iSHARES TRUST


		AUGUST 31, 2023



		2023 Annual Report

iShares Trust

iShares MSCI China Multisector Tech ETF | TCHI | NASDAQ

iShares MSCI Japan Value ETF | EWJV | NASDAQ

The Markets in Review

Dear Shareholder,

Despite an uncertain economic landscape during the 12-month reporting period ended August 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 rose, as large-capitalization U.S. stocks and developed market equities advanced strongly. However, small-capitalization U.S. stocks and emerging market equities posted more modest gains.

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. 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 two pauses, 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 AI tilt should benefit from an investment cycle that is set to support revenues and margins. In credit, there are selective opportunities in the near term despite tightening credit and financial conditions. 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 August 31, 2023

	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	14.50%	15.94%

U.S. small cap equities (Russell 2000^® Index)	0.99	4.65

International equities (MSCI Europe, Australasia, Far East Index)	4.75	17.92

Emerging market equities (MSCI Emerging Markets Index)	3.62	1.25

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	2.47	4.25

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	0.11	(4.71)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	0.95	(1.19)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	1.04	1.70

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	4.55	7.19
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		9
Disclosure of Expenses		9
Schedules of Investments		10
Financial Statements
Statements of Assets and Liabilities		18
Statements of Operations		19
Statements of Changes in Net Assets		20
Financial Highlights		21
Notes to Financial Statements		23
Report of Independent Registered Public Accounting Firm		31
Important Tax Information		32
Board Review and Approval of Investment Advisory Contract		33
Supplemental Information		35
Trustee and Officer Information		36
General Information		39
Glossary of Terms Used in this Report		40

Market Overview

iShares Trust

Global Market Overview

Global equity markets advanced during the 12 months ended August 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 13.95% 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-coronavirus 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 several key commodities, including oil, natural gas, and wheat, either stabilized or 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 over the course of 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 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, increasing their spending in both nominal and inflation-adjusted terms. A strong labor market bolstered spending, as unemployment remained low, and the 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 half 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 modestly, as the resilient 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		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


Fund Summary as of August 31, 2023		iShares^® MSCI China Multisector Tech ETF

Investment Objective

The iShares MSCI China Multisector Tech ETF (the “Fund”) seeks to track the investment results of an index composed of Chinese equities in technology and technology-related industries, as represented by the MSCI China Technology Sub-Industries Select Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


	Average Annual Total Returns						Cumulative Total Returns
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(8.96	)%		(17.81	)%		(8.96	)%		(26.93	)%
Fund Market		(8.49	)		(17.49	)		(8.49	)		(26.49	)
Index		(8.98	)		(17.09	)		(8.98	)		(25.91	)

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was January 25, 2022. The first day of secondary market trading was January 27, 2022.

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 (03/01/23)	Ending Account Value (08/31/23)	Expenses Paid During the Period	^(a)		Beginning Account Value (03/01/23)	Ending Account Value (08/31/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 946.50	$ 2.89			$ 1,000.00	$ 1,022.20	$ 3.01		0.59	%

^(a)

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 August 31, 2023 (continued)		iShares^® MSCI China Multisector Tech ETF

Portfolio Management Commentary

Chinese equities in technology and technology-related industries declined during the reporting period, impacted by slowing economic growth and increased tensions between China and the U.S. While investors were initially optimistic following China’s lifting of several coronavirus-related lockdowns in December 2022, subsequent economic performance disappointed. Significant outflows of foreign investment from Chinese equities and the advancement of an economic decoupling from other countries as the Chinese government aims for greater supply chain independence also weighed on Chinese markets.

The information technology sector was the largest detractor from the Index’s performance, as investor concerns about oversupply of solar panels and related technology pressured the semiconductors and semiconductor equipment industry. Within the industry, falling prices for polysilicon, a key component in the production of solar panels, weighed on the profits of semiconductor materials and equipment providers. Stocks of semiconductors companies declined after the U.S. government introduced new export controls, which limit the sale of semiconductors produced with U.S. technology and aim to curb the ability of Chinese firms to manufacture certain types of computer chips. The combination of falling prices for solar panels and greater supply as new semiconductor factories came online further pressured the industry.

Industrials stocks also weighed on the Index’s performance, with the electrical equipment industry detracting the most within the industrials sector. A slowdown in domestic demand for electric vehicles (“EVs”) resulted in price declines for lithium, a primary component of the batteries that power EVs, leading to lower profits for Chinese battery producers. The financials sector also detracted from the Index’s return, as China’s economic slowdown drove higher delinquency rates and reduced loan volumes for consumer finance companies.

Portfolio Information

SECTOR ALLOCATION


Sector		Percent of Total Investments^(a)
Information Technology		40.9%
Communication Services		24.7
Consumer Discretionary		24.2
Industrials		8.1
Financials		2.1

TEN LARGEST HOLDINGS


Security		Percent of Total Investments^(a)
Pinduoduo Inc.		4.8%
Baidu Inc.		4.4
Xiaomi Corp., Class B		4.1
Alibaba Group Holding Ltd.		4.0
NetEase Inc.		4.0
Kuaishou Technology		4.0
JD.com Inc., Class A		3.8
Tencent Holdings Ltd.		3.7
Contemporary Amperex Technology Co. Ltd., Class A		3.3
Lenovo Group Ltd.		3.2

^(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 T O S H A R E H O L D E R S


Fund Summary as of August 31, 2023		iShares^® MSCI Japan Value ETF

Investment Objective

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

Performance


	Average Annual Total Returns						Cumulative Total Returns
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		21.46	%		6.03	%		21.46	%		30.07	%
Fund Market		22.08			6.06			22.08			30.24
Index		20.76			6.00			20.76			29.87

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was March 5, 2019. The first day of secondary market trading was March 7, 2019.

