iShares Trust


		FEBRUARY 28, 2022

2022 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares MSCI India ETF | INDA | Cboe BZX

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

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of February 28, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.

Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks posted a solid advance. International equities from developed markets gained slightly, although emerging market stocks declined, 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 during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, the improving economy assuaged credit concerns and led to modest returns for high-yield corporate bonds, outpacing the negative return of investment-grade corporate bonds.

The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted during the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new stance led many analysts to anticipate that the Fed will raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy. Sanctions on Russia and general wartime disruption are likely to drive already-high commodity prices even further upwards, and we have already seen spikes in energy and metal markets. While this will exacerbate inflationary pressure, it could also constrain economic growth, making the Fed’s way forward less clear. Its challenge will be combating inflation without stifling a recovery that is now facing additional supply shocks.

In this environment, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. U.S. and other developed market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

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 February 28, 2022

	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	(2.62)%	16.39%

U.S. small cap equities (Russell 2000^® Index)	(9.46)	(6.01)

International equities (MSCI Europe, Australasia, Far East Index)	(6.78)	2.83

Emerging market equities (MSCI Emerging Markets Index)	(9.81)	(10.69)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.02	0.04

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(3.94)	(1.67)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(4.07)	(2.64)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(3.09)	(0.66)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(3.07)	0.64

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
Fund Summary		4
About Fund Performance		6
Shareholder Expenses		6
Consolidated Schedules of Investments		7
Consolidated Financial Statements
Consolidated Statements of Assets and Liabilities		17
Consolidated Statements of Operations		18
Consolidated Statements of Changes in Net Assets		19
Consolidated Financial Highlights		20
Notes to Consolidated Financial Statements		22
Statement Regarding Liquidity Risk Management Program		28
Supplemental Information		29
General Information		30
Glossary of Terms Used in this Report		31


Fund Summary as of February 28, 2022		iShares^® MSCI India ETF

Investment Objective

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

Performance


				Average Annual Total Returns							Cumulative Total Returns

	6 Months			1 Year			5 Years			10 Years	1 Year			5 Years			10 Years

Fund NAV		(4.56	)%		14.36	%		10.25	%	6.70%		14.36	%		62.90	%	91.30%
Fund Market		(4.13	)		13.67			10.23		6.80		13.67			62.73		93.05
Index		(4.95	)		16.29			11.58		7.66		16.29			72.92		109.24

The inception date of the Fund was 2/2/12. The first day of secondary market trading was 2/3/12.

Past performance is no guarantee 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” on page 6 for more information.

Expense Example

Actual

Hypothetical 5% Return

Beginning

Account Value

(09/01/21)

Ending
Account Value
(02/28/22)

Expenses
Paid During
the Period

^(a)

Beginning
Account Value
(09/01/21)

Ending
Account Value
(02/28/22)

Expenses
Paid During
the Period

^(a)

Annualized

Expense

Ratio

$ 1,000.00

$ 954.40

$ 3.10

$ 1,000.00

$ 1,021.60

$ 3.21

0.64%

^(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 “Shareholder Expenses” for more information.

Portfolio Information

ALLOCATION BY SECTOR



Sector		Percent of Total Investments^(a)

Financials		24.4%
Information Technology		18.3
Energy		11.8
Materials		10.2
Consumer Discretionary		8.4
Consumer Staples		8.4
Utilities		5.3
Health Care		4.8
Industrials		4.7
Communication Services		3.1
Real Estate		0.6

TEN LARGEST HOLDINGS



Security		Percent of Total Investments^(a)

Reliance Industries Ltd.		9.7%
Infosys Ltd.		8.2
Housing Development Finance Corp. Ltd.		5.8
ICICI Bank Ltd.		5.5
Tata Consultancy Services Ltd.		4.7
Bajaj Finance Ltd.		2.7
Hindustan Unilever Ltd.		2.6
Bharti Airtel Ltd.		2.4
Axis Bank Ltd.		2.4
Larsen & Toubro Ltd.		1.8

^(a)

Excludes money market funds.


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


Fund Summary as of February 28, 2022		iShares^® MSCI India Small-Cap ETF

Investment Objective

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

Performance


				Average Annual Total Returns							Cumulative Total Returns

	6 Months			1 Year			5 Years			10 Years	1 Year			5 Years			10 Years

Fund NAV		(3.80	)%		17.93	%		8.87	%	9.01%		17.93	%		52.94	%	136.90%
Fund Market		(3.64	)		18.41			8.86		9.15		18.41			52.89		140.06
Index		(4.34	)		19.68			10.43		10.15		19.68			64.24		162.91

The inception date of the Fund was 2/8/12. The first day of secondary market trading was 2/9/12.

Expense Example

Actual

Hypothetical 5% Return

Beginning

Account Value

(09/01/21)

Ending
Account Value
(02/28/22)

Expenses
Paid During
the Period

^(a)

Beginning
Account Value
(09/01/21)

Ending
Account Value
(02/28/22)

Expenses
Paid During
the Period

^(a)

Annualized

Expense

Ratio

$ 1,000.00

$ 962.00

$ 3.60

$ 1,000.00

$ 1,021.10

$ 3.71

0.74%

^(a)

Portfolio Information

ALLOCATION BY SECTOR



Sector		Percent of Total Investments^(a)

Materials		18.7%
Industrials		17.8
Financials		15.3
Consumer Discretionary		13.8
Health Care		9.4
Information Technology		9.1
Communication Services		5.0
Real Estate		3.9
Consumer Staples		3.4
Utilities		2.9
Energy		0.7

TEN LARGEST HOLDINGS



Security		Percent of Total Investments^(a)

Voltas Ltd.		1.6%
Crompton Greaves Consumer Electricals Ltd.		1.4
Tata Elxsi Ltd.		1.3
Zee Entertainment Enterprises Ltd.		1.2
Persistent Systems Ltd.		1.2
Max Financial Services Ltd.		1.1
Aarti Industries Ltd.		1.1
Astral Ltd.		1.0
Ashok Leyland Ltd.		1.0
Laurus Labs Ltd.		1.0

^(a)

Excludes money market funds.


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

About Fund Performance

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

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

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, 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.

Shareholder 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 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.


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

Consolidated Schedule of Investments (unaudited)

February 28, 2022

iShares^® MSCI India ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.4%
Bharat Electronics Ltd.		7,293,486	$	20,496,785


Airlines — 0.3%
InterGlobe Aviation Ltd.^(a)(b)		576,449		14,430,791


Auto Components — 1.0%
Balkrishna Industries Ltd.		521,024		12,669,569
Bharat Forge Ltd.		1,394,702		12,634,221
Motherson Sumi Systems Ltd.		7,563,377		15,206,472
Motherson Sumi Wiring India Ltd.^(b)		7,635,201		4,708,952
MRF Ltd.		11,421		9,993,431


				55,212,645

Automobiles — 5.0%
Bajaj Auto Ltd.		415,763		19,564,824
Eicher Motors Ltd.		818,119		28,258,199
Hero MotoCorp Ltd.		717,441		24,302,714
Mahindra & Mahindra Ltd.		5,211,252		55,013,416
Maruti Suzuki India Ltd.		814,032		90,222,064
Tata Motors Ltd.^(b)		9,942,270		60,271,844


