Corp.		2,213		17,164
Lotte Chemical Corp.		199		18,298
Mirae Asset Securities Co. Ltd.(b)		2,432		16,504
NAVER Corp.		1,283		188,384
NCSoft Corp.		145		21,148
Netmarble Corp.(a)(b)		240		11,144
POSCO Future M Co. Ltd.(b)		310		74,098
Samsung Engineering Co. Ltd.(b)		1,561		28,871
Samsung SDI Co. Ltd.		544		154,546
Samsung SDS Co. Ltd.		376		45,229
Samsung Securities Co. Ltd.		620		19,377
Shinhan Financial Group Co. Ltd.		4,325		141,382
SK Biopharmaceuticals Co. Ltd.(b)		312		22,738
SK Bioscience Co. Ltd.(b)		258		11,923
SK IE Technology Co. Ltd.(a)(b)		269		14,837
SK Inc.		368		53,082
SK Innovation Co. Ltd.(b)		591		52,143
SK Square Co. Ltd.(b)		974		51,108
SKC Co. Ltd.(b)		190		11,838
Woori Financial Group Inc.		5,933		66,478
Yuhan Corp.		568		28,810
				2,314,791
Taiwan — 14.4%
Acer Inc.		29,000		41,475
Airtac International Group		1,000		38,313
AUO Corp.		65,600		36,383
Cathay Financial Holding Co. Ltd.		94,650		135,050
China Airlines Ltd.		30,000		18,999
China Steel Corp.		117,000		91,119
Chunghwa Telecom Co. Ltd.		39,000		148,577
CTBC Financial Holding Co. Ltd.		174,000		161,979
Delta Electronics Inc.		19,000		177,054
E.Sun Financial Holding Co. Ltd.		138,174		110,465
Eva Airways Corp.		27,000		26,879
Evergreen Marine Corp. Taiwan Ltd.		9,800		51,339
Far Eastern New Century Corp.		30,000		30,944
Far EasTone Telecommunications Co. Ltd.		18,000		44,845
First Financial Holding Co. Ltd.		106,456		91,305
Fubon Financial Holding Co. Ltd.		78,089		168,120

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) February 29, 2024 iShares^® ESG MSCI EM Leaders ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Taiwan (continued)
Hotai Motor Co. Ltd.		3,100	$	65,836
Hua Nan Financial Holdings Co. Ltd.		86,650		60,344
Lite-On Technology Corp.		20,000		69,393
MediaTek Inc.		15,000		541,295
Mega Financial Holding Co. Ltd.		113,211		138,699
Nan Ya Plastics Corp.		47,000		88,879
PharmaEssentia Corp.(b)		2,000		20,785
President Chain Store Corp.		6,000		51,156
SinoPac Financial Holdings Co. Ltd.		102,820		65,427
Taishin Financial Holding Co. Ltd.		108,477		59,733
Taiwan Cooperative Financial Holding Co. Ltd.		100,724		82,759
Taiwan High Speed Rail Corp.		21,000		20,068
Taiwan Mobile Co. Ltd.		18,000		56,409
Taiwan Semiconductor Manufacturing Co. Ltd.		75,000		1,643,589
Uni-President Enterprises Corp.		48,000		116,555
United Microelectronics Corp.		113,000		174,227
Voltronic Power Technology Corp.		1,000		50,821
Wan Hai Lines Ltd.		7,260		11,565
Yang Ming Marine Transport Corp.		17,000		26,821
				4,717,207
Thailand — 2.4%
Advanced Info Service PCL, NVDR		11,700		65,641
Airports of Thailand PCL, NVDR		42,400		75,139
Asset World Corp. PCL, NVDR		82,700		8,885
Bangkok Dusit Medical Services PCL, NVDR		111,800		88,821
Bangkok Expressway & Metro PCL, NVDR		73,300		16,477
Berli Jucker PCL, NVDR		500		338
BTS Group Holdings PCL, NVDR		80,500		11,569
Bumrungrad Hospital PCL, NVDR		5,800		36,188
Central Retail Corp. PCL, NVDR		18,300		17,763
Charoen Pokphand Foods PCL, NVDR(c)		39,200		20,654
CP ALL PCL, NVDR		57,100		91,558
Delta Electronics Thailand PCL, NVDR		30,800		61,314
Energy Absolute PCL, NVDR		17,200		16,929
Home Product Center PCL, NVDR		60,300		18,833
Indorama Ventures PCL, NVDR		17,800		11,568
Intouch Holdings PCL, NVDR		9,500		17,952
Kasikornbank PCL, NVDR		5,900		20,246
Minor International PCL, NVDR		34,300		30,372
Muangthai Capital PCL, NVDR		7,700		9,854
PTT Exploration & Production PCL, NVDR		13,600		57,111
PTT Global Chemical PCL, NVDR		22,600		23,920
PTT Oil & Retail Business PCL, NVDR		28,600		14,428
SCG Packaging PCL, NVDR		12,600		9,839
Siam Cement PCL (The), NVDR		7,500		56,254
				781,653
Turkey — 0.6%
Haci Omer Sabanci Holding AS		9,764		24,854
KOC Holding AS		7,616		41,017
Turk Hava Yollari AO(b)		5,562		50,177
Turkiye Is Bankasi AS, Class C		86,626		30,719
Turkiye Sise ve Cam Fabrikalari AS		13,754		22,514
Yapi ve Kredi Bankasi AS		32,877		24,263
				193,544
United Arab Emirates — 2.3%
Abu Dhabi Commercial Bank PJSC		28,304		66,041
Abu Dhabi Islamic Bank PJSC		14,107		43,170
Aldar Properties PJSC		37,843		56,977
Emaar Properties PJSC		65,579		144,979
Emirates NBD Bank PJSC		18,525		92,299

Security	Shares		Value
United Arab Emirates (continued)
Emirates Telecommunications Group Co. PJSC		34,405	$	169,545
First Abu Dhabi Bank PJSC		43,577		161,887
				734,898
Total Common Stocks — 97.5% (Cost: $32,456,466)				31,855,187
Preferred Stocks
Brazil — 1.7%
Banco Bradesco SA, Preference Shares, NVS		52,094		144,091
Cia. Energetica de Minas Gerais, Preference Shares, NVS		13,963		33,622
Gerdau SA, Preference Shares, NVS		11,676		50,498
Itau Unibanco Holding SA, Preference Shares, NVS		48,031		327,930
				556,141
Chile — 0.2%
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares		1,402		69,529
Colombia — 0.1%
Bancolombia SA, Preference Shares, NVS		4,519		36,935
South Korea — 0.1%
LG Chem Ltd., Preference Shares, NVS		76		17,182
Total Preferred Stocks — 2.1% (Cost: $560,274)				679,787
Rights
South Korea — 0.0%
LG Display Co. Ltd., (Expires 03/14/24, Strike Price KRW 10070)(b)		762		750
Total Rights — 0.0% (Cost: $—)				750
Total Long-Term Investments — 99.6% (Cost: $33,016,740)				32,535,724
Short-Term Securities
Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%(e)(f)(g)		266,348		266,481
Total Short-Term Securities — 0.8% (Cost: $266,431)				266,481
Total Investments — 100.4% (Cost: $33,283,171)				32,802,205
Liabilities in Excess of Other Assets — (0.4)%				(145,590	)
Net Assets — 100.0%			$	32,656,615

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

^(b)  Non-income producing security.

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

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

^(e)  Affiliate of the Fund.

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

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

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) February 29, 2024 iShares^® ESG MSCI EM Leaders ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	419,971	$	—	$	(153,686	)(a)	$	146	$	50	$	266,481		266,348	$	1,781	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(c)		—		—		0	(a)		—		—		—		—		4,740			—
								$	146	$	50	$	266,481			$	6,521		$	—

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

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

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets Index		1		03/15/24	$	51	$	(20	)

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)	$	—	$	—	$	20	$	—	$	—	$	—	$	20

^(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 February 29, 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	$	—	$	—	$	1,540		$	—	$	—	$	—	$	1,540
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(125	)	$	—	$	—	$	—	$	(125	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	25,420

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) February 29, 2024 iShares^® ESG MSCI EM Leaders 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	$	5,495,044		$	26,360,103	$	40	$	31,855,187
Preferred Stocks		593,076			86,711		—		679,787
Rights		—			750		—		750
Short-Term Securities
Money Market Funds		266,481			—		—		266,481
	$	6,354,601		$	26,447,564	$	40	$	32,802,205
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(20	)	$	—	$	—	$	(20	)

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

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, bank borrowings payable of $370,066 are categorized as Level 2 within the fair value hierarchy.

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) February 29, 2024 iShares^® MSCI Global Sustainable Development Goals ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 1.4%
CSL Ltd.		18,585	$	3,459,862
IDP Education Ltd.		23,807		295,723
Vicinity Ltd.		412,335		520,710
				4,276,295
Austria — 0.5%
Verbund AG		19,113		1,383,588
Belgium — 4.2%
Argenx SE(a)		778		291,606
Elia Group SA/NV		9,679		1,076,666
Umicore SA		539,567		11,291,706
				12,659,978
Canada — 2.5%
Northland Power Inc.		47,978		813,096
RioCan REIT		20,519		270,331
Saputo Inc.		155,412		3,161,718
West Fraser Timber Co. Ltd.		40,903		3,291,770
				7,536,915
Chile — 0.8%
Empresas CMPC SA		1,375,299		2,441,502
China — 14.6%
Akeso Inc.(a)(b)		28,000		167,900
Anjoy Foods Group Co. Ltd., Class A		4,300		51,986
BeiGene Ltd.(a)		34,021		438,012
Beijing Enterprises Water Group Ltd.		4,254,000		997,908
BYD Co. Ltd., Class A		44,800		1,183,286
BYD Co. Ltd., Class H		260,000		6,403,817
CECEP Solar Energy Co. Ltd., Class A		85,700		64,564
China Longyuan Power Group Corp. Ltd., Class H		1,856,000		1,307,947
China Medical System Holdings Ltd.		112,000		184,114
China Mengniu Dairy Co. Ltd.		1,417,000		3,542,984
China Railway Signal & Communication Corp. Ltd., Class A		163,655		110,759
China Three Gorges Renewables Group Co. Ltd., Class A		287,500		184,195
Chongqing Zhifei Biological Products Co. Ltd., Class A		15,700		116,415
Contemporary Amperex Technology Co. Ltd., Class A		129,120		2,920,365
CSPC Pharmaceutical Group Ltd.		701,520		546,379
East Buy Holding Ltd.(a)(b)(c)		60,000		184,949
Flat Glass Group Co. Ltd., Class A		22,300		67,478
Flat Glass Group Co. Ltd., Class H		27,000		49,917
GoodWe Technologies Co. Ltd., NVS		3,938		59,189
Hansoh Pharmaceutical Group Co. Ltd.(b)		50,000		88,128
Hebei Yangyuan Zhihui Beverage Co. Ltd., Class A		7,800		27,130
Henan Shuanghui Investment & Development Co. Ltd., Class A		85,300		345,306
Hengan International Group Co. Ltd.		311,500		960,106
Hengdian Group DMEGC Magnetics Co. Ltd.		41,600		82,838
Hoymiles Power Electronics Inc., NVS		441		14,220
Innovent Biologics Inc.(a)(b)		35,500		191,441
Kingdee International Software Group Co. Ltd.(a)		260,000		279,575
Li Auto Inc.(a)		412,844		9,421,909
Ming Yang Smart Energy Group Ltd., Class A		164,200		232,390
New Oriental Education & Technology Group Inc.(a)		260,700		2,472,313
NIO Inc., ADR(a)(c)		620,406		3,567,335
Nongfu Spring Co. Ltd., Class H(b)		57,800		326,847
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		7,800		23,205
Sungrow Power Supply Co. Ltd., Class A		22,800		275,271
Tingyi Cayman Islands Holding Corp.		1,172,000		1,303,329

Security	Shares		Value
China (continued)
Vinda International Holdings Ltd.		119,000	$	352,424
Xinyi Solar Holdings Ltd.		2,570,000		1,556,251
XPeng Inc.(a)(c)		353,532		1,654,633
Yadea Group Holdings Ltd.(b)		598,000		939,500
Yihai Kerry Arawana Holdings Co. Ltd., Class A		45,900		205,412
Zai Lab Ltd.(a)		22,850		48,766
Zhejiang Chint Electrics Co. Ltd., Class A		71,000		202,434
Zhejiang Leapmotor Technology Co. Ltd.(a)(b)		231,400		809,804
				43,962,731
Denmark — 9.0%
Genmab A/S(a)		2,528		702,329
Novo Nordisk A/S		75,029		8,955,884
Orsted A/S(b)		68,666		3,845,414
Rockwool A/S, Class B		4,204		1,345,493
Vestas Wind Systems A/S(a)		443,417		12,357,155
				27,206,275
France — 5.5%
Alstom SA		904,534		12,063,829
Covivio SA/France		15,946		716,008
Gecina SA		3,354		323,968
Ipsen SA		3,351		368,118
Klepierre SA		50,126		1,273,365
Unibail-Rodamco-Westfield, New(a)		23,677		1,731,343
				16,476,631
Germany — 2.4%
LEG Immobilien SE(a)		19,290		1,420,890
Vonovia SE		211,088		5,891,284
				7,312,174
Hong Kong — 4.2%
Henderson Land Development Co. Ltd.		269,000		773,995
Link REIT		221,120		1,096,447
MTR Corp. Ltd.		388,000		1,283,609
Swire Properties Ltd.		195,200		401,520
WH Group Ltd.(b)		15,314,500		9,203,337
				12,758,908
India — 0.6%
Adani Green Energy Ltd.(a)		5,593		127,828
Colgate-Palmolive India Ltd.		4,994		151,873
Hindustan Unilever Ltd.		30,606		890,474
Macrotech Developers Ltd.		13,239		185,504
Marico Ltd.		25,662		161,683
Nestle India Ltd., NVS		10,058		314,992
				1,832,354
Indonesia — 0.0%
Unilever Indonesia Tbk PT		569,400		98,916
Japan — 13.1%
Asahi Intecc Co. Ltd.		6,900		143,613
Central Japan Railway Co.		201,100		5,057,641
Chugai Pharmaceutical Co. Ltd.		19,200		766,879
Daiichi Sankyo Co. Ltd.		60,300		1,985,915
Daiwa House Industry Co. Ltd.		409,200		11,815,423
East Japan Railway Co.		127,700		7,554,918
Eisai Co. Ltd.		22,400		929,167
GLP J-REIT		318		252,297
Japan Metropolitan Fund Invest		640		377,184
Japan Real Estate Investment Corp.		91		328,026
Kyowa Kirin Co. Ltd.		18,800		372,301
Nippon Building Fund Inc.		110		423,634
Nippon Prologis REIT Inc.		197		329,591
Nissin Foods Holdings Co. Ltd.		45,300		1,320,421

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) February 29, 2024 iShares^® MSCI Global Sustainable Development Goals ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Nomura Real Estate Master Fund Inc.		348	$	345,873
Ono Pharmaceutical Co. Ltd.		47,200		781,613
Shionogi & Co. Ltd.		18,600		926,036
Sysmex Corp.		10,400		584,010
Terumo Corp.		27,600		1,075,343
TOTO Ltd.		79,900		2,163,533
Unicharm Corp.		56,500		1,873,716
				39,407,134
Malaysia — 0.1%
PPB Group Bhd		55,300		181,556
QL Resources Bhd		187,300		229,226
				410,782
Mexico — 0.6%
Gruma SAB de CV, Class B		53,534		953,352
Kimberly-Clark de Mexico SAB de CV, Class A		327,946		728,844
				1,682,196
Netherlands — 0.3%
JDE Peet’s NV		36,670		837,840
Norway — 1.0%
Mowi ASA		110,265		2,129,549
Salmar ASA		13,959		886,529
				3,016,078
Saudi Arabia — 0.2%
ACWA Power Co.		1,729		121,730
Almarai Co. JSC		22,639		354,951
				476,681
Singapore — 0.9%
CapitaLand Ascendas REIT		314,900		641,750
CapitaLand Integrated Commercial Trust		670,740		978,361
City Developments Ltd.		245,000		1,032,660
				2,652,771
South Korea — 3.7%
LG Energy Solution Ltd.(a)		14,169		4,282,016
Samsung SDI Co. Ltd.		24,313		6,907,107
				11,189,123
Spain — 0.2%
Corp. ACCIONA Energias Renovables SA		1,018		21,049
EDP Renovaveis SA		37,853		516,349
				537,398
Sweden — 2.7%
Essity AB, Class B		275,178		6,416,067
Svenska Cellulosa AB SCA, Class B		77,688		1,099,929
Swedish Orphan Biovitrum AB(a)		19,634		482,213
				7,998,209
Switzerland — 4.4%
Geberit AG, Registered		2,537		1,474,984
Novartis AG, Registered		116,383		11,742,752
				13,217,736
Taiwan — 1.8%
Taiwan High Speed Rail Corp.		496,000		473,980
Uni-President Enterprises Corp.		2,021,000		4,907,473
				5,381,453
Thailand — 0.0%
BTS Group Holdings PCL, NVDR		1,052,800		151,298

Security	Shares		Value
United Kingdom — 1.8%
Berkeley Group Holdings PLC		23,292	$	1,368,477
Land Securities Group PLC		51,091		400,268
Pearson PLC		289,556		3,520,011
				5,288,756
United States — 23.3%
Alexandria Real Estate Equities Inc.		15,988		1,994,183
Alnylam Pharmaceuticals Inc.(a)		3,676		555,407
Amgen Inc.		24,851		6,804,949
BioMarin Pharmaceutical Inc.(a)		10,121		873,240
Boston Properties Inc.		26,917		1,742,068
Darling Ingredients Inc.(a)		99,024		4,189,706
Dexcom Inc.(a)(c)		11,604		1,335,272
Digital Realty Trust Inc.		48,854		7,172,256
Edwards Lifesciences Corp.(a)		22,553		1,914,073
Enphase Energy Inc.(a)		17,034		2,163,488
First Solar Inc.(a)		15,868		2,441,927
Hormel Foods Corp.		106,143		3,748,971
Incyte Corp.(a)		20,323		1,186,050
Insulet Corp.(a)		3,350		549,400
Jazz Pharmaceuticals PLC(a)		11,117		1,321,811
Kimberly-Clark Corp.		86,108		10,433,706
Regeneron Pharmaceuticals Inc.(a)		4,138		3,997,681
Rivian Automotive Inc., Class A(a)(c)		134,375		1,521,125
Sun Communities Inc.		13,222		1,768,575
United Therapeutics Corp.(a)		3,962		893,986
Vertex Pharmaceuticals Inc.(a)(c)		9,113		3,834,204
Weyerhaeuser Co.		189,443		6,513,050
Xylem Inc./NY		26,085		3,314,099
				70,269,227
Total Long-Term Investments — 99.8% (Cost: $324,896,858)				300,462,949
Short-Term Securities
Money Market Funds — 1.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%(d)(e)(f)		5,851,515		5,854,441
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%(d)(e)		20,000		20,000
Total Short-Term Securities — 1.9% (Cost: $5,873,906)				5,874,441
Total Investments — 101.7% (Cost: $330,770,764)				306,337,390
Liabilities in Excess of Other Assets — (1.7)%				(5,175,266	)
Net Assets — 100.0%			$	301,162,124

^(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.

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) February 29, 2024 iShares^® MSCI Global Sustainable Development Goals ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	8,698,366	$	—	$	(2,844,439	)(a)	$	(216	)	$	730	$	5,854,441		5,851,515	$	30,473	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		310,000		—		(290,000	)(a)		—			—		20,000		20,000		12,619			—
								$	(216	)	$	730	$	5,874,441			$	43,092		$	—

^(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		4		03/15/24	$	458	$	6,754
MSCI Emerging Markets Index		4		03/15/24		203		272
S&P 500 E-Mini Index		1		03/15/24		255		11,148
							$	18,174

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)	$	—	$	—	$	18,174	$	—	$	—	$	—	$	18,174

^(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 February 29, 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	$	—	$	—	$	24,725	$	—	$	—	$	—	$	24,725
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	63,568	$	—	$	—	$	—	$	63,568

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) February 29, 2024 iShares^® MSCI Global Sustainable Development Goals ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,875,406

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	$	87,751,445	$	212,711,504	$	—	$	300,462,949
Short-Term Securities
Money Market Funds		5,874,441		—		—		5,874,441
	$	93,625,886	$	212,711,504	$	—	$	306,337,390
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	18,174	$	—	$	—	$	18,174

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

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, bank borrowings payable of $150,027 are categorized as Level 2 within the fair value hierarchy.

See notes to financial statements.

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) February 29, 2024 iShares^® MSCI Water Management Multisector ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Beverages — 9.4%
Coca-Cola Europacific Partners PLC		1,088	$	74,669
Coca-Cola Femsa SAB de CV		2,800		27,329
Diageo PLC		8,672		324,899
Fomento Economico Mexicano SAB de CV		10,800		134,859
				561,756
Building Products — 10.3%
Astral Ltd.		2,944		73,466
Geberit AG, Registered		620		360,461
Genuit Group PLC		11,072		56,584
Zurn Elkay Water Solutions Corp.		3,824		121,412
				611,923
Chemicals — 7.7%
Ecolab Inc.		1,493		335,686
Ganfeng Lithium Group Co. Ltd., Class A		400		2,223
Johnson Matthey PLC		932		18,167
Saudi Basic Industries Corp.		4,984		104,709
				460,785
Commercial Services & Supplies — 1.0%
China Everbright Environment Group Ltd.		166,000		61,661
Construction Materials — 2.2%
Wienerberger AG		3,672		128,318
Electric Utilities — 0.4%
Verbund AG		348		25,192
Electronic Equipment, Instruments & Components — 2.6%
Badger Meter Inc.		980		155,516
Food Products — 4.2%
Britannia Industries Ltd.		572		34,279
Kellanova		1,456		80,299
McCormick & Co. Inc./MD, NVS		1,364		93,925
Tata Consumer Products Ltd.		2,828		40,556
				249,059
Hotels, Restaurants & Leisure — 10.9%
Fosun Tourism Group(a)(b)		1,200		664
Hilton Worldwide Holdings Inc.		1,332		272,154
Marriott International Inc./MD, Class A		1,468		366,809
Minor International PCL, NVDR		6,200		5,490
Star Entertainment Group Ltd. (The)(b)		4,576		1,549
				646,666
Independent Power and Renewable Electricity Producers — 0.7%
AES Brasil Energia SA(b)		4,056		8,518
Auren Energia SA		3,164		8,166
Meridian Energy Ltd.		7,042		25,642
				42,326
Machinery — 17.2%
Energy Recovery Inc.(b)		2,320		36,262
Franklin Electric Co. Inc.		1,345		139,826
Kurita Water Industries Ltd.		3,600		146,718

Security	Shares		Value
Machinery (continued)
METAWATER Co. Ltd.		1,300	$	20,069
Organo Corp.		1,200		61,676
Takuma Co. Ltd.		2,700		35,124
Watts Water Technologies Inc., Class A		896		182,739
Xylem Inc./NY		3,156		400,970
				1,023,384
Multi-Utilities — 4.5%
ACEA SpA		356		5,290
Veolia Environnement SA		8,412		260,758
				266,048
Real Estate Management & Development — 0.4%
Amata Corp. PCL, NVDR		1,600		1,004
Swire Pacific Ltd., Class A		3,000		24,852
				25,856
Semiconductors & Semiconductor Equipment — 12.3%
Macronix International Co. Ltd.		12,000		10,813
Taiwan Semiconductor Manufacturing Co. Ltd.		18,000		394,461
Texas Instruments Inc.		1,954		326,963
				732,237
Trading Companies & Distributors — 4.1%
Core & Main Inc., Class A(b)		5,102		243,518
Water Utilities — 11.3%
AlKhorayef Water & Power Technologies Co.(b)		470		30,403
American States Water Co.		1,344		95,975
American Water Works Co. Inc.		2,144		254,150
Beijing Enterprises Water Group Ltd.		182,000		42,694
Cia de Saneamento de Minas Gerais Copasa MG		8,456		35,160
Cia. de Saneamento Basico do Estado de Sao Paulo		11,116		177,012
Cia. de Saneamento do Parana		6,820		35,437
				670,831
Total Common Stocks — 99.2% (Cost: $4,925,193)				5,905,076
Preferred Stocks
Water Utilities — 0.4%
Cia. de Saneamento do Parana, Preference Shares, NVS		22,496		23,849
Total Preferred Stocks — 0.4% (Cost: $16,189)				23,849
Total Investments — 99.6% (Cost: $4,941,382)				5,928,925
Other Assets Less Liabilities — 0.4%				24,549
Net Assets — 100.0%			$	5,953,474

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

^(b)  Non-income producing security.

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

Schedule of Investments (unaudited) (continued) February 29, 2024 iShares^® MSCI Water Management Multisector ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	—	$	—	$	(21	)(b)	$	21	$	—	$	—		—	$	12	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(a)		—		—		0	(b)		—		—		—		—		192			—
								$	21	$	—	$	—			$	204		$	—

^(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 Categorized by Risk Exposure

For the period ended February 29, 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	$	—	$	—	$	(1,311	)	$	—	$	—	$	—	$	(1,311	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	11,442

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	$	3,637,757	$	2,267,319	$	—	$	5,905,076
Preferred Stocks		23,849		—		—		23,849
	$	3,661,606	$	2,267,319	$	—	$	5,928,925

See notes to financial statements.

