iShares Trust


		JULY 31, 2022

2022 Annual Report

iShares Trust

iShares ESG Aware Aggressive Allocation ETF | EAOA | Cboe BZX

iShares ESG Aware Conservative Allocation ETF | EAOK | Cboe BZX

iShares ESG Aware Growth Allocation ETF | EAOR | Cboe BZX

iShares ESG Aware Moderate Allocation ETF | EAOM | Cboe BZX

The Markets in Review

Dear Shareholder,

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

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks and economically sensitive small-capitalization stocks. While both large- and small-capitalization U.S. stocks fell, declines for small-capitalization U.S. stocks were steeper. Both emerging market stocks and international equities from developed markets fell significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose notably during the reporting period as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates four times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and began to reduce its balance sheet. Continued high inflation and the Fed’s statements led many analysts to anticipate that interest rates have room to rise before peaking, although investors’ inflation expectations began to decline near the end of the period.

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

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

Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of July 31, 2022

	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	(7.81)%	(4.64)%

U.S. small cap equities (Russell 2000^® Index)	(6.42)	(14.29)

International equities (MSCI Europe, Australasia, Far East Index)	(11.27)	(14.32)

Emerging market equities (MSCI Emerging Markets Index)	(16.24)	(20.09)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.21	0.22

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(6.38)	(10.00)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(6.14)	(9.12)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(3.95)	(6.93)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(6.58)	(8.03)

Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.


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

Table of Contents


	Page

The Markets in Review		2
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		13
Disclosure of Expenses		13
Schedules of Investments		14
Financial Statements:
Statements of Assets and Liabilities		18
Statements of Operations		19
Statements of Changes in Net Assets		20
Financial Highlights		22
Notes to Financial Statements		26
Report of Independent Registered Public Accounting Firm		32
Important Tax Information		33
Board Review and Approval of Investment Advisory Contract		34
Supplemental Information		36
Trustee and Officer Information		37
General Information		40


		3

Market Overview

iShares Trust

Global Market Overview

Global equity markets declined during the 12 months ended July 31, 2022 (“reporting period”). The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned -10.48% in U.S. dollar terms for the reporting period.

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

The U.S. economy grew briskly over the final half of 2021, powered primarily by consumer spending. Record-high personal savings rates allowed consumers to spend at an elevated level, releasing pent-up demand for goods and services. Growth subsequently stalled in the first half of 2022, and the economy contracted amid lower inventories and faltering business investment. Despite the economic downturn, unemployment declined substantially, falling to 3.5% in July 2022 — identical to the pre-pandemic rate in February 2020. Although high inflation negatively impacted consumer sentiment, which declined significantly, consumer spending continued to increase.

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

Stocks declined in Europe and economic growth stalled, with the Eurozone economy slowing substantially beginning in the fourth quarter of 2021. Significantly higher inflation and Russia’s invasion of Ukraine negatively impacted equities. Russia is an important trading partner with many European countries, and new sanctions imposed limits on certain types of trade with Russia. Investors became concerned that the sharp rise in energy prices during the reporting period would constrain economic growth, as Europe relies on imported energy for much of its industrial and heating needs. The European Central Bank (“ECB”) responded to elevated inflation by raising interest rates in July 2022, the first such increase in over a decade.

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


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


Fund Summary as of July 31, 2022		iShares^® ESG Aware Aggressive Allocation ETF

Investment Objective

The iShares ESG Aware Aggressive Allocation ETF(the “Fund”) seeks to track the investment results of an index composed of a portfolio of underlying equity and fixed income funds with positive environmental, social and governance characteristics intended to represent an aggressive risk profile, as represented by the BlackRock ESG Aware Aggressive Allocation Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Average Annual Total Returns					Cumulative Total Returns

	1 Year			Since Inception		1 Year			Since Inception

Fund NAV		(10.57	)%		9.25%		(10.57	)%		20.81%
Fund Market		(10.61	)		9.24		(10.61	)		20.79
Index		(10.55	)		9.33		(10.55	)		20.96

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was June 12, 2020. The first day of secondary market trading was June 18, 2020.

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

Expense Example

Actual

Hypothetical 5% Return

Beginning
Account Value
(02/01/22)

Ending
Account Value
(07/31/22)

Expenses
Paid During
the Period

^(a)

Beginning
Account Value
(02/01/22)

Ending
Account Value
(07/31/22)

Expenses
Paid During
the Period

^(a)

Annualized

Expense

Ratio

$ 1,000.00

$ 905.00

$ 0.09

$ 1,000.00

$ 1,024.70

$ 0.10

0.02%

^(a)

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. The fees and expenses of the underlying funds in which the Fund invests are not included in the Fund’s annualized expense ratio.


F U N D S U M M A R Y		5


Fund Summary as of July 31, 2022 (continued)		iShares^® ESG Aware Aggressive Allocation ETF

Portfolio Management Commentary

Investor interest in the environmental, social, and governance (“ESG”) attributes of companies was mixed during the reporting period. After ESG investments reached a record level in 2021, monthly net inflows to ESG-focused investments was negative in May 2022 for the first time in three years. The COVID-19 pandemic served as a motivating factor for many businesses to reexamine their ESG policies.

The Index’s mix of stock and bond funds with positive ESG characteristics designed to represent an aggressive target risk allocation strategy declined for the reporting period. The equity allocation, which represented approximately 80% of the Index on average, detracted the most from the Index’s return. U.S. stocks, especially large- and mid-capitalization stocks, detracted from the Index’s return, driven primarily by weakness in the interactive media and services industry. A change to the tracking data policies of a popular mobile platform impeded the ability of social media companies to target specific customer demographics, reducing the value of the advertising they sell. Consequently, revenues decreased, weighing heavily on stocks in the growth-oriented industry.

International stocks from developed and emerging market economies were another source of weakness, particularly stocks in Japan, which endured two separate quarters of economic contraction during the reporting period. The Japanese yen declined significantly relative to the U.S. dollar, reducing the value of Japanese assets denominated in U.S. dollars. Emerging market stocks faced headwinds from China, as significant lockdowns to prevent the spread of COVID-19 weighed on economic activity.