				277,633,061

Banks — 11.1%
Axis Bank Ltd.^(b)		13,652,649		135,449,951
Bandhan Bank Ltd.^(a)		3,883,628		15,885,313
ICICI Bank Ltd.		31,009,244		307,138,293
Kotak Mahindra Bank Ltd.		3,325,392		81,858,158
State Bank of India		10,685,432		69,030,070
Yes Bank Ltd.^(b)		67,539,495		11,931,676


				621,293,461

Beverages — 0.4%
United Spirits Ltd.^(b)		1,740,081		20,546,323


Biotechnology — 0.2%
Biocon Ltd.^(b)		2,517,122		11,698,553


Capital Markets — 0.2%
HDFC Asset Management Co. Ltd.^(a)		318,658		8,860,929


Chemicals — 3.8%
Asian Paints Ltd.		2,297,198		97,082,143
Berger Paints India Ltd.		1,454,570		13,359,284
PI Industries Ltd.		499,356		16,434,515
Pidilite Industries Ltd.		912,365		29,206,330
SRF Ltd.		886,430		28,210,058
UPL Ltd.		2,972,210		26,415,441


				210,707,771

Commercial Services & Supplies — 0.3%
Indian Railway Catering & Tourism Corp. Ltd.		1,437,260		15,595,599


Construction & Engineering — 1.8%
Larsen & Toubro Ltd.		4,122,197		99,933,131


Construction Materials — 2.5%
ACC Ltd.		450,011		12,534,192
Ambuja Cements Ltd.		4,160,388		17,436,618
Grasim Industries Ltd.		1,576,672		33,647,174
Shree Cement Ltd.		64,803		21,096,908
UltraTech Cement Ltd.		604,648		52,919,858


				137,634,750


Security	Shares		Value

Consumer Finance — 3.9%
Bajaj Finance Ltd.		1,625,572	$	152,194,512
Cholamandalam Investment and Finance Co. Ltd.		2,455,609		22,654,270
Muthoot Finance Ltd.		719,670		13,038,575
SBI Cards & Payment Services Ltd.^(b)		1,409,052		14,773,875
Shriram Transport Finance Co. Ltd.		1,215,006		18,262,774


				220,924,006

Diversified Financial Services — 1.2%
Bajaj Finserv Ltd.		228,413		48,969,118
Piramal Enterprises Ltd.		714,938		19,764,818


				68,733,936

Diversified Telecommunication Services — 0.2%
Indus Towers Ltd.^(b)		4,035,434		11,582,538


Electric Utilities — 2.2%
Adani Transmission Ltd.^(b)		1,645,924		46,903,311
Power Grid Corp. of India Ltd.		18,785,806		52,309,376
Tata Power Co. Ltd. (The)		8,605,474		25,661,656


				124,874,343

Electrical Equipment — 0.4%
Havells India Ltd.		1,499,444		23,688,850


Food & Staples Retailing — 1.0%
Avenue Supermarts Ltd.^(a)(b)		969,199		56,072,350


Food Products — 2.4%
Britannia Industries Ltd.		648,704		29,610,215
Marico Ltd.		3,090,342		21,156,725
Nestle India Ltd.		202,074		47,458,040
Tata Consumer Products Ltd.		3,581,074		34,290,209


				132,515,189

Gas Utilities — 1.1%
Adani Total Gas Ltd.		1,648,099		34,745,748
GAIL India Ltd.		9,305,446		17,993,075
Indraprastha Gas Ltd.		1,675,929		7,748,751


				60,487,574

Health Care Providers & Services — 0.7%
Apollo Hospitals Enterprise Ltd.		602,371		38,554,714


Hotels, Restaurants & Leisure — 0.3%
Jubilant Foodworks Ltd.		474,169		18,435,365


Independent Power and Renewable Electricity Producers — 2.0%
Adani Green Energy Ltd.^(b)		2,341,460		57,616,453
NTPC Ltd.		29,015,978		51,652,280


				109,268,733

Industrial Conglomerates — 0.2%
Siemens Ltd.		426,709		13,349,481


Insurance — 2.0%
HDFC Life Insurance Co. Ltd.^(a)		5,455,271		38,028,267
ICICI Lombard General Insurance Co. Ltd.^(a)		1,343,096		22,605,946
ICICI Prudential Life Insurance Co. Ltd.^(a)		2,165,120		13,831,854
SBI Life Insurance Co. Ltd.^(a)		2,693,664		38,091,062


				112,557,129

Interactive Media & Services — 0.5%
Info Edge India Ltd.		461,653		27,442,433


Internet & Direct Marketing Retail — 0.2%
Zomato Ltd.^(b)		9,404,715		10,047,317


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S		7

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI India ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

IT Services — 18.2%
HCL Technologies Ltd.		6,497,329	$	97,701,814
Infosys Ltd.		20,146,101		459,126,956
Larsen & Toubro Infotech Ltd.^(a)		314,525		24,582,308
Mindtree Ltd.		394,624		20,477,382
Mphasis Ltd.		504,627		20,964,873
Tata Consultancy Services Ltd.		5,537,780		262,334,180
Tech Mahindra Ltd.		3,776,462		71,102,478
Wipro Ltd.		8,197,984		60,622,007


				1,016,911,998

Life Sciences Tools & Services — 0.8%
Divi’s Laboratories Ltd.		796,105		45,243,839


Metals & Mining — 3.9%
Hindalco Industries Ltd.		9,434,474		72,505,104
JSW Steel Ltd.		5,047,453		42,346,770
Tata Steel Ltd.		4,324,969		70,815,853
Vedanta Ltd.		6,673,932		33,968,199


				219,635,926

Multiline Retail — 0.3%
Trent Ltd.		1,085,762		16,057,558


Oil, Gas & Consumable Fuels — 11.8%
Bharat Petroleum Corp. Ltd.		5,192,972		24,222,328
Coal India Ltd.		9,222,978		20,860,905
Hindustan Petroleum Corp. Ltd.		3,823,008		13,907,470
Indian Oil Corp. Ltd.		11,273,097		17,302,994
Oil & Natural Gas Corp. Ltd.		15,057,923		32,431,217
Petronet LNG Ltd.		4,484,399		12,868,021
Reliance Industries Ltd.		17,093,744		538,140,125


				659,733,060

Personal Products — 3.7%
Colgate-Palmolive India Ltd.		733,143		14,143,385
Dabur India Ltd.		3,703,053		27,763,387
Godrej Consumer Products Ltd.^(b)		2,142,085		21,906,945
Hindustan Unilever Ltd.		4,924,543		142,409,474


				206,223,191

Pharmaceuticals — 3.0%
Aurobindo Pharma Ltd.		1,754,358		14,604,064
Cipla Ltd.		2,898,784		35,678,355
Dr. Reddy’s Laboratories Ltd.		697,494		37,659,849
Lupin Ltd.		1,359,755		13,508,482
Sun Pharmaceutical Industries Ltd.		5,028,674		56,489,240
Torrent Pharmaceuticals Ltd.		303,577		11,110,650


				169,050,640

Real Estate Management & Development — 0.6%
DLF Ltd.		3,717,294		17,442,561


Security	Shares		Value

Real Estate Management & Development (continued)
Godrej Properties Ltd.^(b)		749,190	$	15,007,811


				32,450,372

Road & Rail — 0.2%
Container Corp. of India Ltd.		1,457,434		11,664,692


Textiles, Apparel & Luxury Goods — 1.6%
Page Industries Ltd.		33,393		18,796,709
Titan Co. Ltd.		2,126,545		72,231,278


