iShares Trust


		SEPTEMBER 30, 2021

2021 Semi-Annual Report

(Unaudited)

iShares Trust

iShares Asia 50 ETF | AIA | NASDAQ

iShares Emerging Markets Infrastructure ETF | EMIF | NASDAQ

iShares Europe ETF | IEV | NYSE Arca

iShares International Developed Property ETF | WPS | NYSE Arca

iShares International Developed Small Cap Value Factor ETF | ISVL | Cboe BZX

iShares International Dividend Growth ETF | IGRO | Cboe BZX

iShares Latin America 40 ETF | ILF | NYSE Arca

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of September 30, 2021 was a remarkable period of adaptation and recovery, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. The United States began the reporting period as the initial reopening-led economic rebound was beginning to slow. Nonetheless, the economy continued to grow at a brisk pace for the reporting period, eventually regaining the output lost from the pandemic.

Equity prices rose with the broader economy, as strong fiscal and monetary support, as well as the development of vaccines, made investors increasingly optimistic about the economic outlook. The implementation of mass vaccination campaigns and passage of two additional fiscal stimulus packages further boosted stocks, and many equity indices neared or surpassed all-time highs late in the reporting period. In the United States, returns of small-capitalization stocks, which benefited the most from the resumption of in-person activities, outpaced large-capitalization stocks. International equities also gained, as both developed and emerging markets continued to recover from the effects of the pandemic.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) had fallen sharply prior to the beginning of the reporting period, which meant bonds were priced for extreme risk avoidance and economic disruption. Despite expectations of doom and gloom, the economy expanded rapidly, stoking inflation concerns in early 2021, which led to higher yields and a negative overall return for most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and led to solid returns for high-yield corporate bonds, although investment-grade corporates declined slightly.

The Fed remained committed to accommodative monetary policy by maintaining near-zero interest rates and by reiterating that inflation could exceed its 2% target for a sustained period without triggering a rate increase. In response to rising inflation late in the period, the Fed changed its market guidance, raising the possibility of higher rates in 2022 and reducing bond purchasing beginning in late 2021.

Looking ahead, we believe that the global expansion will continue to broaden as Europe and other developed market economies gain momentum, although the delta variant of the coronavirus remains a threat, particularly in emerging markets. While we expect inflation to remain elevated in the medium-term as the expansion continues, we believe the recent uptick owes more to temporary supply disruptions than a lasting change in fundamentals. The change in Fed policy also means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the economic expansion.

Overall, we favor a moderately positive stance toward risk, with an overweight in equities. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long-term. U.S. small-capitalization stocks and European equities are likely to benefit from the continuing vaccine-led restart, while Chinese equities stand to gain from a more accommodative monetary and fiscal environment as the Chinese economy slows. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

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

Sincerely,

Trust

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of September 30, 2021

	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	9.18%	30.00%

U.S. small cap equities (Russell 2000^® Index)	(0.25)	47.68

International equities (MSCI Europe, Australasia, Far East Index)	4.70	25.73

Emerging market equities (MSCI Emerging Markets Index)	(3.45)	18.20

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.01	0.07

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	2.92	(6.22)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	1.88	(0.90)

Tax-exempt municipal bonds (S&P Municipal Bond Index)	1.24	2.71

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	3.65	11.27

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


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

Table of Contents


	Page


The Markets in Review		2

Fund Summary		4

About Fund Performance		11

Shareholder Expenses		11

Schedules of Investments		12

Financial Statements

Statements of Assets and Liabilities		45

Statements of Operations		47

Statements of Changes in Net Assets		49

Financial Highlights		53

Notes to Financial Statements		60

Board Review and Approval of Investment Advisory Contract		71

Supplemental Information		82

General Information		83

Glossary of Terms Used in this Report		84


Fund Summary as of September 30, 2021		iShares^® Asia 50 ETF

Investment Objective

The iShares Asia 50 ETF (the “Fund”) seeks to track the investment results of an index composed of 50 of the largest Asian equities, as represented by the S&P Asia 50^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns

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

Fund NAV		(13.04	)%		12.59	%		11.80	%		9.94	%		12.59	%		74.65	%		158.07	%
Fund Market		(14.75	)		10.25			11.51			10.36			10.25			72.38			167.91
Index		(12.38	)		13.83			12.51			10.60			13.83			80.29			173.83

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Expense Example


	Actual					Hypothetical 5% Return


Beginning Account Value (04/01/21)			Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
		$ 1,000.00	$ 869.60	$ 2.34			$ 1,000.00	$ 1,022.60	$ 2.54		0.50	%

^(a)

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 11 for more information.

Portfolio Information


ALLOCATION BY SECTOR

Sector	Percent of Total Investments	^(a)

Information Technology	34.1	%
Consumer Discretionary	20.4
Financials	19.6
Communication Services	16.3
Materials	3.0
Health Care	2.5
Industrials	1.7
Real Estate	1.3
Utilities	1.1

^(a)

Excludes money market funds.


GEOGRAPHIC ALLOCATION

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

China	41.8	%
South Korea	23.2
Taiwan	20.0
Hong Kong	11.6
Singapore	3.4


4		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of September 30, 2021		iShares^® Emerging Markets Infrastructure ETF

Investment Objective

The iShares Emerging Markets Infrastructure ETF (the “Fund”) seeks to track the investment results of an index composed of 30 of the largest equities in the emerging markets infrastructure industry, as represented by the S&P Emerging Markets Infrastructure Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns

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

Fund NAV		3.68	%		25.46	%		(1.18	)%		2.35	%		25.46	%		(5.78	)%		26.12	%
Fund Market		3.98			25.22			(1.28	)		2.50			25.22			(6.24	)		27.98
Index		4.31			26.64			(0.59	)		2.85			26.64			(2.92	)		32.44

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 1,036.80	$ 3.06			$ 1,000.00	$ 1,022.10	$ 3.04		0.60	%

^(a)

Portfolio Information


ALLOCATION BY SECTOR

Sector	Percent of Total Investments	^(a)

Utilities	40.1	%
Industrials	39.4
Energy	20.5


GEOGRAPHIC ALLOCATION

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

China	50.1	%
Brazil	13.5
Mexico	13.2
Thailand	9.4
Russia	7.1
South Korea	4.9
Chile	1.8

^(a)

Excludes money market funds.


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


Fund Summary as of September 30, 2021		iShares^® Europe ETF

Investment Objective

The iShares Europe ETF (the “Fund”) seeks to track the investment results of an index composed of European equities, as represented by the S&P Europe 350^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns

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

Fund NAV		5.42	%		27.05	%		8.57	%		7.90	%		27.05	%		50.87	%		113.86	%
Fund Market		5.39			27.43			8.57			8.06			27.43			50.88			117.19
Index		5.88			27.76			9.00			8.28			27.76			53.86			121.53

Index performance through January 30, 2013 is calculated using currency exchange (FX) rates corresponding to 5:15 P.M. ET. Index performance beginning on January 31, 2013 is calculated using FX rates corresponding to World Market Reuters 4:00 P.M. London.