The Index’s bond allocation, which represented approximately 20% of the Index on average, also detracted from the Index’s performance. Four interest rate increases by the Fed led to higher interest rates, decreasing the value of previously-issued bonds.

Portfolio Information

PORTFOLIO COMPOSITION



Asset Class		Percent of Total Investments	^(a)

Domestic Equity		52.5	%

International Equity		26.6
Domestic Fixed Income	20.9

FIVE LARGEST HOLDINGS



Security		Percent of Total Investments	^(a)

iShares ESG Aware MSCI USA ETF		47.0	%

iShares ESG Aware U.S. Aggregate Bond ETF		20.9

iShares ESG Aware MSCI EAFE ETF		18.4

iShares ESG Aware MSCI EM ETF		8.2
iShares ESG Aware MSCI USA Small-Cap ETF	5.5

^(a)

Excludes money market funds.


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


Fund Summary as of July 31, 2022		iShares^® ESG Aware Conservative Allocation ETF

Investment Objective

The iShares ESG Aware Conservative Allocation ETF(the “Fund”) seeks to track the investment results of an index composed of a portfolio of underlying equity and fixed income funds with positive environmental, social and governance characteristics intended to represent a conservative risk profile, as represented by the BlackRock ESG Aware Conservative Allocation Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Average Annual Total Returns					Cumulative Total Returns

	1 Year			Since Inception		1 Year			Since Inception

Fund NAV		(9.65	)%		1.00%		(9.65	)%		2.15%
Fund Market		(9.68	)		1.00		(9.68	)		2.15
Index		(9.62	)		1.06		(9.62	)		2.28

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was June 12, 2020. The first day of secondary market trading was June 18, 2020.

Expense Example

Actual

Hypothetical 5% Return

Beginning
Account Value
(02/01/22)

Ending
Account Value
(07/31/22)

Expenses
Paid During
the Period

^(a)

Beginning
Account Value
(02/01/22)

Ending
Account Value
(07/31/22)

Expenses
Paid During
the Period

^(a)

Annualized
Expense

Ratio

$ 1,000.00

$ 926.40

$ 0.29

$ 1,000.00

$ 1,024.50

$ 0.30

0.06%

^(a)


F U N D S U M M A R Y		7


Fund Summary as of July 31, 2022 (continued)		iShares^® ESG Aware Conservative Allocation ETF

Portfolio Management Commentary

The Index’s mix of stock and bond funds with positive ESG characteristics designed to represent a conservative target risk allocation strategy declined for the reporting period. The bond allocation, which represented approximately 70% of the Index on average, detracted the most from the Index’s return. U.S. bonds led the decline, as the Fed raised short-term interest rates four times, diminishing the value of previously issued bonds. Consequently, all bond categories detracted from the Index’s performance. Rising interest rates drove increased yields (which move inversely to bond prices) on corporate bonds and raised borrowing costs for issuers. Furthermore, corporate bond spreads (the difference between corporate bond yields and the yields of similarly-dated U.S. Treasury bonds) widened, indicating increasing investor caution in an environment of high inflation and rising interest rates.

U.S. Treasury bonds also detracted from the Index’s return, as yields rose at every maturity level. Mortgage-backed securities (“MBS”) declined amid a significant rise in mortgage rates and action by the Fed to reduce its holdings of MBS.

The Index’s equity allocation, which represented approximately 30% of the Index on average, also detracted from the Index’s performance. Large- and mid-capitalization U.S. stocks detracted from the Index’s return, as the reopening-led recovery cooled and the economy contracted in the first half of 2022.

Portfolio Information

PORTFOLIO COMPOSITION



Asset Class		Percent of Total Investments	^(a)

Domestic Fixed Income		71.2	%

Domestic Equity		19.1
International Equity	9.7

FIVE LARGEST HOLDINGS



Security		Percent of Total Investments	^(a)

iShares ESG Aware U.S. Aggregate Bond ETF		71.2	%

iShares ESG Aware MSCI USA ETF		17.1

iShares ESG Aware MSCI EAFE ETF		6.7

iShares ESG Aware MSCI EM ETF		3.0
iShares ESG Aware MSCI USA Small-Cap ETF	2.0

^(a)

Excludes money market funds.


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


Fund Summary as of July 31, 2022		iShares^® ESG Aware Growth Allocation ETF

Investment Objective

The iShares ESG Aware Growth Allocation ETF (the “Fund”) seeks to track the investment results of an index composed of a portfolio of underlying equity and fixed income funds with positive environmental, social and governance characteristics intended to represent a growth risk profile, as represented by the BlackRock ESG Aware Growth Allocation Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Average Annual Total Returns					Cumulative Total Returns

	1 Year			Since Inception		1 Year			Since Inception

Fund NAV		(10.11	)%		5.97%		(10.11	)%		13.20%
Fund Market		(10.15	)		5.96		(10.15	)		13.18
Index		(10.16	)		6.05		(10.16	)		13.35

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was June 12, 2020. The first day of secondary market trading was June 18, 2020.

Expense Example

Actual

Hypothetical 5% Return

Beginning
Account Value
(02/01/22)

Ending
Account Value
(07/31/22)

Expenses
Paid During
the Period

^(a)

Beginning
Account Value
(02/01/22)

Ending
Account Value
(07/31/22)

Expenses
Paid During
the Period

^(a)

Annualized

Expense

Ratio

$ 1,000.00

$ 913.50

$ 0.19

$ 1,000.00

$ 1,024.60

$ 0.20

0.04%

^(a)


F U N D S U M M A R Y		9


Fund Summary as of July 31, 2022 (continued)		iShares^® ESG Aware Growth Allocation ETF

Portfolio Management Commentary

The Index’s mix of stock and bond funds with positive ESG characteristics designed to represent a growth target risk allocation strategy declined for the reporting period. The equity allocation, which represented approximately 60% of the Index on average, detracted the most from the Index’s return. U.S. stocks, especially large- and mid-capitalization stocks, detracted from the Index’s return, driven primarily by weakness in the interactive media and services industry. A change to the tracking data policies of a popular mobile platform impeded the ability of social media companies to target specific customer demographics, reducing the value of the advertising they sell.