				91,027,987

Thrifts & Mortgage Finance — 5.8%
Housing Development Finance Corp. Ltd.		10,297,280		325,453,770


Tobacco — 0.9%
ITC Ltd.		17,709,739		50,993,522


Trading Companies & Distributors — 0.6%
Adani Enterprises Ltd.		1,645,527		36,186,332


Transportation Infrastructure — 0.5%
Adani Ports & Special Economic Zone Ltd.		3,054,844		28,885,621


Wireless Telecommunication Services — 2.4%
Bharti Airtel Ltd.^(b)		14,822,778		135,543,811


Total Common Stocks — 99.6% (Cost: $3,083,141,765)				5,567,640,076


Short-Term Investments

Money Market Funds — 3.5%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%^(c)(d)		198,120,000		198,120,000


Total Short-Term Investments — 3.5% (Cost: $198,120,000)				198,120,000


Total Investments in Securities — 103.1% (Cost: $3,281,261,765)				5,765,760,076

Other Assets, Less Liabilities — (3.1)%				(173,602,753	)


Net Assets — 100.0%			$	5,592,157,323

^(a)

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

^(b)	Non-income producing security.

^(c)	Affiliate of the Fund.

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


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

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI India ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:




Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/22		Shares Held at 02/28/22		Income		Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Treasury, SL Agency Shares	$	138,250,000	$	59,870,000	^(a)	$	—	$	—	$	—	$	198,120,000		198,120,000	$	10,731	$	—

^(a)

Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

SGX Nifty 50 Index

632

03/31/22

21,325

21,508

Derivative Financial Instruments Categorized by Risk Exposure

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




	Equity Contracts


Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	21,508

^(a)

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

For the period ended February 28, 2022, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:




	Equity Contracts


Net Realized Gain (Loss) from:
Futures contracts	$	(1,254,896	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(45,926	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	14,141,036

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

Fair Value Hierarchy as of Period End

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


C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S		9

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI India ETF

Fair Value Hierarchy as of Period End (continued)

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
Common Stocks	$	34,745,748	$	5,532,894,328	$	—	$	5,567,640,076
Money Market Funds		198,120,000		—		—		198,120,000


	$	232,865,748	$	5,532,894,328	$	—	$	5,765,760,076


Derivative financial instruments^(a)
Assets
Futures Contracts	$	—	$	21,508	$	—	$	21,508

^(a)

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

See notes to consolidated financial statements.


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

Consolidated Schedule of Investments (unaudited)

February 28, 2022

iShares^® MSCI India Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Air Freight & Logistics — 0.5%
Allcargo Logistics Ltd.		115,704	$	497,092
Blue Dart Express Ltd.		7,486		598,270
Mahindra Logistics Ltd.^(a)		45,506		243,406
TCI Express Ltd.		21,229		500,184


				1,838,952

Airlines — 0.1%
SpiceJet Ltd.^(b)		379,933		305,909


Auto Components — 3.4%
Apollo Tyres Ltd.		503,598		1,242,908
Asahi India Glass Ltd.		96,412		603,460
Ceat Ltd.		34,882		454,287
Endurance Technologies Ltd.^(a)		55,285		970,771
Exide Industries Ltd.		601,927		1,196,423
Mahindra CIE Automotive Ltd.^(b)		180,373		468,129
Minda Industries Ltd.		113,195		1,391,734
Sundaram Clayton Ltd.		8,026		416,050
Sundram Fasteners Ltd.		149,785		1,704,603
Suprajit Engineering Ltd.		108,981		456,204
Tube Investments of India Ltd.		168,301		3,408,877


				12,313,446

Automobiles — 0.7%
TVS Motor Co. Ltd.		300,817		2,475,214


Banks — 3.7%
AU Small Finance Bank Ltd.^(a)(b)		123,943		1,991,151
Canara Bank^(b)		571,864		1,680,177
City Union Bank Ltd.		574,408		958,438
Equitas Small Finance Bank Ltd.^(a)(b)		363,092		250,763
Federal Bank Ltd.		2,454,004		3,181,369
IDFC First Bank Ltd.^(b)		4,804,463		2,705,178
Karur Vysya Bank Ltd. (The)		620,855		393,295
RBL Bank Ltd.^(a)(b)		707,035		1,262,013
Yes Bank Ltd., (Acquired 03/16/20, Cost: $3,554,476)^(b)(c)		4,044,378		635,547


				13,057,931

Beverages — 1.2%
Radico Khaitan Ltd.		115,916		1,386,889
Varun Beverages Ltd.		239,260		3,010,058


				4,396,947

Building Products — 2.1%
Astral Ltd.		142,718		3,699,043
Blue Star Ltd.		91,521		1,304,828
Cera Sanitaryware Ltd.		8,163		470,340
Kajaria Ceramics Ltd.		125,984		1,816,493
Prince Pipes and Fittings Ltd.		43,599		374,587


				7,665,291

Capital Markets — 4.0%
Angel One Ltd.		32,893		587,152
BSE Ltd.		34,932		915,811
Central Depository Services India Ltd.		81,156		1,469,954
CRISIL Ltd.		23,101		886,826
Dhani Services Ltd.^(b)		381,696		400,444
Edelweiss Financial Services Ltd., NVS		817,535		596,111
ICICI Securities Ltd.^(a)		133,017		1,181,095
IDFC Ltd.^(b)		1,759,231		1,359,234
IIFL Wealth Management Ltd.		56,072		1,146,091
Indian Energy Exchange Ltd., NVS^(a)		694,760		1,913,140
JM Financial Ltd.		680,942		618,294


Security	Shares		Value

Capital Markets (continued)
Motilal Oswal Financial Services Ltd.		58,074	$	681,875
Multi Commodity Exchange of India Ltd.		40,899		695,440
Nippon Life India Asset Management Ltd.^(a)		196,644		806,876
Tata Investment Corp. Ltd.		20,023		354,799
UTI Asset Management Co. Ltd.		70,470		784,309


				14,397,451

Chemicals — 12.6%
Aarti Industries Ltd.		314,788		3,889,215
Advanced Enzyme Technologies Ltd.		70,468		300,467
Akzo Nobel India Ltd.		14,432		361,926
Alkyl Amines Chemicals		20,278		812,742
Atul Ltd.		23,355		2,882,205
Balaji Amines Ltd., NVS		15,358		586,131
BASF India Ltd.		17,086		626,600
Bayer CropScience Ltd./India		21,245		1,245,809
Carborundum Universal Ltd.		165,230		1,773,082
Castrol India Ltd.		627,691		903,083
Chambal Fertilizers and Chemicals Ltd.		261,959		1,321,884
Chemplast Sanmar Ltd.^(b)		63,177		397,878
Clean Science and Technology^(b)		33,390		816,388
Coromandel International Ltd.		185,058		1,906,989
Deepak Fertilisers & Petrochemicals Corp. Ltd.		86,135		652,866
Deepak Nitrite Ltd.		107,952		2,884,581
EID Parry India Ltd.		111,853		616,779
Fine Organic Industries Ltd.		12,155		694,788
Finolex Industries Ltd.		392,094		800,922
Galaxy Surfactants Ltd.		16,757		620,184
Gujarat Fluorochemicals Ltd.^(b)		34,844		1,197,121
Gujarat Narmada Valley Fertilizers & Chemicals Ltd.		122,605		905,857
Gujarat State Fertilizers & Chemicals Ltd.		284,120		476,908
Indigo Paints Ltd.^(b)		15,078		359,452
Jubilant Ingrevia Ltd.		101,015		674,050
Kansai Nerolac Paints Ltd.		212,162		1,283,147
Laxmi Organic Industries Ltd.		84,118		460,302
Linde India Ltd.		33,556		1,230,857
Navin Fluorine International Ltd.		50,953		2,642,673
NOCIL Ltd.		156,265		436,890
Polyplex Corporation Ltd.		19,984		482,160
Rain Industries Ltd.		265,637		658,336
Rallis India Ltd.		123,292		384,270
Rossari Biotech Ltd.		21,798		285,190
Solar Industries India Ltd.		43,054		1,327,363
Sumitomo Chemical India Ltd.		158,181		794,396
Supreme Industries Ltd.		100,539		2,738,556
Supreme Petrochem Ltd.		52,181		460,597
Tata Chemicals Ltd.		261,258		2,935,177
Vinati Organics Ltd.		40,367		996,873