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) February 29, 2024 iShares^® Paris-Aligned Climate MSCI World ex USA ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 6.2%
ANZ Group Holdings Ltd.		1,368	$	25,357
Aristocrat Leisure Ltd.		196		5,955
ASX Ltd.		96		4,113
Brambles Ltd.		416		4,085
Cochlear Ltd.		36		8,206
Coles Group Ltd.		336		3,696
Commonwealth Bank of Australia		616		46,728
Computershare Ltd.		220		3,718
CSL Ltd.		148		27,552
Dexus		2,140		10,248
Endeavour Group Ltd./Australia		1,128		4,038
Goodman Group		1,612		31,382
GPT Group (The)		2,676		7,568
James Hardie Industries PLC(a)		336		13,291
Macquarie Group Ltd.		136		17,269
Medibank Pvt Ltd.		1,128		2,636
Mineral Resources Ltd.		176		7,637
National Australia Bank Ltd.		1,336		29,685
Northern Star Resources Ltd.		732		6,085
Pilbara Minerals Ltd.		2,560		6,991
QBE Insurance Group Ltd.		868		9,769
REA Group Ltd.		32		4,047
Scentre Group		3,624		7,335
Sonic Healthcare Ltd.		88		1,708
Stockland		2,420		7,071
Suncorp Group Ltd.		1,532		15,257
Transurban Group		2,284		20,127
Treasury Wine Estates Ltd.		460		3,693
Vicinity Ltd.		7,868		9,936
Wesfarmers Ltd.		632		27,431
Westpac Banking Corp.		460		7,893
WiseTech Global Ltd.		40		2,467
Xero Ltd.(a)		28		2,329
				385,303
Austria — 0.2%
Verbund AG		144		10,424
Belgium — 1.2%
Anheuser-Busch InBev SA/NV		356		21,517
Argenx SE(a)		8		2,999
D’ieteren Group		28		5,410
Elia Group SA/NV		200		22,247
Groupe Bruxelles Lambert NV		60		4,512
KBC Group NV		140		9,862
UCB SA		52		6,000
Warehouses De Pauw CVA		152		4,071
				76,618
Canada — 12.2%
Agnico Eagle Mines Ltd.		264		12,662
Bank of Montreal		176		15,930
Bank of Nova Scotia (The)		140		6,789
BCE Inc.		160		5,937
Brookfield Asset Management Ltd.		104		4,238
CAE Inc.(a)		140		2,614
Cameco Corp.		432		17,507
Canadian Imperial Bank of Commerce		548		25,931
Canadian Pacific Kansas City Ltd.		324		27,509
CCL Industries Inc., Class B, NVS		64		3,262
CGI Inc.(a)		136		15,615
Constellation Software Inc./Canada		4		11,136

Security	Shares		Value
Canada (continued)
Dollarama Inc.		260	$	20,112
Element Fleet Management Corp.		556		9,279
Fairfax Financial Holdings Ltd.		16		17,078
First Quantum Minerals Ltd.		508		4,810
FirstService Corp.		20		3,291
GFL Environmental Inc.		172		6,201
Gildan Activewear Inc.		184		6,407
Great-West Lifeco Inc.		588		18,110
Hydro One Ltd.(b)		1,516		45,185
iA Financial Corp. Inc.		140		8,682
IGM Financial Inc.		148		3,888
Intact Financial Corp.		148		24,611
Ivanhoe Mines Ltd., Class A(a)		1,320		14,035
Kinross Gold Corp.		488		2,388
Loblaw Companies Ltd.		176		18,757
Lundin Mining Corp.		1,472		11,638
Manulife Financial Corp.		1,268		30,094
Metro Inc./CN		204		11,045
National Bank of Canada		160		12,489
Northland Power Inc.		924		15,659
Nutrien Ltd.		256		13,363
Open Text Corp.		44		1,692
Pan American Silver Corp.		252		3,127
Power Corp. of Canada		620		17,913
Quebecor Inc., Class B		272		6,361
RB Global Inc.		44		3,320
Restaurant Brands International Inc.		168		13,045
RioCan REIT		860		11,330
Rogers Communications Inc., Class B, NVS		196		8,674
Royal Bank of Canada		612		59,436
Shopify Inc., Class A(a)		348		26,588
Stantec Inc.		188		15,698
Sun Life Financial Inc.		452		24,006
TFI International Inc.		80		11,820
Thomson Reuters Corp.		124		19,575
TMX Group Ltd.		372		9,758
Toromont Industries Ltd.		92		8,450
Toronto-Dominion Bank (The)		732		43,953
Wheaton Precious Metals Corp.		628		25,881
				756,879
Denmark — 3.6%
Carlsberg A/S, Class B		32		4,470
Coloplast A/S, Class B		24		3,188
Demant A/S(a)		28		1,404
DSV A/S		48		7,702
Genmab A/S(a)		16		4,445
Novo Nordisk A/S		1,180		140,850
Novozymes A/S, Class B		371		20,927
Pandora A/S		40		6,469
Rockwool A/S, Class B		32		10,242
Tryg A/S		148		3,147
Vestas Wind Systems A/S(a)		736		20,511
				223,355
Finland — 1.4%
Elisa OYJ		104		4,684
Kesko OYJ, Class B		1,024		19,578
Kone OYJ, Class B		160		7,834
Nokia OYJ		2,392		8,432
Nordea Bank Abp, New		452		5,501
Orion OYJ, Class B		96		3,774
Sampo OYJ, Class A		400		17,899

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) February 29, 2024 iShares^® Paris-Aligned Climate MSCI World ex USA ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Finland (continued)
UPM-Kymmene OYJ		272	$	9,104
Wartsila OYJ Abp		572		8,855
				85,661
France — 10.3%
Aeroports de Paris SA		40		5,445
Air Liquide SA		84		17,073
Alstom SA		608		8,126
Amundi SA(b)		36		2,372
AXA SA		596		21,219
Bouygues SA		40		1,582
Capgemini SE		40		9,730
Cie. de Saint-Gobain SA		204		15,727
Cie. Generale des Etablissements Michelin SCA		120		4,441
Covivio SA/France		216		9,699
Dassault Systemes SE		388		18,182
Edenred SE		200		9,897
Eiffage SA		96		10,454
EssilorLuxottica SA		116		24,631
Eurofins Scientific SE		36		2,151
Gecina SA		172		16,614
Getlink SE		1,224		20,898
Hermes International SCA		16		40,037
Ipsen SA		24		2,636
Kering SA		32		14,740
Klepierre SA		300		7,621
Legrand SA		200		20,256
L’Oreal SA		100		47,767
LVMH Moet Hennessy Louis Vuitton SE		100		91,274
Pernod Ricard SA		144		24,067
Publicis Groupe SA		48		5,079
Remy Cointreau SA		24		2,543
Sanofi SA		440		41,938
Sartorius Stedim Biotech		8		2,202
Schneider Electric SE		428		97,281
SEB SA		20		2,370
Vinci SA		316		40,493
Vivendi SE		268		2,995
Worldline SA/France(a)(b)		64		737
				642,277
Germany — 5.9%
adidas AG		64		12,946
Allianz SE, Registered		164		45,044
Beiersdorf AG		56		8,027
Brenntag SE		64		5,844
Carl Zeiss Meditec AG, Bearer		28		3,438
Deutsche Bank AG, Registered		192		2,571
Deutsche Boerse AG		68		14,236
Deutsche Post AG, Registered		372		17,273
Deutsche Telekom AG, Registered		852		20,251
GEA Group AG		120		4,840
Infineon Technologies AG		476		17,091
Knorr-Bremse AG		148		10,362
LEG Immobilien SE(a)		76		5,598
Merck KGaA		64		10,889
MTU Aero Engines AG		8		1,924
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		80		37,246
Puma SE		36		1,656
Rational AG		4		3,292
Rheinmetall AG		20		9,177
SAP SE		384		71,959

Security	Shares		Value
Germany (continued)
Scout24 SE(b)		24	$	1,745
Siemens AG, Registered		200		39,594
Siemens Healthineers AG(b)		88		5,281
Symrise AG, Class A		32		3,275
Talanx AG(a)		36		2,570
Vonovia SE		408		11,387
Zalando SE(a)(b)		68		1,439
				368,955
Hong Kong — 1.4%
AIA Group Ltd.		4,800		38,694
CK Asset Holdings Ltd.		2,000		9,200
ESR Group Ltd.(b)		5,600		7,462
Futu Holdings Ltd., ADR(a)		28		1,498
Henderson Land Development Co. Ltd.		4,000		11,509
Hong Kong Exchanges & Clearing Ltd.		300		9,240
MTR Corp. Ltd.		2,000		6,616
				84,219
Ireland — 0.6%
Flutter Entertainment PLC(a)		52		11,260
Kerry Group PLC, Class A		44		3,863
Kingspan Group PLC		212		19,171
Smurfit Kappa Group PLC		24		1,026
				35,320
Israel — 0.6%
Azrieli Group Ltd.		100		7,258
Bank Hapoalim BM		724		6,935
Bank Leumi Le-Israel BM		172		1,442
Check Point Software Technologies Ltd.(a)		24		3,850
CyberArk Software Ltd.(a)		8		2,110
Elbit Systems Ltd.		12		2,669
Nice Ltd.(a)		20		4,893
Teva Pharmaceutical Industries Ltd., ADR(a)		300		3,945
Wix.com Ltd.(a)		8		1,122
				34,224
Italy — 2.3%
Amplifon SpA		76		2,538
Banco BPM SpA		1,504		8,756
Enel SpA		1,320		8,399
Ferrari NV		72		30,389
FinecoBank Banca Fineco SpA		416		5,763
Mediobanca Banca di Credito Finanziario SpA		1,164		15,856
Moncler SpA		112		8,076
Nexi SpA(a)(b)		136		998
Poste Italiane SpA(b)		264		3,097
Recordati Industria Chimica e Farmaceutica SpA		100		5,599
Terna - Rete Elettrica Nazionale		3,860		30,239
UniCredit SpA		672		22,508
				142,218
Japan — 20.5%
Advantest Corp.		400		18,830
Asahi Group Holdings Ltd.		400		13,703
Astellas Pharma Inc.		1,200		13,114
Azbil Corp.		400		11,755
Bandai Namco Holdings Inc.		400		7,703
Canon Inc.		400		11,698
Central Japan Railway Co.		1,600		40,240
Chugai Pharmaceutical Co. Ltd.		400		15,977
Concordia Financial Group Ltd.		1,200		6,084
Daifuku Co. Ltd.		400		9,497
Daiichi Sankyo Co. Ltd.		800		26,347
Daiwa House Industry Co. Ltd.		400		11,550

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) February 29, 2024 iShares^® Paris-Aligned Climate MSCI World ex USA ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Daiwa Securities Group Inc.		800	$	5,898
East Japan Railway Co.		400		23,665
FANUC Corp.		800		23,320
Hamamatsu Photonics KK		400		14,381
Hoya Corp.		400		52,215
Iida Group Holdings Co. Ltd.		400		5,162
Japan Exchange Group Inc.		800		20,945
Japan Metropolitan Fund Invest		12		7,072
Japan Post Bank Co. Ltd.		800		8,530
Japan Real Estate Investment Corp.		4		14,419
KDX Realty Investment Corp.		4		4,004
Keisei Electric Railway Co. Ltd.		400		18,688
Kintetsu Group Holdings Co. Ltd.		400		12,302
Kirin Holdings Co. Ltd.		400		5,561
Koito Manufacturing Co. Ltd.		400		5,070
Komatsu Ltd.		400		11,611
Kyocera Corp.		800		11,807
Kyowa Kirin Co. Ltd.		400		7,921
M3 Inc.		400		5,753
MatsukiyoCocokara & Co.		400		6,633
MISUMI Group Inc.		400		6,114
Mitsubishi Corp.		400		8,580
Mitsubishi Estate Co. Ltd.		800		12,245
Mitsubishi UFJ Financial Group Inc.		4,000		41,091
Mizuho Financial Group Inc.		400		7,473
Murata Manufacturing Co. Ltd.		800		16,122
Nidec Corp.		400		15,179
Nintendo Co. Ltd.		400		22,352
Nippon Building Fund Inc.		4		15,405
Nippon Paint Holdings Co. Ltd.		400		2,972
NTT Data Group Corp.		400		6,515
Odakyu Electric Railway Co. Ltd.		400		5,624
Olympus Corp.		800		11,383
Omron Corp.		400		14,873
Ono Pharmaceutical Co. Ltd.		400		6,624
Oriental Land Co. Ltd./Japan		400		14,336
ORIX Corp.		800		16,808
Otsuka Holdings Co. Ltd.		400		16,231
Pan Pacific International Holdings Corp.		400		9,430
Rakuten Group Inc.(a)		800		4,385
Recruit Holdings Co. Ltd.		400		16,134
Renesas Electronics Corp.		800		13,218
Rohm Co. Ltd.		400		6,815
SBI Holdings Inc.		400		10,770
Seiko Epson Corp.		400		6,475
Shimadzu Corp.		400		10,927
Shin-Etsu Chemical Co. Ltd.		800		34,139
Shionogi & Co. Ltd.		400		19,915
Shiseido Co. Ltd.		400		10,875
Shizuoka Financial Group Inc., NVS		2,000		19,577
SoftBank Group Corp.		400		23,693
Sony Group Corp.		400		34,459
Sumitomo Metal Mining Co. Ltd.		400		10,413
Sumitomo Mitsui Financial Group Inc.		400		22,286
T&D Holdings Inc.		400		6,962
Takeda Pharmaceutical Co. Ltd.		400		11,698
Terumo Corp.		400		15,585
TIS Inc.		400		9,027
Tokio Marine Holdings Inc.		800		23,373
Tokyo Electron Ltd.		400		99,244
Toyota Motor Corp.		2,800		67,442
Unicharm Corp.		400		13,265

Security	Shares		Value
Japan (continued)
USS Co. Ltd.		800	$	13,926
West Japan Railway Co.		400		16,633
Yamaha Corp.		400		8,748
Yaskawa Electric Corp.		400		16,395
Yokogawa Electric Corp.		800		16,934
ZOZO Inc.		400		9,078
				1,273,203
Netherlands — 4.4%
Adyen NV(a)(b)		8		12,658
Akzo Nobel NV		84		6,123
ASML Holding NV		148		140,452
ASR Nederland NV		112		5,169
BE Semiconductor Industries NV		12		2,173
Davide Campari-Milano NV		440		4,462
EXOR NV, NVS		124		13,394
Ferrovial SE		628		23,581
Heineken Holding NV		108		8,342
IMCD NV		24		3,661
NN Group NV		292		13,031
Prosus NV		672		19,628
Qiagen NV, NVS		104		4,447
Universal Music Group NV		288		8,695
Wolters Kluwer NV		52		8,212
				274,028
New Zealand — 0.5%
Auckland International Airport Ltd.		904		4,458
Mercury NZ Ltd.		4,332		17,619
Meridian Energy Ltd.		3,256		11,856
				33,933
Norway — 0.7%
Adevinta ASA(a)		92		982
DNB Bank ASA		1,160		23,228
Gjensidige Forsikring ASA		544		8,594
Kongsberg Gruppen ASA		28		1,785
Orkla ASA		480		3,441
Salmar ASA		40		2,540
				40,570
Portugal — 0.3%
EDP - Energias de Portugal SA		5,196		20,693
Singapore — 1.3%
CapitaLand Ascendas REIT		7,600		15,488
CapitaLand Integrated Commercial Trust		22,400		32,673
City Developments Ltd.		2,800		11,802
Genting Singapore Ltd.		14,800		10,016
Grab Holdings Ltd., Class A(a)		704		2,161
Mapletree Logistics Trust		4,000		4,406
Sea Ltd., ADR(a)		48		2,329
Singapore Technologies Engineering Ltd.		800		2,369
				81,244
Spain — 2.1%
ACS Actividades de Construccion y Servicios SA		489		20,109
Aena SME SA(b)		88		16,719
Amadeus IT Group SA		212		12,542
Banco Bilbao Vizcaya Argentaria SA		152		1,516
CaixaBank SA		1,340		6,062
Cellnex Telecom SA(b)		28		1,012
Corp. ACCIONA Energias Renovables SA		23		475
EDP Renovaveis SA		672		9,167
Grifols SA(a)		56		461
Iberdrola SA		2,244		25,773

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) February 29, 2024 iShares^® Paris-Aligned Climate MSCI World ex USA ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Spain (continued)
Industria de Diseno Textil SA		844	$	37,548
				131,384
Sweden — 3.1%
Assa Abloy AB, Class B		260		7,422
Atlas Copco AB, Class A		812		14,106
Atlas Copco AB, Class B		720		10,779
Boliden AB		424		10,746
Epiroc AB		348		6,317
Epiroc AB, Class B		268		4,422
Evolution AB(b)		52		6,736
H & M Hennes & Mauritz AB, Class B		548		7,441
Hexagon AB, Class B		972		11,402
Holmen AB, Class B		60		2,409
Industrivarden AB, Class A		188		6,418
Investor AB, Class B		684		17,209
Nibe Industrier AB, Class B		1,088		6,073
Sandvik AB		532		11,979
Skandinaviska Enskilda Banken AB, Class A		848		12,612
Skanska AB, Class B		808		14,912
Svenska Cellulosa AB SCA, Class B		544		7,702
Svenska Handelsbanken AB, Class A		1,060		12,678
Swedbank AB, Class A		160		3,519
Tele2 AB, Class B		528		4,429
Telefonaktiebolaget LM Ericsson, Class B		1,136		6,169
Volvo AB, Class B		164		4,519
				189,999
Switzerland — 9.8%
ABB Ltd., Registered		1,600		73,828
Alcon Inc.		176		15,007
Baloise Holding AG, Registered		184		29,688
Banque Cantonale Vaudoise, Registered		64		7,671
BKW AG		76		10,648
Coca-Cola HBC AG, Class DI		44		1,372
DSM-Firmenich AG		72		7,716
Geberit AG, Registered		40		23,256
Givaudan SA, Registered		8		33,567
Julius Baer Group Ltd.		152		8,142
Kuehne + Nagel International AG, Registered		20		6,734
Logitech International SA, Registered		56		4,955
Lonza Group AG, Registered		20		10,439
Novartis AG, Registered		768		77,489
Partners Group Holding AG		8		11,503
Roche Holding AG, NVS		264		69,026
Sandoz Group AG(a)		136		4,207
Schindler Holding AG, Participation Certificates, NVS		52		13,701
Schindler Holding AG, Registered		20		5,086
SGS SA		16		1,536
Sika AG, Registered		52		15,039
Sonova Holding AG, Registered		24		7,403
STMicroelectronics NV		276		12,532
Straumann Holding AG		48		7,587
Swatch Group AG (The), Bearer		20		4,722
Swiss Life Holding AG, Registered		12		8,723
Swiss Prime Site AG, Registered		204		19,497
Swiss Re AG		160		19,311
Swisscom AG, Registered		36		20,577
Temenos AG, Registered		24		1,806
UBS Group AG, Registered		1,156		33,006
VAT Group AG(b)		8		4,016
Zurich Insurance Group AG		72		38,306
				608,096

Security	Shares		Value
United Kingdom — 10.0%
3i Group PLC		1,240	$	38,741
abrdn PLC		2,308		4,596
Admiral Group PLC		128		4,319
Antofagasta PLC		928		21,321
Ashtead Group PLC		308		22,153
AstraZeneca PLC		540		68,069
Auto Trader Group PLC(b)		320		2,996
Aviva PLC		2,716		15,341
Barclays PLC		8,120		16,971
Barratt Developments PLC		1,640		9,676
Berkeley Group Holdings PLC		272		15,981
Bunzl PLC		268		10,682
Burberry Group PLC		160		2,598
Coca-Cola Europacific Partners PLC		148		10,157
Compass Group PLC		592		16,244
Croda International PLC		56		3,376
Diageo PLC		960		35,967
Entain PLC		152		1,754
Experian PLC		292		12,505
GSK PLC		1,604		33,553
Haleon PLC		2,404		10,085
Halma PLC		228		6,640
Hargreaves Lansdown PLC		180		1,659
Hikma Pharmaceuticals PLC		48		1,191
HSBC Holdings PLC		6,200		48,259
Informa PLC		1,160		11,893
InterContinental Hotels Group PLC		72		7,646
Intertek Group PLC		20		1,171
JD Sports Fashion PLC		1,668		2,493
Legal & General Group PLC		2,920		8,953
Lloyds Banking Group PLC		32,280		19,086
London Stock Exchange Group PLC		112		12,579
Mondi PLC, NVS		72		1,280
NatWest Group PLC, NVS		2,156		6,519
Next PLC		116		12,196
Ocado Group PLC(a)		144		933
Pearson PLC		280		3,404
Persimmon PLC		320		5,515
Prudential PLC		888		8,749
Reckitt Benckiser Group PLC		268		16,933
RELX PLC		612		26,808
Rentokil Initial PLC		1,084		6,035
Rio Tinto PLC		76		4,876
Schroders PLC		488		2,432
Segro PLC		1,212		12,963
Smith & Nephew PLC		320		4,222
Smiths Group PLC		368		7,492
Spirax-Sarco Engineering PLC		64		8,350
Taylor Wimpey PLC		5,216		9,090
Wise PLC, Class A(a)		88		1,022
WPP PLC		320		2,863
				620,337
Total Common Stocks — 98.6% (Cost: $5,806,383)				6,118,940
Preferred Stocks
Germany — 0.3%
Dr Ing hc F Porsche AG, Preference Shares, NVS		44		4,114
Henkel AG & Co. KGaA, Preference Shares, NVS		112		8,426

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) February 29, 2024 iShares^® Paris-Aligned Climate MSCI World ex USA ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Germany (continued)
Sartorius AG, Preference Shares, NVS		16	$	6,060
				18,600
Total Preferred Stocks — 0.3% (Cost: $17,519)				18,600
Total Investments — 98.9% (Cost: $5,823,902)				6,137,540
Other Assets Less Liabilities — 1.1%				67,120
Net Assets — 100.0%			$	6,204,660

^(a)  Non-income producing security.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 01/17/24	(a)	Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/29/24	Shares Held at 02/29/24		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares(b)	$   —		$  10,000	$	(10,000	)	$	—	$	—	$	—	—	$	—	$	—

^(a)  Commencement of operations.

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

OTC Total Return Swaps

Reference Entity	Payment Frequency		Counterparty(a)	Termination Date		Net Notional			Accrued Unrealized Appreciation (Depreciation)			Net Value of Reference Entity			Gross Notional Amount Net Asset Percentage
Equity Securities Long		Monthly	HSBC Bank PLC(b)		02/08/28	$	4,383		$	(8	)	$	4,375			0.1	%
		Monthly	JPMorgan Chase Bank NA		02/10/25		41,950			(1	)(c)		41,950			0.7
									$	(9	)	$	46,325

^(a)  The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions.

^(c)  Amount includes $(1) of net dividends, payable for referenced securities purchased and financing fees.

The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest:

	(b)
Range:	45 basis points
Benchmarks:	EUR - 1D Euro Short Term Rate (ESTR)

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) February 29, 2024 iShares^® Paris-Aligned Climate MSCI World ex USA ETF

The following table represents the individual long positions and related values of equity securities underlying the total return swap with HSBC Bank PLC as of period end, termination date February 08, 2028.

	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Singapore
Singapore Exchange Ltd.		600	$	4,215		96.3%
Spain
Redeia Corp. SA		10		160		3.7
Total Reference Entity — Long				4,375
Net Value of Reference Entity — HSBC Bank PLC			$	4,375

The following table represents the individual long positions and related values of equity securities underlying the total return swap with JPMorgan Chase Bank NA as of period end, termination date February 10, 2025.

	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Hong Kong
Hong Kong Exchanges & Clearing Ltd.		200	$	6,160		14.7%

	Shares		Value		% of Basket Value
Netherlands
ASM International NV		9	$	5,497		13.1
Spain
Redeia Corp. SA		1,904		30,293		72.2
Total Reference Entity — Long				41,950
Net Value of Reference Entity — JPMorgan Chase Bank NA			$	41,950

Balances Reported in the Statements of Assets and Liabilities for Total Return Swaps

Description	Swap Premiums Paid		Swap Premiums Received		Unrealized Appreciation		Unrealized Depreciation
Total Return Swaps	$	—	$	—	$	—	$	(9	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received	$	—	$	—	$	9		$	—	$	—	$	—	$	9

For the period ended February 29, 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
Swaps	$	—	$	—	$	122		$	—	$	—	$	—	$	122
Net Change in Unrealized Appreciation (Depreciation) on
Swaps	$	—	$	—	$	(9	)	$	—	$	—	$	—	$	(9	)

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) February 29, 2024 iShares^® Paris-Aligned Climate MSCI World ex USA ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Total return swaps:
Average notional value	$	46,333

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:
Swaps - OTC			$	—				$	9
Total derivative assets and liabilities in the Statement of Assets and Liabilities				—					9
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)				—					—
Total derivative assets and liabilities subject to an MNA			$	—				$	9

The following table presents the Fund’s derivative liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral pledged by the Fund:

	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(b)		Liabilities(c)
HSBC Bank PLC		$8		$	—		$—		$—		$8
JPMorgan Chase Bank NA		1			—		—		—		1
		$9		$	—		$—		$—		$9

^(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 payable due to the counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Statements of Assets and Liabilities.