Expense Example


Actual					Hypothetical 5% Return
	Beginning Account Value (03/01/23)	Ending Account Value (08/31/23)	Expenses Paid During the Period	^(a)		Beginning Account Value (03/01/23)	Ending Account Value (08/31/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 1,138.40	$ 0.81			$ 1,000.00	$ 1,024.40	$ 0.77		0.15	%

^(a)


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


Fund Summary as of August 31, 2023 (continued)		iShares^® MSCI Japan Value ETF

Portfolio Management Commentary

Japanese value stocks advanced for the reporting period, as the economy grew at its fastest pace in three years. The Japanese economy, which has struggled with weak growth and deflation, or falling prices, in recent decades, returned to growth while logging its highest inflation rate in more than 30 years. Foreign demand for automotive products and tourism drove stronger economic growth. The lifting of coronavirus pandemic-related travel restrictions on foreign tourism unleashed pent-up demand, spurring strong growth in tourism. Automotive exports recovered from lingering supply chain disruptions related to prior pandemic-related policies. Domestic consumption trailed, however, as household spending contracted, and the country’s notoriously high savings rate remained elevated for the reporting period, leading to concerns about the sustainability of recent economic growth. Nevertheless, investor optimism that Japan would maintain accommodative monetary policy to stimulate growth and inflation, as well as other policy shifts, such as limiting government intervention in bond markets and corporate governance reforms, ultimately drove strong flows into the Japanese equity market.

The industrials sector, which comprised approximately 26% of the Index on average for the reporting period, contributed the most to the Index’s return. The trading companies and distributors industry, which acts as an intermediary for the trading of many Japanese exports, benefited from growth in exports, a recovery in Japanese auto sales, and relatively elevated commodities prices.

The financials sector, which represented approximately 20% of the Index on average for the reporting period, also contributed to the Index’s return. Japan’s diversified banks advanced with strong earnings growth, including gains on bond sales, higher fees, lower credit costs, and growth in overseas lending activity.

Portfolio Information

SECTOR ALLOCATION


Sector		Percent of Total Investments^(a)
Industrials		26.1%
Financials		21.7
Consumer Discretionary		21.5
Real Estate		5.5
Information Technology		5.0
Communication Services		4.9
Materials		4.3
Consumer Staples		3.8
Health Care		3.6
Utilities		2.0
Energy		1.6

TEN LARGEST HOLDINGS


Security		Percent of Total Investments^(a)
Toyota Motor Corp.		10.0%
Mitsubishi UFJ Financial Group Inc.		5.0
Sumitomo Mitsui Financial Group Inc.		3.1
Mitsubishi Corp.		3.1
Honda Motor Co. Ltd.		2.7
Takeda Pharmaceutical Co. Ltd.		2.6
KDDI Corp.		2.4
Tokio Marine Holdings Inc.		2.2
Hitachi Ltd.		2.2
Mizuho Financial Group Inc.		2.2

^(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 T O S H A R E H O L D E R S


About Fund Performance

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

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

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

Disclosure of Expenses

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

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

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in 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		9

Schedule of Investments

August 31, 2023

iShares^® MSCI China Multisector Tech ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Broadline Retail — 14.7%
Alibaba Group Holding Ltd.^(a)		24,800	$	287,832
JD.com Inc., Class A		16,400		272,373
Pinduoduo Inc., ADR^(a)		3,448		341,249
Vipshop Holdings Ltd., ADR^(a)		9,426		148,836

				1,050,290

Capital Markets — 1.1%
East Money Information Co. Ltd., Class A		26,352		57,532
Hithink RoyalFlush Information Network Co. Ltd., Class A		800		18,410

				75,942

Communications Equipment — 3.6%
BYD Electronic International Co. Ltd.		22,000		101,893
Guangzhou Haige Communications Group Inc. Co., Class A		4,000		5,818
Hengtong Optic-Electric Co. Ltd., Class A		4,400		8,546
Suzhou TFC Optical Communication Co. Ltd.		800		9,284
Tianjin 712 Communication & Broadcasting Co. Ltd., Class A		1,200		4,390
Yealink Network Technology Corp. Ltd., Class A		2,240		11,392
Zhongji Innolight Co. Ltd., Class A		1,200		18,900
ZTE Corp., Class A		6,400		31,152
ZTE Corp., Class H		20,800		66,943

				258,318

Consumer Finance — 1.1%
Lufax Holding Ltd., ADR		19,204		23,237
Qifu Technology Inc.		3,118		53,006

				76,243

Diversified Consumer Services — 5.2%
Koolearn Technology Holding Ltd.^(a)(b)		11,000		55,723
New Oriental Education & Technology Group Inc.^(a)		41,600		225,691
Offcn Education Technology Co. Ltd., Class A^(a)		10,000		5,863
TAL Education Group, ADR^(a)		12,044		84,910

				372,187

Electrical Equipment — 6.3%
Beijing Easpring Material Technology Co. Ltd., Class A		800		4,872
Contemporary Amperex Technology Co. Ltd., Class A		7,240		235,177
Eve Energy Co. Ltd., Class A		3,200		21,716
Fangda Carbon New Material Co. Ltd., Class A^(a)		7,600		6,088
Farasis Energy Gan Zhou Co. Ltd., NVS		2,400		6,678
Ginlong Technologies Co. Ltd., Class A		600		6,187
Gongniu Group Co. Ltd.		795		11,579
Gotion High-tech Co. Ltd., Class A^(a)		2,800		9,314
Guangzhou Great Power Energy & Technology Co. Ltd.^(a)		800		3,936
Hongfa Technology Co. Ltd., Class A		880		4,249
Hoymiles Power Electronics Inc., NVS		137		5,019
Jiangsu GoodWe Power Supply Technology Co. Ltd., NVS		280		5,330
Jiangsu Zhongtian Technology Co. Ltd., Class A		5,600		11,212
Jiangxi Special Electric Motor Co. Ltd., NVS^(a)		2,800		3,490
Ningbo Orient Wires & Cables Co. Ltd.		1,192		6,058
Ningbo Ronbay New Energy Technology Co. Ltd.		740		5,182
Pylon Technologies Co. Ltd., NVS		284		5,396
Shanghai Moons’ Electric Co. Ltd.		800		7,228
Shenzhen Kstar Science & Technology Co. Ltd.		800		3,331
Sieyuan Electric Co. Ltd.		1,200		8,435
Sungrow Power Supply Co. Ltd., Class A		2,400		32,900
Sunwoda Electronic Co. Ltd., Class A		2,800		6,092
Suzhou Maxwell Technologies Co. Ltd., Class A		480		10,059
TBEA Co. Ltd., Class A		8,600		17,375
Zhejiang Chint Electrics Co. Ltd., Class A		3,600		12,253

