iShares Trust


		JANUARY 31, 2023

2023 Semi-Annual Report

(Unaudited)

iShares Trust

iShares MSCI EAFE Growth ETF | EFG | Cboe BZX

iShares MSCI EAFE Value ETF | EFV | Cboe BZX

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended January 31, 2023, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the second half of the year, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly during the first half of the reporting period. Both large-and small-capitalization U.S. stocks fell, although equities began to recover in the second half of the period as inflation eased and economic growth resumed. Emerging market stocks and international equities from developed markets declined overall, pressured by rising interest rates and a strong U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to fluctuating inflation data and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and higher interest rates led to rising borrowing costs for corporate issuers.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates seven times. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. While the Fed suggested that additional rate hikes were likely, it also gave indications that the pace of increases would slow if inflation continued to subside.

Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth slowed in the last year, we believe that taming inflation requires a more substantial decline that lowers demand to a level more in line with the economy’s productive capacity. Although the Fed has decelerated the pace of interest rate hikes, it still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

While we favor an overweight to equities in the long-term, several factors lead us to take an underweight stance on equities overall in the near term. We believe that higher input costs and a deteriorating economic backdrop are likely to challenge corporate earnings, while the market’s concerns over excessive rate hikes could remain until the Fed indicates that its tightening cycle has ended. Nevertheless, we see opportunities in credit, where valuations are attractive and higher yields provide income opportunities. We believe that global investment-grade corporates, global inflation-linked bonds, and U.S. mortgage-backed securities offer strong opportunities for a six- to twelve-month horizon.

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 January 31, 2023

	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	(0.44)%	(8.22)%

U.S. small cap equities (Russell 2000^® Index)	3.25	(3.38)

International equities (MSCI Europe, Australasia, Far East Index)	9.52	(2.83)

Emerging market equities (MSCI Emerging Markets Index)	4.92	(12.12)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	1.58	1.79

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(5.60)	(11.62)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(2.37)	(8.36)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	0.73	(3.25)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	1.46	(5.22)

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
Semi-Annual Report:
Fund Summary		4
About Fund Performance		6
Disclosure of Expenses		6
Schedules of Investments		7
Financial Statements:
Statements of Assets and Liabilities		21
Statements of Operations		22
Statements of Changes in Net Assets		23
Financial Highlights		24
Notes to Financial Statements		26
Statement Regarding Liquidity Risk Management Program		34
General Information		35
Glossary of Terms Used in this Report		36


		3


Fund Summary as of January 31, 2023		iShares^® MSCI EAFE Growth ETF

Investment Objective

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

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		5.73	%		(7.27	)%		3.13	%		5.76	%		(7.27	)%		16.66	%		75.10%
Fund Market		5.45			(7.09	)		3.18			5.79			(7.09	)		16.97			75.49
Index		5.83			(6.60	)		3.23			5.97			(6.60	)		17.23			78.50

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

(08/01/22)

Ending
Account Value
(01/31/23)

Expenses
Paid During
the Period

^(a)

Beginning

Account Value

(08/01/22)

Ending
Account Value
(01/31/23)

Expenses
Paid During

the Period

^(a)

Annualized
Expense
Ratio

$ 1,000.00

$ 1,057.30

$ 1.92

$ 1,000.00

$ 1,023.30

$ 1.89

0.37%

^(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.

Portfolio Information

SECTOR ALLOCATION


Sector		Percent of Total Investments^(a)
Industrials		18.0%
Health Care		17.7
Consumer Discretionary		15.3
Consumer Staples		14.6
Information Technology		13.8
Financials		8.9
Materials		5.1
Communication Services		4.4
Real Estate		1.0
Other (each representing less than 1%)		1.2

^(a)

Excludes money market funds.

GEOGRAPHIC ALLOCATION


Country/Geographic Region		Percent of Total Investments^(a)
Japan		21.3%
France		14.4
Switzerland		14.2
United Kingdom		10.6
Australia		7.9
Netherlands		6.9
Germany		6.0
Denmark		5.0
Hong Kong		3.2
Sweden		3.2


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


Fund Summary as of January 31, 2023		iShares^® MSCI EAFE Value ETF

Investment Objective

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

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		13.11	%		0.35	%		0.65	%		3.59	%		0.35	%		3.29	%		42.28%
Fund Market		13.27			0.49			0.67			3.57			0.49			3.41			42.01
Index		13.36			0.66			0.61			3.68			0.66			3.08			43.57

Expense Example

Actual

Hypothetical 5% Return

Beginning

Account Value

(08/01/22)

Ending

Account Value

(01/31/23)

Expenses

Paid During

the Period

^(a)

Beginning

Account Value

(08/01/22)

Ending

Account Value

(01/31/23)

Expenses

Paid During

the Period

^(a)

Annualized
Expense
Ratio

$ 1,000.00

$ 1,131.10

$ 1.83

$ 1,000.00

$ 1,023.50

$ 1.73

0.34%

^(a)

Portfolio Information

SECTOR ALLOCATION


Sector		Percent of Total Investments^(a)
Financials		28.7%
Industrials		12.4
Materials		10.9
Energy		8.8
Consumer Discretionary		8.2
Health Care		8.1
Consumer Staples		5.8
Utilities		5.8
Communication Services		4.5
Real Estate		4.1
Information Technology		2.7

^(a)

Excludes money market funds.

GEOGRAPHIC ALLOCATION


Country/Geographic Region		Percent of Total Investments^(a)
Japan		21.8%
United Kingdom		19.6
Germany		10.6
France		9.6
Australia		8.4
Switzerland		6.5
Spain		3.6
Sweden		3.4
Italy		3.3
Hong Kong		2.6


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

About Fund Performance

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

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


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

Schedule of Investments (unaudited)

January 31, 2023

iShares^® MSCI EAFE Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 7.9%
Ampol Ltd.		355,730	$	7,714,314
APA Group		1,748,924		13,088,789
Aristocrat Leisure Ltd.		886,860		21,411,660
ASX Ltd.		284,765		13,935,010
Aurizon Holdings Ltd.		2,731,555		7,139,626
Brambles Ltd.		2,052,952		17,457,381
Cochlear Ltd.		97,489		14,728,309
Coles Group Ltd.		1,979,664		24,899,470
Commonwealth Bank of Australia		1,258,240		98,220,808
Computershare Ltd.		805,350		13,563,585
CSL Ltd.		712,450		150,434,113
Dexus		1,595,299		9,249,637
Endeavour Group Ltd./Australia		2,093,893		9,831,999
Goodman Group		2,506,871		35,756,940
IDP Education Ltd.^(a)		311,428		6,930,345
IGO Ltd.		1,010,683		10,506,323
Insurance Australia Group Ltd.		3,654,397		12,690,887
James Hardie Industries PLC		660,531		14,821,341
Lottery Corp. Ltd. (The)^(b)		3,299,997		11,005,995
Medibank Pvt Ltd.		4,085,688		8,511,645
Mineral Resources Ltd.		252,612		15,992,885
National Australia Bank Ltd.		4,684,175		105,694,330
Northern Star Resources Ltd.		1,726,791		15,386,606
Orica Ltd.		667,668		7,006,210
Pilbara Minerals Ltd.^(b)		3,761,912		12,797,716
Qantas Airways Ltd.^(b)		893,217		4,031,828
QBE Insurance Group Ltd.		2,197,581		21,441,611
Ramsay Health Care Ltd.		176,560		8,343,114
REA Group Ltd.		78,724		7,059,315
Reece Ltd.^(a)		334,001		3,838,973
SEEK Ltd.		500,168		8,662,382
Sonic Healthcare Ltd.		439,291		9,839,044
Telstra Corp. Ltd.		2,999,771		8,669,886
Transurban Group		2,275,139		22,305,775
Treasury Wine Estates Ltd.		1,070,368		11,025,623
Wesfarmers Ltd.		1,676,190		59,096,922
WiseTech Global Ltd.		217,919		9,448,868
Woolworths Group Ltd.		1,797,789		45,946,889
Xero Ltd.^(b)		200,248		11,036,960

				889,523,114

Austria — 0.1%
Verbund AG		101,004		8,599,796


Belgium — 0.8%
Anheuser-Busch InBev SA/NV		643,209		38,825,211
Argenx SE^(b)		53,020		20,194,599
D’ieteren Group		37,047		7,080,251
Elia Group SA/NV		49,098		6,894,257
Sofina SA		14,884		3,536,024
UCB SA		93,819		7,702,972
Umicore SA		108,878		4,116,076

				88,349,390

Denmark — 5.0%
AP Moller - Maersk A/S, Class A		2,354		5,016,255
Carlsberg A/S, Class B		143,384		20,355,024
Chr Hansen Holding A/S		156,380		11,546,304
Coloplast A/S, Class B		175,141		21,145,550
Demant A/S^(b)		138,127		3,909,920


Security	Shares		Value

Denmark (continued)
DSV A/S		277,234	$	45,862,829
Genmab A/S^(b)		97,458		38,193,445
Novo Nordisk A/S, Class B		2,448,232		338,810,256
Novozymes A/S, Class B		303,096		15,772,068
Orsted A/S^(c)		98,193		8,744,281
Tryg A/S		533,769		12,248,982
Vestas Wind Systems A/S		1,495,537		43,761,797

				565,366,711

Finland — 0.4%
Elisa OYJ		73,335		4,178,124
Kone OYJ, Class B		176,397		9,620,001
Neste OYJ		626,625		29,954,102
Orion OYJ, Class B		79,236		4,245,039

