
		JANUARY 31, 2022

2022 Semi-Annual Report

(Unaudited)

iShares Trust

iShares MSCI EAFE Growth ETF | EFG | Cboe BZX

iShares MSCI EAFE Value ETF | EFV | Cboe BZX

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of January 31, 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. Continued growth meant that the U.S. economy regained and then surpassed its pre-pandemic output. However, rapid changes in consumer spending led to supply constraints and elevated inflation.

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 slightly, while large-capitalization U.S. stocks posted a strong advance. International equities from developed markets also gained, 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 significantly 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 positive returns for high-yield corporate bonds, outpacing the modest 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 late in 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 tone 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.

In this environment, 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 January 31, 2022

	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	3.44%	23.29%

U.S. small cap equities (Russell 2000^® Index)	(8.41)	(1.21)

International equities (MSCI Europe, Australasia, Far East Index)	(3.43)	7.03

Emerging market equities (MSCI Emerging Markets Index)	(4.59)	(7.23)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.01	0.04

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(3.87)	(4.43)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(3.17)	(2.97)

Tax-exempt municipal bonds (S&P Municipal Bond Index)	(2.56)	(1.22)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(1.55)	2.05

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
Schedules of Investments		7
Financial Statements:
Statements of Assets and Liabilities		21
Statements of Operations		22
Statements of Changes in Net Assets		23
Financial Highlights		24
Notes to Financial Statements		26
Statement Regarding Liquidity Risk Management Program		34
Supplemental Information		35
General Information		36
Glossary of Terms Used in this Report		37


		3


Fund Summary as of January 31, 2022		iShares^® MSCI EAFE Growth ETF

Investment Objective

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

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(7.55	)%		1.92	%		10.35	%		8.12	%		1.92	%		63.66	%		118.35	%
Fund Market		(7.86	)		1.95			10.32			8.08			1.95			63.39			117.42
Index		(8.35	)		0.94			10.36			8.28			0.94			63.72			121.65

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 (08/01/21)		Ending Account Value (01/31/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (08/01/21)		Ending Account Value (01/31/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	924.50	$	1.70		$	1,000.00	$	1,023.40	$	1.79		0.35	%

^(a)

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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” on page 6 for more information.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Industrials	19.9	%
Consumer Discretionary	16.3
Health Care	16.2
Information Technology	15.9
Consumer Staples	12.9
Financials	8.4
Materials	5.1
Communication Services	3.4
Other (each representing less than 1%)	1.9

^(a)

Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
Japan	22.5	%
France	12.6
Switzerland	12.5
United Kingdom	11.2
Netherlands	8.4
Australia	6.5
Germany	6.0
Sweden	5.4
Denmark	4.4
Hong Kong	3.2


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 January 31, 2022		iShares^® MSCI EAFE Value ETF

Investment Objective

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

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		2.32	%		13.93	%		5.12	%		5.31	%		13.93	%		28.34	%		67.71	%
Fund Market		2.04			14.07			5.10			5.30			14.07			28.21			67.68
Index		1.48			12.93			5.05			5.38			12.93			27.93			68.95

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (08/01/21)		Ending Account Value (01/31/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (08/01/21)		Ending Account Value (01/31/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,023.20	$	1.73		$	1,000.00	$	1,023.50	$	1.73		0.34	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Financials	27.0	%
Industrials	11.4
Materials	10.2
Consumer Discretionary	9.2
Health Care	8.8
Consumer Staples	7.9
Energy	6.9
Utilities	5.9
Communication Services	5.8
Real Estate	4.8
Information Technology	2.1

^(a)

Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
Japan	22.5	%
United Kingdom	17.2
Germany	11.6
France	10.6
Australia	8.8
Switzerland	8.2
Spain	3.1
Italy	2.8
Hong Kong	2.7
Netherlands	2.4


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

About Fund Performance

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

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

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

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 (or from the commencement of operations if less than 6 months) 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

Schedule of Investments (unaudited)

January 31, 2022

iShares^® MSCI EAFE Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 6.5%
Ampol Ltd.		349,421	$	7,401,786
Aristocrat Leisure Ltd.		899,912		26,086,440
ASX Ltd.		198,066		11,747,001
BlueScope Steel Ltd.		377,390		4,946,392
Brambles Ltd.		2,148,589		14,760,907
Cochlear Ltd.		98,582		13,518,838
Coles Group Ltd.		1,292,206		14,845,767
Commonwealth Bank of Australia		927,719		61,869,335
Computershare Ltd.		529,400		7,338,331
Crown Resorts Ltd.^(a)		362,363		3,122,156
CSL Ltd.		713,591		132,187,441
Domino’s Pizza Enterprises Ltd.		88,891		6,556,887
Endeavour Group Ltd./Australia		1,964,843		8,776,194
Goodman Group		2,478,778		40,928,902
IDP Education Ltd.		312,751		6,537,235
James Hardie Industries PLC		664,615		22,367,768
Macquarie Group Ltd.		344,659		45,050,894
Medibank Pvt Ltd.		2,063,399		4,521,467
Newcrest Mining Ltd.		1,218,734		18,904,223
Northern Star Resources Ltd.		1,630,050		9,714,972
Orica Ltd.		604,462		5,988,731
Qantas Airways Ltd.^(a)		873,311		2,989,033
Ramsay Health Care Ltd.		96,000		4,283,137
REA Group Ltd.		78,776		8,160,936
Reece Ltd.		427,891		6,605,950
Santos Ltd.		4,811,261		24,507,272
SEEK Ltd.		503,377		10,431,583
Sonic Healthcare Ltd.		677,363		18,241,590
South32 Ltd.		4,521,279		12,439,379
Sydney Airport^(a)		1,288,509		7,919,330
Transurban Group		2,960,288		26,151,850
Treasury Wine Estates Ltd.		1,061,370		7,977,504
Washington H Soul Pattinson & Co. Ltd.		316,029		6,135,357
Wesfarmers Ltd.		1,691,692		63,121,277
Westpac Banking Corp.		3,561,904		51,373,091
WiseTech Global Ltd.		217,858		7,095,494
Woolworths Group Ltd.		1,889,929		46,103,802

				770,708,252

Austria — 0.2%
Erste Group Bank AG		335,016		15,658,842
Verbund AG		99,676		10,556,698
voestalpine AG		60,850		2,022,966

				28,238,506

Belgium — 0.3%
Elia Group SA/NV		45,758		6,174,800
Sofina SA		22,598		8,997,346
UCB SA		94,744		9,427,523
Umicore SA		288,364		10,916,207

				35,515,876

Denmark — 4.4%
Ambu A/S, Class B		244,882		5,188,795
AP Moller - Maersk A/S, Class A		4,678		15,672,488
AP Moller - Maersk A/S, Class B, NVS		3,039		10,916,523
Chr Hansen Holding A/S		102,791		8,243,368
Coloplast A/S, Class B		177,171		25,764,607
Demant A/S^(a)		158,384		7,007,436
DSV A/S		304,725		61,914,223
Genmab A/S^(a)		98,093		33,403,559


Security	Shares		Value

Denmark (continued)
GN Store Nord A/S		185,484	$	11,224,372
Novo Nordisk A/S, Class B		2,516,428		250,304,682
Novozymes A/S, Class B		306,340		21,029,449
Orsted A/S^(b)		99,229		10,572,353
Pandora A/S		149,069		16,209,723
Rockwool International A/S, Class B		12,739		4,879,165
Vestas Wind Systems A/S		1,508,308		40,815,406

				523,146,149

Finland — 0.8%
Elisa OYJ		74,498		4,376,147
Kesko OYJ, Class B		409,354		12,928,701
Kone OYJ, Class B		253,343		16,407,546
Neste OYJ		630,959		28,455,947
Nokia OYJ^(a)		2,828,459		16,867,865
Stora Enso OYJ, Class R		566,820		11,538,781
Wartsila OYJ Abp		354,609		4,378,147

				94,953,134

France — 12.6%
Accor SA^(a)		255,257		9,381,036
Aeroports de Paris^(a)(c)		44,525		6,042,078
Air Liquide SA		353,351		60,443,953
Airbus SE^(a)		883,809		112,856,417
BioMerieux		60,401		7,082,795
Bureau Veritas SA		437,738		12,524,707
Capgemini SE		239,167		53,768,655
Cie. de Saint-Gobain		491,153		33,235,079
Dassault Systemes SE		991,516		47,948,099
Edenred		374,120		16,069,334
Eiffage SA		62,460		6,562,871
EssilorLuxottica SA		214,025		40,490,410
Eurofins Scientific SE		199,387		20,019,024
Getlink SE		659,610		10,405,257
Hermes International		47,262		70,960,064
Kering SA		112,455		83,977,435
La Francaise des Jeux SAEM^(b)		140,456		5,815,386
Legrand SA		398,717		40,578,637
L’Oreal SA		375,011		160,184,683
LVMH Moet Hennessy Louis Vuitton SE		414,877		340,770,513
Orpea SA		75,860		3,330,573
Pernod Ricard SA		203,053		43,432,902
Remy Cointreau SA		33,657		7,018,605
Safran SA		509,906		61,733,920
Sartorius Stedim Biotech		41,258		18,092,091
Schneider Electric SE		807,779		136,833,976
Sodexo SA		132,658		12,337,677
Teleperformance		87,533		32,963,982
Ubisoft Entertainment SA^(a)		135,403		7,770,031
Vivendi SE		1,163,041		15,242,079
Wendel SE		39,264		4,264,712
Worldline SA/France^(a)(b)		355,427		17,227,611

				1,499,364,592

Germany — 5.7%
adidas AG		284,094		77,960,277
Bechtle AG		118,447		7,111,842
Beiersdorf AG		150,173		14,936,734
Carl Zeiss Meditec AG, Bearer		58,953		9,480,837
Delivery Hero SE^(a)(b)		241,806		18,664,995
Deutsche Boerse AG		283,821		50,449,862
Deutsche Lufthansa AG, Registered^(a)		435,607		3,387,200