International stocks from developed and emerging market economies were another source of weakness, particularly stocks in Japan, which experienced two separate quarters of economic contraction during the reporting period. The Japanese yen declined significantly relative to the U.S. dollar, reducing the value of Japanese assets denominated in U.S. dollars.

The Index’s bond allocation, which represented approximately 40% of the Index on average, also detracted from the Index’s performance. Four interest rate increases by the Fed led to higher interest rates, decreasing the value of previously issued bonds. Rising interest rates drove increased yields (which move inversely to bond prices) on corporate bonds and raised borrowing costs for issuers.

Portfolio Information

PORTFOLIO COMPOSITION



Asset Class		Percent of Total Investments	^(a)

Domestic Fixed Income		41.4	%

Domestic Equity		38.9
International Equity	19.7

FIVE LARGEST HOLDINGS



Security		Percent of Total Investments	^(a)

iShares ESG Aware U.S. Aggregate Bond ETF		41.4	%

iShares ESG Aware MSCI USA ETF		34.8

iShares ESG Aware MSCI EAFE ETF		13.6

iShares ESG Aware MSCI EM ETF		6.1
iShares ESG Aware MSCI USA Small-Cap ETF	4.1

^(a)

Excludes money market funds.


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


Fund Summary as of July 31, 2022		iShares^® ESG Aware Moderate Allocation ETF

Investment Objective

The iShares ESG Aware Moderate Allocation ETF(the “Fund”) seeks to track the investment results of an index composed of a portfolio of underlying equity and fixed income funds with positive environmental, social and governance characteristics intended to represent a moderate risk profile, as represented by the BlackRock ESG Aware Moderate Allocation Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Average Annual Total Returns					Cumulative Total Returns

	1 Year			Since Inception		1 Year			Since Inception

Fund NAV		(9.79	)%		2.67%		(9.79	)%		5.80%
Fund Market		(9.77	)		2.69		(9.77	)		5.83
Index		(9.79	)		2.74		(9.79	)		5.93

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was June 12, 2020. The first day of secondary market trading was June 18, 2020.

Expense Example

Actual

Hypothetical 5% Return

Beginning
Account Value
(02/01/22)

Ending
Account Value
(07/31/22)

Expenses
Paid During
the Period

^(a)

Beginning
Account Value
(02/01/22)

Ending
Account Value
(07/31/22)

Expenses
Paid During
the Period

^(a)

Annualized

Expense

Ratio

$ 1,000.00

$ 922.30

$ 0.24

$ 1,000.00

$ 1,024.50

$ 0.25

0.05%

^(a)


F U N D S U M M A R Y		11


Fund Summary as of July 31, 2022 (continued)		iShares^® ESG Aware Moderate Allocation ETF

Portfolio Management Commentary

The Index’s mix of stock and bond funds with positive ESG characteristics designed to represent a moderate target risk allocation strategy declined for the reporting period. The bond allocation, which represented approximately 60% of the Index on average, detracted the most from the Index’s return. U.S. bonds led the decline, as the Fed raised short-term interest rates four times, diminishing the value of previously issued bonds. Consequently, all bond categories detracted from the Index’s performance. Rising interest rates drove increased yields (which move inversely to bond prices) on corporate bonds and raised borrowing costs for issuers.

The Index’s equity allocation, which represented approximately 40% of the Index on average, also detracted from the Index’s performance. Large- and mid-capitalization U.S. stocks led the decline, driven primarily by weakness in the interactive media and services industry. A change to the tracking data policies of a popular mobile platform impeded the ability of social media companies to target specific customer demographics, reducing the value of the advertising they sell.

Portfolio Information

PORTFOLIO COMPOSITION



Asset Class		Percent of Total Investments	^(a)

Domestic Fixed Income		61.3	%

Domestic Equity		25.7
International Equity	13.0

FIVE LARGEST HOLDINGS



Security		Percent of Total Investments	^(a)

iShares ESG Aware U.S. Aggregate Bond ETF		61.3	%

iShares ESG Aware MSCI USA ETF		23.0

iShares ESG Aware MSCI EAFE ETF		9.0

iShares ESG Aware MSCI EM ETF		4.0
iShares ESG Aware MSCI USA Small-Cap ETF	2.7

^(a)

Excludes money market funds.


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

About Fund Performance

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

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

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

Disclosure of Expenses

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

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

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

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


A B O U T F U N D P E R F O R M A N C E / S H A R E H O L D E R E X P E N S E S		13

Schedule of Investments

July 31, 2022

iShares^® ESG Aware Aggressive Allocation ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Investment Companies

Domestic Equity — 52.5%
iShares ESG Aware MSCI USA ETF^(a)		105,413	$	9,687,455
iShares ESG Aware MSCI USA Small-Cap ETF^(a)		32,751		1,139,735

				10,827,190

Domestic Fixed Income — 20.9%
iShares ESG Aware U.S. Aggregate Bond ETF^(a)		85,985		4,312,148


International Equity — 26.5%
iShares ESG Aware MSCI EAFE ETF^(a)		57,176		3,785,623
iShares ESG Aware MSCI EM ETF^(a)		52,728		1,687,296

				5,472,919


Total Long-Term Investments — 99.9% (Cost: $22,167,824)				20,612,257


Security	Shares		Value

Short-Term Securities

Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.81%^(a)(b)		20,000	$	20,000


