iSHARES TRUST


		JULY 31, 2023

2023 Annual Report

iShares Trust

iShares MSCI Intl Momentum Factor ETF | IMTM | NYSE Arca

iShares MSCI Intl Quality Factor ETF | IQLT | NYSE Arca

iShares MSCI Intl Size Factor ETF | ISZE | NYSE Arca

iShares MSCI Intl Value Factor ETF | IVLU | NYSE Arca

The Markets in Review

Dear Shareholder,

Despite an uncertain economic landscape during the 12-month reporting period ended July 31, 2023, the resilience of the U.S. economy in the face of ever tighter financial conditions provided an encouraging backdrop for investors. While inflation was near multi-decade highs at the beginning of the period, it declined precipitously as commodity prices dropped. Labor shortages also moderated, although wages continued to grow and unemployment rates reached the lowest levels in decades. This robust labor market powered further growth in consumer spending, backstopping the economy.

Equity returns were solid, as the durability of consumer sentiment eased investors’ concerns about the economy’s trajectory. The U.S. economy resumed growth in the third quarter of 2022 and continued to expand thereafter. Most major classes of equities advanced, including large- and small-capitalization U.S. stocks and equities from developed and emerging markets.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market also faced inflationary headwinds, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates seven times during the 12-month period ended July 31, 2023. Furthermore, the Fed wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity. However, the Fed declined to raise interest rates at its June 2023 meeting, the first time it paused its tightening in the current cycle, before again raising rates in July 2023.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has decelerated the pace of interest rate hikes and recently opted for a pause, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period to keep inflation under control. Furthermore, ongoing structural changes may mean that the Fed will be hesitant to cut interest rates in the event of faltering economic activity lest inflation accelerate again. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt.

While we favor an overweight position to developed market equities in the long term, we prefer an underweight stance in the near-term. Expectations for corporate earnings remain elevated, which seems inconsistent with macroeconomic constraints. Nevertheless, we are overweight on emerging market stocks in the near-term as growth trends for emerging markets appear brighter. We also believe that stocks with an A.I. tilt should benefit from an investment cycle that is set to support revenues and margins. We are neutral on credit overall amid tightening credit and financial conditions; however, there are selective opportunities in the near term. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries, U.S. inflation-linked bonds, U.S. mortgage-backed securities, and hard-currency emerging market bonds.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of July 31, 2023
	6-Month	12-Month
U.S. large cap equities (S&P 500^® Index)	13.52%	13.02%
U.S. small cap equities (Russell 2000^® Index)	4.51	7.91
International equities (MSCI Europe, Australasia, Far East Index)	6.65	16.79
Emerging market equities (MSCI Emerging Markets Index)	3.26	8.35
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	2.34	3.96
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(2.08)	(7.56)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(1.02)	(3.37)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	0.20	0.93
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	2.92	4.42

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


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

Table of Contents


	Page

The Markets in Review		2

Annual Report:

Market Overview		4

Fund Summary		5

About Fund Performance		13

Disclosure of Expenses		13

Schedules of Investments		14

Financial Statements:

Statements of Assets and Liabilities		40

Statements of Operations		41

Statements of Changes in Net Assets		42

Financial Highlights		44

Notes to Financial Statements		48

Report of Independent Registered Public Accounting Firm		57

Important Tax Information		58

Board Review and Approval of Investment Advisory Contract		59

Supplemental Information		62

Trustee and Officer Information		63

General Information		66

Glossary of Terms Used in this Report		67


		3

Market Overview

iShares Trust

Global Market Overview

Global equity markets advanced during the 12 months ended July 31, 2023 (“reporting period”), supported by continued economic growth and moderating inflation. The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned 12.91% in U.S. dollar terms for the reporting period. Despite concerns about the impact of higher interest rates and rising prices, the global economy continued to grow, albeit at a slower pace than during the initial post-pandemic recovery. Inflation began to subside in most regions of the world, and lower energy prices reduced pressure on consumers, leading consumer and business sentiment to improve. While the Russian invasion of Ukraine continued to disrupt trade in Europe and elsewhere, market adaptation lessened the economic impact of the ongoing war. The prices of oil, natural gas, and wheat all declined during the reporting period, easing pressure on the world’s economies.

The U.S. Federal Reserve (“Fed”) tightened monetary policy rapidly, raising short-term interest rates seven times during the reporting period. The pace of tightening decelerated as the Fed twice lowered the increment of increase before pausing entirely in June 2023, the first time it declined to take action since the tightening cycle began. However, the Fed then raised interest rates again at its July 2023 meeting and stated that it would continue to monitor economic data. The Fed also continued to decrease the size of its balance sheet by reducing the store of U.S. Treasuries it had accumulated to stabilize markets in the early phases of the coronavirus pandemic.

Despite the tightening financial conditions, the U.S. economy demonstrated continued strength, and U.S. equities advanced. The economy returned to growth in the third quarter of 2022 and showed robust, if slightly slower, growth thereafter. Consumers powered the economy and increased their spending in both nominal and inflation-adjusted terms. Spending was helped by a strong labor market, as unemployment remained very low in historic terms, and the total number of employed persons reached an all-time high. Tightness in the labor market drove higher wages, although wage growth slowed as the reporting period continued.

European stocks outpaced their counterparts in most other regions of the globe, advancing strongly for the reporting period despite modest economic growth. European stocks benefited from a solid recovery following the early phases of the war in Ukraine. While the conflict disrupted critical natural gas supplies, new sources were secured and prices declined, while a warm winter helped moderate consumption. The European Central Bank (“ECB”) responded to the highest inflation since the introduction of the euro by raising interest rates eight times and beginning to reduce the size of its debt holdings.

Stocks in the Asia-Pacific region gained, albeit at a slower pace than other regions of the world. Japan returned to growth in the fourth quarter of 2022 and first quarter of 2023, as strong business investment and exports helped boost the economy and support Japanese equities. However, Chinese stocks were negatively impacted by slowing economic growth. While investors were initially optimistic following China’s lifting of several pandemic-related lockdowns in December 2022, subsequent performance disappointed, and tensions with the U.S. increased. Emerging market stocks advanced, as the improving global economic environment reassured investors. The declining value of the U.S. dollar relative to many other currencies and the slowing pace of the Fed’s interest rate increases also supported emerging market stocks.


4		2 0 2 3 I S H A R E S A N N U A L R E P O R T TO S H A R E H O L D E R S


Fund Summary as of July 31, 2023		iShares^® MSCI Intl Momentum Factor ETF

Investment Objective

The iShares MSCI Intl Momentum Factor ETF (the “Fund”) seeks to track the investment results of an index that measures the performance of international developed large- and mid-capitalization stocks exhibiting relatively higher momentum characteristics, as represented by the MSCI World ex USA Momentum Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Average Annual Total Returns									Cumulative Total Returns

	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception

Fund NAV		12.09	%		5.19	%		5.87	%		12.09	%		28.77	%		62.78	%
Fund Market		12.35			5.18			5.89			12.35			28.72			63.17
Index		12.98			5.38			6.13			12.98			29.98			66.34

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was January 13, 2015. The first day of secondary market trading was January 15, 2015.

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

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (02/01/23)	Ending Account Value (07/31/23)	Expenses Paid During the Period	^(a)		Beginning Account Value (02/01/23)	Ending Account Value (07/31/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,055.50	$ 1.53			$ 1,000.00	$ 1,023.30	$ 1.51		0.30	%

^(a)

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


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


Fund Summary as of July 31, 2023 (continued)		iShares^® MSCI Intl Momentum Factor ETF

Portfolio Management Commentary

International developed stocks with relatively higher momentum characteristics advanced for the reporting period. Stocks in Japan were the largest contributors to the Index’s performance, led by the industrials sector. Stronger export growth boosted the Japanese economy, which rebounded with moderate gains over the first half of 2023. The low value of the Japanese yen relative to the U.S. dollar benefited exporters and drove strong earnings in the trading companies and distributors industry. Elevated energy prices early in the reporting period bolstered trading companies involved in liquified natural gas projects. The Japanese financials sector also contributed to performance, as higher net fees and trading profits increased earnings among banks. As interest rates rose overseas, Japanese banks profited from foreign investors seeking to lock in low-interest loans.

European stocks, particularly from France, the U.K., and Denmark, added to the Index’s return. In France, the consumer discretionary sector was a source of strength, driven primarily by textiles and apparel. European sales of luxury goods were particularly strong, helped by an increase in tourism from North America. Rebounding sales of luxury brands in Asia during the Chinese New Year holiday also drove industry revenue growth. The financials sector led among stocks in the U.K. Cost cutting efforts and high interest rates drove improved profitability among banks, which allowed them to return cash to shareholders through higher dividend payouts and stock buyback programs. In Denmark, strong sales of new weight loss treatments drove healthcare stocks higher. Early indications that these drugs may also lower patients’ risk for cardiovascular disease boosted investor optimism that the treatments may become broadly eligible for insurance coverage.

In terms of relative performance, the Index underperformed the broader market, as represented by the MSCI World ex USA Index. The Index seeks exposure to stocks exhibiting relatively higher price momentum, a factor that was disadvantaged in the shifting investment landscape, as energy prices declined and investors rotated into growth-oriented sectors toward the end of 2022. An overweight position in the energy sector, specifically the oil, gas, and consumable fuels industry, detracted the most from the Index’s performance relative to the broader market. An underweight position in the technology sector also weakened relative performance. Turning to country allocation, underweight positions in Germany and France detracted from relative returns.

Portfolio Information


SECTOR ALLOCATION

Sector	Percent of Total Investments	^(a)

Industrials	21.1	%

Consumer Discretionary	19.8

Financials	17.6

Health Care	11.0

Consumer Staples	10.0

Information Technology	6.0

Materials	5.8

Communication Services	3.0

Utilities	2.6

Energy	2.3

Real Estate	0.8


GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	^(a)

Japan	23.6	%

France	16.7

United Kingdom	11.7

Germany	10.3

Switzerland	7.2

Canada	5.8

Denmark	5.2

Hong Kong	3.5

Italy	3.2

Sweden	3.0

^(a)

Excludes money market funds.


6		2 0 2 3 I S H A R E S A N N U A L R E P O R T TO S H A R E H O L D E R S


Fund Summary as of July 31, 2023		iShares^® MSCI Intl Quality Factor ETF

Investment Objective

The iShares MSCI Intl Quality Factor ETF (the “Fund”) seeks to track the investment results of an index that measures the performance of international developed large-and mid-capitalization stocks exhibiting relatively higher quality characteristics as identified through three fundamental variables: return on equity, earnings variability and debt-to-equity, as represented by the MSCI World ex USA Sector Neutral Quality Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Average Annual Total Returns									Cumulative Total Returns

	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception

Fund NAV		13.54	%		6.69	%		6.82	%		13.54	%		38.25	%		75.73	%
Fund Market		13.37			6.78			6.84			13.37			38.85			76.03
Index		14.44			6.82			7.01			14.44			39.07			78.41

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was January 13, 2015. The first day of secondary market trading was January 15, 2015.

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (02/01/23)	Ending Account Value (07/31/23)	Expenses Paid During the Period	^(a)		Beginning Account Value (02/01/23)	Ending Account Value (07/31/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,054.30	$ 1.53			$ 1,000.00	$ 1,023.30	$ 1.51		0.30	%

^(a)


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


Fund Summary as of July 31, 2023 (continued)		iShares^® MSCI Intl Quality Factor ETF

Portfolio Management Commentary

Stocks featuring high quality characteristics from international developed markets gained significantly for the reporting period, as the world economy showed resilience despite the challenges of inflation and higher interest rates. European stocks represented the largest contributors to the Index’s return. While economic growth in the Eurozone was tepid, inflation came down significantly and unemployment declined to a historic low. European stocks also benefited from a more diverse energy supply, as many governments secured alternate sourcing of energy products following disruption due to Russia’s invasion of Ukraine.

In France, the consumer discretionary sector was a source of strength, driven primarily by the textiles and apparel industry. Sales of luxury goods supported revenue in the industry. European sales were particularly strong, helped by an increase in tourism from North America. Rebounding sales of luxury brands in Asia during the Chinese New Year holiday also drove industry revenue.

Danish stocks also advanced, driven primarily by strength in the healthcare sector. Strong sales of new drugs used to treat obesity bolstered the pharmaceuticals industry, as demand outstripped supply and the industry worked to improve production capacity. Trial data showing the potential of these drugs to reduce the risk of heart disease further supported industry gains.

Dutch stocks also contributed to the Index’s performance, primarily in the information technology sector. The semiconductors and semiconductor equipment industry benefited from strong sales of precision equipment used in the making of advanced semiconductors, despite export controls placed on sales of newer equipment to China.

Australian stocks in the materials sector also gained, as a substantial merger in the metals and mining industry consolidated the supply of minerals used in decarbonization. The German insurance industry in the financials sector also advanced amid the ECB’s substantial interest rate increases.

In terms of relative performance, the Index underperformed the broader global market, as measured by the MSCI World ex USA Index. In an environment of geopolitical conflict and rising interest rates, high-quality stocks, which tend to be priced at a premium, trailed the broader market. The Index trailed the broader market primarily due to security selection, particularly within the financials sector. However, stock selection within the information technology sector was additive to the Index’s relative performance.

Portfolio Information


SECTOR ALLOCATION

Sector	Percent of Total Investments	^(a)

Financials	20.2	%

Industrials	15.8

Health Care	11.7

Consumer Discretionary	11.2

Consumer Staples	9.4

Information Technology	8.3

Materials	8.1

Energy	6.0

Communication Services	3.9

Utilities	3.3

Real Estate	2.1


GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	^(a)

Switzerland	14.1	%

United Kingdom	13.0

Japan	12.3

France	9.7

Canada	8.2

Australia	7.5

Netherlands	6.8

Denmark	6.7

Germany	5.7

Sweden	3.6

^(a)

Excludes money market funds.


8		2 0 2 3 I S H A R E S A N N U A L R E P O R T TO S H A R E H O L D E R S


Fund Summary as of July 31, 2023		iShares^® MSCI Intl Size Factor ETF

Investment Objective

The iShares MSCI Intl Size Factor ETF (the “Fund”) seeks to track the investment results of an index composed of international developed large- and mid-capitalization stocks with relatively smaller average market capitalization, as represented by the MSCI World ex USA Low Size Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Average Annual Total Returns									Cumulative Total Returns

	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception

Fund NAV		11.38	%		3.03	%		4.29	%		11.38	%		16.08	%		40.63	%
Fund Market		11.76			3.09			4.27			11.76			16.46			40.43
Index		12.31			3.10			4.39			12.31			16.49			41.71

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was June 16, 2015. The first day of secondary market trading was June 18, 2015.

Index performance through December 2, 2018 reflects the performance of the MSCI World ex USA Risk Weighted Index. Index performance beginning on December 3, 2018 reflects the performance of the MSCI World ex USA Low Size Index.

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (02/01/23)	Ending Account Value (07/31/23)	Expenses Paid During the Period	^(a)		Beginning Account Value (02/01/23)	Ending Account Value (07/31/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,047.20	$ 1.52			$ 1,000.00	$ 1,023.30	$ 1.51		0.30	%

^(a)


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


Fund Summary as of July, 2023 (continued)		iShares^® MSCI Intl Size Factor ETF

Portfolio Management Commentary

International developed large- and mid-capitalization stocks with relatively smaller average market capitalization advanced for the reporting period, as the world economy showed resilience despite the challenges of inflation and higher interest rates. Stocks in Japan were the largest contributors to the Index’s performance, helped by Japan’s improving economy. After contracting in the third quarter of 2022, the Japanese economy rebounded, posting moderate growth in the first half of 2023. In October 2022, Japan lifted strict pandemic-related border controls, driving a significant increase in tourism and stimulating consumer spending.

Among Japanese stocks, the industrials sector contributed the most to the Index’s return, as the low value of the Japanese yen relative to the U.S. dollar benefited exporters in the industry and drove strong earnings guidance. The semiconductors and semiconductor equipment industry in the information technology sector gained amid efforts by the government to increase domestic semiconductor manufacturing with subsidies and incentives. Stocks in the financials sector also advanced, as the Bank of Japan eased its policy toward 10-year bond yields, allowing banks to keep portions of their capital in higher-yielding investments.

U.K. stocks also contributed to the Index’s performance, despite slow economic growth during the reporting period. The financials sector posted an advance amid strong private equity performance in the capital markets industry. In France, the consumer discretionary sector was a source of strength, as rebounding sales of luxury brands in Asia drove textiles and apparel industry sales. The German industrials sector also contributed to the Index’s return, amid increased government orders of military equipment to supply to Ukraine. Canadian stocks also gained, particularly in the materials sector, where the metals and mining industry benefited from strong copper production.

Due to its tilt toward smaller-than-average capitalization stocks, the Index underperformed the broader market, as measured by the MSCI World ex USA Index, on a relative performance basis. The size factor inherent in the Index historically tends to be sensitive to broader market cycles, and smaller-capitalization stocks typically underperform in the later stages of an economic expansion. Relative to the broader market, overweight positions in the real estate and utilities sectors detracted from the Index’s performance. From a country perspective, an overweight position in Japanese stocks and underweight positions in French and German equities negatively impacted relative return.

Portfolio Information


SECTOR ALLOCATION

Sector	Percent of Total Investments	^(a)

Industrials	19.4	%

Financials	17.4

Consumer Discretionary	10.8

Materials	9.6

Consumer Staples	7.8

Information Technology	7.4

Real Estate	6.9

Health Care	6.7

Communication Services	5.4

Utilities	5.1

Energy	3.5


GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	^(a)

Japan	27.4	%

Canada	10.1

United Kingdom	9.6

France	6.9

Australia	6.8

Germany	6.2

Switzerland	4.9

Sweden	4.5

Hong Kong	3.6

Netherlands	3.1

^(a)

Excludes money market funds.


10		2 0 2 3 I S H A R E S A N N U A L R E P O R T TO S H A R E H O L D E R S


Fund Summary as of July 31, 2023		iShares^® MSCI Intl Value Factor ETF

Investment Objective

The iShares MSCI Intl Value Factor ETF (the “Fund”) seeks to track the investment results of an index composed of international developed large- and mid-capitalization stocks with value characteristics and relatively lower valuations, as represented by the MSCI World ex USA Enhanced Value Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Average Annual Total Returns									Cumulative Total Returns

	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception

Fund NAV		21.19	%		3.92	%		3.93	%		21.19	%		21.21	%		36.83	%
Fund Market		21.41			3.94			3.97			21.41			21.33			37.19
Index		22.10			4.05			4.03			22.10			21.94			37.83

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was June 16, 2015. The first day of secondary market trading was June 18, 2015.

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (02/01/23)	Ending Account Value (07/31/23)	Expenses Paid During the Period	^(a)		Beginning Account Value (02/01/23)	Ending Account Value (07/31/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,079.60	$ 1.60			$ 1,000.00	$ 1,023.30	$ 1.56		0.31	%

^(a)


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


Fund Summary as of July 31, 2023 (continued)		iShares^® MSCI Intl Value Factor ETF

Portfolio Management Commentary

International developed market stocks focusing on value characteristics advanced significantly for the reporting period, as the world economy showed resilience despite the challenges of inflation and higher interest rates. Stocks in Japan were the largest contributors to the Index’s performance, helped by Japan’s improving economy. After contracting in the third quarter of 2022, the Japanese economy rebounded, posting moderate growth in the first half of 2023. In October 2022, Japan lifted strict pandemic-related border controls, driving a significant increase in tourism and stimulating consumer spending. A series of corporate reforms benefited Japanese stocks, boosting investor confidence and reorienting focus on corporate profits.