				44,824,694

Commercial Services & Supplies — 0.1%
SIS Ltd.^(b)		58,004		351,222


Communications Equipment — 0.3%
Sterlite Technologies Ltd.		250,809		591,533
Tejas Networks Ltd.^(a)(b)		90,941		495,744


				1,087,277

Construction & Engineering — 3.4%
Dilip Buildcon Ltd.^(a)		57,940		208,218
Engineers India Ltd.		400,172		329,082
GMR Power and Urban Infrastructure Ltd., NVS^(b)		300,381		133,551


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

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI India Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Construction & Engineering (continued)
IRB Infrastructure Developers Ltd.^(b)		142,481	$	409,874
Kalpataru Power Transmission Ltd.		104,936		547,535
KEC International Ltd.		183,447		1,138,726
KNR Constructions Ltd.		200,074		827,237
NBCC India Ltd.		1,136,315		591,209
NCC Ltd./India		624,307		520,964
PNC Infratech Ltd.		140,828		497,682
Praj Industries Ltd.		175,065		796,392
Sterling and Wilson Renewable Energy Ltd.^(b)		60,056		255,969
Voltas Ltd.		339,722		5,711,481


				11,967,920

Construction Materials — 2.8%
Birla Corp. Ltd.		42,831		625,843
Dalmia Bharat Ltd.		118,095		2,466,191
HeidelbergCement India Ltd.		107,091		265,132
India Cements Ltd. (The)		219,618		592,734
JK Cement Ltd.		55,058		2,086,426
JK Lakshmi Cement Ltd.		93,342		555,982
Nuvoco Vistas Corp. Ltd.^(b)		170,107		785,247
Prism Johnson Ltd.^(b)		198,642		312,542
Ramco Cements Ltd. (The)		205,467		2,154,575


				9,844,672

Consumer Finance — 2.7%
Cholamandalam Financial Holdings Ltd.		148,869		1,276,246
CreditAccess Grameen Ltd.^(b)		74,335		743,035
Mahindra & Mahindra Financial Services Ltd.		973,268		1,890,816
Manappuram Finance Ltd.		804,935		1,223,248
MAS Financial Services Ltd.^(a)		26,239		198,272
Paisalo Digital Ltd.		40,404		356,700
Poonawalla Fincorp Ltd.^(b)		239,684		762,926
Shriram City Union Finance Ltd.		36,546		772,033
Spandana Sphoorty Financial Ltd.^(b)		30,416		151,010
Sundaram Finance Ltd.		95,694		2,428,095


				9,802,381

Containers & Packaging — 0.1%
EPL Ltd.		197,604		416,892


Diversified Financial Services — 1.3%
Aditya Birla Capital Ltd.^(b)		721,829		1,018,475
L&T Finance Holdings Ltd.^(b)		1,173,910		1,034,207
REC Ltd.		1,563,076		2,546,189


				4,598,871

Diversified Telecommunication Services — 1.4%
HFCL Ltd.		909,217		887,017
Tata Communications Ltd.		179,933		2,839,613
Tata Teleservices Maharastra Ltd.^(b)		774,194		1,210,209


				4,936,839

Electric Utilities — 0.7%
CESC Ltd.		946,215		986,925
Torrent Power Ltd.		265,133		1,678,601


				2,665,526

Electrical Equipment — 3.1%
Amara Raja Batteries Ltd.		149,070		1,115,068
Bharat Heavy Electricals Ltd.^(b)		1,382,175		921,826
CG Power and Industrial Solutions Ltd.^(b)		852,441		1,953,615
Finolex Cables Ltd.		108,697		598,764
Graphite India Ltd.		91,832		572,094
HEG Ltd.		18,363		278,637
Hitachi Energy India Ltd.		13,510		595,796


Security	Shares		Value

Electrical Equipment (continued)
KEI Industries Ltd.		85,769	$	1,133,109
Olectra Greentech Ltd.^(b)		51,663		437,653
Polycab India Ltd.		58,835		1,863,828
Suzlon Energy Ltd.^(b)		7,701,727		969,749
V-Guard Industries Ltd.		271,681		707,948


				11,148,087

Electronic Equipment, Instruments & Components — 0.5%
Redington India Ltd.		804,254		1,646,825


Entertainment — 0.8%
Chennai Super Kings Cricket Ltd.^(d)		206,787		27
Inox Leisure Ltd.^(b)		96,993		530,331
Nazara Technologies Ltd.^(b)		12,931		299,910
PVR Ltd.^(b)		72,235		1,582,720
Saregama India Ltd.		10,656		556,943


				2,969,931

Equity Real Estate Investment Trusts (REITs) — 1.4%
Brookfield India Real Estate Trust^(a)		167,107		675,151
Embassy Office Parks REIT		673,205		3,350,617
Mindspace Business Parks REIT^(a)		234,944		1,112,459


				5,138,227

Food Products — 1.1%
Avanti Feeds Ltd.		85,766		547,409
Balrampur Chini Mills Ltd.		193,181		1,024,912
Bombay Burmah Trading Co.		27,650		352,665
CCL Products India Ltd.		116,033		693,717
Kaveri Seed Co. Ltd.		37,068		240,367
Shree Renuka Sugars Ltd.^(b)		840,323		371,057
Triveni Engineering & Industries Ltd.		114,421		379,888
Zydus Wellness Ltd.		19,905		419,290


				4,029,305

Gas Utilities — 1.3%
Gujarat Gas Ltd.		271,296		2,109,287
Gujarat State Petronet Ltd.		446,839		1,724,803
Mahanagar Gas Ltd.		86,231		835,964


				4,670,054

Health Care Equipment & Supplies — 0.1%
Poly Medicure Ltd.		38,360		406,472


Health Care Providers & Services — 2.8%
Aster DM Healthcare Ltd.^(a)(b)		194,809		444,371
Dr Lal PathLabs Ltd.^(a)		52,336		1,757,026
Fortis Healthcare Ltd.^(b)		717,028		2,350,402
Krishna Institute Of Medical Sciences Ltd.^(a)(b)		45,137		762,994
Max Healthcare Institute Ltd.^(b)		458,708		2,287,764
Metropolis Healthcare Ltd.^(a)		40,280		1,051,169
Narayana Hrudayalaya Ltd.^(b)		113,110		1,032,573
Thyrocare Technologies Ltd.^(a)		29,335		335,598