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	$	807,110		$	5,311,830		$	—		$	6,118,940
Preferred Stocks		—			18,600			—			18,600
	$	807,110		$	5,330,430		$	—		$	6,137,540
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	—		$	(9	)	$	—		$	(9	)

^(a) Derivative financial instruments are swaps. Swaps are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

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

Statements of Assets and Liabilities (unaudited)

February 29, 2024

	iShares Emergent Food and AgTech Multisector ETF			iShares ESG Aware MSCI EAFE ETF			iShares ESG MSCI EM Leaders ETF			iShares MSCI Global Sustainable Development Goals ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	4,780,593		$	7,817,661,639		$	32,535,724		$	300,462,949
Investments, at value — affiliated(c)		217,035			16,269,599			266,481			5,874,441
Cash		4,408			5,774			434,709			311,517
Cash pledged for futures contracts		2,000			—			—			24,000
Foreign currency collateral pledged for futures contracts(d)		—			1,951,579			—			—
Foreign currency, at value(e)		4,135			11,904,248			103,231			820,112
Receivables:
Investments sold		—			374,509,136			1,005,344			29,386,771
Securities lending income — affiliated		3			4,494			177			6,097
Capital shares sold		—			539,150			—			—
Dividends — unaffiliated		8,328			10,556,014			70,182			237,564
Dividends — affiliated		—			4,979			246			888
Tax reclaims		6,722			12,081,285			841			436,595
Variation margin on futures contracts		134			120,475			14			1,694
Total assets		5,023,358			8,245,608,372			34,416,949			337,562,628
LIABILITIES
Bank borrowings		—			—			370,066			150,027
Collateral on securities loaned, at value		217,035			15,861,167			272,975			5,856,443
Payables:
Investments purchased		—			370,511,753			952,225			29,373,398
Capital shares redeemed		—			—			—			866,137
Deferred foreign capital gain tax		—			—			160,963			33,585
Investment advisory fees		1,762			1,220,435			4,105			120,914
Professional fees		—			69,045			—			—
Total liabilities		218,797			387,662,400			1,760,334			36,400,504
Commitments and contingent liabilities
NET ASSETS	$	4,804,561		$	7,857,945,972		$	32,656,615		$	301,162,124
NET ASSETS CONSIST OF
Paid-in capital	$	6,189,943		$	7,236,077,668		$	34,732,083		$	395,902,596
Accumulated earnings (loss)		(1,385,382	)		621,868,304			(2,075,468	)		(94,740,472	)
NET ASSETS	$	4,804,561		$	7,857,945,972		$	32,656,615		$	301,162,124
NET ASSET VALUE
Shares outstanding		250,000			101,900,000			750,000			3,900,000
Net asset value	$	19.22		$	77.11		$	43.54		$	77.22
Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited
Par value		None			None			None			None
(a)  Investments, at cost — unaffiliated	$	5,732,504		$	6,573,824,724		$	33,016,740		$	324,896,858
(b)  Securities loaned, at value	$	212,575		$	15,411,269		$	261,634		$	5,532,981
(c)  Investments, at cost — affiliated	$	217,035		$	16,271,574		$	266,431		$	5,873,906
(d)  Foreign currency collateral pledged, at cost	$	—		$	1,975,184		$	—		$	—
(e)  Foreign currency, at cost	$	4,159		$	11,879,273		$	104,035		$	827,931

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 Assets and Liabilities (unaudited) (continued)

February 29, 2024

	iShares MSCI Water Management Multisector ETF		iShares Paris-Aligned Climate MSCI World ex USA ETF
ASSETS
Investments, at value — unaffiliated(a)	$	5,928,925	$	6,137,540
Cash		2,899		1,038
Foreign currency, at value(b)		778		4,064
Receivables:
Investments sold		99,767		55,363
Swaps		—		123
Dividends — unaffiliated		15,352		6,965
Tax reclaims		2,479		156
Total assets		6,050,200		6,205,249
LIABILITIES
Payables:
Investments purchased		91,164		—
Deferred foreign capital gain tax		3,386		—
Investment advisory fees		2,176		580
Unrealized depreciation on OTC swaps		—		9
Total liabilities		96,726		589
Commitments and contingent liabilities
NET ASSETS	$	5,953,474	$	6,204,660
NET ASSETS CONSIST OF
Paid-in capital	$	4,982,461	$	5,882,292
Accumulated earnings		971,013		322,368
NET ASSETS	$	5,953,474	$	6,204,660
NET ASSETVALUE
Shares outstanding		200,000		120,000
Net asset value	$	29.77	$	51.71
Shares authorized		Unlimited		Unlimited
Par value		None		None
(a)   Investments, at cost — unaffiliated	$	4,941,382	$	5,823,902
(b)   Foreign currency, at cost	$	783	$	4,074

See notes to financial statements.

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

Statements of Operations (unaudited)

Six Months Ended February 29, 2024

	iShares Emergent Food and AgTech Multisector ETF			iShares ESG Aware MSCI EAFE ETF			iShares ESG MSCI EM Leaders ETF			iShares MSCI Global Sustainable Development Goals ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	48,566		$	67,613,408		$	388,256		$	2,354,801
Dividends — affiliated		41			97,635			4,740			12,619
Securities lending income — affiliated — net		53			16,734			1,781			30,473
Other income — unaffiliated		—			38,850			—			—
Foreign taxes withheld		(2,408	)		(5,153,472	)		(42,645	)		(130,352	)
Foreign withholding tax claims		—			1,064,466			—			—
Other foreign taxes		—			—			(652	)		—
Total investment income		46,252			63,677,621			351,480			2,267,541
EXPENSES
Investment advisory		12,036			7,247,908			33,388			823,230
Commitment costs		—			—			370			897
Professional		—			114,119			—			—
Interest expense		—			—			596			2,608
Total expenses		12,036			7,362,027			34,354			826,735
Net investment income		34,216			56,315,594			317,126			1,440,806
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated(a)		(109,432	)		(70,288,661	)		1,402,035			(15,383,457	)
Investments — affiliated		6			1,988			146			(216	)
Foreign currency transactions		96			124,157			(318	)		(58,742	)
Futures contracts		582			2,021,611			1,540			24,725
In-kind redemptions — unaffiliated(b)		(81,407	)		24,509,219			267,466			5,932,429
		(190,155	)		(43,631,686	)		1,670,869			(9,485,261	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated(c)		39,808			611,428,932			(1,476,791	)		2,619,471
Investments — affiliated		—			(2,097	)		50			730
Foreign currency translations		(38	)		76,015			7,419			7,645
Futures contracts		62			1,565,951			(125	)		63,568
		39,832			613,068,801			(1,469,447	)		2,691,414
Net realized and unrealized gain (loss)		(150,323	)		569,437,115			201,422			(6,793,847	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(116,107	)	$	625,752,709		$	518,548		$	(5,353,041	)
(a)   Net of foreign capital gain tax and capital gain tax refund, if applicable of	$	—		$	—		$	(60,809	)	$	(8,706	)
(b)   See Note 2 of the Notes to Financial Statements
(c)   Net of increase in deferred foreign capital gain tax of	$	—		$	—		$	(95,969	)	$	(23,075	)

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

Statements of Operations (unaudited) (continued)

Six Months Ended February 29, 2024

	iShares MSCI Water Management Multisector ETF					iShares Paris-Aligned Climate MSCI World ex USA ETF	(a)
INVESTMENT INCOME
Dividends — unaffiliated		$	53,712		$	11,295
Dividends — affiliated			192			—
Securities lending income — affiliated — net			12			—
Foreign taxes withheld			(1,960	)		(976	)
Total investment income			51,956			10,319
EXPENSES
Investment advisory			12,936			855
Interest expense			72			—
Commitment costs			20			—
Total expenses			13,028			855
Net investment income			38,928			9,464
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated(b)			(16,333	)		(763	)
Investments — affiliated			21			—
Foreign currency transactions			(675	)		(70	)
Futures contracts			(1,311	)		—
Swaps			—			122
			(18,298	)		(711	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated(c)			530,442			313,638
Foreign currency translations			7			(14	)
Swaps			—			(9	)
			530,449			313,615
Net realized and unrealized gain			512,151			312,904
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	551,079		$	322,368
(a)   For the period from January 17, 2024 (commencement of operations) to February 29, 2024
(b)   Net of foreign capital gain tax and capital gain tax refund, if applicable of		$	(111	)	$	—
(c)   Net of increase in deferred foreign capital gain tax of		$	(3,277	)	$	—

See notes to financial statements.

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

Statements of Changes in Net Assets

	iShares Emergent Food and AgTech Multisector ETF								iShares ESG Aware MSCI EAFE ETF
	Six Months Ended 02/29/24 (unaudited)					Year Ended 08/31/23			Six Months Ended 02/29/24 (unaudited)				Year Ended 08/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income			$	34,216		$	128,743			$	56,315,594		$	207,040,679
Net realized loss				(190,155	)		(237,582	)			(43,631,686	)		(90,560,087	)
Net change in unrealized appreciation (depreciation)				39,832			(213,614	)			613,068,801			1,047,683,033
Net increase (decrease) in net assets resulting from operations				(116,107	)		(322,453	)			625,752,709			1,164,163,625
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders				(52,019	)		(121,313	)			(91,664,404	)		(168,489,438	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions				(915,219	)		1,066,423				63,214,489			(111,292,713	)
NET ASSETS
Total increase (decrease) in net assets				(1,083,345	)		622,657				597,302,794			884,381,474
Beginning of period				5,887,906			5,265,249				7,260,643,178			6,376,261,704
End of period			$	4,804,561		$	5,887,906			$	7,857,945,972		$	7,260,643,178

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

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

Statements of Changes in Net Assets (continued)

	iShares ESG MSCI EM Leaders ETF						iShares MSCI Global Sustainable Development Goals ETF
	Six Months Ended 02/29/24 (unaudited)			Year Ended 08/31/23					Six Months Ended 02/29/24 (unaudited)			Year Ended 08/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	317,126		$	1,259,362				$	1,440,806		$	7,516,583
Net realized gain (loss)		1,670,869			(493,948	)				(9,485,261	)		(19,075,734	)
Net change in unrealized appreciation (depreciation)		(1,469,447	)		(971,701	)				2,691,414			21,377,446
Net increase (decrease) in net assets resulting from operations		518,548			(206,287	)				(5,353,041	)		9,818,295
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(1,066,536	)		(2,612,115	)				(3,295,295	)		(7,206,217	)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(19,820,777	)		(4,550,261	)				(64,271,603	)		(44,320,664	)
NET ASSETS
Total decrease in net assets		(20,368,765	)		(7,368,663	)				(72,919,939	)		(41,708,586	)
Beginning of period		53,025,380			60,394,043					374,082,063			415,790,649
End of period	$	32,656,615		$	53,025,380				$	301,162,124		$	374,082,063

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

See notes to financial statements. 

F I N A N C I A L  S T A T E M E N T S 45

Statements of Changes in Net Assets (continued)

	iShares MSCI Water Management Multisector ETF							iShares Paris-Aligned Climate MSCI World ex USA ETF
		Six Months						Period From
		Ended		Period From						01/17/24	(a)
		02/29/24				09/20/22	(a)	to 02/29/24
		(unaudited)		to 08/31/23				(unaudited)
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	38,928			$	91,276			$	9,464
Net realized gain (loss)		(18,298	)			147,987				(711	)
Net change in unrealized appreciation (depreciation)		530,449				453,605				313,615
Net increase in net assets resulting from operations		551,079				692,868				322,368
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders		(199,551	)			(73,383	)			—
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		—				4,982,461				5,882,292
NET ASSETS
Total increase in net assets		351,528				5,601,946				6,204,660
Beginning of period		5,601,946				—				—
End of period	$	5,953,474			$	5,601,946			$	6,204,660

^(a)  Commencement of operations.

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

See notes to financial statements.

46 2 0 2 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 Emergent Food and AgTech Multisector ETF
		Six Months Ended								Period From
		02/29/24				Year Ended						04/25/22	(a)
		(unaudited)				08/31/23				to 08/31/22
Net asset value, beginning of period			$	19.63			$	21.06			$	24.09
Net investment income(b)				0.12				0.45				0.21
Net realized and unrealized loss(c)				(0.32	)			(1.48	)			(3.09	)
Net decrease from investment operations				(0.20	)			(1.03	)			(2.88	)
Distributions from net investment income(d)				(0.21	)			(0.40	)			(0.15	)
Net asset value, end of period			$	19.22			$	19.63			$	21.06
Total Return(e)
Based on net asset value				(1.01	)%(f)			(4.92	)%			(12.00	)%(f)
Ratios to Average Net Assets(g)
Total expenses				0.47	%(h)			0.47	%			0.47	%(h)
Net investment income				1.34	%(h)			2.20	%			2.78	%(h)
Supplemental Data
Net assets, end of period (000)			$	4,805			$	5,888			$	5,265
Portfolio turnover rate(i)				19	%			18	%			1	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

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

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

^(f)  Not annualized.

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

^(h)  Annualized.

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

See notes to financial statements.

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares ESG Aware MSCI EAFE ETF
	Six Months Ended 02/29/24 (unaudited)					Year Ended 08/31/23			Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19
Net asset value, beginning of period			$	71.75		$	62.03		$	80.85		$	65.21		$	62.01				$	65.51
Net investment income(a)				0.56	(b)		2.04			2.07			1.84			1.53					2.12
Net realized and unrealized gain (loss)(c)				5.72			9.35			(18.37	)		15.47			2.85					(3.92	)
Net increase (decrease) from investment operations				6.28			11.39			(16.30	)		17.31			4.38					(1.80	)
Distributions from net investment income(d)				(0.92	)		(1.67	)		(2.52	)		(1.67	)		(1.18	)				(1.70	)
Net asset value, end of period			$	77.11		$	71.75		$	62.03		$	80.85		$	65.21				$	62.01
Total Return(e)
Based on net asset value				8.84	%(b)(f)		18.42	%		(20.54	)%		26.69	%		7.12	%				(2.68	)%
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				1.55	%(b)(h)		2.98	%		2.84	%		2.45	%		2.47	%				3.39	%
Supplemental Data
Net assets, end of period (000)			$	7,857,946		$	7,260,643		$	6,376,262		$	6,694,669		$	3,025,519				$	917,780
Portfolio turnover rate(i)				12	%		26	%		27	%		25	%		30	%				26	%

^(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 February 29, 2024:

• Net investment income per share by $0.01.

• Total return by 0.02%.

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

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

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

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

^(f)  Not annualized.

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

^(h)  Annualized.

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

See notes to 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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares ESG MSCI EM Leaders ETF
	Six Months Ended																Period From
	02/29/24				Year Ended				Year Ended				Year Ended						02/05/20	(a)
	(unaudited)				08/31/23				08/31/22				08/31/21				to 08/31/20
Net asset value, beginning of period		$	44.19			$	46.46			$	63.49			$	51.84			$	51.43
Net investment income(b)			0.33				1.07				0.96				1.01				0.79
Net realized and unrealized gain (loss)(c)			0.09				(1.30	)			(16.79	)			11.67				(0.03	)
Net increase (decrease) from investment operations			0.42				(0.23	)			(15.83	)			12.68				0.76
Distributions(d)
From net investment income			(1.07	)			(0.62	)			(0.90	)			(1.03	)			(0.35	)
From net realized gain			—				(1.42	)			(0.30	)			—				—
Total distributions			(1.07	)			(2.04	)			(1.20	)			(1.03	)			(0.35	)
Net asset value, end of period		$	43.54			$	44.19			$	46.46			$	63.49			$	51.84
Total Return(e)
Based on net asset value			1.03	%(f)			(0.48	)%			(25.25	)%(g)			24.68	%			1.54	%(f)
Ratios to Average Net Assets(h)
Total expenses			0.16	%(i)			0.17	%			0.16	%			0.16	%			0.16	%(i)
Net investment income			1.52	%(i)			2.40	%			1.60	%			1.66	%			3.04	%(i)
Supplemental Data
Net assets, end of period (000)		$	32,657			$	53,025			$	60,394			$	882,529			$	647,969
Portfolio turnover rate(j)			5	%			37	%			17	%			34	%			19	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

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

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

^(f)  Not annualized.

^(g)  Includes payments received from an affiliate, which impacted the Fund’s total return. Excluding payments, the Fund’s total return would have been-26.07%.

^(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, if any.

See notes to financial statements.

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Global Sustainable Development Goals ETF
	Six Months Ended 02/29/24 (unaudited)					Year Ended 08/31/23					Year Ended 08/31/22					Year Ended 08/31/21					Year Ended 08/31/20					Year Ended 08/31/19
Net asset value, beginning of period			$	78.75				$	78.45				$	100.03				$	81.68				$	57.03			$	58.35
Net investment income(a)				0.33					1.43					1.81					1.12					1.19				1.02
Net realized and unrealized gain (loss)(b)				(1.10	)				0.24					(21.60	)				18.09					24.32				(1.29	)
Net increase (decrease) from investment operations				(0.77	)				1.67					(19.79	)				19.21					25.51				(0.27	)
Distributions from net investment income(c)				(0.76	)				(1.37	)				(1.79	)				(0.86	)				(0.86	)			(1.05	)
Net asset value, end of period			$	77.22				$	78.75				$	78.45				$	100.03				$	81.68			$	57.03
Total Return(d)
Based on net asset value				(0.96	)%(e)				2.08	%				(19.93	)%				23.60	%				45.10	%			(0.40	)%
Ratios to Average Net Assets(f)
Total expenses				0.49	%(g)				0.49	%				0.49	%				0.49	%				0.49	%			0.49	%
Total expenses excluding professional fees for foreign withholding tax claims				N/A					0.49	%				N/A					N/A					N/A				N/A
Net investment income				0.86	%(g)				1.82	%				2.06	%				1.19	%				1.82	%			1.79	%
Supplemental Data
Net assets, end of period (000)			$	301,162				$	374,082				$	415,791				$	565,145				$	175,604			$	54,174
Portfolio turnover rate(h)				26	%				44	%				54	%				70	%				47	%			43	%

^(a)  Based on average shares outstanding.

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

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

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

^(e)  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, if any.

See notes to financial statements.

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 (continued)

(For a share outstanding throughout each period)

	iShares MSCI Water Management Multisector ETF
		Six Months Ended				Period From
		02/29/24						09/20/22	(a)
		(unaudited)				to 08/31/23
Net asset value, beginning of period			$	28.01			$	24.91
Net investment income(b)				0.19				0.46
Net realized and unrealized gain(c)				2.57				3.01
Net increase from investment operations				2.76				3.47
Distributions(d)
From net investment income				(0.23	)			(0.37	)
From net realized gain				(0.77	)			—
Total distributions				(1.00	)			(0.37	)
Net asset value, end of period			$	29.77			$	28.01
Total Return(e)
Based on net asset value				10.07	%(f)			13.91	%(f)
Ratios to Average Net Assets(g)
Total expenses				0.47	%(h)			0.47	%(h)
Net investment income				1.41	%(h)			1.77	%(h)
Supplemental Data
Net assets, end of period (000)			$	5,953			$	5,602
Portfolio turnover rate(i)				20	%			51	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

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

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

^(f)  Not annualized.

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

^(h)  Annualized.

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

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 51

Financial Highlights (continued)

(For a share outstanding throughout the period)

	iShares Paris-Aligned Climate MSCI World  ex USA ETF
	Period From
				01/17/24	(a)
	to 02/29/24
	(unaudited)
Net asset value, beginning of period			$	49.02
Net investment income(b)				0.08
Net realized and unrealized gain(c)				2.61
Net increase from investment operations				2.69
Net asset value, end of period			$	51.71
Total Return(d)
Based on net asset value				5.48	%(e)
Ratios to Average Net Assets(f)
Total expenses				0.12	%(g)
Net investment income				1.30	%(g)
Supplemental Data
Net assets, end of period (000)			$	6,205
Portfolio turnover rate(h)				0	%(i)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

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

^(e)  Not annualized.

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

^(g)  Annualized.

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

⁽ⁱ⁾  Rounds to less than 1%.

See notes to financial statements.

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

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
Emergent Food and AgTech Multisector	Non-diversified
ESG Aware MSCI EAFE	Diversified
ESG MSCI EM Leaders	Diversified
MSCI Global Sustainable Development Goals	Diversified
MSCI Water Management Multisector	Non-diversified
Paris-Aligned Climate MSCI World ex USA(a)	Diversified

^(a)  The Fund commenced operations on January 17, 2024.

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 February 29, 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.

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 53

Notes to Financial Statements (unaudited) (continued)

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

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.

• Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

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

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the 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

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Notes to Financial Statements (unaudited) (continued)

inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

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

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

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

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

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
Emergent Food and AgTech Multisector
BofA Securities, Inc.	$	212,575	$	(212,575	)	$	—		$	—
ESG Aware MSCI EAFE
Citigroup Global Markets, Inc.	$	33,163	$	(33,163	)	$	—		$	—
Goldman Sachs & Co. LLC		944,978		(944,978	)		—			—
J.P. Morgan Securities LLC		2,119,989		(2,119,989	)		—			—
Morgan Stanley		10,362,831		(10,362,831	)		—			—
SG Americas Securities LLC		1,559,050		(1,559,050	)		—			—
State Street Bank & Trust Co.		391,258		(391,258	)		—			—
	$	15,411,269	$	(15,411,269	)	$	—		$	—
ESG MSCI EM Leaders
BofA Securities, Inc.	$	21,752	$	(21,752	)	$	—		$	—
HSBC Bank PLC		95,859		(95,859	)		—			—
Morgan Stanley		144,023		(144,023	)		—			—
	$	261,634	$	(261,634	)	$	—		$	—
MSCI Global Sustainable Development Goals
BNP Paribas SA	$	564,886	$	(564,667	)	$	—		$	219	(b)
Goldman Sachs & Co. LLC		957,333		(957,333	)		—			—
J.P. Morgan Securities LLC		231,709		(231,709	)		—			—
Jefferies LLC		84,148		(84,148	)		—			—
Morgan Stanley		3,602,849		(3,602,849	)		—			—
Wells Fargo Securities LLC		92,056		(92,056	)		—			—
	$	5,532,981	$	(5,532,762	)	$	—		$	219

^(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.

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 55

Notes to Financial Statements (unaudited) (continued)

^(b)  The market value of the loaned securities is determined as of February 29, 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.

Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”).

For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statements of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds’ basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

Total return swaps are entered into by the iShares Paris-Aligned Climate MSCI World ex USA ETF to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket or underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instruments or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.

Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap’s market value. The market value also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.

Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statements of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

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Notes to Financial Statements (unaudited) (continued)

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

iShares ETF	Investment Advisory Fees
Emergent Food and AgTech Multisector		0.47	%
ESG Aware MSCI EAFE		0.20
ESG MSCI EM Leaders		0.16
MSCI Global Sustainable Development Goals		0.49
MSCI Water Management Multisector		0.47
Paris-Aligned Climate MSCI World ex USA		0.12

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.

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 57

Notes to Financial Statements (unaudited) (continued)

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 February 29, 2024, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
Emergent Food and AgTech Multisector	$	20
ESG Aware MSCI EAFE		4,961
ESG MSCI EM Leaders		489
MSCI Global Sustainable Development Goals		7,620
MSCI Water Management Multisector		2

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 February 29, 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)
ESG Aware MSCI EAFE	$	259,679,293	$	359,941,483	$	(21,111,628	)
ESG MSCI EM Leaders		482,838		136,343		(31,891	)
MSCI Global Sustainable Development Goals		19,577,591		29,261,635		(3,010,584	)

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 February 29, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Emergent Food and AgTech Multisector	$	1,002,245	$	1,009,032
ESG Aware MSCI EAFE		974,546,380		908,035,092
ESG MSCI EM Leaders		2,011,703		14,294,335
MSCI Global Sustainable Development Goals		88,413,649		95,121,087
MSCI Water Management Multisector		1,131,019		1,295,077
Paris-Aligned Climate MSCI World ex USA		9,497		55,355

For the six months ended February 29, 2024, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Emergent Food and AgTech Multisector	$	—	$	909,890
ESG Aware MSCI EAFE		67,301,606		92,836,224
ESG MSCI EM Leaders		—		8,296,417
MSCI Global Sustainable Development Goals		—		57,020,148
Paris-Aligned Climate MSCI World ex USA		5,870,283		—

8. INCOME TAX INFORMATION

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

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Notes to Financial Statements (unaudited) (continued)

Management has analyzed tax laws and regulations and their application to the Funds as of February 29, 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 August 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
Emergent Food and AgTech Multisector	$	(220,484	)
ESG Aware MSCI EAFE		(566,529,694	)
ESG MSCI EM Leaders		(2,182,392	)
MSCI Global Sustainable Development Goals		(57,913,571	)

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 February 29, 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)
Emergent Food and AgTech Multisector	$	5,976,148	$	128,410	$	(1,106,859	)	$	(978,449	)
ESG Aware MSCI EAFE		6,623,907,609		1,594,897,470		(383,138,228	)		1,211,759,242
ESG MSCI EM Leaders		34,269,365		6,523,603		(7,990,783	)		(1,467,180	)
MSCI Global Sustainable Development Goals		333,767,284		23,750,365		(51,162,085	)		(27,411,720	)
MSCI Water Management Multisector		4,942,142		1,152,425		(165,642	)		986,783
Paris-Aligned Climate MSCI World ex USA		5,823,902		436,160		(122,531	)		313,629

9. LINE OF CREDIT

The iShares ESG MSCI EM Leaders ETF, iShares MSCI Global Sustainable Development Goals ETF and iShares MSCI Water Management Multisector ETF, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on 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 February 29, 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
ESG MSCI EM Leaders	$	370,000	$	18,330		6.44	%
MSCI Global Sustainable Development Goals		150,000		2,736		6.42
MSCI Water Management Multisector		100,000		2,198		6.47

10. PRINCIPAL RISKS

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

BFA uses 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.