Among Japanese stocks, the industrials sector contributed the most to the Index’s return, as higher net fees and trading profits boosted earnings in the capital goods industry. The low value of the Japanese yen relative to the U.S. dollar benefited exporters in the industry and drove strong earnings guidance. Elevated energy prices early in the reporting period also bolstered capital goods companies that were involved in liquified natural gas projects. Japan’s financials sector advanced notably, as the Bank of Japan eased its policy toward 10-year bond yields, allowing banks to keep portions of their capital in higher-yielding investments.

European stocks, particularly from France and Germany, also gained through the reporting period. While economic growth in the Eurozone was tepid, inflation came down significantly and unemployment declined to a historic low. In France, the financials sector was the primary source of strength, as banking stocks advanced. French banks reported robust earnings amid improved cost management and strong profits from corporate debt financing. In Germany, strength in the automobiles industry powered the consumer discretionary sector. Improving supply chains allowed companies in the industry to increase vehicle deliveries and substantially grow revenue and operating income.

The Index outperformed the broader market as measured by the MSCI World ex USA Return Index. Value stocks, which generally have modest long-term growth expectations and relatively predictable cash flows, typically perform well relative to the broader market amid high or rising inflation. Stock selection in the financials and industrials sectors contributed notably to relative performance. From a country perspective, overweight positions in Japanese and Italian stocks also benefited the Index’s relative return.

Portfolio Information


SECTOR ALLOCATION

Sector	Percent of Total Investments	^(a)

Financials	20.5	%

Industrials	16.2

Consumer Discretionary	12.1

Health Care	11.5

Consumer Staples	9.2

Materials	7.9

Information Technology	7.9

Energy	5.5

Communication Services	3.7

Utilities	3.4

Real Estate	2.1


GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	^(a)

Japan	34.3	%

United Kingdom	16.2

France	10.7

Germany	10.1

Switzerland	5.6

Italy	4.5

Canada	2.9

Spain	2.9

Australia	2.4

Netherlands	2.4

^(a)

Excludes money market funds.


12		2 0 2 3 I S H A R E S A N N U A L R E P O R T TO S H A R E H O L D E R S

About Fund Performance

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

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

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

Disclosure of Expenses

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

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

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

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


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

Schedule of Investments

July 31, 2023

iShares^® MSCI Intl Momentum Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 2.7%
BHP Group Ltd.		566,249	$	17,622,726
Brambles Ltd.		369,530		3,496,038
Lottery Corp. Ltd. (The)		303,455		1,055,991
Medibank Pvt Ltd.		524,151		1,237,471
Mineral Resources Ltd.		17,586		849,699
Newcrest Mining Ltd.		249,178		4,469,493
Northern Star Resources Ltd.		272,872		2,130,095
Origin Energy Ltd.		384,015		2,186,209
Qantas Airways Ltd.^(a)		112,569		494,602
QBE Insurance Group Ltd.		288,651		3,064,579
Telstra Corp. Ltd.		587,624		1,681,904
Treasury Wine Estates Ltd.		103,628		784,327
Vicinity Ltd.		410,431		545,710
WiseTech Global Ltd.		27,957		1,614,490


				41,233,334

Austria — 0.1%
voestalpine AG		29,082		961,025


Belgium — 0.1%
Solvay SA		12,222		1,467,841


Canada — 5.8%
Alimentation Couche-Tard Inc.		109,216		5,529,337
Cameco Corp.		43,017		1,512,356
Canadian Pacific Kansas City Ltd.		102,068		8,398,269
CGI Inc.^(a)		65,473		6,653,306
Constellation Software Inc./Canada		6,189		13,075,726
Descartes Systems Group Inc. (The)^(a)		18,492		1,442,310
Dollarama Inc.		35,379		2,330,429
Element Fleet Management Corp.		71,601		1,154,934
Fairfax Financial Holdings Ltd.		6,912		5,514,504
FirstService Corp.		7,364		1,153,311
George Weston Ltd.		12,573		1,447,852
GFL Environmental Inc.		43,333		1,479,760
Great-West Lifeco Inc.		41,405		1,248,760
Hydro One Ltd.^(b)		59,367		1,674,783
iA Financial Corp. Inc.		24,187		1,675,747
Ivanhoe Mines Ltd., Class A^(a)		90,457		959,003
Loblaw Companies Ltd.		22,654		2,010,024
Metro Inc.		31,355		1,687,532
Open Text Corp.		40,138		1,724,048
Quebecor Inc., Class B		34,132		835,537
Restaurant Brands International Inc.		65,622		5,023,729
Saputo Inc.		41,844		883,432
Teck Resources Ltd., Class B		90,295		4,011,285
TFI International Inc.		14,300		1,835,419
Thomson Reuters Corp.		55,443		7,484,059
Wheaton Precious Metals Corp.		115,453		5,177,064
WSP Global Inc.		16,379		2,256,281


				88,178,797

Denmark — 5.2%
Carlsberg AS, Class B		23,430		3,514,081
Danske Bank A/S		125,058		2,969,510
Novo Nordisk A/S, Class B		439,887		70,932,743
Pandora A/S		16,711		1,671,634


				79,087,968

Finland — 0.4%
Kone OYJ, Class B		64,380		3,302,231


Security	Shares		Value

Finland (continued)
Metso OYJ		120,932	$	1,374,279
Wartsila OYJ Abp		129,796		1,630,607


				6,307,117

France — 16.7%
Air Liquide SA		96,627		17,372,955
Airbus SE		74,605		10,989,317
AXA SA		263,608		8,103,006
Bollore SE		210,006		1,327,809
Dassault Aviation SA		3,577		694,873
Edenred		39,689		2,577,815
Engie SA		283,902		4,657,504
EssilorLuxottica SA		32,686		6,575,612
Hermes International		12,281		27,181,104
Ipsen SA		4,855		611,860
L’Oreal SA		68,817		32,007,434
LVMH Moet Hennessy Louis Vuitton SE		77,892		72,343,560
Orange SA		296,693		3,353,769
Publicis Groupe SA		46,405		3,741,421
Renault SA		27,131		1,191,638
Safran SA		70,145		11,644,990
Schneider Electric SE		90,341		16,114,307
SEB SA		5,535		619,620
Sodexo SA		13,404		1,374,947
Thales SA		10,698		1,600,312
TotalEnergies SE		285,550		17,349,021
Vinci SA		94,741		11,127,083
Wendel SE		2,376		234,546


				252,794,503

Germany — 10.0%
adidas AG		27,797		5,611,799
Bayerische Motoren Werke AG		73,855		9,006,615
Beiersdorf AG		33,090		4,285,332
Commerzbank AG		211,061		2,524,601
Daimler Truck Holding AG^(c)		61,024		2,290,248
Deutsche Lufthansa AG, Registered^(a)		118,772		1,197,965
Deutsche Telekom AG, Registered		648,335		14,134,503
E.ON SE		721,567		9,128,054
Fresenius Medical Care AG & Co. KGaA		35,609		1,849,336
GEA Group AG		26,807		1,137,738
Hannover Rueck SE		12,217		2,606,791
HeidelbergCement AG		33,375		2,704,972
Infineon Technologies AG		240,372		10,560,855
MTU Aero Engines AG		9,433		2,202,714
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		40,586		15,278,432
Rheinmetall AG		10,423		2,952,273
RWE AG		62,257		2,679,456
SAP SE		213,668		29,146,784
Siemens AG, Registered		178,501		30,424,094
Talanx AG^(a)(c)		11,439		700,522
Telefonica Deutschland Holding AG		192,999		520,013
Zalando SE^(a)(b)		39,855		1,375,982


				152,319,079

Hong Kong — 3.5%
AIA Group Ltd.		2,527,400		25,285,969
Budweiser Brewing Co. APAC Ltd.^(b)		383,600		935,645
CK Hutchison Holdings Ltd.		502,000		3,095,998
Galaxy Entertainment Group Ltd.^(a)		529,000		3,861,450
Hang Lung Properties Ltd.		392,000		611,735


14		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

July 31, 2023

iShares^® MSCI Intl Momentum Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Hong Kong (continued)
Henderson Land Development Co. Ltd.		311,000	$	961,353
Hong Kong Exchanges & Clearing Ltd.		171,900		7,247,648
Sands China Ltd.^(a)		789,200		3,040,403
Sun Hung Kai Properties Ltd.		371,500		4,664,784
Swire Pacific Ltd., Class A		93,000		777,409
Swire Properties Ltd.		329,200		826,069
Wharf Real Estate Investment Co. Ltd.		407,000		2,184,152


				53,492,615

Ireland — 1.0%
AIB Group PLC		331,751		1,560,445
Bank of Ireland Group PLC		248,307		2,619,839
Flutter Entertainment PLC, Class DI^(a)		58,194		11,574,764


				15,755,048

Italy — 3.2%
Enel SpA		1,479,241		10,199,658
Ferrari NV		30,409		9,748,719
Infrastrutture Wireless Italiane SpA^(b)		95,585		1,198,712
Intesa Sanpaolo SpA		2,643,389		7,643,801
Moncler SpA		59,225		4,274,482
UniCredit SpA		601,166		15,221,671


				48,287,043

Japan — 23.5%
Advantest Corp.		36,100		4,992,986
Aeon Co. Ltd.		73,400		1,589,744
Ajinomoto Co. Inc.		138,700		5,404,430
ANA Holdings Inc.^(a)		19,500		467,494
Asahi Group Holdings Ltd.		85,900		3,376,665
Bridgestone Corp.		60,100		2,493,873
Canon Inc.		93,600		2,419,128
Capcom Co. Ltd.		44,700		2,010,024
Chiba Bank Ltd. (The)		88,300		620,868
Chubu Electric Power Co. Inc.		148,200		1,856,619
Dai Nippon Printing Co. Ltd.		60,700		1,725,456
Daiichi Sankyo Co. Ltd.		278,900		8,590,011
Daikin Industries Ltd.		44,100		8,916,963
Denso Corp.		41,800		2,910,429
Disco Corp.		26,000		4,887,371
East Japan Railway Co.		31,000		1,755,038
Eisai Co. Ltd.		29,000		1,829,714
FANUC Corp.		152,400		4,662,285
Fast Retailing Co. Ltd.		49,000		12,275,123
Hamamatsu Photonics KK		21,900		1,055,172
Hankyu Hanshin Holdings Inc.		31,000		1,029,909
Hikari Tsushin Inc.		1,900		281,935
Hitachi Ltd.		159,900		10,467,771
Hoshizaki Corp.		17,300		663,470
Iida Group Holdings Co. Ltd.		15,000		263,137
ITOCHU Corp.		223,600		9,043,569
Itochu Techno-Solutions Corp.		12,200		309,199
Japan Post Bank Co. Ltd.		202,200		1,682,211
Japan Post Holdings Co. Ltd.		443,000		3,235,045
Japan Tobacco Inc.		346,500		7,688,694
Kajima Corp.		97,800		1,545,480
Kansai Electric Power Co. Inc. (The)		208,600		2,740,437
Kawasaki Kisen Kaisha Ltd.		27,400		826,237
Keisei Electric Railway Co. Ltd.		37,500		1,556,447
Kintetsu Group Holdings Co. Ltd.		15,700		526,682
Kirin Holdings Co. Ltd.		87,800		1,296,844
Kobe Bussan Co. Ltd.		28,900		769,768


Security	Shares		Value

Japan (continued)
Koei Tecmo Holdings Co. Ltd.		27,200	$	465,423
Komatsu Ltd.		149,300		4,182,555
Kose Corp.		4,200		411,290
Kurita Water Industries Ltd.		13,100		526,819
Makita Corp.		42,600		1,196,253
Marubeni Corp.		460,400		8,151,379
MatsukiyoCocokara & Co.		41,000		2,399,386
Mazda Motor Corp.		92,700		919,629
McDonald’s Holdings Co. Japan Ltd.		13,600		535,339
Mitsubishi Corp.		253,600		12,975,813
Mitsubishi Electric Corp.		548,400		7,914,032
Mitsubishi HC Capital Inc.		149,200		987,013
Mitsubishi Heavy Industries Ltd.		34,400		1,632,075
Mitsubishi UFJ Financial Group Inc.		2,088,500		16,817,120
Mitsui & Co. Ltd.		331,500		12,938,471
Mitsui Chemicals Inc.		28,500		819,488
Mitsui OSK Lines Ltd.		34,700		897,058
Mizuho Financial Group Inc.		617,300		10,472,719
MS&AD Insurance Group Holdings Inc.		76,400		2,841,569
Nexon Co. Ltd.		52,200		995,945
Nippon Paint Holdings Co. Ltd.		168,800		1,546,589
Nippon Steel Corp.		206,700		4,724,411
Nippon Telegraph & Telephone Corp.		3,103,200		3,558,495
Nippon Yusen KK		45,900		1,116,571
Nissin Foods Holdings Co. Ltd.		26,700		2,251,225
Nitori Holdings Co. Ltd.		18,800		2,302,109
Obayashi Corp.		156,200		1,444,199
Oracle Corp. Japan		6,700		469,661
Oriental Land Co. Ltd./Japan		229,100		8,786,795
Pan Pacific International Holdings Corp.		54,800		1,083,484
Renesas Electronics Corp.^(a)		298,300		5,755,348
Resona Holdings Inc.		420,000		2,286,514
Ricoh Co. Ltd.		50,100		445,673
Seiko Epson Corp.		31,800		522,210
Sekisui Chemical Co. Ltd.		45,400		689,603
Sekisui House Ltd.		127,000		2,591,015
Seven & i Holdings Co. Ltd.		99,900		4,144,360
Shimizu Corp.		72,400		498,802
Shin-Etsu Chemical Co. Ltd.		321,800		10,601,651
Shiseido Co. Ltd.		76,600		3,358,455
Shizuoka Financial Group Inc., NVS		86,100		719,116
Sony Group Corp.		240,800		22,554,827
Square Enix Holdings Co. Ltd.		12,100		560,463
Sumitomo Corp.		261,400		5,607,783
Sumitomo Electric Industries Ltd.		103,700		1,329,638
Sumitomo Mitsui Financial Group Inc.		445,100		20,853,669
Sumitomo Mitsui Trust Holdings Inc.		58,700		2,283,530
T&D Holdings Inc.		45,700		743,028
Taisei Corp.		41,500		1,572,701
Takeda Pharmaceutical Co. Ltd.		349,800		10,695,079
TDK Corp.		38,300		1,467,206
TIS Inc.		31,000		786,277
Tobu Railway Co. Ltd.		27,200		719,767
Toho Co. Ltd./Tokyo		12,200		475,592
Tokio Marine Holdings Inc.		224,900		5,171,571
Tokyo Gas Co. Ltd.		47,100		1,068,042
Tokyu Corp.		88,700		1,125,397
Toppan Inc.		61,200		1,440,557
Toray Industries Inc.		235,300		1,317,542
Toyota Tsusho Corp.		32,800		1,918,969


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 (continued)

July 31, 2023

iShares^® MSCI Intl Momentum Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Japan (continued)
Unicharm Corp.		91,800	$	3,396,476
West Japan Railway Co.		29,100		1,195,554
Yakult Honsha Co. Ltd.		49,900		2,768,743
Yamaha Motor Co. Ltd.		47,000		1,378,458
Yaskawa Electric Corp.		52,200		2,269,148


				357,441,907

Netherlands — 3.0%
ABN AMRO Bank NV, CVA^(b)		81,638		1,388,108
ASM International NV		8,134		3,864,303
Davide Campari-Milano NV		85,887		1,155,084
Ferrovial SE		82,789		2,743,540
Heineken Holding NV		22,753		1,865,180
Heineken NV		46,223		4,524,375
Koninklijke Ahold Delhaize NV		130,466		4,496,983
Koninklijke KPN NV		433,064		1,566,936
Prosus NV		218,071		17,251,021
Wolters Kluwer NV		48,557		6,097,594


				44,953,124

New Zealand — 0.1%
Fisher & Paykel Healthcare Corp. Ltd.		142,661		2,178,012


Norway — 0.2%
Kongsberg Gruppen ASA		17,609		764,074
Telenor ASA		175,016		1,873,536


				2,637,610

Portugal — 0.1%
Jeronimo Martins SGPS SA		33,660		916,420


Singapore — 0.3%
Genting Singapore Ltd.		2,207,000		1,561,067
Jardine Cycle & Carriage Ltd.		12,700		327,785
Keppel Corp. Ltd.		357,700		1,986,392
Singapore Airlines Ltd.		154,600		875,812


				4,751,056

Spain — 1.7%
ACS Actividades de Construccion y Servicios SA		48,401		1,693,006
Aena SME SA^(b)		11,820		1,887,561
Banco Bilbao Vizcaya Argentaria SA		1,062,445		8,421,337
Industria de Diseno Textil SA		350,626		13,421,198


				25,423,102

Sweden — 3.0%
Alfa Laval AB		73,150		2,738,262
Atlas Copco AB, Class A		569,319		8,087,680
Atlas Copco AB, Class B		343,934		4,247,212
Essity AB, Class B		154,802		3,838,514
Evolution AB^(b)		31,171		3,843,777
H & M Hennes & Mauritz AB, Class B		117,833		1,981,924
Industrivarden AB, Class C		24,019		680,477
Investor AB, Class B		316,679		6,467,848
Lifco AB, Class B		42,764		862,201
Nordea Bank Abp		383,336		4,338,725
Saab AB, Class B		20,429		1,076,794
Volvo AB, Class A		39,975		906,471
Volvo AB, Class B		282,837		6,238,993


				45,308,878

Switzerland — 7.2%
ABB Ltd., Registered		252,577		10,135,288
Bachem Holding AG, Class A		5,441		502,591
Banque Cantonale Vaudoise, Registered		4,284		480,842


Security	Shares		Value

Switzerland (continued)
BKW AG		5,833	$	1,043,782
Cie. Financiere Richemont SA, Class A, Registered		130,843		21,070,015
Coca-Cola HBC AG, Class DI		54,310		1,597,959
Helvetia Holding AG, Registered		7,099		1,050,531
Holcim Ltd.		129,293		9,011,323
Julius Baer Group Ltd.		59,447		4,210,484
Novartis AG, Registered		283,874		29,720,794
Schindler Holding AG, Participation Certificates, NVS		6,325		1,535,815
Siemens Energy AG^(a)		184,663		3,128,493
SIG Group AG		55,019		1,470,860
Straumann Holding AG		22,118		3,659,930
Swatch Group AG (The), Bearer		7,148		2,287,649
Swatch Group AG (The), Registered		7,347		441,207
Swiss Re AG		48,327		5,042,405
Swisscom AG, Registered		6,005		3,861,549
UBS Group AG, Registered		380,563		8,444,264


				108,695,781

United Kingdom — 11.6%
3i Group PLC		316,551		8,031,265
abrdn PLC		412,266		1,226,890
Associated British Foods PLC		84,437		2,222,129
AstraZeneca PLC		194,114		27,889,562
BAE Systems PLC		774,550		9,262,878
Berkeley Group Holdings PLC		16,341		911,136
BP PLC		2,696,856		16,732,502
Burberry Group PLC		117,580		3,356,349
Centrica PLC		1,602,842		2,840,477
Coca-Cola Europacific Partners PLC		50,294		3,188,137
Compass Group PLC		245,649		6,391,204
Endeavour Mining PLC		25,835		622,522
Haleon PLC		1,161,624		5,014,059
Hikma Pharmaceuticals PLC		33,589		902,028
HSBC Holdings PLC		3,474,687		28,862,184
Informa PLC		265,184		2,580,205
J Sainsbury PLC		428,123		1,524,325
JD Sports Fashion PLC		590,214		1,195,557
NatWest Group PLC, NVS		664,577		2,086,132
Next PLC		22,686		2,051,740
Prudential PLC		608,098		8,444,246
RELX PLC		249,267		8,389,506
Rolls-Royce Holdings PLC^(a)		2,173,776		5,154,321
Smiths Group PLC		37,996		828,679
Tesco PLC		1,392,397		4,611,717
Unilever PLC		409,773		22,018,290


				176,338,040


Total Common Stocks — 99.4% (Cost: $1,357,031,382)				1,508,528,300


Preferred Stocks

Germany — 0.2%
Bayerische Motoren Werke AG, Preference Shares, NVS		14,709		1,652,572


16		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

July 31, 2023

iShares^® MSCI Intl Momentum Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Germany (continued)
Henkel AG & Co. KGaA, Preference Shares, NVS		30,340	$	2,341,227


				3,993,799


Total Preferred Stocks — 0.2% (Cost: $3,833,423)				3,993,799


Total Long-Term Investments — 99.6% (Cost: $1,360,864,805)				1,512,522,099


Short-Term Securities

Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.42%^(d)(e)(f)		2,380,594		2,381,308
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.22%^(d)(e)		380,000		380,000


Total Short-Term Securities — 0.2% (Cost: $2,761,073)				2,761,308


Total Investments — 99.8% (Cost: $1,363,625,878)				1,515,283,407

Other Assets Less Liabilities — 0.2%				2,550,167


Net Assets — 100.0%			$	1,517,833,574

^(a)	Non-income producing security.