Expense Example


	Actual					Hypothetical 5% Return


Beginning Account Value (04/01/21)			Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

		$ 1,000.00	$ 1,054.20	$ 3.35			$ 1,000.00	$ 1,021.80	$ 3.29		0.65	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)

Financials	16.0	%
Industrials	15.5
Health Care	14.4
Consumer Staples	12.3
Consumer Discretionary	11.6
Information Technology	8.9
Materials	7.7
Energy	4.8
Utilities	3.9
Communication Services	3.6
Real Estate	1.3

TEN LARGEST GEOGRAPHIC ALLOCATION



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

United Kingdom	21.3	%
France	16.9
Switzerland	15.3
Germany	13.7
Netherlands	8.9
Sweden	5.1
Denmark	4.0
Spain	3.9
Italy	3.0
Finland	2.2

^(a)

Excludes money market funds.


6		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of September 30, 2021		iShares^® International Developed Property ETF

Investment Objective

The iShares International Developed Property ETF (the “Fund”) seeks to track the investment results of an index composed of real estate equities in developed non-U.S. markets, as represented by the S&P Developed ex-U.S. Property Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns

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

Fund NAV		4.34	%		21.57	%		4.52	%		7.52	%		21.57	%		24.74	%		106.41	%
Fund Market		4.31			21.09			4.40			7.74			21.09			24.01			110.84
Index		4.75			22.16			4.74			7.65			22.16			26.05			109.08

Expense Example


	Actual					Hypothetical 5% Return


Beginning Account Value (04/01/21)			Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

		$ 1,000.00	$ 1,043.40	$ 2.46			$ 1,000.00	$ 1,022.70	$ 2.43		0.48	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)

Real Estate Operating Companies	23.8	%
Diversified Real Estate Activities	17.4
Industrial REITs	13.1
Diversified REITs	13.1
Retail REITs	11.8
Office REITs	9.3
Residential REITs	3.9
Real Estate Development	3.6
Specialized REITs	1.5
Health Care REITs	1.5
Hotel & Resort REITs	1.0
Other (each representing less than 1%)	0.0

TEN LARGEST GEOGRAPHIC ALLOCATION



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

Japan	28.8	%
Australia	11.8
Germany	9.7
United Kingdom	9.7
Hong Kong	9.3
Singapore	7.2
Sweden	5.0
Canada	3.6
France	3.3
Belgium	2.5

^(a)

Excludes money market funds.


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


Fund Summary as of September 30, 2021		iShares^® International Developed Small Cap Value Factor ETF

Investment Objective

The iShares International Developed Small Cap Value Factor ETF (the “Fund”) seeks to track the investment results of an index composed of international developed market small-capitalization stocks, excluding the U.S. and Korea, with prominent value characteristics, as represented by the FTSE Developed ex US ex Korea Small Cap Focused 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


				Cumulative Total Returns

	6 Months			Since Inception

Fund NAV		4.78	%		4.33	%
Fund Market		4.06			4.15
Index		5.32			4.83

The inception date of the Fund was 3/23/21. The first day of secondary market trading was 3/25/21.

Expense Example


	Actual					Hypothetical 5% Return


Beginning Account Value (04/01/21)			Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

		$ 1,000.00	$ 1,047.80	$ 1.54			$ 1,000.00	$ 1,023.60	$ 1.52		0.30	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)

Industrials	22.7	%
Materials	16.9
Financials	15.8
Real Estate	14.6
Consumer Discretionary	9.0
Consumer Staples	5.1
Energy	4.0
Information Technology	3.5
Health Care	3.4
Utilities	2.6
Communication Services	2.4

TEN LARGEST GEOGRAPHIC ALLOCATION



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

Canada	20.6	%
Japan	15.9
United Kingdom	15.3
Sweden	8.6
Australia	7.9
Switzerland	6.4
France	3.5
Germany	3.2
Norway	2.7
Finland	2.6

^(a)

Excludes money market funds.


8		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of September 30, 2021		iShares^® International Dividend Growth ETF

Investment Objective

The iShares International Dividend Growth ETF (the “Fund”) seeks to track the investment results of an index composed of international equities with a history of consistently growing dividends, as represented by the Morningstar^® Global ex-US Dividend Growth Index^SM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception

Fund NAV		2.19	%		22.45	%		8.32	%		8.48	%		22.45	%		49.14	%		54.90	%
Fund Market		1.89			22.40			8.27			8.57			22.40			48.76			55.55
Index		2.48			23.03			8.32			8.52			23.03			49.10			55.16

The inception date of the Fund was 5/17/16. The first day of secondary market trading was 5/19/16.

Expense Example


	Actual					Hypothetical 5% Return


Beginning Account Value (04/01/21)			Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

		$ 1,000.00	$ 1,021.90	$ 0.76			$ 1,000.00	$ 1,024.30	$ 0.76		0.15	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)

Financials	26.8	%
Consumer Staples	15.8
Industrials	14.1
Health Care	11.1
Utilities	7.8
Information Technology	6.6
Materials	5.3
Communication Services	4.4
Real Estate	4.1
Consumer Discretionary	3.2
Energy	0.8

TEN LARGEST GEOGRAPHIC ALLOCATION



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

Canada	19.6	%
Japan	13.5
United Kingdom	12.6
Germany	11.8
Switzerland	8.0
France	6.1
China	5.8
Hong Kong	3.3
Italy	3.2
India	2.7

^(a)

Excludes money market funds.


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


Fund Summary as of September 30, 2021		iShares^® Latin America 40 ETF

Investment Objective

The iShares Latin America 40 ETF (the “Fund”) seeks to track the investment results of an index composed of 40 of the largest Latin American equities, as represented by the S&P Latin America 40^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns

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

Fund NAV		(2.41	)%		28.90	%		1.53	%		(1.27	)%		28.90	%		7.91	%		(11.96	)%
Fund Market		(2.73	)		28.77			1.47			(1.22	)		28.77			7.55			(11.53	)
Index		(2.13	)		29.72			1.83			(0.78	)		29.72			9.47			(7.55	)

Expense Example


	Actual					Hypothetical 5% Return


Beginning Account Value (04/01/21)			Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

		$ 1,000.00	$ 975.90	$ 2.33			$ 1,000.00	$ 1,022.70	$ 2.38		0.47	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)

Financials	26.8	%
Materials	24.5
Consumer Staples	14.1
Energy	12.0
Communication Services	6.4
Information Technology	4.6
Consumer Discretionary	3.8
Industrials	3.2
Health Care	2.3
Utilities	1.5
Real Estate	0.8

GEOGRAPHIC ALLOCATION



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

Brazil	62.7	%
Mexico	25.0
Chile	6.9
Peru	2.9
Colombia	2.5

^(a)

Excludes money market funds.