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 59

Notes to Financial Statements (unaudited) (continued)

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

Market Risk: Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) lack of reliable settlement procedures and significant delays in registereing the transfer of securities; (iii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iv) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (v) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.

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.

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

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Notes to Financial Statements (unaudited) (continued)

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. 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 02/29/24						Year Ended 08/31/23
iShares ETF	Shares			Amount			Shares			Amount
Emergent Food and AgTech Multisector
Shares sold		—		$	—			50,000		$	1,066,423
Shares redeemed		(50,000	)		(915,219	)		—			—
		(50,000	)	$	(915,219	)		50,000		$	1,066,423
ESG Aware MSCI EAFE
Shares sold		2,100,000		$	156,448,250			3,100,000		$	217,263,238
Shares redeemed		(1,400,000	)		(93,233,761	)		(4,700,000	)		(328,555,951	)
		700,000		$	63,214,489			(1,600,000	)	$	(111,292,713	)

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)

	Six Months Ended 02/29/24						Year Ended 08/31/23
iShares ETF	Shares			Amount			Shares			Amount
ESG MSCI EM Leaders
Shares sold		—		$	30,551			200,000		$	8,952,435
Shares redeemed		(450,000	)		(19,851,328	)		(300,000	)		(13,502,696	)
		(450,000	)	$	(19,820,777	)		(100,000	)	$	(4,550,261	)
MSCI Global Sustainable Development Goals
Shares sold		—		$	24,501			250,000		$	18,922,112
Shares redeemed		(850,000	)		(64,296,104	)		(800,000	)		(63,242,776	)
		(850,000	)	$	(64,271,603	)		(550,000	)	$	(44,320,664	)

	Six Months Ended 02/29/24				Period Ended 08/31/23
iShares ETF	Shares		Amount		Shares		Amount
MSCI Water Management Multisector(a)
Shares sold		—	$	—		200,000	$	4,982,461
					Period Ended 02/29/24
iShares ETF					Shares		Amount
Paris-Aligned Climate MSCI World ex USA(b)
Shares sold						120,000	$	5,882,292

^(a)  The Fund commenced operations on September 20, 2022.

^(b)  The Fund commenced operations on January 17, 2024.

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 the iShares ESG Aware MSCI EAFE 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 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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Board Review and Approval of Investment Advisory Contract

iShares Paris-Aligned Climate MSCI World ex USA ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required to consider the approval of the proposed Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the terms of the proposed Advisory Agreement. At a meeting held on December 12-14, 2023, the Board, including the Independent Board Members, approved the selection of BFA as investment adviser and approved the proposed Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA. The Board also considered information previously provided by BFA, BlackRock Institutional Trust Company, N.A. (“BTC”), and BlackRock, Inc. (“BlackRock”), as applicable, at prior Board meetings. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses of the Fund; (ii) the nature, extent and quality of the services to be provided by BFA; (iii) the costs of services to be provided to the Fund and the availability of information related to profits to be realized by BFA and its affiliates; (iv) potential economies of scale; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, no one of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the Advisory Agreement are discussed below.

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

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

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

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

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

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

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

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

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

B O A R D  R E V I E W  A N D  A P P R O V A L  O F  I N V E S T M E N T  A D V I S O R Y  C O N T R A C T 63

Board Review and Approval of Investment Advisory Contract (continued)

noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board further noted that BFA previously provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the iShares funds, including in terms of the different and generally more extensive services provided to the iShares funds, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement.

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

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

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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 Emergent Food and AgTech Multisector ETF, iShares ESG Aware MSCI EAFE ETF, iShares ESG MSCI EM Leaders ETF, iShares MSCI Global Sustainable Development Goals ETF and iShares MSCI Water Management 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 65

Supplemental Information (unaudited)

Section 19(a) Notices

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

February 29, 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 Water Management Multisector	$	0.224515	$	0.773240	$	—	$	0.997755		23	%		77	%		—	%		100	%

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

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

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

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 67

Glossary of Terms Used in this Report

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

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Want to know more?

iShares.com  |  1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Morningstar Inc. 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 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-817-0224

   

FEBRUARY 29, 2024

       2024 Semi-Annual Report
(Unaudited)  

iShares Trust

· iShares MSCI China Multisector Tech ETF | TCHI | NASDAQ

· iShares MSCI Japan Value ETF | EWJV | 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 February 29, 2024. Significantly tighter monetary policy helped to rein in inflation, and the Consumer Price Index decelerated substantially while remaining above pre-pandemic levels. 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 strongly, while emerging market stocks advanced at a more modest pace.

The 10-year U.S. Treasury yield rose during the reporting period, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. However, higher yields drove positive returns overall for 10-year U.S. Treasuries and solid gains in shorter-duration U.S. Treasuries. 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 three times during the 12-month period, but paused its tightening after its July meeting. The Fed also continued to reduce its balance sheet by not replacing some of the 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 rapid 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 February 29, 2024
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	13.93%	30.45%
U.S. small cap equities (Russell 2000® Index)	8.97	10.05
International equities (MSCI Europe, Australasia, Far East Index)	9.23	14.41
Emerging market equities (MSCI Emerging Markets Index)	4.93	8.73
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	2.69	5.22
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	0.58	0.69
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	2.35	3.33
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	4.33	5.42
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	6.18	11.01
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		14
Statements of Operations		15
Statements of Changes in Net Assets		16
Financial Highlights		17
Notes to Financial Statements		19
Statement Regarding Liquidity Risk Management Program		26
Supplemental Information		27
General Information		28
Glossary of Terms Used in this Report		29

Fund  Summary asof February 29,  2024 iShares^® MSCI China Multisector Tech ETF

Investment Objective

The iShares MSCI China Multisector Tech ETF (the “Fund”) seeks to track the investment results of an index composed of Chinese equities in technology and technology-related industries, as represented by the MSCI China Technology Sub-Industries Select Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns						Cumulative Total Returns
	6-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(8.36	)%		(13.26	)%		(17.42	)%		(13.26	)%		(33.04	)%
Fund Market		(8.87	)		(13.50	)		(17.40	)		(13.50	)		(33.01	)
Index		(7.62	)		(12.26	)		(16.52	)		(12.26	)		(31.55	)

The inception date of the Fund was January 25, 2022. The first day of secondary market trading was January 27, 2022.

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value   (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$ 1,000.00	$ 916.40	$ 2.81			$ 1,000.00	$  1,021.90	$ 2.97		0.59	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (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		40.5%
Consumer Discretionary		27.4
Communication Services		22.6
Industrials		7.5
Financials		2.0

TEN LARGEST HOLDINGS

Security	Percent of   Total Investments(a)
Lenovo Group Ltd.		4.1%
Xiaomi Corp., Class B		4.0
Kuaishou Technology		4.0
Alibaba Group Holding Ltd.		3.9
NetEase Inc.		3.9
JD.com Inc.		3.7
Baidu Inc.		3.7
New Oriental Education & Technology Group Inc.		3.7
PDD Holdings Inc.		3.6
Tencent Holdings Ltd.		3.6

^(a)  Excludes money market funds.

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Fund Summary asof February 29, 2024 iShares^® MSCI Japan Value ETF

Investment Objective

The iShares MSCI JapanValue ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization Japanese equities with value characteristics and relatively lower valuations, as represented by the MSCI Japan Value Index (USD) (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns						Cumulative Total Returns
	6-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		15.05	%		30.96	%		8.42	%		30.96	%		49.65	%
Fund Market		14.51			30.91			8.34			30.91			49.14
Index		14.87			30.94			8.35			30.94			49.18

The inception date of the Fund was March 5, 2019. The first day of secondary market trading was March 7, 2019.

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value   (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$  1,000.00	$ 1,150.50	$ 0.80			$ 1,000.00	$  1,024.10	$ 0.75		0.15	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (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		27.7%
Financials		21.8
Consumer Discretionary		17.3
Communication Services		7.1
Information Technology		6.6
Real Estate		5.9
Consumer Staples		4.3
Materials		3.5
Health Care		2.7
Utilities		1.7
Energy		1.4

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of   Total Investments(a)
Toyota Motor Corp.		6.7%
Mitsubishi UFJ Financial Group Inc.		6.0
Mitsubishi Corp.		3.9
Sumitomo Mitsui Financial Group Inc.		3.7
Honda Motor Co. Ltd.		2.9
ITOCHU Corp.		2.7
Hitachi Ltd.		2.7
Takeda Pharmaceutical Co. Ltd.		2.5
KDDI Corp.		2.4
Mizuho Financial Group Inc.		2.4

F U N D  S U M M A R Y 5

About Fund Performance

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined 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) February 29, 2024 iShares^® MSCI China Multisector Tech ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Broadline Retail — 14.3%
Alibaba Group Holding Ltd.		26,800	$	246,391
JD.com Inc.		20,800		234,746
PDD Holdings Inc., ADR(a)		1,807		225,044
Vipshop Holdings Ltd., ADR(a)		10,064		193,732
				899,913
Capital Markets — 1.1%
East Money Information Co. Ltd., Class A		27,952		54,296
Hithink RoyalFlush Information Network Co. Ltd., Class A		800		15,180
				69,476
Communications Equipment — 3.7%
BYD Electronic International Co. Ltd.		22,000		83,069
Guangzhou Haige Communications Group Inc. Co., Class A		4,000		6,411
Hengtong Optic-Electric Co. Ltd., Class A		4,000		6,785
Suzhou TFC Optical Communication Co. Ltd.		800		15,124
Tianjin 712 Communication & Broadcasting Co. Ltd., Class A		1,200		4,778
Yealink Network Technology Corp. Ltd., Class A		2,240		9,113
Zhongji Innolight Co. Ltd., Class A		1,600		34,462
ZTE Corp., Class A		6,800		28,135
ZTE Corp., Class H		21,600		48,654
				236,531
Consumer Finance — 0.9%
Qifu Technology Inc.		3,526		54,477
Diversified Consumer Services — 7.0%
East Buy Holding Ltd.(a)(b)(c)		7,000		21,577
New Oriental Education & Technology Group Inc.(a)		24,400		229,318
Offcn Education Technology Co. Ltd., Class A(a)		10,000		4,845
TAL Education Group, ADR(a)		12,772		188,132
				443,872
Electrical Equipment — 5.4%
Contemporary Amperex Technology Co. Ltd., Class A		7,640		172,797
Eve Energy Co. Ltd., Class A		3,200		16,980
Fangda Carbon New Material Co. Ltd., Class A(a)		6,400		4,370
Ginlong Technologies Co. Ltd., Class A		800		7,221
Gongniu Group Co. Ltd.		695		9,825
GoodWe Technologies Co. Ltd., NVS		280		4,208
Gotion High-tech Co. Ltd., Class A(a)		3,200		8,784
Hongfa Technology Co. Ltd., Class A		880		3,034
Hoymiles Power Electronics Inc., NVS		137		4,418
Jiangsu Zhongtian Technology Co. Ltd., Class A		5,600		10,155
Jiangxi Special Electric Motor Co. Ltd., NVS(a)		2,800		4,056
Ningbo Orient Wires & Cables Co. Ltd.		1,192		6,404
Ningbo Sanxing Medical Electric Co. Ltd.		2,400		9,005
Shanghai Moons’ Electric Co. Ltd.		800		6,410
Sieyuan Electric Co. Ltd.		1,200		9,520
Sungrow Power Supply Co. Ltd., Class A		2,400		28,976
Sunwoda Electronic Co. Ltd., Class A		3,200		6,302
TBEA Co. Ltd., Class A		8,580		17,712
Zhejiang Chint Electrics Co. Ltd., Class A		3,600		10,264
				340,441
Electronic Equipment, Instruments & Components — 10.2%
AAC Technologies Holdings Inc.		20,000		49,723
Accelink Technologies Co. Ltd., Class A		1,200		4,985
Avary Holding Shenzhen Co. Ltd., Class A		3,200		9,349
BOE Technology Group Co. Ltd., Class A		65,200		36,069
Chaozhou Three-Circle Group Co. Ltd., Class A		3,200		11,260
China Railway Signal & Communication Corp. Ltd., Class A		12,000		8,121
China Zhenhua Group Science & Technology Co. Ltd., Class A		1,200		9,543

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Eoptolink Technology Inc. Ltd.		1,200	$	10,019
Everdisplay Optronics Shanghai Co. Ltd.(a)		19,200		6,368
Foxconn Industrial Internet Co. Ltd., Class A		23,200		60,161
GoerTek Inc., Class A		6,000		13,864
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		1,200		6,523
Hengdian Group DMEGC Magnetics Co. Ltd.		2,722		5,420
Huagong Tech Co. Ltd., Class A		1,600		7,048
Kingboard Holdings Ltd.		20,000		39,229
Lens Technology Co. Ltd., Class A		9,000		15,101
Lingyi iTech Guangdong Co., Class A		12,000		9,134
Luxshare Precision Industry Co. Ltd., Class A		12,400		47,450
Maxscend Microelectronics Co. Ltd., Class A		840		12,525
OFILM Group Co. Ltd., Class A(a)		5,600		6,341
Shanghai BOCHU Electronic Technology Corp. Ltd., Class A		200		7,806
Shengyi Technology Co. Ltd., Class A		4,000		9,505
Shennan Circuits Co. Ltd., Class A		800		7,783
Shenzhen Kaifa Technology Co. Ltd., Class A		2,800		5,533
Sunny Optical Technology Group Co. Ltd.		20,800		133,867
SUPCON Technology Co. Ltd.		1,381		8,809
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		2,800		5,810
TCL Technology Group Corp., Class A(a)		32,480		20,380
Tianma Microelectronics Co. Ltd., Class A(a)		4,000		5,078
Unisplendour Corp. Ltd., Class A(a)		4,700		14,405
Universal Scientific Industrial Shanghai Co. Ltd., Class A		3,200		6,403
Wingtech Technology Co. Ltd., Class A(a)		2,400		12,692
Wuhan Guide Infrared Co. Ltd., Class A		6,968		6,089
WUS Printed Circuit Kunshan Co. Ltd., Class A		3,200		11,729
Xiamen Faratronic Co. Ltd.		400		5,779
Zhejiang Dahua Technology Co. Ltd., Class A		6,000		15,377
				645,278
Entertainment — 8.6%
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		4,000		10,774
Beijing Enlight Media Co. Ltd., Class A		4,800		6,027
Bilibili Inc.(a)		5,760		55,856
China Film Co. Ltd., Class A(a)		3,200		5,373
China Ruyi Holdings Ltd.(a)		176,000		34,547
Giant Network Group Co. Ltd., Class A		3,600		5,642
iQIYI Inc., ADR(a)		12,788		47,188
Kingnet Network Co. Ltd.		3,600		6,244
Kingsoft Corp. Ltd.		28,000		77,802
Kunlun Tech Co. Ltd., Class A(a)		2,000		11,218
Mango Excellent Media Co. Ltd., Class A		3,600		12,361
NetEase Inc.		11,200		243,293
Perfect World Co. Ltd., Class A		3,200		5,189
Tencent Music Entertainment Group, ADR(a)		720		7,538
Wanda Film Holding Co. Ltd., Class A(a)		3,600		5,963
Zhejiang Century Huatong Group Co. Ltd., Class A(a)		12,800		8,686
				543,701
Household Durables — 6.0%
Beijing Roborock Technology Co. Ltd., Class A		280		12,664
Ecovacs Robotics Co. Ltd., Class A		1,200		6,204
Gree Electric Appliances Inc. of Zhuhai, Class A		4,800		25,976
Haier Smart Home Co. Ltd., Class A		10,800		35,974
Haier Smart Home Co. Ltd., Class H		70,400		213,216
Hang Zhou Great Star Industrial Co. Ltd., Class A		2,000		6,024
Hangzhou Robam Appliances Co. Ltd., Class A		1,600		5,537
Hisense Visual Technology Co. Ltd.		2,400		8,607
Midea Group Co. Ltd., Class A		6,000		52,145
Sichuan Changhong Electric Co. Ltd.		7,600		5,424

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) February 29, 2024 iShares^® MSCI China Multisector Tech ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Household Durables (continued)
Zhejiang Supor Co. Ltd., Class A		800	$	6,148
				377,919
Interactive Media & Services — 13.6%
Autohome Inc., ADR		1,948		50,629
Baidu Inc.(a)		18,400		232,822
Kanzhun Ltd., ADR		6,456		101,036
Kuaishou Technology(a)(b)		44,000		248,464
Tencent Holdings Ltd.		6,400		224,196
				857,147
IT Services — 0.2%
Isoftstone Information Technology Group Co. Ltd., NVS(a)		1,725		10,906
Machinery — 2.1%
Haitian International Holdings Ltd.		20,000		50,641
Jiangsu Hengli Hydraulic Co. Ltd., Class A		2,400		18,896
Keda Industrial Group Co. Ltd.		3,200		5,327
Ningbo Deye Technology Co. Ltd., NVS		720		8,361
Range Intelligent Computing Technology Group Co. Ltd.		2,320		8,354
Shandong Himile Mechanical Science & Technology Co. Ltd.		1,600		7,297
Shenzhen Inovance Technology Co. Ltd., Class A		2,400		21,017
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		3,200		11,055
				130,948
Media — 0.3%
China Literature Ltd.(a)(b)		800		2,468
Jiangsu Phoenix Publishing & Media Corp. Ltd.		4,400		6,349
People.cn Co. Ltd.		2,000		7,361
				16,178
Semiconductors & Semiconductor Equipment — 12.6%
ACM Research Shanghai Inc.		800		10,891
Advanced Micro-Fabrication Equipment Inc., Class A		1,000		20,399
Amlogic Shanghai Co. Ltd.		684		5,304
ASR Microelectronics Co. Ltd.(a)		784		5,569
Cambricon Technologies Corp. Ltd.(a)		668		15,634
China Resources Microelectronics Ltd.		2,456		14,578
Flat Glass Group Co. Ltd., Class A		3,200		9,683
Flat Glass Group Co. Ltd., Class H		12,000		22,185
GalaxyCore Inc., NVS		2,864		7,844
GCL Technology Holdings Ltd.		624,000		86,798
GigaDevice Semiconductor Inc., Class A		1,200		12,193
Hangzhou Chang Chuan Technology Co. Ltd.		1,175		4,715
Hangzhou First Applied Material Co. Ltd., Class A		3,136		12,090
Hangzhou Silan Microelectronics Co. Ltd., Class A		3,200		9,268
Hua Hong Semiconductor Ltd.(a)(b)		16,000		34,292
Hwatsing Technology Co. Ltd., NVS		280		7,840
Hygon Information Technology Co. Ltd., NVS		3,380		39,897
Ingenic Semiconductor Co. Ltd., Class A		800		7,244
JA Solar Technology Co. Ltd., Class A		5,488		14,255
JCET Group Co. Ltd., Class A		3,200		11,615
Jiangsu Pacific Quartz Co. Ltd., NVS		800		8,854
Jinko Solar Co. Ltd.		14,776		18,119
LONGi Green Energy Technology Co. Ltd., Class A		13,520		39,801
Montage Technology Co. Ltd., Class A		2,400		17,402
National Silicon Industry Group Co. Ltd., Class A(a)		5,600		11,972
NAURA Technology Group Co. Ltd., Class A		800		31,528
Piotech Inc., NVS		309		9,163
Risen Energy Co. Ltd.		2,000		4,481
Rockchip Electronics Co. Ltd.		800		5,974
Sanan Optoelectronics Co. Ltd., Class A		8,400		14,488
SG Micro Corp., Class A		780		7,652
Shanghai Aiko Solar Energy Co. Ltd.		3,163		6,629
Shenzhen Goodix Technology Co. Ltd., Class A(a)		800		7,022

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Shenzhen SC New Energy Technology Corp., Class A		800	$	7,169
StarPower Semiconductor Ltd., Class A		300		6,305
Suzhou Maxwell Technologies Co. Ltd., Class A		480		8,079
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		7,300		13,681
Tianshui Huatian Technology Co. Ltd., Class A		6,000		6,804
TongFu Microelectronics Co. Ltd., Class A		2,400		7,391
Tongwei Co. Ltd., Class A		8,000		29,367
Trina Solar Co. Ltd.		4,200		14,599
Unigroup Guoxin Microelectronics Co. Ltd., Class A(a)		1,619		16,042
Verisilicon Microelectronics Shanghai Co. Ltd.(a)		806		4,540
Will Semiconductor Co. Ltd. Shanghai, Class A		2,020		26,818
Xinjiang Daqo New Energy Co. Ltd.		2,888		11,692
Xinyi Solar Holdings Ltd.		144,000		87,198
Yangzhou Yangjie Electronic Technology Co. Ltd.		966		5,327
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		2,400		12,316
				792,707
Software — 4.4%
360 Security Technology Inc., Class A(a)		13,546		16,469
Beijing Kingsoft Office Software Inc., Class A		800		30,094
China National Software & Service Co. Ltd., Class A		1,549		6,919
Empyrean Technology Co. Ltd., NVS		800		10,094
Hundsun Technologies Inc., Class A		3,120		10,550
Iflytek Co. Ltd., Class A		3,600		24,702
Kingdee International Software Group Co. Ltd.(a)		84,000		90,324
Qi An Xin Technology Group Inc.(a)		1,096		5,322
Sangfor Technologies Inc., Class A(a)		800		7,040
Shanghai Baosight Software Co. Ltd., Class A		3,040		19,739
Shanghai Baosight Software Co. Ltd., Class B		17,344		38,970
Thunder Software Technology Co. Ltd., Class A		800		6,718
Yonyou Network Technology Co. Ltd., Class A		5,800		10,199
				277,140
Technology Hardware, Storage & Peripherals — 9.3%
Anker Innovations Technology Co. Ltd.		770		8,747
China Greatwall Technology Group Co. Ltd., Class A		5,600		8,061
GRG Banking Equipment Co. Ltd., Class A		4,000		6,396
IEIT Systems Co. Ltd., Class A		2,400		12,452
Lenovo Group Ltd.		232,000		256,297
Ninestar Corp., Class A		2,400		7,804
Shenzhen Transsion Holding Co. Ltd., Class A		1,424		31,388
Tsinghua Tongfang Co. Ltd.(a)		5,582		5,238
Xiaomi Corp., Class B(a)(b)		148,000		248,703
				585,086
Total Long-Term Investments — 99.7% (Cost: $8,496,923)				6,281,720
Short-Term Securities
Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%(d)(e)(f)		18,116		18,125
Total Short-Term Securities — 0.3% (Cost: $18,125)				18,125
Total Investments — 100.0% (Cost: $8,515,048)				6,299,845
Liabilities in Excess of Other Assets — (0.0)%				(2,594	)
Net Assets — 100.0%			$	6,297,251

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) February 29, 2024 iShares^® MSCI China Multisector Tech ETF

^(a)  Non-income producing security.