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

^(c)	All or a portion of this security is on loan. (d) Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:



Affiliated Issuer	Value at 07/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 07/31/23		Shares Held at 07/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,219,126	$	1,159,143	^(a)	$	—	$	2,861		$	178	$	2,381,308		2,380,594	$	19,793	^(b)	$	—

BlackRock Cash Funds: Treasury, SL Agency Shares		190,000		190,000	^(a)		—		—			—		380,000		380,000		25,246			—

								$	2,861		$	178	$	2,761,308			$	45,039		$	—

^(a)

Represents net amount purchased (sold).

^(b)

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)

Long Contracts
Mini TOPIX Index		105		09/07/23	$	1,720	$	80,897
Euro STOXX 50 Index		45		09/15/23		2,223		71,383
FTSE 100 Index		8		09/15/23		790		10,695

							$	162,975


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 (continued)

July 31, 2023

iShares^® MSCI Intl Momentum Factor ETF

Derivative Financial Instruments Categorized by Risk Exposure

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


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	162,975	$	—	$	—	$	—	$	162,975

^(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 July 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	668,809	$	—	$	—	$	—	$	668,809

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	77,173	$	—	$	—	$	—	$	77,173

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	5,349,161

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

Fair Value Hierarchy as of Period End

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

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


	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	110,400,861	$	1,398,127,439	$	—	$	1,508,528,300
Preferred Stocks		—		3,993,799		—		3,993,799
Short-Term Securities
Money Market Funds		2,761,308		—		—		2,761,308

	$	113,162,169	$	1,402,121,238	$	—	$	1,515,283,407

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	—	$	162,975	$	—	$	162,975

^(a)

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

See notes to financial statements.


18		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments

July 31, 2023

iShares^® MSCI Intl Quality Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 7.4%
Aristocrat Leisure Ltd.		460,691	$	12,201,502
ASX Ltd.		267,218		11,164,007
BHP Group Ltd.		5,311,127		165,292,186
Brambles Ltd.		1,182,512		11,187,473
Dexus		881,519		4,879,023
Fortescue Metals Group Ltd.		1,368,270		20,114,561
Goodman Group		2,114,155		29,232,743
IDP Education Ltd.		246,844		4,136,711
IGO Ltd.		423,374		3,956,118
Insurance Australia Group Ltd.		2,280,099		9,102,180
James Hardie Industries PLC^(a)		366,941		10,753,898
Medibank Pvt Ltd.		5,029,952		11,875,242
Mirvac Group		3,261,413		5,140,965
Qantas Airways Ltd.^(a)		968,415		4,254,993
REA Group Ltd.		69,303		7,347,047
Rio Tinto Ltd.		276,445		21,890,239
Santos Ltd.		5,429,608		29,216,653
Stockland		1,899,764		5,399,188
Wesfarmers Ltd.		1,163,325		38,869,169
Woodside Energy Group Ltd.		4,084,006		105,265,979


				511,279,877

Austria — 0.3%
OMV AG		223,657		10,076,663
Verbund AG		119,864		9,931,567


				20,008,230

Belgium — 0.2%
Ageas SA/NV		181,370		7,677,981
Umicore SA		97,354		2,883,151
Warehouses De Pauw CVA		140,630		4,155,232


				14,716,364

Canada — 8.1%
Alimentation Couche-Tard Inc.		560,046		28,353,749
ARC Resources Ltd.		2,105,452		31,805,713
Brookfield Asset Management Ltd.		440,220		14,849,267
Canadian National Railway Co.		562,055		68,129,429
CCL Industries Inc., Class B, NVS		80,919		3,879,497
Cenovus Energy Inc.		3,351,529		63,744,244
CGI Inc.^(a)		135,593		13,778,836
Constellation Software Inc./Canada		15,091		31,883,307
Franco-Nevada Corp.		99,915		14,579,793
Great-West Lifeco Inc.		366,251		11,045,996
iA Financial Corp. Inc.		157,124		10,886,019
IGM Financial Inc.		96,318		3,001,332
Imperial Oil Ltd.		417,133		22,472,323
Intact Financial Corp.		237,467		35,082,051
Manulife Financial Corp.		2,495,799		49,891,375
Nutrien Ltd.		318,933		21,978,115
Power Corp. of Canada		589,778		16,709,594
RB Global Inc.		149,142		9,631,769
Sun Life Financial Inc.		686,104		36,109,368
TFI International Inc.		80,005		10,268,719
TMX Group Ltd.		427,861		9,506,941
Toromont Industries Ltd.		82,927		7,065,444
Tourmaline Oil Corp.		844,472		43,765,378


				558,418,259

Denmark — 6.7%
AP Moller - Maersk A/S, Class A		3,677		7,393,069


Security	Shares		Value

Denmark (continued)
AP Moller - Maersk A/S, Class B, NVS		6,037	$	12,401,245
Carlsberg AS, Class B		72,600		10,888,702
Chr Hansen Holding A/S		54,978		4,154,337
Coloplast A/S, Class B		84,774		10,537,950
DSV A/S		198,709		39,769,615
Genmab A/S^(a)		54,763		22,573,286
Novo Nordisk A/S, Class B		1,904,924		307,173,172
Novozymes A/S, Class B		180,960		9,075,739
Orsted AS^(b)		164,075		14,277,719
Pandora A/S		114,818		11,485,465
Rockwool A/S, Class B		7,522		2,023,110
Tryg A/S		400,821		7,913,729


				459,667,138

Finland — 1.7%
Elisa OYJ		175,666		9,163,689
Fortum OYJ		639,377		8,655,403
Kesko OYJ, Class B		171,445		3,430,390
Kone OYJ, Class B		452,530		23,211,531
Neste OYJ		1,020,404		37,566,246
Orion OYJ, Class B		134,199		5,157,416
Sampo OYJ, Class A		594,491		26,197,213


				113,381,888

France — 9.6%
Amundi SA^(b)		78,882		4,840,628
AXA SA		1,714,422		52,699,357
Euronext NV^(b)		99,489		7,572,474
Hermes International		40,042		88,623,547
Ipsen SA		31,528		3,973,373
Kering SA		79,216		45,483,080
La Francaise des Jeux SAEM^(b)		145,217		5,544,002
L’Oreal SA		200,168		93,100,021
LVMH Moet Hennessy Louis Vuitton SE		270,774		251,486,097
Publicis Groupe SA		201,174		16,219,730
Remy Cointreau SA		12,115		2,079,640
Sartorius Stedim Biotech		32,760		10,249,666
Schneider Electric SE		455,114		81,179,607


				663,051,222

Germany — 5.2%
Allianz SE, Registered		485,218		115,966,788
Bechtle AG		51,952		2,286,595
Beiersdorf AG		55,583		7,198,296
Brenntag SE		138,659		10,757,805
Deutsche Boerse AG		265,838		50,934,966
Deutsche Post AG, Registered		878,742		45,187,735
GEA Group AG		147,118		6,243,955
Hannover Rueck SE		72,864		15,547,289
Knorr-Bremse AG		59,767		4,203,886
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		199,167		74,975,594
Nemetschek SE		49,617		3,610,579
Rational AG		6,541		4,896,317
Rheinmetall AG		40,028		11,337,772
Scout24 SE^(b)		67,595		4,468,413
Wacker Chemie AG		9,965		1,548,439


				359,164,429

Hong Kong — 2.6%
CK Asset Holdings Ltd.		1,832,500		10,612,137
CK Infrastructure Holdings Ltd.		809,000		4,287,167
CLP Holdings Ltd.		1,629,500		13,282,268


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 (continued)

July 31, 2023

iShares^® MSCI Intl Quality Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Hong Kong (continued)
Hang Seng Bank Ltd.		870,200	$	13,301,491
Henderson Land Development Co. Ltd.		1,129,000		3,489,929
Hong Kong & China Gas Co. Ltd.		10,928,370		9,374,982
Hong Kong Exchanges & Clearing Ltd.		1,732,200		73,033,019
Power Assets Holdings Ltd.		2,073,000		10,865,053
Sino Land Co. Ltd.		2,440,000		2,995,156
SITC International Holdings Co. Ltd.		2,064,000		4,522,545
Sun Hung Kai Properties Ltd.		1,218,500		15,300,240
Swire Properties Ltd.		1,425,800		3,577,794
Techtronic Industries Co. Ltd.		1,238,000		14,064,359
Xinyi Glass Holdings Ltd.		1,464,000		2,436,237


				181,142,377

Ireland — 0.3%
Kingspan Group PLC		130,959		10,511,232
Smurfit Kappa Group PLC		166,671		6,595,341


				17,106,573

Israel — 0.7%
Azrieli Group Ltd.		30,074		1,711,358
Bank Hapoalim BM		1,359,563		12,076,777
Bank Leumi Le-Israel BM		1,612,573		12,872,555
Check Point Software Technologies Ltd.^(a)(c)		95,934		12,683,434
Mizrahi Tefahot Bank Ltd.		159,118		5,744,943


				45,089,067

Italy — 1.5%
Assicurazioni Generali SpA		1,157,408		24,653,389
Ferrari NV		164,766		52,821,780
FinecoBank Banca Fineco SpA		866,519		13,454,647
Moncler SpA		196,600		14,189,332


				105,119,148

Japan — 12.2%
Advantest Corp.		214,900		29,722,787
Bandai Namco Holdings Inc.		618,200		13,986,502
BayCurrent Consulting Inc.		208,000		6,717,303
Capcom Co. Ltd.		207,900		9,348,637
Chugai Pharmaceutical Co. Ltd.		692,200		20,600,731
Daifuku Co. Ltd.		242,100		5,177,828
Daito Trust Construction Co. Ltd.		70,200		7,551,305
Daiwa House Industry Co. Ltd.		562,000		15,274,546
Disco Corp.		76,900		14,455,339
Fast Retailing Co. Ltd.		150,100		37,601,959
GLP J-Reit		3,220		3,172,228
GMO Payment Gateway Inc.		50,300		3,837,330
Hakuhodo DY Holdings Inc.		177,800		2,045,485
Hoya Corp.		320,000		37,266,982
Japan Exchange Group Inc.		809,500		14,104,076
Japan Real Estate Investment Corp.		803		3,229,744
Japan Tobacco Inc.		609,400		13,522,338
Kao Corp.		202,500		7,693,297
KDDI Corp.		1,442,700		42,461,110
Kikkoman Corp.		60,900		3,509,719
Kobayashi Pharmaceutical Co. Ltd.		24,300		1,335,803
Kobe Bussan Co. Ltd.^(c)		117,700		3,135,008
Koei Tecmo Holdings Co. Ltd.		132,180		2,261,749
Konami Group Corp.		73,100		4,100,664
Lasertec Corp.		86,500		13,094,526
M3 Inc.		321,500		7,434,310
McDonald’s Holdings Co. Japan Ltd.		61,000		2,401,153
MEIJI Holdings Co. Ltd.		109,500		2,529,876
MISUMI Group Inc.		216,600		3,962,506


Security	Shares		Value

Japan (continued)
Mitsui OSK Lines Ltd.		329,500	$	8,518,171
MonotaRO Co. Ltd.		331,700		4,048,345
MS&AD Insurance Group Holdings Inc.		483,800		17,994,125
Nexon Co. Ltd.		343,000		6,544,239
Nintendo Co. Ltd.		1,266,100		57,271,700
Nippon Building Fund Inc.		1,186		4,971,488
Nippon Prologis REIT Inc.		1,608		3,288,213
Nippon Telegraph & Telephone Corp.		24,637,100		28,251,806
Nissan Chemical Corp.		110,600		4,969,885
Nitori Holdings Co. Ltd.		56,400		6,906,326
Nitto Denko Corp.		72,400		5,148,435
Obic Co. Ltd.		46,200		7,560,174
Ono Pharmaceutical Co. Ltd.		307,200		5,629,538
Open House Group Co. Ltd.		49,400		1,879,784
Oracle Corp. Japan		43,300		3,035,270
Osaka Gas Co. Ltd.		360,600		5,673,983
Persol Holdings Co. Ltd.		154,800		3,062,041
Recruit Holdings Co. Ltd.		1,328,400		46,009,995
Secom Co. Ltd.		153,600		10,307,304
Sekisui Chemical Co. Ltd.		296,400		4,502,168
Sekisui House Ltd.		432,700		8,827,813
SG Holdings Co. Ltd.		320,300		4,674,300
Shimano Inc.		75,300		11,349,755
Shin-Etsu Chemical Co. Ltd.		1,281,000		42,202,344
Shionogi & Co. Ltd.		214,500		8,989,272
SMC Corp.		47,900		25,030,766
Sompo Holdings Inc.		309,900		13,700,909
Square Enix Holdings Co. Ltd.		89,200		4,131,678
Tokio Marine Holdings Inc.		1,844,600		42,416,542
Tokyo Electron Ltd.		518,900		77,880,109
Tokyo Gas Co. Ltd.		511,700		11,603,339
Tosoh Corp.		130,400		1,704,415
Unicharm Corp.		215,000		7,954,710
USS Co. Ltd.		199,100		3,452,410
Welcia Holdings Co. Ltd.		44,600		839,539
Yamaha Corp.		115,000		4,456,043
ZOZO Inc.		192,600		3,759,941


				840,081,716

Netherlands — 6.7%
Adyen NV^(a)(b)		37,198		69,040,033
ASML Holding NV		431,397		308,996,201
IMCD NV		51,340		7,779,520
NN Group NV		222,949		8,546,733
Randstad NV		113,085		6,625,139
Universal Music Group NV		947,627		24,306,544
Wolters Kluwer NV		298,394		37,471,126


				462,765,296

New Zealand — 0.3%
Fisher & Paykel Healthcare Corp. Ltd.		408,743		6,240,298
Mercury NZ Ltd.		696,742		2,853,224
Meridian Energy Ltd.		1,561,694		5,481,355
Spark New Zealand Ltd.		2,536,964		8,167,872


				22,742,749

Norway — 1.3%
Aker BP ASA		557,933		15,629,138
Equinor ASA		1,769,993		54,141,384
Gjensidige Forsikring ASA		295,268		4,661,226
Kongsberg Gruppen ASA		86,318		3,745,436
Mowi ASA		279,068		4,905,988


20		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

July 31, 2023

iShares^® MSCI Intl Quality Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Norway (continued)
Orkla ASA		373,912	$	2,950,474
Yara International ASA		116,133		4,743,101


				90,776,747

Portugal — 0.1%
Jeronimo Martins SGPS SA		196,054		5,337,723


Singapore — 1.5%
CapitaLand Ascendas REIT		2,570,900		5,436,488
DBS Group Holdings Ltd.		1,750,300		45,152,557
Oversea-Chinese Banking Corp. Ltd.		3,976,700		39,797,824
Singapore Exchange Ltd.		1,603,300		11,719,788


				102,106,657

Spain — 2.1%
Corp. ACCIONA Energias Renovables SA		96,998		3,053,085
EDP Renovaveis SA		219,393		4,190,604
Endesa SA		433,726		9,295,983
Iberdrola SA		6,241,680		77,905,724
Industria de Diseno Textil SA		1,186,724		45,425,206
Redeia Corp. SA		120,954		2,023,035


				141,893,637

Sweden — 3.6%
Alfa Laval AB		223,534		8,367,665
Assa Abloy AB, Class B		855,749		20,574,673
Atlas Copco AB, Class A		3,379,990		48,015,749
Atlas Copco AB, Class B		1,962,073		24,229,476
Boliden AB		200,502		5,896,612
Epiroc AB, Class A		811,392		16,199,950
Epiroc AB, Class B		481,694		8,183,535
EQT AB		409,742		9,787,542
Evolution AB^(b)		224,188		27,645,203
Indutrade AB		256,595		5,384,990
Lifco AB, Class B		225,195		4,540,347
Nibe Industrier AB, Class B		1,280,554		11,534,925
Sandvik AB		900,328		18,287,933
SKF AB, Class B		242,916		4,628,139
Tele2 AB, Class B		411,385		3,095,488
Volvo AB, Class A		154,180		3,496,178
Volvo AB, Class B		1,137,970		25,102,043


				244,970,448

Switzerland — 14.0%
ABB Ltd., Registered		1,567,757		62,910,193
Baloise Holding AG, Registered		54,339		8,411,070
BKW AG		27,507		4,922,219
Clariant AG, Registered		160,248		2,625,852
EMS-Chemie Holding AG, Registered		6,986		5,830,864
Geberit AG, Registered		49,248		27,948,336
Givaudan SA, Registered		4,798		16,195,507
Helvetia Holding AG, Registered		45,719		6,765,635
Kuehne + Nagel International AG, Registered		76,849		24,045,740
Logitech International SA, Registered		121,966		8,622,866
Nestle SA, Registered		1,787,367		218,986,645
Partners Group Holding AG		44,171		49,587,851
Roche Holding AG, Bearer		35,680		11,830,455
Roche Holding AG, NVS		775,045		240,303,742
Schindler Holding AG, Participation Certificates, NVS		38,590		9,370,295
Schindler Holding AG, Registered		23,007		5,334,440
Sika AG, Registered		98,954		30,798,194
Sonova Holding AG, Registered		56,456		15,736,828
STMicroelectronics NV		662,703		35,445,568


Security	Shares		Value

Switzerland (continued)
Straumann Holding AG		99,572	$	16,476,467
Swiss Re AG		258,077		26,927,572
Swisscom AG, Registered		23,552		15,145,244
VAT Group AG^(b)		40,424		17,182,097
Zurich Insurance Group AG		208,337		100,730,627


				962,134,307

United Kingdom — 13.0%
3i Group PLC		1,028,388		26,091,394
abrdn PLC		2,150,548		6,399,962
Admiral Group PLC		367,311		10,028,692
Anglo American PLC		604,851		18,600,241
Ashtead Group PLC		398,943		29,515,315
Auto Trader Group PLC^(b)		1,478,154		12,259,174
Barratt Developments PLC		871,771		5,103,005
Berkeley Group Holdings PLC		93,033		5,187,305
British Land Co. PLC (The)		656,620		2,849,205
Bunzl PLC		288,309		10,687,013
Burberry Group PLC		436,310		12,454,571
Croda International PLC		83,708		6,337,798
Diageo PLC		1,610,470		70,284,548
Experian PLC		1,042,530		40,289,159
Glencore PLC		8,592,325		52,253,654
GSK PLC		3,220,297		57,324,994
Halma PLC		231,369		6,644,426
Hargreaves Lansdown PLC		859,147		9,400,098
Hikma Pharmaceuticals PLC		111,509		2,994,558
Imperial Brands PLC		819,555		19,362,345
Intertek Group PLC		158,271		8,866,095
JD Sports Fashion PLC		2,241,773		4,541,008
Johnson Matthey PLC		91,298		2,111,480
Land Securities Group PLC		485,540		4,032,307
London Stock Exchange Group PLC		466,623		50,672,807
Mondi PLC		334,530		5,867,854
Next PLC		123,330		11,154,063
Persimmon PLC		398,318		5,921,764
Prudential PLC		2,569,117		35,675,593
Reckitt Benckiser Group PLC		540,190		40,466,740
RELX PLC		2,069,714		69,659,757
Rio Tinto PLC		928,716		61,386,007
Schroders PLC		1,266,356		7,471,239
Segro PLC		919,591		9,011,581
Spirax-Sarco Engineering PLC		69,592		9,939,111
SSE PLC		1,346,612		29,117,968
St. James’s Place PLC		1,068,765		12,901,191
Taylor Wimpey PLC		2,788,576		4,093,237
Unilever PLC		1,781,978		95,750,837
Wise PLC, Class A^(a)		808,242		8,061,302
WPP PLC		980,086		10,701,294


				891,470,692


Total Common Stocks — 99.1% (Cost: $6,185,112,304)				6,812,424,544


Preferred Stocks

Germany — 0.4%
Dr Ing hc F Porsche AG, Preference Shares, NVS^(b)		147,643		18,054,179


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

Schedule of Investments (continued)

July 31, 2023

iShares^® MSCI Intl Quality Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Germany (continued)
Sartorius AG, Preference Shares, NVS		24,633	$	10,163,067


				28,217,246


Total Preferred Stocks — 0.4% (Cost: $25,949,898)				28,217,246


Total Long-Term Investments — 99.5% (Cost: $6,211,062,202)				6,840,641,790


Short-Term Securities

Money Market Funds — 0.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.42%^(d)(e)(f)		631,555		631,745
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.22%^(d)(e)		1,540,000		1,540,000


Total Short-Term Securities — 0.1% (Cost: $2,171,682)				2,171,745


Total Investments — 99.6% (Cost: $6,213,233,884)				6,842,813,535

Other Assets Less Liabilities — 0.4%				30,823,866


Net Assets — 100.0%			$	6,873,637,401

^(a)	Non-income producing security.