10		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

About Fund Performance

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

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

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

Shareholder Expenses

As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses – The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes – The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.


A B O U T F U N D P E R F O R M A N C E / S H A R E H O L D E R E X P E N S E S		11

Schedule of Investments (unaudited)

September 30, 2021

iShares^® Asia 50 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

China — 41.6%
Alibaba Group Holding Ltd.^(a)		12,068,300	$	223,431,768
ANTA Sports Products Ltd.		931,000		17,580,517
Bank of China Ltd., Class H		62,952,000		22,243,159
BYD Co. Ltd., Class H		610,500		18,975,801
China Construction Bank Corp., Class H		84,446,960		60,268,291
China Merchants Bank Co. Ltd., Class H		3,082,000		24,526,990
Geely Automobile Holdings Ltd.		4,100,000		11,769,488
Industrial & Commercial Bank of China Ltd., Class H		53,976,115		29,920,247
JD.com Inc., Class A^(a)		1,468,850		52,955,432
Li Ning Co. Ltd.		1,777,500		20,487,005
Meituan, Class B^(a)(b)		3,301,200		105,378,996
NetEase Inc.		1,639,800		27,746,089
Ping An Insurance Group Co. of China Ltd., Class H		4,876,500		33,352,199
Tencent Holdings Ltd.		4,948,800		295,437,009
Wuxi Biologics Cayman Inc., New^(a)(b)		2,672,500		43,348,719
Xiaomi Corp., Class B^(a)(b)		13,540,000		37,187,256


				1,024,608,966

Hong Kong — 11.6%
AIA Group Ltd.		9,898,200		113,872,853
CK Hutchison Holdings Ltd.		2,204,148		14,704,151
CLP Holdings Ltd.		1,352,500		13,022,437
Hang Seng Bank Ltd.		602,100		10,313,253
Hong Kong & China Gas Co. Ltd.		8,856,501		13,381,232
Hong Kong Exchanges & Clearing Ltd.		981,700		60,325,961
Link REIT		1,722,100		14,746,932
Sun Hung Kai Properties Ltd.		1,256,500		15,689,087
Techtronic Industries Co. Ltd.		1,411,000		27,883,540


				283,939,446

Singapore — 3.4%
DBS Group Holdings Ltd.		1,480,700		32,810,253
Oversea-Chinese Banking Corp. Ltd.		3,283,574		27,650,092
United Overseas Bank Ltd.		1,262,500		23,883,446


				84,343,791

South Korea — 21.3%
Celltrion Inc.^(a)(c)		81,982		17,808,069
Hyundai Mobis Co. Ltd.		54,812		11,566,320
Hyundai Motor Co.		117,139		19,499,587
Kakao Corp.		254,721		25,051,331
KB Financial Group Inc.		319,825		14,874,257
Kia Corp.		221,175		14,937,390
LG Chem Ltd.		38,704		25,102,260
NAVER Corp.		120,969		39,250,445
POSCO		62,067		17,090,677
Samsung Electronics Co. Ltd.		4,200,919		260,434,297
Samsung SDI Co. Ltd.		45,017		26,862,538
Shinhan Financial Group Co. Ltd.		422,710		14,278,969
SK Hynix Inc.		440,811		37,736,203


				524,492,343

Taiwan — 19.9%
Chunghwa Telecom Co. Ltd.		3,118,551		12,354,191


Security	Shares		Value


Taiwan (continued)
CTBC Financial Holding Co. Ltd.		15,955,359	$	13,057,704
Delta Electronics Inc.		1,575,000		14,112,263
Formosa Plastics Corp.		3,545,071		14,332,579
Hon Hai Precision Industry Co. Ltd.		10,210,052		38,110,156
MediaTek Inc.		1,301,112		41,879,506
Nan Ya Plastics Corp.		4,608,510		15,064,556
Taiwan Semiconductor Manufacturing Co. Ltd.		15,491,343		320,393,245
United Microelectronics Corp.		9,454,000		21,429,848


				490,734,048


Total Common Stocks — 97.8% (Cost: $2,019,695,837)				2,408,118,594


Preferred Stocks

South Korea — 1.9%
Hyundai Motor Co.
Preference Shares, NVS		18,277		1,471,492
Series 2, Preference Shares, NVS		30,078		2,396,860
LG Chem Ltd., Preference Shares, NVS		6,374		2,003,392
Samsung Electronics Co. Ltd., Preference Shares, NVS		673,331		39,281,237


				45,152,981


Total Preferred Stocks — 1.9% (Cost: $31,220,012)				45,152,981


Short-Term Investments

Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%^(d)(e)(f)		16,366,210		16,374,393
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(d)(e)		4,020,000		4,020,000


				20,394,393


Total Short-Term Investments — 0.8% (Cost: $20,390,419)				20,394,393


Total Investments in Securities — 100.5% (Cost: $2,071,306,268)				2,473,665,968

Other Assets, Less Liabilities — (0.5)%				(11,780,378	)


Net Assets — 100.0%			$	2,461,885,590

^(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.


12		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Asia 50 ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:




Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/21		Shares Held at 09/30/21		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	43,949,971	$	—		$	(27,571,921	)^(a)	$	(3,537	)	$	(120	)	$	16,374,393		16,366,210	$	109,385	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		3,430,000		590,000	^(a)		—			—			—			4,020,000		4,020,000		131			—


									$	(3,537	)	$	(120	)	$	20,394,393			$	109,516		$	—

^(a)

Represents net amount purchased (sold).

^(b)

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts




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


Long Contracts
FTSE Taiwan Index		23		10/28/21	$	1,351	$	(26,356	)
MSCI China Free Index		56		12/17/21		2,784		(146,900	)
MSCI Emerging Markets Index		37		12/17/21		2,304		(99,408	)


							$	(272,664	)

Derivative Financial Instruments Categorized by Risk Exposure

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




	Equity Contracts


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	272,664

^(a)

Net cumulative 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 September 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:




	Equity Contracts


Net Realized Gain (Loss) from:
Futures contracts	$	(227,434	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(376,347	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	28,604,007

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


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

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Asia 50 ETF

Fair Value Hierarchy as of Period End

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

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




	Level 1			Level 2			Level 3		Total


Investments
Assets
Common Stocks	$	—		$	2,408,118,594		$	—	$	2,408,118,594
Preferred Stocks		—			45,152,981			—		45,152,981
Money Market Funds		20,394,393			—			—		20,394,393


	$	20,394,393		$	2,453,271,575		$	—	$	2,473,665,968

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(99,408	)	$	(173,256	)	$	—	$	(272,664	)

^(a)

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

See notes to financial statements.