				449,156


Security	Shares		Value

Electronic Equipment, Instruments & Components — 9.8%
AAC Technologies Holdings Inc.		20,000	$	38,741
Accelink Technologies Co. Ltd., Class A		1,200		4,622
Avary Holding Shenzhen Co. Ltd., Class A		3,200		9,389
BOE Technology Group Co. Ltd., Class A		62,000		34,144
Chaozhou Three-Circle Group Co. Ltd., Class A		3,200		14,108
China Railway Signal & Communication Corp. Ltd., Class A		12,000		9,256
China Zhenhua Group Science & Technology Co. Ltd., Class A		800		10,075
Eoptolink Technology Inc.Ltd.		1,200		7,516
Everdisplay Optronics Shanghai Co. Ltd.^(a)		19,200		7,097
Foxconn Industrial Internet Co. Ltd., Class A		16,400		49,300
GoerTek Inc., Class A		6,000		12,612
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		1,200		8,783
Hengdian Group DMEGC Magnetics Co. Ltd.		2,722		6,133
Huagong Tech Co. Ltd., Class A		1,600		6,891
Kingboard Holdings Ltd.		18,000		40,846
Kingboard Laminates Holdings Ltd.		26,000		21,608
Lens Technology Co. Ltd., Class A		8,600		14,524
Lingyi iTech Guangdong Co., Class A		11,200		9,241
Luxshare Precision Industry Co. Ltd., Class A		12,000		54,365
Maxscend Microelectronics Co. Ltd., Class A		1,040		17,715
Raytron Technology Co. Ltd., Class A		800		5,630
Shanghai Friendess Electronic Technology Corp. Ltd., Class A		200		7,238
Shengyi Technology Co. Ltd., Class A		3,600		7,328
Shennan Circuits Co. Ltd., Class A		800		7,273
Shenzhen Kaifa Technology Co. Ltd., Class A		2,400		5,879
Shenzhen SED Industry Co. Ltd., NVS		1,974		7,436
Shenzhen Sunlord Electronics Co. Ltd., Class A		1,200		4,414
Sunny Optical Technology Group Co. Ltd.		19,600		160,038
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		2,800		7,226
TCL Technology Group Corp., Class A^(a)		32,480		18,284
Tianma Microelectronics Co. Ltd., Class A^(a)		4,000		4,726
Unisplendour Corp. Ltd., Class A^(a)		4,800		17,757
Universal Scientific Industrial Shanghai Co. Ltd., Class A		3,200		6,488
Westone Information Industry Inc., Class A		1,600		5,493
Wingtech Technology Co. Ltd., Class A^(a)		2,000		12,676
Wuhan Guide Infrared Co. Ltd., Class A		6,968		7,376
WUS Printed Circuit Kunshan Co. Ltd., Class A		3,200		9,276
Xiamen Faratronic Co. Ltd.		400		6,242
Zhejiang Dahua Technology Co. Ltd., Class A		5,600		16,614
Zhejiang Supcon Technology Co. Ltd.		1,165		8,067

				702,427

Entertainment — 9.3%
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		3,600		12,202
Beijing Enlight Media Co. Ltd., Class A		4,800		6,161
Bilibili Inc.^(a)		5,440		82,200
China Film Co. Ltd., Class A^(a)		3,200		6,525
China Ruyi Holdings Ltd.^(a)		160,000		42,428
G-Bits Network Technology Xiamen Co. Ltd., Class A		100		5,740
Giant Network Group Co. Ltd., Class A		3,600		7,222
iQIYI Inc., ADR^(a)		12,248		61,730
Kingnet Network Co. Ltd.^(a)		3,600		7,489
Kingsoft Corp. Ltd.		26,400		105,229
Kunlun Tech Co. Ltd., Class A^(a)		2,000		9,918
Mango Excellent Media Co. Ltd., Class A		3,200		12,997
NetEase Inc.		13,600		281,757
Perfect World Co. Ltd., Class A		3,200		6,073


10		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)

August 31, 2023

iShares^® MSCI China Multisector Tech ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Entertainment (continued)
Tencent Music Entertainment Group, ADR^(a)		696	$	4,747
Wanda Film Holding Co. Ltd., Class A^(a)		3,600		6,660
Zhejiang Century Huatong Group Co. Ltd., Class A^(a)		12,800		9,533


			668,611

Household Durables — 4.2%
Beijing Roborock Technology Co. Ltd., Class A		280		11,306
Ecovacs Robotics Co. Ltd., Class A		800		5,833
Gree Electric Appliances Inc. of Zhuhai, Class A		4,800		23,608
Haier Smart Home Co. Ltd., Class A		10,000		32,297
Haier Smart Home Co. Ltd., Class H		65,600		203,181
Hang Zhou Great Star Industrial Co. Ltd., Class A		2,000		5,359
Hangzhou Robam Appliances Co. Ltd., Class A		1,600		6,044
Hisense Visual Technology Co. Ltd.		2,000		5,744
Zhejiang Supor Co. Ltd., Class A		800		5,233


			298,605

Interactive Media & Services — 15.0%
Autohome Inc., ADR		1,884		54,446
Baidu Inc.^(a)		17,400		310,751
JOYY Inc., ADR		1,208		41,458
Kanzhun Ltd., ADR^(a)		6,052		89,570
Kuaishou Technology^(a)(b)		34,400		281,596
Tencent Holdings Ltd.		6,400		265,218
Weibo Corp., ADR		2,236		28,844


			1,071,883

IT Services — 1.3%
Chinasoft International Ltd.		72,000		47,721
DHC Software Co. Ltd., Class A		6,000		5,537
GDS Holdings Ltd., Class A^(a)		26,400		39,197
Isoftstone Information Technology Group Co. Ltd., NVS		1,725		4,887


			97,342

Machinery — 1.7%
Haitian International Holdings Ltd.		16,000		34,357
Jiangsu Hengli Hydraulic Co. Ltd., Class A		2,400		20,508
Keda Industrial Group Co. Ltd.		3,200		4,425
Ningbo Deye Technology Co. Ltd., NVS		720		9,121
North Industries Group Red Arrow Co. Ltd., Class A		2,400		5,031
Riyue Heavy Industry Co. Ltd., Class A		1,600		3,554
Shandong Himile Mechanical Science & Technology Co. Ltd.		1,600		7,536
Shenzhen Inovance Technology Co. Ltd., Class A		2,400		22,534
Shuangliang Eco-Energy Systems Co. Ltd.		3,200		4,480
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		3,200		13,055


			124,601

Media — 0.3%
China Literature Ltd.^(a)(b)		800		3,213
Jiangsu Phoenix Publishing & Media Corp. Ltd.		4,400		6,608
People.cn Co. Ltd.		2,000		11,405