				47,997,266

France — 14.3%
Accor SA^(b)		166,794		5,413,794
Aeroports de Paris^(b)		44,069		6,836,755
Air Liquide SA		773,987		123,238,980
Airbus SE		874,273		109,603,967
BioMerieux		61,735		6,293,629
Bureau Veritas SA		435,828		12,460,961
Capgemini SE		242,542		46,030,972
Carrefour SA		440,455		8,377,880
Dassault Aviation SA		24,182		4,129,397
Dassault Systemes SE		984,287		36,606,513
Edenred		367,783		20,032,944
Eiffage SA		62,186		6,642,121
Electricite de France SA		562,282		7,385,605
EssilorLuxottica SA		215,127		39,471,359
Eurofins Scientific SE		99,886		7,164,800
Getlink SE		333,618		5,642,737
Hermes International		46,819		87,622,185
Ipsen SA		36,411		3,824,429
Kering SA		110,687		69,063,895
La Francaise des Jeux SAEM^(c)		157,233		6,727,685
Legrand SA		395,184		35,236,211
L’Oreal SA		357,308		147,536,619
LVMH Moet Hennessy Louis Vuitton SE		409,346		357,349,077
Pernod Ricard SA		305,607		63,269,808
Remy Cointreau SA		34,437		6,484,113
Safran SA		505,240		72,651,243
Sartorius Stedim Biotech		40,988		14,297,771
Schneider Electric SE		802,420		130,164,998
Sodexo SA		131,155		13,001,764
Teleperformance		87,578		24,345,528
Thales SA		158,082		20,907,818
Ubisoft Entertainment SA^(b)		91,277		1,890,031
Valeo		306,058		6,688,823
Vinci SA		795,301		89,860,697
Wendel SE		39,775		4,211,697
Worldline SA/France^(b)(c)		354,508		16,082,569

				1,616,549,375

Germany — 5.7%
adidas AG		256,049		41,228,037
Bechtle AG		121,690		5,128,108
Beiersdorf AG		149,351		18,157,737
Brenntag SE		228,954		17,090,961
Carl Zeiss Meditec AG, Bearer		59,699		8,615,653
Delivery Hero SE^(b)(c)		252,044		15,237,791


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

Schedule of Investments (unaudited) (continued)

January 31, 2023

iShares^® MSCI EAFE Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Germany (continued)
Deutsche Boerse AG		280,765	$	50,240,730
Deutsche Telekom AG, Registered		4,793,820		106,800,556
GEA Group AG		146,049		6,589,717
Hannover Rueck SE		44,709		9,078,988
HelloFresh SE^(b)		246,023		5,981,133
Infineon Technologies AG		1,933,776		69,636,156
Merck KGaA		191,406		39,951,827
MTU Aero Engines AG		79,177		19,787,326
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		134,526		48,591,778
Nemetschek SE		84,777		4,532,546
Puma SE		156,536		10,689,589
Rational AG		7,657		5,036,647
Rheinmetall AG		64,553		15,083,295
RWE AG		333,242		14,835,558
SAP SE		541,205		64,154,420
Scout24 SE^(c)		119,351		6,948,379
Siemens Healthineers AG^(c)		417,785		22,405,253
Symrise AG		196,712		20,912,385
Zalando SE^(b)(c)		331,926		15,479,373

				642,193,943

Hong Kong — 3.2%
AIA Group Ltd.		17,651,400		199,595,757
Budweiser Brewing Co. APAC Ltd.^(a)(c)		2,553,000		8,055,527
ESR Group Ltd.^(c)		2,968,200		5,942,593
Futu Holdings Ltd., ADR^(a)(b)		89,059		4,520,635
Galaxy Entertainment Group Ltd.		3,220,000		22,415,378
Hong Kong Exchanges & Clearing Ltd.		1,781,400		80,123,056
Sands China Ltd.^(b)		2,334,800		8,755,699
Techtronic Industries Co. Ltd.^(a)		2,026,500		26,125,197
WH Group Ltd.^(c)		6,200,000		3,818,359

				359,352,201

Ireland — 0.7%
Flutter Entertainment PLC, Class DI^(b)		247,389		38,427,671
Kerry Group PLC, Class A		235,913		22,105,068
Kingspan Group PLC		228,874		14,720,269

				75,253,008

Israel — 0.7%
Bezeq The Israeli Telecommunication Corp. Ltd.^(a)		3,083,730		5,110,396
Check Point Software Technologies Ltd.^(b)		148,486		18,887,419
CyberArk Software Ltd.^(b)		30,271		4,264,579
Elbit Systems Ltd.		39,479		6,627,895
ICL Group Ltd.		1,050,280		8,338,840
Mizrahi Tefahot Bank Ltd.		80,349		2,653,981
Nice Ltd.^(b)		94,140		19,468,931
Tower Semiconductor Ltd.^(b)		162,154		6,821,031
Wix.com Ltd.^(b)		84,969		7,390,604

				79,563,676

Italy — 1.2%
Amplifon SpA		186,330		5,145,177
DiaSorin SpA		37,709		4,908,949
Ferrari NV		186,677		46,647,627
FinecoBank Banca Fineco SpA		904,111		16,230,463
Infrastrutture Wireless Italiane SpA^(c)		504,429		5,527,925
Moncler SpA		304,147		19,035,845
Nexi SpA^(b)(c)		875,751		7,713,035
Prysmian SpA		377,543		15,417,977
Recordati Industria Chimica e Farmaceutica SpA		155,737		6,822,602
Telecom Italia SpA/Milano^(a)(b)		5,223,025		1,503,750


Security	Shares		Value

Italy (continued)
Tenaris SA		455,375	$	8,069,585

				137,022,935

Japan — 21.2%
Advantest Corp.		280,400		20,099,347
Aeon Co. Ltd.		962,300		19,728,761
Ajinomoto Co. Inc.		677,400		22,332,924
ANA Holdings Inc.^(b)		117,400		2,598,385
Asahi Intecc Co. Ltd.		321,800		5,645,717
Astellas Pharma Inc.		947,400		13,945,852
Azbil Corp.		171,300		4,830,396
Bandai Namco Holdings Inc.		296,500		19,828,065
Capcom Co. Ltd.		257,200		8,334,259
Chugai Pharmaceutical Co. Ltd.		989,800		25,660,645
CyberAgent Inc.		637,300		5,959,998
Daifuku Co. Ltd.		150,400		8,281,580
Daiichi Sankyo Co. Ltd.		2,590,600		81,362,797
Daikin Industries Ltd.		368,900		64,075,929
Denso Corp.		641,900		34,666,257
Disco Corp.		42,000		12,618,169
East Japan Railway Co.		156,500		8,726,159
Eisai Co. Ltd.		186,400		11,532,558
FANUC Corp.		184,400		32,581,554
Fast Retailing Co. Ltd.		86,500		52,536,582
Fuji Electric Co. Ltd.		66,400		2,687,738
Fujitsu Ltd.		289,500		41,218,813
GLP J-REIT		3,219		3,642,494
GMO Payment Gateway Inc.		62,400		5,773,992
Hamamatsu Photonics KK		206,000		11,006,636
Hankyu Hanshin Holdings Inc.		118,800		3,531,025
Hikari Tsushin Inc.		30,100		4,296,422
Hirose Electric Co. Ltd.		43,300		5,636,979
Hoshizaki Corp.		81,400		2,926,026
Hoya Corp.		533,300		58,648,023
Ibiden Co. Ltd.		166,300		6,490,504
Ito En Ltd.		39,000		1,391,510
ITOCHU Corp.		879,800		28,436,735
Itochu Techno-Solutions Corp.		142,200		3,520,517
Japan Airlines Co. Ltd.^(b)		105,900		2,245,881
Japan Exchange Group Inc.		743,100		11,372,823
JSR Corp.		263,200		5,922,042
Kakaku.com Inc.		200,000		3,334,417
Kao Corp.		350,800		14,179,980
Keio Corp.		75,211		2,760,581
Keisei Electric Railway Co. Ltd.		124,300		3,625,703
Keyence Corp.		287,048		132,147,931
Kikkoman Corp.		215,300		11,387,668
Kintetsu Group Holdings Co. Ltd.		88,200		2,872,231
Kirin Holdings Co. Ltd.		1,210,400		18,651,929
Kobayashi Pharmaceutical Co. Ltd.		80,000		5,743,368
Kobe Bussan Co. Ltd.		222,300		6,418,189
Koei Tecmo Holdings Co. Ltd.		173,300		3,151,661
Koito Manufacturing Co. Ltd.		310,700		5,240,942
Konami Group Corp.		137,300		6,751,518
Kose Corp.		50,100		5,527,677
Kubota Corp.		528,300		7,939,445
Kurita Water Industries Ltd.		154,800		6,999,784
Kyowa Kirin Co. Ltd.		399,800		8,915,918
Lasertec Corp.		112,100		21,223,097
M3 Inc.		652,900		17,852,184
Makita Corp.		115,600		3,079,217


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

Schedule of Investments (unaudited) (continued)