14		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

September 30, 2021

iShares^® Emerging Markets Infrastructure ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Brazil — 11.2%
CCR SA		251,966	$	541,340
Centrais Eletricas Brasileiras SA, ADR		45,201		320,927
Cia. de Saneamento Basico do Estado de Sao Paulo, ADR		42,731		302,535
Ultrapar Participacoes SA, ADR		244,231		659,424


				1,824,226

Chile — 1.8%
Enel Americas SA, ADR		48,347		282,830


China — 49.8%
Beijing Capital International Airport Co. Ltd., Class H^(a)		364,000		213,384
CGN Power Co. Ltd., Class H^(b)		1,274,000		386,669
China Gas Holdings Ltd.		306,800		906,116
China Longyuan Power Group Corp. Ltd., Class H		416,000		1,020,784
China Merchants Port Holdings Co. Ltd.		312,000		533,524
China Oilfield Services Ltd., Class H		598,000		565,926
China Resources Gas Group Ltd.		112,000		588,440
China Resources Power Holdings Co. Ltd.		234,000		672,049
China Suntien Green Energy Corp. Ltd., Class H		572,000		570,919
COSCO SHIPPING Energy Transportation Co. Ltd., Class H^(c)		442,000		215,893
COSCO SHIPPING Ports Ltd.		364,000		314,378
Guangdong Investment Ltd.		364,000		474,993
Jiangsu Expressway Co. Ltd., Class H		286,000		288,989
Kunlun Energy Co. Ltd.		494,000		514,367
Shenzhen Expressway Co. Ltd., Class H		156,000		154,463
Shenzhen International Holdings Ltd.		292,999		377,720
Zhejiang Expressway Co. Ltd., Class H		338,000		278,748


				8,077,362

Mexico — 13.1%
Grupo Aeroportuario del Centro Norte SAB de CV, ADR^(a)		7,852		367,866
Grupo Aeroportuario del Pacifico SAB de CV, ADR		7,943		923,930
Grupo Aeroportuario del Sureste SAB de CV, ADR^(c)		4,472		836,264


				2,128,060

South Korea — 4.9%
Korea Electric Power Corp., ADR^(c)		64,155		633,210
SK Discovery Co. Ltd.		3,848		154,279


				787,489


Security	Shares		Value


Thailand — 9.3%
Airports of Thailand PCL, NVS^(c)		846,300	$	1,516,633


Total Common Stocks — 90.1% (Cost: $13,320,400)				14,616,600


Preferred Stocks

Brazil — 2.2%
Cia. Energetica de Minas Gerais, Preference Shares, ADR		141,206		355,839


Russia — 7.0%
Transneft PJSC, Preference Shares, NVS		520		1,140,785


Total Preferred Stocks — 9.2% (Cost: $1,515,258)				1,496,624


Short-Term Investments

Money Market Funds — 8.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%^(d)(e)(f)		1,411,768		1,412,474
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(d)(e)		20,000		20,000


				1,432,474


Total Short-Term Investments — 8.8% (Cost: $1,432,381)				1,432,474


Total Investments in Securities — 108.1% (Cost: $16,268,039)				17,545,698

Other Assets, Less Liabilities — (8.1)%				(1,310,828	)


Net Assets — 100.0%			$	16,234,870

^(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 03/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/21		Shares Held at 09/30/21		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	808,840	$	603,771	^(a)	$	—		$	(96	)	$	(41	)	$	1,412,474		1,411,768	$	4,108	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		30,000		—			(10,000	)^(a)		—			—			20,000		20,000		1			—


									$	(96	)	$	(41	)	$	1,432,474			$	4,109		$	—

^(a)

Represents net amount purchased (sold).

^(b)


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

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Emerging Markets Infrastructure ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts




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


Long Contracts
MSCI Emerging Markets Index		1		12/17/21	$	62	$	(3,120	)

Derivative Financial Instruments Categorized by Risk Exposure

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




	Equity Contracts


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	3,120

^(a)

For the period ended September 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:




	Equity Contracts


Net Realized Gain (Loss) from:
Futures contracts	$	(13,687	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(3,120	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	157,240

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

Fair Value Hierarchy as of Period End




	Level 1			Level 2		Level 3		Total


Investments
Assets
Common Stocks	$	5,735,514		$	8,881,086	$	—	$	14,616,600
Preferred Stocks		355,839			1,140,785		—		1,496,624
Money Market Funds		1,432,474			—		—		1,432,474


	$	7,523,827		$	10,021,871	$	—	$	17,545,698


Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(3,120	)	$	—	$	—	$	(3,120	)

^(a)

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

See notes to financial statements.


16		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

September 30, 2021

iShares^® Europe ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 1.7%
BHP Group PLC		412,443	$	10,391,230
Glencore PLC		2,119,918		9,972,315
Rio Tinto PLC		207,211		13,583,122


				33,946,667

Austria — 0.2%
Erste Group Bank AG		59,244		2,601,355
OMV AG		27,843		1,676,583


				4,277,938

Belgium — 1.3%
Ageas SA/NV		35,002		1,733,314
Anheuser-Busch InBev SA/NV		165,678		9,396,823
Groupe Bruxelles Lambert SA		20,693		2,276,139
KBC Group NV		65,535		5,911,548
Solvay SA		13,844		1,717,313
UCB SA		24,565		2,750,721
Umicore SA		37,955		2,245,402


				26,031,260

Denmark — 4.0%
Ambu A/S, Class B^(a)		33,331		985,653
AP Moller - Maersk A/S, Class A		576		1,484,374
AP Moller - Maersk A/S, Class B, NVS		1,138		3,080,666
Carlsberg A/S, Class B		19,339		3,155,025
Chr Hansen Holding A/S		20,358		1,662,887
Coloplast A/S, Class B		23,309		3,644,652
Danske Bank A/S		129,284		2,177,934
DSV A/S		41,431		9,917,078
Genmab A/S^(b)		12,917		5,643,716
GN Store Nord A/S		26,480		1,831,440
Novo Nordisk A/S, Class B		319,939		30,838,759
Novozymes A/S, Class B		41,217		2,825,477
Orsted A/S^(c)		36,697		4,837,198
Pandora A/S		19,873		2,412,576
Vestas Wind Systems A/S		195,752		7,851,424