Total Short-Term Securities — 0.1% (Cost: $20,000)				20,000


Total Investments in Securities — 100.0% (Cost: $22,187,824)				20,632,257

Other Assets Less Liabilities — 0.0%				6,958


Net Assets — 100.0%			$	20,639,215

^(a)	Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliated Issuer	Value at 07/31/21		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 07/31/22		Shares Held at 07/31/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	20,000	$	—	$	0	^(a)	$	—		$	—		$	20,000		20,000	$	210	$	—
iShares ESG Aware MSCI EAFE ETF		3,969,646		1,051,936		(527,197	)		122,107			(830,869	)		3,785,623		57,176		138,818		—
iShares ESG Aware MSCI EM ETF		1,811,160		524,296		(163,502	)		(11,788	)		(472,870	)		1,687,296		52,728		53,389		—
iShares ESG Aware MSCI USA ETF		9,231,931		2,506,205		(1,191,934	)		383,062			(1,241,809	)		9,687,455		105,413		120,078		—
iShares ESG Aware MSCI USA Small-Cap ETF		1,109,388		286,303		(106,330	)		23,577			(173,203	)		1,139,735		32,751		12,327		—
iShares ESG Aware U.S. Aggregate Bond ETF		3,990,925		998,192		(221,050	)		(10,898	)		(445,021	)		4,312,148		85,985		53,897		—

								$	506,060		$	(3,163,772	)	$	20,632,257			$	378,719	$	—

^(a)

Represents net amount purchased (sold).

Fair Value Hierarchy as of Period End

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

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




	Level 1		Level 2		Level 3		Total


Investments
Assets
Investment Companies	$	20,612,257	$	—	$	—	$	20,612,257
Money Market Funds		20,000		—		—		20,000


	$	20,632,257	$	—	$	—	$	20,632,257

See notes to financial statements.


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

Schedule of Investments

July 31, 2022

iShares^® ESG Aware Conservative Allocation ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Investment Companies

Domestic Equity — 19.1%
iShares ESG Aware MSCI USA ETF^(a)		16,198	$	1,488,596
iShares ESG Aware MSCI USA Small-Cap ETF^(a)		5,038		175,322

				1,663,918

Domestic Fixed Income — 71.1%
iShares ESG Aware U.S. Aggregate Bond ETF^(a)		123,301		6,183,545


International Equity — 9.7%
iShares ESG Aware MSCI EAFE ETF^(a)		8,789		581,920


Security	Shares		Value

International Equity (continued)
iShares ESG Aware MSCI EM ETF^(a)		8,110	$	259,520

				841,440

Total Investments in Securities — 99.9% (Cost: $9,831,196)				8,688,903

Other Assets Less Liabilities — 0.1%				7,883


Net Assets — 100.0%			$	8,696,786

^(a)	Affiliate of the Fund.

Affiliates


Affiliated Issuer	Value at 07/31/21		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 07/31/22		Shares Held at 07/31/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares^(a)	$	—	$	—	$	0	^(b)	$	—		$	—		$	—		—	$	116	$	—
iShares ESG Aware MSCI EAFE ETF		412,200		3,050,312		(2,359,857	)		(347,770	)		(172,965	)		581,920		8,789		70,717		—
iShares ESG Aware MSCI EM ETF		191,386		1,426,569		(1,037,783	)		(224,558	)		(96,094	)		259,520		8,110		34,000		—
iShares ESG Aware MSCI USA ETF		962,310		7,549,707		(6,180,197	)		(482,210	)		(361,014	)		1,488,596		16,198		74,449		—
iShares ESG Aware MSCI USA Small-Cap ETF		116,722		1,262,871		(1,075,117	)		(81,269	)		(47,885	)		175,322		5,038		7,629		—
iShares ESG Aware U.S. Aggregate Bond ETF		3,903,609		28,140,108		(22,629,025	)		(2,526,385	)		(704,762	)		6,183,545		123,301		273,881		—

								$	(3,662,192	)	$	(1,382,720	)	$	8,688,903			$	460,792	$	—

^(a)

As of period end, the entity is no longer held.

^(b)

Represents net amount purchased (sold).

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total


Investments
Assets
Investment Companies	$	8,688,903	$	—	$	—	$	8,688,903

See notes to financial statements.


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

Schedule of Investments

July 31, 2022

iShares^® ESG Aware Growth Allocation ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Investment Companies

Domestic Equity — 38.9%
iShares ESG Aware MSCI USA ETF^(a)		52,261	$	4,802,786
iShares ESG Aware MSCI USA Small-Cap ETF^(a)		16,262		565,918

				5,368,704

Domestic Fixed Income — 41.3%
iShares ESG Aware U.S. Aggregate Bond ETF^(a)		113,668		5,700,450


International Equity — 19.6%
iShares ESG Aware MSCI EAFE ETF^(a)		28,358		1,877,583
iShares ESG Aware MSCI EM ETF^(a)		26,167		837,344

				2,714,927


Total Long-Term Investments — 99.8% (Cost: $14,127,772)				13,784,081


Security	Shares		Value

Short-Term Securities

Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.81%^(a)(b)		20,000	$	20,000


Total Short-Term Securities — 0.1% (Cost: $20,000)				20,000


Total Investments in Securities — 99.9% (Cost: $14,147,772)				13,804,081

Other Assets Less Liabilities — 0.1%				8,280


Net Assets — 100.0%			$	13,812,361

^(a)	Affiliate of the Fund.

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

Affiliates


Affiliated Issuer	Value at 07/31/21		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 07/31/22		Shares Held at 07/31/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	370,000	$	—	$	(350,000	)^(a)	$	—		$	—		$	20,000		20,000	$	123	$	—
iShares ESG Aware MSCI EAFE ETF		1,213,688		1,023,494		(106,656	)		1,136			(254,079	)		1,877,583		28,358		50,530		—
iShares ESG Aware MSCI EM ETF		563,602		495,632		(39,838	)		(1,609	)		(180,443	)		837,344		26,167		18,185		—
iShares ESG Aware MSCI USA ETF		2,775,397		2,494,412		(164,363	)		2,676			(305,336	)		4,802,786		52,261		41,470		—
iShares ESG Aware MSCI USA Small-Cap ETF		325,664		298,836		(8,852	)		(1,505	)		(48,225	)		565,918		16,262		4,236		—
iShares ESG Aware U.S. Aggregate Bond ETF		2,562,736		3,570,909		(41,945	)		(5,065	)		(386,185	)		5,700,450		113,668		49,775		—

								$	(4,367	)	$	(1,174,268	)	$	13,804,081			$	164,319	$	—

^(a)

Represents net amount purchased (sold).