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

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI EAFE Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Germany (continued)
Deutsche Telekom AG, Registered		1,742,286	$	32,892,574
E.ON SE		2,179,442		30,059,887
HelloFresh SE^(a)		247,515		16,479,725
Infineon Technologies AG		1,957,771		81,301,811
KION Group AG		107,273		9,917,740
Knorr-Bremse AG		108,191		10,969,446
LANXESS AG		124,545		7,582,947
Merck KGaA		192,690		42,256,584
MTU Aero Engines AG		79,588		16,935,464
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		135,734		42,971,335
Nemetschek SE		85,037		7,860,151
Puma SE		157,402		16,834,538
Rational AG		7,510		6,295,754
SAP SE		782,732		98,202,499
Scout24 SE^(b)		85,215		5,091,121
Siemens Healthineers AG^(b)		420,603		27,028,898
Symrise AG		192,100		22,955,830
Zalando SE^(a)(b)		331,971		26,347,841

				683,975,892

Hong Kong — 3.2%
AIA Group Ltd.		18,144,400		189,424,092
Budweiser Brewing Co. APAC Ltd.^(b)		2,801,200		7,399,466
Chow Tai Fook Jewellery Group Ltd.		3,342,600		5,872,860
ESR Cayman Ltd.^(a)(b)		3,151,400		10,685,449
Futu Holdings Ltd., ADR^(a)(c)		92,066		3,981,854
Galaxy Entertainment Group Ltd.^(a)		3,251,000		18,827,394
Hong Kong Exchanges & Clearing Ltd.		1,819,700		103,860,639
SITC International Holdings Co. Ltd.^(c)		866,000		3,300,827
Techtronic Industries Co. Ltd.		2,054,500		33,899,436

				377,252,017

Ireland — 0.6%
Flutter Entertainment PLC, Class DI^(a)		161,505		24,571,976
Kerry Group PLC, Class A		237,357		29,906,404
Kingspan Group PLC		229,678		22,108,124

				76,586,504

Israel — 0.7%
Check Point Software Technologies Ltd.^(a)		158,622		19,194,848
CyberArk Software Ltd.^(a)(c)		20,292		2,783,048
Elbit Systems Ltd.		39,757		6,622,836
Fiverr International Ltd.^(a)(c)		43,713		3,729,156
Inmode Ltd.^(a)(c)		74,238		3,580,499
Israel Discount Bank Ltd., Class A		1,129,147		7,571,886
Kornit Digital Ltd.^(a)(c)		69,300		7,280,658
Nice Ltd.^(a)		94,133		24,095,942
Wix.com Ltd.^(a)		40,886		5,371,194

				80,230,067

Italy — 1.3%
Amplifon SpA		184,034		7,822,565
Atlantia SpA^(a)		737,950		13,692,865
DiaSorin SpA		37,479		5,777,812
Ferrari NV		187,899		43,305,571
FinecoBank Banca Fineco SpA		860,164		14,461,305
Infrastrutture Wireless Italiane SpA^(b)		503,520		5,429,156
Moncler SpA		306,059		19,642,730
Nexi SpA^(a)(b)		701,638		10,263,182
Prysmian SpA		379,254		12,789,022
Recordati Industria Chimica e Farmaceutica SpA		156,714		8,779,196


Security	Shares		Value

Italy (continued)
UniCredit SpA		1,112,184	$	17,676,402

				159,639,806

Japan — 22.5%
Advantest Corp.		299,200		25,465,673
Aeon Co. Ltd.		980,100		22,333,683
Ajinomoto Co. Inc.		343,900		9,595,321
ANA Holdings Inc.^(a)		83,900		1,771,778
Asahi Intecc Co. Ltd.		323,000		5,510,697
Azbil Corp.		181,000		7,109,263
Bandai Namco Holdings Inc.		299,500		21,051,299
Benefit One Inc.		119,900		3,646,558
Capcom Co. Ltd.		255,200		6,160,717
Chugai Pharmaceutical Co. Ltd.		1,006,900		32,703,874
Cosmos Pharmaceutical Corp.		29,500		3,684,099
CyberAgent Inc.		593,300		6,918,001
Daifuku Co. Ltd.		151,800		10,538,678
Daiichi Sankyo Co. Ltd.		2,614,900		58,756,761
Daikin Industries Ltd.		373,500		78,414,101
Denso Corp.		646,500		48,250,675
Disco Corp.		43,200		11,877,999
Eisai Co. Ltd.		355,700		17,815,241
FANUC Corp.		285,900		56,536,244
Fast Retailing Co. Ltd.		87,000		51,196,435
FUJIFILM Holdings Corp.		189,000		12,669,803
Fujitsu Ltd.		293,300		38,773,767
GMO Payment Gateway Inc.		63,100		5,537,138
Hakuhodo DY Holdings Inc.		173,500		2,657,627
Hamamatsu Photonics KK		210,300		10,759,219
Hikari Tsushin Inc.		20,400		2,449,321
Hirose Electric Co. Ltd.		24,300		3,622,103
Hitachi Ltd.		508,000		26,403,810
Hitachi Metals Ltd.^(a)		209,500		3,777,847
Hoshizaki Corp.		41,100		3,037,060
Hoya Corp.		551,300		71,486,159
Hulic Co. Ltd.		198,100		1,914,766
Ibiden Co. Ltd.		158,300		8,845,862
Isuzu Motors Ltd.		437,100		5,354,475
Ito En Ltd.		78,900		4,249,876
ITOCHU Corp.		891,100		28,627,892
Itochu Techno-Solutions Corp.		143,400		3,911,969
Japan Airlines Co. Ltd.^(a)		77,500		1,466,887
Japan Exchange Group Inc.		794,100		16,335,307
JSR Corp.		303,600		10,063,790
Kakaku.com Inc.		199,600		4,134,027
Kansai Paint Co. Ltd.		260,400		5,405,329
Kao Corp.		462,900		23,131,832
Keio Corp.		77,111		3,468,499
Keisei Electric Railway Co. Ltd.		123,500		3,485,310
Keyence Corp.		290,148		148,823,410
Kikkoman Corp.		218,000		16,478,166
Kintetsu Group Holdings Co. Ltd.^(a)		164,000		4,765,106
Kobayashi Pharmaceutical Co. Ltd.		79,000		6,151,961
Kobe Bussan Co. Ltd.		199,900		6,222,767
Koei Tecmo Holdings Co. Ltd.		87,050		3,149,176
Koito Manufacturing Co. Ltd.		156,700		7,867,984
Komatsu Ltd.		1,306,600		32,833,472
Konami Holdings Corp.		136,800		7,374,861
Kose Corp.		32,400		2,962,317
Kubota Corp.		528,100		11,325,383
Kurita Water Industries Ltd.		144,700		5,884,009


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

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI EAFE Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Japan (continued)
Kyowa Kirin Co. Ltd.		404,800	$	10,089,553
Lasertec Corp.		112,400		25,215,519
Lawson Inc.		75,200		3,295,947
Lion Corp.		168,600		2,202,917
M3 Inc.		661,400		25,428,574
Makita Corp.		335,900		12,570,529
McDonald’s Holdings Co. Japan Ltd.		118,300		5,166,211
Mercari Inc.^(a)		150,900		5,698,852
MinebeaMitsumi Inc.		544,700		13,329,126
Misumi Group Inc.		425,400		13,800,774
Mitsubishi Chemical Holdings Corp.		671,800		5,269,722
Mitsui & Co. Ltd.		818,700		20,414,587
Miura Co. Ltd.		127,200		3,755,596
MonotaRO Co. Ltd.		365,500		6,005,455
Murata Manufacturing Co. Ltd.		861,200		64,747,831
NEC Corp.		384,200		14,988,906
Nexon Co. Ltd.		739,800		13,946,426
Nidec Corp.		667,800		59,186,977
Nihon M&A Center Holdings Inc.		454,000		7,147,417
Nintendo Co. Ltd.		166,900		81,787,907
Nippon Paint Holdings Co. Ltd.		1,237,500		9,896,801
Nippon Prologis REIT Inc.		1,084		3,382,337
Nippon Sanso Holdings Corp.		227,400		4,515,887
Nippon Shinyaku Co. Ltd.		74,500		4,870,125
Nissan Chemical Corp.		178,100		9,663,400
Nissin Foods Holdings Co. Ltd.		61,800		4,383,636
Nitori Holdings Co. Ltd.		119,700		17,148,531
Nomura Research Institute Ltd.		503,570		17,627,909
NTT Data Corp.		946,000		18,135,514
Obic Co. Ltd.		104,600		17,282,187
Odakyu Electric Railway Co. Ltd.		220,700		3,899,935
Olympus Corp.		1,653,800		37,007,162
Omron Corp.		278,200		20,339,056
Ono Pharmaceutical Co. Ltd.		546,400		13,251,130
Open House Group Co. Ltd.		122,900		6,362,925
Oracle Corp. Japan		56,200		4,203,228
Oriental Land Co. Ltd./Japan		298,500		51,963,884
Otsuka Corp.		168,800		6,849,360
Pan Pacific International Holdings Corp.		602,800		8,112,981
Persol Holdings Co. Ltd.		262,100		6,766,320
Pola Orbis Holdings Inc.		49,700		740,747
Rakuten Group Inc.^(a)		827,600		7,179,740
Recruit Holdings Co. Ltd.		2,027,200		100,201,612
Renesas Electronics Corp.^(a)		1,884,200		21,624,606
Ricoh Co. Ltd.		653,200		5,515,890
Rinnai Corp.		35,200		3,143,536
Rohm Co. Ltd.		83,600		7,042,222
SCSK Corp.		232,500		3,934,237
Secom Co. Ltd.		204,600		14,406,713
SG Holdings Co. Ltd.		471,800		10,015,497
Sharp Corp./Japan		322,700		3,587,169
Shimadzu Corp.		355,100		12,812,622
Shimano Inc.		110,500		24,778,752
Shin-Etsu Chemical Co. Ltd.		530,900		88,824,499
Shionogi & Co. Ltd.		139,000		7,921,979
Shiseido Co. Ltd.		597,000		30,115,060
SMC Corp.		85,300		47,577,055
Sohgo Security Services Co. Ltd.		105,800		3,837,106
Sony Group Corp.		1,884,500		210,816,122
Square Enix Holdings Co. Ltd.		125,600		6,159,163