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

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

^(d)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	18,133	(a)	$	—		$	(8	)	$	—	$	18,125		18,116	$	492	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(c)		—		—			0	(a)		—			—		—		—		214			—
									$	(8	)	$	—	$	18,125			$	706		$	—

^(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 February 29, 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	$	—	$	—	$	343		$	—	$	—	$	—	$	343
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(88	)	$	—	$	—	$	—	$	(88	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	10,856

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	$	930,098		$5,351,622	$	—		$6,281,720
Short-Term Securities
Money Market Funds		18,125		—		—		18,125
	$	948,223		$5,351,622	$	—		$6,299,845

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) February 29, 2024 iShares^® MSCI Japan Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 0.2%
Nippon Express Holdings Inc.		10,300	$	544,526
Automobile Components — 2.3%
Aisin Corp.		20,600		777,964
Bridgestone Corp.		103,000		4,423,080
Koito Manufacturing Co. Ltd.		30,900		391,691
Sumitomo Electric Industries Ltd.		125,800		1,867,963
				7,460,698
Automobiles — 13.0%
Honda Motor Co. Ltd.		797,800		9,479,906
Isuzu Motors Ltd.		103,000		1,469,699
Mazda Motor Corp.		94,700		1,099,705
Nissan Motor Co. Ltd.		409,500		1,613,293
Subaru Corp.		103,000		2,330,457
Suzuki Motor Corp.		73,300		3,226,686
Toyota Motor Corp.		913,500		22,002,938
Yamaha Motor Co. Ltd.		154,500		1,385,144
				42,607,828
Banks — 15.0%
Chiba Bank Ltd. (The)		92,700		754,952
Concordia Financial Group Ltd.		185,400		939,947
Japan Post Bank Co. Ltd.		247,200		2,635,821
Mitsubishi UFJ Financial Group Inc.		1,912,200		19,643,655
Mizuho Financial Group Inc.		412,050		7,697,952
Resona Holdings Inc.		360,500		1,967,470
Shizuoka Financial Group Inc., NVS		82,400		806,562
Sumitomo Mitsui Financial Group Inc.		218,300		12,162,478
Sumitomo Mitsui Trust Holdings Inc.		115,300		2,336,350
				48,945,187
Beverages — 1.6%
Asahi Group Holdings Ltd.		82,400		2,822,815
Kirin Holdings Co. Ltd.		133,900		1,861,496
Suntory Beverage & Food Ltd.		20,600		676,449
				5,360,760
Building Products — 0.5%
AGC Inc.		30,900		1,104,949
TOTO Ltd.		20,600		557,807
				1,662,756
Capital Markets — 1.6%
Daiwa Securities Group Inc.		241,300		1,779,030
Nomura Holdings Inc.		525,000		2,989,173
SBI Holdings Inc.		20,600		554,636
				5,322,839
Chemicals — 1.5%
Asahi Kasei Corp.		216,300		1,505,009
JSR Corp.		10,300		276,737
Mitsubishi Chemical Group Corp.		216,300		1,241,203
Mitsui Chemicals Inc.		30,900		856,923
Toray Industries Inc.		236,900		1,093,041
				4,972,913
Commercial Services & Supplies — 1.1%
Dai Nippon Printing Co. Ltd.		30,900		902,560
Secom Co. Ltd.		21,900		1,598,090
Toppan Holdings Inc.		41,200		981,941
				3,482,591
Construction & Engineering — 1.2%
Kajima Corp.		72,200		1,340,428
Obayashi Corp.		113,300		1,096,907
Shimizu Corp.		92,700		537,701

Security	Shares		Value
Construction & Engineering (continued)
Taisei Corp.		30,900	$	971,516
				3,946,552
Diversified REITs — 0.5%
KDX Realty Investment Corp.		733		733,728
Nomura Real Estate Master Fund Inc.		721		716,592
				1,450,320
Electric Utilities — 1.3%
Chubu Electric Power Co. Inc.		113,300		1,410,160
Kansai Electric Power Co. Inc. (The)		123,600		1,580,707
Tokyo Electric Power Co. Holdings Inc.(a)		257,500		1,393,023
				4,383,890
Electrical Equipment — 1.8%
Fuji Electric Co. Ltd.		10,300		627,244
Mitsubishi Electric Corp.		329,600		5,249,862
				5,877,106
Electronic Equipment, Instruments & Components — 1.8%
Kyocera Corp.		220,000		3,246,867
Murata Manufacturing Co. Ltd.		103,000		2,075,655
Omron Corp.		10,300		382,982
				5,705,504
Entertainment — 0.1%
Toho Co. Ltd./Tokyo		10,300		334,275
Financial Services — 1.6%
Mitsubishi HC Capital Inc.		133,900		925,225
ORIX Corp.		206,000		4,328,170
				5,253,395
Food Products — 0.3%
MEIJI Holdings Co. Ltd.		41,200		927,192
Gas Utilities — 0.4%
Osaka Gas Co. Ltd.		61,800		1,233,317
Ground Transportation — 3.4%
Central Japan Railway Co.		136,100		3,422,899
East Japan Railway Co.		52,300		3,094,144
Hankyu Hanshin Holdings Inc.		20,600		594,055
Keisei Electric Railway Co. Ltd.		10,300		481,226
Odakyu Electric Railway Co. Ltd.		51,500		724,070
Tobu Railway Co. Ltd.		20,600		526,619
Tokyu Corp.		62,800		781,410
West Japan Railway Co.		33,000		1,372,196
				10,996,619
Household Durables — 1.7%
Iida Group Holdings Co. Ltd.		30,900		398,730
Panasonic Holdings Corp.		185,400		1,752,703
Sekisui Chemical Co. Ltd.		73,300		1,033,491
Sekisui House Ltd.		103,000		2,294,395
Sharp Corp./Japan(a)		20,600		112,269
				5,591,588
Industrial Conglomerates — 2.7%
Hitachi Ltd.		105,000		8,895,653
Industrial REITs — 0.4%
GLP J-REIT		824		653,751
Nippon Prologis REIT Inc.		369		617,356
				1,271,107
Insurance — 3.5%
Japan Post Holdings Co. Ltd.		357,000		3,445,472
Japan Post Insurance Co. Ltd.		30,900		569,493
MS&AD Insurance Group Holdings Inc.		74,100		3,702,942

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) February 29, 2024 iShares^® MSCI Japan Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Insurance (continued)
Sompo Holdings Inc.		51,500	$	3,019,230
T&D Holdings Inc.		41,200		717,062
				11,454,199
Interactive Media & Services — 0.4%
LY Corp.		462,000		1,277,009
IT Services — 0.5%
Fujitsu Ltd.		10,300		1,609,609
Leisure Products — 0.1%
Yamaha Corp.		20,600		450,500
Machinery — 4.2%
Hitachi Construction Machinery Co. Ltd.		20,600		596,198
Hoshizaki Corp.		10,300		351,577
Komatsu Ltd.		154,500		4,484,837
Kubota Corp.		113,300		1,662,836
Mitsubishi Heavy Industries Ltd.		54,500		4,313,506
Toyota Industries Corp.		24,400		2,431,287
				13,840,241
Marine Transportation — 1.3%
Kawasaki Kisen Kaisha Ltd.		10,700		510,722
Mitsui OSK Lines Ltd.		61,800		2,116,401
Nippon Yusen KK		51,500		1,640,092
				4,267,215
Media — 0.2%
Dentsu Group Inc.		20,600		570,737
Metals & Mining — 1.9%
JFE Holdings Inc.		103,000		1,689,232
Nippon Steel Corp.		144,200		3,578,415
Sumitomo Metal Mining Co. Ltd.		41,200		1,072,533
				6,340,180
Office REITs — 0.5%
Japan Real Estate Investment Corp.		206		742,565
Nippon Building Fund Inc.		246		947,398
				1,689,963
Oil, Gas & Consumable Fuels — 1.4%
ENEOS Holdings Inc.		492,900		2,126,660
Idemitsu Kosan Co. Ltd.		164,860		1,042,499
Inpex Corp.		115,300		1,536,800
				4,705,959
Passenger Airlines — 0.3%
ANA Holdings Inc.(a)		20,600		449,126
Japan Airlines Co. Ltd.		30,900		577,094
				1,026,220
Personal Care Products — 0.8%
Kao Corp.		51,500		1,948,658
Shiseido Co. Ltd.		20,600		560,053
				2,508,711
Pharmaceuticals — 2.7%
Eisai Co. Ltd.		20,600		854,502
Takeda Pharmaceutical Co. Ltd.		273,000		7,984,207
				8,838,709
Real Estate Management & Development — 4.3%
Daito Trust Construction Co. Ltd.		10,300		1,221,898
Daiwa House Industry Co. Ltd.		103,000		2,974,068
Hulic Co. Ltd.		63,200		630,606
Mitsubishi Estate Co. Ltd.		199,300		3,050,577

Security	Shares		Value
Real Estate Management & Development (continued)
Mitsui Fudosan Co. Ltd.		154,500	$	4,194,190
Nomura Real Estate Holdings Inc.		20,600		512,794
Sumitomo Realty & Development Co. Ltd.		51,500		1,527,602
				14,111,735
Retail REITs — 0.2%
Japan Metropolitan Fund Invest		1,236		728,437
Semiconductors & Semiconductor Equipment — 0.6%
Rohm Co. Ltd.		51,500		877,390
SUMCO Corp.		61,800		969,879
				1,847,269
Software — 0.2%
Trend Micro Inc./Japan		14,300		710,658
Specialty Retail — 0.1%
USS Co. Ltd.		10,300		179,294
Technology Hardware, Storage & Peripherals — 3.5%
Brother Industries Ltd.		41,200		691,262
Canon Inc.		175,100		5,120,769
FUJIFILM Holdings Corp.		63,600		4,051,109
Ricoh Co. Ltd.		92,700		772,092
Seiko Epson Corp.		51,500		833,661
				11,468,893
Tobacco — 1.6%
Japan Tobacco Inc.		206,000		5,351,160
Trading Companies & Distributors — 11.0%
ITOCHU Corp.		206,000		8,948,831
Marubeni Corp.		251,800		4,172,829
Mitsubishi Corp.		592,800		12,715,285
Mitsui & Co. Ltd.		82,400		3,619,217
Sumitomo Corp.		175,100		4,110,633
Toyota Tsusho Corp.		34,900		2,260,943
				35,827,738
Wireless Telecommunication Services — 6.4%
KDDI Corp.		257,500		7,784,679
SoftBank Corp.		493,500		6,491,235
SoftBank Group Corp.		113,300		6,711,072
				20,986,986
Total Long-Term Investments — 99.7% (Cost: $287,811,463)				326,018,038
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%(b)(c)		340,000		340,000
Total Short-Term Securities — 0.1% (Cost: $340,000)				340,000
Total Investments — 99.8% (Cost: $288,151,463)				326,358,038
Other Assets Less Liabilities — 0.2%				631,131
Net Assets — 100.0%			$	326,989,169

^(a) Non-income producing security.

^(b) Affiliate of the Fund.

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

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

Schedule of Investments (unaudited) (continued) February 29, 2024 iShares^® MSCI Japan Value ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	—	$	—		$	0	(b)	$	—	$	—	$	—		—	$	10	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		60,000		280,000	(b)		—			—		—		340,000		340,000		5,503			—
									$	—	$	—	$	340,000			$	5,513		$	—

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

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

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Mini TOPIX Index		48		03/07/24	$	860	$	52,605

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)	$	—	$	—	$	52,605	$	—	$	—	$	—	$	52,605

^(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 February 29, 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	$	—	$	—	$	71,919	$	—	$	—	$	—	$	71,919
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	39,364	$	—	$	—	$	—	$	39,364

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,948,128

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

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Schedule of Investments (unaudited) (continued) February 29, 2024 iShares^® MSCI Japan Value 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	$	—	$	326,018,038	$	—	$	326,018,038
Short-Term Securities
Money Market Funds		340,000		—		—		340,000
	$	340,000	$	326,018,038	$	—	$	326,358,038
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	52,605	$	—	$	52,605

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

See notes to financial statements.

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

Statements of Assets and Liabilities (unaudited) 

February 29, 2024

	iShares MSCI China Multisector Tech ETF			iShares MSCI Japan Value ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	6,281,720		$	326,018,038
Investments, at value — affiliated(c)		18,125			340,000
Cash		2,166			5,051
Foreign currency collateral pledged for futures contracts(d)		—			38,408
Foreign currency, at value(e)		84,314			210,091
Receivables:
Investments sold		398,497			3,717,490
Securities lending income — affiliated		80			—
Dividends — unaffiliated		2,111			542,177
Dividends — affiliated		—			580
Variation margin on futures contracts		—			100
Total assets		6,787,013			330,871,935
LIABILITIES
Collateral on securities loaned, at value		18,161			—
Payables:
Investments purchased		468,792			3,848,269
Investment advisory fees		2,809			34,497
Total liabilities		489,762			3,882,766
Commitments and contingent liabilities
NET ASSETS	$	6,297,251		$	326,989,169
NET ASSETS CONSIST OF
Paid-in capital	$	9,892,974		$	293,834,717
Accumulated earnings (loss)		(3,595,723	)		33,154,452
NET ASSETS	$	6,297,251		$	326,989,169
NET ASSET VALUE
Shares outstanding		400,000			10,300,000
Net asset value	$	15.74		$	31.75
Shares authorized		Unlimited			Unlimited
Par value		None			None
(a) Investments, at cost — unaffiliated	$	8,496,923		$	287,811,463
(b) Securities loaned, at value	$	21,577		$	—
(c)  Investments, at cost — affiliated	$	18,125		$	340,000
(d) Foreign currency collateral pledged, at cost	$	—		$	39,590
(e) Foreign currency, at cost	$	84,335		$	209,020

See notes to financial statements.

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Statements of Operations (unaudited)

Six Months Ended February 29, 2024

	iShares MSCI China Multisector Tech ETF			iShares MSCI Japan Value ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	18,260		$	3,727,023
Dividends — affiliated		214			5,503
Interest — unaffiliated		63			—
Securities lending income — affiliated — net		492			10
Foreign taxes withheld		(247	)		(372,681	)
Total investment income		18,782			3,359,855
EXPENSES
Investment advisory		19,369			188,090
Interest expense		39			—
Commitment costs		33			1,207
Total expenses		19,441			189,297
Net investment income (loss)		(659	)		3,170,558
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(371,356	)		(1,949,080	)
Investments — affiliated		(8	)		—
Foreign currency transactions		8			48,404
Futures contracts		343			71,919
In-kind redemptions — unaffiliated(a)		—			3,728,876
		(371,013	)		1,900,119
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(217,593	)		30,533,763
Foreign currency translations		(83	)		(20,344	)
Futures contracts		(88	)		39,364
		(217,764	)		30,552,783
Net realized and unrealized gain (loss)		(588,777	)		32,452,902
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(589,436	)	$	35,623,460

^(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 15

Statements of Changes in Net Assets

		iShares MSCI China Multisector Tech ETF										iShares MSCI Japan Value ETF
	Six Months Ended 02/29/24 (unaudited)				Year Ended 08/31/23					Six Months Ended 02/29/24 (unaudited)					Year Ended 08/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)		$	(659	)			$	27,965				$	3,170,558				$	4,556,216
Net realized gain (loss)			(371,013	)				(436,430	)				1,900,119					3,747,140
Net change in unrealized appreciation (depreciation)			(217,764	)				(300,364	)				30,552,783					19,025,678
Net increase (decrease) in net assets resulting from operations			(589,436	)				(708,829	)				35,623,460					27,329,034
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(265,131	)(b)				(83,031	)				(4,599,432	)				(3,996,856	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions			—					—					70,699,077					121,081,814
NET ASSETS
Total increase (decrease) in net assets			(854,567	)				(791,860	)				101,723,105					144,413,992
Beginning of period			7,151,818					7,943,678					225,266,064					80,852,072
End of period		$	6,297,251				$	7,151,818				$	326,989,169				$	225,266,064

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

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

See notes to financial statements.

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Financial Highlights

(For a share outstanding throughout each period)

	iShares MSCI China Multisector Tech ETF
	Six Months Ended 02/29/24 (unaudited)					Year Ended 08/31/23					Period From 01/25/22(a) to 08/31/22
Net asset value, beginning of period			$	17.88				$	19.86				$	24.81
Net investment income(b)				(0.00	)(c)				0.07					0.12
Net realized and unrealized loss(d)				(1.48	)				(1.84	)				(5.02	)
Net decrease from investment operations				(1.48	)				(1.77	)				(4.90	)
Distributions from net investment income(e)				(0.66	)(f)				(0.21	)				(0.05	)
Net asset value, end of period			$	15.74				$	17.88				$	19.86
Total Return(g)
Based on net asset value				(8.36	)%(h)				(8.96	)%				(19.74	)%(h)
Ratios to Average Net Assets(i)
Total expenses				0.59	%(j)				0.59	%				0.59	%(j)
Net investment income (loss)				(0.02	)%(j)				0.38	%				0.93	%(j)
Supplemental Data
Net assets, end of period (000)			$	6,297				$	7,152				$	7,944
Portfolio turnover rate(k)				13	%				23	%				17	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  Rounds to less than $0.01.

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

^(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, if any.

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 17

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Japan Value ETF
	Six Months Ended 02/29/24 (unaudited)					Year Ended 08/31/23					Year Ended 08/31/22					Year Ended 08/31/21					Year Ended 08/31/20					Period From 03/05/19(a) to 08/31/19
Net asset value, beginning of period			$	28.16				$	23.78				$	27.73				$	23.22				$	23.70				$	24.67
Net investment income(b)				0.37					0.73					0.72					0.65					0.71					0.46
Net realized and unrealized gain (loss)(c)				3.79					4.31					(3.88	)				4.36					(0.26	)				(0.97	)
Net increase (decrease) from investment operations				4.16					5.04					(3.16	)				5.01					0.45					(0.51	)
Distributions from net investment income(d)				(0.57	)				(0.66	)				(0.79	)				(0.50	)				(0.93	)				(0.46	)
Net asset value, end of period			$	31.75				$	28.16				$	23.78				$	27.73				$	23.22				$	23.70
Total Return(e)
Based on net asset value				15.05	%(f)				21.46	%				(11.57	)%				21.62	%				1.71	%				(2.10	)%(f)
Ratios to Average Net Assets(g)
Total expenses				0.15	%(h)				0.15	%				0.15	%				0.15	%				0.15	%				0.15	%(h)
Net investment income				2.53	%(h)				2.82	%				2.74	%				2.39	%				2.98	%				3.83	%(h)
Supplemental Data
Net assets, end of period (000)			$	326,989				$	225,266				$	80,852				$	44,361				$	6,965				$	7,111
Portfolio turnover rate(i)				17	%				20	%				24	%				24	%				35	%				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, if any.

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 China Multisector Tech	Non-diversified
MSCI Japan Value	Diversified

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 29, 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.

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 19

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.

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Notes to Financial Statements (unaudited) (continued)

4. SECURITIES AND OTHER INVESTMENTS

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

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

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

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

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at  Fair Value	(a)		Net Amount
MSCI China Multisector Tech
BofA Securities, Inc.	$	21,577	$	(18,125	)	$	—		$	3,452

^(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 21

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

iShares ETF	Investment Advisory Fees
MSCI China Multisector Tech		0.59	%
MSCI Japan Value		0.15

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

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

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

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

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

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended February 29, 2024, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
MSCI China Multisector Tech		$   111
MSCI Japan Value		3

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 February 29, 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 Japan Value		$25,102,003		$31,076,780		$  (357,071)

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

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

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Notes to Financial Statements (unaudited) (continued)

7. PURCHASES AND SALES

For the six months ended February 29, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
MSCI China Multisector Tech	$	877,877	$	1,126,560
MSCI Japan Value		44,029,799		44,415,028

For the six months ended February 29, 2024, in-kind transactions were as follows:

iShares ETF	In-kind   Purchases		In-kind  Sales
MSCI Japan Value		$99,564,995		$30,064,152

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 February 29, 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 August 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 China Multisector Tech	$	(672,995)
MSCI Japan Value		(5,290,378)

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 February 29, 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 China Multisector Tech	$	8,782,865	$	717,542	$	(3,200,562)	$	(2,483,020)
MSCI Japan Value		290,146,611		44,050,312		(7,786,280)		36,264,032

9. LINE OF CREDIT

The Funds, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on 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 February 29, 2024, the Funds did not borrow under the Syndicated Credit Agreement.

10. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social

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)

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.

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

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

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

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

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

The Funds invest a significant portion of their assets in securities of issuers located in 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.

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Notes to Financial Statements (unaudited) (continued)

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 02/29/24						Year Ended 08/31/23
iShares ETF	Shares			Amount			Shares			Amount
MSCI Japan Value
Shares sold		3,400,000		$	102,242,624			8,300,000		$	219,003,150
Shares redeemed		(1,100,000	)		(31,543,547	)		(3,700,000	)		(97,921,336	)
		2,300,000		$	70,699,077			4,600,000		$	121,081,814

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.

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

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 ChinaMultisector Tech ETF and iShares MSCI Japan 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.

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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.

February 29, 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 China Multisector Tech(a)	$	0.498471	$	—	$	0.164357	$	0.662828		75	%		—	%		25	%		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.

G E N E R A L  I N F O R M A T I O N 27

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.

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

Glossary of Terms Used in this Report

Portfolio Abbreviation

ADR	American Depositary Receipt
NVS	Non-Voting Shares

G L O S S A R Y  O F  T E R M S  U S E D  I N  T H I S  R E P O R T 29

Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by 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-819-0224

  

FEBRUARY 29, 2024

      2024 Semi-Annual Report (Unaudited)  

iShares Trust

·  iShares ESG Advanced MSCI EAFE ETF | DMXF | NASDAQ

·  iShares ESG Advanced MSCI EM ETF | EMXF | NASDAQ

The Markets in Review

Dear Shareholder,

The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended February 29, 2024. Significantly tighter monetary policy helped to rein in inflation, and the Consumer Price Index decelerated substantially while remaining above pre-pandemic levels. 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 strongly, while emerging market stocks advanced at a more modest pace.

The 10-year U.S. Treasury yield rose during the reporting period, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. However, higher yields drove positive returns overall for 10-year U.S. Treasuries and solid gains in shorter-duration U.S. Treasuries. 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 three times during the 12-month period, but paused its tightening after its July meeting. The Fed also continued to reduce its balance sheet by not replacing some of the 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 rapid 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 February 29, 2024
	6-Month		12-Month
U.S. large cap equities  (S&P 500® Index)		13.93%		30.45%
U.S. small cap equities (Russell 2000® Index)		8.97		10.05
International equities (MSCI Europe, Australasia, Far East Index)		9.23		14.41
Emerging market equities (MSCI Emerging Markets Index)		4.93		8.73
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		2.69		5.22
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		0.58		0.69
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		2.35		3.33
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		4.33		5.42
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		6.18		11.01
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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

Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		6
Disclosure of Expenses		6
Schedules of Investments		7
Financial Statements
Statements of Assets and Liabilities		21
Statements of Operations		22
Statements of Changes in Net Assets		23
Financial Highlights		24
Notes to Financial Statements		26
Statement Regarding Liquidity Risk Management Program		34
Supplemental Information		35
General Information		36
Glossary of Terms Used in this Report		37

Fund Summary as of February 29, 2024 iShares^® ESG Advanced MSCI EAFE ETF

Investment Objective

The iShares ESG Advanced MSCI EAFE ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization developed market companies excluding the U.S. and Canada that have a favorable environmental, social and governance rating while applying extensive screens for company involvement in controversial activities, as represented by the MSCI EAFE Choice ESG Screened Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns						Cumulative Total Returns
		6-Month						Since						Since
	Total Returns			1 Year			Inception			1 Year			Inception
Fund NAV		12.93	%		18.91	%		9.27	%		18.91	%		38.89	%
Fund Market		12.62			18.87			9.34			18.87			39.23
Index		12.64			18.32			9.24			18.32			38.77

The inception date of the Fund was June 16, 2020. The first day of secondary market trading was June 18, 2020.

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

Expense Example

Actual

Hypothetical 5% Return

Beginning

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Account Value

Paid During

Account Value

Account Value

Paid During

Expense

(09/01/23)

(02/29/24)

the Period

(a)

(09/01/23)

(02/29/24)

the Period

(a)

Ratio

$  1,000.00

$

1,129.30

$

0.64

$

1,000.00

$

1,024.30

$

0.60

0.12

%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (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		21.2%
Financials		20.0
Information Technology		17.3
Health Care		15.2
Materials		7.4
Consumer Discretionary		7.2
Communication Services		4.4
Real Estate		3.9
Consumer Staples		3.0
Utilities		0.4

GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of   Total Investments(a)
Japan	27.1%
Switzerland	10.1
Germany	9.6
France	9.4
Netherlands	8.5
United Kingdom	7.1
Denmark	6.0
Australia	4.9
Sweden	4.9
Hong Kong	2.5
Italy	1.8
Singapore	1.7
Finland	1.4
Ireland	1.1
Spain	1.1
Other (each representing less than 1%)	2.8

^(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 February 29, 2024 iShares^® ESG Advanced MSCI EAFE ETF

Investment Objective

The iShares ESG Advanced MSCI EM ETF(the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization emerging market companies that have a favorable environmental, social and governance rating while applying extensive screens for company involvement in controversial activities, as represented by the MSCI Emerging Markets Choice ESG Screened 5% Issuer Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns						Cumulative Total Returns
		6-Month						Since						Since
	Total Returns			1 Year			Inception			1 Year			Inception
Fund NAV		2.03	%		5.34	%		1.81	%		5.34	%		6.30	%
Fund Market		1.40			4.72			1.68			4.72			5.84
Index		2.51			5.96			2.21			5.96			7.72

The inception date of the Fund was October 6, 2020. The first day of secondary market trading was October 8, 2020.

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

Expense Example

Actual

Hypothetical 5% Return

Beginning

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Account Value

Paid During

Account Value

Account Value

Paid During

Expense

(09/01/23)

(02/29/24)

the Period(

a)

(09/01/23)

(02/29/24)

the Period

(a)

Ratio

$  1,000.00

$

1,020.30

$

0.85

$

1,000.00

$

1,024.00

$

0.86

0.17

%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (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	37.1%
Information Technology	18.4
Consumer Discretionary	15.7
Communication Services	8.3
Consumer Staples	6.1
Industrials	4.5
Health Care	3.6
Materials	3.4
Real Estate	1.7
Utilities	1.2

GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of   Total Investments(a)
China	25.6%
India	18.4
Taiwan	16.7
South Korea	6.6
Brazil	4.9
South Africa	4.6
Saudi Arabia	4.0
Mexico	3.2
Indonesia	2.5
Thailand	2.3
Malaysia	2.1
United Arab Emirates	1.9
Kuwait	1.4
Poland	1.3
Other (each representing less than 1%)	4.5

^(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. 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.