January 31, 2023

iShares^® MSCI EAFE Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Japan (continued)
McDonald’s Holdings Co. Japan Ltd.		128,200	$	5,064,846
MINEBEA MITSUMI Inc.		538,300		9,384,019
MISUMI Group Inc.		421,800		10,615,636
Mitsui Fudosan Co. Ltd.		1,342,400		25,161,465
MonotaRO Co. Ltd.		371,000		5,620,039
Murata Manufacturing Co. Ltd.		849,300		48,529,413
NEC Corp.		340,700		12,308,675
Nexon Co. Ltd.		704,200		16,980,054
Nidec Corp.		659,400		36,543,185
Nihon M&A Center Holdings Inc.		451,300		4,613,822
Nintendo Co. Ltd.		1,631,700		70,746,869
Nippon Paint Holdings Co. Ltd.		1,228,500		11,215,559
Nippon Prologis REIT Inc.		1,106		2,509,670
Nippon Sanso Holdings Corp.		257,700		4,203,310
Nippon Shinyaku Co. Ltd.		71,300		3,669,535
Nippon Telegraph & Telephone Corp.		1,764,900		52,921,441
Nissan Chemical Corp.		188,200		8,884,854
Nissin Foods Holdings Co. Ltd.		92,600		7,239,249
Nitori Holdings Co. Ltd.		79,000		10,456,100
Nitto Denko Corp.		210,900		13,632,031
Nomura Research Institute Ltd.		587,370		14,101,328
NTT Data Corp.		934,600		14,496,930
Obic Co. Ltd.		102,500		16,433,482
Odakyu Electric Railway Co. Ltd.		217,900		2,864,811
Olympus Corp.		1,799,300		33,826,139
Omron Corp.		178,900		10,351,257
Ono Pharmaceutical Co. Ltd.		534,600		11,600,116
Open House Group Co. Ltd.		119,900		4,535,849
Oracle Corp. Japan		57,000		3,904,889
Oriental Land Co. Ltd./Japan		191,900		31,974,349
Otsuka Corp.		110,500		3,635,399
Otsuka Holdings Co. Ltd.		578,500		18,558,516
Pan Pacific International Holdings Corp.		562,900		10,409,779
Persol Holdings Co. Ltd.		263,700		5,781,757
Rakuten Group Inc.^(b)		640,800		3,267,083
Recruit Holdings Co. Ltd.		2,130,300		68,511,003
Renesas Electronics Corp.^(b)		1,725,500		17,748,666
Rohm Co. Ltd.		127,800		10,240,804
SCSK Corp.		232,400		3,785,195
Secom Co. Ltd.		157,700		9,395,098
Sekisui Chemical Co. Ltd.		549,300		7,694,751
Seven & i Holdings Co. Ltd.		1,115,100		52,647,102
SG Holdings Co. Ltd.		427,800		6,601,517
Shimadzu Corp.		349,900		10,752,798
Shimano Inc.		108,900		19,420,724
Shin-Etsu Chemical Co. Ltd.		554,300		81,716,576
Shionogi & Co. Ltd.		254,300		12,118,536
Shiseido Co. Ltd.		591,700		30,754,196
SMC Corp.		85,200		43,273,979
Sony Group Corp.		1,865,800		166,712,093
Square Enix Holdings Co. Ltd.		126,700		5,991,802
Subaru Corp.		318,200		5,228,546
Suntory Beverage & Food Ltd.		133,200		4,497,863
Sysmex Corp.		248,200		16,476,771
TDK Corp.		576,100		20,581,898
Terumo Corp.		955,700		27,820,764
TIS Inc.		330,300		9,524,317
Tobu Railway Co. Ltd.		140,600		3,298,912
Toho Co. Ltd./Tokyo		105,800		3,907,558
Tokio Marine Holdings Inc.		2,712,600		56,814,602


Security	Shares		Value

Japan (continued)
Tokyo Electron Ltd.		220,500	$	77,070,075
Tokyu Corp.		393,300		5,057,595
Toshiba Corp.		577,600		19,838,625
TOTO Ltd.		103,900		4,037,855
Trend Micro Inc./Japan^(b)		98,600		4,882,082
Unicharm Corp.		593,900		22,654,691
USS Co. Ltd.		198,700		3,268,250
Welcia Holdings Co. Ltd.		140,200		3,133,563
West Japan Railway Co.		114,400		4,790,900
Yakult Honsha Co. Ltd.		189,600		13,535,146
Yamaha Corp.		208,400		8,103,440
Yamato Holdings Co. Ltd.		424,800		7,432,699
Yaskawa Electric Corp.		235,000		9,185,936
Yokogawa Electric Corp.		221,300		3,885,935
Z Holdings Corp.		3,959,400		11,520,739
ZOZO Inc.		186,400		4,832,086

				2,386,684,678

Netherlands — 6.8%
Adyen NV^(b)(c)		32,093		48,521,631
Akzo Nobel NV		269,118		20,045,245
ASM International NV		69,385		23,466,419
ASML Holding NV		601,133		397,738,231
Davide Campari-Milano NV		775,405		8,317,831
Heineken Holding NV		149,449		12,339,390
Heineken NV		383,898		38,366,343
IMCD NV		84,462		13,389,913
JDE Peet’s NV		97,278		2,915,707
Koninklijke DSM NV		168,143		21,623,524
Prosus NV		1,226,508		99,034,669
QIAGEN NV^(b)		336,018		16,391,998
Universal Music Group NV		1,074,433		27,465,049
Wolters Kluwer NV		388,788		42,386,842

				772,002,792

New Zealand — 0.2%
Auckland International Airport Ltd.^(b)		1,206,866		6,642,030
Fisher & Paykel Healthcare Corp. Ltd.		855,771		14,044,218
Meridian Energy Ltd.		959,073		3,314,753

				24,001,001

Norway — 0 2%
Adevinta ASA^(b)		431,002		3,694,909
Gjensidige Forsikring ASA		104,544		1,879,016
Kongsberg Gruppen ASA		131,440		5,232,849
Mowi ASA		613,429		11,343,322
Salmar ASA		72,536		3,372,899

				25,522,995

Portugal — 0.1%
Jeronimo Martins SGPS SA		419,980		9,118,071


Singapore — 1.5%
Capitaland Investment Ltd/Singapore		3,856,900		11,684,904
DBS Group Holdings Ltd.		2,681,400		73,406,733
Genting Singapore Ltd.		4,495,800		3,404,934
Grab Holdings Ltd., Class A^(a)(b)		1,924,060		7,292,187
Sea Ltd., ADR^(a)(b)		535,216		34,494,671
Singapore Airlines Ltd.		1,986,700		8,983,589
Singapore Exchange Ltd.		745,200		5,248,829
Singapore Technologies Engineering Ltd.		2,326,300		6,540,489
Singapore Telecommunications Ltd.		8,002,800		15,326,653


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

Schedule of Investments (unaudited) (continued)

January 31, 2023

iShares^® MSCI EAFE Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Singapore (continued)
UOL Group Ltd.		243,000	$	1,296,543

				167,679,532

Spain — 1.4%
Acciona SA		36,687		7,157,635
Aena SME SA^(b)(c)		72,235		10,853,234
Amadeus IT Group SA^(b)		667,188		42,035,481
Cellnex Telecom SA^(c)		805,019		31,547,072
Corp. ACCIONA Energias Renovables SA		97,924		4,004,514
EDP Renovaveis SA		213,878		4,652,078
Grifols SA^(b)		442,927		5,863,489
Industria de Diseno Textil SA		1,615,500		50,437,215

				156,550,718

Sweden — 3.2%
Alfa Laval AB		428,342		13,460,916
Assa Abloy AB, Class B		1,479,807		34,858,704
Atlas Copco AB, Class A		2,583,995		30,661,843
Atlas Copco AB, Class B		2,312,125		24,387,382
Embracer Group AB^(a)(b)		965,266		4,499,228
Epiroc AB, Class A		976,410		18,997,770
Epiroc AB, Class B		578,312		9,641,893
EQT AB		442,111		9,976,131
Essity AB, Class B		902,181		23,568,699
Evolution AB^(c)		270,839		30,439,881
Fastighets AB Balder, Class B^(b)		330,011		1,700,296
Getinge AB, Class B		339,519		7,648,540
Hexagon AB, Class B		2,882,919		33,048,346
Industrivarden AB, Class A		68,193		1,806,456
Industrivarden AB, Class C		228,630		6,023,180
Indutrade AB		405,260		8,999,698
Investment AB Latour, Class B		217,530		4,589,646
Investor AB, Class B		943,891		18,341,665
Kinnevik AB, Class B^(b)		363,132		5,612,984
L E Lundbergforetagen AB, Class B		39,643		1,835,758
Lifco AB, Class B		347,805		6,389,295
Nibe Industrier AB, Class B		2,245,131		24,256,992
Sagax AB, Class B		283,560		7,053,554
Sandvik AB		1,026,055		21,206,131
Svenska Cellulosa AB SCA, Class B		323,133		4,487,133
Swedish Orphan Biovitrum AB^(b)		253,202		5,646,547

				359,138,668

Switzerland — 14.2%
ABB Ltd., Registered		2,327,440		81,031,340
Alcon Inc.		739,995		55,838,914
Bachem Holding AG, Class A		49,818		4,405,597
Barry Callebaut AG, Registered		5,279		11,029,586
BKW AG		30,555		4,393,878
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		1,538		16,891,421
Chocoladefabriken Lindt & Spruengli AG, Registered		169		19,022,528
Cie. Financiere Richemont SA, Class A, Registered		772,893		119,147,025
Clariant AG, Registered		206,730		3,545,093
Coca-Cola HBC AG, Class DI		104,423		2,537,622
Credit Suisse Group AG, Registered		2,666,400		9,185,432
EMS-Chemie Holding AG, Registered		10,402		7,754,485
Geberit AG, Registered		53,137		30,234,014
Givaudan SA, Registered		13,662		44,295,345
Kuehne + Nagel International AG, Registered		80,059		19,090,594
Logitech International SA, Registered		256,499		15,009,491
Lonza Group AG, Registered		110,062		62,783,915