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

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

^(d)	Affiliate of the Fund.

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

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

Affiliates



Affiliated Issuer	Value at 07/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 07/31/23		Shares Held at 07/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	626,988	^(a)	$	—	$	4,694		$	63	$	631,745		631,555	$	10,277	^(b)	$	—

BlackRock Cash Funds: Treasury, SL Agency Shares		910,000		630,000	^(a)		—		—			—		1,540,000		1,540,000		109,253			1

								$	4,694		$	63	$	2,171,745			$	119,530		$	1

^(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		37		09/07/23	$	6,062	$	273,392
Euro STOXX 50 Index		272		09/15/23		13,438		499,355
FTSE 100 Index		58		09/15/23		5,725		58,740
SPI 200 Index		48		09/21/23		5,952		242,195

							$	1,073,682


22		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

July 31, 2023

iShares^® MSCI Intl Quality Factor ETF

Derivative Financial Instruments Categorized by Risk Exposure

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



	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	1,073,682	$	—	$	—	$	—	$	1,073,682

^(a)

For the period ended July 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	3,437,782	$	—	$	—	$	—	$	3,437,782


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	297,624	$	—	$	—	$	—	$	297,624

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	28,712,325

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


Assets
Investments
Long-Term Investments
Common Stocks	$	590,609,419	$	6,221,815,125	$	—	$	6,812,424,544
Preferred Stocks		—		28,217,246		—		28,217,246
Short-Term Securities
Money Market Funds		2,171,745		—		—		2,171,745

	$	592,781,164	$	6,250,032,371	$	—	$	6,842,813,535

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	—	$	1,073,682	$	—	$	1,073,682

^(a)

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

See notes to financial statements.


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

Schedule of Investments

July 31, 2023

iShares^® MSCI Intl Size Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 6.8%
Ampol Ltd.		897	$	19,866
APA Group		2,832		19,051
Aristocrat Leisure Ltd.		675		17,878
ASX Ltd.		408		17,046
Aurizon Holdings Ltd.		7,854		20,128
Australia & New Zealand Banking Group Ltd.		1,070		18,564
BHP Group Ltd.		552		17,179
BlueScope Steel Ltd.		1,450		21,383
Brambles Ltd.		1,869		17,682
Cochlear Ltd.		110		17,696
Coles Group Ltd.		1,446		17,683
Commonwealth Bank of Australia		249		17,716
Computershare Ltd.		1,233		20,795
CSL Ltd.		81		14,589
Dexus		3,204		17,733
Endeavour Group Ltd./Australia		4,272		17,461
Fortescue Metals Group Ltd.		1,281		18,832
Goodman Group		1,311		18,127
GPT Group (The)		6,370		18,619
IDP Education Ltd.		969		16,239
IGO Ltd.		1,809		16,904
Insurance Australia Group Ltd.		5,139		20,515
James Hardie Industries PLC^(a)		722		21,160
Lendlease Corp. Ltd.		3,444		20,022
Lottery Corp. Ltd. (The)		5,571		19,387
Macquarie Group Ltd.		147		17,336
Medibank Pvt Ltd.		7,938		18,741
Mineral Resources Ltd.		351		16,959
Mirvac Group		11,769		18,551
National Australia Bank Ltd.		912		17,470
Newcrest Mining Ltd.		994		17,829
Northern Star Resources Ltd.		2,057		16,057
Orica Ltd.		1,806		19,163
Origin Energy Ltd.		3,300		18,787
Pilbara Minerals Ltd.		5,547		18,147
Qantas Airways Ltd.^(a)		4,158		18,269
QBE Insurance Group Ltd.		1,849		19,631
Ramsay Health Care Ltd.		414		16,406
REA Group Ltd.		204		21,627
Reece Ltd.		1,507		19,900
Rio Tinto Ltd.		240		19,004
Santos Ltd.		3,708		19,953
Scentre Group		9,708		18,370
SEEK Ltd.		1,191		19,973
Sonic Healthcare Ltd.		753		17,792
South32 Ltd.		6,726		17,711
Stockland		5,646		16,046
SunCorp.Group Ltd.		2,088		20,007
Telstra Corp. Ltd.		6,042		17,294
Transurban Group		1,707		16,481
Treasury Wine Estates Ltd.		2,001		15,145
Vicinity Ltd.		13,631		18,124
Washington H Soul Pattinson & Co. Ltd.		821		18,216
Wesfarmers Ltd.		498		16,639
Westpac Banking Corp.		1,188		17,857
WiseTech Global Ltd.		378		21,829
Woodside Energy Group Ltd.		768		19,795
Woolworths Group Ltd.		666		17,295


Security	Shares		Value

Australia (continued)
Xero Ltd.^(a)		253	$	20,797


				1,085,456

Austria — 0.5%
Erste Group Bank AG		531		20,070
OMV AG		402		18,112
Verbund AG		216		17,897
voestalpine AG^(b)		540		17,844


				73,923

Belgium — 1.3%
Ageas SA/NV		405		17,145
Anheuser-Busch InBev SA/NV		273		15,617
Argenx SE^(a)		42		21,153
D’ieteren Group		99		17,290
Elia Group SA/NV		144		17,730
Groupe Bruxelles Lambert NV		213		17,234
KBC Group NV		260		19,569
Sofina SA		81		19,260
Solvay SA		161		19,336
UCB SA		187		16,558
Umicore SA		579		17,147
Warehouses De Pauw CVA		591		17,462


				215,501

Canada — 10.0%
Agnico Eagle Mines Ltd.		330		17,300
Air Canada^(a)		1,156		21,303
Algonquin Power & Utilities Corp.		2,166		17,871
Alimentation Couche-Tard Inc.		339		17,163
AltaGas Ltd.		1,041		20,549
ARC Resources Ltd.		1,458		22,025
Bank of Montreal		191		17,749
Bank of Nova Scotia (The)		327		16,466
Barrick Gold Corp.		912		15,755
BCE Inc.		357		15,421
Brookfield Asset Management Ltd.		552		18,620
Brookfield Corp., Class A		535		18,675
Brookfield Renewable Corp., Class A		540		16,831
BRP Inc.		246		22,631
CAE Inc.^(a)		819		18,713
Cameco Corp.		699		24,575
Canadian Apartment Properties REIT		507		19,766
Canadian Imperial Bank of Commerce		411		18,102
Canadian National Railway Co.		140		16,970
Canadian Natural Resources Ltd.		305		18,548
Canadian Pacific Kansas City Ltd.		195		16,045
Canadian Tire Corp. Ltd., Class A, NVS		147		20,190
Canadian Utilities Ltd., Class A, NVS		681		16,960
CCL Industries Inc., Class B, NVS		363		17,403
Cenovus Energy Inc.		1,041		19,799
CGI Inc.^(a)		167		16,970
Constellation Software Inc./Canada		9		19,015
Descartes Systems Group Inc. (The)^(a)		238		18,563
Dollarama Inc.		282		18,575
Element Fleet Management Corp.		1,236		19,937
Emera Inc.		438		17,767
Empire Co. Ltd., Class A, NVS		695		18,874
Enbridge Inc.		435		15,993
Fairfax Financial Holdings Ltd.		25		19,945
First Quantum Minerals Ltd.		717		21,266
FirstService Corp.		120		18,794


24		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

July 31, 2023

iShares^® MSCI Intl Size Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Canada (continued)
Fortis Inc.		432	$	18,415
Franco-Nevada Corp.		117		17,073
George Weston Ltd.		141		16,237
GFL Environmental Inc.		482		16,460
Gildan Activewear Inc.		615		19,126
Great-West Lifeco Inc.		605		18,247
Hydro One Ltd.^(c)		627		17,688
iA Financial Corp. Inc.		274		18,984
IGM Financial Inc.		645		20,099
Imperial Oil Ltd.		366		19,718
Intact Financial Corp.		111		16,399
Ivanhoe Mines Ltd., Class A^(a)		2,076		22,009
Keyera Corp.		786		19,676
Kinross Gold Corp.		3,424		17,060
Loblaw Companies Ltd.		189		16,769
Lundin Mining Corp.		2,287		20,448
Magna International Inc.		342		21,996
Manulife Financial Corp.		876		17,511
Metro Inc.		318		17,115
National Bank of Canada		222		17,388
Northland Power Inc.		828		16,018
Nutrien Ltd.		270		18,606
Nuvei Corp.^(a)(c)		555		18,927
Onex Corp.		438		26,901
Open Text Corp.		436		18,727
Pan American Silver Corp.		1,146		19,398
Parkland Corp.		744		20,317
Pembina Pipeline Corp.		564		17,857
Power Corp. of Canada		663		18,784
Quebecor Inc., Class B		700		17,136
RB Global Inc.		315		20,343
Restaurant Brands International Inc.		243		18,603
RioCan REIT		1,239		18,839
Rogers Communications Inc., Class B, NVS		342		14,975
Royal Bank of Canada		165		16,358
Saputo Inc.		652		13,765
Shopify Inc., Class A^(a)		278		18,780
Sun Life Financial Inc.		342		17,999
Suncor Energy Inc.		589		18,430
TC Energy Corp.		426		15,268
Teck Resources Ltd., Class B		398		17,681
TELUS Corp.		780		13,889
TFI International Inc.		159		20,408
Thomson Reuters Corp.		127		17,143
TMX Group Ltd.		840		18,665
Toromont Industries Ltd.		228		19,426
Toronto-Dominion Bank (The)		279		18,399
Tourmaline Oil Corp.		399		20,678
West Fraser Timber Co. Ltd.		243		20,473
Wheaton Precious Metals Corp.		367		16,457
WSP Global Inc.		138		19,010


				1,607,807

Denmark — 1.6%
AP Moller—Maersk A/S, Class A		4		8,043
AP Moller—Maersk A/S, Class B, NVS		6		12,325
Carlsberg AS, Class B		102		15,298
Chr Hansen Holding A/S		234		17,682
Coloplast A/S, Class B		132		16,408
Danske Bank A/S		861		20,444
Demant A/S^(a)		432		17,191


Security	Shares		Value

Denmark (continued)
DSV A/S		90	$	18,013
Genmab A/S^(a)		42		17,312
Novo Nordisk A/S, Class B		95		15,319
Novozymes A/S, Class B		357		17,905
Orsted AS^(c)		189		16,447
Pandora A/S		204		20,407
Rockwool A/S, Class B		75		20,172
Tryg A/S		763		15,065
Vestas Wind Systems A/S^(a)		579		15,486


				263,517

Finland — 1.3%
Elisa OYJ		290		15,128
Fortum OYJ		1,230		16,651
Kesko OYJ, Class B		856		17,127
Kone OYJ, Class B		327		16,773
Metso OYJ		1,620		18,410
Neste OYJ		429		15,794
Nokia OYJ		4,260		16,746
Orion OYJ, Class B		414		15,910
Sampo OYJ, Class A		339		14,938
Stora Enso OYJ, Class R		1,479		18,131
UPM-Kymmene OYJ		564		18,673
Wartsila OYJ Abp		1,554		19,523


				203,804

France — 6.9%
Accor SA		522		19,696
Aeroports de Paris		114		15,742
Air Liquide SA		95		17,080
Airbus SE		119		17,529
Alstom SA		616		18,862
Amundi SA^(c)		271		16,630
ArcelorMittal SA		597		17,266
Arkema SA		189		20,382
AXA SA		549		16,876
BioMerieux		159		17,069
BNP Paribas SA		244		16,091
Bollore SE		2,730		17,261
Bouygues SA		525		18,806
Bureau Veritas SA		677		18,593
Capgemini SE		96		17,397
Carrefour SA		885		17,692
Cie. de Saint-Gobain		291		19,681
Cie. Generale des Etablissements Michelin SCA		597		19,550
Covivio		366		17,671
Credit Agricole SA		1,232		15,296
Danone SA		271		16,549
Dassault Aviation SA		97		18,843
Dassault Systemes SE		429		18,335
Edenred		276		17,926
Eiffage SA		162		16,854
Engie SA		1,062		17,422
EssilorLuxottica SA		84		16,899
Eurazeo SE		276		16,853
Eurofins Scientific SE		282		19,395
Euronext NV^(c)		249		18,952
Gecina SA		159		17,190
Getlink SE		990		17,402
Hermes International		7		15,493
Ipsen SA		150		18,904


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

Schedule of Investments (continued)

July 31, 2023

iShares^® MSCI Intl Size Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

France (continued)
Kering SA		30	$	17,225
Klepierre SA		741		19,669
La Francaise des Jeux SAEM^(c)		456		17,409
Legrand SA		195		19,550
L’Oreal SA		35		16,279
LVMH Moet Hennessy Louis Vuitton SE		17		15,789
Orange SA		1,367		15,452
Pernod Ricard SA		74		16,315
Publicis Groupe SA		229		18,463
Remy Cointreau SA		111		19,054
Renault SA		486		21,346
Safran SA		109		18,095
Sanofi		149		15,896
Sartorius Stedim Biotech		69		21,588
Schneider Electric SE		93		16,589
SEB SA		170		19,031
Societe Generale SA		711		19,337
Sodexo SA		162		16,618
Teleperformance		102		14,794
Thales SA		116		17,352
TotalEnergies SE		270		16,404
Unibail-Rodamco-Westfield, New^(a)		382		21,645
Valeo		930		21,022
Veolia Environnement SA		579		18,852
VInci SA		141		16,560
Vivendi SE		1,646		14,696
Wendel SE		171		16,880
Worldline SA/France^(a)(c)		393		15,578


				1,099,675

Germany — 5.7%
adidas AG		101		20,390
Allianz SE, Registered		72		17,208
BASF SE		345		18,496
Bayer AG, Registered		267		15,615
Bayerische Motoren Werke AG		129		15,732
Bechtle AG		453		19,938
Beiersdorf AG		126		16,318
Brenntag SE		220		17,069
Carl Zeiss Meditec AG, Bearer		150		17,382
Commerzbank AG		1,646		19,689
Continental AG		243		19,401
Covestro AG^(a)(c)		414		22,240
Daimler Truck Holding AG^(b)		540		20,266
Delivery Hero SE^(a)(c)		423		19,200
Deutsche Bank AG, Registered		1,617		17,925
Deutsche Boerse AG		90		17,244
Deutsche Lufthansa AG, Registered^(a)		1,604		16,178
Deutsche Post AG, Registered		387		19,901
Deutsche Telekom AG, Registered		699		15,239
E.ON SE		1,359		17,192
Evonik Industries AG		906		18,766
Fresenius Medical Care AG & Co. KGaA		377		19,579
Fresenius SE & Co. KGaA		587		18,421
GEA Group AG		426		18,080
Hannover Rueck SE		87		18,564
HeidelbergCement AG		237		19,208
HelloFresh SE^(a)		780		22,242
Henkel AG & Co. KGaA		84		5,870
Infineon Technologies AG		439		19,288
Knorr-Bremse AG		246		17,303


Security	Shares		Value

Germany (continued)
LEG Immobilien SE^(a)		330	$	23,332
Mercedes-Benz Group AG		219		17,490
Merck KGaA		90		15,815
MTU Aero Engines AG		70		16,346
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		47		17,693
Nemetschek SE		237		17,246
Puma SE		354		23,924
Rational AG		27		20,211
Rheinmetall AG		61		17,278
RWE AG		372		16,010
SAP SE		121		16,506
Scout24 SE^(c)		295		19,501
Siemens AG, Registered		95		16,192
Siemens Healthineers AG^(c)		291		16,908
Symrise AG, Class A		156		17,040
Talanx AG^(a)(b)		324		19,842
Telefonica Deutschland Holding AG		5,947		16,023
Volkswagen AG		9		1,438
Vonovia SE		903		21,040
Wacker Chemie AG		132		20,511
Zalando SE^(a)(c)		540		18,643


				908,933

Hong Kong — 3.6%
AIA Group Ltd.		1,600		16,008
BOC Hong Kong Holdings Ltd.		6,000		18,312
Budweiser Brewing Co. APAC Ltd.^(c)		6,600		16,098
CK Asset Holdings Ltd.		3,000		17,373
CK Hutchison Holdings Ltd.		2,500		15,418
CK Infrastructure Holdings Ltd.		3,000		15,898
CLP Holdings Ltd.		2,500		20,378
ESR Group Ltd.^(c)		12,600		22,095
Futu Holdings Ltd., ADR^(a)(b)		486		29,257
Galaxy Entertainment Group Ltd.^(a)		3,000		21,899
Hang Lung Properties Ltd.		12,000		18,727
Hang Seng Bank Ltd.		1,200		18,343
Henderson Land Development Co. Ltd.		5,464		16,890
HKT Trust & HKT Ltd., Class SS		15,000		17,718
Hong Kong & China Gas Co. Ltd.		18,676		16,021
Hong Kong Exchanges & Clearing Ltd.		400		16,865
Hongkong Land Holdings Ltd.^(b)		4,200		14,968
Jardine Matheson Holdings Ltd.		300		14,819
Link REIT		2,860		16,076
MTR Corp. Ltd.		3,500		16,129
New World Development Co. Ltd.		7,000		17,311
Power Assets Holdings Ltd.		3,000		15,724
Sands China Ltd.^(a)		4,800		18,492
Sino Land Co. Ltd.		12,000		14,730
SITC International Holdings Co. Ltd.		12,000		26,294
Sun Hung Kai Properties Ltd.		1,500		18,835
Swire Pacific Ltd., Class A		2,000		16,718
Swire Properties Ltd.		7,200		18,067
Techtronic Industries Co. Ltd.		1,500		17,041
WH Group Ltd.^(c)		34,500		18,830
Wharf Real Estate Investment Co. Ltd.		3,000		16,099
Xinyi Glass Holdings Ltd.		12,000		19,969