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total


Investments
Assets
Investment Companies	$	13,784,081	$	—	$	—	$	13,784,081
Money Market Funds		20,000		—		—		20,000


	$	13,804,081	$	—	$	—	$	13,804,081

See notes to financial statements.


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

Schedule of Investments

July 31, 2022

iShares^® ESG Aware Moderate Allocation ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Investment Companies

Domestic Equity — 25.6%
iShares ESG Aware MSCI USA ETF^(a)		12,877	$	1,183,396
iShares ESG Aware MSCI USA Small-Cap ETF^(a)		4,007		139,444

				1,322,840

Domestic Fixed Income — 61.2%
iShares ESG Aware U.S. Aggregate Bond ETF^(a)		63,014		3,160,152


International Equity — 13.0%
iShares ESG Aware MSCI EAFE ETF^(a)		6,987		462,609
iShares ESG Aware MSCI EM ETF^(a)		6,447		206,304

				668,913


Total Long-Term Investments — 99.8% (Cost: $5,800,507)				5,151,905


Security	Shares		Value

Short-Term Securities

Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.81%^(a)(b)		10,000	$	10,000


Total Short-Term Securities — 0.2% (Cost: $10,000)				10,000


Total Investments in Securities — 100.0% (Cost: $5,810,507)				5,161,905

Other Assets Less Liabilities — 0.0%				553


Net Assets — 100.0%			$	5,162,458

^(a)	Affiliate of the Fund.

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

Affiliates


Affiliated Issuer	Value at 07/31/21		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 07/31/22		Shares Held at 07/31/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	—	$	10,000	^(a)	$	—		$	—		$	—		$	10,000		10,000	$	74	$	—
iShares ESG Aware MSCI EAFE ETF		570,445		508,968			(505,126	)		52,857			(164,535	)		462,609		6,987		19,889		—
iShares ESG Aware MSCI EM ETF		264,909		142,222			(124,345	)		(6,461	)		(70,021	)		206,304		6,447		7,287		—
iShares ESG Aware MSCI USA ETF		1,331,832		1,250,758			(1,261,088	)		239,729			(377,835	)		1,183,396		12,877		17,743		—
iShares ESG Aware MSCI USA Small-Cap ETF		161,526		130,365			(129,685	)		25,533			(48,295	)		139,444		4,007		1,819		—
iShares ESG Aware U.S. Aggregate Bond ETF		3,473,067		1,692,753			(1,581,035	)		(80,307	)		(344,326	)		3,160,152		63,014		48,078		—

									$	231,351		$	(1,005,012	)	$	5,161,905			$	94,890	$	—

^(a)

Represents net amount purchased (sold).

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total


Investments
Assets
Investment Companies	$	5,151,905	$	—	$	—	$	5,151,905
Money Market Funds		10,000		—		—		10,000


	$	5,161,905	$	—	$	—	$	5,161,905

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

July 31, 2022


	iShares ESG Aware Aggressive Allocation ETF			iShares ESG Aware Conservative Allocation ETF			iShares ESG Aware Growth Allocation ETF			iShares ESG Aware Moderate Allocation ETF


ASSETS
Investments, at value — affiliated^(a)	$	20,632,257		$	8,688,903		$	13,804,081		$	5,161,905
Cash		7,254			8,284			8,597			786
Receivables:
Securities lending income — affiliated		4			2			3			2
Dividends — affiliated		77			26			50			24

Total assets		20,639,592			8,697,215			13,812,731			5,162,717


LIABILITIES
Payables:
Investment advisory fees		377			429			370			259

Total liabilities		377			429			370			259


NET ASSETS	$	20,639,215		$	8,696,786		$	13,812,361		$	5,162,458


NET ASSETS CONSIST OF
Paid-in capital	$	22,229,756		$	9,890,185		$	14,161,517		$	5,840,048
Accumulated loss		(1,590,541	)		(1,193,399	)		(349,156	)		(677,590	)


NET ASSETS	$	20,639,215		$	8,696,786		$	13,812,361		$	5,162,458


NET ASSET VALUE
Shares outstanding		700,000			350,000			500,000			200,000


Net asset value	$	29.48		$	24.85		$	27.62		$	25.81


Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited


Par value		None			None			None			None


^(a)Investments, at cost — affiliated	$	22,187,824		$	9,831,196		$	14,147,772		$	5,810,507

See notes to financial statements.


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

Statements of Operations

Year Ended July 31, 2022


	iShares ESG Aware Aggressive Allocation ETF			iShares ESG Aware Conservative Allocation ETF			iShares ESG Aware Growth Allocation ETF			iShares ESG Aware Moderate Allocation ETF


INVESTMENT INCOME
Dividends — affiliated	$	378,719		$	460,792		$	164,319		$	94,890


Total investment income		378,719			460,792			164,319			94,890


EXPENSES
Investment advisory fees		37,329			56,585			17,239			10,926


Total expenses		37,329			56,585			17,239			10,926

Less:
Investment advisory fees waived		(32,936	)		(38,318	)		(13,761	)		(7,820	)

Total expenses after fees waived		4,393			18,267			3,478			3,106

Net investment income		374,326			442,525			160,841			91,784


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — affiliated		(34,974	)		(38,595	)		(4,367	)		(26,122	)
In-kind redemptions — affiliated^(a)		541,034			(3,623,597	)		—			257,473

		506,060			(3,662,192	)		(4,367	)		231,351

Net change in unrealized appreciation (depreciation) on:
Investments — affiliated		(3,163,772	)		(1,382,720	)		(1,174,268	)		(1,005,012	)

		(3,163,772	)		(1,382,720	)		(1,174,268	)		(1,005,012	)