Security	Shares		Value

Japan (continued)
SUMCO Corp.		495,900	$	9,142,453
Suzuki Motor Corp.		276,200		11,758,971
Sysmex Corp.		251,200		23,911,949
TDK Corp.		582,900		21,051,363
Terumo Corp.		968,300		35,346,658
TIS Inc.		334,100		8,787,051
Tobu Railway Co. Ltd.		278,800		6,530,388
Toho Co. Ltd./Tokyo		109,100		4,226,280
Tokio Marine Holdings Inc.		468,100		27,933,237
Tokyo Electron Ltd.		223,300		109,223,392
Tokyu Corp.		370,400		4,921,813
TOTO Ltd.		134,700		5,797,549
Toyo Suisan Kaisha Ltd.		64,200		2,630,452
Trend Micro Inc/Japan^(a)		100,000		5,305,259
Tsuruha Holdings Inc.		57,100		4,599,082
Unicharm Corp.		605,000		23,379,318
Welcia Holdings Co. Ltd.		140,300		3,789,198
Yakult Honsha Co. Ltd.		192,300		9,749,892
Yamaha Corp.		201,000		9,156,585
Yamaha Motor Co. Ltd.		223,200		5,315,175
Yamato Holdings Co. Ltd.		426,200		9,075,603
Yaskawa Electric Corp.		359,800		15,064,956
Yokogawa Electric Corp.		171,600		2,811,750
Z Holdings Corp.		2,008,600		10,201,008
ZOZO Inc.		183,400		4,887,135

				2,679,287,362

Netherlands — 8.4%
Adyen NV^(a)(b)		29,568		60,167,847
Akzo Nobel NV		279,156		28,894,782
Argenx SE^(a)		24,039		6,432,640
ASM International NV		69,844		23,997,027
ASML Holding NV		617,705		418,368,184
CNH Industrial NV		1,525,984		23,259,189
Davide Campari-Milano NV		779,446		9,786,177
Euronext NV^(b)		127,698		12,311,657
EXOR NV		161,504		13,542,260
Heineken Holding NV		171,683		15,051,788
Heineken NV		386,325		41,432,058
IMCD NV		84,948		14,612,743
InPost SA^(a)		291,953		2,370,152
JDE Peet’s NV		150,494		4,506,411
Just Eat Takeaway.com NV^(a)(b)		92,814		4,583,234
Koninklijke DSM NV		260,711		48,872,990
Koninklijke Philips NV		684,038		22,753,351
Prosus NV		1,398,946		116,386,517
QIAGEN NV^(a)		340,524		16,832,865
STMicroelectronics NV		1,018,333		47,882,761
Universal Music Group NV		1,083,139		26,741,760
Wolters Kluwer NV		398,826		40,591,945

				999,378,338

New Zealand — 0.3%
Auckland International Airport Ltd.^(a)		1,219,469		5,788,691
Fisher & Paykel Healthcare Corp. Ltd.		864,290		15,901,662
Meridian Energy Ltd.		671,876		1,936,727
Xero Ltd.^(a)		199,278		16,142,604

				39,769,684

Norway — 0.3%
Adevinta ASA^(a)		400,448		4,201,239
Aker BP ASA		188,889		6,544,855


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

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI EAFE Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Norway (continued)
Mowi ASA		687,712	$	16,879,140
Schibsted ASA, Class A		108,720		3,220,786
Schibsted ASA, Class B		141,830		3,699,636

				34,545,656

Portugal — 0.1%
Jeronimo Martins SGPS SA		422,269		10,147,566


Singapore — 1.1%
DBS Group Holdings Ltd.		1,357,900		35,667,780
Genting Singapore Ltd.		8,933,000		4,881,368
Oversea-Chinese Banking Corp. Ltd.		1,777,200		16,542,644
Sea Ltd., ADR^(a)		206,491		31,037,662
Singapore Airlines Ltd.^(a)(c)		1,304,900		4,867,414
Singapore Exchange Ltd.		1,088,100		7,531,577
Singapore Technologies Engineering Ltd.		2,301,400		6,396,643
Singapore Telecommunications Ltd.		12,380,200		22,448,085
Venture Corp. Ltd.		413,600		5,418,878

				134,792,051

Spain — 1.5%
Aena SME SA^(a)(b)		112,449		18,169,802
Amadeus IT Group SA^(a)		672,092		46,213,182
Cellnex Telecom SA^(b)		760,954		34,505,906
EDP Renovaveis SA		274,576		5,771,988
Ferrovial SA		720,351		20,017,515
Industria de Diseno Textil SA		1,629,349		49,417,171
Siemens Gamesa Renewable Energy SA^(a)		349,349		7,559,167

				181,654,731

Sweden — 5.4%
Alfa Laval AB		468,991		15,843,080
Assa Abloy AB, Class B		1,494,202		40,914,373
Atlas Copco AB, Class A		1,006,687		59,581,814
Atlas Copco AB, Class B		584,959		29,916,428
Embracer Group AB^(a)(c)		833,728		8,365,067
Epiroc AB, Class A		982,675		20,969,426
Epiroc AB, Class B		579,968		10,496,752
EQT AB		441,658		17,307,048
Evolution AB^(b)		257,012		31,976,693
Fastighets AB Balder, Class B^(a)		102,436		6,786,266
Getinge AB, Class B		342,856		13,404,152
H & M Hennes & Mauritz AB, Class B		1,089,074		21,684,384
Hexagon AB, Class B		2,942,415		39,687,495
Investment AB Latour, Class B		217,691		6,773,230
Investor AB		747,511		17,005,335
Investor AB, Class B		2,722,023		59,100,362
Kinnevik AB, Class B^(a)		362,905		10,846,727
L E Lundbergforetagen AB, Class B		38,790		1,982,035
Lifco AB, Class B		349,282		8,187,255
Lundin Energy AB		294,926		11,994,015
Nibe Industrier AB, Class B		2,130,066		20,245,334
Sagax AB, Class B		241,303		7,043,678
Sandvik AB		1,686,662		44,417,433
Sinch AB^(a)(b)(c)		778,251		8,001,143
Swedish Match AB		2,368,736		18,327,578
Telefonaktiebolaget LM Ericsson, Class B		4,360,911		54,450,742
Volvo AB, Class A		300,215		6,867,105
Volvo AB, Class B		2,131,802		48,107,136

				640,282,086

Switzerland — 12.5%
Alcon Inc.		745,455		57,481,000


Security	Shares		Value

Switzerland (continued)
Bachem Holding AG, Class B, Registered		9,300	$	5,547,555
Barry Callebaut AG, Registered		5,349		12,279,313
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		1,031		11,965,119
Chocoladefabriken Lindt & Spruengli AG, Registered		156		17,962,769
Cie. Financiere Richemont SA, Class A, Registered		778,900		113,200,495
Clariant AG, Registered		161,831		3,430,021
EMS-Chemie Holding AG, Registered		6,739		6,816,373
Geberit AG, Registered		53,474		36,331,845
Givaudan SA, Registered		13,779		57,085,357
Kuehne + Nagel International AG, Registered		81,138		22,912,312
Logitech International SA, Registered		258,347		21,708,775
Lonza Group AG, Registered		111,636		76,966,533
Nestle SA, Registered		2,734,403		353,116,115
Partners Group Holding AG		34,316		47,843,286
Roche Holding AG, Bearer		47,712		19,647,626
Roche Holding AG, NVS		1,049,936		406,324,340
Schindler Holding AG, Participation Certificates, NVS		60,697		15,233,972
Schindler Holding AG, Registered		29,812		7,479,020
SGS SA, Registered		5,811		16,570,484
Siemens Energy AG^(a)		294,485		6,623,808
Sika AG, Registered		212,555		74,367,485
Sonova Holding AG, Registered		81,743		29,120,124
Straumann Holding AG, Registered		15,462		25,621,825
Temenos AG, Registered		100,706		12,071,102
VAT Group AG^(b)		40,273		16,423,625
Vifor Pharma AG		72,732		12,884,257

				1,487,014,536

United Kingdom — 11.2%
Ashtead Group PLC		667,399		47,737,702
Associated British Foods PLC		534,091		14,097,814
AstraZeneca PLC		1,504,859		175,057,140
Auto Trader Group PLC^(b)		1,437,365		13,024,878
AVEVA Group PLC		176,221		6,992,769
Barclays PLC		8,841,784		23,720,893
Bunzl PLC		176,986		6,629,359
Burberry Group PLC		603,035		15,298,358
Coca-Cola Europacific Partners PLC		305,839		17,478,699
Compass Group PLC		2,661,457		60,488,595
Croda International PLC		208,427		22,509,689
Diageo PLC		3,488,373		176,028,035
Entain PLC^(a)		873,630		18,913,519
Experian PLC		1,375,683		57,459,368
Ferguson PLC		331,640		52,163,793
Halma PLC		566,759		19,209,541
Hikma Pharmaceuticals PLC		252,944		7,105,992
Informa PLC^(a)		2,253,451		17,045,933
InterContinental Hotels Group PLC^(a)		273,175		18,049,596
Intertek Group PLC		240,676		17,465,965
JD Sports Fashion PLC		3,854,450		9,883,452
London Stock Exchange Group PLC		500,272		48,983,339
Melrose Industries PLC		6,555,102		13,352,845
Next PLC		198,407		20,214,831
NMC Health PLC^(a)(d)		50,450		1
Ocado Group PLC^(a)		356,097		7,255,681
Reckitt Benckiser Group PLC		692,554		56,112,182
RELX PLC		2,899,118		89,177,985
Rentokil Initial PLC		2,774,878		19,431,733
Rolls-Royce Holdings PLC^(a)		12,485,361		19,570,558
Sage Group PLC (The)		789,847		7,718,365


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

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI EAFE Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United Kingdom (continued)
Segro PLC		899,702	$	15,861,522
Spirax-Sarco Engineering PLC		110,113		19,848,496
Standard Chartered PLC		1,381,046		10,057,811
Unilever PLC		3,878,639		198,903,775
Whitbread PLC^(a)		151,412		6,230,235

				1,329,080,449


Total Common Stocks — 99.6% (Cost: $10,120,843,769)				11,865,563,254


Preferred Stocks

Germany — 0.2%
Fuchs Petrolub SE, Preference Shares, NVS^(c)		66,002		2,852,287
Sartorius AG, Preference Shares, NVS		39,130		21,125,402

				23,977,689


Total Preferred Stocks — 0.2% (Cost: $15,012,134)				23,977,689


Short-Term Investments

Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%^(e)(f)(g)		33,795,354		33,805,493


Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(e)(f)		3,950,000	$	3,950,000

				37,755,493


Total Short-Term Investments — 0.3% (Cost: $37,751,507)				37,755,493

Total Investments in Securities — 100.1% (Cost: $10,173,607,410)				11,927,296,436

Other Assets, Less Liabilities — (0.1)%				(9,407,600	)


Net Assets — 100.0%			$	11,917,888,836

^(a)	Non-income producing security.