			21,226

Semiconductors & Semiconductor Equipment — 12.8%
3peak Inc.		156		3,937
Advanced Micro-Fabrication Equipment Inc., Class A^(a)		1,000		20,989
Amlogic Shanghai Co. Ltd.^(a)		684		8,234
ASR Microelectronics Co. Ltd.^(a)		708		6,809
Cambricon Technologies Corp. Ltd.^(a)		668		14,616
China Resources Microelectronics Ltd.		2,056		16,537
Daqo New Energy Corp., ADR^(a)		1,616		59,744
Flat Glass Group Co. Ltd., Class A		2,800		11,876
Flat Glass Group Co. Ltd., Class H		12,000		29,801
GalaxyCore Inc., NVS		2,864		5,972


Security	Shares		Value

Semiconductors & Semiconductor Equipment (continued)
GCL-Poly Energy Holdings Ltd.		560,000	$	96,995
GigaDevice Semiconductor Inc., Class A		1,200		15,483
Hangzhou Chang Chuan Technology Co. Ltd.		1,175		6,031
Hangzhou First Applied Material Co. Ltd., Class A		3,136		13,432
Hangzhou Lion Electronics Co. Ltd.		1,200		5,438
Hangzhou Silan Microelectronics Co. Ltd., Class A		2,400		8,351
Hoyuan Green Energy Co. Ltd., Class A		782		4,475
Hua Hong Semiconductor Ltd.^(a)(b)		16,000		41,708
Ingenic Semiconductor Co. Ltd., Class A		800		8,110
JA Solar Technology Co. Ltd., Class A		5,488		20,980
JCET Group Co. Ltd., Class A		3,200		14,325
Jiangsu Pacific Quartz Co. Ltd., NVS		400		5,245
Jinko Solar Co. Ltd.		10,792		15,993
LONGi Green Energy Technology Co. Ltd., Class A		12,720		46,490
Montage Technology Co. Ltd., Class A		1,600		11,266
National Silicon Industry Group Co. Ltd., Class A^(a)		4,800		13,419
NAURA Technology Group Co. Ltd., Class A		800		29,821
Piotech Inc., NVS		209		10,518
Risen Energy Co. Ltd.		2,000		5,518
Rockchip Electronics Co. Ltd.		800		7,201
Sanan Optoelectronics Co. Ltd., Class A		8,000		17,252
SG Micro Corp., Class A		780		8,291
Shanghai Aiko Solar Energy Co. Ltd.		3,163		9,649
Shanghai Fudan Microelectronics Group Co. Ltd.		744		5,399
Shenzhen SC New Energy Technology Corp., Class A		800		9,739
StarPower Semiconductor Ltd., Class A		300		8,166
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		6,500		22,871
Tianshui Huatian Technology Co. Ltd., Class A		6,000		7,405
TongFu Microelectronics Co. Ltd., Class A		2,400		6,718
Tongwei Co. Ltd., Class A		7,600		33,494
Trina Solar Co. Ltd.		3,400		15,902
Unigroup Guoxin Microelectronics Co. Ltd., Class A^(a)		1,619		20,606
Verisilicon Microelectronics Shanghai Co. Ltd.^(a)		806		7,401
Will Semiconductor Co. Ltd. Shanghai, Class A		2,020		25,563
Wuxi Autowell Technology Co. Ltd.		259		5,996
Xinjiang Daqo New Energy Co. Ltd.		2,888		16,477
Xinyi Solar Holdings Ltd.		136,000		113,478
Yangzhou Yangjie Electronic Technology Co. Ltd.		766		3,756
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		2,000		15,483


			912,960

Software — 4.9%
360 Security Technology Inc., Class A^(a)		11,600		17,791
Beijing E-Hualu Information Technology Co. Ltd., Class A^(a)		1,200		4,973
Beijing Kingsoft Office Software Inc., Class A		800		43,371
Beijing Shiji Information Technology Co. Ltd., Class A^(a)		3,640		6,783
China National Software & Service Co. Ltd., Class A		1,549		9,185
Hundsun Technologies Inc., Class A		3,120		15,436
Iflytek Co. Ltd., Class A		3,600		27,090
Kingdee International Software Group Co. Ltd.^(a)		76,000		117,429
NavInfo Co. Ltd., Class A^(a)		4,000		5,664
Qi An Xin Technology Group Inc.^(a)		1,096		8,069
Sangfor Technologies Inc., Class A^(a)		800		12,004
Shanghai Baosight Software Co. Ltd., Class A		3,040		20,046
Shanghai Baosight Software Co. Ltd., Class B		16,944		38,491
Thunder Software Technology Co. Ltd., Class A		800		8,775
Yonyou Network Technology Co. Ltd., Class A		5,400		13,472


			348,579


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

Schedule of Investments (continued)

August 31, 2023

iShares^® MSCI China Multisector Tech ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Technology Hardware, Storage & Peripherals — 8.2%
Anker Innovations Technology Co. Ltd.		400	$	4,600
China Greatwall Technology Group Co. Ltd., Class A		5,600		8,374
GRG Banking Equipment Co. Ltd., Class A		4,400		7,590
Inspur Electronic Information Industry Co. Ltd., Class A		2,400		12,904
Lenovo Group Ltd.		200,000		226,067
Ninestar Corp., Class A		2,400		9,226
Shenzhen Transsion Holding Co. Ltd., Class A		1,284		25,917
Xiaomi Corp., Class B^(a)(b)		187,200		295,105


			589,783

Total Investments — 99.5% (Cost: $9,115,763)				7,118,153

Other Assets Less Liabilities — 0.5%				33,665


Net Assets — 100.0%			$	7,151,818

^(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.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 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 08/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 08/31/23		Shares Held at 08/31/23		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares^(a)	$	47,181	$	—			$(47,219$)	^(b)	$	57	$	(19	)	$	—		—	$	693	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares^(a)		—		0	^(b)		—			—		—			—		—		59			—


									$	57	$	(19	)	$	—			$	752		$	—

^(a)

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

^(b)

Represents net amount purchased (sold).