				82,348,859

Finland — 2.1%
Elisa OYJ		29,673		1,843,699
Fortum OYJ		85,667		2,601,371
Kesko OYJ, Class B		52,477		1,810,110
Kone OYJ, Class B		78,108		5,486,958
Metso Outotec OYJ		138,393		1,262,990
Neste OYJ		83,974		4,737,166
Nokia OYJ^(b)		1,047,136		5,775,274
Nordea Bank Abp		691,495		8,910,794
Sampo OYJ, Class A		98,595		4,874,617
Stora Enso OYJ, Class R		116,286		1,936,909
UPM-Kymmene OYJ		102,590		3,631,092
Wartsila OYJ Abp		94,914		1,130,360


				44,001,340

France — 16.8%
Accor SA^(b)		31,542		1,124,700
Air Liquide SA		91,936		14,724,475
Airbus SE^(b)		118,721		15,739,537
Alstom SA		57,463		2,179,728
Arkema SA		12,889		1,699,632
Atos SE		19,240		1,022,064
AXA SA		399,169		11,062,269
BNP Paribas SA		223,413		14,294,113


Security	Shares		Value

France (continued)
Bouygues SA		41,293	$	1,708,182
Bureau Veritas SA		57,890		1,786,558
Capgemini SE		30,471		6,318,975
Carrefour SA		122,585		2,196,899
Cie. de Saint-Gobain		103,735		6,981,056
Cie. Generale des Etablissements Michelin SCA		34,951		5,359,402
Credit Agricole SA		269,875		3,709,549
Danone SA		133,863		9,126,501
Dassault Systemes SE		133,592		7,030,347
Edenred		47,398		2,551,549
Eiffage SA		15,970		1,614,038
Electricite de France SA		91,799		1,153,559
Engie SA		348,639		4,561,311
EssilorLuxottica SA		58,635		11,204,742
Eurofins Scientific SE		24,799		3,183,981
Gecina SA		10,859		1,460,929
Hermes International		6,764		9,332,523
Kering SA		14,338		10,183,715
Klepierre SA		37,955		848,806
Legrand SA		52,359		5,610,247
L’Oreal SA		47,616		19,703,691
LVMH Moet Hennessy Louis Vuitton SE		51,927		37,193,420
Orange SA		366,912		3,968,103
Pernod Ricard SA		39,432		8,693,299
Publicis Groupe SA		46,148		3,100,121
Renault SA^(b)		38,777		1,375,688
Safran SA		68,494		8,663,163
Sanofi		223,417		21,507,015
Sartorius Stedim Biotech		4,714		2,634,205
Schneider Electric SE		110,392		18,386,215
SCOR SE		29,379		845,994
Sodexo SA^(b)		16,202		1,415,984
STMicroelectronics NV, New		127,238		5,550,079
Suez SA		74,502		1,698,803
Teleperformance		11,394		4,481,656
Thales SA		21,031		2,039,072
TotalEnergies SE		481,795		23,028,810
Ubisoft Entertainment SA^(b)		17,722		1,061,233
Unibail-Rodamco-Westfield^(b)		22,640		1,666,318
Valeo		44,069		1,229,871
Veolia Environment SA		106,737		3,261,432
Vinci SA		100,866		10,490,951
Vivendi SE		157,153		1,978,547
Worldline SA^(b)(c)		48,398		3,689,187


				345,432,244

Germany — 12.7%
adidas AG		36,270		11,398,080
Allianz SE, Registered		80,030		17,930,366
Aroundtown SA		188,428		1,298,062
BASF SE		178,169		13,507,031
Bayer AG, Registered		190,229		10,324,769
Bayerische Motoren Werke AG		62,622		5,947,772
Beiersdorf AG		19,313		2,083,874
Brenntag SE		30,401		2,824,089
Commerzbank AG^(b)		193,908		1,284,391
Continental AG^(b)		20,653		2,242,061
Covestro AG^(c)		37,471		2,553,678
Daimler AG, Registered		162,954		14,377,706
Delivery Hero SE^(b)(c)		37,223		4,747,986
Deutsche Bank AG, Registered^(b)		402,160		5,110,546


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

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Europe ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Germany (continued)
Deutsche Boerse AG		36,864	$	5,981,796
Deutsche Post AG, Registered		192,376		12,063,855
Deutsche Telekom AG, Registered		628,391		12,601,875
Deutsche Wohnen SE		70,575		4,315,276
E.ON SE		438,315		5,349,940
Fresenius Medical Care AG & Co. KGaA		39,094		2,742,220
Fresenius SE & Co. KGaA		81,006		3,877,364
GEA Group AG		32,514		1,484,893
Hannover Rueck SE		11,674		2,032,923
HeidelbergCement AG		28,720		2,142,609
HelloFresh SE^(b)		33,692		3,105,293
Henkel AG & Co. KGaA		18,964		1,631,380
Infineon Technologies AG		253,506		10,367,931
LANXESS AG		17,653		1,193,067
LEG Immobilien SE		14,491		2,046,909
Merck KGaA		25,289		5,473,543
MTU Aero Engines AG		10,274		2,309,818
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		27,140		7,405,671
Puma SE		20,025		2,226,080
RWE AG		130,123		4,589,226
SAP SE		212,832		28,781,085
Siemens AG, Registered		155,104		25,367,414
Siemens Healthineers AG^(c)		54,618		3,542,274
Symrise AG		25,039		3,281,888
Volkswagen AG		5,734		1,768,384
Vonovia SE		110,844		6,663,760
Zalando SE^(b)(c)		37,520		3,421,880


				261,398,765

Ireland — 1.2%
CRH PLC		153,161		7,228,410
Flutter Entertainment PLC, Class DI^(b)		29,507		5,852,177
Kerry Group PLC, Class A		29,965		4,026,355
Kingspan Group PLC		30,188		3,011,231
Ryanair Holdings PLC, ADR^(a)(b)		19,489		2,144,959
Smurfit Kappa Group PLC		49,989		2,631,841


				24,894,973

Italy — 3.0%
Assicurazioni Generali SpA		234,228		4,960,758
Atlantia SpA^(b)		98,349		1,856,011
CNH Industrial NV		195,471		3,285,683
Enel SpA		1,507,620		11,571,311
Eni SpA		488,225		6,510,578
Ferrari NV		24,944		5,205,808
FinecoBank Banca Fineco SpA^(b)		117,603		2,124,130
Intesa Sanpaolo SpA		3,319,951		9,398,728
Mediobanca Banca di Credito Finanziario SpA^(b)		139,182		1,674,500
Moncler SpA		41,165		2,510,678
Prysmian SpA		52,949		1,849,429
Snam SpA		395,720		2,189,078
Telecom Italia SpA/Milano		1,967,551		769,333
Terna - Rete Elettrica Nazionale		276,323		1,961,010
UniCredit SpA		435,221		5,759,574