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

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

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

^(e)	Affiliate of the Fund.

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

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

Affiliates

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


Affiliated Issuer	Value at 07/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 01/31/22		Shares Held at 01/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	9,848,791	$	23,963,982	^(a)	$	—	$	(5,550	)	$	(1,730	)	$	33,805,493		33,795,354	$	97,850	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		3,140,000		810,000	^(a)		—		—			—			3,950,000		3,950,000		105			—

								$	(5,550	)	$	(1,730	)	$	37,755,493			$	97,955		$	—

^(a)

Represents net amount purchased (sold).

^(b)

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
TOPIX Index		54		03/10/22	$	8,999	$	(368,334	)
Euro STOXX 50 Index		265		03/18/22		12,455		(178,421	)


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

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI EAFE Growth ETF

Futures Contracts (continued)


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
FTSE 100 Index		34		03/18/22	$	3,408	$	80,652

							$	(466,103	)

Derivative Financial Instruments Categorized by Risk Exposure

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


	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	80,652


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	546,755

^(a)

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

For the period ended January 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	1,834,347


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(208,325	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	40,095,358

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

Fair Value Hierarchy as of Period End

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


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

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI EAFE Growth 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	$	116,100,023	$	11,749,463,230		$	1	$	11,865,563,254
Preferred Stocks		—		23,977,689			—		23,977,689
Money Market Funds		37,755,493		—			—		37,755,493

	$	153,855,516	$	11,773,440,919		$	1	$	11,927,296,436

Derivative financial instruments^(a)
Assets
Futures Contracts	$	—	$	80,652		$	—	$	80,652
Liabilities
Futures Contracts		—		(546,755	)		—		(546,755	)

	$	—	$	(466,103	)	$	—	$	(466,103	)

^(a)

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

See notes to financial statements.


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

Schedule of Investments (unaudited)

January 31, 2022

iShares^® MSCI EAFE Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 8.8%
APA Group		2,278,454	$	15,452,124
ASX Ltd.		128,469		7,619,306
Aurizon Holdings Ltd.		3,490,847		8,733,593
AusNet Services Ltd.		3,691,513		6,792,748
Australia & New Zealand Banking Group Ltd.		5,393,030		101,921,989
BHP Group Ltd.^(a)		5,590,765		179,298,925
BHP Group Ltd.		4,002,224		126,329,362
BlueScope Steel Ltd.		476,809		6,249,461
Coles Group Ltd.		885,344		10,171,451
Commonwealth Bank of Australia		2,185,275		145,735,412
Computershare Ltd.		365,448		5,065,694
Crown Resorts Ltd.^(b)		239,110		2,060,196
Dexus		2,038,675		14,841,374
Evolution Mining Ltd.		3,475,150		8,731,075
Fortescue Metals Group Ltd.		3,208,404		45,052,736
Glencore PLC		18,922,307		98,577,903
GPT Group (The)		3,630,977		12,866,927
Insurance Australia Group Ltd.		4,707,440		14,199,399
Lendlease Corp. Ltd.		1,305,726		9,240,026
Macquarie Group Ltd.		232,367		30,373,038
Magellan Financial Group Ltd.		265,050		3,526,733
Medibank Pvt Ltd.		2,600,816		5,699,093
Mirvac Group		7,473,097		13,848,875
National Australia Bank Ltd.		6,238,209		120,369,011
Origin Energy Ltd.		3,378,948		13,520,859
Qantas Airways Ltd.^(b)		889,424		3,044,182
QBE Insurance Group Ltd.		2,795,454		22,194,896
Ramsay Health Care Ltd.		225,647		10,067,469
Rio Tinto Ltd.		703,279		55,914,667
Rio Tinto PLC		2,128,160		150,004,031
Scentre Group		9,836,209		20,421,404
South32 Ltd.		3,101,713		8,533,732
Stockland		4,525,183		13,043,512
Suncorp Group Ltd.		2,444,915		19,202,101
Sydney Airport^(b)		889,290		5,465,682
Tabcorp Holdings Ltd.		4,212,333		14,800,372
Telstra Corp. Ltd.		7,888,358		21,929,005
Transurban Group		2,033,790		17,966,959
Vicinity Centres		7,338,493		8,507,576
Westpac Banking Corp.		2,432,836		35,088,623
Woodside Petroleum Ltd.		1,825,776		32,624,799

				1,445,086,320

Austria — 0.2%
Erste Group Bank AG		228,225		10,667,369
OMV AG		279,114		17,082,998
Raiffeisen Bank International AG		280,746		7,890,996
voestalpine AG		144,942		4,818,616

				40,459,979

Belgium — 1.3%
Ageas SA/NV		327,983		15,787,314
Anheuser-Busch InBev SA/NV		1,443,470		90,997,935
Etablissements Franz Colruyt NV		103,412		4,200,564
Groupe Bruxelles Lambert SA		214,033		22,966,360
KBC Group NV		473,674		41,195,118
Proximus SADP		288,667		5,894,747
Solvay SA		140,512		16,930,176
UCB SA		121,283		12,068,292

				210,040,506


Security	Shares		Value

Denmark — 0.8%
AP Moller - Maersk A/S, Class B, NVS		7,132	$	25,619,165
Carlsberg A/S, Class B		190,255		30,808,107
Chr Hansen Holding A/S		70,933		5,688,502
Danske Bank A/S		1,307,171		25,373,802
Orsted A/S^(c)		233,954		24,926,628
Tryg A/S		686,850		16,275,466

				128,691,670

Finland — 1.6%
Elisa OYJ		175,290		10,296,852
Fortum OYJ		845,502		23,014,337
Kone OYJ, Class B		322,052		20,857,426
Nokia OYJ^(b)		6,641,350		39,606,513
Nordea Bank Abp		6,137,947		72,904,582
Orion OYJ, Class B		203,900		8,291,127
Sampo OYJ, Class A		944,896		46,897,853
Stora Enso OYJ, Class R		390,966		7,958,913
UPM-Kymmene OYJ		1,011,426		36,862,928
Wartsila OYJ Abp		454,602		5,612,701

				272,303,232

France — 10.6%
Air Liquide SA		448,728		76,759,070
Alstom SA		601,267		19,492,910
Amundi SA^(c)		116,889		9,086,520
ArcelorMittal SA		1,272,008		37,783,761
Arkema SA		117,132		17,320,086
AXA SA		3,667,968		116,168,197
BNP Paribas SA		2,130,776		152,114,785
Bollore SA		1,697,213		9,148,327
Bouygues SA		433,619		15,292,466
Carrefour SA		1,194,813		22,739,192
Cie. de Saint-Gobain		335,530		22,704,465
Cie. Generale des Etablissements Michelin SCA		320,997		53,710,440
CNP Assurances		325,270		8,006,575
Covivio		98,534		8,228,385
Credit Agricole SA		2,343,462		35,256,085
Danone SA		1,237,551		77,162,624
Dassault Aviation SA		48,111		5,717,628
Eiffage SA		78,914		8,291,745
Electricite de France SA		907,657		8,730,033
Engie SA		3,460,586		53,230,050
EssilorLuxottica SA		272,003		51,459,002
Eurazeo SE		76,073		6,044,634
Faurecia SE		222,445		9,860,555
Gecina SA		87,041		11,810,787
Ipsen SA		71,425		6,949,707
Klepierre SA		385,286		10,247,934
Orange SA		3,780,012		44,405,513
Pernod Ricard SA		138,936		29,718,318
Publicis Groupe SA		432,013		29,273,578
Renault SA^(b)		364,502		14,486,189
Sanofi		2,154,762		225,306,245
SEB SA		53,106		8,059,897
Societe Generale SA		1,535,906		57,013,340
Thales SA		203,485		18,770,968
TotalEnergies SE		4,753,405		270,313,886
Unibail-Rodamco-Westfield^(b)		238,038		18,137,832
Valeo		435,466		12,188,085
Veolia Environnement SA		1,241,898		44,863,283


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

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI EAFE Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

France (continued)
Vinci SA		1,019,331	$	111,725,335

				1,737,578,432

Germany — 10.7%
Allianz SE, Registered		781,280		200,595,607
Aroundtown SA		1,894,105		11,699,003
BASF SE		1,739,897		133,256,776
Bayer AG, Registered		1,861,091		113,068,453
Bayerische Motoren Werke AG		627,412		66,407,106
Brenntag SE		292,726		25,079,668
Commerzbank AG^(b)		1,899,626		16,403,845
Continental AG^(b)		208,521		20,216,134
Covestro AG^(c)		366,104		21,963,670
Daimler AG, Registered		1,620,890		129,336,854
Daimler Truck Holding AG^(b)		779,954		27,496,398
Deutsche Bank AG, Registered^(b)		3,915,582		54,518,693
Deutsche Lufthansa AG, Registered^(b)		567,507		4,412,830
Deutsche Post AG, Registered		1,878,493		113,048,811
Deutsche Telekom AG, Registered		4,104,321		77,485,374
E.ON SE		1,497,080		20,648,430
Evonik Industries AG		397,514		12,968,371
Fresenius Medical Care AG & Co. KGaA		388,597		26,422,021
Fresenius SE & Co. KGaA		793,590		32,759,676
GEA Group AG		290,793		13,738,555
Hannover Rueck SE		114,280		23,055,091
HeidelbergCement AG		283,605		19,735,664
Henkel AG & Co. KGaA		196,967		15,562,554
LEG Immobilien SE		138,812		18,414,621
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		92,904		29,412,004
RWE AG		1,217,064		51,338,516
SAP SE		989,060		124,088,658
Scout24 SE^(c)		58,893		3,518,529
Siemens AG, Registered		1,449,658		230,163,799
Telefonica Deutschland Holding AG		1,975,867		5,672,261
Uniper SE		175,655		7,948,352
United Internet AG, Registered^(d)		183,482		7,195,547
Volkswagen AG		61,503		17,809,920
Vonovia SE		1,397,674		79,605,610