Security	Shares		Value

Switzerland (continued)
Nestle SA, Registered		4,070,888	$	496,685,158
Partners Group Holding AG		21,825		20,478,320
Roche Holding AG, Bearer		39,521		14,466,299
Roche Holding AG, NVS		1,039,806		324,596,625
Schindler Holding AG, Participation Certificates, NVS		29,831		6,358,099
Schindler Holding AG, Registered		34,835		7,046,734
SGS SA, Registered		4,668		11,383,544
SIG Group AG		453,421		11,238,475
Sika AG, Registered		215,861		61,336,224
Sonova Holding AG, Registered		79,150		19,793,171
STMicroelectronics NV		1,012,192		47,662,410
Straumann Holding AG		164,434		21,530,493
Swiss Re AG		290,406		30,408,674
Temenos AG, Registered		94,719		6,761,101
VAT Group AG^(c)		40,014		12,456,507

				1,598,398,114

United Kingdom — 10.5%
Ashtead Group PLC		652,375		42,971,141
Associated British Foods PLC		527,401		12,106,598
AstraZeneca PLC		2,291,446		300,207,967
Auto Trader Group PLC^(c)		1,394,134		10,816,364
BAE Systems PLC		1,621,990		17,170,449
Bunzl PLC		324,585		11,915,904
Burberry Group PLC		580,170		17,672,505
CNH Industrial NV		1,508,960		26,695,543
Compass Group PLC		2,601,630		62,147,745
Croda International PLC		134,268		11,444,566
Diageo PLC		3,367,317		147,239,541
Entain PLC		871,650		16,073,821
Experian PLC		1,362,873		49,839,547
Halma PLC		562,042		14,963,820
Informa PLC		2,146,752		17,755,243
InterContinental Hotels Group PLC		272,414		18,911,948
Intertek Group PLC		238,936		12,842,100
JD Sports Fashion PLC		3,820,708		7,701,092
London Stock Exchange Group PLC		487,220		44,602,494
Melrose Industries PLC		5,997,763		10,575,059
NMC Health PLC, NVS^(d)		50,450		1
Ocado Group PLC^(b)		298,961		2,392,402
Reckitt Benckiser Group PLC		1,057,920		75,388,331
RELX PLC		2,838,042		84,315,112
Rentokil Initial PLC		3,697,605		22,420,160
Rolls-Royce Holdings PLC^(b)		12,387,644		16,207,166
Sage Group PLC (The)		1,508,255		14,490,815
Segro PLC		1,163,495		11,976,540
Severn Trent PLC		130,202		4,531,145
Smiths Group PLC		187,763		4,008,178
Spirax-Sarco Engineering PLC		108,981		15,567,057
Standard Chartered PLC		1,295,487		10,881,590
Unilever PLC		1,318,860		67,128,728
Whitbread PLC		104,608		3,939,769

				1,186,900,441

Total Common Stocks — 99.3% (Cost: $10,433,338,034)				11,195,768,425


Preferred Stocks

Germany — 0.3%
Dr Ing hc F Porsche AG, Preference Shares, NVS^(b)		168,717		20,060,236


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

Schedule of Investments (unaudited) (continued)

January 31, 2023

iShares^® MSCI EAFE Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Germany (continued)
Sartorius AG, Preference Shares, NVS		36,064	$	16,171,533

				36,231,769


Total Preferred Stocks — 0.3% (Cost: $26,178,890)				36,231,769


Total Long-Term Investments — 99.6% (Cost: $10,459,516,924)				11,232,000,194


Short-Term Securities

Money Market Funds — 0.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.56%^(e)(f)(g)		57,669,528		57,704,129
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.18%^(e)(f)		3,430,000		3,430,000


Total Short-Term Securities — 0.5% (Cost: $61,088,429)				61,134,129


Total Investments — 100.1% (Cost: $10,520,605,353)				11,293,134,323

Liabilities in Excess of Other Assets — (0.1)%				(12,762,520	)


Net Assets — 100.0%			$	11,280,371,803

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

^(b)	Non-income producing security.

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

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

^(e)	Affiliate of the Fund.

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

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

Affiliates

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


Affiliated Issuer	Value at 07/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/23		Shares Held at 01/31/23		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	30,380,895	$	27,257,928	^(a)	$	—	$	24,602	$	40,704	$	57,704,129		57,669,528	$	224,769	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,190,000		1,240,000	^(a)		—		—		—		3,430,000		3,430,000		51,440			2

								$	24,602	$	40,704	$	61,134,129			$	276,209		$	2

^(a)

Represents net amount purchased (sold).

^(b)

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


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

Long Contracts
TOPIX Index		110		03/09/23	$	16,782	$	469,067
Euro STOXX 50 Index		489		03/17/23		22,277		1,219,896
FTSE 100 Index		82		03/17/23		7,865		258,752

							$	1,947,715


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

Schedule of Investments (unaudited) (continued)

January 31, 2023

iShares^® MSCI EAFE Growth ETF

Derivative Financial Instruments Categorized by Risk Exposure

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



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

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	1,947,715	$	—	$	—	$	—	$	1,947,715

^(a)

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

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



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

Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	2,621,209	$	—	$	—	$	—	$	2,621,209

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	1,145,675	$	—	$	—	$	—	$	1,145,675

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long			$43,877,838

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
Australia	$	—	$	889,523,114	$	—	$	889,523,114
Austria		—		8,599,796		—		8,599,796
Belgium		—		88,349,390		—		88,349,390
Denmark		—		565,366,711		—		565,366,711
Finland		—		47,997,266		—		47,997,266
France		—		1,616,549,375		—		1,616,549,375
Germany		—		642,193,943		—		642,193,943
Hong Kong		4,520,635		354,831,566		—		359,352,201
Ireland		—		75,253,008		—		75,253,008
Israel		30,542,602		49,021,074		—		79,563,676
Italy		—		137,022,935		—		137,022,935
Japan		—		2,386,684,678		—		2,386,684,678
Netherlands		—		772,002,792		—		772,002,792
New Zealand		—		24,001,001		—		24,001,001
Norway		—		25,522,995		—		25,522,995
Portugal		—		9,118,071		—		9,118,071
Singapore		41,786,858		125,892,674		—		167,679,532
Spain		—		156,550,718		—		156,550,718


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

Schedule of Investments (unaudited) (continued)

January 31, 2023

iShares^® MSCI EAFE Growth ETF

Fair Value Hierarchy as of Period End (continued)



	Level 1		Level 2		Level 3		Total

Common Stocks (continued)
Sweden	$	—	$	359,138,668	$	—	$	359,138,668
Switzerland		—		1,598,398,114		—		1,598,398,114
United Kingdom		—		1,186,900,440		1		1,186,900,441
Preferred Stocks		—		36,231,769		—		36,231,769
Short-Term Securities
Money Market Funds		61,134,129		—		—		61,134,129

	$	137,984,224	$	11,155,150,098	$	1	$	11,293,134,323

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	—	$	1,947,715	$	—	$	1,947,715

^(a)

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

See notes to financial statements.


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

Schedule of Investments (unaudited)

January 31, 2023

iShares^® MSCI EAFE Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 8.4%
Australia & New Zealand Banking Group Ltd.		6,253,102	$	111,282,641
BHP Group Ltd.		10,594,615		371,045,997
BlueScope Steel Ltd.		988,488		13,479,497
Commonwealth Bank of Australia		1,779,292		138,895,201
Fortescue Metals Group Ltd.		3,542,292		55,952,460
GPT Group (The)		4,023,454		13,042,169
Lendlease Corp. Ltd.		1,452,223		8,867,716
Macquarie Group Ltd.		766,598		102,271,020
Mirvac Group		8,289,522		13,392,621
Newcrest Mining Ltd.		1,868,061		29,681,798
Origin Energy Ltd.		3,611,037		19,173,052
Qantas Airways Ltd.^(a)		691,060		3,119,326
Ramsay Health Care Ltd.		134,367		6,349,339
Rio Tinto Ltd.		776,358		69,668,236
Santos Ltd.		6,666,681		34,032,551
Scentre Group		10,874,711		23,596,016
Sonic Healthcare Ltd.		339,614		7,606,523
South32 Ltd.		9,664,268		31,011,947
Stockland		5,019,727		14,026,459
Suncorp Group Ltd.		2,646,451		23,525,208
Telstra Corp. Ltd.		4,227,147		12,217,226
Transurban Group		3,204,764		31,419,946
Vicinity Ltd.		8,061,767		11,794,690
Washington H Soul Pattinson & Co. Ltd.		451,548		9,196,642
Westpac Banking Corp.		7,322,229		123,202,861
Woodside Energy Group Ltd.		3,971,029		102,825,316

				1,380,676,458

Austria — 0.3%
Erste Group Bank AG		717,230		27,214,669
OMV AG		308,999		15,477,833
voestalpine AG		245,862		8,169,153

				50,861,655

Belgium — 1.2%
Ageas SA/NV		339,858		16,592,535
Anheuser-Busch InBev SA/NV		906,809		54,736,565
Argenx SE^(a)		40,404		15,389,336
Groupe Bruxelles Lambert NV		208,493		17,835,578
KBC Group NV		522,281		38,683,929
Sofina SA		11,481		2,727,566
Solvay SA		155,890		18,166,094
UCB SA		133,067		10,925,413
Umicore SA		283,836		10,730,272
Warehouses De Pauw CVA		336,744		10,678,786