				61,626,609

Luxembourg — 0.2%
Societe Generale SA		155,647		4,874,060


Netherlands — 8.9%
ABN AMRO Bank NV, CVA^(b)(c)		81,424		1,174,734


Security	Shares		Value

Netherlands (continued)
Adyen NV^(b)(c)		5,923	$	16,556,927
Aegon NV		273,248		1,410,464
Akzo Nobel NV		36,049		3,938,880
ArcelorMittal SA		130,350		3,990,353
Argenx SE^(b)		9,786		2,957,161
ASM International NV		7,459		2,921,082
ASML Holding NV		81,558		60,928,571
Euronext NV^(c)		19,223		2,175,482
EXOR NV		22,132		1,857,257
Heineken Holding NV		20,037		1,744,739
Heineken NV		45,403		4,738,930
IMCD NV		10,949		2,095,420
ING Groep NV		756,097		10,992,518
Just Eat Takeaway.com NV^(b)(c)		29,216		2,134,638
Koninklijke Ahold Delhaize NV		204,349		6,804,440
Koninklijke DSM NV		34,132		6,825,577
Koninklijke KPN NV		701,688		2,208,043
Koninklijke Philips NV		177,737		7,896,304
NN Group NV		62,059		3,250,789
Prosus NV		169,331		13,553,420
QIAGEN NV^(b)		44,084		2,287,188
Randstad NV		24,762		1,667,152
Stellantis NV		430,038		8,184,105
Universal Music Group NV^(b)		157,153		4,207,812
Wolters Kluwer NV		52,383		5,552,415


				182,054,401

Norway — 0.9%
DNB Bank ASA		176,331		4,008,829
Equinor ASA		210,029		5,341,208
Mowi ASA		87,129		2,213,670
Norsk Hydro ASA		271,600		2,027,220
Orkla ASA		141,131		1,295,328
Telenor ASA		124,894		2,102,215
Yara International ASA		30,687		1,520,119


				18,508,589

Portugal — 0.2%
EDP - Energias de Portugal SA		569,353		2,990,878
Galp Energia SGPS SA		89,159		1,012,666


				4,003,544

Spain — 3.8%
ACS Actividades de Construccion y Servicios SA		53,992		1,462,571
Aena SME SA^(b)(c)		14,425		2,494,683
Amadeus IT Group SA^(b)		88,473		5,819,026
Banco Bilbao Vizcaya Argentaria SA		1,295,241		8,549,374
Banco Santander SA		3,386,510		12,267,168
CaixaBank SA		845,397		2,621,596
Cellnex Telecom SA^(c)		110,708		6,835,117
Enagas SA		40,348		896,699
Endesa SA		62,732		1,265,147
Ferrovial SA		96,806		2,825,638
Grifols SA		58,678		1,432,800
Iberdrola SA		1,124,611		11,314,068
Industria de Diseno Textil SA		219,505		8,076,849
International Consolidated Airlines Group SA^(b)		490,526		1,171,140
Naturgy Energy Group SA^(a)		66,461		1,672,885
Red Electrica Corp. SA		72,128		1,447,051
Repsol SA		278,501		3,635,426
Telefonica SA		1,039,284		4,876,919


				78,664,157


18		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Europe ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Sweden — 5.0%
Alfa Laval AB		56,602	$	2,111,171
Assa Abloy AB, Class B		192,407		5,581,074
Atlas Copco AB, Class A		125,611		7,585,101
Atlas Copco AB, Class B		75,328		3,828,666
Boliden AB		53,701		1,719,529
Electrolux AB, Series B		51,033		1,179,052
Embracer Group AB^(b)		109,274		1,052,248
Epiroc AB, Class A		119,418		2,482,646
Epiroc AB, Class B		76,961		1,363,116
Essity AB, Class B		116,911		3,625,875
Evolution AB^(c)		35,029		5,304,765
H & M Hennes & Mauritz AB, Class B^(b)		143,235		2,899,307
Hexagon AB, Class B		381,214		5,896,615
Industrivarden AB, Class A		30,845		985,397
Industrivarden AB, Class C		33,099		1,022,616
Investor AB, Class B		355,733		7,649,814
Kinnevik AB, Class B^(b)		45,927		1,614,528
Nibe Industrier AB, Class B		273,972		3,442,940
Sandvik AB		213,852		4,885,728
Securitas AB, Class B		63,253		1,001,144
Sinch AB^(b)(c)		109,356		2,120,630
Skandinaviska Enskilda Banken AB, Class A		309,186		4,357,460
Skanska AB, Class B		78,199		1,961,824
SKF AB, Class B		74,180		1,749,254
Svenska Cellulosa AB SCA, Class B		119,027		1,844,688
Svenska Handelsbanken AB, Class A		301,918		3,381,300
Swedbank AB, Class A		178,137		3,592,075
Swedish Match AB		306,797		2,686,541
Tele2 AB, Class B		98,402		1,457,011
Telefonaktiebolaget LM Ericsson, Class B		560,145		6,322,313
Telia Co. AB		479,927		1,974,290
Volvo AB, Class B		309,380		6,907,367


				103,586,085

Switzerland — 15.2%
ABB Ltd., Registered		346,974		11,606,909
Adecco Group AG, Registered		31,162		1,561,395
Alcon Inc.		96,999		7,854,078
Baloise Holding AG, Registered		9,729		1,475,789
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		202		2,258,533
Chocoladefabriken Lindt & Spruengli AG, Registered		22		2,594,345
Cie. Financiere Richemont SA, Class A, Registered		101,328		10,505,898
Credit Suisse Group AG, Registered		488,631		4,825,848
Geberit AG, Registered		6,964		5,112,984
Givaudan SA, Registered		1,539		7,016,438
Holcim Ltd.		99,902		4,813,776
Julius Baer Group Ltd.		42,646		2,833,387
Kuehne + Nagel International AG, Registered		9,901		3,380,212
Logitech International SA, Registered		33,390		2,970,612
Lonza Group AG, Registered		14,538		10,905,090
Nestle SA, Registered		547,381		65,953,947
Novartis AG, Registered		473,867		38,856,694
Partners Group Holding AG		4,392		6,854,322
Roche Holding AG, Bearer		5,283		2,168,269
Roche Holding AG, NVS		136,654		49,874,577
Schindler Holding AG, Participation Certificates, NVS		8,079		2,168,966
Schindler Holding AG, Registered		3,725		959,656
SGS SA, Registered		1,174		3,417,322
Siemens Energy AG^(b)		75,804		2,027,717
Sika AG, Registered		27,693		8,755,778