Net realized and unrealized loss		(2,657,712	)		(5,044,912	)		(1,178,635	)		(773,661	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(2,283,386	)	$	(4,602,387	)	$	(1,017,794	)	$	(681,877	)

^(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 ESG Aware Aggressive Allocation ETF						iShares ESG Aware Conservative Allocation ETF


		Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/22			Year Ended 07/31/21

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	374,326		$	158,493		$	442,525		$	56,942
Net realized gain (loss)		506,060			442,494			(3,662,192	)		190,927
Net change in unrealized appreciation (depreciation)		(3,163,772	)		1,424,458			(1,382,720	)		142,098

Net increase (decrease) in net assets resulting from operations		(2,283,386	)		2,025,445			(4,602,387	)		389,967


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(374,625	)		(160,003	)		(442,927	)		(61,043	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		3,156,575			14,264,094			8,147,760			1,372,773


NET ASSETS
Total increase in net assets		498,564			16,129,536			3,102,446			1,701,697
Beginning of year		20,140,651			4,011,115			5,594,340			3,892,643

End of year	$	20,639,215		$	20,140,651		$	8,696,786		$	5,594,340

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

See notes to financial statements.


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

Statements of Changes in Net Assets (continued)


	iShares ESG Aware Growth Allocation ETF						iShares ESG Aware Moderate Allocation ETF


		Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/22			Year Ended 07/31/21

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	160,841		$	74,095		$	91,784		$	60,441
Net realized gain (loss)		(4,367	)		164,855			231,351			258,057
Net change in unrealized appreciation (depreciation)		(1,174,268	)		677,321			(1,005,012	)		234,426

Net increase (decrease) in net assets resulting from operations		(1,017,794	)		916,271			(681,877	)		552,924


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(161,159	)		(76,617	)		(92,019	)		(64,015	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		7,180,313			3,006,428			126,056			1,404,219


NET ASSETS
Total increase (decrease) in net assets		6,001,360			3,846,082			(647,840	)		1,893,128
Beginning of year		7,811,001			3,964,919			5,810,298			3,917,170


End of year	$	13,812,361		$	7,811,001		$	5,162,458		$	5,810,298

^(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 ESG Aware Aggressive Allocation ETF

		Year Ended 07/31/22			Year Ended 07/31/21			Period From 06/12/20 to 07/31/20	^(a)


Net asset value, beginning of period	$	33.57		$	26.74		$	25.32

Net investment income^(b)		0.58			0.49			0.10
Net realized and unrealized gain (loss)^(c)		(4.10	)		6.78			1.44


Net increase (decrease) from investment operations		(3.52	)		7.27			1.54


Distributions from net investment income^(d)		(0.57	)		(0.44	)		(0.12	)


Net asset value, end of period	$	29.48		$	33.57		$	26.74


Total Return^(e)

Based on net asset value		(10.57	)%		27.32	%		6.10	%^(f)


Ratios to Average Net Assets^(g)

Total expenses		0.18	%		0.18	%		0.18	%^(h)


Total expenses after fees waived		0.02	%		0.02	%		0.03	%^(h)


Net investment income		1.81	%		1.53	%		2.74	%


Supplemental Data

Net assets, end of period (000)	$	20,639		$	20,141		$	4,011


Portfolio turnover rate⁽ⁱ⁾		2	%		5	%		0	%^(f)(j)

^(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.

^(j)	Rounds to less than 0.01%.

See notes to financial statements.


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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares ESG Aware Conservative Allocation ETF


		Year Ended 07/31/22			Year Ended 07/31/21			Period From 06/12/20 to 07/31/20	^(a)


Net asset value, beginning of period	$	27.97		$	25.95		$	25.14

Net investment income^(b)		0.38			0.33			0.06
Net realized and unrealized gain (loss)^(c)		(3.06	)		2.05			0.82


Net increase (decrease) from investment operations		(2.68	)		2.38			0.88


Distributions^(d)
Distributions from net investment income		(0.44	)		(0.36	)		(0.07	)
Return of capital		—			—			(0.00	)^(e)


Total distributions		(0.44	)		(0.36	)		(0.07	)


Net asset value, end of period	$	24.85		$	27.97		$	25.95


Total Return^(f)

Based on net asset value		(9.65	)%		9.23	%		3.50	%^(g)


Ratios to Average Net Assets^(h)

Total expenses		0.18	%		0.18	%		0.18	%⁽ⁱ⁾


Total expenses after fees waived		0.06	%		0.06	%		0.06	%⁽ⁱ⁾


Net investment income		1.41	%		1.21	%		1.63	%


Supplemental Data

Net assets, end of period (000)	$	8,697		$	5,594		$	3,893


Portfolio turnover rate^(j)		3	%		4	%		0	%^(g)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

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

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

^(e)	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.

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 ESG Aware Growth Allocation ETF


		Year Ended 07/31/22			Year Ended 07/31/21			Period From 06/12/20 to 07/31/20	^(a)


Net asset value, beginning of period	$	31.24		$	26.43		$	25.25

Net investment income^(b)		0.50			0.40			0.08
Net realized and unrealized gain (loss)^(c)		(3.64	)		4.81			1.20


Net increase (decrease) from investment operations		(3.14	)		5.21			1.28


Distributions from net investment income^(d)		(0.48	)		(0.40	)		(0.10	)


Net asset value, end of period	$	27.62		$	31.24		$	26.43


Total Return^(e)

Based on net asset value		(10.11	)%		19.83	%		5.08	%^(f)


Ratios to Average Net Assets^(g)

Total expenses		0.18	%		0.18	%		0.18	%^(h)


Total expenses after fees waived		0.04	%		0.03	%		0.04	%^(h)


Net investment income		1.68	%		1.37	%		2.29	%


Supplemental Data

Net assets, end of period (000)	$	13,812		$	7,811		$	3,965


Portfolio turnover rate⁽ⁱ⁾		4	%		15	%		0	%^(f)(j)

^(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.

^(j)	Rounds to less than 0.01%.

See notes to financial statements.