^(c)

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

MSCI China Index

09/15/23


12		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)

August 31, 2023

iShares^® MSCI China Multisector Tech 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)	$	—	$	—	$	88	$	—	$	—	$	—	$	88

^(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 August 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	$	—	$	—	$	517	$	—	$	—	$	—	$	517

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	88	$	—	$	—	$	—	$	88

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	5,726

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	$	1,142,797	$	5,975,356	$	—	$	7,118,153

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	—	$	88	$	—	$	88

^(a)

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

See notes to financial statements.


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

Schedule of Investments

August 31, 2023

iShares^® MSCI Japan Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Air Freight & Logistics — 0.2%
Nippon Express Holdings Inc.		8,000	$	415,435


Automobile Components — 2.1%
Aisin Corp.		16,000		533,967
Bridgestone Corp.		72,000		2,795,454
Koito Manufacturing Co. Ltd.		16,000		271,528
Sumitomo Electric Industries Ltd.		88,000		1,077,322


			4,678,271

Automobiles — 15.7%
Honda Motor Co. Ltd.		185,900		6,007,615
Isuzu Motors Ltd.		72,000		921,711
Mazda Motor Corp.		72,000		750,162
Nissan Motor Co. Ltd.		288,000		1,224,638
Subaru Corp.		80,000		1,537,870
Suzuki Motor Corp.		48,000		1,886,036
Toyota Motor Corp.		1,304,000		22,466,750
Yamaha Motor Co. Ltd.		24,000		621,030


			35,415,812

Banks — 12.8%
Chiba Bank Ltd. (The)		64,000		456,985
Concordia Financial Group Ltd.		128,000		567,173
Japan Post Bank Co. Ltd.		184,000		1,476,428
Mitsubishi UFJ Financial Group Inc.		1,400,000		11,168,749
Mizuho Financial Group Inc.		296,050		4,878,614
Resona Holdings Inc.		264,000		1,398,546
Shizuoka Financial Group Inc., NVS		56,000		455,065
Sumitomo Mitsui Financial Group Inc.		154,000		7,040,335
Sumitomo Mitsui Trust Holdings Inc.		40,000		1,498,352


			28,940,247

Beverages — 1.1%
Asahi Group Holdings Ltd.		56,000		2,178,699
Suntory Beverage & Food Ltd.		8,000		257,396


			2,436,095

Broadline Retail — 0.1%
Rakuten Group Inc.		64,000		249,027


Building Products — 0.7%
AGC Inc.		24,000		842,001
Lixil Corp.		40,000		501,026
TOTO Ltd.		8,000		219,390


			1,562,417

Capital Markets — 1.2%
Daiwa Securities Group Inc.		168,000		955,357
Nomura Holdings Inc.		368,000		1,424,753
SBI Holdings Inc.		16,000		326,575


			2,706,685

Chemicals — 2.1%
Asahi Kasei Corp.		152,000		981,144
JSR Corp.		16,000		446,577
Mitsubishi Chemical Group Corp.		160,000		955,153
Mitsui Chemicals Inc.		24,000		650,611
Sumitomo Chemical Co. Ltd.		112,000		310,052
Toray Industries Inc.		168,100		906,340
Tosoh Corp.		32,000		414,073


			4,663,950

Commercial Services & Supplies — 1.1%
Dai Nippon Printing Co. Ltd.		24,000		655,810


Security	Shares		Value

Commercial Services & Supplies (continued)
Secom Co. Ltd.		13,400	$	937,836
Toppan Inc.		32,000		772,989


			2,366,635

Construction & Engineering — 1.3%
Kajima Corp.		56,100		937,024
Obayashi Corp.		80,000		724,539
Shimizu Corp.		72,000		484,412
Taisei Corp.		24,000		807,744


			2,953,719

Consumer Staples Distribution & Retail — 0.4%
Aeon Co. Ltd.		40,000		828,967


Diversified REITs — 0.5%
Daiwa House REIT Investment Corp.		320		607,253
Nomura Real Estate Master Fund Inc.		480		564,287


			1,171,540

Electric Utilities — 1.4%
Chubu Electric Power Co. Inc.		80,000		1,066,287
Kansai Electric Power Co. Inc. (The)		88,000		1,248,529
Tokyo Electric Power Co. Holdings Inc.^(a)		192,000		841,149


			3,155,965

Electrical Equipment — 1.6%
Fuji Electric Co. Ltd.		8,000		376,964
Mitsubishi Electric Corp.		240,000		3,126,737


			3,503,701

Electronic Equipment, Instruments & Components — 1.2%
Kyocera Corp.		40,000		2,051,588
Omron Corp.		8,000		386,019
Yokogawa Electric Corp.		16,000		316,815


			2,754,422

Entertainment — 0.1%
Toho Co. Ltd./Tokyo		8,000		304,917


Financial Services — 1.5%
Mitsubishi HC Capital Inc.		112,000		727,648
ORIX Corp.		144,000		2,684,834


			3,412,482

Food Products — 0.3%
MEIJI Holdings Co. Ltd.		24,000		601,802


Gas Utilities — 0.6%
Osaka Gas Co. Ltd.		16,000		255,430
Tokyo Gas Co. Ltd.		48,000		1,110,747


			1,366,177

Ground Transportation — 4.0%
Central Japan Railway Co.		17,000		2,179,731
East Japan Railway Co.		36,900		2,086,295
Hankyu Hanshin Holdings Inc.		26,900		965,478
Keio Corp.		8,000		276,805
Keisei Electric Railway Co. Ltd.		8,000		306,335
Kintetsu Group Holdings Co. Ltd.		24,000		759,661
Odakyu Electric Railway Co. Ltd.		24,000		356,870
Tobu Railway Co. Ltd.		16,000		438,628
Tokyu Corp.		40,000		505,465
West Japan Railway Co.		26,100		1,129,974


			9,005,242

Hotels, Restaurants & Leisure — 1.0%
Oriental Land Co. Ltd./Japan		64,000		2,305,357


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)

August 31, 2023

iShares^® MSCI Japan Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Household Durables — 2.4%
Iida Group Holdings Co. Ltd.		16,000	$	262,030
Panasonic Holdings Corp.		272,000		3,130,734
Sekisui Chemical Co. Ltd.		16,000		245,398
Sekisui House Ltd.		72,000		1,467,316
Sharp Corp./Japan^(a)		32,000		196,987