				1,755,047,401

Hong Kong — 2.7%
BOC Hong Kong Holdings Ltd.		7,019,000		27,102,727
CK Asset Holdings Ltd.		3,786,500		25,276,428
CK Hutchison Holdings Ltd.		5,102,000		36,261,569
CK Infrastructure Holdings Ltd.		1,266,500		7,804,639
CLP Holdings Ltd.		3,125,500		31,278,451
Hang Lung Properties Ltd.		3,843,088		8,211,547
Hang Seng Bank Ltd.		1,448,200		28,671,180
Henderson Land Development Co. Ltd.		2,733,794		11,955,411
HK Electric Investments & HK Electric Investments Ltd., Class SS		5,290,000		5,264,863
HKT Trust & HKT Ltd., Class SS		7,176,000		9,792,334
Hong Kong & China Gas Co. Ltd.		21,292,650		32,817,473
Hongkong Land Holdings Ltd.		2,211,900		11,979,458
Jardine Matheson Holdings Ltd.		409,600		24,192,182
Link REIT		3,965,900		34,049,268
Melco Resorts & Entertainment Ltd., ADR^(b)		409,632		4,325,714
MTR Corp. Ltd.		2,945,000		15,940,771
New World Development Co. Ltd.		2,905,250		11,860,129
Power Assets Holdings Ltd.		2,683,500		16,489,054


Security	Shares		Value

Hong Kong (continued)
Sands China Ltd.^(b)		4,593,200	$	12,807,917
Sino Land Co. Ltd.		6,310,000		8,175,828
SITC International Holdings Co. Ltd.		1,667,000		6,353,901
Sun Hung Kai Properties Ltd.		2,466,500		30,092,549
Swire Pacific Ltd., Class A		936,000		5,670,361
Swire Properties Ltd.		2,215,000		5,904,574
WH Group Ltd.^(c)		15,859,000		10,609,825
Wharf Real Estate Investment Co. Ltd.		3,165,419		15,054,834
Xinyi Glass Holdings Ltd.		3,431,000		9,095,459

				447,038,446

Ireland — 0.7%
CRH PLC		1,475,761		74,069,015
Flutter Entertainment PLC, Class DI^(b)		112,545		17,123,018
Smurfit Kappa Group PLC		466,291		24,576,159

				115,768,192

Israel — 0.7%
Azrieli Group Ltd.		80,486		7,277,160
Bank Hapoalim BM		2,047,666		21,250,137
Bank Leumi Le-Israel BM		2,617,942		28,077,406
CyberArk Software Ltd.^(a)(b)		49,011		6,721,859
ICL Group Ltd.		1,338,815		12,107,596
Isracard Ltd.		1		3
Israel Discount Bank Ltd., Class A		773,273		5,185,449
Mizrahi Tefahot Bank Ltd.		266,490		10,301,825
Teva Pharmaceutical Industries Ltd., ADR^(b)		2,126,784		17,928,789
Wix.com Ltd.^(b)		53,133		6,980,082

				115,830,306

Italy — 2.8%
Assicurazioni Generali SpA		2,096,913		44,129,001
Enel SpA		15,413,383		118,630,607
Eni SpA		4,781,438		71,822,891
Intesa Sanpaolo SpA		31,288,306		92,983,792
Mediobanca Banca di Credito Finanziario SpA		1,177,746		13,492,981
Poste Italiane SpA^(c)		990,456		13,294,495
Snam SpA		3,885,610		21,773,712
Telecom Italia SpA		18,894,644		8,904,660
Tenaris SA		906,260		11,062,636
Terna - Rete Elettrica Nazionale		2,712,248		21,311,249
UniCredit SpA		2,624,886		41,718,402

				459,124,426

Japan — 22.4%
AGC Inc.		369,900		16,976,703
Aisin Corp.		277,200		10,065,955
Ajinomoto Co. Inc.		443,900		12,385,470
ANA Holdings Inc.^(b)		197,400		4,168,642
Asahi Group Holdings Ltd.		865,100		35,313,990
Asahi Kasei Corp.		2,379,600		23,505,501
Astellas Pharma Inc.		3,526,500		56,919,697
Bridgestone Corp.		1,083,400		47,443,409
Brother Industries Ltd.		448,400		8,257,762
Canon Inc.		1,896,100		44,844,143
Central Japan Railway Co.		271,500		35,623,679
Chiba Bank Ltd. (The)		1,009,800		6,528,023
Chubu Electric Power Co. Inc.		1,237,400		12,393,675
Concordia Financial Group Ltd.		2,069,600		8,504,718
Dai Nippon Printing Co. Ltd.		419,600		10,072,550
Dai-ichi Life Holdings Inc.		1,904,800		42,876,003
Daito Trust Construction Co. Ltd.		125,800		14,425,052
Daiwa House Industry Co. Ltd.		1,071,100		31,258,086


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

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI EAFE Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Japan (continued)
Daiwa House REIT Investment Corp.		4,151	$	12,365,689
Daiwa Securities Group Inc.		2,761,100		16,637,552
Dentsu Group Inc.		412,200		14,275,216
East Japan Railway Co.		572,100		32,668,559
ENEOS Holdings Inc.		5,822,050		23,187,041
Fuji Electric Co. Ltd.		240,400		12,848,481
FUJIFILM Holdings Corp.		445,300		29,851,128
GLP J-REIT		8,077		13,000,836
Hakuhodo DY Holdings Inc.		222,300		3,405,132
Hankyu Hanshin Holdings Inc.		431,900		12,577,550
Hikari Tsushin Inc.		13,300		1,596,861
Hino Motors Ltd.		548,900		4,771,263
Hirose Electric Co. Ltd.		29,190		4,350,995
Hitachi Construction Machinery Co. Ltd.		204,600		5,202,426
Hitachi Ltd.		1,192,800		61,996,977
Hitachi Metals Ltd.^(b)		144,700		2,609,329
Honda Motor Co. Ltd.		3,090,800		91,032,626
Hoshizaki Corp.		53,600		3,960,740
Hulic Co. Ltd.		466,900		4,512,895
Idemitsu Kosan Co. Ltd.		395,183		10,125,236
Iida Group Holdings Co. Ltd.		276,100		5,744,155
Inpex Corp.		1,941,900		19,631,622
Isuzu Motors Ltd.		552,000		6,762,000
ITOCHU Corp.		1,125,600		36,161,547
Japan Airlines Co. Ltd.^(b)		176,800		3,346,396
Japan Metropolitan Fund Invest		13,287		11,197,122
Japan Post Bank Co. Ltd.		768,800		7,563,267
Japan Post Holdings Co. Ltd.		4,643,000		39,630,465
Japan Post Insurance Co. Ltd.		377,800		6,624,218
Japan Real Estate Investment Corp.		2,363		12,994,008
Japan Tobacco Inc.		2,275,200		45,424,087
JFE Holdings Inc.		932,500		11,979,683
Kajima Corp.		852,600		10,297,364
Kansai Electric Power Co. Inc. (The)		1,354,300		12,783,406
Kao Corp.		317,100		15,845,980
KDDI Corp.		3,055,600		97,622,459
Keio Corp.		97,600		4,390,107
Keisei Electric Railway Co. Ltd.		87,000		2,455,238
Kintetsu Group Holdings Co. Ltd.^(b)		111,900		3,251,313
Kirin Holdings Co. Ltd.		1,560,200		25,007,111
Kose Corp.		21,200		1,938,306
Kubota Corp.		1,265,600		27,141,458
Kyocera Corp.		609,600		37,594,824
Lion Corp.		216,300		2,826,162
Lixil Corp.		503,300		11,520,609
Marubeni Corp.		2,967,500		30,535,392
Mazda Motor Corp.^(b)		1,080,800		8,326,214
Medipal Holdings Corp.		349,800		6,294,668
MEIJI Holdings Co. Ltd.		231,800		14,460,053
Mitsubishi Chemical Holdings Corp.		1,581,500		12,405,576
Mitsubishi Corp.		2,393,400		81,261,722
Mitsubishi Electric Corp.		3,460,200		43,333,463
Mitsubishi Estate Co. Ltd.		2,240,400		32,267,188
Mitsubishi Gas Chemical Co. Inc.		300,300		5,752,340
Mitsubishi HC Capital Inc.		1,258,300		6,498,719
Mitsubishi Heavy Industries Ltd.		608,700		16,531,921
Mitsubishi UFJ Financial Group Inc.		23,168,900		140,433,183
Mitsui & Co. Ltd.		1,921,000		47,900,845
Mitsui Chemicals Inc.		347,500		9,293,759
Mitsui Fudosan Co. Ltd.		1,738,700		37,273,090