				577,402

Ireland — 0.8%
AIB Group PLC		4,268		20,075


26		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

July 31, 2023

iShares^® MSCI Intl Size Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Ireland (continued)
Bank of Ireland Group PLC		1,876	$	19,793
CRH PLC		347		20,671
Flutter Entertainment PLC, Class DI^(a)		85		16,907
Kerry Group PLC, Class A		169		16,790
Kingspan Group PLC		257		20,628
Smurfit Kappa Group PLC		490		19,390


				134,254

Israel — 1.7%
Azrieli Group Ltd.		291		16,559
Bank Hapoalim BM		2,037		18,094
Bank Leumi Le-Israel BM		2,166		17,290
Check Point Software Technologies Ltd.^(a)		144		19,038
CyberArk Software Ltd.^(a)		122		20,253
Elbit Systems Ltd.		87		18,499
ICL Group Ltd.		3,015		20,075
Isracard Ltd.		1		2
Israel Discount Bank Ltd., Class A		3,477		18,417
Mizrahi Tefahot Bank Ltd.		504		18,197
Monday.com Ltd.^(a)		120		21,694
Nice Ltd.^(a)		93		20,244
Teva Pharmaceutical Industries Ltd., ADR^(a)		2,217		18,623
Tower Semiconductor Ltd.^(a)		456		16,912
Wix.com Ltd.^(a)		237		22,354


				266,251

Italy — 2.5%
Amplifon SpA		498		16,848
Assicurazioni Generali SpA		797		16,977
DiaSorin SpA		168		18,848
Enel SpA		2,603		17,948
Eni SpA		1,143		17,450
Ferrari NV		57		18,273
FinecoBank Banca Fineco SpA		1,320		20,496
Infrastrutture Wireless Italiane SpA^(c)		1,390		17,432
Intesa Sanpaolo SpA		6,573		19,007
Mediobanca Banca di Credito Finanziario SpA		1,686		22,469
Moncler SpA		256		18,477
Nexi SpA^(a)(c)		1,998		17,303
Poste Italiane SpA^(c)		1,767		20,185
Prysmian SpA		495		19,738
Recordati Industria Chimica e Farmaceutica SpA		376		19,417
Snam SpA		3,306		17,379
Stellantis NV		1,047		21,482
Telecom Italia SpA/Milano^(a)		61,751		17,801
Tenaris SA		1,312		21,802
Terna - Rete Elettrica Nazionale		2,163		18,275
UniCredit SpA		806		20,408


				398,015

Japan — 27.2%
Advantest Corp.		200		27,662
Aeon Co. Ltd.		900		19,493
AGC Inc.		600		21,680
Aisin Corp.		600		19,497
Ajinomoto Co. Inc.		600		23,379
ANA Holdings Inc.^(a)		900		21,577
Asahi Group Holdings Ltd.		300		11,793
Asahi Intecc Co. Ltd.		900		18,469
Asahi Kasei Corp.		2,700		18,400
Astellas Pharma Inc.		1,200		17,547
Azbil Corp.		600		18,933


Security	Shares		Value

Japan (continued)
Bandai Namco Holdings Inc.		600	$	13,575
BayCurrent Consulting Inc.		600		19,377
Bridgestone Corp.		300		12,449
Brother Industries Ltd.		1,200		18,706
Canon Inc.		600		15,507
Capcom Co. Ltd.		400		17,987
Central Japan Railway Co.		100		12,743
Chiba Bank Ltd. (The)		3,000		21,094
Chubu Electric Power Co. Inc.		1,500		18,792
Chugai Pharmaceutical Co. Ltd.		600		17,857
Concordia Financial Group Ltd.		4,800		21,955
CyberAgent Inc.		2,400		15,172
Dai Nippon Printing Co. Ltd.		600		17,056
Daifuku Co. Ltd.		900		19,248
Dai-ichi Life Holdings Inc.		900		18,389
Daiichi Sankyo Co. Ltd.		600		18,480
Daito Trust Construction Co. Ltd.		300		32,271
Daiwa House Industry Co. Ltd.		600		16,307
Daiwa House REIT Investment Corp.		9		17,719
Daiwa Securities Group Inc.		3,900		21,142
Denso Corp.		300		20,888
Dentsu Group Inc.		600		20,077
Disco Corp.		100		18,798
East Japan Railway Co.		300		16,984
Eisai Co. Ltd.		300		18,928
ENEOS Holdings Inc.		5,150		18,685
FANUC Corp.		600		18,355
Fuji Electric Co. Ltd.		300		13,563
FUJIFILM Holdings Corp.		300		17,420
Fujitsu Ltd.		100		12,949
GLP J-Reit		18		17,733
GMO Payment Gateway Inc.		300		22,887
Hakuhodo DY Holdings Inc.		1,500		17,257
Hamamatsu Photonics KK		300		14,454
Hankyu Hanshin Holdings Inc.		600		19,934
Hikari Tsushin Inc.		100		14,839
Hirose Electric Co. Ltd.		100		12,666
Hitachi Construction Machinery Co. Ltd.		900		27,008
Hitachi Ltd.		300		19,639
Honda Motor Co. Ltd.		600		19,129
Hoshizaki Corp.		500		19,175
Hulic Co. Ltd.		2,100		17,880
Ibiden Co. Ltd.		300		18,234
Idemitsu Kosan Co. Ltd.		964		20,357
Iida Group Holdings Co. Ltd.		900		15,788
Inpex Corp.		1,500		19,368
Isuzu Motors Ltd.		1,500		19,486
ITOCHU Corp.		600		24,267
Itochu Techno-Solutions Corp.		600		15,206
Japan Airlines Co. Ltd.		900		19,486
Japan Exchange Group Inc.		1,200		20,908
Japan Metropolitan Fund Invest		27		18,519
Japan Post Bank Co. Ltd.		2,400		19,967
Japan Post Holdings Co. Ltd.		2,400		17,526
Japan Post Insurance Co. Ltd.		1,200		19,392
Japan Real Estate Investment Corp.		6		24,133
Japan Tobacco Inc.		900		19,971
JFE Holdings Inc.		1,500		24,264
JSR Corp.		900		25,818
Kajima Corp.		1,200		18,963


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

Schedule of Investments (continued)

July 31, 2023

iShares^® MSCI Intl Size Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Japan (continued)
Kansai Electric Power Co. Inc. (The)		1,500	$	19,706
Kao Corp.		600		22,795
Kawasaki Kisen Kaisha Ltd.		900		27,139
KDDI Corp.		600		17,659
Keio Corp.		600		19,944
Keisei Electric Railway Co. Ltd.		600		24,903
Kikkoman Corp.		300		17,289
Kintetsu Group Holdings Co. Ltd.		600		20,128
Kirin Holdings Co. Ltd.		1,200		17,725
Kobayashi Pharmaceutical Co. Ltd.		300		16,491
Kobe Bussan Co. Ltd.		600		15,981
Koei Tecmo Holdings Co. Ltd.		900		15,400
Koito Manufacturing Co. Ltd.		900		16,549
Komatsu Ltd.		600		16,809
Konami Group Corp.		300		16,829
Kose Corp.		200		19,585
Kubota Corp.		1,200		18,127
Kurita Water Industries Ltd.		300		12,065
Kyocera Corp.		300		16,144
Kyowa Kirin Co. Ltd.		900		17,186
Lasertec Corp.		100		15,138
Lixil Corp.		1,500		19,170
M3 Inc.		900		20,811
Makita Corp.		600		16,849
Marubeni Corp.		1,200		21,246
MatsukiyoCocokara & Co.		300		17,556
Mazda Motor Corp.		2,100		20,833
McDonald’s Holdings Co. Japan Ltd.		400		15,745
MEIJI Holdings Co. Ltd.		900		20,793
MINEBEA MITSUMI Inc.		900		16,671
MISUMI Group Inc.		600		10,976
Mitsubishi Chemical Group Corp.		3,000		17,945
Mitsubishi Corp.		300		15,350
Mitsubishi Electric Corp.		1,500		21,647
Mitsubishi Estate Co. Ltd.		1,500		18,384
Mitsubishi HC Capital Inc.		3,300		21,831
Mitsubishi Heavy Industries Ltd.		400		18,978
Mitsubishi UFJ Financial Group Inc.		2,400		19,325
Mitsui & Co. Ltd.		600		23,418
Mitsui Chemicals Inc.		600		17,252
Mitsui Fudosan Co. Ltd.		900		18,490
Mitsui OSK Lines Ltd.		900		23,267
Mizuho Financial Group Inc.		1,200		20,358
MonotaRO Co. Ltd.		1,200		14,646
MS&AD Insurance Group Holdings Inc.		600		22,316
Murata Manufacturing Co. Ltd.		300		17,821
NEC Corp.		300		15,179
Nexon Co. Ltd.		900		17,171
NGK Insulators Ltd.		1,500		18,396
Nidec Corp.		300		17,917
Nintendo Co. Ltd.		300		13,570
Nippon Building Fund Inc.		5		20,959
Nippon Express Holdings Inc.		300		17,589
Nippon Paint Holdings Co. Ltd.		2,100		19,241
Nippon Prologis REIT Inc.		9		18,404
Nippon Sanso Holdings Corp.		900		21,763
Nippon Shinyaku Co. Ltd.		300		12,132
Nippon Steel Corp.		900		20,571
Nippon Telegraph & Telephone Corp.		15,000		17,201
Nippon Yusen KK		900		21,894


Security	Shares		Value

Japan (continued)
Nissan Chemical Corp.		300	$	13,481
Nissan Motor Co. Ltd.		5,100		22,466
Nisshin Seifun Group Inc.		1,500		18,602
Nissin Foods Holdings Co. Ltd.		300		25,295
Nitori Holdings Co. Ltd.		100		12,245
Nitto Denko Corp.		300		21,333
Nomura Holdings Inc.		5,100		21,099
Nomura Real Estate Holdings Inc.		900		22,323
Nomura Real Estate Master Fund Inc.		16		19,036
Nomura Research Institute Ltd.		660		18,754
NTT Data Group Corp.		1,200		16,693
Obayashi Corp.		2,400		22,190
Obic Co. Ltd.		100		16,364
Odakyu Electric Railway Co. Ltd.		1,200		17,533
Oji Holdings Corp.		4,800		18,952
Olympus Corp.		1,200		19,580
Omron Corp.		300		16,103
Ono Pharmaceutical Co. Ltd.		900		16,493
Open House Group Co. Ltd.		600		22,831
Oracle Corp. Japan		300		21,030
Oriental Land Co. Ltd./Japan		300		11,506
ORIX Corp.		900		17,313
Osaka Gas Co. Ltd.		1,200		18,882
Otsuka Corp.		600		24,986
Otsuka Holdings Co. Ltd.		600		22,060
Pan Pacific International Holdings Corp.		900		17,794
Panasonic Holdings Corp.		1,800		22,218
Persol Holdings Co. Ltd.		900		17,803
Rakuten Group Inc.		4,200		16,450
Recruit Holdings Co. Ltd.		600		20,781
Renesas Electronics Corp.^(a)		1,200		23,153
Resona Holdings Inc.		3,900		21,232
Ricoh Co. Ltd.		2,400		21,350
Rohm Co. Ltd.		300		28,112
SBI Holdings Inc.		900		19,006
SCSK Corp.		1,200		19,950
Secom Co. Ltd.		300		20,131
Seiko Epson Corp.		1,200		19,706
Sekisui Chemical Co. Ltd.		1,200		18,227
Sekisui House Ltd.		900		18,362
Seven & i Holdings Co. Ltd.		300		12,446
SG Holdings Co. Ltd.		1,200		17,512
Sharp Corp./Japan^(a)		3,000		17,838
Shimadzu Corp.		600		18,222
Shimano Inc.		100		15,073
Shimizu Corp.		3,000		20,669
Shin-Etsu Chemical Co. Ltd.		600		19,767
Shionogi & Co. Ltd.		300		12,572
Shiseido Co. Ltd.		300		13,153
Shizuoka Financial Group Inc., NVS		2,400		20,045
SoftBank Corp.		1,500		16,657
SoftBank Group Corp.		400		20,345
Sompo Holdings Inc.		300		13,263
Sony Group Corp.		200		18,733
Square Enix Holdings Co. Ltd.		300		13,896
Subaru Corp.		1,200		22,744
SUMCO Corp.		1,500		21,858
Sumitomo Chemical Co. Ltd.		6,000		18,505
Sumitomo Corp.		900		19,308
Sumitomo Electric Industries Ltd.		1,500		19,233


28		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

July 31, 2023

iShares^® MSCI Intl Size Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Japan (continued)
Sumitomo Metal Mining Co. Ltd.		600	$	20,721
Sumitomo Mitsui Financial Group Inc.		300		14,055
Sumitomo Mitsui Trust Holdings Inc.		600		23,341
Sumitomo Realty & Development Co. Ltd.		900		24,119
Suntory Beverage & Food Ltd.		600		21,358
Suzuki Motor Corp.		600		24,099
Sysmex Corp.		300		20,315
T&D Holdings Inc.		1,200		19,511
Taisei Corp.		600		22,738
Takeda Pharmaceutical Co. Ltd.		551		16,847
TDK Corp.		600		22,985
Terumo Corp.		600		19,649
TIS Inc.		600		15,218
Tobu Railway Co. Ltd.		700		18,523
Toho Co. Ltd./Tokyo		300		11,695
Tokio Marine Holdings Inc.		900		20,695
Tokyo Electric Power Co. Holdings Inc.^(a)		5,400		21,444
Tokyo Electron Ltd.		100		15,009
Tokyo Gas Co. Ltd.		900		20,408
Tokyu Corp.		1,200		15,225
Toppan Inc.		900		21,185
Toray Industries Inc.		3,300		18,478
Toshiba Corp.		600		19,372
Tosoh Corp.		1,500		19,606
TOTO Ltd.		600		18,445
Toyota Industries Corp.		300		21,680
Toyota Motor Corp.		1,200		20,176
Toyota Tsusho Corp.		300		17,552
Trend Micro Inc./Japan		300		14,174
Unicharm Corp.		400		14,799
USS Co. Ltd.		1,200		20,808
Welcia Holdings Co. Ltd.		900		16,941
West Japan Railway Co.		300		12,325
Yakult Honsha Co. Ltd.		300		16,646
Yamaha Corp.		400		15,499
Yamaha Motor Co. Ltd.		900		26,396
Yamato Holdings Co. Ltd.		900		16,855
Yaskawa Electric Corp.		600		26,082
Yokogawa Electric Corp.		900		16,901
Z Holdings Corp.		6,900		19,237
ZOZO Inc.		900		17,570


				4,364,360

Netherlands — 3.0%
ABN AMRO Bank NV, CVA^(c)		1,094		18,601
Adyen NV^(a)(c)		12		22,272
Aegon NV		3,941		21,393
AerCap Holdings NV^(a)		297		18,952
Akzo Nobel NV		228		19,505
ASM International NV		46		21,854
ASML Holding NV		24		17,190
Davide Campari-Milano NV		1,354		18,210
EXOR NV, NVS		204		19,063
Ferrovial SE		554		18,359
Heineken Holding NV		173		14,182
Heineken NV		155		15,172
IMCD NV		126		19,093
ING Groep NV		1,323		19,311
JDE Peet’s NV		561		16,925
Just Eat Takeaway.com NV^(a)(c)		993		17,814
Koninklijke Ahold Delhaize NV		493		16,993


Security	Shares		Value

Netherlands (continued)
Koninklijke KPN NV		5,125	$	18,544
Koninklijke Philips NV^(a)		870		18,073
NN Group NV		483		18,516
OCI NV		726		20,691
Prosus NV		224		17,720
QIAGEN NV^(a)		396		18,581
Randstad NV		348		20,388
Universal Music Group NV		840		21,546
Wolters Kluwer NV		150		18,836


				487,784

New Zealand — 0.7%
Auckland International Airport Ltd.^(a)		3,471		18,119
EBOS Group Ltd.		654		15,673
Fisher & Paykel Healthcare Corp. Ltd.		1,086		16,580
Mercury NZ Ltd.		4,586		18,780
Meridian Energy Ltd.		5,363		18,823
Spark New Zealand Ltd.		5,409		17,415


				105,390

Norway — 1.4%
Adevinta ASA^(a)		2,400		17,753
Aker BP ASA		859		24,063
DNB Bank ASA		933		19,227
Equinor ASA		612		18,720
Gjensidige Forsikring ASA		1,080		17,049
Kongsberg Gruppen ASA		380		16,489
Mowi ASA		1,064		18,705
Norsk Hydro ASA		2,772		18,155
Orkla ASA		2,427		19,151
Salmar ASA		431		19,911
Telenor ASA		1,533		16,411
Yara International ASA		447		18,256


				223,890

Portugal — 0.4%
EDP - Energias de Portugal SA		3,378		15,782
Galp Energia SGPS SA		1,572		20,891
Jeronimo Martins SGPS SA		706		19,221


				55,894

Singapore — 2.6%
CapitaLand Ascendas REIT		9,307		19,681
CapitaLand Integrated Commercial Trust		12,349		18,959
Capitaland Investment Ltd./Singapore		6,900		17,660
City Developments Ltd.		3,600		20,031
DBS Group Holdings Ltd.		600		15,478
Genting Singapore Ltd.		24,000		16,976
Grab Holdings Ltd., Class A^(a)		6,504		24,910
Jardine Cycle & Carriage Ltd.		600		15,486
Keppel Corp. Ltd.		3,900		21,658
Mapletree Logistics Trust		15,090		19,184
Mapletree Pan Asia Commercial Trust		14,800		18,382
Oversea-Chinese Banking Corp. Ltd.		1,800		18,014
Sea Ltd., ADR^(a)		248		16,497
Seatrium Ltd.^(a)		197,559		20,938
Singapore Airlines Ltd.		3,800		21,527
Singapore Exchange Ltd.		2,500		18,275
Singapore Technologies Engineering Ltd.		6,600		18,530
Singapore Telecommunications Ltd.		9,200		18,456
United Overseas Bank Ltd.		900		20,415
UOL Group Ltd.		3,600		19,048
Venture Corp. Ltd.		1,800		20,293


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

Schedule of Investments (continued)

July 31, 2023

iShares^® MSCI Intl Size Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Singapore (continued)
Wilmar International Ltd.		6,000	$	17,434


				417,832

Spain — 2.1%
Acciona SA		105		15,739
ACS Actividades de Construccion y Servicios SA		569		19,903
Aena SME SA^(c)		108		17,247
Amadeus IT Group SA		249		17,862
Banco Bilbao Vizcaya Argentaria SA		2,557		20,268
Banco Santander SA		5,439		22,040
CaixaBank SA		5,046		20,412
Cellnex Telecom SA^(c)		423		17,275
Corp. ACCIONA Energias Renovables SA		564		17,752
EDP Renovaveis SA		834		15,930
Enagas SA		290		5,147
Endesa SA		867		18,582
Grifols SA^(a)		1,488		21,859
Iberdrola SA		1,464		18,267
Industria de Diseno Textil SA		522		19,981
Naturgy Energy Group SA		630		19,209
Redeia Corp. SA		391		6,540
Repsol SA		1,308		19,970
Telefonica SA		4,275		18,215