				10,021,897

Hotels, Restaurants & Leisure — 1.5%
Chalet Hotel Ltd.^(b)		96,772		339,008
Delta Corp. Ltd.		101,256		357,438
Devyani International Ltd.^(b)		381,829		790,723
EIH Ltd.^(b)		248,151		429,925
Indian Hotels Co. Ltd. (The)		1,028,281		2,744,773
Restaurant Brands Asia Ltd.^(b)		244,650		341,949
Westlife Development Ltd.^(b)		85,967		529,994


				5,533,810


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

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI India Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Household Durables — 4.1%
Amber Enterprises India Ltd.^(b)		26,538	$	1,230,204
Bajaj Electricals Ltd.^(b)		72,771		1,112,037
Crompton Greaves Consumer Electricals Ltd.		842,832		4,820,488
Dixon Technologies India Ltd.		51,578		2,969,283
Johnson Controls-Hitachi Air Conditioning India Ltd.^(b)		10,598		255,876
Orient Electric Ltd.		201,974		888,348
Sheela Foam Ltd.^(b)		23,002		1,046,941
Symphony Ltd.		27,636		361,797
TTK Prestige Ltd.		66,052		697,272
Whirlpool of India Ltd.		50,342		1,122,279


				14,504,525

Household Products — 0.1%
Jyothy Labs Ltd.		232,809		424,348


Independent Power and Renewable Electricity Producers — 0.9%
Adani Power Ltd.^(b)		1,221,052		2,032,824
NLC India Ltd.		438,038		365,199
Reliance Power Ltd.^(b)		3,753,754		657,142


				3,055,165

Industrial Conglomerates — 0.5%
3M India Ltd.^(b)		4,434		1,252,617
Godrej Industries Ltd.^(b)		79,515		550,030


				1,802,647

Insurance — 1.1%
Max Financial Services Ltd.^(b)		355,738		3,934,368


Interactive Media & Services — 0.3%
Brightcom Group Ltd.		574,060		912,736
Just Dial Ltd.^(b)		26,510		263,960


				1,176,696

Internet & Direct Marketing Retail — 0.1%
CarTrade Tech Ltd.^(b)		28,930		208,481


IT Services — 3.7%
Coforge Ltd.		33,609		2,034,420
Computer Age Management Services Ltd.		42,602		1,418,842
eClerx Services Ltd.		24,840		713,019
Firstsource Solutions Ltd.		438,020		743,636
Happiest Minds Technologies Ltd.		92,543		1,212,191
Infibeam Avenues Ltd.		527,915		275,888
Mastek Ltd.		21,164		793,122
NIIT Ltd.		116,079		654,422
Persistent Systems Ltd.		78,587		4,131,211
Sonata Software Ltd.		98,961		970,222
Vakrangee Ltd.		667,451		278,880


				13,225,853

Life Sciences Tools & Services — 0.4%
Syngene International Ltd.^(a)(b)		188,280		1,359,274


Machinery — 5.7%
AIA Engineering Ltd.		67,244		1,452,742
Ashok Leyland Ltd., NVS		2,317,342		3,673,317
BEML Ltd.		29,707		619,122
Cochin Shipyard Ltd.^(a)		51,094		197,075
Cummins India Ltd.		196,671		2,512,283
Escorts Ltd.		106,722		2,630,967
GMM Pfaudler Ltd.		10,364		604,531
Grindwell Norton Ltd.		70,203		1,505,654
ISGEC Heavy Engineering Ltd.		40,481		308,352
Lakshmi Machine Works Ltd.		5,045		695,768


Security	Shares		Value

Machinery (continued)
MTAR Technologies Ltd.		17,227	$	415,755
Schaeffler India Ltd.		61,612		1,497,398
SKF India Ltd.		35,248		1,685,931
Thermax Ltd.		66,071		1,597,537
Timken India Ltd.		29,748		803,546


				20,199,978

Marine — 0.1%
Shipping Corp. of India Ltd.		184,059		255,901


Media — 1.9%
Affle India Ltd.^(b)		83,945		1,371,310
Sun TV Network Ltd.		125,018		746,345
TV18 Broadcast Ltd.^(b)		705,770		578,190
Zee Entertainment Enterprises Ltd.		1,365,266		4,182,171


				6,878,016

Metals & Mining — 2.8%
APL Apollo Tubes Ltd.^(b)		178,102		2,029,647
Jindal Stainless Hisar Ltd.^(b)		148,635		700,073
Jindal Stainless Ltd.^(b)		279,639		724,342
Jindal Steel & Power Ltd.^(b)		644,000		3,672,591
National Aluminium Co. Ltd.		1,308,265		2,127,376
Ratnamani Metals & Tubes Ltd.		25,786		767,680


				10,021,709

Multiline Retail — 0.3%
Future Retail Ltd.^(b)		335,925		218,459
V-Mart Retail Ltd.^(b)		15,295		694,575


				913,034

Oil, Gas & Consumable Fuels — 0.7%
Aegis Logistics Ltd.		221,713		500,007
Great Eastern Shipping Co. Ltd. (The)		162,333		703,473
Oil India Ltd.		429,989		1,282,524


				2,486,004

Paper & Forest Products — 0.4%
Century Plyboards India Ltd.		87,778		697,843
Century Textiles & Industries Ltd.		70,842		724,977


				1,422,820

Personal Products — 0.9%
Bajaj Consumer Care Ltd.		151,701		327,806
Emami Ltd.		316,638		2,088,307
Gillette India Ltd.		10,308		710,530


				3,126,643

Pharmaceuticals — 6.0%
Aarti Drugs Ltd.		51,380		311,566
Ajanta Pharma Ltd.		40,845		936,291
Alembic Pharmaceuticals Ltd.		93,538		903,831
AstraZeneca Pharma India Ltd.		7,879		272,878
Caplin Point Laboratories Ltd.		29,765		264,729
Eris Lifesciences Ltd.^(a)		54,210		487,895
FDC Ltd./India^(b)		79,694		286,991
GlaxoSmithKline Pharmaceuticals Ltd.		53,741		1,086,225
Glenmark Pharmaceuticals Ltd.		223,730		1,335,726
Granules India Ltd.		216,264		838,867
Hikal Ltd.		58,625		287,425
IOL Chemicals and Pharmaceuticals Ltd.		36,221		170,059
Ipca Laboratories Ltd.		221,041		2,887,137
JB Chemicals & Pharmaceuticals Ltd.		55,163		1,185,367
Jubilant Pharmova Ltd.		101,123		533,421
Laurus Labs Ltd.^(a)		508,223		3,672,739


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

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI India Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Pharmaceuticals (continued)
Natco Pharma Ltd., NVS		144,379	$	1,670,038
Procter & Gamble Health Ltd.		11,845		719,464
Sanofi India Ltd.		12,699		1,224,309
Shilpa Medicare Ltd.		51,653		279,694
Solara Active Pharma Sciences Ltd.		19,693		179,586
Strides Pharma Science Ltd.		91,793		391,312
Sun Pharma Advanced Research Co. Ltd.^(b)		103,929		372,775
Suven Pharmaceuticals Ltd.		141,445		965,715
Wockhardt Ltd., NVS^(b)		52,262		236,248


				21,500,288

Professional Services — 1.2%
L&T Technology Services Ltd.^(a)		41,624		2,521,133
Quess Corp. Ltd.^(a)		104,492		880,523
TeamLease Services Ltd.^(b)		17,562		960,384