Security	Shares		Value

Japan (continued)
Mizuho Financial Group Inc.		4,573,220	$	61,948,841
MS&AD Insurance Group Holdings Inc.		845,108		28,986,798
NGK Insulators Ltd.		487,600		8,239,332
Nippon Building Fund Inc.		2,835		16,417,877
Nippon Express Holdings Co., NVS		145,500		8,622,874
Nippon Prologis REIT Inc.		2,533		7,903,560
Nippon Steel Corp.		1,619,400		26,468,374
Nippon Telegraph & Telephone Corp.		2,436,500		69,727,107
Nippon Yusen KK		306,700		24,043,230
Nissan Motor Co. Ltd.^(b)		4,403,700		23,306,967
Nisshin Seifun Group Inc.		375,930		5,278,877
Nissin Foods Holdings Co. Ltd.		44,500		3,156,502
Nitto Denko Corp.		268,100		20,874,164
Nomura Holdings Inc.		5,827,700		25,744,132
Nomura Real Estate Holdings Inc.		225,400		5,278,154
Nomura Real Estate Master Fund Inc.		8,050		11,168,833
Obayashi Corp.		1,233,800		9,996,428
Odakyu Electric Railway Co. Ltd.		275,300		4,864,759
Oji Holdings Corp.		1,542,300		8,209,780
ORIX Corp.		2,314,000		47,731,161
Orix JREIT Inc.		4,998		7,172,403
Osaka Gas Co. Ltd.		718,900		12,225,890
Otsuka Holdings Co. Ltd.		738,700		25,202,456
Panasonic Corp.		4,186,100		46,086,891
Pola Orbis Holdings Inc.		108,800		1,621,595
Rakuten Group Inc.^(b)		578,800		5,021,307
Resona Holdings Inc.		3,911,600		16,809,852
Ricoh Co. Ltd.		451,800		3,815,186
Rinnai Corp.		22,900		2,045,084
Rohm Co. Ltd.		58,800		4,953,142
Ryohin Keikaku Co. Ltd.		478,300		6,868,086
Santen Pharmaceutical Co. Ltd.		684,400		7,770,795
SBI Holdings Inc.		464,300		11,976,991
Secom Co. Ltd.		140,200		9,872,049
Seiko Epson Corp.		531,400		8,277,352
Sekisui Chemical Co. Ltd.		714,800		12,497,554
Sekisui House Ltd.		1,168,800		23,680,076
Seven & i Holdings Co. Ltd.		1,428,100		72,631,216
Shimizu Corp.		1,052,800		7,009,993
Shionogi & Co. Ltd.		325,800		18,568,208
Shizuoka Bank Ltd. (The)		851,100		6,687,492
Softbank Corp.		5,446,500		68,276,570
SoftBank Group Corp.		2,287,100		101,317,476
Sompo Holdings Inc.		603,000		28,216,444
Stanley Electric Co. Ltd.		245,100		5,729,054
Subaru Corp.		1,173,000		21,350,179
Sumitomo Chemical Co. Ltd.		2,828,900		14,266,284
Sumitomo Corp.		2,134,700		32,992,657
Sumitomo Dainippon Pharma Co. Ltd.		338,200		3,681,048
Sumitomo Electric Industries Ltd.		1,437,100		19,053,780
Sumitomo Metal Mining Co. Ltd.		468,800		21,653,730
Sumitomo Mitsui Financial Group Inc.		2,474,400		89,130,244
Sumitomo Mitsui Trust Holdings Inc.		639,805		22,125,217
Sumitomo Realty & Development Co. Ltd.		585,000		18,100,004
Suntory Beverage & Food Ltd.		262,300		10,071,977
Suzuki Motor Corp.		350,200		14,909,456
T&D Holdings Inc.		1,020,200		15,076,824
Taisei Corp.		363,400		11,912,634
Taisho Pharmaceutical Holdings Co. Ltd.		72,900		3,580,277
Takeda Pharmaceutical Co. Ltd.		2,996,400		86,845,213


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

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI EAFE Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Japan (continued)
Toho Co. Ltd./Tokyo		75,300	$	2,916,946
Tokio Marine Holdings Inc.		593,000		35,386,476
Tokyo Century Corp.		69,300		3,419,909
Tokyo Electric Power Co. Holdings Inc.^(b)		2,943,200		7,841,421
Tokyo Gas Co. Ltd.		718,600		14,509,782
Tokyu Corp.		473,800		6,295,774
Toppan Inc.		496,000		9,434,930
Toray Industries Inc.		2,631,400		16,629,954
Toshiba Corp.		777,300		32,188,016
Tosoh Corp.		492,300		7,702,768
TOTO Ltd.		93,200		4,011,370
Toyo Suisan Kaisha Ltd.		82,900		3,396,643
Toyota Industries Corp.		275,900		21,522,562
Toyota Motor Corp.		20,094,480		397,130,640
Toyota Tsusho Corp.		404,600		16,407,946
Trend Micro Inc/Japan^(b)		128,000		6,790,732
USS Co. Ltd.		413,500		6,748,605
West Japan Railway Co.		408,500		17,117,682
Yamaha Motor Co. Ltd.		283,400		6,748,748
Yokogawa Electric Corp.		220,000		3,604,807
Z Holdings Corp.		2,564,100		13,022,206

				3,684,718,983

Malta — 0.0%
BGP Holdings PLC^(e)		2,256,851		26


Netherlands — 2.4%
ABN AMRO Bank NV, CVA^(c)		801,928		12,870,190
Aegon NV		3,388,483		19,116,105
Argenx SE^(b)		57,139		15,289,930
ING Groep NV		7,395,807		109,377,340
Just Eat Takeaway.com NV^(b)(c)		222,262		10,975,486
Koninklijke Ahold Delhaize NV		1,981,108		64,236,635
Koninklijke KPN NV		6,371,929		21,017,848
Koninklijke Philips NV		869,128		28,910,052
NN Group NV		511,983		28,651,657
Randstad NV		230,959		15,024,730
Stellantis NV		3,857,588		74,485,662

				399,955,635

New Zealand — 0.2%
Auckland International Airport Ltd.^(b)		842,367		3,998,627
Mercury NZ Ltd.		1,362,162		5,008,021
Meridian Energy Ltd.		1,600,389		4,613,228
Ryman Healthcare Ltd.		806,410		5,272,972
Spark New Zealand Ltd.		3,540,305		10,118,657

				29,011,505

Norway — 1.0%
DNB Bank ASA		1,762,408		41,945,650
Equinor ASA		1,851,606		51,044,737
Gjensidige Forsikring ASA		379,279		9,264,452
Norsk Hydro ASA		2,423,254		18,623,457
Orkla ASA		1,440,917		13,769,978
Telenor ASA		1,326,003		21,914,235
Yara International ASA		319,639		16,412,766

				172,975,275

Portugal — 0.2%
EDP - Energias de Portugal SA		5,282,554		27,041,977
Galp Energia SGPS SA		950,492		10,480,391

				37,522,368


Security	Shares		Value

Singapore — 1.3%
Ascendas REIT		6,490,900	$	13,311,805
CapitaLand Integrated Commercial Trust		9,220,804		13,293,595
Capitaland Investment Ltd/Singapore^(b)		5,004,800		12,841,670
City Developments Ltd.		786,500		4,131,466
DBS Group Holdings Ltd.		1,713,800		45,016,158
Keppel Corp. Ltd.		2,761,800		11,644,329
Mapletree Commercial Trust		4,157,800		5,565,278
Mapletree Logistics Trust		5,934,000		7,468,068
Oversea-Chinese Banking Corp. Ltd.^(a)		4,169,700		38,812,661
Singapore Airlines Ltd.^(b)		903,500		3,370,150
United Overseas Bank Ltd.		2,235,700		49,964,895
UOL Group Ltd.		893,800		4,847,053
Wilmar International Ltd.		3,645,700		11,597,636

				221,864,764

Spain — 3.1%
ACS Actividades de Construccion y Servicios SA		469,246		11,846,865
Banco Bilbao Vizcaya Argentaria SA		12,975,897		82,846,302
Banco Santander SA		33,165,245		116,297,313
CaixaBank SA		8,442,511		27,162,764
EDP Renovaveis SA		191,524		4,026,114
Enagas SA		186,158		4,025,119
Endesa SA		659,939		14,775,095
Grifols SA		571,483		10,077,714
Iberdrola SA		11,082,430		127,060,726
Iberdrola SA		178,694		2,039,659
Naturgy Energy Group SA^(a)		413,967		13,107,144
Red Electrica Corp. SA		342,244		6,899,030
Repsol SA		2,750,319		34,949,962
Telefonica SA		10,358,304		48,285,943

				503,399,750

Sweden — 1.8%
Boliden AB		521,144		21,102,440
Electrolux AB, Class B		427,659		8,898,380
Essity AB, Class B		1,153,103		32,506,412
Fastighets AB Balder, Class B^(b)		70,733		4,685,979
Husqvarna AB, Class B		793,301		11,030,029
Industrivarden AB, Class A		256,872		8,120,215
Industrivarden AB, Class C		306,504		9,520,192
L E Lundbergforetagen AB, Class B		93,771		4,791,375
Securitas AB, Class B		593,942		7,173,774
Skandinaviska Enskilda Banken AB, Class A		3,083,525		39,860,235
Skanska AB, Class B		652,538		15,975,997
SKF AB, Class B		724,398		15,880,344
Svenska Cellulosa AB SCA, Class B		1,154,505		20,104,128
Svenska Handelsbanken AB, Class A		2,763,704		29,454,330
Swedbank AB, Class A		1,715,833		33,592,934
Tele2 AB, Class B		968,225		14,087,727
Telia Co. AB		5,037,795		19,855,939

				296,640,430

Switzerland — 8.2%
ABB Ltd., Registered		3,113,611		107,954,429
Adecco Group AG, Registered		297,980		14,193,744
Baloise Holding AG, Registered		89,143		15,615,752
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		707		8,204,985
Clariant AG, Registered		209,236		4,434,774
Coca-Cola HBC AG, Class DI		383,506		12,701,955
Credit Suisse Group AG, Registered		5,026,166		47,775,768
EMS-Chemie Holding AG, Registered		4,733		4,787,341


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

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI EAFE Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Switzerland (continued)
Holcim Ltd.		992,603	$	53,800,347
Julius Baer Group Ltd.		419,685		27,426,279
Nestle SA, Registered		1,867,284		241,137,854
Novartis AG, Registered		4,152,220		360,784,279
SGS SA, Registered		3,977		11,340,701
Siemens Energy AG^(b)		383,530		8,626,684
Swatch Group AG (The), Bearer		54,937		16,026,339
Swatch Group AG (The), Registered		100,395		5,635,679
Swiss Life Holding AG, Registered		59,782		38,476,275
Swiss Prime Site AG, Registered		146,116		14,447,430
Swiss Re AG		571,761		62,297,849
Swisscom AG, Registered		49,104		28,066,615
UBS Group AG, Registered		6,664,834		123,629,646
Zurich Insurance Group AG		285,076		136,354,199