Security	Shares		Value

Switzerland (continued)
Sonova Holding AG, Registered		10,548	$	3,986,175
Straumann Holding AG, Registered		2,224		3,988,657
Swatch Group AG (The), Bearer		5,645		1,472,677
Swatch Group AG (The), Registered		10,612		546,032
Swiss Life Holding AG, Registered		6,184		3,115,917
Swiss Prime Site AG, Registered		15,053		1,470,391
Swiss Re AG		56,484		4,820,918
Swisscom AG, Registered		4,897		2,818,129
Temenos AG, Registered		12,887		1,748,592
UBS Group AG, Registered		718,954		11,475,665
VAT Group AG^(c)		5,188		2,047,549
Vifor Pharma AG		9,072		1,175,885
Zurich Insurance Group AG		29,339		11,997,310


				311,416,439

United Kingdom — 21.2%
3i Group PLC		189,417		3,253,565
Abrdn PLC		428,987		1,467,117
Admiral Group PLC		52,435		2,190,917
Anglo American PLC		264,350		9,265,109
Ashtead Group PLC		87,117		6,585,466
Associated British Foods PLC		70,460		1,753,940
AstraZeneca PLC		301,177		36,297,169
Aviva PLC		758,852		4,021,822
BAE Systems PLC		631,987		4,786,704
Barclays PLC		3,079,583		7,825,150
Barratt Developments PLC		198,248		1,752,470
Berkeley Group Holdings PLC, NVS		22,150		1,293,464
BP PLC		3,950,727		17,994,979
British American Tobacco PLC		444,276		15,529,453
British Land Co. PLC (The)		184,942		1,227,205
BT Group PLC^(b)		1,683,277		3,608,627
Bunzl PLC		65,924		2,175,129
Burberry Group PLC		77,518		1,886,527
Compass Group PLC^(b)		344,595		7,047,372
Croda International PLC		27,831		3,188,796
DCC PLC		20,093		1,675,071
Diageo PLC		452,810		21,922,800
Direct Line Insurance Group PLC		248,891		971,190
DS Smith PLC		269,872		1,490,422
Entain PLC^(b)		113,949		3,254,567
Experian PLC		188,090		7,879,114
Ferguson PLC		44,995		6,246,289
GlaxoSmithKline PLC		974,574		18,393,299
Halma PLC		72,758		2,775,245
Hargreaves Lansdown PLC		68,892		1,322,769
HSBC Holdings PLC		4,042,261		21,135,681
IMI PLC		56,044		1,253,527
Imperial Brands PLC		186,836		3,907,982
Informa PLC^(b)		285,933		2,102,739
InterContinental Hotels Group PLC^(b)		37,278		2,380,257
Intertek Group PLC		31,855		2,130,056
ITV PLC^(b)		714,888		1,022,412
J Sainsbury PLC		335,084		1,284,304
Johnson Matthey PLC		38,721		1,389,193
Kingfisher PLC		403,201		1,819,999
Land Securities Group PLC		139,890		1,303,820
Legal & General Group PLC		1,169,036		4,392,168
Lloyds Banking Group PLC		13,783,266		8,578,991
London Stock Exchange Group PLC		62,877		6,300,788
M&G PLC		510,541		1,394,904


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

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Europe ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United Kingdom (continued)
Marks & Spencer Group PLC^(b)		386,261	$	948,124
Melrose Industries PLC		849,054		1,971,253
Mondi PLC		95,926		2,350,761
National Grid PLC		752,245		8,963,538
Natwest Group PLC		1,028,042		3,099,399
Next PLC		25,410		2,795,122
Ocado Group PLC^(b)		125,255		2,799,176
Pearson PLC		144,684		1,387,551
Persimmon PLC		61,317		2,192,999
Prudential PLC		508,733		9,872,172
Reckitt Benckiser Group PLC		142,718		11,211,953
RELX PLC		384,929		11,080,657
Rentokil Initial PLC		362,981		2,850,415
Rolls-Royce Holdings PLC^(b)		1,636,948		3,057,352
Royal Dutch Shell PLC, Class A		796,028		17,703,005
Royal Dutch Shell PLC, Class B		719,420		15,939,908
Sage Group PLC (The)		221,103		2,105,266
Schroders PLC		24,836		1,196,096
Segro PLC		233,689		3,753,941
Severn Trent PLC		50,186		1,756,967
Smith & Nephew PLC		172,349		2,969,201
Smiths Group PLC		77,799		1,500,181
Spirax-Sarco Engineering PLC		14,304		2,878,048
SSE PLC		203,852		4,292,130
St. James’s Place PLC		104,280		2,103,567
Standard Chartered PLC		503,807		2,945,144
Taylor Wimpey PLC		715,418		1,492,147
Tesco PLC		1,518,204		5,170,446
Unilever PLC		511,783		27,707,075
United Utilities Group PLC		134,770		1,754,078
Vodafone Group PLC		5,222,241		7,946,641
Weir Group PLC (The)^(b)		51,527		1,163,144
Whitbread PLC^(b)		39,035		1,735,615
Wm Morrison Supermarkets PLC		458,983		1,821,288
WPP PLC		247,677		3,318,268


				435,311,196

United States — 0.0%
Jackson Financial Inc., Class A^(b)		12,589		327,314


Total Common Stocks — 98.4% (Cost: $1,941,017,383)				2,022,704,440


Preferred Stocks

Germany — 0.9%
Bayerische Motoren Werke AG, Preference Shares, NVS		10,935		829,487


Security	Shares		Value

Germany (continued)
Henkel AG & Co. KGaA, Preference Shares, NVS		34,215	$	3,165,179
Porsche Automobil Holding SE, Preference Shares, NVS		30,091		2,975,707
Sartorius AG, Preference Shares, NVS		4,812		3,063,360
Volkswagen AG, Preference Shares, NVS		35,643		7,944,916


				17,978,649

Italy — 0.0%
Telecom Italia SpA/Milano, Preference Shares, NVS		1,189,092		479,841


Total Preferred Stocks — 0.9% (Cost: $19,695,167)				18,458,490


Rights

France — 0.0%
Veolia Environment SA (Expires 10/01/21)^(a)(b)		106,737		88,549


Total Rights — 0.0% (Cost: $0)				88,549


Short-Term Investments

Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%^(d)(e)(f)		3,426,290		3,428,003
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(d)(e)		1,700,000		1,700,000


				5,128,003


Total Short-Term Investments — 0.3% (Cost: $5,127,756)				5,128,003


Total Investments in Securities — 99.6% (Cost: $1,965,840,306)				2,046,379,482

Other Assets, Less Liabilities — 0.4%				8,962,249


Net Assets — 100.0%			$	2,055,341,731

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

^(b)	Non-income producing security.

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

^(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.