				4,362,040

Real Estate Management & Development — 2.4%
Brigade Enterprises Ltd.		163,644		1,084,046
Indiabulls Real Estate Ltd.^(b)		284,785		411,668
NESCO Ltd.		33,514		248,929
Oberoi Realty Ltd.^(b)		200,638		2,429,574
Phoenix Mills Ltd. (The)		149,891		1,914,555
Prestige Estates Projects Ltd.		221,057		1,341,183
Sobha Ltd.		60,154		620,719
Sunteck Realty Ltd.		81,775		531,483


				8,582,157

Semiconductors & Semiconductor Equipment — 0.2%
Borosil Renewables Ltd.^(b)		71,684		561,664


Software — 4.4%
Birlasoft Ltd.		220,352		1,201,165
Cyient Ltd.		131,020		1,430,284
Intellect Design Arena Ltd.^(b)		126,676		1,107,197
KPIT Technologies Ltd.		260,389		1,983,453
Oracle Financial Services Software Ltd.		33,964		1,535,383
Route Mobile Ltd.		34,739		690,591
Tanla Platforms Ltd.		105,094		2,203,659
Tata Elxsi Ltd.		54,103		4,643,241
Zensar Technologies Ltd.		177,451		823,567


				15,618,540

Textiles, Apparel & Luxury Goods — 3.7%
Aditya Birla Fashion and Retail Ltd.^(b)		520,882		1,871,124
Alok Industries Ltd.^(b)		1,954,986		630,444
Bata India Ltd.		81,381		1,967,655
Garware Technical Fibres Ltd.		14,622		575,492
Indo Count Industries Ltd.		125,152		291,770
KPR Mill Ltd.		135,432		1,142,884
Lux Industries Ltd.		11,925		393,406
Rajesh Exports Ltd.		93,651		873,646
Relaxo Footwears Ltd.		78,781		1,276,275
Trident Ltd.		1,577,974		1,067,759
Vaibhav Global Ltd.		77,077		422,141
Vardhman Textiles Ltd.		36,555		1,243,897


Security	Shares		Value

Textiles, Apparel & Luxury Goods (continued)
VIP Industries Ltd.^(b)		89,629	$	768,640
Welspun India Ltd.		392,777		550,881


				13,076,014

Thrifts & Mortgage Finance — 2.4%
Aavas Financiers Ltd.^(b)		75,716		2,823,308
Can Fin Homes Ltd.		94,970		736,656
Home First Finance Company India Ltd.^(a)(b)		41,816		379,239
IIFL Finance Ltd.		179,883		714,746
Indiabulls Housing Finance Ltd.		509,921		1,022,826
LIC Housing Finance Ltd.		523,512		2,398,805
PNB Housing Finance Ltd.^(a)(b)		93,109		507,593


				8,583,173

Tobacco — 0.1%
Godfrey Phillips India Ltd.		19,657		267,901


Trading Companies & Distributors — 0.3%
IndiaMART Intermesh Ltd.^(a)		19,103		1,218,606


Transportation Infrastructure — 0.5%
GMR Infrastructure Ltd.^(b)		2,854,878		1,446,498
Gujarat Pipavav Port Ltd.		417,666		467,766


				1,914,264

Wireless Telecommunication Services — 0.5%
Vodafone Idea Ltd.^(b)		13,593,733		1,875,671


Total Common Stocks — 99.4% (Cost: $245,566,604)				355,067,823


Short-Term Investments

Money Market Funds — 2.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%^(e)(f)		7,200,000		7,200,000


Total Short-Term Investments — 2.0% (Cost: $7,200,000)				7,200,000


Total Investments in Securities — 101.4% (Cost: $252,766,604)				362,267,823

Other Assets, Less Liabilities — (1.4)%			(5,160,045)


Net Assets — 100.0%			$	357,107,778

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

^(b)	Non-income producing security.

^(c)	Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $635,547, representing 0.2% of its net assets as of period end, and an original cost of $3,554,476.

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

^(e)	Affiliate of the Fund.

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


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

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI India Small-Cap ETF

Affiliates




Affiliated Issuer	Value at 08/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/22		Shares Held at 02/28/22		Income		Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Treasury, SL Agency Shares	$	7,290,000	$	—		$(90,000	)^(a)	$	—	$	—	$	7,200,000		7,200,000	$	560	$	—

^(a)

Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long Contracts

SGX Nifty 50 Index

03/31/22

2,261

27,722

Derivative Financial Instruments Categorized by Risk Exposure

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




	Equity Contracts


Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	27,722

^(a)

For the period ended February 28, 2022, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:




	Equity Contracts


Net Realized Gain (Loss) from:
Futures contracts	$	(136,432	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	16,718

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	1,174,131

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

Fair Value Hierarchy as of Period End


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

Consolidated Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI India Small-Cap ETF

Fair Value Hierarchy as of Period End (continued)




	Level 1		Level 2		Level 3		Total


Investments
Assets
Common Stocks	$	5,881,812	$	349,185,984	$	27	$	355,067,823
Money Market Funds		7,200,000		—		—		7,200,000


	$	13,081,812	$	349,185,984	$	27	$	362,267,823

Derivative financial instruments^(a)
Assets
Futures Contracts	$	—	$	27,722	$	—	$	27,722

^(a)

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

See notes to consolidated financial statements.


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

Consolidated Statements of Assets and Liabilities (unaudited)

February 28, 2022


	iShares MSCI India ETF		iShares MSCI India Small-Cap ETF


ASSETS
Investments in securities, at value:
Unaffiliated^(a)	$	5,567,640,076	$	355,067,823
Affiliated^(b)		198,120,000		7,200,000
Cash		7,326,525		—
Foreign currency, at value^(c)		21,639,111		15,462,451
Cash pledged:
Futures contracts		1,054,000		180,000
Receivables:
Investments sold		47,281,847		1,153,369
Variation margin on futures contracts		265,506		39,190
Dividends		3,086,884		346,768


Total assets		5,846,413,949		379,449,601


LIABILITIES
Bank overdraft		—		12,416,425
Deferred foreign capital gain tax		177,314,876		6,426,566
Payables:
Investments purchased		26,533,787		2,632,297
Capital shares redeemed		47,581,562		645,915
Investment advisory fees		2,826,401		220,620


Total liabilities		254,256,626		22,341,823


NET ASSETS	$	5,592,157,323	$	357,107,778


NET ASSETS CONSIST OF:
Paid-in capital	$	4,448,854,574	$	322,635,320
Accumulated earnings		1,143,302,749		34,472,458


NET ASSETS	$	5,592,157,323	$	357,107,778


Shares outstanding		127,800,000		6,500,000


Net asset value	$	43.76	$	54.94


Shares authorized		Unlimited		Unlimited


Par value		None		None


^(a)Investments, at cost — Unaffiliated	$	3,083,141,765	$	245,566,604
^(b)Investments, at cost — Affiliated	$	198,120,000	$	7,200,000
^(c)Foreign currency, at cost	$	21,638,956	$	15,463,462

See notes to consolidated financial statements.