				196,466,074

Denmark — 0.6%
AP Moller - Maersk A/S, Class A		3,202		6,823,300
AP Moller - Maersk A/S, Class B, NVS		10,491		22,820,984
Danske Bank A/S		1,439,140		29,982,419
Orsted A/S^(b)		258,489		23,018,958
Pandora A/S		193,017		16,072,701
Rockwool A/S, Class B		18,554		5,319,657

				104,038,019

Finland — 1.5%
Elisa OYJ		192,798		10,984,304
Fortum OYJ		949,879		14,278,812
Kesko OYJ, Class B		581,030		13,534,210
Kone OYJ, Class B		462,049		25,198,341


Security	Shares		Value

Finland (continued)
Nokia OYJ		11,302,519	$	53,591,073
Orion OYJ, Class B		112,116		6,006,573
Sampo OYJ, Class A		1,003,356		52,675,662
Stora Enso OYJ, Class R		1,155,544		16,518,929
UPM-Kymmene OYJ		1,111,272		40,279,403
Wartsila OYJ Abp		989,061		9,406,966

				242,474,273

France — 9.6%
Accor SA^(a)		126,498		4,105,868
Alstom SA		670,384		19,933,979
Amundi SA^(b)		128,047		8,383,234
ArcelorMittal SA		1,101,819		34,181,647
Arkema SA		125,121		12,660,711
AXA SA		3,909,052		121,958,597
BNP Paribas SA		2,323,324		159,570,266
Bollore SE		1,868,210		10,453,333
Bouygues SA^(c)		478,470		15,762,686
Carrefour SA		619,954		11,792,124
Cie. de Saint-Gobain		1,032,060		59,272,408
Cie. Generale des Etablissements Michelin SCA		1,418,827		44,863,035
Covivio		99,496		6,829,839
Credit Agricole SA		2,523,751		30,389,078
Danone SA		1,342,670		73,631,021
Dassault Aviation SA		18,659		3,186,272
Eiffage SA		86,921		9,284,081
Electricite de France SA		426,739		5,605,240
Engie SA		3,820,668		54,252,965
EssilorLuxottica SA		304,213		55,816,799
Eurazeo SE		91,663		6,429,900
Eurofins Scientific SE		143,307		10,279,378
Euronext NV^(b)		180,025		14,587,766
Gecina SA		95,924		11,362,164
Getlink SE		458,731		7,758,869
Ipsen SA		28,096		2,951,063
Klepierre SA		449,056		11,397,198
Orange SA		4,154,384		43,964,810
Publicis Groupe SA		477,813		33,704,751
Renault SA^(a)		404,124		16,431,457
Sanofi		2,385,716		233,619,866
SEB SA		52,251		5,464,200
Societe Generale SA		1,685,850		50,181,973
TotalEnergies SE		5,203,748		321,699,636
Ubisoft Entertainment SA^(a)		67,977		1,407,569
Unibail-Rodamco-Westfield^(a)		247,255		16,001,177
Veolia Environnement SA		1,387,436		41,182,504
Vivendi SE		1,513,192		16,251,337

				1,586,608,801

Germany — 9.9%
Allianz SE, Registered		854,245		204,261,784
Aroundtown SA^(c)		2,098,472		5,842,567
BASF SE^(c)		1,920,899		110,135,554
Bayer AG, Registered		2,051,282		127,681,915
Bayerische Motoren Werke AG		692,454		70,536,575
Commerzbank AG^(a)		2,229,672		25,488,345
Continental AG		230,315		16,171,616
Covestro AG^(b)		405,176		18,656,125
Daimler Truck Holding AG^(a)		945,141		31,760,158
Deutsche Bank AG, Registered		4,323,324		57,697,882
Deutsche Lufthansa AG, Registered^(a)		1,262,069		13,371,255


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

Schedule of Investments (unaudited) (continued)

January 31, 2023

iShares^® MSCI EAFE Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Germany (continued)
Deutsche Post AG, Registered		2,073,086	$	89,260,227
E.ON SE		4,700,284		51,246,773
Evonik Industries AG		437,909		9,734,078
Fresenius Medical Care AG & Co. KGaA		431,905		16,220,049
Fresenius SE & Co. KGaA		883,462		25,603,485
GEA Group AG		112,835		5,091,104
Hannover Rueck SE		62,964		12,786,004
HeidelbergCement AG		304,773		20,912,734
Henkel AG & Co. KGaA		216,327		14,454,592
Knorr-Bremse AG		153,154		10,066,508
LEG Immobilien SE		154,777		12,099,550
Mercedes-Benz Group AG		1,678,087		124,869,855
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		102,390		36,984,019
RWE AG		871,916		38,816,718
SAP SE		1,419,529		168,270,913
Siemens AG, Registered		1,599,915		249,915,160
Telefonica Deutschland Holding AG		2,190,199		6,450,950
United Internet AG, Registered		200,663		4,658,662
Volkswagen AG		61,489		10,763,042
Vonovia SE		1,497,991		42,315,106

				1,632,123,305

Hong Kong — 2.6%
BOC Hong Kong Holdings Ltd.		7,739,000		27,046,931
CK Asset Holdings Ltd.		4,171,500		26,670,523
CK Hutchison Holdings Ltd.		5,584,500		35,539,485
CK Infrastructure Holdings Ltd.		1,335,000		7,427,342
CLP Holdings Ltd.		3,446,500		25,607,251
Hang Lung Properties Ltd.		4,224,088		7,964,708
Hang Seng Bank Ltd.		1,599,400		26,635,149
Henderson Land Development Co. Ltd.		3,043,794		11,243,760
HK Electric Investments & HK Electric Investments Ltd., Class SS^(c)		5,586,000		3,861,226
HKT Trust & HKT Ltd., Class SS		7,915,000		10,370,043
Hong Kong & China Gas Co. Ltd.^(c)		23,493,650		23,588,090
Hongkong Land Holdings Ltd.		2,347,500		11,476,395
Jardine Matheson Holdings Ltd.		334,600		17,785,854
Link REIT		4,416,800		35,353,658
MTR Corp. Ltd.^(c)		3,256,000		17,424,507
New World Development Co. Ltd.		3,158,250		9,439,701
Power Assets Holdings Ltd.		2,913,500		16,485,070
Sands China Ltd.^(a)		1,770,800		6,640,651
Sino Land Co. Ltd.		7,296,000		9,480,986
SITC International Holdings Co. Ltd.		2,836,000		6,195,524
Sun Hung Kai Properties Ltd.		3,020,000		42,828,493
Swire Pacific Ltd., Class A		1,047,000		9,594,592
Swire Properties Ltd.		2,428,600		6,825,717
WH Group Ltd.^(b)		8,785,500		5,410,677
Wharf Real Estate Investment Co. Ltd.^(c)		3,498,419		20,027,270
Xinyi Glass Holdings Ltd.		3,819,000		8,131,135

				429,054,738

Ireland — 0.8%
AIB Group PLC		2,254,806		9,471,516
Bank of Ireland Group PLC		2,231,308		23,838,946
CRH PLC		1,578,997		73,774,760
Smurfit Kappa Group PLC		521,275		21,885,486

				128,970,708

Israel — 0.7%
Azrieli Group Ltd.		89,012		5,733,494


Security	Shares		Value

Israel (continued)
Bank Hapoalim BM		2,647,542	$	23,829,348
Bank Leumi Le-Israel BM		3,218,326		28,441,575
CyberArk Software Ltd.^(a)		42,968		6,053,332
Isracard Ltd.		1		4
Israel Discount Bank Ltd., Class A		2,595,324		13,274,340
Mizrahi Tefahot Bank Ltd.		209,686		6,926,069
Teva Pharmaceutical Industries Ltd., ADR^(a)		2,336,907		24,631,000
ZIM Integrated Shipping Services Ltd.		179,477		3,401,089

				112,290,251

Italy — 3.3%
Assicurazioni Generali SpA		2,313,067		45,154,094
Enel SpA		17,081,455		100,577,661
Eni SpA		5,211,602		80,197,314
Intesa Sanpaolo SpA		34,882,371		91,715,164
Mediobanca Banca di Credito Finanziario SpA		1,270,821		13,661,259
Poste Italiane SpA^(b)		1,101,677		11,770,345
Snam SpA		4,242,434		21,608,964
Stellantis NV		4,602,556		72,356,734
Telecom Italia SpA/Milano^(a)(c)		13,624,039		3,922,468
Tenaris SA		345,168		6,116,634
Terna - Rete Elettrica Nazionale		2,963,747		23,448,752
UniCredit SpA		4,017,789		78,471,988