				332,198

Sweden — 4.5%
Alfa Laval AB		475		17,781
Assa Abloy AB, Class B		734		17,647
Atlas Copco AB, Class A		750		10,654
Atlas Copco AB, Class B		483		5,965
Beijer Ref AB, Class B		1,182		16,073
Boliden AB		522		15,352
Embracer Group AB, Class B^(a)		4,755		13,648
Epiroc AB, Class A		585		11,680
Epiroc AB, Class B		393		6,677
EQT AB		870		20,782
Essity AB, Class B		604		14,977
Evolution AB^(c)		129		15,907
Fastighets AB Balder, Class B^(a)		5,118		23,883
Getinge AB, Class B		765		14,254
H & M Hennes & Mauritz AB, Class B		1,274		21,428
Hexagon AB, Class B		1,548		15,009
Holmen AB, Class B		465		17,912
Husqvarna AB, Class B		2,190		21,481
Industrivarden AB, Class A		291		8,264
Industrivarden AB, Class C		357		10,114
Indutrade AB		737		15,467
Investment AB Latour, Class B		837		16,867
Investor AB, Class A		183		3,716
Investor AB, Class B		649		13,255
Kinnevik AB, Class B^(a)		1,128		15,396
L E Lundbergforetagen AB, Class B		390		17,187
Lifco AB, Class B		793		15,988
Nibe Industrier AB, Class B		1,620		14,593
Nordea Bank Abp		1,629		18,438
Saab AB, Class B		318		16,762
Sagax AB, Class B		825		18,320
Sandvik AB		900		18,281
Securitas AB, Class B		2,199		18,717
Skandinaviska Enskilda Banken AB, Class A		1,578		19,129
Skanska AB, Class B		1,203		19,187


Security	Shares		Value

Sweden (continued)
SKF AB, Class B		1,074	$	20,462
Svenska Cellulosa AB SCA, Class B		1,281		17,021
Svenska Handelsbanken AB, Class A		2,115		18,570
Swedbank AB, Class A		1,092		20,029
Swedish Orphan Biovitrum AB^(a)		783		15,326
Tele2 AB, Class B		1,896		14,267
Telefonaktiebolaget LM Ericsson, Class B		3,408		17,144
Telia Co. AB		6,783		14,577
Volvo AB, Class A		102		2,313
Volvo AB, Class B		792		17,470
Volvo Car AB, Class B^(a)		4,977		24,601


				722,571

Switzerland — 4.9%
ABB Ltd., Registered		447		17,937
Adecco Group AG, Registered		531		21,641
Alcon Inc.		211		17,954
Bachem Holding AG, Class A		176		16,257
Baloise Holding AG, Registered		117		18,110
Banque Cantonale Vaudoise, Registered		183		20,540
Barry Callebaut AG, Registered		9		16,875
BKW AG		100		17,894
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		1		12,230
Cie. Financiere Richemont SA, Class A, Registered		98		15,781
Clariant AG, Registered		1,236		20,253
Coca-Cola HBC AG, Class DI		574		16,889
DSM-Firmenich AG		132		14,586
Dufry AG, Registered^(a)		396		20,461
EMS-Chemie Holding AG, Registered		22		18,362
Geberit AG, Registered		30		17,025
Givaudan SA, Registered		5		16,877
Helvetia Holding AG, Registered		123		18,202
Holcim Ltd.		262		18,261
Julius Baer Group Ltd.		258		18,274
Kuehne + Nagel International AG, Registered		60		18,774
Logitech International SA, Registered		285		20,149
Lonza Group AG, Registered		27		15,688
Nestle SA, Registered		130		15,928
Novartis AG, Registered		160		16,752
Partners Group Holding AG		18		20,207
Roche Holding AG, Bearer		3		995
Roche Holding AG, NVS		48		14,882
Schindler Holding AG, Participation Certificates, NVS		51		12,384
Schindler Holding AG, Registered		33		7,651
SGS SA		204		19,807
Siemens Energy AG^(a)		676		11,453
SIG Group AG		634		16,949
Sika AG, Registered		63		19,608
Sonova Holding AG, Registered		60		16,725
STMicroelectronics NV		384		20,539
Straumann Holding AG		113		18,698
Swatch Group AG (The), Bearer		42		13,442
Swatch Group AG (The), Registered		84		5,044
Swiss Life Holding AG, Registered		30		19,076
Swiss Prime Site AG, Registered		189		18,297
Swiss Re AG		171		17,842
Swisscom AG, Registered		27		17,363
Temenos AG, Registered		219		18,835
UBS Group AG, Registered		845		18,750
VAT Group AG^(c)		49		20,827


30		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

July 31, 2023

iShares^® MSCI Intl Size Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Switzerland (continued)
Zurich Insurance Group AG		33	$	15,955


				787,029

United Kingdom — 9.6%
3i Group PLC		733		18,597
abrdn PLC		7,158		21,302
Admiral Group PLC		657		17,938
Anglo American PLC		591		18,174
Antofagasta PLC		1,038		22,327
Ashtead Group PLC		285		21,085
Associated British Foods PLC		754		19,843
AstraZeneca PLC		114		16,379
Auto Trader Group PLC^(c)		2,327		19,299
Aviva PLC		3,480		17,338
BAE Systems PLC		1,344		16,073
Barclays PLC		8,124		16,121
Barratt Developments PLC		3,000		17,561
Berkeley Group Holdings PLC		355		19,794
BP PLC		2,802		17,385
British American Tobacco PLC		492		16,545
British Land Co. PLC (The)		4,644		20,151
BT Group PLC		9,425		14,769
Bunzl PLC		459		17,014
Burberry Group PLC		645		18,412
Centrica PLC		12,630		22,382
CNH Industrial NV		1,245		17,981
Coca-Cola Europacific Partners PLC		265		16,798
Compass Group PLC		614		15,975
Croda International PLC		228		17,263
DCC PLC		301		17,428
Diageo PLC		375		16,366
Endeavour Mining PLC		748		18,024
Entain PLC		933		16,618
Experian PLC		462		17,854
Glencore PLC		3,051		18,554
GSK PLC		945		16,822
Haleon PLC		3,776		16,299
Halma PLC		583		16,743
Hargreaves Lansdown PLC		1,887		20,646
Hikma Pharmaceuticals PLC		801		21,511
HSBC Holdings PLC		2,147		17,834
Imperial Brands PLC		738		17,436
Informa PLC		1,996		19,421
InterContinental Hotels Group PLC		272		20,103
Intertek Group PLC		360		20,167
J Sainsbury PLC		5,085		18,105
JD Sports Fashion PLC		9,167		18,569
Johnson Matthey PLC		768		17,762
Kingfisher PLC^(b)		5,955		18,778
Land Securities Group PLC		2,148		17,839
Legal & General Group PLC		5,445		16,318
Lloyds Banking Group PLC		28,929		16,714
London Stock Exchange Group PLC		162		17,592
M&G PLC		7,227		18,616
Mondi PLC		1,155		20,259
National Grid PLC		1,293		17,138
NatWest Group PLC, NVS		4,992		15,670
Next PLC		222		20,078
Ocado Group PLC^(a)		3,813		45,903
Pearson PLC		1,689		18,683
Persimmon PLC		1,260		18,732


Security	Shares		Value

United Kingdom (continued)
Phoenix Group Holdings PLC		2,316	$	16,363
Prudential PLC		1,096		15,219
Reckitt Benckiser Group PLC		210		15,732
RELX PLC		570		19,184
Rentokil Initial PLC		2,231		18,192
Rio Tinto PLC		270		17,846
Rolls-Royce Holdings PLC^(a)		9,209		21,836
Sage Group PLC (The)		1,755		21,110
Schroders PLC		3,252		19,186
Segro PLC		1,617		15,846
Severn Trent PLC		528		17,305
Shell PLC		531		16,093
Smith & Nephew PLC		1,127		17,145
Smiths Group PLC		903		19,694
Spirax-Sarco Engineering PLC		132		18,852
SSE PLC		798		17,255
St. James’s Place PLC		1,297		15,656
Standard Chartered PLC		2,154		20,690
Taylor Wimpey PLC		12,143		17,824
Tesco PLC		5,108		16,918
Unilever PLC		312		16,765
United Utilities Group PLC		1,383		17,735
Vodafone Group PLC		14,985		14,255
Whitbread PLC		447		20,080
Wise PLC, Class A^(a)		2,421		24,147
WPP PLC		1,602		17,492


				1,533,508


Total Common Stocks — 99.1% (Cost: $16,159,850)				15,864,994


Preferred Stocks

Germany — 0.5%
Bayerische Motoren Werke AG, Preference Shares, NVS		23		2,584
Dr Ing hc F Porsche AG, Preference Shares, NVS^(c)		129		15,774
Henkel AG & Co. KGaA, Preference Shares, NVS		132		10,186
Porsche Automobil Holding SE, Preference Shares, NVS		318		18,764
Sartorius AG, Preference Shares, NVS		48		19,804
Volkswagen AG, Preference Shares, NVS		104		13,777


				80,889


Total Preferred Stocks — 0.5% (Cost: $93,150)				80,889


Total Long-Term Investments — 99.6% (Cost: $16,253,000)				15,945,883


Short-Term Securities

Money Market Funds — 0.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.42%^(d)(e)(f)		102,064		102,095


Total Short-Term Securities — 0.6% (Cost: $102,079)				102,095


Total Investments — 100.2% (Cost: $16,355,079)				16,047,978

Liabilities in Excess of Other Assets — (0.2)%				(29,495	)


Net Assets — 100.0%			$	16,018,483


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

Schedule of Investments (continued)

July 31, 2023

iShares^® MSCI Intl Size Factor ETF

^(a)	Non-income producing security.

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

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

^(d)	Affiliate of the Fund.

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

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

Affiliates



Affiliated Issuer	Value at 07/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 07/31/23		Shares Held at 07/31/23		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	115,977	$	—		$	(13,931	)^(a)	$	37	$	12	$	102,095		102,064	$	1,878	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares^(c)		—		0	^(a)		—			—		—		—		—		320			—


									$	37	$	12	$	102,095			$	2,198		$	—

^(a)

Represents net amount purchased (sold).

^(b)

^(c)

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts



Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)

Long Contracts
Mini TOPIX Index		1		09/07/23	$	16	$	491
Euro STOXX 50 Index		1		09/15/23		50		1,834

							$	2,325

Derivative Financial Instruments Categorized by Risk Exposure

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


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	2,325	$	—	$	—	$	—	$	2,325

(a)


32		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

July 31, 2023

iShares^® MSCI Intl Size Factor ETF

For the period ended July 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	23,942	$	—	$	—	$	—	$	23,942

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	57	$	—	$	—	$	—	$	57

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	97,957

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

Assets
Investments
Long-Term Investments
Common Stocks	$	2,016,052	$	13,848,942	$	—	$	15,864,994
Preferred Stocks		—		80,889		—		80,889
Short-Term Securities
Money Market Funds		102,095		—		—		102,095


	$	2,118,147	$	13,929,831	$	—	$	16,047,978

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	—	$	2,325	$	—	$	2,325

^(a)

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

See notes to financial statements.


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

Schedule of Investments

July 31, 2023

iShares^® MSCI Intl Value Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 2.4%
Aurizon Holdings Ltd.		388,733	$	996,250
BHP Group Ltd.		539,340		16,785,267
BlueScope Steel Ltd.		124,001		1,828,648
Dexus		159,125		880,723
Fortescue Metals Group Ltd.		245,638		3,611,057
Mirvac Group		910,750		1,435,615
Qantas Airways Ltd.^(a)		98,346		432,110
Rio Tinto Ltd.		50,797		4,022,350
Santos Ltd.		324,663		1,747,008
Sonic Healthcare Ltd.		72,770		1,719,395
South32 Ltd.		1,056,319		2,781,494
Stockland		695,371		1,976,266
Vicinity Ltd.		673,108		894,967
Woodside Energy Group Ltd.		136,889		3,528,338


				42,639,488

Austria — 0.3%
Erste Group Bank AG		78,672		2,973,477
OMV AG		32,408		1,460,113
voestalpine AG^(b)		37,546		1,240,721


				5,674,311

Belgium — 0.9%
Ageas SA/NV		29,562		1,251,455
Anheuser-Busch InBev SA/NV		187,048		10,700,202
Solvay SA		13,345		1,602,711
UCB SA		23,862		2,112,915


				15,667,283

Canada — 2.9%
AltaGas Ltd.		87,826		1,733,675
Canadian Tire Corp. Ltd., Class A, NVS		9,242		1,269,343
CGI Inc.^(a)		38,061		3,867,724
Empire Co. Ltd., Class A, NVS		44,294		1,202,873
Fairfax Financial Holdings Ltd.		4,098		3,269,450
George Weston Ltd.		11,700		1,347,321
iA Financial Corp. Inc.		11,410		790,519
Kinross Gold Corp.		191,918		956,206
Loblaw Companies Ltd.		26,515		2,352,599
Lundin Mining Corp.		108,685		971,748
Magna International Inc.		50,522		3,249,362
Manulife Financial Corp.		348,166		6,959,887
Metro Inc.		39,850		2,144,735
Nutrien Ltd.		79,491		5,477,835
Onex Corp.		11,475		704,782
Open Text Corp.		102,652		4,409,213
Power Corp. of Canada		77,402		2,192,954
Saputo Inc.		44,274		934,735
Teck Resources Ltd., Class B		108,646		4,826,514
Tourmaline Oil Corp.		25,251		1,308,651
West Fraser Timber Co. Ltd.		16,014		1,349,225


				51,319,351

Denmark — 0.8%
AP Moller - Maersk A/S, Class A		1,907		3,834,262
AP Moller - Maersk A/S, Class B, NVS		2,930		6,018,826
Danske Bank A/S		159,791		3,794,247


				13,647,335

Finland — 0.7%
Nokia OYJ		2,742,043		10,778,804


Security	Shares		Value

Finland (continued)
Stora Enso OYJ, Class R		78,905	$	967,317


				11,746,121

France — 10.6%
Alstom SA		74,309		2,275,360
ArcelorMittal SA		266,846		7,717,660
Arkema SA		9,743		1,050,675
AXA SA		212,344		6,527,210
BNP Paribas SA		298,577		19,690,496
Bollore SE		168,231		1,063,678
Bouygues SA		66,082		2,367,159
Capgemini SE		36,573		6,627,706
Carrefour SA		254,824		5,094,220
Cie. de Saint-Gobain		151,267		10,230,392
Cie. Generale des Etablissements Michelin SCA		136,856		4,481,630
Credit Agricole SA		350,884		4,356,357
Danone SA		124,995		7,633,036
Dassault Aviation SA		6,193		1,203,060
Eiffage SA		18,452		1,919,701
Engie SA		730,368		11,981,924
Eurazeo SE		6,238		380,891
Ipsen SA		8,570		1,080,050
Orange SA		433,268		4,897,590
Publicis Groupe SA		36,231		2,921,138
Renault SA		113,974		5,005,924
Sanofi		318,608		33,990,542
Societe Generale SA		355,119		9,658,077
TotalEnergies SE		348,521		21,174,918
Valeo		43,323		979,281
Vinci SA		82,770		9,721,120
Vivendi SE		203,550		1,817,365


				185,847,160

Germany — 8.6%
BASF SE		152,885		8,196,317
Bayer AG, Registered		387,509		22,662,853
Bayerische Motoren Werke AG		115,528		14,088,637
Commerzbank AG		384,200		4,595,600
Continental AG		28,708		2,292,037
Covestro AG^(a)(c)		27,127		1,457,232
Daimler Truck Holding AG^(b)		133,268		5,001,587
Deutsche Bank AG, Registered		903,564		10,016,129
Deutsche Lufthansa AG, Registered^(a)		97,058		978,952
Deutsche Telekom AG, Registered		402,168		8,767,758
E.ON SE		337,813		4,273,443
Evonik Industries AG		41,692		863,566
Fresenius Medical Care AG & Co. KGaA		75,945		3,944,166
Fresenius SE & Co. KGaA		214,274		6,724,377
HeidelbergCement AG		44,023		3,567,969
Henkel AG & Co. KGaA		29,201		2,040,631
Mercedes-Benz Group AG		267,236		21,342,246
Merck KGaA		20,170		3,544,372
RWE AG		137,325		5,910,281
Siemens AG, Registered		106,484		18,149,362
Talanx AG^(a)		5,897		361,131
Volkswagen AG		13,462		2,151,438


				150,930,084

Hong Kong — 2.0%
BOC Hong Kong Holdings Ltd.		631,000		1,925,839
CK Asset Holdings Ltd.		653,500		3,784,465
CK Hutchison Holdings Ltd.		1,724,000		10,632,471


34		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

July 31, 2023

iShares^® MSCI Intl Value Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Hong Kong (continued)
CK Infrastructure Holdings Ltd.		184,000	$	975,079
Hongkong Land Holdings Ltd.^(b)		211,100		752,300
Jardine Matheson Holdings Ltd.		85,100		4,203,549
New World Development Co. Ltd.		379,000		937,256
Power Assets Holdings Ltd.		253,500		1,328,650
Sino Land Co. Ltd.		1,968,000		2,415,765
SITC International Holdings Co. Ltd.		583,000		1,277,444
Sun Hung Kai Properties Ltd.		231,000		2,900,579
Swire Pacific Ltd., Class A		97,500		815,025
WH Group Ltd.^(c)		5,537,500		3,022,312
Xinyi Glass Holdings Ltd.		468,000		778,797


				35,749,531

Ireland — 0.2%
AIB Group PLC		185,491		872,487
Bank of Ireland Group PLC		167,358		1,765,762


				2,638,249

Israel — 0.8%
Bank Hapoalim BM		240,597		2,137,184
Bank Leumi Le-Israel BM		275,219		2,196,968
Check Point Software Technologies Ltd.^(a)		16,958		2,242,017
ICL Group Ltd.		92,462		615,657
Isracard Ltd.		1		4
Israel Discount Bank Ltd., Class A		268,298		1,421,107
Mizrahi Tefahot Bank Ltd.		15,195		548,614
Teva Pharmaceutical Industries Ltd., ADR^(a)		632,606		5,313,891


				14,475,442

Italy — 4.4%
Enel SpA		1,953,151		13,467,360
Eni SpA		454,108		6,932,807
Intesa Sanpaolo SpA		3,459,183		10,002,806
Mediobanca Banca di Credito Finanziario SpA		101,605		1,354,049
Nexi SpA^(a)(c)		115,357		998,992
Stellantis NV		1,307,365		26,824,361
Telecom Italia SpA/Milano^(a)(b)		3,539,693		1,020,392
Tenaris SA		39,887		662,823
UniCredit SpA		645,003		16,331,635


				77,595,225

Japan — 34.1%
AGC Inc.		69,600		2,514,900
Aisin Corp.		51,000		1,657,250
Asahi Group Holdings Ltd.		153,700		6,041,833
Asahi Kasei Corp.		279,600		1,905,403
Astellas Pharma Inc.		352,400		5,152,915
Bridgestone Corp.		104,100		4,319,671
Brother Industries Ltd.		135,200		2,107,486
Canon Inc.		497,700		12,863,247
Central Japan Railway Co.		37,700		4,804,233
Chiba Bank Ltd. (The)		116,100		816,340
Chubu Electric Power Co. Inc.		378,000		4,735,506
Concordia Financial Group Ltd.		273,200		1,249,622
Dai Nippon Printing Co. Ltd.		63,300		1,799,364
Dai-ichi Life Holdings Inc.		118,400		2,419,115
Daito Trust Construction Co. Ltd.		38,500		4,141,385
Daiwa House Industry Co. Ltd.		260,900		7,090,977
Daiwa House REIT Investment Corp.		308		606,400
Daiwa Securities Group Inc.		244,200		1,323,785
Denso Corp.		62,600		4,358,681
Dentsu Group Inc.		28,800		963,688
ENEOS Holdings Inc.		618,300		2,243,278