C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S		17

Consolidated Statements of Operations (unaudited)

Six Months Ended February 28, 2022


	iShares MSCI India ETF			iShares MSCI India Small-Cap ETF


INVESTMENT INCOME
Dividends — Unaffiliated	$	36,948,828		$	1,605,222
Dividends — Affiliated		10,731			560
Foreign taxes withheld		(8,039,834	)		(314,731	)


Total investment income		28,919,725			1,291,051


EXPENSES
Investment advisory fees		19,422,827			1,421,194
Commitment fees		19,090			1,873
Professional fees		217			217
Mauritius income taxes		295			295


Total expenses		19,442,429			1,423,579


Net investment income (loss)		9,477,296			(132,528	)


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated^(a)		83,138,424			16,986,503
Futures contracts		(1,254,896	)		(136,432	)
Foreign currency transactions		(2,671,710	)		(352,941	)


Net realized gain		79,211,818			16,497,130

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated^(b)		(362,090,418	)		(35,178,935	)
Futures contracts		(45,926	)		16,718
Foreign currency translations		(96,408	)		(31,376	)


Net change in unrealized appreciation (depreciation)		(362,232,752	)		(35,193,593	)


Net realized and unrealized loss		(283,020,934	)		(18,696,463	)


NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(273,543,638	)	$	(18,828,991	)


^(a) Net of foreign capital gain tax and capital gain tax refund, if applicable	$	(1,721,817	)	$	(1,688,647	)
^(b) Net of reduction in deferred foreign capital gain tax of	$	399,010		$	2,329,003

See notes to consolidated financial statements.


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

Consolidated Statements of Changes in Net Assets


	iShares MSCI India ETF							iShares MSCI India Small-Cap ETF


	Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21			Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income (loss)		$	9,477,296		$	16,931,383			$	(132,528	)	$	(33,382	)
Net realized gain			79,211,818			6,980,789				16,497,130			20,967,516
Net change in unrealized appreciation (depreciation)			(362,232,752	)		1,743,084,666				(35,193,593	)		110,021,003


Net increase (decrease) in net assets resulting from operations			(273,543,638	)		1,766,996,838				(18,828,991	)		130,955,137


DISTRIBUTIONS TO SHAREHOLDERS^(a)
From net investment income			(374,889,807	)		(8,540,172	)			(5,222,074	)		(268,669	)
Return of capital			—			—				—			(1,270	)


Decrease in net assets resulting from distributions to shareholders			(374,889,807	)		(8,540,172	)			(5,222,074	)		(269,939	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			(110,000,980	)		1,498,302,314				51,693,085			5,010,592


NET ASSETS
Total increase (decrease) in net assets			(758,434,425	)		3,256,758,980				27,642,020			135,695,790
Beginning of period			6,350,591,748			3,093,832,768				329,465,758			193,769,968


End of period		$	5,592,157,323		$	6,350,591,748			$	357,107,778		$	329,465,758

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

See notes to consolidated financial statements.


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

Consolidated Financial Highlights

(For a share outstanding throughout each period)


	iShares MSCI India ETF


	Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17


Net asset value, beginning of period		$	48.79		$	33.37		$	32.38		$	35.68		$	34.20		$	29.61


Net investment income^(a)			0.07			0.14			0.14			0.29			0.25			0.26
Net realized and unrealized gain (loss)^(b)			(2.19	)		15.35			0.96			(3.00	)		1.54			4.53

Net increase (decrease) from investment operations			(2.12	)		15.49			1.10			(2.71	)		1.79			4.79


Distributions^(c)
From net investment income			(2.91	)		(0.07	)		(0.11	)		(0.49	)		(0.31	)		(0.20	)
Return of capital			—			—			—			(0.10	)		—			—


Total distributions			(2.91	)		(0.07	)		(0.11	)		(0.59	)		(0.31	)		(0.20	)


Net asset value, end of period		$	43.76		$	48.79		$	33.37		$	32.38		$	35.68		$	34.20


Total Return^(d)
Based on net asset value			(4.56	)%^(e)		46.54	%		3.40	%		(7.61	)%		5.26	%		16.27	%


Ratios to Average Net Assets^(f)
Total expenses			0.64	%^(g)		0.65	%		0.69	%		0.69	%		0.68	%		0.68	%


Net investment income			0.31	%^(g)		0.35	%		0.43	%		0.86	%		0.72	%		0.87	%


Supplemental Data
Net assets, end of period (000)		$	5,592,157		$	6,350,592		$	3,093,833		$	4,899,749		$	5,082,120		$	5,263,819


Portfolio turnover rate^(h)			6	%^(e)(i)		25	%⁽ⁱ⁾		25	%⁽ⁱ⁾		9	%⁽ⁱ⁾		10	%⁽ⁱ⁾		13	%⁽ⁱ⁾


^(a) Based on average shares outstanding. ^(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. ^(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. ^(d) Where applicable, assumes the reinvestment of distributions. ^(e) Not annualized. ^(f) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. ^(g) Annualized. ^(h) Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars (“cash creations”).
⁽ⁱ⁾Portfolio turnover rate excluding cash creations was as follows:			6	%		17	%		19	%		6	%		5	%		5	%

See notes to consolidated financial statements.


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

Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI India Small-Cap ETF

	Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18				Year Ended 08/31/17


Net asset value, beginning of period		$	57.80			$	34.60			$	33.39			$	44.10			$	46.27			$	36.01

Net investment income (loss)^(a)			(0.02	)			(0.01	)			0.15				0.10				(0.00	)^(b)			0.09
Net realized and unrealized gain (loss)^(c)			(2.07	)			23.26				1.88				(10.60	)			(1.06	)			10.55


Net increase (decrease) from investment operations			(2.09	)			23.25				2.03				(10.50	)			(1.06	)			10.64


Distributions^(d)
From net investment income			(0.77	)			(0.05	)			(0.82	)			(0.21	)			(0.63	)			(0.38	)
Return of capital			—				(0.00	)^(b)			—				—				(0.48	)			—


Total distributions			(0.77	)			(0.05	)			(0.82	)			(0.21	)			(1.11	)			(0.38	)


Net asset value, end of period		$	54.94			$	57.80			$	34.60			$	33.39			$	44.10			$	46.27


Total Return^(e)
Based on net asset value			(3.80	)%^(f)			67.25	%			6.35	%			(23.88	)%			(2.36	)%			29.97	%


Ratios to Average Net Assets^(g)
Total expenses			0.74	%^(h)			0.74	%			0.81	%			0.76	%			0.77	%			0.75	%


Net investment income (loss)			(0.07	)%^(h)			(0.01	)%			0.45	%			0.28	%			(0.00	)%⁽ⁱ⁾			0.21	%


Supplemental Data
Net assets, end of period (000)		$	357,108			$	329,466			$	193,770			$	270,433			$	282,264			$	205,914


Portfolio turnover rate^(j)			28	%^(f)(k)			55	%^(k)			32	%^(k)			24	%^(k)			49	%^(k)			38	%^(k)

^(a) Based on average shares outstanding. ^(b) Rounds to less than $0.01. ^(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. ^(d)Distributions for annual periods determined in accordance with U.S. federal income tax regulations. ^(e) Where applicable, assumes the reinvestment of distributions. ^(f) Not annualized. ^(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. ^(h) Annualized. ⁽ⁱ⁾ Rounds to less than 0.01%. ^(j) Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars (“cash creations”).
^(k) Portfolio turnover rate excluding cash creations was as follows:			21	%			37	%			28	%			19	%			31	%			22	%

See notes to consolidated financial statements.