				549,001,377

Japan — 21.7%
AGC Inc.		404,500		14,904,129
Aisin Corp.		308,900		9,012,314
ANA Holdings Inc.^(a)		165,200		3,656,330
Asahi Group Holdings Ltd.		954,300		31,513,125
Asahi Kasei Corp.		2,627,000		19,906,437
Astellas Pharma Inc.		2,495,700		36,737,030
Bridgestone Corp.		1,194,100		44,579,563
Brother Industries Ltd.		492,300		7,646,539
Canon Inc.		2,088,600		46,350,927
Central Japan Railway Co.		301,600		36,787,586
Chiba Bank Ltd. (The)		1,113,800		8,427,460
Chubu Electric Power Co. Inc.		1,351,000		14,551,717
Concordia Financial Group Ltd.		2,279,600		10,017,388
Dai Nippon Printing Co. Ltd.		463,600		10,945,429
Dai-ichi Life Holdings Inc.		2,050,300		48,105,705
Daito Trust Construction Co. Ltd.		130,100		12,856,293
Daiwa House Industry Co. Ltd.		1,254,200		30,119,629
Daiwa House REIT Investment Corp.		4,599		10,006,200
Daiwa Securities Group Inc.		2,799,300		13,210,170
Dentsu Group Inc.		452,700		14,580,958
East Japan Railway Co.		411,000		22,916,623
Eisai Co. Ltd.		264,200		16,346,040
ENEOS Holdings Inc.		6,390,850		22,880,498
FANUC Corp.		140,800		24,877,889
Fuji Electric Co. Ltd.		172,800		6,994,597
FUJIFILM Holdings Corp.		753,400		39,870,786
GLP J-REIT		4,426		5,008,287
Hakuhodo DY Holdings Inc.		492,700		5,324,777
Hankyu Hanshin Holdings Inc.		310,200		9,219,898
Hitachi Construction Machinery Co. Ltd.		224,300		5,289,738
Hitachi Ltd.		2,025,700		106,232,666
Honda Motor Co. Ltd.		3,409,600		84,341,609
Hoshizaki Corp.		114,700		4,123,036
Hulic Co. Ltd.		806,700		6,630,902
Idemitsu Kosan Co. Ltd.		433,283		10,832,408


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

Schedule of Investments (unaudited) (continued)

January 31, 2023

iShares^® MSCI EAFE Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Japan (continued)
Iida Group Holdings Co. Ltd.		300,800	$	5,014,474
Inpex Corp.		2,165,700		23,798,095
Isuzu Motors Ltd.		1,222,300		15,456,399
Ito En Ltd.		57,100		2,037,314
ITOCHU Corp.		1,239,000		40,046,732
Japan Airlines Co. Ltd.^(a)		150,500		3,191,739
Japan Metropolitan Fund Invest		14,567		11,261,515
Japan Post Bank Co. Ltd.		867,300		7,705,851
Japan Post Holdings Co. Ltd.		4,964,400		43,584,742
Japan Post Insurance Co. Ltd.		417,900		7,455,319
Japan Real Estate Investment Corp.		2,619		11,228,936
Japan Tobacco Inc.		2,509,700		51,177,565
JFE Holdings Inc.		1,025,400		13,520,564
Kajima Corp.		874,700		10,742,432
Kansai Electric Power Co. Inc. (The)		1,477,600		14,210,217
Kao Corp.		498,500		20,150,285
KDDI Corp.		3,373,300		105,393,471
Keio Corp.		109,200		4,008,129
Keisei Electric Railway Co. Ltd.		96,200		2,806,055
Kintetsu Group Holdings Co. Ltd.		234,300		7,629,974
Komatsu Ltd.		1,931,600		47,468,027
Kubota Corp.		1,386,800		20,841,230
Kyocera Corp.		671,300		34,834,697
Lixil Corp.		603,400		10,416,964
Makita Corp.		306,800		8,172,179
Marubeni Corp.		3,224,600		39,561,250
Mazda Motor Corp.		1,189,400		9,467,608
MEIJI Holdings Co. Ltd.		232,300		11,980,333
Mitsubishi Chemical Group Corp.		2,682,000		15,049,896
Mitsubishi Corp.		2,641,100		88,439,748
Mitsubishi Electric Corp.		4,030,900		44,423,546
Mitsubishi Estate Co. Ltd.		2,473,900		31,797,328
Mitsubishi HC Capital Inc.		1,387,400		7,081,493
Mitsubishi Heavy Industries Ltd.		668,100		26,196,173
Mitsubishi UFJ Financial Group Inc.		25,000,100		183,122,752
Mitsui & Co. Ltd.		2,997,400		88,431,488
Mitsui Chemicals Inc.		384,900		9,059,976
Mitsui OSK Lines Ltd.		720,600		17,884,365
Mizuho Financial Group Inc.		5,045,020		78,805,480
MS&AD Insurance Group Holdings Inc.		929,708		29,819,188
NGK Insulators Ltd.		496,800		6,876,351
Nippon Building Fund Inc.		3,197		13,972,050
Nippon Express Holdings Inc.		161,400		9,366,480
Nippon Prologis REIT Inc.		2,906		6,594,123
Nippon Steel Corp.		1,684,900		35,070,724
Nippon Yusen KK		1,013,600		24,112,380
Nissan Motor Co. Ltd.		4,862,800		17,471,745
Nisshin Seifun Group Inc.		417,830		5,233,525
Nitori Holdings Co. Ltd.		58,600		7,756,044
Nomura Holdings Inc.		6,086,700		24,290,985
Nomura Real Estate Holdings Inc.		249,400		5,496,887
Nomura Real Estate Master Fund Inc.		8,837		10,334,561
Obayashi Corp.		1,346,100		10,441,324
Odakyu Electric Railway Co. Ltd.		313,600		4,123,014
Oji Holdings Corp.		1,708,400		7,060,388
Omron Corp.		138,300		8,002,118
Oriental Land Co. Ltd./Japan		146,700		24,443,132
ORIX Corp.		2,493,000		43,834,371
Osaka Gas Co. Ltd.		785,100		12,669,067
Otsuka Corp.		83,400		2,743,821


Security	Shares		Value

Japan (continued)
Panasonic Holdings Corp.		4,611,800	$	42,766,921
Rakuten Group Inc.^(a)		915,500		4,667,626
Resona Holdings Inc.		4,519,800		25,011,324
Ricoh Co. Ltd.		1,198,100		9,300,391
SBI Holdings Inc.		513,800		10,892,196
Secom Co. Ltd.		220,400		13,130,498
Seiko Epson Corp.		589,600		9,143,515
Sekisui House Ltd.		1,288,800		24,357,366
Sharp Corp./Japan		473,800		3,938,257
Shimizu Corp.		1,145,100		6,419,080
Shionogi & Co. Ltd.		194,600		9,273,563
Shizuoka Financial Group Inc., NVS		935,900		7,928,602
SoftBank Corp.		6,007,100		68,733,796
SoftBank Group Corp.		2,522,400		119,415,596
Sompo Holdings Inc.		654,200		28,162,582
Subaru Corp.		835,100		13,722,059
SUMCO Corp.		730,100		10,817,721
Sumitomo Chemical Co. Ltd.		3,104,300		11,916,264
Sumitomo Corp.		2,355,800		42,286,443
Sumitomo Electric Industries Ltd.		1,497,100		17,989,393
Sumitomo Metal Mining Co. Ltd.		518,200		21,040,593
Sumitomo Mitsui Financial Group Inc.		2,731,300		118,705,204
Sumitomo Mitsui Trust Holdings Inc.		705,005		25,682,369
Sumitomo Realty & Development Co. Ltd.		648,800		15,815,880
Suntory Beverage & Food Ltd.		103,500		3,494,961
Suzuki Motor Corp.		769,000		28,831,490
T&D Holdings Inc.		1,115,400		17,853,369
Taisei Corp.		377,500		13,032,043
Takeda Pharmaceutical Co. Ltd.		3,143,700		98,829,654
Tobu Railway Co. Ltd.		200,700		4,709,044
Toho Co. Ltd./Tokyo		82,400		3,043,316
Tokyo Electric Power Co. Holdings Inc.^(a)		3,229,100		12,092,300
Tokyo Gas Co. Ltd.		823,100		17,235,463
Tokyu Corp.		553,700		7,120,239
Toppan Inc.		548,300		8,834,304
Toray Industries Inc.		2,905,000		17,848,459
Tosoh Corp.		545,800		7,140,925
TOTO Ltd.		149,900		5,825,548
Toyota Industries Corp.		307,800		18,736,592
Toyota Motor Corp.		22,178,680		325,709,723
Toyota Tsusho Corp.		446,000		18,884,599
Trend Micro Inc./Japan^(a)		140,900		6,976,525
USS Co. Ltd.		148,600		2,444,197
West Japan Railway Co.		298,200		12,488,168
Yamaha Motor Co. Ltd.		624,000		15,369,546
Yaskawa Electric Corp.		175,100		6,844,499
Yokogawa Electric Corp.		169,100		2,969,325

				3,595,402,830

Netherlands — 2.3%
ABN AMRO Bank NV, CVA^(b)		847,019		14,058,438
Aegon NV		3,746,942		20,667,348
AerCap Holdings NV^(a)		283,295		17,907,077
EXOR NV, NVS^(a)		228,574		18,169,032
ING Groep NV^(a)		7,865,945		113,900,934
JDE Peet’s NV		74,929		2,245,842
Just Eat Takeaway.com NV^(a)(b)		383,317		9,833,450
Koninklijke Ahold Delhaize NV		2,187,020		65,275,905
Koninklijke DSM NV		128,306		16,500,407
Koninklijke KPN NV		6,908,553		23,619,259
Koninklijke Philips NV		1,861,376		32,137,495


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

Schedule of Investments (unaudited) (continued)

January 31, 2023

iShares^® MSCI EAFE Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Netherlands (continued)
NN Group NV		582,054	$	25,289,126
OCI NV		219,708		7,478,960
Randstad NV		251,668		16,131,501

				383,214,774

New Zealand — 0.2%
Auckland International Airport Ltd.^(a)		912,482		5,021,877
Mercury NZ Ltd.		1,460,697		5,674,732
Meridian Energy Ltd.		1,376,123		4,756,163
Spark New Zealand Ltd.		3,931,271		13,255,204