			5,302,465

Industrial Conglomerates — 2.2%
Hitachi Ltd.		74,000		4,918,204


Industrial REITs — 0.1%
Nippon Prologis REIT Inc.		151		303,688


Insurance — 6.1%
Dai-ichi Life Holdings Inc.		120,000		2,230,272
Japan Post Holdings Co. Ltd.		272,000		2,085,330
Japan Post Insurance Co. Ltd.		24,000		386,330
MS&AD Insurance Group Holdings Inc.		52,700		1,892,542
Sompo Holdings Inc.		38,600		1,679,775
T&D Holdings Inc.		32,000		507,181
Tokio Marine Holdings Inc.		224,000		4,943,342


			13,724,772

Interactive Media & Services — 0.4%
Z Holdings Corp.		328,000		984,939


IT Services — 0.1%
Itochu Techno-Solutions Corp.		8,000		237,532
Otsuka Corp.		1,700		75,765


			313,297

Leisure Products — 0.1%
Yamaha Corp.		8,000		246,754


Machinery — 4.8%
FANUC Corp.		56,000		1,592,716
Hitachi Construction Machinery Co. Ltd.		16,000		497,506
Komatsu Ltd.		112,000		3,187,318
Kubota Corp.		80,000		1,287,480
Makita Corp.		16,000		438,592
Mitsubishi Heavy Industries Ltd.		40,000		2,265,285
NGK Insulators Ltd.		32,000		424,519
Toyota Industries Corp.		16,800		1,186,222


			10,879,638

Marine Transportation — 1.5%
Kawasaki Kisen Kaisha Ltd.		16,000		536,179
Mitsui OSK Lines Ltd.		40,000		1,107,637
Nippon Yusen KK		64,000		1,702,681


			3,346,497

Media — 0.1%
Hakuhodo DY Holdings Inc.		32,000		303,596


Metals & Mining — 2.0%
JFE Holdings Inc.		64,000		1,011,079
Nippon Steel Corp.		104,000		2,459,425
Sumitomo Metal Mining Co. Ltd.		32,000		993,076


			4,463,580

Office REITs — 0.6%
Japan Real Estate Investment Corp.		160		664,929
Nippon Building Fund Inc.		163		688,387


			1,353,316

Oil, Gas & Consumable Fuels — 1.6%
ENEOS Holdings Inc.		352,000		1,321,807


Security	Shares		Value

Oil, Gas & Consumable Fuels (continued)
Idemitsu Kosan Co. Ltd.		24,092	$	512,830
Inpex Corp.		120,000		1,680,459


			3,515,096

Paper & Forest Products — 0.2%
Oji Holdings Corp.		104,000		425,397


Passenger Airlines — 0.3%
ANA Holdings Inc.^(a)		24,000		541,803
Japan Airlines Co. Ltd.		8,000		164,750


			706,553

Personal Care Products — 0.7%
Kao Corp.		40,000		1,545,105


Pharmaceuticals — 3.6%
Astellas Pharma Inc.		144,000		2,178,773
Takeda Pharmaceutical Co. Ltd.		192,000		5,933,771


			8,112,544

Real Estate Management & Development — 3.9%
Daito Trust Construction Co. Ltd.		8,000		882,275
Daiwa House Industry Co. Ltd.		72,000		1,999,855
Hulic Co. Ltd.		48,000		430,745
Mitsubishi Estate Co. Ltd.		144,000		1,834,129
Mitsui Fudosan Co. Ltd.		112,000		2,452,028
Nomura Real Estate Holdings Inc.		16,000		402,615
Sumitomo Realty & Development Co. Ltd.		32,000		818,026


			8,819,673

Retail REITs — 0.3%
Japan Metropolitan Fund Invest		880		590,912


Semiconductors & Semiconductor Equipment — 0.2%
SUMCO Corp.		40,000		534,230


Software — 0.2%
Trend Micro Inc./Japan		8,000		339,533


Specialty Retail — 0.1%
USS Co. Ltd.		8,000		139,698


Technology Hardware, Storage & Peripherals — 3.2%
Brother Industries Ltd.		32,000		541,554
Canon Inc.		120,000		2,953,687
FUJIFILM Holdings Corp.		45,900		2,712,526
Ricoh Co. Ltd.		72,000		586,540
Seiko Epson Corp.		32,000		501,069


			7,295,376

Tobacco — 1.4%
Japan Tobacco Inc.		144,000		3,153,064


Trading Companies & Distributors — 8.4%
ITOCHU Corp.		51,000		1,913,995
Marubeni Corp.		184,000		3,006,302
Mitsubishi Corp.		142,000		7,004,137
Mitsui & Co. Ltd.		80,000		2,979,625
Sumitomo Corp.		128,000		2,632,500
Toyota Tsusho Corp.		24,000		1,428,687


			18,965,246

Wireless Telecommunication Services — 4.2%
KDDI Corp.		184,000		5,469,844


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)

August 31, 2023

iShares^® MSCI Japan Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Wireless Telecommunication Services (continued)
SoftBank Corp.		352,000	$	4,036,984

				9,506,828


Total Long-Term Investments — 99.7% (Cost: $216,916,054)				224,588,866


Short-Term Securities

Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%^(b)(c)		60,000		60,000


Total Short-Term Securities — 0.0% (Cost: $60,000)				60,000


Total Investments — 99.7% (Cost: $216,976,054)				224,648,866

Other Assets Less Liabilities — 0.3%				617,198


Net Assets — 100.0%			$	225,266,064

^(a)	Non-income producing security.

^(b)	Affiliate of the Fund.

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

Affiliates



Affiliated Issuer	Value at 08/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/23		Shares Held at 08/31/23		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares^(a)	$	—	$	260	^(b)		$—	$	(260	)	$	—	$	—		—	$	6,266	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		20,000		40,000	^(b)		—		—			—		60,000		60,000		5,254			—


								$	(260	)	$	—	$	60,000			$	11,520		$	—

^(a)

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

^(b)

Represents net amount purchased (sold).