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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares ESG Aware Moderate Allocation ETF


		Year Ended 07/31/22			Year Ended 07/31/21			Period From 06/12/20 to 07/31/20	^(a)


Net asset value, beginning of period	$	29.05		$	26.11		$	25.18

Net investment income^(b)		0.42			0.35			0.06
Net realized and unrealized gain (loss)^(c)		(3.25	)		2.96			0.95


Net increase (decrease) from investment operations		(2.83	)		3.31			1.01


Distributions^(d)
Distributions from net investment income		(0.41	)		(0.37	)		(0.08	)
Return of capital		—			—			(0.00	)^(e)


Total distributions		(0.41	)		(0.37	)		(0.08	)


Net asset value, end of period	$	25.81		$	29.05		$	26.11


Total Return^(f)

Based on net asset value		(9.79	)%		12.76	%		4.02	%^(g)


Ratios to Average Net Assets^(h)

Total expenses		0.18	%		0.18	%		0.18	%⁽ⁱ⁾


Total expenses after fees waived		0.05	%		0.05	%		0.05	%⁽ⁱ⁾


Net investment income		1.51	%		1.25	%		1.82	%


Supplemental Data

Net assets, end of period (000)	$	5,162		$	5,810		$	3,917


Portfolio turnover rate^(j)		15	%		4	%		0	%^(g)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

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

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

^(e)	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.

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

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 Aware Aggressive Allocation		Diversified
ESG Aware Conservative Allocation		Diversified
ESG Aware Growth Allocation		Diversified
ESG Aware Moderate Allocation		Diversified

Each Fund is a fund of funds and seeks to achieve its investment objective by investing primarily in other iShares funds (each, an “underlying fund” and collectively, the “underlying funds”). 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.

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

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

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

3.	*INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). 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 a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

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 last traded price or 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.

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


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

Notes to Financial Statements (continued)

is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global 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 Global Valuation Committee, or its delegate, 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 Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

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 Global 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 Global 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 BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, 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.

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.	*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).


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

Notes to Financial Statements (continued)

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee of 0.18%, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund.

Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statement of Operations does not include acquired fund fees and expenses.

For each of the iShares ESG Aware Aggressive Allocation, iShares ESG Aware Conservative Allocation, iShares ESG Aware Growth Allocation and iShares ESG Aware Moderate Allocation ETFs, BFA has contractually agreed to waive a portion of its investment advisory fee for each Fund through November 30, 2025, in an amount equal to the acquired fund fees and expenses, if any, attributable to each Fund’s investments in other iShares funds.

These amounts are included in investment advisory fees waived in the Statements of Operations. For the year ended July 31, 2022, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:


iShares ETF	Amounts waived
ESG Aware Aggressive Allocation	$	32,936
ESG Aware Conservative Allocation		38,318
ESG Aware Growth Allocation		13,761
ESG Aware Moderate Allocation		7,820

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.

ETF Servicing Fees: Each Fund has entered into an ETF Services Agreement with BRIL to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and redemption of Creation Units (“ETF Services”). BRIL is entitled to a transaction fee from Authorized Participants on each creation or redemption order for the ETF Services provided. The Funds do not pay BRIL for ETF Services.

Prior to April 25, 2022, ETF Services were performed by State Street Bank and Trust Company.

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.

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

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

For the year ended July 31, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:


iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
ESG Aware Conservative Allocation	$	72,412	$	—	$	—
ESG Aware Growth Allocation		—		72,408		1,262


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

Notes to Financial Statements (continued)

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

6.	*PURCHASES AND SALES*

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


iShares ETF	Purchases		Sales

ESG Aware Aggressive Allocation	$	502,043	$	491,442
ESG Aware Conservative Allocation		916,343		943,845
ESG Aware Growth Allocation		716,542		361,654
ESG Aware Moderate Allocation		896,149		893,796

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


iShares ETF	In-kind Purchases		In-kind Sales

ESG Aware Aggressive Allocation	$	4,864,890	$	1,718,571
ESG Aware Conservative Allocation		40,513,225		32,338,135
ESG Aware Growth Allocation		7,166,740		—
ESG Aware Moderate Allocation		2,828,917		2,707,483

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 July 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

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


iShares ETF	Paid-in Capital			Accumulated Earnings (Loss)
ESG Aware Aggressive Allocation	$	540,735		$	(540,735)
ESG Aware Conservative Allocation		(3,623,999	)		3,623,999
ESG Aware Growth Allocation		(318	)		318
ESG Aware Moderate Allocation		257,238			(257,238)

The tax character of distributions paid was as follows:


iShares ETF	Year Ended 07/31/22		Year Ended 07/31/21
ESG Aware Aggressive Allocation
Ordinary income	$	374,625	$	160,003


ESG Aware Conservative Allocation
Ordinary income	$	442,927	$	61,043


ESG Aware Growth Allocation
Ordinary income	$	161,159	$	76,617


ESG Aware Moderate Allocation
Ordinary income	$	92,019	$	64,015


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

Notes to Financial Statements (continued)

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


iShares ETF		Non-expiring Capital Loss Carryforwards	^(a)		Net Unrealized Gains (Losses)	^(b)		Total
ESG Aware Aggressive Allocation	$	(33,156	)	$	(1,557,385	)	$	(1,590,541	)
ESG Aware Conservative Allocation		(48,055	)		(1,145,344	)		(1,193,399	)
ESG Aware Growth Allocation		(5,465	)		(343,691	)		(349,156	)
ESG Aware Moderate Allocation		(28,988	)		(648,602	)		(677,590	)

^(a)

Amounts available to offset future realized capital gains.

^(b)

The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales.

As of July 31, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
ESG Aware Aggressive Allocation	$	22,189,642	$	—	$	(1,557,385	)	$	(1,557,385	)
ESG Aware Conservative Allocation		9,834,247		—		(1,145,344	)		(1,145,344	)
ESG Aware Growth Allocation		14,147,772		253,889		(597,580	)		(343,691	)
ESG Aware Moderate Allocation		5,810,507		—		(648,602	)		(648,602	)

8.	*PRINCIPAL RISKS*

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

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

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

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

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

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

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.