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) February 29, 2024 iShares^® ESG Advanced MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 4.9%
ASX Ltd.		14,536	$	622,822
Aurizon Holdings Ltd.		113,533		281,383
BlueScope Steel Ltd.		32,266		479,811
Brambles Ltd.		96,823		950,704
CAR Group Ltd.		24,921		597,048
Cochlear Ltd.		4,600		1,048,585
Computershare Ltd.		37,749		637,958
CSL Ltd.		33,613		6,257,538
Dexus		74,836		358,377
Fortescue Ltd.		117,826		1,988,668
Goodman Group		118,928		2,315,241
GPT Group (The)		133,283		376,953
IDP Education Ltd.		18,032		223,988
James Hardie Industries PLC(a)		30,733		1,215,656
Mineral Resources Ltd.		12,302		533,836
Mirvac Group		267,904		379,983
Northern Star Resources Ltd.		79,580		661,522
Orica Ltd.		30,360		338,330
Pilbara Minerals Ltd.		203,959		556,970
QBE Insurance Group Ltd.		103,944		1,169,887
Ramsay Health Care Ltd.		12,052		429,953
REA Group Ltd.		3,687		466,293
Reece Ltd.		14,628		256,136
Scentre Group		361,138		730,893
SEEK Ltd.		23,736		406,472
Sonic Healthcare Ltd.		31,523		611,728
Stockland		169,419		495,012
Suncorp Group Ltd.		88,694		883,308
Telstra Group Ltd.		285,030		708,217
Transurban Group		214,883		1,893,596
Vicinity Ltd.		269,229		339,991
WiseTech Global Ltd.		11,408		703,682
Xero Ltd.(a)		10,120		841,666
				29,762,207
Austria — 0.2%
Erste Group Bank AG		23,000		919,613
Verbund AG		5,643		408,496
voestalpine AG		7,188		196,373
				1,524,482
Belgium — 0.9%
Ageas SA/NV		11,132		473,105
Argenx SE(a)		4,119		1,543,864
D’ieteren Group		1,472		284,419
Elia Group SA/NV		2,300		255,846
Groupe Bruxelles Lambert NV		6,072		456,662
KBC Group NV		17,388		1,224,860
Lotus Bakeries NV		28		263,283
Sofina SA		1,012		231,626
Umicore SA		14,906		311,943
Warehouses De Pauw CVA		11,040		295,704
				5,341,312
Denmark — 6.0%
AP Moller - Maersk A/S, Class A		211		286,617
AP Moller - Maersk A/S, Class B, NVS		276		391,683
Demant A/S(a)		6,716		336,720
DSV A/S		12,512		2,007,556
Genmab A/S(a)		4,597		1,277,139
Novo Nordisk A/S		227,060		27,103,159
Novozymes A/S, Class B		25,960		1,464,348
Pandora A/S		5,942		960,941

Security	Shares		Value
Denmark (continued)
Rockwool A/S, Class B		650	$	208,033
Tryg A/S		24,294		516,641
Vestas Wind Systems A/S(a)		70,265		1,958,147
				36,510,984
Finland — 1.4%
Elisa OYJ		9,996		450,201
Kesko OYJ, Class B		18,400		351,800
Kone OYJ, Class B		23,649		1,157,888
Metso OYJ		44,896		480,242
Nokia OYJ		376,432		1,326,958
Nordea Bank Abp, New		220,943		2,688,985
Orion OYJ, Class B		7,084		278,512
Sampo OYJ, Class A		31,410		1,405,497
Wartsila OYJ Abp		32,937		509,890
				8,649,973
France — 9.4%
Accor SA		12,788		555,482
Aeroports de Paris SA		2,410		328,078
Air Liquide SA		36,495		7,417,704
Alstom SA		20,054		267,461
Amundi SA(b)		4,455		293,545
AXA SA		126,365		4,498,834
BioMerieux		2,762		301,913
Bouygues SA		13,340		527,539
Bureau Veritas SA		20,521		596,270
Capgemini SE		10,809		2,629,221
Carrefour SA		40,793		685,377
Cie. Generale des Etablissements Michelin SCA		47,258		1,748,851
Covivio SA/France		3,404		152,847
Credit Agricole SA		74,342		1,008,290
Dassault Systemes SE		46,494		2,178,759
Edenred SE		17,366		859,332
Eiffage SA		5,114		556,904
EssilorLuxottica SA		20,525		4,358,160
Eurazeo SE		2,771		234,428
Eurofins Scientific SE		9,403		561,950
Euronext NV(b)		6,158		567,525
Gecina SA		3,279		316,724
Getlink SE		23,552		402,115
Hermes International SCA		2,204		5,515,155
Ipsen SA		2,498		274,413
Klepierre SA		14,785		375,588
Legrand SA		18,374		1,860,941
Publicis Groupe SA		15,925		1,684,952
Rexel SA		15,667		401,309
Sartorius Stedim Biotech		2,032		559,305
Schneider Electric SE		37,864		8,606,187
SEB SA		1,578		187,006
Sodexo SA		6,183		492,855
Teleperformance SE		4,048		502,591
Unibail-Rodamco-Westfield, New(a)		8,232		601,952
Vinci SA		34,837		4,464,086
Vivendi SE		46,579		520,504
Worldline SA/France(a)(b)		16,008		184,282
				57,278,435
Germany — 9.2%
Bayerische Motoren Werke AG		22,188		2,624,576
Bechtle AG		5,428		280,056
Beiersdorf AG		7,360		1,054,989
Brenntag SE		9,476		865,200
Carl Zeiss Meditec AG, Bearer		2,668		327,633

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) February 29, 2024 iShares^® ESG Advanced MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Germany (continued)
Commerzbank AG		71,668	$	829,623
Continental AG		7,654		613,967
Covestro AG(a)(b)		13,253		721,331
Daimler Truck Holding AG		37,219		1,520,560
Deutsche Boerse AG		13,433		2,812,161
Deutsche Post AG, Registered		68,969		3,202,507
Evonik Industries AG		16,212		299,260
GEA Group AG		11,224		452,736
Hannover Rueck SE		4,195		1,076,889
Henkel AG & Co. KGaA		7,338		495,071
Infineon Technologies AG		90,864		3,262,522
Knorr-Bremse AG		4,886		342,069
LEG Immobilien SE(a)		4,876		359,163
Merck KGaA		8,992		1,529,960
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		9,495		4,420,615
Nemetschek SE		4,048		387,793
Rational AG		368		302,820
SAP SE		72,656		13,615,246
Scout24 SE(b)		5,089		370,045
Siemens AG, Registered		52,880		10,468,591
Siemens Healthineers AG(b)		19,621		1,177,583
Symrise AG, Class A		9,243		945,860
Talanx AG(a)		4,140		295,516
Vonovia SE		51,014		1,423,757
Zalando SE(a)(b)		15,088		319,312
				56,397,411
Hong Kong — 2.5%
AIA Group Ltd.		790,600		6,373,173
BOC Hong Kong Holdings Ltd.		260,000		683,074
ESR Group Ltd.(b)		147,200		196,137
Futu Holdings Ltd., ADR(a)		5,244		280,659
Hang Lung Properties Ltd.		125,000		134,164
Hang Seng Bank Ltd.		55,200		628,958
HKT Trust & HKT Ltd., Class SS		276,000		336,514
Hong Kong Exchanges & Clearing Ltd.		65,200		2,008,066
Hongkong Land Holdings Ltd.		80,600		272,894
Link REIT		179,800		891,557
MTR Corp. Ltd.		114,500		378,797
Sino Land Co. Ltd.		272,000		292,927
Sun Hung Kai Properties Ltd.		101,000		1,016,289
Swire Pacific Ltd., Class A		37,000		306,506
Swire Properties Ltd.		92,000		189,241
WH Group Ltd.(b)		679,000		408,049
Wharf Holdings Ltd. (The)		74,000		273,619
Wharf Real Estate Investment Co. Ltd.		116,000		386,295
				15,056,919
Ireland — 1.1%
AIB Group PLC		106,086		492,512
Bank of Ireland Group PLC		70,564		616,234
CRH PLC		48,273		4,020,672
Kerry Group PLC, Class A		10,985		964,613
Smurfit Kappa Group PLC		18,115		774,225
				6,868,256
Israel — 0.7%
Check Point Software Technologies Ltd.(a)		6,512		1,044,655
CyberArk Software Ltd.(a)(c)		2,906		766,487
Global-e Online Ltd.(a)		6,857		232,247
Monday.com Ltd.(a)		2,015		449,365
Nice Ltd.(a)		4,406		1,077,955

Security	Shares		Value
Israel (continued)
Wix.com Ltd.(a)		3,680	$	515,862
				4,086,571
Italy — 1.8%
Amplifon SpA		8,832		294,923
Assicurazioni Generali SpA		70,520		1,672,664
DiaSorin SpA		1,656		167,135
FinecoBank Banca Fineco SpA		40,388		559,516
Infrastrutture Wireless Italiane SpA(b)		23,282		257,879
Intesa Sanpaolo SpA		1,041,440		3,316,368
Mediobanca Banca di Credito Finanziario SpA		36,432		496,279
Moncler SpA		14,076		1,014,974
Nexi SpA(a)(b)		38,916		285,613
Poste Italiane SpA(b)		30,665		359,680
Prysmian SpA		18,279		912,227
Recordati Industria Chimica e Farmaceutica SpA		7,275		407,290
Telecom Italia SpA/Milano(a)		608,087		182,820
Terna - Rete Elettrica Nazionale		104,236		816,585
				10,743,953
Japan — 27.0%
Advantest Corp.		55,200		2,598,589
Aeon Co. Ltd.		46,000		1,098,340
AGC Inc.		13,600		486,321
Ajinomoto Co. Inc.		32,700		1,202,748
ANA Holdings Inc.(a)		9,300		202,761
Asahi Intecc Co. Ltd.		18,400		382,969
Asahi Kasei Corp.		92,000		640,133
Astellas Pharma Inc.		119,600		1,307,079
Azbil Corp.		9,200		270,363
Bandai Namco Holdings Inc.		41,700		802,987
Bridgestone Corp.		39,700		1,704,818
Brother Industries Ltd.		18,400		308,719
Canon Inc.		69,500		2,032,515
Capcom Co. Ltd.		12,100		488,608
Central Japan Railway Co.		53,700		1,350,548
Chiba Bank Ltd. (The)		36,800		299,700
Chugai Pharmaceutical Co. Ltd.		46,700		1,865,274
Concordia Financial Group Ltd.		73,600		373,140
Dai Nippon Printing Co. Ltd.		13,400		391,401
Daifuku Co. Ltd.		21,100		500,990
Dai-ichi Life Holdings Inc.		64,400		1,466,011
Daiichi Sankyo Co. Ltd.		128,700		4,238,594
Daikin Industries Ltd.		18,400		2,593,338
Daito Trust Construction Co. Ltd.		4,100		486,387
Daiwa House Industry Co. Ltd.		41,300		1,192,515
Daiwa Securities Group Inc.		101,200		746,116
Denso Corp.		131,600		2,420,823
Dentsu Group Inc.		14,100		390,650
Disco Corp.		6,400		2,085,679
East Japan Railway Co.		21,000		1,242,391
Eisai Co. Ltd.		18,400		763,245
FANUC Corp.		64,400		1,877,221
FUJIFILM Holdings Corp.		26,000		1,656,114
Fujitsu Ltd.		12,200		1,906,527
GLP J-REIT		276		218,975
Hamamatsu Photonics KK		9,200		330,760
Hankyu Hanshin Holdings Inc.		18,400		530,612
Hikari Tsushin Inc.		1,100		199,167
Hirose Electric Co. Ltd.		1,700		180,919
Hitachi Construction Machinery Co. Ltd.		9,200		266,263
Hoshizaki Corp.		9,200		314,030
Hoya Corp.		24,400		3,185,103

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) February 29, 2024 iShares^® ESG Advanced MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Hulic Co. Ltd.		27,600	$	275,391
Ibiden Co. Ltd.		9,200		425,840
Isuzu Motors Ltd.		46,000		656,371
Japan Airlines Co. Ltd.		9,200		171,821
Japan Exchange Group Inc.		36,800		963,482
Japan Metropolitan Fund Invest		462		272,280
Japan Post Bank Co. Ltd.		101,200		1,079,066
Japan Post Insurance Co. Ltd.		13,300		245,122
Japan Real Estate Investment Corp.		92		331,631
JFE Holdings Inc.		36,800		603,531
JSR Corp.		12,300		330,472
Kajima Corp.		27,600		512,408
Kao Corp.		32,400		1,225,952
Kawasaki Kisen Kaisha Ltd.		9,200		439,125
KDDI Corp.		101,200		3,059,454
KDX Realty Investment Corp.		276		276,274
Keisei Electric Railway Co. Ltd.		9,200		429,833
Keyence Corp.		13,500		6,326,850
Kikkoman Corp.		9,200		602,608
Kintetsu Group Holdings Co. Ltd.		9,200		282,943
Kobe Bussan Co. Ltd.		9,200		247,695
Koito Manufacturing Co. Ltd.		18,400		233,240
Komatsu Ltd.		64,400		1,869,408
Konami Group Corp.		7,000		471,082
Kubota Corp.		65,100		955,434
Kyocera Corp.		82,800		1,222,003
Kyowa Kirin Co. Ltd.		18,400		364,380
LY Corp.		184,000		508,592
MatsukiyoCocokara & Co.		20,400		338,297
McDonald’s Holdings Co. Japan Ltd.(c)		4,600		213,945
MEIJI Holdings Co. Ltd.		18,400		414,086
MINEBEA MITSUMI Inc.		27,600		572,330
MISUMI Group Inc.		18,500		282,757
Mitsubishi Chemical Group Corp.		92,000		527,927
Mitsubishi Electric Corp.		134,500		2,142,313
Mitsubishi Estate Co. Ltd.		74,500		1,140,331
Mitsubishi HC Capital Inc.		55,200		381,422
Mitsui Chemicals Inc.		9,200		255,136
Mitsui Fudosan Co. Ltd.		61,900		1,680,391
Mizuho Financial Group Inc.		165,600		3,093,753
MonotaRO Co. Ltd.		18,400		175,994
MS&AD Insurance Group Holdings Inc.		29,800		1,489,172
Murata Manufacturing Co. Ltd.		120,900		2,436,375
NEC Corp.		17,100		1,154,202
Nidec Corp.		27,600		1,047,385
Nippon Building Fund Inc.		92		354,312
Nippon Paint Holdings Co. Ltd.		64,400		478,423
Nippon Prologis REIT Inc.		160		267,688
Nippon Sanso Holdings Corp.		9,200		266,832
Nippon Yusen KK		31,900		1,015,902
Nissan Chemical Corp.		9,200		384,807
Nissin Foods Holdings Co. Ltd.		10,900		317,717
Nitori Holdings Co. Ltd.		5,600		823,705
Nitto Denko Corp.		9,200		845,884
Nomura Real Estate Holdings Inc.		9,200		229,015
Nomura Real Estate Master Fund Inc.		276		274,313
Nomura Research Institute Ltd.		27,600		775,561
NTT Data Group Corp.		46,000		749,207
Obayashi Corp.		52,600		509,244
Odakyu Electric Railway Co. Ltd.		18,400		258,697
Omron Corp.		12,200		453,629
Ono Pharmaceutical Co. Ltd.		27,600		457,045

Security	Shares		Value
Japan (continued)
Oracle Corp. Japan		2,700	$	207,019
Oriental Land Co. Ltd./Japan		75,900		2,720,271
Otsuka Corp.		9,200		404,538
Otsuka Holdings Co. Ltd.		27,600		1,119,911
Pan Pacific International Holdings Corp.		27,600		650,657
Rakuten Group Inc.(a)		101,200		554,674
Recruit Holdings Co. Ltd.		101,200		4,081,987
Renesas Electronics Corp.		102,700		1,696,920
Resona Holdings Inc.		147,200		803,361
Ricoh Co. Ltd.		36,800		306,504
Rohm Co. Ltd.		27,600		470,213
SCSK Corp.		9,200		169,691
Secom Co. Ltd.		14,600		1,065,393
Seiko Epson Corp.		18,400		297,852
Sekisui Chemical Co. Ltd.		27,600		389,145
Sekisui House Ltd.		41,500		924,440
SG Holdings Co. Ltd.		18,400		230,824
Sharp Corp./Japan(a)		18,400		100,279
Shimadzu Corp.		18,400		502,656
Shimizu Corp.		36,800		213,456
Shin-Etsu Chemical Co. Ltd.		125,300		5,347,094
Shionogi & Co. Ltd.		18,400		916,078
Shiseido Co. Ltd.		27,600		750,363
Shizuoka Financial Group Inc., NVS		37,000		362,170
SMC Corp.		4,000		2,414,305
SoftBank Corp.		202,400		2,662,261
SoftBank Group Corp.		71,600		4,241,066
Sompo Holdings Inc.		20,700		1,213,555
Square Enix Holdings Co. Ltd.		4,600		194,883
Subaru Corp.		42,000		953,629
SUMCO Corp.		27,600		433,150
Sumitomo Electric Industries Ltd.		46,000		683,039
Sumitomo Metal Mining Co. Ltd.		18,400		478,995
Sumitomo Mitsui Financial Group Inc.		88,400		4,925,163
Sumitomo Mitsui Trust Holdings Inc.		45,600		924,003
Sumitomo Realty & Development Co. Ltd.		18,400		545,784
Suntory Beverage & Food Ltd.		9,200		302,103
Sysmex Corp.		11,700		657,011
T&D Holdings Inc.		36,800		640,483
Taisei Corp.		9,200		289,254
TDK Corp.		27,600		1,438,977
Terumo Corp.		46,000		1,792,237
TIS Inc.		13,400		302,421
Tobu Railway Co. Ltd.		15,500		396,242
Tokio Marine Holdings Inc.		125,400		3,663,769
Tokyo Electron Ltd.		32,800		8,137,971
Tokyu Corp.		36,800		457,896
Toppan Holdings Inc.		18,400		438,537
Toray Industries Inc.		110,400		509,378
TOTO Ltd.		9,200		249,118
Trend Micro Inc./Japan		9,200		457,207
Unicharm Corp.		27,600		915,302
USS Co. Ltd.		18,400		320,293
West Japan Railway Co.		15,300		636,200
Yakult Honsha Co. Ltd.		18,400		396,500
Yamaha Corp.		9,200		201,194
Yamaha Motor Co. Ltd.		55,200		494,886
Yamato Holdings Co. Ltd.		18,400		279,598
Yaskawa Electric Corp.		18,400		754,187
Yokogawa Electric Corp.		18,400		389,487
Zensho Holdings Co. Ltd.		8,600		376,603

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) February 29, 2024 iShares^® ESG Advanced MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
ZOZO Inc.		9,200	$	208,805
				165,450,516
Netherlands — 8.4%
ABN AMRO Bank NV, CVA(b)		33,124		533,265
Adyen NV(a)(b)		1,511		2,390,760
Aegon Ltd.		104,052		625,374
AerCap Holdings NV(a)		13,930		1,075,117
Akzo Nobel NV		12,012		875,543
ASM International NV		2,720		1,661,233
ASML Holding NV		28,050		26,619,491
ASR Nederland NV		11,191		516,518
BE Semiconductor Industries NV		5,482		992,888
EXOR NV, NVS		6,512		703,401
Ferrovial SE		36,075		1,354,609
IMCD NV		4,038		616,035
ING Groep NV		231,229		3,182,137
JDE Peet’s NV		7,452		170,264
Koninklijke KPN NV		233,457		853,393
NN Group NV		18,838		840,696
OCI NV		7,865		207,513
Prosus NV		101,776		2,972,673
Qiagen NV, NVS		15,390		658,020
Randstad NV		7,728		426,230
Universal Music Group NV		57,037		1,721,969
Wolters Kluwer NV		17,291		2,730,591
				51,727,720
New Zealand — 0.4%
Auckland International Airport Ltd.		92,404		455,707
EBOS Group Ltd.		10,212		230,168
Fisher & Paykel Healthcare Corp. Ltd.		40,296		599,662
Mercury NZ Ltd.		55,389		225,274
Meridian Energy Ltd.		86,756		315,905
Spark New Zealand Ltd.		123,471		381,139
				2,207,855
Norway — 0.6%
Adevinta ASA(a)		22,419		239,360
DNB Bank ASA		64,400		1,289,527
Gjensidige Forsikring ASA		13,484		213,023
Mowi ASA		31,464		607,665
Orkla ASA		50,573		362,547
Salmar ASA		4,784		303,830
Telenor ASA		44,308		484,742
Yara International ASA		11,520		358,492
				3,859,186
Portugal — 0.1%
Jeronimo Martins SGPS SA		20,240		484,663
Singapore — 1.7%
CapitaLand Ascendas REIT		285,299		581,424
CapitaLand Integrated Commercial Trust		358,881		523,474
CapitaLand Investment Ltd/Singapore		184,000		380,644
City Developments Ltd.		36,800		155,110
DBS Group Holdings Ltd.		126,000		3,124,203
Grab Holdings Ltd., Class A(a)		132,199		405,851
Oversea-Chinese Banking Corp. Ltd.		235,600		2,275,640
Seatrium Ltd.(a)(c)		3,229,200		216,525
Singapore Airlines Ltd.		105,600		508,278
Singapore Exchange Ltd.		51,200		359,699
United Overseas Bank Ltd.		87,900		1,829,077
				10,359,925

Security	Shares		Value
Spain — 1.1%
Acciona SA		2,260	$	253,176
ACS Actividades de Construccion y Servicios SA		15,145		622,809
Aena SME SA(b)		5,302		1,007,325
Amadeus IT Group SA		31,345		1,854,334
CaixaBank SA		274,347		1,241,061
Cellnex Telecom SA(b)		31,951		1,155,173
Corp. ACCIONA Energias Renovables SA		273		5,645
EDP Renovaveis SA		20,608		281,112
Grifols SA(a)		21,816		179,673
Redeia Corp. SA		7,817		124,371
				6,724,679
Sweden — 4.8%
Assa Abloy AB, Class B		69,738		1,990,636
Atlas Copco AB, Class A		186,892		3,246,713
Atlas Copco AB, Class B		108,603		1,625,931
Beijer Ref AB, Class B		25,300		356,264
Boliden AB		19,030		482,304
Epiroc AB		45,853		832,330
Epiroc AB, Class B		27,134		447,741
EQTAB		27,716		811,988
Essity AB, Class B		42,608		993,451
Hexagon AB, Class B		144,458		1,694,576
Holmen AB, Class B		5,152		206,850
Husqvarna AB, Class B		23,276		179,774
Industrivarden AB, Class A		9,128		311,615
Industrivarden AB, Class C		11,120		378,557
Indutrade AB		19,408		514,662
Investment AB Latour, Class B		10,877		276,288
Investor AB, Class B		120,429		3,029,904
Lifco AB, Class B		16,468		439,052
Nibe Industrier AB, Class B		105,446		588,607
Sagax AB, Class B		12,972		306,823
Sandvik AB		74,186		1,670,467
Securitas AB, Class B		33,202		357,136
Skandinaviska Enskilda Banken AB, Class A		110,412		1,642,124
Skanska AB, Class B		22,632		417,684
SKF AB, Class B		23,714		517,963
Svenska Cellulosa AB SCA, Class B		42,600		603,143
Svenska Handelsbanken AB, Class A		101,486		1,213,754
Swedish Orphan Biovitrum AB(a)		12,938		317,759
Tele2 AB, Class B		38,171		320,155
Telia Co. AB		164,154		390,707
Volvo AB, Class A		14,049		392,014
Volvo AB, Class B		104,997		2,893,037
Volvo Car AB, Class B(a)		51,828		189,516
				29,639,525
Switzerland — 10.0%
ABB Ltd., Registered		111,305		5,135,871
Adecco Group AG, Registered		11,133		446,294
Alcon Inc.		34,768		2,964,591
Bachem Holding AG, Class B		2,412		190,854
Baloise Holding AG, Registered		3,207		517,449
Banque Cantonale Vaudoise, Registered		2,024		242,587
Coca-Cola HBC AG, Class DI		15,317		477,481
DSM-Firmenich AG		12,940		1,386,759
Geberit AG, Registered		2,326		1,352,311
Givaudan SA, Registered		644		2,702,184
Helvetia Holding AG, Registered		2,476		349,850
Julius Baer Group Ltd.		15,186		813,503
Kuehne + Nagel International AG, Registered		3,781		1,273,010
Logitech International SA, Registered		11,132		985,030