20		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Europe ETF

Affiliates




Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 09/30/21		Shares Held at 09/30/21		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	8,383,628	$	—		$	(4,955,170	)^(a)	$	515	$	(970	)	$	3,428,003		3,426,290	$	27,780	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		820,000		880,000	^(a)		—			—		—			1,700,000		1,700,000		36			—


									$	515	$	(970	)	$	5,128,003			$	27,816		$	—

^(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
Euro STOXX 50 Index		177		12/17/21	$	8,273	$	(197,306	)
FTSE 100 Index		47		12/17/21		4,461		2,799


							$	(194,507	)

Derivative Financial Instruments Categorized by Risk Exposure

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




	Equity Contracts


Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	2,799


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	197,306

^(a)

For the period ended September 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:




	Equity Contracts


Net Realized Gain (Loss) from:
Futures contracts	$	869,902


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(314,862	)


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

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Europe ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	11,294,646

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

Fair Value Hierarchy as of Period End




	Level 1		Level 2			Level 3		Total


Investments
Assets
Common Stocks	$	70,146,783	$	1,952,557,657		$	—	$	2,022,704,440
Preferred Stocks		—		18,458,490			—		18,458,490
Rights		—		88,549			—		88,549
Money Market Funds		5,128,003		—			—		5,128,003


	$	75,274,786	$	1,971,104,696		$	—	$	2,046,379,482

Derivative financial instruments^(a)
Assets
Futures Contracts	$	—	$	2,799		$	—	$	2,799
Liabilities
Futures Contracts		—		(197,306	)		—		(197,306	)


	$	—	$	(194,507	)	$	—	$	(194,507	)

^(a)

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

See notes to financial statements.


22		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

September 30, 2021

iShares^® International Developed Property ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 11.8%
Abacus Property Group		30,112	$	76,300
APN Industria REIT		11,375		28,182
Arena REIT		27,597		83,571
Aventus Group		32,851		75,452
BWP Trust		38,380		109,672
Cedar Woods Properties Ltd.		4,865		21,304
Centuria Capital Group		50,533		122,958
Centuria Industrial REIT		37,012		98,409
Centuria Office REIT^(a)		34,504		62,094
Charter Hall Group		36,870		445,803
Charter Hall Long Wale REIT		45,388		160,427
Charter Hall Retail REIT		41,180		116,757
Charter Hall Social Infrastructure REIT		25,753		66,040
Cromwell Property Group		113,230		64,752
Dexus		85,141		655,295
GDI Property Group		39,129		32,499
Goodman Group		133,079		2,047,696
GPT Group (The)		151,635		546,174
Growthpoint Properties Australia Ltd.		23,682		69,359
Home Consortium Ltd.		14,654		80,942
HomeCo Daily Needs REIT^(a)		40,605		46,235
Hotel Property Investments		13,778		34,265
Ingenia Communities Group		23,095		108,686
Irongate Group		42,321		46,063
Lendlease Corp. Ltd.		54,508		419,083
Lifestyle Communities Ltd.		7,629		120,362
Mirvac Group		312,098		662,042
National Storage REIT		85,222		139,856
Rural Funds Group		30,328		57,918
Scentre Group		410,865		874,470
Shopping Centres Australasia Property Group		85,024		162,860
Stockland		188,966		599,243
Vicinity Centres		306,026		361,794
Waypoint REIT		61,762		121,147


				8,717,710

Austria — 0.6%
CA Immobilien Anlagen AG		3,738		158,298
IMMOFINANZ AG^(b)		7,601		180,991
S IMMO AG		3,402		78,657


				417,946

Belgium — 2.5%
Aedifica SA		2,851		355,928
Befimmo SA		1,958		78,588
Care Property Invest NV		2,080		64,088
Cofinimmo SA		2,211		335,278
Immobel SA		328		28,419
Intervest Offices & Warehouses NV		1,843		50,489
Montea NV		819		108,530
Retail Estates NV		880		64,343
Shurgard Self Storage SA		1,951		107,008
VGP NV		601		138,259
Warehouses De Pauw CVA		11,070		448,539
Xior Student Housing NV		1,516		85,608


				1,865,077

British Virgin Islands — 0.1%
MAS Real Estate Inc.		33,117		40,861


Security	Shares		Value

Canada — 3.6%
Allied Properties REIT		4,997	$	158,676
Artis REIT		4,867		43,690
Automotive Properties Real Estate Investment Trust		1,500		15,076
Boardwalk REIT		1,825		68,139
BTB Real Estate Investment Trust		2,877		9,131
Canadian Apartment Properties REIT		6,694		312,397
Choice Properties REIT		12,749		143,434
Cominar REIT		6,964		54,927
Crombie REIT		3,825		52,486
CT REIT		3,992		53,674
Dream Industrial REIT		8,237		105,352
Dream Office REIT		1,882		34,175
DREAM Unlimited Corp., Class A		1,858		41,103
European Residential Real Estate Investment Trust		3,480		12,089
First Capital Real Estate Investment Trust		8,402		116,086
Granite REIT		2,548		181,213
H&R Real Estate Investment Trust		11,265		139,012
Inovalis Real Estate Investment Trust		1,270		9,365
InterRent REIT		5,278		69,715
Killam Apartment REIT		4,285		71,890
Minto Apartment Real Estate Investment Trust^(c)		1,428		25,209
Morguard Corp.		346		36,387
Morguard North American Residential REIT		1,625		21,926
Nexus Real Estate Investment Trust		1,312		13,228
NorthWest Healthcare Properties REIT		8,515		86,790
Plaza Retail REIT		4,043		14,364
RioCan REIT		12,224		208,848
Slate Grocery REIT		1,848		18,967
Slate Office REIT		2,212		9,081
SmartCentres Real Estate Investment Trust		5,575		130,550
Summit Industrial Income REIT		6,567		108,050
Tricon Residential Inc.		16,585		221,290
True North Commercial Real Estate Investment Trust		3,728		21,310
WPT Industrial Real Estate Investment Trust		3,196		69,189


				2,676,819

China — 0.7%
Gemdale Properties & Investment Corp. Ltd.		490,000		52,873
Greenland Hong Kong Holdings Ltd.^(a)		60,000		14,999
Road King Infrastructure Ltd.		18,000		18,104
Wharf Holdings Ltd. (The)		108,000		357,253
Yuexiu REIT		128,000		60,180
Zhuguang Holdings Group Co. Ltd.		190,000		42,447


				545,856

Finland — 0.4%
Citycon OYJ		6,119		49,036
Kojamo OYJ		11,889		246,866


				295,902

France — 3.3%
Altarea SCA		292		63,251
Carmila SA		3,564		53,208
Covivio		3,743		314,551
Gecina SA		4,301		578,640
ICADE		2,561		199,982
Klepierre SA		15,629		349,519
Mercialys SA		3,949		41,952
Nexity SA		3,878		184,407
Unibail-Rodamco-Westfield^(b)		9,216		678,303


				2,463,813


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

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® International Developed Propert