Security	Shares		Value

Japan (continued)
Fuji Electric Co. Ltd.		23,100	$	1,044,341
FUJIFILM Holdings Corp.		171,000		9,929,222
Fujitsu Ltd.		58,800		7,613,998
Hankyu Hanshin Holdings Inc.		43,800		1,455,162
Hirose Electric Co. Ltd.		7,400		937,266
Hitachi Construction Machinery Co. Ltd.		27,400		822,233
Hitachi Ltd.		224,400		14,690,230
Honda Motor Co. Ltd.		573,900		18,296,728
Hulic Co. Ltd.		204,300		1,739,452
Ibiden Co. Ltd.		30,500		1,853,768
Idemitsu Kosan Co. Ltd.		50,600		1,068,511
Iida Group Holdings Co. Ltd.		48,700		854,319
Inpex Corp.		252,300		3,257,753
Isuzu Motors Ltd.		151,700		1,970,696
ITOCHU Corp.		359,900		14,556,263
Japan Post Bank Co. Ltd.		261,600		2,176,392
Japan Post Holdings Co. Ltd.		800,700		5,847,180
Japan Post Insurance Co. Ltd.		49,000		791,848
Japan Real Estate Investment Corp.		140		563,094
Japan Tobacco Inc.		443,700		9,845,523
JFE Holdings Inc.		236,800		3,830,455
Kajima Corp.		167,700		2,650,071
Kansai Electric Power Co. Inc. (The)		352,200		4,626,950
Kawasaki Kisen Kaisha Ltd.		37,600		1,133,814
KDDI Corp.		205,900		6,059,987
Kirin Holdings Co. Ltd.		198,000		2,924,547
Koito Manufacturing Co. Ltd.		29,700		546,106
Komatsu Ltd.		225,100		6,306,048
Kubota Corp.		196,400		2,966,812
Kyocera Corp.		154,500		8,313,964
Lixil Corp.		69,800		892,032
Marubeni Corp.		626,800		11,097,490
Mazda Motor Corp.		238,100		2,362,069
MEIJI Holdings Co. Ltd.		68,800		1,589,548
MINEBEA MITSUMI Inc.		68,700		1,272,515
Mitsubishi Chemical Group Corp.		348,100		2,082,274
Mitsubishi Corp.		480,400		24,580,365
Mitsubishi Electric Corp.		470,600		6,791,290
Mitsubishi Estate Co. Ltd.		270,300		3,312,712
Mitsubishi HC Capital Inc.		167,200		1,106,089
Mitsubishi Heavy Industries Ltd.		90,700		4,303,173
Mitsubishi UFJ Financial Group Inc.		2,899,000		23,343,467
Mitsui & Co. Ltd.		536,200		20,927,927
Mitsui Chemicals Inc.		52,800		1,518,209
Mitsui OSK Lines Ltd.		166,600		4,306,911
Mizuho Financial Group Inc.		703,270		11,931,232
MS&AD Insurance Group Holdings Inc.		53,400		1,986,123
Murata Manufacturing Co. Ltd.		135,100		8,025,169
NEC Corp.		126,300		6,390,199
NGK Insulators Ltd.		77,100		945,574
Nippon Building Fund Inc.		375		1,571,929
Nippon Express Holdings Inc.		23,800		1,395,423
Nippon Steel Corp.		323,000		7,382,606
Nippon Telegraph & Telephone Corp.		4,820,000		5,527,181
Nippon Yusen KK		272,200		6,621,581
Nissan Motor Co. Ltd.		1,012,900		4,461,973
Nisshin Seifun Group Inc.		54,600		677,095
Nomura Holdings Inc.		865,600		3,580,963
NTT Data Group Corp.		152,900		2,127,021
Obayashi Corp.		233,100		2,155,204


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

Schedule of Investments (continued)

July 31, 2023

iShares^® MSCI Intl Value Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Japan (continued)
Oji Holdings Corp.		311,300	$	1,229,105
Ono Pharmaceutical Co. Ltd.		95,800		1,755,566
ORIX Corp.		218,700		4,207,026
Osaka Gas Co. Ltd.		167,700		2,638,733
Otsuka Holdings Co. Ltd.		115,200		4,235,593
Panasonic Holdings Corp.		500,100		6,172,925
Renesas Electronics Corp.^(a)		550,000		10,611,605
Resona Holdings Inc.		499,900		2,721,496
Ricoh Co. Ltd.		387,100		3,443,512
Rohm Co. Ltd.		38,400		3,598,396
SBI Holdings Inc.		51,400		1,085,429
SCSK Corp.		32,500		540,314
Secom Co. Ltd.		29,900		2,006,435
Seiko Epson Corp.		166,700		2,737,499
Sekisui Chemical Co. Ltd.		63,300		961,495
Sekisui House Ltd.		132,600		2,705,265
Seven & i Holdings Co. Ltd.		197,300		8,185,006
Shimizu Corp.		210,100		1,447,491
Shionogi & Co. Ltd.		65,000		2,724,022
Shizuoka Financial Group Inc., NVS		112,700		941,282
SoftBank Group Corp.		211,700		10,767,569
Subaru Corp.		175,600		3,328,246
SUMCO Corp.		176,000		2,564,658
Sumitomo Chemical Co. Ltd.		452,700		1,396,198
Sumitomo Corp.		494,600		10,610,595
Sumitomo Electric Industries Ltd.		193,300		2,478,486
Sumitomo Metal Mining Co. Ltd.		55,400		1,913,250
Sumitomo Mitsui Financial Group Inc.		355,600		16,660,446
Sumitomo Mitsui Trust Holdings Inc.		77,800		3,026,553
Suntory Beverage & Food Ltd.		30,900		1,099,948
Suzuki Motor Corp.		74,700		3,000,367
T&D Holdings Inc.		55,300		899,112
Taisei Corp.		58,000		2,197,992
Takeda Pharmaceutical Co. Ltd.		427,500		13,070,745
TDK Corp.		180,800		6,926,132
Tokyo Electric Power Co. Holdings Inc.^(a)		1,120,300		4,448,757
Tokyo Gas Co. Ltd.		144,300		3,272,155
Toppan Inc.		83,400		1,963,112
Toray Industries Inc.		278,100		1,557,196
Toshiba Corp.		66,700		2,153,491
Tosoh Corp.		76,300		997,292
Toyota Industries Corp.		50,200		3,627,810
Toyota Motor Corp.		2,371,600		39,875,486
Toyota Tsusho Corp.		74,700		4,370,335
Yamaha Motor Co. Ltd.		73,900		2,167,406
Yamato Holdings Co. Ltd.		49,400		925,162
Yokogawa Electric Corp.		59,400		1,115,466
Z Holdings Corp.		216,900		604,719


				597,020,035

Netherlands — 2.4%
ABN AMRO Bank NV, CVA^(c)		103,964		1,767,721
Aegon NV		485,529		2,635,588
AerCap Holdings NV^(a)		53,005		3,382,249
EXOR NV, NVS		18,669		1,744,535
ING Groep NV		768,343		11,215,244
JDE Peet’s NV		35,093		1,058,766
Koninklijke Ahold Delhaize NV		309,673		10,674,000
Koninklijke Philips NV^(a)		252,482		5,244,969
NN Group NV		73,075		2,801,325
OCI NV		12,297		350,462


Security	Shares		Value

Netherlands (continued)
Randstad NV		23,040	$	1,349,809


				42,224,668

Norway — 0.5%
Adevinta ASA^(a)		33,786		249,916
Aker BP ASA		25,946		726,814
Equinor ASA		100,575		3,076,436
Norsk Hydro ASA		197,206		1,291,585
Orkla ASA		178,857		1,411,329
Yara International ASA		34,581		1,412,356


				8,168,436

Singapore — 0.6%
Jardine Cycle & Carriage Ltd.		19,600		505,873
Keppel Corp. Ltd.		350,700		1,947,519
Seatrium Ltd.^(a)		6,398,383		678,135
Singapore Airlines Ltd.		240,600		1,363,004
Singapore Telecommunications Ltd.		937,600		1,880,887
Venture Corp. Ltd.		94,700		1,067,640
Wilmar International Ltd.		925,500		2,689,255


				10,132,313

Spain — 2.9%
ACS Actividades de Construccion y Servicios SA		52,904		1,850,515
Banco Bilbao Vizcaya Argentaria SA		1,421,087		11,264,067
Banco Santander SA		5,539,529		22,447,730
CaixaBank SA		914,600		3,699,740
Grifols SA^(a)		92,082		1,352,713
Repsol SA		341,099		5,207,702
Telefonica SA		949,719		4,046,528


				49,868,995

Sweden — 1.2%
Boliden AB		39,302		1,155,842
Embracer Group AB, Class B^(a)(b)		79,562		228,366
Industrivarden AB, Class A		15,649		444,384
Securitas AB, Class B		109,479		931,860
Skanska AB, Class B		61,943		987,953
SKF AB, Class B		77,748		1,481,288
Svenska Handelsbanken AB, Class A		141,869		1,245,604
Swedbank AB, Class A		122,324		2,243,629
Telefonaktiebolaget LM Ericsson, Class B		1,249,914		6,287,660
Telia Co. AB		267,079		573,948
Volvo AB, Class B		254,922		5,623,226
Volvo Car AB, Class B^(a)		68,178		337,004


				21,540,764

Switzerland — 5.6%
Adecco Group AG, Registered		39,510		1,610,203
Coca-Cola HBC AG, Class DI		35,266		1,037,629
Holcim Ltd.		84,769		5,908,138
Novartis AG, Registered		384,269		40,231,863
Roche Holding AG, NVS		88,306		27,379,394
Siemens Energy AG^(a)		107,564		1,822,310
STMicroelectronics NV		185,632		9,928,779
UBS Group AG, Registered		444,856		9,870,853


				97,789,169

United Kingdom — 16.1%
3i Group PLC		184,954		4,692,497
abrdn PLC		253,144		753,348
Anglo American PLC		269,584		8,290,186
Associated British Foods PLC		123,642		3,253,887
Aviva PLC		483,459		2,408,671


36		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

July 31, 2023

iShares^® MSCI Intl Value Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United Kingdom (continued)
BAE Systems PLC		443,991	$	5,309,708
Barclays PLC		6,415,318		12,729,986
Barratt Developments PLC		271,561		1,589,611
Berkeley Group Holdings PLC		18,866		1,051,925
BP PLC		2,136,818		13,257,776
British American Tobacco PLC		1,237,822		41,625,603
BT Group PLC		1,934,419		3,031,206
CNH Industrial NV		213,490		3,083,431
Coca-Cola Europacific Partners PLC		34,945		2,215,164
DCC PLC		20,233		1,171,465
Glencore PLC		2,211,072		13,446,488
GSK PLC		841,437		14,978,547
Haleon PLC		1,004,071		4,333,993
Hikma Pharmaceuticals PLC		43,174		1,159,431
HSBC Holdings PLC		4,431,140		36,806,877
Imperial Brands PLC		410,999		9,710,031
Informa PLC		158,529		1,542,466
J Sainsbury PLC		978,790		3,484,966
Kingfisher PLC		515,550		1,625,720
Lloyds Banking Group PLC		17,738,236		10,248,217
NatWest Group PLC, NVS		1,510,136		4,740,374
Pearson PLC		85,718		948,174
Persimmon PLC		64,632		960,879
Phoenix Group Holdings PLC		100,368		709,112
Rio Tinto PLC		193,649		12,799,757
Shell PLC		995,303		30,165,397
Smith & Nephew PLC		131,454		1,999,809
Standard Chartered PLC		915,936		8,798,065
Taylor Wimpey PLC		845,333		1,240,830
Tesco PLC		2,593,752		8,590,690
Vodafone Group PLC		7,970,904		7,582,399
WPP PLC		169,118		1,846,554


				282,183,240


Total Common Stocks — 98.0% (Cost: $1,570,263,929)				1,716,857,200


Preferred Stocks

Germany — 1.4%
Bayerische Motoren Werke AG, Preference Shares, NVS		22,707		2,551,156


Security	Shares		Value

Germany (continued)
Henkel AG & Co. KGaA, Preference Shares, NVS		41,135	$	3,174,237
Porsche Automobil Holding SE, Preference
Shares, NVS		87,537		5,165,199
Volkswagen AG, Preference Shares, NVS		103,477		13,708,174


				24,598,766


Total Preferred Stocks — 1.4% (Cost: $29,636,676)				24,598,766


Total Long-Term Investments — 99.4% (Cost: $1,599,900,605)				1,741,455,966


Short-Term Securities

Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.42%^(d)(e)(f)		6,273,149		6,275,031
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.22%^(d)(e)		410,000		410,000


Total Short-Term Securities — 0.4% (Cost: $6,684,482)				6,685,031


Total Investments — 99.8% (Cost: $1,606,585,087)				1,748,140,997

Other Assets Less Liabilities — 0.2%				2,931,877


Net Assets — 100.0%			$	1,751,072,874

^(a)	Non-income producing security.

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

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

^(d)	Affiliate of the Fund.

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

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


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

Schedule of Investments (continued)

July 31, 2023

iShares® MSCI Intl Value Factor ETF

Affiliates




Affiliated Issuer	Value at 07/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 07/31/23		Shares Held at 07/31/23		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	2,831,962	$	3,444,574	^(a)	$	—	$	(2,115	)	$	610	$	6,275,031		6,273,149	$	43,974	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares.		330,000		80,000	^(a)		—		—			—		410,000		410,000		43,783			—


								$	(2,115	)	$	610	$	6,685,031			$	87,757		$	—

^(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		17		09/07/23	$	2,785	$	102,474
Euro STOXX 50 Index		57		09/15/23		2,816		91,205
FTSE 100 Index		28		09/15/23		2,764		38,380


							$	232,059

Derivative Financial Instruments Categorized by Risk Exposure

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



	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	232,059	$	—	$	—	$	—	$	232,059

^(a)

For the period ended July 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	2,240,171	$	—	$	—	$	—	$	2,240,171

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	57,700	$	—	$	—	$	—	$	57,700


38		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

July 31, 2023

iShares® MSCI Intl Value Factor ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	13,468,918

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

Assets
Investments
Long-Term Investments
Common Stocks	$	68,169,687	$	1,648,687,513	$	—	$	1,716,857,200
Preferred Stocks		—		24,598,766		—		24,598,766
Short-Term Securities
Money Market Funds		6,685,031		—		—		6,685,031


	$	74,854,718	$	1,673,286,279	$	—	$	1,748,140,997

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	—	$	232,059	$	—	$	232,059

^(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		39

Statements of Assets and Liabilities

July 31, 2023


	iShares MSCI Intl Momentum Factor ETF		iShares MSCI Intl Quality Factor ETF		iShares MSCI Intl Size Factor ETF			iShares MSCI Intl Value Factor ETF


ASSETS
Investments, at value — unaffiliated^(a)(b)	$	1,512,522,099	$	6,840,641,790	$	15,945,883		$	1,741,455,966
Investments, at value — affiliated^(c)		2,761,308		2,171,745		102,095			6,685,031
Cash		3,569		9,833		3,772			1,081
Foreign currency collateral pledged for futures contracts^(d)		268,653		1,991,432		5,038			458,170
Foreign currency, at value^(e)		3,216,715		11,843,107		39,654			4,654,334
Receivables:
Securities lending income — affiliated		322		249		39			1,399
Capital shares sold		49,583		474,268		—			—
Dividends — unaffiliated		600,956		3,465,903		16,677			2,574,592
Dividends — affiliated		1,553		5,524		—			1,434
Tax reclaims		1,148,721		15,608,544		11,240			1,959,155
Variation margin on futures contracts		23,448		126,903		181			49,600

Total assets		1,520,596,927		6,876,339,298		16,124,579			1,757,840,762


LIABILITIES
Collateral on securities loaned, at value		2,381,070		631,145		102,105			6,277,156
Payables:
Investments purchased		—		367,054		—			—
Investment advisory fees		373,864		1,703,698		3,991			435,890
Professional fees		8,419		—		—			54,842

Total liabilities		2,763,353		2,701,897		106,096			6,767,888

Commitments and contingent liabilities
NET ASSETS	$	1,517,833,574	$	6,873,637,401	$	16,018,483		$	1,751,072,874


NET ASSETS CONSIST OF
Paid-in capital	$	1,502,753,190	$	6,449,593,301	$	17,951,615		$	1,711,675,669
Accumulated earnings (loss)		15,080,384		424,044,100		(1,933,132	)		39,397,205


NET ASSETS	$	1,517,833,574	$	6,873,637,401	$	16,018,483		$	1,751,072,874


NET ASSETVALUE

Shares outstanding		45,000,000		188,800,000		600,000			66,300,000


Net asset value	$	33.73	$	36.41	$	26.70		$	26.41


Shares authorized		Unlimited		Unlimited		Unlimited			Unlimited


Par value		None		None		None			None


^(a)Investments, at cost — unaffiliated	$	1,360,864,805	$	6,211,062,202	$	16,253,000		$	1,599,900,605
^(b)Securities loaned, at value	$	2,259,727	$	619,443	$	98,584		$	5,919,878
^(c)Investments, at cost — affiliated	$	2,761,073	$	2,171,682	$	102,079		$	6,684,482
^(d)Foreign currency collateral pledged, at cost	$	268,380	$	2,000,450	$	5,207		$	456,563
^(e)Foreign currency, at cost	$	3,215,811	$	11,806,760	$	39,261		$	4,627,823

See notes to financial statements.


40		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Operations

Year Ended July 31, 2023


	iShares MSCI Intl Momentum Factor ETF			iShares MSCI Intl Quality Factor ETF			iShares MSCI Intl Size Factor ETF			iShares MSCI Intl Value Factor ETF


INVESTMENT INCOME
Dividends — unaffiliated	$	33,430,498		$	165,706,999		$	707,703		$	78,923,981
Dividends — affiliated		25,246			109,253			320			43,783
Interest — unaffiliated		6,314			40,720			136			14,156
Securities lending income — affiliated — net		19,793			10,277			1,878			43,974
Other income — unaffiliated		75			145			—			22
Foreign taxes withheld		(2,793,184	)		(16,389,422	)		(74,456	)		(7,605,645	)
Foreign withholding tax claims		115,515			93,870			—			562,324

Total investment income		30,804,257			149,571,842			635,581			71,982,595


EXPENSES
Investment advisory		2,895,643			14,308,907			64,454			4,757,823
Professional		11,559			9,402			—			56,235

Total expenses		2,907,202			14,318,309			64,454			4,814,058

Net investment income		27,897,055			135,253,533			571,127			67,168,537


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(68,900,228	)		(115,879,517	)		(852,890	)		(39,401,777	)
Investments — affiliated		2,861			4,694			37			(2,115	)
Capital gain distributions from underlying funds — affiliated		—			1			—			—
Foreign currency transactions		(129,053	)		(428,952	)		(4,065	)		71,289
Futures contracts		668,809			3,437,782			23,942			2,240,171
In-kind redemptions — unaffiliated^(a)		738,927			40,212,594			1,666,884			39,830,989

		(67,618,684	)		(72,653,398	)		833,908			2,738,557

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		166,312,850			603,803,232			1,677,003			268,838,579
Investments — affiliated		178			63			12			610
Foreign currency translations		70,775			957,006			488			113,104
Futures contracts		77,173			297,624			57			57,700


		166,460,976			605,057,925			1,677,560			269,009,993


Net realized and unrealized gain		98,842,292			532,404,527			2,511,468			271,748,550


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	126,739,347		$	667,658,060		$	3,082,595		$	338,917,087

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

See notes to financial statements.


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

Statements of Changes in Net Assets


	iShares MSCI Intl Momentum Factor ETF						iShares MSCI Intl Quality Factor ETF
		Year Ended 07/31/23			Year Ended 07/31/22			Year Ended 07/31/23			Year Ended 07/31/22


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	27,897,055		$	22,308,477		$	135,253,533		$	111,540,713
Net realized loss		(67,618,684	)		(59,492,989	)		(72,653,398	)		(76,630,213	)
Net change in unrealized appreciation (depreciation)		166,460,976			(108,840,651	)		605,057,925			(667,456,307	)

Net increase (decrease) in net assets resulting from operations		126,739,347			(146,025,163	)		667,658,060			(632,545,807	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(26,203,219	)		(52,594,725	)		(124,082,259	)		(129,032,411	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		593,890,344			190,109,882			2,308,184,692			1,038,985,420


NET ASSETS
Total increase (decrease) in net assets		694,426,472			(8,510,006	)		2,851,760,493			277,407,202
Beginning of year		823,407,102			831,917,108			4,021,876,908			3,744,469,706

End of year	$	1,517,833,574		$	823,407,102		$	6,873,637,401		$	4,021,876,908

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

See notes to financial statements.