				1,343,718,924

United Kingdom — 17.2%
3i Group PLC		1,843,769		34,337,986
Abrdn PLC		4,132,289		13,514,177
Admiral Group PLC		365,700		15,549,829
Anglo American PLC		2,448,713		107,952,686
Antofagasta PLC		746,983		13,588,618
AstraZeneca PLC		1,027,037		119,473,093
Aviva PLC		7,410,080		43,749,100
BAE Systems PLC		6,092,594		47,679,139
Barclays PLC		20,841,482		55,913,894
Barratt Developments PLC		1,942,140		16,152,848
Berkeley Group Holdings PLC		212,955		12,153,340
BP PLC		38,127,391		197,649,411
British American Tobacco PLC		4,130,726		176,361,245
British Land Co. PLC (The)		1,667,680		12,470,131
BT Group PLC		16,908,801		44,785,844
Bunzl PLC		418,089		15,660,345
DCC PLC		186,876		15,713,191
Evraz PLC		979,075		6,651,459
GlaxoSmithKline PLC		9,534,700		212,776,227
Hargreaves Lansdown PLC		673,837		12,233,996
HSBC Holdings PLC		38,706,081		275,484,278
Imperial Brands PLC		1,792,867		42,508,610
J Sainsbury PLC		3,328,988		13,081,412
Johnson Matthey PLC		366,586		9,681,053
Kingfisher PLC		4,023,453		18,042,591
Land Securities Group PLC		1,334,299		14,330,956
Legal & General Group PLC		11,309,967		44,221,492
Lloyds Banking Group PLC		134,449,044		93,303,713
M&G PLC		4,924,799		14,413,490
Mondi PLC		919,759		23,011,616
National Grid PLC		6,853,722		100,289,941
Natwest Group PLC		10,910,569		35,860,651
Ocado Group PLC^(b)		462,215		9,417,896
Pearson PLC		1,433,129		11,965,830
Persimmon PLC		604,463		19,693,096
Phoenix Group Holdings PLC		1,230,580		11,016,658
Prudential PLC		4,956,369		83,543,177
Reckitt Benckiser Group PLC		473,534		38,366,721
Sage Group PLC (The)		1,007,651		9,846,740
Schroders PLC		235,462		10,796,121
Segro PLC		1,142,491		20,141,831
Severn Trent PLC		476,689		18,507,104
Shell PLC		14,596,318		374,960,633
Smith & Nephew PLC		1,665,420		28,323,749


Security	Shares		Value

United Kingdom (continued)
Smiths Group PLC		756,069	$	15,936,106
SSE PLC		1,981,038		42,624,052
St. James’s Place PLC		1,022,464		21,106,143
Standard Chartered PLC		3,241,530		23,607,249
Taylor Wimpey PLC		6,907,391		14,170,904
Tesco PLC		14,646,115		58,828,631
United Utilities Group PLC		1,298,884		18,737,534
Vodafone Group PLC		52,384,695		91,980,423
Whitbread PLC^(b)		190,911		7,855,523
WPP PLC		2,258,940		35,421,346

				2,825,443,829


Total Common Stocks — 98.7% (Cost: $15,271,468,421)				16,242,220,399


Preferred Stocks

Germany — 0.8%
Bayerische Motoren Werke AG, Preference Shares, NVS		109,386		9,466,937
Fuchs Petrolub SE, Preference Shares, NVS		66,894		2,890,835
Henkel AG & Co. KGaA, Preference Shares, NVS		337,605		27,612,195
Porsche Automobil Holding SE, Preference Shares, NVS		290,146		27,171,861
Volkswagen AG, Preference Shares, NVS		351,572		73,222,670

				140,364,498


Total Preferred Stocks — 0.8% (Cost: $138,501,719)				140,364,498


Rights

Spain — 0.0%
Asc Actividades De Construccio (Expires 02/11/22)^(b)(e)		461,478		230,968


Total Rights — 0.0% (Cost: $247,363)				230,968


Short-Term Investments

Money Market Funds — 1.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%^(f)(g)(h)		203,077,943		203,138,866
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(f)(g)		4,370,000		4,370,000

				207,508,866


Total Short-Term Investments — 1.3% (Cost: $207,501,664)				207,508,866


Total Investments in Securities — 100.8% (Cost: $15,617,719,167)				16,590,324,731

Other Assets, Less Liabilities — (0.8)%				(129,392,204	)


Net Assets — 100.0%			$	16,460,932,527

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

^(b)	Non-income producing security.

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


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

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI EAFE Value ETF

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

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

^(f)	Affiliate of the Fund.

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

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

Affiliates


Affiliated Issuer	Value at 07/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 01/31/22		Shares Held at 01/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	23,325,094	$	179,819,812	^(a)	$	—	$	(4,120	)	$	(1,920	)	$	203,138,866		203,077,943	$	951,629	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		4,010,000		360,000	^(a)		—		—			—			4,370,000		4,370,000		192			—

								$	(4,120	)	$	(1,920	)	$	207,508,866			$	951,821		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
TOPIX Index		103		03/10/22	$	17,165	$	(328,039	)
Euro STOXX 50 Index		497		03/18/22		23,360		(122,124	)
FTSE 100 Index		352		03/18/22		35,280		607,551

							$	157,388

Derivative Financial Instruments Categorized by Risk Exposure

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


	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	607,551


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	450,163

^(a)


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

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI EAFE Value ETF

For the period ended January 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	1,442,750

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	945,809

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	84,193,444

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

Fair Value Hierarchy as of Period End


	Level 1		Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	203,258,614	$	16,038,961,759		$	26	$	16,242,220,399
Preferred Stocks		—		140,364,498			—		140,364,498
Rights		—		—			230,968		230,968
Money Market Funds		207,508,866		—			—		207,508,866

	$	410,767,480	$	16,179,326,257		$	230,994	$	16,590,324,731

Derivative financial instruments^(a)
Assets
Futures Contracts	$	—	$	607,551		$	—	$	607,551
Liabilities
Futures Contracts		—		(450,163	)		—		(450,163	)

	$	—	$	157,388		$	—	$	157,388

(a)

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

See notes to financial statements.


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

Statements of Assets and Liabilities (unaudited)

January 31, 2022


	iShares MSCI EAFE Growth ETF		iShares MSCI EAFE Value ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	11,889,540,943	$	16,382,815,865
Affiliated^(c)		37,755,493		207,508,866
Cash		308		3,473
Foreign currency, at value^(d)		10,300,051		30,783,416
Foreign currency collateral pledged:
Futures contracts^(e)		1,713,601		5,273,126
Receivables:
Investments sold		2,132,616		11,437,605
Securities lending income — Affiliated		5,220		169,969
Variation margin on futures contracts		541,373		1,171,243
Capital shares sold		—		1,688,348
Dividends		2,990,811		14,777,338
Tax reclaims		11,675,907		15,436,150

Total assets		11,956,656,323		16,671,065,399


LIABILITIES
Collateral on securities loaned, at value		33,831,936		203,139,999
Payables:
Investments purchased		—		1,688,348
Capital shares redeemed		1,119,749		—
Investment advisory fees		3,815,802		4,542,341
Professional fees		—		762,184

Total liabilities		38,767,487		210,132,872


NET ASSETS	$	11,917,888,836	$	16,460,932,527


NET ASSETS CONSIST OF:
Paid-in capital	$	10,409,576,868	$	16,543,938,954
Accumulated earnings (loss)		1,508,311,968		(83,006,427	)

NET ASSETS	$	11,917,888,836	$	16,460,932,527


Shares outstanding		119,200,000		320,000,000

Net asset value	$	99.98	$	51.44

Shares authorized		Unlimited		Unlimited

Par value		None		None


^(a)Securities loaned, at value	$	35,516,881	$	192,093,140
^(b)Investments, at cost — Unaffiliated	$	10,135,855,903	$	15,410,217,503
^(c)Investments, at cost — Affiliated	$	37,751,507	$	207,501,664
^(d)Foreign currency, at cost	$	10,355,823	$	30,972,991
^(e)Foreign currency collateral pledged, at cost	$	1,773,313	$	5,366,279

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		21

Statements of Operations (unaudited)

Six Months Ended January 31, 2022


	iShares MSCI EAFE Growth ETF			iShares MSCI EAFE Value ETF

INVESTMENT INCOME
Dividends — Unaffiliated	$	66,337,372		$	238,471,646
Dividends — Affiliated		105			192
Securities lending income — Affiliated — net		97,850			951,629
Other income — Unaffiliated		—			938,783
Foreign taxes withheld		(3,771,682	)		(21,788,258	)
Foreign withholding tax claims		—			6,909,540

Total investment income		62,663,645			225,483,532


EXPENSES
Investment advisory fees		22,385,149			25,873,278
Professional fees		—			817,679
Miscellaneous		217			217

Total expenses		22,385,366			26,691,174

Net investment income		40,278,279			198,792,358


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(16,749,120	)		(154,683,188	)
Investments — Affiliated		(5,550	)		(4,120	)
In-kind redemptions — Unaffiliated		218,797,846			—
Futures contracts		1,834,347			1,442,750
Foreign currency transactions		(1,590,368	)		(3,569,154	)

Net realized gain (loss)		202,287,155			(156,813,712	)

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(1,292,128,529	)		290,889,395
Investments — Affiliated		(1,730	)		(1,920	)
Futures contracts		(208,325	)		945,809
Foreign currency translations		(422,690	)		(814,938	)

Net change in unrealized appreciation (depreciation)		(1,292,761,274	)		291,018,346

Net realized and unrealized gain (loss)		(1,090,474,119	)		134,204,634

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,050,195,840	)	$	332,996,992

See notes to financial statements.


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

Statements of Changes in Net Assets


	iShares MSCI EAFE Growth ETF						iShares MSCI EAFE Value ETF
	Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21			Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	40,278,279		$	112,261,025		$	198,792,358		$	337,345,831
Net realized gain (loss)		202,287,155			524,736,372			(156,813,712	)		192,414,204
Net change in unrealized appreciation (depreciation)		(1,292,761,274	)		1,643,569,188			291,018,346			1,632,862,528

Net increase (decrease) in net assets resulting from operations		(1,050,195,840	)		2,280,566,585			332,996,992			2,162,622,563


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(97,398,000	)		(120,719,418	)		(354,953,820	)		(332,175,925	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		950,152,654			1,961,152,434			2,048,582,970			6,804,357,557


NET ASSETS
Total increase (decrease) in net assets		(197,441,186	)		4,120,999,601			2,026,626,142			8,634,804,195
Beginning of period		12,115,330,022			7,994,330,421			14,434,306,385			5,799,502,190

End of period	$	11,917,888,836		$	12,115,330,022		$	16,460,932,527		$	14,434,306,385

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

See notes to financial statements.