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

Notes to Financial Statements (continued)

9.	*CAPITAL SHARE TRANSACTIONS*

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

Transactions in capital shares were as follows:



	Year Ended 07/31/22						Year Ended 07/31/21

iShares ETF	Shares			Amount			Shares			Amount

ESG Aware Aggressive Allocation
Shares sold		150,000		$	4,873,742			500,000		$	15,897,888
Shares redeemed		(50,000	)		(1,717,167	)		(50,000	)		(1,633,794	)


		100,000		$	3,156,575			450,000		$	14,264,094


ESG Aware Conservative Allocation
Shares sold		1,450,000		$	40,573,011			100,000		$	2,741,067
Shares redeemed		(1,300,000	)		(32,425,251	)		(50,000	)		(1,368,294	)


		150,000		$	8,147,760			50,000		$	1,372,773


ESG Aware Growth Allocation
Shares sold		250,000		$	7,180,313			150,000		$	4,441,118
Shares redeemed		—			—			(50,000	)		(1,434,690	)


		250,000		$	7,180,313			100,000		$	3,006,428


ESG Aware Moderate Allocation
Shares sold		100,000		$	2,837,198			100,000		$	2,823,915
Shares redeemed		(100,000	)		(2,711,142	)		(50,000	)		(1,419,696	)


		—		$	126,056			50,000		$	1,404,219

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

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

10.

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

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (four of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of July 31, 2022, the related statements of operations for the year ended July 31, 2022, the statements of changes in net assets for each of the two years in the period ended July 31, 2022, including the related notes, and the financial highlights for each of the two years in the period ended July 31, 2022 and for the period June 12, 2020 (commencement of operations) to July 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of July 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended July 31, 2022 and each of the financial highlights for each of the two years in the period ended July 31, 2022 and for the period June 12, 2020 (commencement of operations) to July 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

iShares ESG Aware Aggressive Allocation ETF

iShares ESG Aware Conservative Allocation ETF

iShares ESG Aware Growth Allocation ETF

iShares ESG Aware Moderate Allocation ETF

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2022 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

September 23, 2022

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


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

Important Tax Information (unaudited)

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


iShares ETF	Qualified Dividend Income

ESG Aware Aggressive Allocation	$	248,583
ESG Aware Conservative Allocation		116,356
ESG Aware Growth Allocation		74,744
ESG Aware Moderate Allocation		35,151

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


iShares ETF	Qualified Business Income

ESG Aware Aggressive Allocation	$	830
ESG Aware Conservative Allocation		490
ESG Aware Growth Allocation		247
ESG Aware Moderate Allocation		119

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


iShares ETF	Foreign Source Income Earned		Foreign Taxes Paid

ESG Aware Aggressive Allocation	$	115,915	$	11,105
ESG Aware Conservative Allocation		56,915		5,956
ESG Aware Growth Allocation		38,750		3,444
ESG Aware Moderate Allocation		18,139		1,500

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


iShares ETF	Dividends-Received Deduction

ESG Aware Aggressive Allocation		35.53	%
ESG Aware Conservative Allocation		19.37	%
ESG Aware Growth Allocation		28.25	%
ESG Aware Moderate Allocation		21.57	%

The Funds hereby designate the following amount(s), or maximum amount(s) allowable by law, as interest-related dividends and qualified short-term capital gains eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended July 31, 2022:


iShares ETF	Interest-Related Dividends

ESG Aware Aggressive Allocation	$	46,747
ESG Aware Conservative Allocation		229,622
ESG Aware Growth Allocation		42,727
ESG Aware Moderate Allocation		40,793


I M P O R T A N T T A X I N F O R M A T I O N		33

Board Review and Approval of Investment Advisory Contract

iShares ESG Aware Aggressive Allocation ETF, iShares ESG Aware Conservative Allocation ETF, iShares ESG Aware Growth Allocation ETF, iShares ESG Aware Moderate Allocation ETF (each the “Fund”)

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

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

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

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

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

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

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


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

Board Review and Approval of Investment Advisory Contract (continued)

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

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

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

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

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

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

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

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

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


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		35

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.

July 31, 2022



	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year

iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share

ESG Aware Aggressive Allocation	$	0.565961	$	—	$	—	$	0.565961		100	%		—	%		—	%		100	%
ESG Aware Conservative Allocation		0.438098		—		—		0.438098		100			—			—			100
ESG Aware Growth Allocation		0.481100		—		—		0.481100		100			—			—			100
ESG Aware Moderate Allocation		0.411540		—		—		0.411540		100			—			—			100

Premium/Discount Information

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


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

Trustee and Officer Information (unaudited)

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

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 384 funds as of July 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).


Interested Trustees

Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee

Robert S. Kapito^(a)(65)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).

Salim Ramji^(b)(52)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).

^(a)

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

^(b)

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


Independent Trustees

Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee

John E. Kerrigan (67)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022).

Jane D. Carlin (66)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).

Richard L. Fagnani (67)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).


T R U S T E E A N D O F F I C E R I N F O R M A T I O N		37

Trustee and Officer Information (unaudited) (continued)


Independent Trustees (continued)

Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee

Cecilia H. Herbert (73)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of Thrivent Church Loan and Income Fund (since 2019).

Drew E. Lawton (63)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).

John E. Martinez (61)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).

Madhav V. Rajan (57)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).

Officers

Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years

Armando Senra (51)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).

Trent Walker (48)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.

Charles Park (54)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).

Marisa Rolland (41)	Secretary (since 2022).	Director, BlackRock, Inc. (since 2018); Vice President, BlackRock, Inc. (2010-2017).

Rachel Aguirre (40)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019).

Jennifer Hsui (46)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).

James Mauro (51)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).


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

Trustee and Officer Information (unaudited) (continued)

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

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


T R U S T E E A N D O F F I C E R I N F O R M A T I O N		39

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.


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

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 BlackRock Index Services, LLC, 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.

iS-AR-716-0722