				28,707,976

Norway — 1.1%
Aker BP ASA		662,088		20,168,349
DNB Bank ASA		1,936,023		36,202,790
Equinor ASA		1,992,346		60,720,016
Gjensidige Forsikring ASA		272,596		4,899,490
Norsk Hydro ASA		2,818,027		22,848,134
Orkla ASA		1,573,501		11,747,313
Salmar ASA		48,678		2,263,510
Telenor ASA		1,466,722		15,354,541
Yara International ASA		348,281		15,474,571

				189,678,714

Portugal — 0.3%
EDP - Energias de Portugal SA		5,835,333		28,991,437
Galp Energia SGPS SA		1,051,075		14,387,161

				43,378,598

Singapore — 1.5%
CapitaLand Ascendas REIT		7,073,400		15,565,938
CapitaLand Integrated Commercial Trust		11,127,204		18,205,590
City Developments Ltd.		862,500		5,474,139
Genting Singapore Ltd.		6,434,400		4,873,150
Jardine Cycle & Carriage Ltd.		210,400		4,664,489
Keppel Corp. Ltd.		3,067,500		17,710,696
Mapletree Logistics Trust^(c)		7,021,400		9,077,209
Mapletree Pan Asia Commercial Trust		4,904,400		6,824,093
Oversea-Chinese Banking Corp. Ltd.^(c)		7,081,600		69,968,671
Singapore Telecommunications Ltd.		6,025,600		11,539,996
United Overseas Bank Ltd.		2,468,100		56,101,463
UOL Group Ltd.		621,400		3,315,521
Venture Corp. Ltd.		578,100		8,163,553
Wilmar International Ltd.		4,044,200		12,573,500

				244,058,008

Spain — 3.6%
ACS Actividades de Construccion y Servicios SA		477,321		14,125,702
Aena SME SA^(a)(b)		61,854		9,293,500
Banco Bilbao Vizcaya Argentaria SA		12,776,668		90,251,473
Banco Santander SA		35,123,671		122,755,099
CaixaBank SA		9,461,326		41,979,519
EDP Renovaveis SA		301,898		6,566,608
Enagas SA		186,158		3,338,053
Endesa SA		701,566		13,986,924
Ferrovial SA		1,058,364		31,230,471
Iberdrola SA		12,694,555		148,929,539
Iberdrola SA, NVS		210,559		2,459,631
Naturgy Energy Group SA		329,244		9,338,088
Red Electrica Corp. SA		396,106		7,010,638
Repsol SA		2,948,200		48,429,594
Telefonica SA		11,047,400		41,969,301

				591,664,140


Security	Shares		Value

Sweden — 3.4%
Atlas Copco AB, Class A		1,959,859	$	23,255,807
Boliden AB		572,850		25,707,777
Electrolux AB, Class B^(c)		464,945		6,585,410
Fastighets AB Balder, Class B^(a)		872,669		4,496,202
H & M Hennes & Mauritz AB, Class B^(c)		1,536,724		18,926,730
Holmen AB, Class B		198,043		8,168,396
Husqvarna AB, Class B		880,336		7,489,798
Industrivarden AB, Class A		178,174		4,719,889
Investor AB, Class A		1,039,657		20,750,084
Investor AB, Class B		2,474,252		48,079,600
L E Lundbergforetagen AB, Class B		103,845		4,808,774
Nordea Bank Abp		7,031,235		82,197,836
Sandvik AB		783,558		16,194,291
Securitas AB, Class B		1,029,298		9,421,736
Skandinaviska Enskilda Banken AB, Class A		3,379,536		40,912,017
Skanska AB, Class B		705,484		12,451,861
SKF AB, Class B		805,081		14,248,561
Svenska Cellulosa AB SCA, Class B		823,816		11,439,785
Svenska Handelsbanken AB, Class A		3,045,549		31,759,035
Swedbank AB, Class A		1,890,908		36,374,290
Tele2 AB, Class B		1,192,225		10,296,684
Telefonaktiebolaget LM Ericsson, Class B		6,104,304		35,407,774
Telia Co. AB		5,577,452		14,404,553
Volvo AB, Class A		417,493		8,672,885
Volvo AB, Class B		3,155,996		62,626,022
Volvo Car AB, Class B^(a)(c)		1,242,514		6,199,520

				565,595,317

Switzerland — 6.4%
Adecco Group AG, Registered		336,009		12,479,610
Baloise Holding AG, Registered		95,974		15,785,120
Banque Cantonale Vaudoise, Registered		62,803		5,969,869
Clariant AG, Registered		160,479		2,751,961
Coca-Cola HBC AG, Class DI		275,207		6,687,907
Credit Suisse Group AG, Registered		3,783,820		13,034,811
Holcim AG		1,159,334		69,310,443
Julius Baer Group Ltd.		445,746		28,592,072
Novartis AG, Registered		4,524,410		409,047,544
Partners Group Holding AG		16,672		15,643,279
Schindler Holding AG, Participation Certificates, NVS		42,675		9,095,635
SGS SA, Registered		6,719		16,385,182
Siemens Energy AG^(a)		917,351		19,180,716
Swatch Group AG (The), Bearer		60,322		21,840,698
Swatch Group AG (The), Registered		108,953		7,159,045
Swiss Life Holding AG, Registered		64,317		38,065,866
Swiss Prime Site AG, Registered		160,922		14,339,476
Swiss Re AG		221,431		23,186,239
Swisscom AG, Registered		53,967		31,886,702
UBS Group AG, Registered		7,002,824		149,477,898
Zurich Insurance Group AG		314,671		155,613,774

				1,065,533,847

United Kingdom — 19.5%
3i Group PLC		2,035,494		39,711,936
abrdn PLC		4,503,510		11,861,497
Admiral Group PLC		379,903		10,327,783
Anglo American PLC		2,657,529		114,620,226
Antofagasta PLC		828,371		17,798,831
Aviva PLC		5,861,679		33,058,977
BAE Systems PLC		4,248,369		44,973,399
Barclays PLC		33,562,903		77,154,097


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

Schedule of Investments (unaudited) (continued)

January 31, 2023

iShares^® MSCI EAFE Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United Kingdom (continued)
Barratt Developments PLC		2,148,280	$	12,210,235
Berkeley Group Holdings PLC		228,086		11,679,748
BP PLC		39,351,270		237,691,414
British American Tobacco PLC		4,462,577		171,067,518
British Land Co. PLC (The)		1,838,445		10,061,574
BT Group PLC		14,515,434		22,363,832
Bunzl PLC		251,303		9,225,634
Coca-Cola Europacific Partners PLC		430,375		24,195,682
Croda International PLC		101,877		8,683,663
DCC PLC		207,394		11,812,727
Glencore PLC		20,431,953		136,830,373
GSK PLC		8,506,428		149,415,535
Haleon PLC^(a)		10,609,156		42,514,918
Hargreaves Lansdown PLC		742,906		8,178,816
Hikma Pharmaceuticals PLC		351,166		7,428,601
HSBC Holdings PLC		41,760,990		307,709,417
Imperial Brands PLC		1,890,044		47,414,063
J Sainsbury PLC		3,703,630		12,011,167
Johnson Matthey PLC		382,461		10,683,193
Kingfisher PLC		4,137,848		14,275,234
Land Securities Group PLC		1,480,097		12,966,843
Legal & General Group PLC		12,491,276		39,309,276
Lloyds Banking Group PLC		142,636,535		92,827,197
M&G PLC		5,245,537		13,099,780
Mondi PLC		1,021,937		19,271,527
National Grid PLC		7,654,635		97,312,563
NatWest Group PLC, NVS		11,114,835		42,403,724
Next PLC		270,929		22,182,084
Ocado Group PLC^(a)(c)		787,245		6,299,840
Pearson PLC		1,392,046		15,875,141
Persimmon PLC		671,051		11,720,106
Phoenix Group Holdings PLC		1,566,568		12,416,426
Prudential PLC		5,749,894		95,534,784
Rio Tinto PLC		2,351,653		184,137,313
Schroders PLC		1,527,154		9,031,263
Segro PLC		890,748		9,168,994
Severn Trent PLC		344,323		11,982,745
Shell PLC		15,192,618		446,021,205
Smith & Nephew PLC		1,814,840		25,063,546
Smiths Group PLC		491,774		10,497,904
SSE PLC		2,242,596		47,867,472
St. James’s Place PLC		1,142,491		17,324,428
Standard Chartered PLC		3,393,183		28,501,425
Taylor Wimpey PLC		7,374,225		10,699,417
Tesco PLC		15,560,545		47,294,404
Unilever PLC		3,460,125		176,117,094
United Utilities Group PLC		1,435,317		18,781,217
Vodafone Group PLC		55,240,321		63,736,988
Whitbread PLC		275,459		10,374,395
WPP PLC		2,279,194		26,629,498

				3,229,408,689


Total Common Stocks — 98.9% (Cost: $15,911,249,666)				16,349,208,552


Security	Shares		Value

Preferred Stocks

Germany — 0.6%
Bayerische Motoren Werke AG, Preference Shares, NVS		123,737	$	11,722,700
Henkel AG & Co. KGaA, Preference Shares, NVS		371,639		26,497,962
Porsche Automobil Holding SE, Preference Shares, NVS		322,198		19,266,369
Volkswagen AG, Preference Shares, NVS		388,305		53,854,279

				111,341,310


Total Preferred Stocks — 0.6% (Cost: $146,507,577)				111,341,310


Rights

Spain — 0.0%
ACS Actividades de Construccion y Servicios SA, (Expires 02/17/23)^(a)		477,321		242,180


Total Rights — 0.0% (Cost: $245,247)				242,180


Total Long-Term Investments — 99.5% (Cost: $16,058,002,490)				16,460,792,042


Short-Term Securities

Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.56%^(d)(e)(f)		59,580,597		59,616,346
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.18%^(d)(e)		4,080,000		4,080,000


Total Short-Term Securities — 0.4% (Cost: $63,659,778)				63,696,346


Total Investments — 99.9% (Cost: $16,121,662,268)				16,524,488,388

Other Assets Less Liabilities — 0.1%				10,888,554


Net Assets — 100.0%			$	16,535,376,942

^(a)	Non-income producing security.