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) February 29, 2024 iShares^® ESG Advanced MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Switzerland (continued)
Lonza Group AG, Registered		5,181	$	2,704,256
Novartis AG, Registered		142,617		14,389,696
Partners Group Holding AG		1,611		2,316,401
Sandoz Group AG(a)		28,489		881,250
Schindler Holding AG, Participation Certificates, NVS		2,852		751,440
Schindler Holding AG, Registered		1,659		421,919
SGS SA		10,430		1,001,509
SIG Group AG		20,884		413,728
Sika AG, Registered		10,608		3,068,008
Sonova Holding AG, Registered		3,571		1,101,464
STMicroelectronics NV		47,648		2,163,565
Straumann Holding AG		7,782		1,230,028
Swiss Life Holding AG, Registered		2,054		1,493,046
Swiss Prime Site AG, Registered		5,338		510,160
Swiss Re AG		20,986		2,532,896
Swisscom AG, Registered		1,802		1,029,981
Temenos AG, Registered		4,232		318,483
VAT Group AG(b)		1,890		948,685
Zurich Insurance Group AG		10,183		5,417,665
				61,531,954
United Kingdom — 7.0%
3i Group PLC		69,159		2,160,738
abrdn PLC		131,928		262,720
Admiral Group PLC		18,217		614,665
Antofagasta PLC		27,438		630,395
Ashtead Group PLC		30,448		2,189,965
Associated British Foods PLC		24,012		690,970
Auto Trader Group PLC(b)		63,996		599,247
Aviva PLC		190,609		1,076,593
Barratt Developments PLC		66,069		389,814
Berkeley Group Holdings PLC		7,084		416,207
Bunzl PLC		23,519		937,448
Burberry Group PLC		24,932		404,816
Coca-Cola Europacific Partners PLC		14,444		991,292
Compass Group PLC		118,908		3,262,669
Croda International PLC		9,568		576,826
Endeavour Mining PLC		12,236		197,424
Halma PLC		26,502		771,778
Hikma Pharmaceuticals PLC		11,815		293,212
Informa PLC		95,602		980,200
InterContinental Hotels Group PLC		11,498		1,221,011
Intertek Group PLC		11,040		646,218
JD Sports Fashion PLC		186,024		277,972
Kingfisher PLC		126,868		376,239
Land Securities Group PLC		49,235		385,728
Legal & General Group PLC		416,050		1,275,628
London Stock Exchange Group PLC		28,977		3,254,499
M&G PLC		157,758		448,512
Mondi PLC, NVS		30,712		546,044
Ocado Group PLC(a)		41,216		266,947
Pearson PLC		42,964		522,295
Persimmon PLC		22,400		386,029
Phoenix Group Holdings PLC		49,404		311,148
Prudential PLC		191,318		1,885,026

Security	Shares		Value
United Kingdom (continued)
RELX PLC		131,179	$	5,746,177
Rentokil Initial PLC		175,514		977,082
Sage Group PLC (The)		70,965		1,117,883
Schroders PLC		57,809		288,126
Segro PLC		81,144		867,875
Smiths Group PLC		24,181		490,821
Spirax-Sarco Engineering PLC		5,133		669,725
St. James’s Place PLC		38,824		247,206
Standard Chartered PLC		158,462		1,339,790
Taylor Wimpey PLC		235,244		409,970
Whitbread PLC		12,788		534,155
Wise PLC, Class A(a)		40,940		475,612
WPP PLC		74,785		669,064
				43,083,761
Total Common Stocks — 99.2% (Cost: $548,135,105)				607,290,287
Preferred Stocks
Germany — 0.3%
Bayerische Motoren Werke AG, Preference Shares, NVS		4,232		463,970
Henkel AG & Co. KGaA, Preference Shares, NVS		11,776		885,953
Sartorius AG, Preference Shares, NVS		1,824		690,803
				2,040,726
Total Preferred Stocks — 0.3% (Cost: $2,115,366)				2,040,726
Total Long-Term Investments — 99.5% (Cost: $550,250,471)				609,331,013
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%(d)(e)(f)		756,047		756,425
Total Short-Term Securities — 0.1% (Cost: $756,381)				756,425
Total Investments — 99.6% (Cost: $551,006,852)				610,087,438
Other Assets Less Liabilities — 0.4%				2,182,411
Net Assets — 100.0%			$	612,269,849

^(a)  Non-income producing security.

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

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

^(d)  Affiliate of the Fund.

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

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

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

Schedule of Investments (unaudited) (continued) February 29, 2024 iShares^® ESG Advanced MSCI EAFE ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,412,931	$	—	$	(656,675	)(a)	$	234	$	(65	)	$	756,425		756,047	$	3,414	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(c)		40,000		—		(40,000	)(a)		—		—			—		—		5,390			—
								$	234	$	(65	)	$	756,425			$	8,804		$	—

^(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		62		03/07/24	$	1,110	$	87,763
Euro STOXX 50 Index		32		03/15/24		1,697		85,943
							$	173,706

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)	$	—	$	—	$	173,706	$	—	$	—	$	—	$	173,706

^(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 February 29, 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	$	—	$	—	$	178,999	$	—	$	—	$	—	$	178,999
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	138,048	$	—	$	—	$	—	$	138,048

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) February 29, 2024 iShares^® ESG Advanced MSCI EAFE ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	2,964,014

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

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	8,299,063	$	598,991,224	$	—	$	607,290,287
Preferred Stocks		—		2,040,726		—		2,040,726
Short-Term Securities
Money Market Funds		756,425		—		—		756,425
	$	9,055,488	$	601,031,950	$	—	$	610,087,438
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	173,706	$	—	$	173,706

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

See notes to financial statements.

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

Schedule of Investments (unaudited) February 29, 2024 iShares^® ESG Advanced MSCI EM ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Brazil — 3.0%
Atacadao SA		13,251	$	32,227
B3 SA - Brasil Bolsa Balcao		123,711		319,288
Banco Bradesco SA		33,503		82,896
Banco do Brasil SA		18,690		217,538
CCR SA		22,008		61,007
Cia. de Saneamento Basico do Estado de Sao Paulo		7,497		119,383
Energisa SA		6,132		62,713
Equatorial Energia SA		22,512		154,787
Hapvida Participacoes e Investimentos SA(a)(b)		103,551		76,448
Klabin SA		16,254		73,797
Localiza Rent a Car SA		19,673		209,746
Localiza Rent a Car SA, NVS(b)		67		682
Lojas Renner SA		20,895		66,412
Natura & Co. Holding SA(b)		18,837		61,803
Raia Drogasil SA		27,688		148,379
Rede D’Or Sao Luiz SA(a)		12,033		61,289
Rumo SA		28,056		128,228
Sendas Distribuidora SA		29,463		84,161
Telefonica Brasil SA		8,631		94,590
TIM SA/Brazil		18,005		65,811
TOTVS SA		12,054		74,418
				2,195,603
Chile — 0.6%
Banco de Chile		971,439		112,645
Banco de Credito e Inversiones SA		1,549		42,972
Banco Santander Chile		1,412,616		68,696
Cencosud SA		28,329		50,877
Empresas CMPC SA		23,898		42,425
Falabella SA(b)		20,391		51,718
Latam Airlines Group SA(b)		3,942,042		49,578
				418,911
China — 25.5%
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		4,200		11,313
AAC Technologies Holdings Inc.		10,500		26,105
Agricultural Bank of China Ltd., Class A		115,500		67,093
Agricultural Bank of China Ltd., Class H		588,000		241,224
AIMA Technology Group Co. Ltd.		2,100		9,597
Air China Ltd., Class A(b)		12,600		13,049
Air China Ltd., Class H(b)		42,000		22,490
Alibaba Group Holding Ltd.		352,800		3,243,529
Alibaba Health Information Technology Ltd.(b)		126,000		55,056
BAIC BluePark New Energy Technology Co. Ltd.		6,300		5,186
Baidu Inc.(b)		48,540		614,196
Bank of China Ltd., Class A		48,300		29,929
Bank of China Ltd., Class H		1,701,000		667,305
Bank of Communications Co. Ltd., Class A		52,500		45,622
Bank of Communications Co. Ltd., Class H		189,000		123,823
Bank of Ningbo Co. Ltd., Class A		8,400		25,892
Beijing Enterprises Water Group Ltd.		84,000		19,705
Beijing Kingsoft Office Software Inc., Class A		478		17,981
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A		2,100		5,021
Beijing Tongrentang Co. Ltd., Class A		2,100		12,971
Bilibili Inc.(b)		4,200		40,728
BOC Aviation Ltd.(a)		4,200		30,917
Bosideng International Holdings Ltd.		84,000		42,250
BYD Co. Ltd., Class A		2,300		60,749
BYD Co. Ltd., Class H		22,500		554,177
China CITIC Bank Corp. Ltd., Class H		189,000		100,489

Security	Shares		Value
China (continued)
China Construction Bank Corp., Class A		16,800	$	16,302
China Construction Bank Corp., Class H		2,079,000		1,289,305
China Everbright Bank Co. Ltd., Class A		65,100		29,061
China Everbright Bank Co. Ltd., Class H		63,000		19,697
China Feihe Ltd.(a)		84,000		41,781
China International Capital Corp. Ltd., Class A		2,100		10,182
China International Capital Corp. Ltd., Class H(a)		33,600		42,120
China Jushi Co. Ltd., Class A		6,471		8,983
China Life Insurance Co. Ltd., Class A		2,100		8,814
China Life Insurance Co. Ltd., Class H		168,000		205,933
China Literature Ltd.(a)(b)		8,400		25,752
China Medical System Holdings Ltd.		21,000		34,521
China Mengniu Dairy Co. Ltd.		70,000		175,024
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		10,500		13,700
China Minsheng Banking Corp. Ltd., Class A		51,376		28,784
China Minsheng Banking Corp. Ltd., Class H		136,500		48,040
China Overseas Land & Investment Ltd.		84,000		124,053
China Pacific Insurance Group Co. Ltd., Class A		10,500		37,329
China Pacific Insurance Group Co. Ltd., Class H		54,600		104,186
China Railway Signal & Communication Corp. Ltd., Class A		12,800		8,663
China Resources Land Ltd.		64,000		195,479
China Resources Mixc Lifestyle Services Ltd.(a)		16,800		50,632
China Resources Pharmaceutical Group Ltd.(a)		31,500		21,305
China Ruyi Holdings Ltd.(b)		168,000		32,977
China Southern Airlines Co. Ltd., Class A(b)		13,500		11,069
China Tourism Group Duty Free Corp. Ltd.(a)		2,100		20,564
China Tourism Group Duty Free Corp. Ltd., Class A		2,100		25,288
China Vanke Co. Ltd., Class A		14,700		20,423
China Vanke Co. Ltd., Class H		44,100		34,000
China Zheshang Bank Co. Ltd., Class A		29,820		11,494
Chongqing Zhifei Biological Products Co. Ltd., Class A		2,100		15,571
Chow Tai Fook Jewellery Group Ltd.(c)		42,000		62,583
CITIC Securities Co. Ltd., Class A		14,700		43,373
CITIC Securities Co. Ltd., Class H		42,000		77,635
Contemporary Amperex Technology Co. Ltd., Class A		5,380		121,682
Country Garden Services Holdings Co. Ltd.		49,000		37,298
CSC Financial Co. Ltd., Class A		6,300		20,318
CSPC Innovation Pharmaceutical Co. Ltd.		2,100		9,975
CSPC Pharmaceutical Group Ltd.		210,000		163,558
Dongfeng Motor Group Co. Ltd., Class H		42,000		17,966
East Buy Holding Ltd.(a)(b)(c)		10,500		32,366
Far East Horizon Ltd.		42,000		33,742
Flat Glass Group Co. Ltd., Class A		6,300		19,041
Foxconn Industrial Internet Co. Ltd., Class A		18,900		49,011
Ganfeng Lithium Group Co. Ltd., Class A		2,100		11,645
Ganfeng Lithium Group Co. Ltd., Class H(a)(c)		8,400		27,828
Geely Automobile Holdings Ltd.		126,000		137,122
Genscript Biotech Corp.(b)		18,000		36,389
Great Wall Motor Co. Ltd.		2,100		6,809
Great Wall Motor Co. Ltd., Class H		52,500		59,254
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		2,124		8,722
Guotai Junan Securities Co. Ltd., Class A		10,500		21,987
Guoyuan Securities Co. Ltd., Class A		8,400		8,121
H World Group Ltd., ADR		4,536		165,836
Haitian International Holdings Ltd.		21,000		53,214
Haitong Securities Co. Ltd., Class A		12,600		15,961
Haitong Securities Co. Ltd., Class H		58,800		29,188
Hangzhou Robam Appliances Co. Ltd., Class A		2,100		7,268
Hansoh Pharmaceutical Group Co. Ltd.(a)		42,000		74,028

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) February 29, 2024 iShares^® ESG Advanced MSCI EM ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Hengan International Group Co. Ltd.		10,500	$	32,363
Hengdian Group DMEGC Magnetics Co. Ltd.		4,200		8,363
Huadong Medicine Co. Ltd., Class A		2,100		9,815
Huatai Securities Co. Ltd., Class A		8,400		16,916
Huatai Securities Co. Ltd., Class H(a)		29,400		34,701
Huaxia Bank Co. Ltd., Class A		18,900		16,618
Hundsun Technologies Inc., Class A		2,478		8,380
Hygeia Healthcare Holdings Co. Ltd.(a)		8,400		31,532
Industrial & Commercial Bank of China Ltd., Class A		88,200		65,179
Industrial & Commercial Bank of China Ltd., Class H		1,407,000		721,246
Industrial Bank Co. Ltd., Class A		27,300		62,978
Industrial Securities Co. Ltd., Class A		12,660		10,197
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		8,400		32,979
Innovent Biologics Inc.(a)(b)		31,500		170,384
JD Health International Inc.(a)(b)		24,150		91,084
JD.com Inc.		51,450		580,659
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A		8,400		49,573
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		4,200		7,018
Kanzhun Ltd., ADR		4,788		74,932
Kingboard Holdings Ltd.		10,500		20,595
Kingdee International Software Group Co. Ltd.(b)		63,000		67,743
Kingnet Network Co. Ltd.		4,200		7,285
Kingsoft Corp. Ltd.		21,000		58,351
Kuaishou Technology(a)(b)		50,400		284,604
Li Auto Inc.(b)		25,238		575,981
Lingyi iTech Guangdong Co., Class A		12,600		9,599
Longfor Group Holdings Ltd.(a)		42,000		52,605
Meituan, Class B(a)(b)		109,200		1,108,617
Ming Yang Smart Energy Group Ltd., Class A		2,100		2,972
MINISO Group Holding Ltd.		8,028		36,897
NetEase Inc.		42,075		913,977
NIO Inc., ADR(b)(c)		29,337		168,688
Nongfu Spring Co. Ltd., Class H(a)		42,000		237,502
Orient Securities Co. Ltd., Class A		10,900		13,306
Pharmaron Beijing Co. Ltd., Class A		2,900		9,372
Ping An Bank Co. Ltd., Class A		27,300		40,027
Ping An Insurance Group Co. of China Ltd., Class A		12,600		74,734
Ping An Insurance Group Co. of China Ltd., Class H		147,000		653,734
Pop Mart International Group Ltd.(a)		12,600		31,411
Postal Savings Bank of China Co. Ltd., Class A		44,100		29,621
Postal Savings Bank of China Co. Ltd., Class H(a)		168,000		88,263
SF Holding Co. Ltd., Class A		6,300		33,409
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		58,800		38,226
Shanghai Electric Group Co. Ltd., Class A(b)		19,383		11,393
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		4,200		14,303
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		10,500		18,920
Shanghai M&G Stationery Inc., Class A		2,100		10,369
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		4,200		10,551
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		16,800		27,016
Shanghai Pudong Development Bank Co. Ltd., Class A		39,900		39,534
Shanghai Putailai New Energy Technology Co. Ltd., Class A		4,830		12,571
Shanghai Rural Commercial Bank Co. Ltd.		11,899		10,644
Shenzhen Inovance Technology Co. Ltd., Class A		2,150		18,827
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		2,100		83,967
Shenzhou International Group Holdings Ltd.		18,900		155,027
Sino Biopharmaceutical Ltd.		231,000		91,813
Sinopharm Group Co. Ltd., Class H		25,200		70,521
Sungrow Power Supply Co. Ltd., Class A		2,100		25,354

Security	Shares		Value
China (continued)
Sunny Optical Technology Group Co. Ltd.		14,700	$	94,608
Sunwoda Electronic Co. Ltd., Class A		4,200		8,271
SUPCON Technology Co. Ltd.		931		5,938
Tianqi Lithium Corp., Class A		2,100		15,590
Tongcheng Travel Holdings Ltd.(b)		25,200		63,352
Topsports International Holdings Ltd.(a)		42,000		28,422
Unisplendour Corp. Ltd., Class A(b)		4,200		12,872
Vipshop Holdings Ltd., ADR(b)		7,539		145,126
Want Want China Holdings Ltd.		105,000		57,935
Western Mining Co. Ltd., Class A		4,200		9,683
Will Semiconductor Co. Ltd. Shanghai, Class A		2,100		27,975
WuXi AppTec Co. Ltd., Class A		4,260		32,104
WuXi AppTec Co. Ltd., Class H(a)		6,340		39,083
Wuxi Biologics Cayman Inc.(a)(b)		84,000		198,963
Xinyi Solar Holdings Ltd.		126,000		76,299
XPeng Inc.(b)		25,736		120,452
Yadea Group Holdings Ltd.(a)		20,000		31,421
Yonyou Network Technology Co. Ltd., Class A		6,300		11,078
Yum China Holdings Inc.		8,778		376,488
Yunnan Baiyao Group Co. Ltd., Class A		2,640		18,226
Zai Lab Ltd.(b)		21,140		45,116
Zhejiang Expressway Co. Ltd., Class H		14,440		11,012
Zhejiang Leapmotor Technology Co. Ltd.(a)(b)		10,500		36,746
Zhejiang Weixing New Building Materials Co. Ltd., Class A		2,800		6,104
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		10,500		11,650
				18,817,109
Colombia — 0.1%
Bancolombia SA		5,565		46,704
Interconexion Electrica SA ESP		9,744		41,508
				88,212
Czech Republic — 0.1%
Komercni Banka AS		1,575		54,813
Moneta Money Bank AS(a)		7,413		32,541
				87,354
Egypt — 0.1%
Commercial International Bank - Egypt (CIB)		32,770		46,781
Greece — 0.7%
Alpha Services and Holdings SA(b)		48,632		91,610
Eurobank Ergasias Services and Holdings SA, Class A(b)		57,448		118,684
Hellenic Telecommunications Organization SA		3,762		56,761
JUMBO SA		2,605		76,131
National Bank of Greece SA(b)		17,165		134,779
Piraeus Financial Holdings SA(b)		15,091		66,671
				544,636
Hungary — 0.4%
OTP Bank Nyrt		4,998		239,631
Richter Gedeon Nyrt		2,961		78,829
				318,460
India — 18.4%
ABB India Ltd.		1,134		74,337
Adani Green Energy Ltd.(b)		6,741		154,066
Ashok Leyland Ltd.		32,445		66,456
Asian Paints Ltd.		8,337		284,363
Astral Ltd.		2,961		73,890
AU Small Finance Bank Ltd.(a)		3,612		24,760
Axis Bank Ltd.		49,356		638,915
Bajaj Auto Ltd.		1,470		140,104
Bajaj Finance Ltd.		6,027		470,212

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) February 29, 2024 iShares^® ESG Advanced MSCI EM ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
India (continued)
Balkrishna Industries Ltd.		1,680	$	45,162
Bandhan Bank Ltd.(a)		17,070		40,199
Bank of Baroda		22,911		73,304
Berger Paints India Ltd.		6,268		45,864
Bharti Airtel Ltd.		48,405		655,355
Britannia Industries Ltd.		2,289		137,177
Cholamandalam Investment and Finance Co. Ltd.		9,177		120,221
Cipla Ltd.		11,151		199,141
Colgate-Palmolive India Ltd.		3,024		91,963
Cummins India Ltd.		3,003		99,220
DLF Ltd.		16,212		176,122
Eicher Motors Ltd.		2,898		132,429
Havells India Ltd.		5,397		99,577
HCL Technologies Ltd.		20,538		411,585
HDFC Bank Ltd.		60,779		1,026,494
HDFC Life Insurance Co. Ltd.(a)		21,042		147,711
Hero MotoCorp Ltd.		2,604		138,776
Hindustan Unilever Ltd.		17,850		519,341
ICICI Lombard General Insurance Co. Ltd.(a)		5,252		108,502
ICICI Prudential Life Insurance Co. Ltd.(a)		7,649		49,160
IDFC First Bank Ltd.(b)		73,920		72,221
Indian Hotels Co. Ltd., Class A		18,753		132,734
IndusInd Bank Ltd.		6,321		112,285
Info Edge India Ltd.		1,555		98,644
Infosys Ltd.		71,841		1,445,764
Kotak Mahindra Bank Ltd.		23,709		482,359
Macrotech Developers Ltd.		5,410		75,805
Mahindra & Mahindra Ltd.		20,118		468,442
Marico Ltd.		11,046		69,595
Mphasis Ltd.		1,659		52,336
Nestle India Ltd., NVS		7,350		230,184
PI Industries Ltd.		1,743		77,205
Power Grid Corp. of India Ltd.		101,115		345,457
SBI Cards & Payment Services Ltd.		6,321		54,837
Shriram Finance Ltd.		6,153		180,746
Siemens Ltd.		1,911		107,744
Sona Blw Precision Forgings Ltd.(a)		9,030		75,004
State Bank of India		38,535		347,000
Supreme Industries Ltd.		1,344		67,216
Suzlon Energy Ltd.(b)		19,319		10,543
Tata Communications Ltd.		2,499		57,873
Tata Consultancy Services Ltd.		19,551		964,472
Tata Consumer Products Ltd.		11,949		171,359
Tata Elxsi Ltd.		756		71,189
Tech Mahindra Ltd.		11,718		180,073
Titan Co. Ltd.		7,749		338,643
Torrent Pharmaceuticals Ltd.		2,205		71,042
Trent Ltd.		3,990		186,478
TVS Motor Co. Ltd.		5,166		133,123
Varun Beverages Ltd.		9,786		166,307
Wipro Ltd.		28,224		176,085
Zomato Ltd.(b)		132,051		262,836
				13,530,007
Indonesia — 2.5%
Bank Central Asia Tbk PT		1,197,000		753,231
Bank Negara Indonesia Persero Tbk PT		323,400		123,599
Bank Rakyat Indonesia Persero Tbk PT		1,476,347		575,308
Kalbe Farma Tbk PT		459,900		43,538
Merdeka Copper Gold Tbk PT(b)		228,900		32,922
Sarana Menara Nusantara Tbk PT		443,100		25,983
Telkom Indonesia Persero Tbk PT		1,064,700		271,402

Security	Shares		Value
Indonesia (continued)
Unilever Indonesia Tbk PT		159,600	$	27,726
				1,853,709
Kazakhstan — 0.0%
Polymetal International PLC(b)(d)		3,451		—
Kuwait — 1.4%
Gulf Bank KSCP		44,047		42,259
Kuwait Finance House KSCP		186,872		492,344
National Bank of Kuwait SAKP		163,065		519,549
				1,054,152
Malaysia — 2.1%
AMMB Holdings Bhd		37,900		34,693
Axiata Group Bhd		60,900		35,699
CELCOMDIGI Bhd		77,700		71,349
CIMB Group Holdings Bhd		138,600		188,743
Gamuda Bhd		42,000		46,819
Hong Leong Bank Bhd		14,700		61,126
IHH Healthcare Bhd		44,100		57,152
Inari Amertron Bhd		63,000		42,175
Kuala Lumpur Kepong Bhd		10,500		49,618
Malayan Banking Bhd		117,600		236,271
Maxis Bhd		48,300		37,862
MR DIY Group M Bhd(a)		71,400		23,467
Nestle Malaysia Bhd		2,100		55,271
PPB Group Bhd		14,700		48,262
Press Metal Aluminium Holdings Bhd		79,800		78,758
Public Bank Bhd		313,500		290,969
RHB Bank Bhd		35,700		42,163
Sime Darby Bhd		60,900		34,798
Sime Darby Plantation Bhd		46,200		42,221
Telekom Malaysia Bhd		23,100		29,465
				1,506,881
Mexico — 3.2%
America Movil SAB de CV		399,000		373,618
Arca Continental SAB de CV		11,000		118,498
Banco del Bajio SA(a)		16,800		62,521
Coca-Cola Femsa SAB de CV		10,500		102,485
Fibra Uno Administracion SA de CV		63,000		113,845
Gruma SAB de CV, Class B		4,095		72,925
Grupo Aeroportuario del Centro Norte SAB de CV, Class B		6,300		54,605
Grupo Aeroportuario del Pacifico SAB de CV, Class B		8,400		124,032
Grupo Aeroportuario del Sureste SAB de CV, Class B		3,990		117,069
Grupo Financiero Banorte SAB de CV, Class O		56,700		586,535
Kimberly-Clark de Mexico SAB de CV, Class A		33,600		74,674
Orbia Advance Corp. SAB de CV		21,000		38,835
Prologis Property Mexico SA de CV		14,973		67,300
Wal-Mart de Mexico SAB de CV		113,400		454,086
				2,361,028
Netherlands — 0.1%
NEPI Rockcastle NV		12,852		91,699
Peru — 0.4%
Credicorp Ltd.		1,470		251,194
Philippines — 0.4%
BDO Unibank Inc.		52,168		142,122
PLDT Inc.		1,575		36,751
SM Investments Corp.		5,040		84,276
				263,149
Poland — 1.3%
Allegro.eu SA (a)(b)		11,404		92,161