C O N S O L I D A T E D F I N A N C I A L H I G H L I G H T S		21

Notes to Consolidated Financial Statements (unaudited)

1.	ORGANIZATION

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

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



iShares ETF	Diversification Classification

MSCI India		Non-diversified
MSCI India Small-Cap		Diversified

Basis of Consolidation: The accompanying consolidated financial statements for each Fund includes the accounts of its subsidiary in the Republic of Mauritius, which is a wholly-owned subsidiary (each, a “Subsidiary”) of the Fund that invests in Indian securities. Through this investment structure, each Fund expects to obtain certain benefits under a current tax treaty between Mauritius and India. The net assets of the iShares MSCI India ETF and iShares MSCI India Small-Cap ETF as of period end were $5,443,582,894 and $350,549,119, which is 97.3% and 98.2% of each Fund’s consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated.

2.	SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Consolidated Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2022, if any, are disclosed in the Consolidated Statements of Assets and Liabilities.

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

Each Fund has conducted investment activities in India through its Subsidiary and expects to obtain benefits under the Double Tax Avoidance Agreement (“DTAA”) between India and Mauritius. In order to be eligible to claim benefits under the DTAA, each Subsidiary must have commercial substance, on an annual basis, to satisfy certain tests and conditions, including the establishment and maintenance of valid tax residence in Mauritius, have the place of effective management outside of India, and related requirements. Each Fund has obtained a current tax residence certificate issued by the Mauritian Revenue Authorities.


22		2 0 2 2 I S H A R E S S E M I - A N 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 Consolidated Financial Statements (unaudited) (continued)

Based upon current interpretation and practice of the current tax laws in India and Mauritius and the DTAA, each Subsidiary is subject to tax in Mauritius on its net income at the rate of 15%. However, each Subsidiary is entitled to a tax credit equivalent to the higher of the actual foreign tax incurred or 80% of the Mauritius tax on its foreign source income, thus reducing its maximum effective tax rate to 3% up to June 30, 2021. After June 30, 2021, under the new tax regime and subject to meeting the necessary substance requirements as required under the Financial Services Act 2007 (as amended by the Finance Act 2018) and such guidelines issued by the Financial Services Commission (the “FSC”), each Subsidiary is entitled to either (a) a foreign tax credit equivalent to the actual foreign tax suffered on its foreign income against each Subsidiary’s tax liability computed at 15% on such income, or (b) a partial exemption of 80% of some of the income derived, including interest income or foreign source dividends. Taxes on income, if any, are paid by each Subsidiary and are disclosed in its Consolidated Statements of Operations. Any dividends paid by a Subsidiary to its Fund are not subject to tax in Mauritius. Each Subsidiary is currently exempt from tax in Mauritius on any gains from the sale of securities.

The DTAA provides that capital gains will be taxable in India with respect to the sale of shares acquired on or after April 1, 2017. Capital gains arising from shares acquired before April 1, 2017, regardless of when they are sold, will continue to be exempt from taxation under the amended DTAA, assuming requirements for eligibility under the DTAA are satisfied. There can be no assurance, however, that the DTAA will remain in effect during the Subsidiary’s existence or that it will continue to enjoy its benefits on the shares acquired prior to April 1, 2017.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

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:

•

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

•

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

•

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

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

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the 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.


N O T E S T O C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S		23

Notes to Consolidated Financial Statements (unaudited) (continued)

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.	DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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

5.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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



Aggregate Average Daily Net Assets	Investment Advisory Fee

First $4 billion		0.6500	%
Over $4 billion, up to and including $6 billion		0.6175
Over $6 billion, up to and including $8 billion		0.5867
Over $8 billion		0.5573

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

Each Subsidiary has entered into a separate contract with BFA under which BFA provides investment advisory services to the Subsidiary but does not receive separate compensation from the Subsidiary for providing it with such services. Each Subsidiary has also entered into separate arrangements that provide for the provision of other services to the Subsidiary (including administrative, custody, transfer agency and other services), and BFA pays the costs and expenses related to the provision of those services.


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Notes to Consolidated Financial Statements (unaudited) (continued)

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

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

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

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

6.	PURCHASES AND SALES

For the six months ended February 28, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:



iShares ETF	Purchases		Sales

MSCI India	$	389,080,310	$	926,284,886
MSCI India Small-Cap		146,405,355		102,857,184

There were no in-kind transactions for the six months ended February 28, 2022.

7.	INCOME TAX INFORMATION

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

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 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’ consolidated financial statements.

As of August 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:



iShares ETF	Non-Expiring

MSCI India	$	655,989,828
MSCI India Small-Cap		62,205,401

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

As of February 28, 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)

MSCI India	$	3,502,127,841	$	2,547,912,380	$	(284,258,637	)	$	2,263,653,743
MSCI India Small-Cap		269,406,521		126,195,671		(33,306,647	)		92,889,024

8.	LINE OF CREDIT

The Funds, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 12, 2022. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the six months ended February 28, 2022, the Funds did not borrow under the Syndicated Credit Agreement.


N O T E S T O C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S		25

Notes to Consolidated Financial Statements (unaudited) (continued)

The Funds, along with certain other iShares funds (“Mauritius Participating Funds”), are parties to a $750,000,000 unsecured and uncommitted line of credit (“Uncommitted Liquidity Facility”) with State Street Bank and Trust Company, which may be used solely to facilitate trading associated with the closure of each Fund’s Mauritius subsidiary. The Uncommitted Liquidity Facility has interest at a rate equal to the higher of (a) the U.S. Federal Funds rate (not less than zero) plus 1.25% per annum or (b) the Overnight Bank Funding rate (not less than zero) plus 1.25% per annum on amounts borrowed. Each Mauritius Participating Fund will be removed from the Uncommitted Liquidity Facility once trading out of its holdings in the Mauritius subsidiary is complete. During the six months ended February 28, 2022, the Funds did not borrow under the Uncommitted Liquidity Facility.

9.	PRINCIPAL RISKS

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

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

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.

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

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

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that 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 Consolidated Statements of Assets and Liabilities, less any collateral held by the Funds.

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

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

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


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Notes to Consolidated Financial Statements (unaudited) (continued)

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

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

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

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

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

10.

CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:




	Six Months Ended 02/28/22						Year Ended 08/31/21


iShares ETF	Shares			Amount			Shares			Amount


MSCI India
Shares sold		2,900,000		$	130,200,916			44,850,000		$	1,805,890,047
Shares redeemed		(5,250,000	)		(240,201,896	)		(7,400,000	)		(307,587,733	)


Net increase (decrease)		(2,350,000	)	$	(110,000,980	)		37,450,000		$	1,498,302,314


MSCI India Small-Cap
Shares sold		1,100,000		$	67,571,866			1,000,000		$	49,353,215
Shares redeemed		(300,000	)		(15,878,781	)		(900,000	)		(44,342,623	)


Net increase		800,000		$	51,693,085			100,000		$	5,010,592

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

11.

SUBSEQUENT EVENTS

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


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

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares MSCI India ETF and iShares MSCI India Small-Cap ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 9, 2021 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2020 through September 30, 2021 (the “Program Reporting Period”).

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

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

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

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

Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

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

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.


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Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Section 19(a) Notices

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

February 28, 2022



	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date


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

MSCI India^(a)	$	0.062088	$	—	$	2.847406	$	2.909494		2	%		—	%		98	%		100	%
MSCI India Small-Cap^(a)		—		—		0.767952		0.767952		—			—			100			100

^(a)

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


S U P P L E M E N T A L I N F O R M A T I O N		29

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.


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

Glossary of Terms Used in this Report


Portfolio Abbreviations - Equity

NVS		Non-Voting Shares

REIT		Real Estate Investment Trust


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Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

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

iS-SAR-809-0222