42		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)


	iShares MSCI Intl Size Factor ETF						iShares MSCI Intl Value Factor ETF
		Year Ended 07/31/23			Year Ended 07/31/22			Year Ended 07/31/23			Year Ended 07/31/22


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	571,127		$	400,706		$	67,168,537		$	50,199,024
Net realized gain (loss)		833,908			2,187,322			2,738,557			(29,882,498	)
Net change in unrealized appreciation (depreciation)		1,677,560			(4,974,237	)		269,009,993			(147,532,156	)

Net increase (decrease) in net assets resulting from operations		3,082,595			(2,386,209	)		338,917,087			(127,215,630	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(547,721	)		(610,420	)		(61,269,424	)		(57,061,791	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(1,335,458	)		(7,568,781	)		65,537,081			466,997,525


NET ASSETS
Total increase (decrease) in net assets		1,199,416			(10,565,410	)		343,184,744			282,720,104
Beginning of year		14,819,067			25,384,477			1,407,888,130			1,125,168,026

End of year	$	16,018,483		$	14,819,067		$	1,751,072,874		$	1,407,888,130

^(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		43

Financial Highlights

(For a share outstanding throughout each period)


	iShares MSCI Intl Momentum Factor ETF

	Year Ended 07/31/23			Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19


Net asset value, beginning of year	$	30.84		$	39.06		$	32.99		$	29.44		$	30.00

Net investment income^(a)		0.91	^(b)		0.94			0.43			0.46			0.69
Net realized and unrealized gain (loss)^(c)		2.76			(6.94	)		6.09			3.52			(0.57	)

Net increase (decrease) from investment operations		3.67			(6.00	)		6.52			3.98			0.12


Distributions^(d)
From net investment income		(0.78	)		(1.11	)		(0.45	)		(0.43	)		(0.68	)
From net realized gain		—			(1.11	)		—			—			—

Total distributions		(0.78	)		(2.22	)		(0.45	)		(0.43	)		(0.68	)


Net asset value, end of year	$	33.73		$	30.84		$	39.06		$	32.99		$	29.44


Total Return^(e)
Based on net asset value		12.09	%^(b)		(16.09	)%		19.80	%		13.65	%		0.55	%


Ratios to Average Net Assets^(f)
Total expenses		0.30	%		0.30	%		0.30	%		0.30	%		0.30	%

Total expenses excluding professional fees for foreign withholding tax claims		0.30	%		N/A			N/A			N/A			N/A

Net investment income		2.89	%^(b)		2.65	%		1.16	%		1.53	%		2.44	%


Supplemental Data
Net assets, end of year (000)	$	1,517,834		$	823,407		$	831,917		$	405,753		$	164,888

Portfolio turnover rate^(g)		101	%		100	%		104	%		125	%		105	%

^(a)	Based on average shares outstanding.

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

• Net investment income per share by $0.00.

• Total return by 0.00%.

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

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

See notes to financial statements.


44		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Intl Quality Factor ETF

	Year Ended 07/31/23			Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19


Net asset value, beginning of year	$	32.80		$	39.29		$	30.32		$	29.79		$	29.62

Net investment income^(a)		0.95			1.00			0.78			0.70			0.96
Net realized and unrealized gain (loss)^(b)		3.45			(6.37	)		8.90			0.44			(0.12	)

Net increase (decrease) from investment operations		4.40			(5.37	)		9.68			1.14			0.84

Distributions from net investment income^(c)		(0.79	)		(1.12	)		(0.71	)		(0.61	)		(0.67	)


Net asset value, end of year	$	36.41		$	32.80		$	39.29		$	30.32		$	29.79


Total Return^(d)
Based on net asset value		13.54	%		(13.78	)%		32.03	%		3.86	%		2.99	%


Ratios to Average Net Assets^(e)
Total expenses		0.30	%		0.30	%		0.30	%		0.30	%		0.30	%

Total expenses excluding professional fees for foreign withholding tax claims		0.30	%		N/A			N/A			N/A			N/A

Net investment income		2.84	%		2.75	%		2.18	%		2.38	%		3.31	%


Supplemental Data
Net assets, end of year (000)	$	6,873,637		$	4,021,877		$	3,744,470		$	1,655,632		$	822,240

Portfolio turnover rate^(f)		28	%		32	%		37	%		26	%		29	%

^(a)	Based on average shares outstanding.

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

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

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

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

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

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		45

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Intl Size Factor ETF

	Year Ended 07/31/23			Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19


Net asset value, beginning of year	$	24.70		$	31.73		$	24.61		$	26.01		$	27.58

Net investment income^(a)		0.66			0.70			0.62			0.48			0.72
Net realized and unrealized gain (loss)^(b)		2.10			(5.18	)		7.19			(1.57	)		(1.56	)

Net increase (decrease) from investment operations		2.76			(4.48	)		7.81			(1.09	)		(0.84	)

Distributions from net investment income^(c)		(0.76	)		(2.55	)		(0.69	)		(0.31	)		(0.73	)


Net asset value, end of year	$	26.70		$	24.70		$	31.73		$	24.61		$	26.01


Total Return^(d)
Based on net asset value		11.38	%		(14.94	)%		31.83	%		(4.25	)%		(2.93	)%


Ratios to Average Net Assets^(e)
Total expenses		0.30	%		0.30	%		0.30	%		0.30	%		0.30	%

Net investment income		2.66	%		2.42	%		2.11	%		1.91	%		2.78	%


Supplemental Data
Net assets, end of year (000)	$	16,018		$	14,819		$	25,384		$	19,686		$	5,202

Portfolio turnover rate^(f)		23	%		25	%		25	%		42	%		26	%

^(a)	Based on average shares outstanding.

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

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

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

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

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

See notes to financial statements.


46		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Intl Value Factor ETF

	Year Ended 07/31/23			Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19


Net asset value, beginning of year	$	22.63		$	25.69		$	19.05		$	22.61		$	25.67

Net investment income^(a)		1.00	^(b)		0.99			0.76			0.58			0.86
Net realized and unrealized gain (loss)^(c)		3.71			(2.99	)		6.44			(3.57	)		(3.14	)

Net increase (decrease) from investment operations		4.71			(2.00	)		7.20			(2.99	)		(2.28	)

Distributions from net investment income^(d)		(0.93	)		(1.06	)		(0.56	)		(0.57	)		(0.78	)


Net asset value, end of year	$	26.41		$	22.63		$	25.69		$	19.05		$	22.61


Total Return^(e)
Based on net asset value		21.19	%^(b)		(8.02	)%		37.95	%		(13.57	)%		(8.80	)%


Ratios to Average Net Assets^(f)
Total expenses		0.30	%		0.30	%		0.30	%		0.30	%		0.30	%

Total expenses excluding professional fees for foreign withholding tax claims		0.30	%		N/A			N/A			N/A			N/A

Net investment income		4.24	%^(b)		3.96	%		3.18	%		2.76	%		3.63	%


Supplemental Data
Net assets, end of year (000)	$	1,751,073		$	1,407,888		$	1,125,168		$	451,494		$	314,222

Portfolio turnover rate^(g)		14	%		17	%		24	%		18	%		20	%

^(a)	Based on average shares outstanding.

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

• Net investment income per share by $0.01.

• Total return by 0.03%.

• Ratio of net investment income to average net assets by 0.03%

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

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

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

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

^(g)	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		47

Notes to Financial Statements

1. ORGANIZATION

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

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


iShares ETF	Diversification Classification
MSCI Intl Momentum Factor		Diversified
MSCI Intl Quality Factor		Diversified
MSCI Intl Size Factor		Diversified
MSCI Intl Value Factor		Diversified

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of July 31, 2023, if any, are disclosed in the Statements of Assets and Liabilities.

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

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

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

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


48		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (continued)

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

•

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

•

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

•

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

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

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

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

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

•

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

•

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

•

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

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


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

Notes to Financial Statements (continued)

4. SECURITIES AND OTHER INVESTMENTS

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

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

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

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



iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	^(a)		Non-Cash Collateral Received, at Fair Value	^(a)		Net Amount


MSCI Intl Momentum Factor
HSBC Bank PLC	$	2,251,705	$	(2,251,705	)	$	—		$	—
J.P. Morgan Securities LLC		8,022		(8,022	)		—			—

	$	2,259,727	$	(2,259,727	)	$	—		$	—


MSCI Intl Quality Factor
Citigroup Global Markets, Inc	$	147,321	$	(147,321	)	$	—		$	—
HSBC Bank PLC		472,122		(472,122	)		—			—

	$	619,443	$	(619,443	)	$	—		$	—


MSCI Intl Size Factor
Barclays Bank PLC	$	19,023	$	(18,956	)	$	—		$	67	^(b)
BNP Paribas SA		17,646		(17,646	)		—			—
HSBC Bank PLC		42,318		(42,318	)		—			—
J.P. Morgan Securities LLC		19,597		(19,597	)		—			—

	$	98,584	$	(98,517	)	$	—		$	67


MSCI Intl Value Factor
BNP Paribas SA	$	127,985	$	(127,985	)	$	—		$	—
BofA Securities, Inc		805,331		(805,331	)		—			—
HSBC Bank PLC		4,958,330		(4,958,330	)		—			—
J.P. Morgan Securities LLC		28,232		(28,232	)		—			—

	$	5,919,878	$	(5,919,878	)	$	—		$	—

^(a)

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

^(b)

The market value of the loaned securities is determined as of July 31, 2023. 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


50		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (continued)

value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

For its investment advisory services to each of the following Funds, BFAis entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:



iShares ETF	Investment Advisory Fees

MSCI Intl Momentum Factor		0.30	%
MSCI Intl Quality Factor		0.30
MSCI Intl Size Factor		0.30
MSCI Intl Value Factor		0.30

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

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

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

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

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


N O T E S T O F I N A N C I A L S T A T E M E N T S		51

Notes to Financial Statements (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 year ended July 31, 2023, the Funds paid BTC the following amounts for securities lending agent services:



iShares ETF	Amounts

MSCI Intl Momentum Factor	$	5,175
MSCI Intl Quality Factor		3,083
MSCI Intl Size Factor		449
MSCI Intl Value Factor		11,052

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

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

For the year ended July 31, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:



iShares ETF	Purchases		Sales		Net Realized Gain (Loss)

MSCI Intl Momentum Factor	$	389,318,069	$	403,140,259	$	(35,524,744	)
MSCI Intl Quality Factor		471,881,947		481,261,693		(45,108,619	)
MSCI Intl Size Factor		1,472,192		1,833,731		(240,437	)
MSCI Intl Value Factor		102,268,636		89,368,886		(8,440,601	)

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

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

7. PURCHASES AND SALES

For the year ended July 31, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:



iShares ETF	Purchases		Sales

MSCI Intl Momentum Factor	$	1,017,868,172	$	982,170,129
MSCI Intl Quality Factor		1,498,632,562		1,315,120,632
MSCI Intl Size Factor		5,083,073		4,782,461
MSCI Intl Value Factor		230,364,574		222,279,194

For the year ended July 31, 2023, in-kind transactions were as follows:



iShares ETF	In-kind Purchases		In-kind Sales

MSCI Intl Momentum Factor	$	568,017,779	$	9,055,704
MSCI Intl Quality Factor		2,275,514,435		150,725,955
MSCI Intl Size Factor		13,655,508		15,237,265
MSCI Intl Value Factor		242,296,323		179,890,019

8. INCOME TAX INFORMATION

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

Management has analyzed tax laws and regulations and their application to the Funds as of July 31, 2023, 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.


52		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (continued)

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of July 31, 2023, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:



iShares ETF	Paid-in Capital		Accumulated Earnings (Loss)

MSCI Intl Momentum Factor	$	685,142	$	(685,142)
MSCI Intl Quality Factor		40,145,028		(40,145,028)
MSCI Intl Size Factor		1,651,434		(1,651,434)
MSCI Intl Value Factor		37,666,169		(37,666,169)

The tax character of distributions paid was as follows:



iShares ETF	Year Ended 07/31/23		Year Ended 07/31/22
MSCI Intl Momentum Factor
Ordinary income	$	26,203,219	$	27,261,587
Long-term capital gains		—		25,333,138

	$	26,203,219	$	52,594,725

MSCI Intl Quality Factor
Ordinary income	$	124,082,259	$	129,032,411

MSCI Intl Size Factor
Ordinary income	$	547,721	$	610,420

MSCI Intl Value Factor
Ordinary income	$	61,269,424	$	57,061,791

As of July 31, 2023, the tax components of accumulated net earnings (losses) were as follows:


iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	^(a)		Net Unrealized Gains (Losses)	^(b)		Total

MSCI Intl Momentum Factor	$	8,193,191	$	(138,466,058	)	$	145,353,251		$	15,080,384
MSCI Intl Quality Factor		21,001,039		(192,006,726	)		595,049,787			424,044,100
MSCI Intl Size Factor		123,056		(1,536,561	)		(519,627	)		(1,933,132	)
MSCI Intl Value Factor		20,643,610		(88,143,448	)		106,897,043			39,397,205

^(a)

Amounts available to offset future realized capital gains.

^(b)

The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, the timing and recognition of partnership income, the characterization of corporate actions and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.

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

As of July 31, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:



iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)

MSCI Intl Momentum Factor	$	1,370,052,136	$	152,964,983	$	(7,652,815	)	$	145,312,168
MSCI Intl Quality Factor		6,248,982,626		758,685,082		(164,338,586	)		594,346,496
MSCI Intl Size Factor		16,568,409		974,355		(1,494,295	)		(519,940	)
MSCI Intl Value Factor		1,641,408,902		202,373,498		(95,538,929	)		106,834,569

9. PRINCIPAL RISKS

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


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

Notes to Financial Statements (continued)

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.

Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

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

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

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

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

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

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

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

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. These events and actions have adversely affected, and may in the future adversely affect, the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. The impact of these actions, especially if they occur in a


54		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (continued)

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

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

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

10.

CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:



	Year Ended 07/31/23						Year Ended 07/31/22
iShares ETF	Shares			Amount			Shares			Amount

MSCI Intl Momentum Factor
Shares sold		18,600,000		$	603,143,499			6,600,000		$	232,970,183
Shares redeemed		(300,000	)		(9,253,155	)		(1,200,000	)		(42,860,301	)

		18,300,000		$	593,890,344			5,400,000		$	190,109,882


MSCI Intl Quality Factor
Shares sold		70,900,000		$	2,461,661,141			28,300,000		$	1,071,350,051
Shares redeemed		(4,700,000	)		(153,476,449	)		(1,000,000	)		(32,364,631	)

		66,200,000		$	2,308,184,692			27,300,000		$	1,038,985,420


MSCI Intl Size Factor
Shares sold		600,000		$	14,349,062			600,000		$	16,485,728
Shares redeemed		(600,000	)		(15,684,520	)		(800,000	)		(24,054,509	)

		—		$	(1,335,458	)		(200,000	)	$	(7,568,781	)


MSCI Intl Value Factor
Shares sold		11,600,000		$	246,667,929			19,500,000		$	492,584,472
Shares redeemed		(7,500,000	)		(181,130,848	)		(1,100,000	)		(25,586,947	)

		4,100,000		$	65,537,081			18,400,000		$	466,997,525

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

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

11.

FOREIGN WITHHOLDING TAX CLAIMS

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


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

Notes to Financial Statements (continued)

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.


56		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (four of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of July 31, 2023, the related statements of operations for the year ended July 31, 2023, the statements of changes in net assets for each of the two years in the period ended July 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended July 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of July 31, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended July 31, 2023 and each of the financial highlights for each of the five years in the period ended July 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

iShares MSCI Intl Momentum Factor ETF

iShares MSCI Intl Quality Factor ETF

iShares MSCI Intl Size Factor ETF

iShares MSCI Intl Value Factor ETF

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

September 22, 2023

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


R E P O R T O F I N D E P E N D E N T R E G I S T E R E D P U B L I C A C C O U N T I N G F I R M		57


Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended July 31, 2023:


iShares ETF	Qualified Dividend Income
MSCI Intl Momentum Factor	$	31,243,940
MSCI Intl Quality Factor		153,053,654
MSCI Intl Size Factor		615,130
MSCI Intl Value Factor		73,970,020

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended July 31, 2023:


iShares ETF	Foreign Source Income Earned		Foreign Taxes Paid
MSCI Intl Momentum Factor	$	33,430,500	$	2,536,328
MSCI Intl Quality Factor		165,706,999		14,980,594
MSCI Intl Size Factor		707,702		67,370
MSCI Intl Value Factor		78,923,983		6,872,207


58		2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Board Review and Approval of Investment Advisory Contract

iShares MSCI Intl Momentum Factor ETF, iShares MSCI Intl Quality Factor ETF, iShares MSCI Intl Size Factor ETF, iShares MSCI Intl Value Factor ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide.At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

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

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

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

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


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Board Review and Approval of Investment Advisory Contract (continued)

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

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

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

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

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

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

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

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately


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Board Review and Approval of Investment Advisory Contract (continued)

large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.


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Supplemental Information (unaudited)

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

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

Premium/Discount Information

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


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Trustee and Officer Information (unaudited)

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

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 387 funds as of July 31, 2023. With the exception of Robert S. Kapito, Salim Ramji and Aaron Wasserman, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Wasserman is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).


Interested Trustees

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

Robert S. Kapito^(a) (1957)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).

Salim Ramji^(b) (1970)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).

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

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


Independent Trustees

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

John E. Kerrigan (1955)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022).

Jane D. Carlin (1956)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).

Richard L. Fagnani (1954)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016); Director of One Generation Away (since 2021).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).


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Trustee and Officer Information (unaudited) (continued)


Independent Trustees (continued)

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

Cecilia H. Herbert (1949)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018), Investment Committee (since 2011) and Personnel Committee (since 2022); Member of the Wyoming State Investment Funds Committee (since 2022); Director of the Jackson Hole Center for the Arts (since 2021); Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).

Drew E. Lawton (1959)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Director of Jackson Financial Inc. (since 2021).

John E. Martinez (1961)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).

Madhav V. Rajan (1964)	Trustee (since 2011); Fixed-Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).


Officers

Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years

Dominik Rohé (1973)	President (since 2023).	Managing Director, BlackRock, Inc. (since 2005); Head of Americas ETF and Index Investments (since 2023); Head of Latin America (2019-2023).

Trent Walker (1974)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.

Aaron Wasserman (1974)	Chief Compliance Officer (iShares, Inc. and iShares Trust, since 2023; iShares U.S. ETF Trust, since 2023).	Managing Director of BlackRock, Inc. (since 2018); Chief Compliance Officer of the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the Exchange-Traded Fund Complex (since 2023); Deputy Chief Compliance Officer for the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the Exchange-Traded Fund Complex (2014-2023).

Marisa Rolland (1980)	Secretary (since 2022).	Managing Director, BlackRock, Inc. (since 2023); Director, BlackRock, Inc. (2018-2022); Vice President, BlackRock, Inc. (2010-2017).

Rachel Aguirre (1982)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019).


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Trustee and Officer Information (unaudited) (continued)


Officers (continued)

Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years

Jennifer Hsui (1976)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).

James Mauro (1970)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).

Effective March 30, 2023, Dominik Rohé replaced Armando Senra as President.

Effective July 1, 2023, Aaron Wasserman replaced Charles Park as Chief Compliance Officer.


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General Information

Electronic Delivery

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

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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


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Glossary of Terms Used in this Report


Portfolio Abbreviation

ADR		American Depositary Receipt

NVS		Non-Voting Shares

REIT		Real Estate Investment Trust


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Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

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

iS-AR-711-0723