^(c)

All or a portion of this security was purchased with the cash collateral from loaned 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

09/07/23

607

13,241


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)

August 31, 2023

iShares^® MSCI Japan Value 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)	$	—	$	—	$	13,241	$	—	$	—	$	—	$	13,241

^(a)

For the period ended August 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	$	—	$	—	$	479,647	$	—	$	—	$	—	$	479,647

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	13,455	$	—	$	—	$	—	$	13,455

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	1,540,352

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	$	—	$	224,588,866	$	—	$	224,588,866
Short-Term Securities
Money Market Funds		60,000		—		—		60,000

	$	60,000	$	224,588,866	$	—	$	224,648,866

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	—	$	13,241	$	—	$	13,241

^(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		17

Statements of Assets and Liabilities

August 31, 2023


	iShares MSCI China Multisector Tech ETF			iShares MSCI Japan Value ETF


ASSETS
Investments, at value — unaffiliated^(a)	$	7,118,153		$	224,588,866
Investments, at value — affiliated^(b)		—			60,000
Cash		4,236			166
Foreign currency collateral pledged for futures contracts^(c)		—			33,005
Foreign currency, at value^(d)		10,485			505,136
Receivables:
Investments sold		297,247			934,829
Securities lending income — affiliated		33			68
Dividends — unaffiliated		1,294			349,862
Dividends — affiliated		—			410
Variation margin on futures contracts		90			7,808


Total assets		7,431,538			226,480,150


LIABILITIES
Payables:
Investments purchased		276,120			1,186,760
Investment advisory fees		3,600			27,326


Total liabilities		279,720			1,214,086


Commitments and contingent liabilities

NET ASSETS	$	7,151,818		$	225,266,064


NET ASSETS CONSIST OF
Paid-in capital	$	9,892,974		$	223,135,640
Accumulated earnings (loss)		(2,741,156	)		2,130,424

NET ASSETS	$	7,151,818		$	225,266,064


NET ASSET VALUE
Shares outstanding		400,000			8,000,000


Net asset value	$	17.88		$	28.16


Shares authorized		Unlimited			Unlimited


Par value		None			None


^(a)Investments, at cost — unaffiliated	$	9,115,763		$	216,916,054
^(b)Investments, at cost — affiliated	$	—		$	60,000
^(c)Foreign currency collateral pledged, at cost	$	—		$	33,477
^(d)Foreign currency, at cost	$	10,493		$	509,605

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

Statements of Operations

Year Ended August 31, 2023


	iShares MSCI China Multisector Tech ETF			iShares MSCI Japan Value ETF


INVESTMENT INCOME
Dividends — unaffiliated	$	73,555		$	5,318,440
Dividends — affiliated		59			5,254
Securities lending income — affiliated — net		693			6,266
Foreign taxes withheld		(2,961	)		(531,718	)


Total investment income		71,346			4,798,242


EXPENSES
Investment advisory		43,291			242,026
Commitment costs		90			—


Total expenses		43,381			242,026


Net investment income		27,965			4,556,216


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(437,378	)		(3,986,883	)
Investments — affiliated		57			(260	)
Foreign currency transactions		374			(154,420	)
Futures contracts		517			479,647
In-kind redemptions — unaffiliated^(a)		—			7,409,056


		(436,430	)		3,747,140

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(300,622	)		19,015,295
Investments — affiliated		(19	)		—
Foreign currency translations		189			(3,072	)
Futures contracts		88			13,455


		(300,364	)		19,025,678


Net realized and unrealized gain (loss)		(736,794	)		22,772,818

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(708,829	)	$	27,329,034

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

See notes to financial statements.


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

Statements of Changes in Net Assets


	iShares MSCI China Multisector Tech ETF						iShares MSCI Japan Value ETF
		Year Ended 08/31/23			Period From 01/25/22 to 08/31/22	^(a)		Year Ended 08/31/23			Year Ended 08/31/22

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	27,965		$	45,984		$	4,556,216		$	2,218,537
Net realized gain (loss)		(436,430	)		(276,477	)		3,747,140			(1,114,202	)
Net change in unrealized appreciation (depreciation)		(300,364	)		(1,697,116	)		19,025,678			(12,976,420	)

Net increase (decrease) in net assets resulting from operations		(708,829	)		(1,927,609	)		27,329,034			(11,872,085	)


DISTRIBUTIONS TO SHAREHOLDERS^(b)
Decrease in net assets resulting from distributions to shareholders		(83,031	)		(21,687	)		(3,996,856	)		(2,495,878	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		—			9,892,974			121,081,814			50,859,340


NET ASSETS
Total increase (decrease) in net assets		(791,860	)		7,943,678			144,413,992			36,491,377
Beginning of period		7,943,678			—			80,852,072			44,360,695

End of period	$	7,151,818		$	7,943,678		$	225,266,064		$	80,852,072

^(a)	Commencement of operations.

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

See notes to financial statements.


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

Financial Highlights

(For a share outstanding throughout each period)


	iShares MSCI China Multisector Tech ETF
					Period From
	Year Ended						01/25/22	^(a)
	08/31/23				to 08/31/22


Net asset value, beginning of period		$	19.86			$	24.81


Net investment income^(b)			0.07				0.12
Net realized and unrealized loss^(c)			(1.84	)			(5.02	)



Net decrease from investment operations			(1.77	)			(4.90	)


Distributions from net investment income^(d)			(0.21	)			(0.05	)


Net asset value, end of period		$	17.88			$	19.86


Total Return^(e)
Based on net asset value			(8.96	)%			(19.74	)%^(f)


Ratios to Average Net Assets^(g)
Total expenses			0.59	%			0.59	%^(h)


Net investment income			0.38	%			0.93	%^(h)


Supplemental Data
Net assets, end of period (000)		$	7,152			$	7,944


Portfolio turnover rate⁽ⁱ⁾			23	%			17	%

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

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

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		21

Financial Highlights (continued)

(For a share outstanding throughout each period)


		iShares MSCI Japan Value ETF
																		Period From
	Year Ended					Year Ended				Year Ended				Year Ended				03/05/19^(a)
	08/31/23					08/31/22				08/31/21				08/31/20				to 08/31/19
Net asset value, beginning of period			$	23.78			$	27.73			$	23.22			$	23.70			$	24.67

Net investment income^(b)				0.73				0.72				0.65				0.71				0.46
Net realized and unrealized gain (loss)^(c)				4.31				(3.88	)			4.36				(0.26	)			(0.97	)


Net increase (decrease) from investment operations				5.04				(3.16	)			5.01				0.45				(0.51	)


Distributions from net investment income^(d)				(0.66	)			(0.79	)			(0.50	)			(0.93	)			(0.46	)


Net asset value, end of period			$	28.16			$	23.78			$	27.73			$	23.22			$	23.70


Total Return^(e)
Based on net asset value				21.46	%			(11.57	)%			21.62	%			1.71	%			(2.10	)%^(f)


Ratios to Average Net Assets^(g)
Total expenses				0.15	%			0.15	%			0.15	%			0.15	%			0.15	%^(h)


Net investment income				2.82	%			2.74	%			2.39	%			2.98	%			3.83	%^(h)


Supplemental Data
Net assets, end of period (000)			$	225,266			$	80,852			$	44,361			$	6,965			$	7,111


Portfolio turnover rate⁽ⁱ⁾				20	%^(f)			24	%			24	%			35	%			9	%^(f)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

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

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

See notes to financial statements.