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

Financial Highlights

(For a share outstanding throughout each period)


	iShares MSCI EAFE Growth ETF
	Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17


Net asset value, beginning of period	$	108.95		$	86.52		$	80.40		$	80.65		$	75.38		$	68.12

Net investment income^(a)		0.34			1.15			1.06			1.42			1.41			1.24	^(b)
Net realized and unrealized gain (loss)^(c)		(8.50	)		22.53			6.06			(0.29	)		5.19			7.30

Net increase (decrease) from investment operations		(8.16	)		23.68			7.12			1.13			6.60			8.54


Distributions^(d)
From net investment income		(0.81	)		(1.25	)		(1.00	)		(1.38	)		(1.33	)		(1.28	)

Total distributions		(0.81	)		(1.25	)		(1.00	)		(1.38	)		(1.33	)		(1.28	)


Net asset value, end of period	$	99.98		$	108.95		$	86.52		$	80.40		$	80.65		$	75.38


Total Return^(e)
Based on net asset value		(7.55	)%^(f)		27.42	%		8.91	%		1.52	%		8.79	%		12.66	%^(b)


Ratios to Average Net Assets^(g)
Total expenses		0.35	%^(h)		0.36	%		0.39	%		0.40	%		0.40	%		0.40	%

Total expenses excluding professional fees for foreign withholding tax claims		N/A			0.36	%		N/A			0.40	%		N/A			0.40	%

Net investment income		0.63	%^(h)		1.15	%		1.31	%		1.86	%		1.77	%		1.80	%^(b)


Supplemental Data
Net assets, end of period (000)	$	11,917,889		$	12,115,330		$	7,994,330		$	3,955,693		$	3,516,376		$	3,045,417

Portfolio turnover rate⁽ⁱ⁾		12	%^(f)		24	%		33	%		22	%		22	%		30	%

^(a)	Based on average shares outstanding.

^(b)	Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2017:

• Net investment income per share by $0.01.

• Total return by 0.02%.

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

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

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

See notes to financial statements.


24		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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI EAFE Value ETF
	Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17


Net asset value, beginning of period	$	51.48		$	39.94		$	47.08		$	52.87		$	53.18		$	44.86

Net investment income^(a)		0.67	^(b)		1.67			1.48			2.03			2.05			1.81	^(b)
Net realized and unrealized gain (loss)^(c)		0.46			11.39			(7.18	)		(5.81	)		(0.15	)		8.17

Net increase (decrease) from investment operations		1.13			13.06			(5.70	)		(3.78	)		1.90			9.98


Distributions^(d)
From net investment income		(1.17	)		(1.52	)		(1.44	)		(2.01	)		(2.21	)		(1.66	)

Total distributions		(1.17	)		(1.52	)		(1.44	)		(2.01	)		(2.21	)		(1.66	)


Net asset value, end of period	$	51.44		$	51.48		$	39.94		$	47.08		$	52.87		$	53.18


Total Return^(e)
Based on net asset value		2.32	%^(b)(f)		32.79	%		(12.48	)%		(7.05	)%		3.63	%		22.49	%^(b)


Ratios to Average Net Assets^(g)
Total expenses		0.34	%^(h)		0.36	%		0.39	%		0.39	%		0.38	%		0.40	%

Total expenses excluding professional fees for foreign withholding tax claims		0.33	%^(h)		0.36	%		N/A			0.39	%		N/A			0.40	%

Net investment income		2.57	%^(b)(h)		3.42	%		3.36	%		4.17	%		3.75	%		3.70	%^(b)


Supplemental Data
Net assets, end of period (000)	$	16,460,933		$	14,434,306		$	5,799,502		$	5,423,659		$	5,561,771		$	5,296,875

Portfolio turnover rate⁽ⁱ⁾		12	%^(f)		25	%		27	%		21	%		22	%		28	%

^(a)	Based on average shares outstanding.

^(b)	Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended January 31, 2022 and for the year ended July 31, 2017:

• Net investment income per share by $0.02 and $0.01.

• Total return by 0.04% and 0.02%.

• Ratio of net investment income to average net assets by 0.08% and 0.02%.

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

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		25

Notes to Financial Statements (unaudited)

ORGANIZATION

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

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


iShares ETF		Diversification Classification
MSCI EAFE Growth		Diversified
MSCI EAFE Value		Diversified

SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of January 31, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

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

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.

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

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


26		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 Financial Statements (unaudited) (continued)

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

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 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.

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.

SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund


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

Notes to Financial Statements (unaudited) (continued)

or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

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

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

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


iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount
MSCI EAFE Growth
Barclays Bank PLC	$	2,024,965	$	1,871,336		$	—	$	(153,629	)^(b)
BNP Paribas SA		2,064,199		1,908,280			—		(155,919	)^(b)
Goldman Sachs & Co. LLC		12,458,357		11,395,276			—		(1,063,081	)^(b)
J.P. Morgan Securities LLC		2,410,411		2,318,087			—		(92,324	)^(b)
Macquarie Bank Ltd.		970,200		970,200			—		—
Morgan Stanley		15,462,677		15,189,806			—		(272,871	)^(b)
UBS AG		126,072		116,909			—		(9,163	)^(b)

	$	35,516,881	$	33,769,894		$	—	$	(1,746,987	)


MSCI EAFE Value
J.P. Morgan Securities LLC	$	10,765,263	$	10,765,263		$	—	$	—
Morgan Stanley		181,327,877		181,327,877			—		—

	$	192,093,140	$	192,093,140		$	—	$	—

(a)

Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

(b)

The market value of the loaned securities is determined as of January 31, 2022. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

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

DERIVATIVE FINANCIAL INSTRUMENTS

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

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

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or


28		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 Financial Statements (unaudited) (continued)

payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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


Average Daily Net Assets	Investment Advisory Fee
First $3 billion		0.4000	%
Over $3 billion, up to and including $4.5 billion		0.3800
Over $4.5 billion, up to and including $6 billion		0.3610
Over $6 billion, up to and including $7.5 billion		0.3430
Over $7.5 billion, up to and including $9 billion		0.3258
Over $9 billion, up to and including $10.5 billion		0.3095
Over $10.5 billion		0.2940

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


Average Daily Net Assets	Investment Advisory Fee
First $3 billion		0.4000	%
Over $3 billion, up to and including $4.5 billion		0.3800
Over $4.5 billion, up to and including $6 billion		0.3610
Over $6 billion, up to and including $7.5 billion		0.3430
Over $7.5 billion, up to and including $9 billion		0.3258
Over $9 billion, up to and including $10.5 billion		0.3096
Over $10.5 billion, up to and including $12 billion		0.2941
Over $12 billion, up to and including $13.5 billion		0.2793
Over $13.5 billion		0.2653

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

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

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

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

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


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

Notes to Financial Statements (unaudited) (continued)

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended January 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:


iShares ETF	Fees Paid to BTC
MSCI EAFE Growth	$	28,495
MSCI EAFE Value		214,262

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

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

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


iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
MSCI EAFE Growth	$	1,077,719,493	$	1,176,731,173	$	(13,424,596	)
MSCI EAFE Value		1,229,243,048		1,003,790,457		(73,520,549	)

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

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

PURCHASES AND SALES

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


iShares ETF	Purchases		Sales
MSCI EAFE Growth	$	1,518,793,519	$	1,509,141,589
MSCI EAFE Value		1,898,108,076		1,835,891,062

For the six months ended January 31, 2022, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
MSCI EAFE Growth	$	1,423,019,842	$	544,040,364
MSCI EAFE Value		1,905,241,327		—

INCOME TAX INFORMATION

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

Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

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


iShares ETF	Non-Expiring
MSCI EAFE Growth	$	367,666,122
MSCI EAFE Value		584,160,553

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


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Notes to Financial Statements (unaudited) (continued)

As of January 31, 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 EAFE Growth	$	10,242,333,977	$	2,123,415,794	$	(438,919,438	)	$	1,684,496,356
MSCI EAFE Value		15,880,845,062		1,489,546,599		(779,909,542	)		709,637,057

PRINCIPAL RISKS

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

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

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

Market Risk: 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. 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 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.


N O T E S T O F I N A N C I A L S T A T E M E N T S		31

Notes to Financial Statements (unaudited) (continued)

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

Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but could be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

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

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

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

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 01/31/22						Year Ended 07/31/21
iShares ETF	Shares			Amount			Shares			Amount
MSCI EAFE Growth
Shares sold		13,600,000		$	1,494,839,627			31,200,000		$	3,178,620,940
Shares redeemed		(5,600,000	)		(544,686,973	)		(12,400,000	)		(1,217,468,506	)

Net increase		8,000,000		$	950,152,654			18,800,000		$	1,961,152,434


MSCI EAFE Value
Shares sold		39,600,000		$	2,048,582,970			160,400,000		$	7,988,182,543
Shares redeemed		—			—			(25,200,000	)		(1,183,824,986	)

Net increase		39,600,000		$	2,048,582,970			135,200,000		$	6,804,357,557

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


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Notes to Financial Statements (unaudited) (continued)

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

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

11. FOREIGN WITHHOLDING TAX CLAIMS

The Internal Revenue Service has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which the iShares MSCI EAFE Value ETF is able to pass through to its shareholders as a foreign tax credit in the current year, the iShares MSCI EAFE Value ETF will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Fund.

12. SUBSEQUENT EVENTS

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


N O T E S T O F I N A N C I A L S T A T E M E N T S		33

Statement Regarding Liquidity Risk Management Program (unaudited)

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

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 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.

January 31, 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 EAFE Growth^(a)	$	0.648857	$	—	$	0.157186	$	0.806043		80	%		—	%		20	%		100	%
MSCI EAFE Value^(a)		1.119229		—		0.053862		1.173091		95			—			5			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		35

General Information

Electronic Delivery

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

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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


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Glossary of Terms Used in this Report


Portfolio Abbreviations - Equity

ADR		American Depositary Receipt

NVS		Non-Voting Shares

REIT		Real Estate Investment Trust


G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T		37

Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

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

iS-SAR-102-0122