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) February 29, 2024 iShares^® ESG Advanced MSCI EM ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Poland (continued)
Bank Polska Kasa Opieki SA		3,994	$	173,233
Budimex SA		294		53,748
CD Projekt SA		1,449		39,824
KGHM Polska Miedz SA		2,940		79,461
LPP SA		24		107,826
mBank SA(b)		315		54,888
Powszechna Kasa Oszczednosci Bank Polski SA		18,732		261,038
Santander Bank Polska SA		756		104,258
				966,437
Qatar — 0.8%
Commercial Bank PSQC (The)		70,287		97,487
Ooredoo QPSC		16,044		50,026
Qatar National Bank QPSC		100,296		418,897
				566,410
Russia — 0.0%
Moscow Exchange MICEX-RTS PJSC(b)(d)		12,190		2
Novolipetsk Steel PJSC(b)(d)		15,750		2
PhosAgro PJSC(b)(d)		563		—
PhosAgro PJSC, New(b)(d)		11		—
Polyus PJSC(b)(d)		329		—
TCS Group Holding PLC, GDR(b)(d)(e)		1,183		—
VK Co. Ltd.(b)(d)		1,337		—
				4
Saudi Arabia — 4.0%
Al Rajhi Bank		42,315		1,004,906
Alinma Bank		21,210		248,947
Bank AlBilad		10,524		138,899
Banque Saudi Fransi		12,789		130,033
Dr Sulaiman Al Habib Medical Services Group Co.		1,911		168,282
Etihad Etisalat Co.		7,917		116,740
Jarir Marketing Co.		13,566		56,387
Mobile Telecommunications Co. Saudi Arabia		9,660		38,379
Nahdi Medical Co.		882		33,396
Riyad Bank		31,794		263,957
Saudi Awwal Bank		21,672		238,373
Saudi Basic Industries Corp.		19,362		406,776
Saudi Investment Bank (The)		11,109		47,999
Savola Group (The)		5,670		80,130
				2,973,204
South Africa — 4.6%
Absa Group Ltd.		17,879		152,629
Anglo American Platinum Ltd.		1,407		54,125
Aspen Pharmacare Holdings Ltd.		8,043		82,187
Bid Corp. Ltd.		7,182		168,017
Bidvest Group Ltd. (The)		6,237		75,982
Capitec Bank Holdings Ltd.		1,911		201,339
Clicks Group Ltd.		5,250		82,141
Discovery Ltd.		11,571		82,063
FirstRand Ltd.		110,103		372,489
Gold Fields Ltd.		19,383		255,341
Kumba Iron Ore Ltd.		1,365		38,214
MTN Group Ltd.		37,023		161,179
Naspers Ltd., Class N		3,969		652,907
Nedbank Group Ltd.		9,282		106,189
Northam Platinum Holdings Ltd.		7,539		43,111
Old Mutual Ltd.		102,354		63,703
Pepkor Holdings Ltd.(a)		43,497		42,340
Remgro Ltd.		10,668		80,906
Sanlam Ltd.		39,270		150,590
Shoprite Holdings Ltd.		10,731		144,471
Standard Bank Group Ltd.		28,644		301,404

Security	Shares		Value
South Africa (continued)
Vodacom Group Ltd.		14,049	$	68,868
				3,380,195
South Korea — 6.6%
Amorepacific Corp.		651		58,536
CJ CheilJedang Corp.		189		42,594
Coway Co. Ltd.		1,239		50,430
DB Insurance Co. Ltd.(b)		987		73,240
Doosan Bobcat Inc.		1,260		44,485
Hanon Systems		4,473		20,726
Hanwha Solutions Corp.		2,541		53,059
HYBE Co. Ltd.		462		69,194
Hyundai Engineering & Construction Co. Ltd.(b)		1,659		43,273
Industrial Bank of Korea(b)		5,964		62,765
Kakao Corp.		6,762		271,413
KakaoBank Corp.		3,654		78,303
KB Financial Group Inc.		8,274		394,622
Korean Air Lines Co. Ltd.		3,843		66,393
KT Corp.		1,335		39,159
LG Display Co. Ltd.(b)		5,271		44,987
LG H&H Co. Ltd.		210		50,438
Lotte Chemical Corp.		428		39,354
Mirae Asset Securities Co. Ltd.(b)		5,040		34,202
NCSoft Corp.		315		45,943
Netmarble Corp.(a)(b)		546		25,353
NH Investment & Securities Co. Ltd.(b)		2,919		25,774
POSCO Future M Co. Ltd.(b)		672		160,626
Samsung Electro-Mechanics Co. Ltd.		1,239		130,567
Samsung Fire & Marine Insurance Co. Ltd.(b)		672		150,393
Samsung Life Insurance Co. Ltd.		1,722		125,346
Samsung SDI Co. Ltd.		1,197		340,057
Samsung SDS Co. Ltd.		843		101,405
Samsung Securities Co. Ltd.		1,344		42,004
Shinhan Financial Group Co. Ltd.		9,366		306,171
SK Biopharmaceuticals Co. Ltd.(b)		693		50,505
SK Bioscience Co. Ltd.(b)		609		28,144
SK Hynix Inc.		11,823		1,393,748
SK IE Technology Co. Ltd.(a)(b)		588		32,433
SK Square Co. Ltd.(b)		2,072		108,723
SK Telecom Co. Ltd.		1,092		43,226
SKC Co. Ltd.(b)		399		24,861
Woori Financial Group Inc.		13,116		146,963
Yuhan Corp.		1,219		61,830
				4,881,245
Taiwan — 16.7%
Accton Technology Corp.		9,000		148,108
Advantech Co. Ltd.		7,599		93,787
ASE Technology Holding Co. Ltd.		66,000		291,366
AUO Corp.		147,000		81,529
Cathay Financial Holding Co. Ltd.		210,080		299,750
Chailease Holding Co. Ltd.		30,821		170,405
Chang Hwa Commercial Bank Ltd.		129,015		72,694
China Airlines Ltd.		63,000		39,898
China Development Financial Holding Corp.(b)		357,000		141,906
China Steel Corp.		252,000		196,256
Chunghwa Telecom Co. Ltd.		84,000		320,011
Compal Electronics Inc.		84,000		97,000
CTBC Financial Holding Co. Ltd.		378,000		351,885
Delta Electronics Inc.		42,000		391,384
E Ink Holdings Inc.		21,000		163,491
E.Sun Financial Holding Co. Ltd.		316,895		253,346
Eclat Textile Co. Ltd.		3,000		51,275

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) February 29, 2024 iShares^® ESG Advanced MSCI EM ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Taiwan (continued)
Eva Airways Corp.		63,000	$	62,717
Evergreen Marine Corp. Taiwan Ltd.		23,000		120,490
Far Eastern New Century Corp.		63,000		64,982
Far EasTone Telecommunications Co. Ltd.		42,000		104,639
First Financial Holding Co. Ltd.		236,340		202,703
Fubon Financial Holding Co. Ltd.		168,232		362,191
Hotai Motor Co. Ltd.		5,100		108,310
Hua Nan Financial Holdings Co. Ltd.		189,037		131,648
Innolux Corp.		197,570		94,797
Lite-On Technology Corp.		44,000		152,665
MediaTek Inc.		32,000		1,154,762
Mega Financial Holding Co. Ltd.		258,573		316,788
Nan Ya Plastics Corp.		105,000		198,560
Nien Made Enterprise Co. Ltd.		3,000		35,119
PharmaEssentia Corp.(b)		5,000		51,962
Powerchip Semiconductor Manufacturing Corp.		63,000		55,073
Shanghai Commercial & Savings Bank Ltd. (The)		87,225		124,190
Shin Kong Financial Holding Co. Ltd.(b)		294,000		77,185
SinoPac Financial Holdings Co. Ltd.		235,383		149,780
Taishin Financial Holding Co. Ltd.		252,372		138,968
Taiwan Business Bank		149,688		66,322
Taiwan Cooperative Financial Holding Co. Ltd.		218,973		179,917
Taiwan High Speed Rail Corp.		42,000		40,135
Taiwan Mobile Co. Ltd.		42,000		131,622
Taiwan Semiconductor Manufacturing Co. Ltd.		171,000		3,747,382
Unimicron Technology Corp.		28,000		159,094
United Microelectronics Corp.		252,000		388,541
Voltronic Power Technology Corp.		1,000		50,821
Wistron Corp.		63,000		230,691
WPG Holdings Ltd.		42,000		123,316
Yageo Corp.		6,775		119,703
Yuanta Financial Holding Co. Ltd.		234,249		203,568
				12,312,732
Thailand — 2.3%
Advanced Info Service PCL, NVDR		25,900		145,308
Airports of Thailand PCL, NVDR(c)		94,500		167,468
Asset World Corp. PCL, NVDR(c)		190,300		20,446
Bangkok Dusit Medical Services PCL, NVDR		245,700		195,199
Berli Jucker PCL, NVDR		1,100		744
BTS Group Holdings PCL, NVDR(c)		191,900		27,578
Bumrungrad Hospital PCL, NVDR		12,600		78,616
Central Pattana PCL, NVDR		50,400		90,986
Central Retail Corp. PCL, NVDR		42,000		40,769
Charoen Pokphand Foods PCL, NVDR(c)		89,500		47,157
CP ALL PCL, NVDR		128,100		205,403
CP Axtra PCL, NVDR(c)		46,900		43,551
Delta Electronics Thailand PCL, NVDR(c)		67,200		133,776
Home Product Center PCL, NVDR		147,100		45,944
Indorama Ventures PCL, NVDR(c)		46,200		30,024
Intouch Holdings PCL, NVDR		23,100		43,652
Kasikornbank PCL, NVDR		12,900		44,268
Krung Thai Bank PCL, NVDR		77,700		34,872
Krungthai Card PCL, NVDR(c)		23,500		28,023
Land & Houses PCL, NVDR		70,800		15,003
Minor International PCL, NVDR		73,500		65,082
SCB X PCL, NVDR(c)		18,900		59,364
SCG Packaging PCL, NVDR		29,800		23,269
Siam Cement PCL (The), NVDR		16,800		126,009
				1,712,511
Turkey — 0.6%
Akbank TAS		69,174		92,095

Security	Shares		Value
Turkey (continued)
Pegasus Hava Tasimaciligi AS(b)		903	$	24,791
Turk Hava Yollari AO(b)		11,865		107,038
Turkcell Iletisim Hizmetleri AS		26,292		56,362
Turkiye Is Bankasi AS, Class C		190,048		67,395
Yapi ve Kredi Bankasi AS		72,240		53,312
				400,993
United Arab Emirates — 1.9%
Abu Dhabi Commercial Bank PJSC		64,577		150,676
Abu Dhabi Islamic Bank PJSC		32,403		99,160
Aldar Properties PJSC		85,470		128,684
Dubai Islamic Bank PJSC		63,588		111,492
Emirates NBD Bank PJSC		41,874		208,632
Emirates Telecommunications Group Co. PJSC		75,075		369,963
First Abu Dhabi Bank PJSC		96,033		356,760
				1,425,367
Total Common Stocks — 97.8% (Cost: $71,878,731)				72,047,983
Preferred Stocks
Brazil — 1.9%
Banco Bradesco SA, Preference Shares, NVS		116,172		321,330
Gerdau SA, Preference Shares, NVS		24,486		105,902
Itau Unibanco Holding SA, Preference Shares, NVS		104,643		714,446
Itausa SA, Preference Shares, NVS		117,270		242,981
				1,384,659
Chile — 0.2%
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares		3,108		154,134
Colombia — 0.1%
Bancolombia SA, Preference Shares, NVS		10,164		83,073
Total Preferred Stocks — 2.2% (Cost: $1,441,957)				1,621,866
Rights
South Korea — 0.0%
LG Display Co. Ltd., (Expires 03/14/24, Strike Price KRW 10070)(b)		1,443		1,419
Total Rights — 0.0% (Cost: $—)				1,419
Total Long-Term Investments — 100.0% (Cost: $73,320,688)				73,671,268
Short-Term Securities
Money Market Funds — 0.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%(f)(g)(h)		675,126		675,464
Total Short-Term Securities — 0.9% (Cost: $675,477)				675,464
Total Investments — 100.9% (Cost: $73,996,165)				74,346,732
Liabilities in Excess of Other Assets — (0.9)%				(640,824	)
Net Assets — 100.0%			$	73,705,908

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) February 29, 2024 iShares^® ESG Advanced MSCI EM ETF

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

^(b)  Non-income producing security.

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

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

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

^(f)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	393,840	$	281,617	(a)	$	—		$	(12	)	$	19	$	675,464		675,126	$	2,734	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(c)		—		—			0	(a)		—			—		—		—		3,864			—
									$	(12	)	$	19	$	675,464			$	6,598		$	—

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

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

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets Index		2		03/15/24	$	102	$	(206	)

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)	$	—	$	—	$	206	$	—	$	—	$	—	$	206

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

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

Schedule of Investments (unaudited) (continued) February 29, 2024 iShares^® ESG Advanced MSCI EM ETF

For the period ended February 29, 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	$	—	$	—	$	(9,362	)	$	—	$	—	$	—	$	(9,362	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	5,673		$	—	$	—	$	—	$	5,673

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	75,518

Fair Value Hierarchy as of Period End

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

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

	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	11,757,650		$	60,290,329	$	4	$	72,047,983
Preferred Stocks		1,467,732			154,134		—		1,621,866
Rights		—			1,419		—		1,419
Short-Term Securities
Money Market Funds		675,464			—		—		675,464
	$	13,900,846		$	60,445,882	$	4	$	74,346,732
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(206	)	$	—	$	—	$	(206	)

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

See notes to financial statements.

20 2 0 2 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)

February 29, 2024

	iShares ESG Advanced MSCI EAFE ETF		iShares ESG Advanced MSCI EM ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	609,331,013	$	73,671,268
Investments, at value — affiliated(c)		756,425		675,464
Cash		—		971,737
Cash pledged for futures contracts		190,000		11,000
Foreign currency, at value(d)		1,945,791		168,802
Receivables:
Investments sold		23,378,844		2,001,927
Securities lending income — affiliated		558		551
Dividends — unaffiliated		430,256		119,386
Dividends — affiliated		301		914
Tax reclaims		676,310		973
Variation margin on futures contracts		4,808		489
Total assets		636,714,306		77,622,511
LIABILITIES
Bank overdraft		4,288		—
Bank borrowings		—		600,107
Collateral on securities loaned, at value		750,767		675,562
Payables:
Investments purchased		23,633,405		2,378,949
Deferred foreign capital gain tax		—		253,076
Investment advisory fees		55,997		8,909
Total liabilities		24,444,457		3,916,603
Commitments and contingent liabilities
NET ASSETS	$	612,269,849	$	73,705,908
NET ASSETS CONSIST OF
Paid-in capital	$	575,491,717	$	78,640,902
Accumulated earnings (loss)		36,778,132		(4,934,994	)
NET ASSETS	$	612,269,849	$	73,705,908
NET ASSETVALUE
Shares outstanding		9,200,000		2,100,000
Net asset value	$	66.55	$	35.10
Shares authorized		Unlimited		Unlimited
Par value		None		None
(a)   Investments, at cost — unaffiliated	$	550,250,471	$	73,320,688
(b)   Securities loaned, at value	$	546,869	$	649,757
(c)   Investments, at cost — affiliated	$	756,381	$	675,477
(d)   Foreign currency, at cost	$	1,949,857	$	169,600

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 21

Statements of Operations (unaudited)

Six Months Ended February 29, 2024

	iShares ESG Advanced MSCI EAFE ETF			iShares ESG Advanced MSCI EM ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	3,662,060		$	561,284
Dividends — affiliated		5,390			3,864
Interest — unaffiliated		3,809			999
Securities lending income — affiliated — net		3,414			2,734
Foreign taxes withheld		(280,676	)		(63,623	)
Other foreign taxes		—			(1,182	)
Total investment income		3,393,997			504,076
EXPENSES
Investment advisory		310,174			50,651
Professional		4,862			—
Commitment costs		—			506
Interest expense		—			1,223
Total expenses		315,036			52,380
Net investment income		3,078,961			451,696
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated(a)		(3,019,401	)		(833,852	)
Investments — affiliated		234			(12	)
Foreign currency transactions		(2,794	)		(3,190	)
Futures contracts		178,999			(9,362	)
		(2,842,962	)		(846,416	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated(b)		69,420,870			2,370,024
Investments — affiliated		(65	)		19
Foreign currency translations		(314	)		(2,381	)
Futures contracts		138,048			5,673
		69,558,539			2,373,335
Net realized and unrealized gain		66,715,577			1,526,919
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	69,794,538		$	1,978,615
(a)   Net of foreign capital gain tax and capital gain tax refund, if applicable of	$	—		$	(6,948	)
(b)   Net of increase in deferred foreign capital gain tax of	$	—		$	(207,495	)

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

Statements of Changes in Net Assets

	iShares ESG Advanced MSCI EAFE ETF							iShares ESG Advanced MSCI EM ETF
		Six Months Ended 02/29/24 (unaudited)			Year Ended 08/31/23				Six Months Ended 02/29/24 (unaudited)			Year Ended 08/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	3,078,961		$	10,109,975			$	451,696		$	1,190,486
Net realized loss			(2,842,962	)		(4,569,374	)			(846,416	)		(2,297,439	)
Net change in unrealized appreciation (depreciation)			69,558,539			63,449,247				2,373,335			1,958,638
Net increase in net assets resulting from operations			69,794,538			68,989,848				1,978,615			851,685
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(5,127,250	)		(8,971,067	)			(1,114,106	)		(1,013,727	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions			71,726,792			61,424,524				16,886,473			20,649,127
NET ASSETS
Total increase in net assets			136,394,080			121,443,305				17,750,982			20,487,085
Beginning of period			475,875,769			354,432,464				55,954,926			35,467,841
End of period		$	612,269,849		$	475,875,769			$	73,705,908		$	55,954,926
(a)   Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 23

Financial Highlights

(For a share outstanding throughout each period)

	iShares ESG Advanced MSCI EAFE ETF
	Six Months Ended																Period From
	02/29/24				Year Ended				Year Ended				Year Ended						06/16/20	(a)
	(unaudited)				08/31/23				08/31/22				08/31/21				to 08/31/20
Net asset value, beginning of period		$	59.48			$	51.37			$	70.24			$	55.79			$	51.37
Net investment income(b)			0.36				1.37				1.65				1.36				0.18
Net realized and unrealized gain (loss)(c)			7.29				7.93				(18.86	)			13.91				4.24
Net increase (decrease) from investment operations			7.65				9.30				(17.21	)			15.27				4.42
Distributions from net investment income(d)			(0.58	)			(1.19	)			(1.66	)			(0.82	)			—
Net asset value, end of period		$	66.55			$	59.48			$	51.37			$	70.24			$	55.79
Total Return(e)
Based on net asset value			12.93	%(f)			18.17	%			(24.82	)%			27.47	%			8.60	%(f)
Ratios to Average Net Assets(g)
Total expenses			0.12	%(h)			0.12	%			0.12	%			0.12	%			0.12	%(h)
Net investment income			1.19	%(h)			2.41	%			2.73	%			2.06	%			1.64	%(h)
Supplemental Data
Net assets, end of period (000)		$	612,270			$	475,876			$	354,432			$	245,846			$	11,158
Portfolio turnover rate(i)			11	%			16	%			18	%			28	%			6	%

^(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, if any.

See notes to financial statements.

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares ESG Advanced MSCI EM ETF
	Six Months Ended												Period From
	02/29/24				Year Ended				Year Ended						10/06/20	(a)
	(unaudited)				08/31/23				08/31/22				to 08/31/21
Net asset value, beginning of period		$	34.97			$	35.47			$	45.17			$	35.39
Net investment income(b)			0.24				0.91				1.08				0.71
Net realized and unrealized gain (loss)(c)			0.45				(0.55	)			(9.94	)			9.42
Net increase (decrease) from investment operations			0.69				0.36				(8.86	)			10.13
Distributions from net investment income(d)			(0.56	)			(0.86	)			(0.84	)			(0.35	)
Net asset value, end of period		$	35.10			$	34.97			$	35.47			$	45.17
Total Return(e)
Based on net asset value			2.03	%(f)			1.06	%			(19.91	)%			28.74	%(f)
Ratios to Average Net Assets(g)
Total expenses			0.17	%(h)			0.16	%			0.16	%			0.16	%(h)
Net investment income			1.43	%(h)			2.61	%			2.72	%			1.83	%(h)
Supplemental Data
Net assets, end of period (000)		$	73,706			$	55,955			$	35,468			$	13,550
Portfolio turnover rate(i)			10	%			24	%			31	%			51	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

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

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

^(f)  Not annualized.

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

^(h)  Annualized.

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

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 25

Notes to Financial Statements (unaudited)

1. ORGANIZATION

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

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

iShares ETF	Diversification  Classification
ESG Advanced MSCI EAFE		Diversified
ESG Advanced MSCI EM		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 February 29, 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.

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)

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.

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)

4. SECURITIES AND OTHER INVESTMENTS

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

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

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

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

	Securities Loaned		Cash Collateral			Non-Cash Collateral
iShares ETF and Counterparty		at Value		Received	(a)		Received, at Fair Value	(a)		Net Amount
ESG Advanced MSCI EAFE
Goldman Sachs & Co. LLC	$	205,695	$	(205,695	)	$	—		$	—
RBC Capital Markets LLC		131,880		(131,880	)		—			—
State Street Bank & Trust Co.		209,294		(209,294	)		—			—
	$	546,869	$	(546,869	)	$	—		$	—
ESG Advanced MSCI EM
BNP Paribas SA	$	150,909	$	(150,888	)	$	—		$	21	(b)
BofA Securities, Inc.		173,780		(173,780	)		—			—
Citigroup Global Markets, Inc.		37,422		(37,422	)		—			—
Goldman Sachs & Co. LLC		234,453		(234,453	)		—			—
HSBC Bank PLC		30,550		(30,550	)		—			—
J.P. Morgan Securities LLC		4,142		(4,142	)		—			—
UBS AG		18,501		(18,501	)		—			—
	$	649,757	$	(649,736	)	$	—		$	21

^(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 February 29, 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).

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Notes to Financial Statements (unaudited) (continued)

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

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

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

iShares ETF	Investment Advisory Fees
ESG Advanced MSCI EAFE		0.12	%
ESG Advanced MSCI EM		0.16

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

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

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

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

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

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended February 29, 2024, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
ESG Advanced MSCI EAFE	$	924
ESG Advanced MSCI EM		647

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 29

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 February 29, 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)
ESG Advanced MSCI EAFE	$	17,991,989	$	27,055,673	$	(997,813)
ESG Advanced MSCI EM		533,281		692,341		(145,983)

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 February 29, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
ESG Advanced MSCI EAFE	$	60,927,957	$	58,921,374
ESG Advanced MSCI EM		19,639,593		6,321,216

For the six months ended February 29, 2024, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind   Sales
ESG Advanced MSCI EAFE	$	67,638,286	$	—
ESG Advanced MSCI EM		2,843,942		—

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 February 29, 2024 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 August 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
ESG Advanced MSCI EAFE	$	(15,791,410)
ESG Advanced MSCI EM		(3,339,116)

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 February 29, 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)
ESG Advanced MSCI EAFE	$	555,652,206	$	97,139,273	$	(42,530,335	)	$	54,608,938
ESG Advanced MSCI EM		74,962,641		8,588,685		(9,204,800	)		(616,115)

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Notes to Financial Statements (unaudited) (continued)

9. LINE OF CREDIT

The iShares ESG Advanced MSCI EM ETF, along with certain other iShares funds (“Participating Funds”), is a party to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on 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 February 29, 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
ESG Advanced MSCI EM	$	700,000	$	33,582		6.44	%

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: Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) lack of reliable settlement procedures and significant delays in registereing the transfer of securities; (iii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iv) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (v) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.

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

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)

receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

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

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

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

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

Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. These events and actions have adversely affected, and may in the future adversely affect, the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but have been, and may continue to be, significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

Certain Funds invest a significant portion of their assets in securities of issuers located in China or with significant exposure to Chinese issuers. Investments in Chinese securities, including certain Hong Kong-listed securities, involve risks specific to China. China may be subject to considerable degrees of economic, political and social instability and demonstrates significantly higher volatility from time to time in comparison to developed markets. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries may disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation. Incidents involving China’s or the region’s security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and a fund’s investments. Reduction in spending on Chinese products and services, 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. 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 02/29/24				Year Ended 08/31/23
iShares ETF	Shares		Amount		Shares		Amount
ESG Advanced MSCI EAFE
Shares sold		1,200,000	$	71,726,792		1,100,000	$	61,424,524
ESG Advanced MSCI EM
Shares sold		500,000	$	16,886,473		600,000	$	20,649,127

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.

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 33

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares ESG Advanced MSCI EAFE ETF and iShares ESG Advanced MSCI EM 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 35

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 37

Want to know more?

iShares.com  |  1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

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

©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-820-0224

  

(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: April 19, 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: April 19, 2024

By:	/s/ Trent Walker
	Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)

Date: April 19, 2024