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

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 China Multisector Tech		Non-diversified
MSCI Japan Value		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 August 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.


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		23

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 Trust (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.


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

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.

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

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


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		25

Notes to Financial Statements (continued)

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 China Multisector Tech		0.59%
MSCI Japan Value		0.15

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.

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 August 31, 2023, the Funds paid BTC the following amounts for securities lending agent services:


iShares ETF	Amounts
MSCI China Multisector Tech	$	180
MSCI Japan Value		1,416

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

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

For the year ended August 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 Japan Value	$13,875,088	$	11,752,443	$	(1,136,566)

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.


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

Notes to Financial Statements (continued)

7.	*PURCHASES AND SALES*

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


iShares ETF	Purchases		Sales
MSCI China Multisector Tech	$	1,683,731	$	1,741,457
MSCI Japan Value		35,789,645		32,151,597

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


iShares ETF	In-kind Purchases		In-kind Sales
MSCI Japan Value	$	213,732,713	$	95,827,276

8.	*INCOME TAX INFORMATION*

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

Management has analyzed tax laws and regulations and their application to the Funds as of August 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.

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 August 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 Japan Value	$	7,189,371	$	(7,189,371)

The tax character of distributions paid was as follows:


iShares ETF	Year Ended 08/31/23		Period Ended 08/31/22
MSCI China Multisector Tech
Ordinary income	$	83,031	$	21,687


iShares ETF	Year Ended 08/31/23		Year Ended 08/31/22
MSCI Japan Value
Ordinary income	$	3,996,856	$	2,495,878

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


		Undistributed		Non-expiring Capital Loss			Net Unrealized
iShares ETF		Ordinary Income		Carryforwards	^(a)		Gains (Losses)	^(b)		Total
MSCI China Multisector Tech	$	197,708	$	(672,995	)	$	(2,265,869	)	$	(2,741,156)
MSCI Japan Value		1,736,938		(5,290,378	)		5,683,864			2,130,424

^(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.


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

Notes to Financial Statements (continued)

As of August 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 China Multisector Tech	$	9,384,064	$	396,954	$	(2,662,865	)	$	(2,265,911)
MSCI Japan Value		218,971,202		12,561,822		(6,870,917	)		5,690,905

9.	*LINE OF CREDIT*

The Funds, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 9, 2024. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the year ended August 31, 2023, the Fund did not borrow under the Syndicated Credit Agreement.

10.

PRINCIPAL RISKS

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

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

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

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.


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

Notes to Financial Statements (continued)

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.

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

The Funds invest a significant portion of their assets in securities of issuers located in China or with significant exposure to Chinese issuers. Investments in Chinese securities, including certain Hong Kong-listed securities, involve risks specific to China. China may be subject to considerable degrees of economic, political and social instability and demonstrates significantly higher volatility from time to time in comparison to developed markets. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries may disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation. Incidents involving China’s or the region’s security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and a fund’s investments. Reduction in spending on Chinese products and services, institution of tariffs or other trade barriers, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. In addition, measures may be taken to limit the flow of capital and/or sanctions may be imposed, which could prohibit or restrict the ability to own or transfer fund assets and may also include retaliatory actions, such as seizure of fund assets.

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

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

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

11.

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 08/31/23				Period Ended 08/31/22
iShares ETF	Shares		Amount		Shares		Amount

MSCI China Multisector Tech
Shares sold		—	$	—		400,000	$	9,892,974


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

Notes to Financial Statements (continued)



	Year Ended 08/31/23						Year Ended 08/31/22
iShares ETF	Shares			Amount			Shares			Amount


MSCI Japan Value
Shares sold		8,300,000		$	219,003,150			2,100,000		$	58,305,017
Shares redeemed		(3,700,000	)		(97,921,336	)		(300,000	)		(7,445,677	)


		4,600,000		$	121,081,814			1,800,000		$	50,859,340

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

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.

12.

SUBSEQUENT EVENTS

Management’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through the date the financial statements were available to be issued and the following item was noted:

Effective October 18, 2023, the Syndicated Credit Agreement to which the Participating Funds are party was amended to extend the maturity date to October 2024 under the same terms.


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

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares Trust and Shareholders of each of the two 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 (two of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2023, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (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 August 31, 2023, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

iShares MSCI China Multisector Tech ETF⁽¹⁾

iShares MSCI Japan Value ETF⁽²⁾

⁽¹⁾

Statement of operations for the year ended August 31, 2023 and statement of changes in net assets for the year ended August 31, 2023 and the period January 25, 2022 (commencement of operations) to August 31, 2022.

⁽²⁾

Statement of operations for the year ended August 31, 2023 and statement of changes in net assets for each of the two years in the period ended August 31, 2023.

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 August 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

October 23, 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		31

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 August 31, 2023:


iShares ETF	Qualified Dividend Income
MSCI China Multisector Tech	$	33,255
MSCI Japan Value		4,535,632

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 August 31, 2023:


iShares ETF	Foreign Source Income Earned		Foreign Taxes Paid
MSCI China Multisector Tech	$	90,871	$	2,981
MSCI Japan Value		5,319,191		510,821


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

Board Review and Approval of Investment Advisory Contract

iShares MSCI China Multisector Tech ETF, iShares MSCI Japan Value 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.

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


B O A R D R E V I E W A N D A P P R O V A L OF I N V E S T M E N T A D V I S O R Y C O N T R A C T		33

Board Review and Approval of Investment Advisory Contract (continued)

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 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)

Section 19(a) Notices

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

August 31, 2023


	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
MSCI China Multisector Tech^(a)	$	0.117243	$	—	$	0.090335	$	0.207578		56	%		—	%		44	%		100	%

^(a)

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

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.


G E N E R A L I N F O R M A T I O N		35

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 Fundis 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 August 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).

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


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

Trustee and Officer Information (unaudited) (continued)



Officers (continued)

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

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.


G E N E R A L I N F O R M A T I O N		39

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-819-0823