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

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

^(d)	Affiliate of the Fund.

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

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


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

Schedule of Investments (unaudited) (continued)

January 31, 2023

iShares^® MSCI EAFE Value ETF

Affiliates



Affiliated Issuer	Value at 07/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 01/31/23		Shares Held at 01/31/23		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	57,872,151	$	1,715,920	^(a)	$	—	$	(1,327	)	$	29,602	$	59,616,346		59,580,597	$	242,067	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		3,960,000		120,000	^(a)		—		—			—		4,080,000		4,080,000		145,284			3

								$	(1,327	)	$	29,602	$	63,696,346			$	387,351		$	3

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts



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

Long Contracts
TOPIX Index		103		03/09/23	$	15,714	$	474,999
Euro STOXX 50 Index		560		03/17/23		25,512		1,725,834
FTSE 100 Index		286		03/17/23		27,430		1,057,324

							$	3,258,157

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)	$	—	$	—	$	3,258,157	$	—	$	—	$	—	$	3,258,157

^(a)

For the period ended January 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	$	—	$	—	$	5,803,866	$	—	$	—	$	—	$	5,803,866

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	467,446	$	—	$	—	$	—	$	467,446


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

Schedule of Investments (unaudited) (continued)

January 31, 2023

iShares^® MSCI EAFE Value ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts
Average notional value of contracts — long	$	85,065,470

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
Australia	$	—	$	1,380,676,458	$	—	$	1,380,676,458
Austria		—		50,861,655		—		50,861,655
Belgium		—		196,466,074		—		196,466,074
Denmark		—		104,038,019		—		104,038,019
Finland		—		242,474,273		—		242,474,273
France		—		1,586,608,801		—		1,586,608,801
Germany		—		1,632,123,305		—		1,632,123,305
Hong Kong		—		429,054,738		—		429,054,738
Ireland		—		128,970,708		—		128,970,708
Israel		34,085,421		78,204,830		—		112,290,251
Italy		—		549,001,377		—		549,001,377
Japan		—		3,595,402,830		—		3,595,402,830
Netherlands		17,907,077		365,307,697		—		383,214,774
New Zealand		—		28,707,976		—		28,707,976
Norway		—		189,678,714		—		189,678,714
Portugal		—		43,378,598		—		43,378,598
Singapore		—		244,058,008		—		244,058,008
Spain		—		591,664,140		—		591,664,140
Sweden		—		565,595,317		—		565,595,317
Switzerland		—		1,065,533,847		—		1,065,533,847
United Kingdom		24,195,682		3,205,213,007		—		3,229,408,689
Preferred Stocks		—		111,341,310		—		111,341,310
Rights		242,180		—		—		242,180
Short-Term Securities
Money Market Funds		63,696,346		—		—		63,696,346

	$	140,126,706	$	16,384,361,682	$	—	$	16,524,488,388

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	—	$	3,258,157	$	—	$	3,258,157

^(a)

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

See notes to financial statements.


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

Statements of Assets and Liabilities (unaudited)

January 31, 2023


	iShares MSCI EAFE Growth ETF			iShares MSCI EAFE Value ETF


ASSETS
Investments, at value — unaffiliated^(a)(b)	$	11,232,000,194		$	16,460,792,042
Investments, at value — affiliated^(c)		61,134,129			63,696,346
Cash		7,213			1,676
Foreign currency collateral pledged for futures contracts^(d)		3,371,635			4,779,101
Foreign currency, at value^(e)		26,723,644			28,607,188
Receivables:
Securities lending income — affiliated		31,739			27,682
Capital shares sold		34,123			—
Dividends — unaffiliated		3,887,056			15,690,203
Dividends — affiliated		9,397			22,115
Tax reclaims		14,259,002			25,631,011
Variation margin on futures contracts		183,387			240,221

Total assets		11,341,641,519			16,599,487,585


LIABILITIES
Collateral on securities loaned, at value		57,686,337			59,603,409
Payables:
Investments purchased		34,120			—
Investment advisory fees		3,265,326			4,507,234
Professional fees		283,933			—

Total liabilities		61,269,716			64,110,643


NET ASSETS	$	11,280,371,803		$	16,535,376,942


NET ASSETS CONSIST OF
Paid-in capital	$	11,397,363,687		$	17,313,812,569
Accumulated loss		(116,991,884	)		(778,435,627	)

NET ASSETS	$	11,280,371,803		$	16,535,376,942


NET ASSETVALUE
Shares outstanding		123,200,000			333,600,000

Net asset value	$	91.56		$	49.57

Shares authorized		Unlimited			Unlimited

Par value		None			None


^(a) Investments, at cost — unaffiliated	$	10,459,516,924		$	16,058,002,490
^(b) Securities loaned, at value	$	49,672,445		$	55,835,569
^(c) Investments, at cost — affiliated	$	61,088,429		$	63,659,778
^(d) Foreign currency collateral pledged, at cost	$	3,239,864		$	4,725,577
^(e) Foreign currency, at cost	$	26,335,108		$	28,400,701

See notes to financial statements.


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

Statements of Operations (unaudited)

Six Months Ended January 31, 2023


	iShares MSCI EAFE Growth ETF			iShares MSCI EAFE Value ETF


INVESTMENT INCOME
Dividends — unaffiliated	$	59,412,498		$	239,930,767
Dividends — affiliated		51,440			145,284
Interest — unaffiliated		—			7,472
Securities lending income — affiliated — net		224,769			242,067
Other income — unaffiliated		688,968			—
Foreign taxes withheld		(4,250,264	)		(13,625,012	)
Foreign withholding tax claims		2,517,964			—
IRS compliance fee for foreign withholding tax claims		(49	)		—

Total investment income		58,645,326			226,700,578


EXPENSES
Investment advisory		17,841,731			24,651,556
Professional		320,698			—

Total expenses		18,162,429			24,651,556

Net investment income		40,482,897			202,049,022


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(205,194,321	)		(59,716,834	)
Investments — affiliated		24,602			(1,327	)
Capital gain distributions from underlying funds — affiliated		2			3
Foreign currency transactions		951,220			(181,909	)
Futures contracts		2,621,209			5,803,866
In-kind redemptions — unaffiliated^(a)		35,242,801			92,959,237

		(166,354,487	)		38,863,036

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		684,099,053			1,762,471,413
Investments — affiliated		40,704			29,602
Foreign currency translations		1,121,422			1,562,603
Futures contracts		1,145,675			467,446

		686,406,854			1,764,531,064

Net realized and unrealized gain		520,052,367			1,803,394,100

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	560,535,264		$	2,005,443,122


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

See notes to financial statements.


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

Statements of Changes in Net Assets


	iShares MSCI EAFE Growth ETF						iShares MSCI EAFE Value ETF

	Six Months Ended 01/31/23 (unaudited)			Year Ended 07/31/22			Six Months Ended 01/31/23 (unaudited)			Year Ended 07/31/22


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	40,482,897		$	131,085,291		$	202,049,022		$	638,908,964
Net realized gain (loss)		(166,354,487	)		465,077,162			38,863,036			(157,544,110	)
Net change in unrealized appreciation (depreciation)		686,406,854			(2,957,163,351	)		1,764,531,064			(2,039,523,842	)

Net increase (decrease) in net assets resulting from operations		560,535,264			(2,361,000,898	)		2,005,443,122			(1,558,158,988	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(20,790,313	)		(185,249,184	)		(176,561,446	)		(793,319,046	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		605,008,913			566,537,999			433,181,815			2,190,485,100


NET ASSETS
Total increase (decrease) in net assets		1,144,753,864			(1,979,712,083	)		2,262,063,491			(160,992,934	)
Beginning of period		10,135,617,939			12,115,330,022			14,273,313,451			14,434,306,385

End of period	$	11,280,371,803		$	10,135,617,939		$	16,535,376,942		$	14,273,313,451

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

See notes to financial statements.


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

Financial Highlights

(For a share outstanding throughout each period)


	iShares MSCI EAFE Growth ETF

	Six Months Ended 01/31/23 (unaudited)			Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18


Net asset value, beginning of period	$	86.78		$	108.95		$	86.52		$	80.40		$	80.65		$	75.38

Net investment income^(a)		0.34	^(b)		1.19	^(b)		1.15			1.06			1.42			1.41
Net realized and unrealized gain (loss)^(c)		4.62			(21.67	)		22.53			6.06			(0.29	)		5.19

Net increase (decrease) from investment operations		4.96			(20.48	)		23.68			7.12			1.13			6.60

Distributions from net investment income^(d)		(0.18	)		(1.69	)		(1.25	)		(1.00	)		(1.38	)		(1.33	)


Net asset value, end of period	$	91.56		$	86.78		$	108.95		$	86.52		$	80.40		$	80.65


Total Return^(e)
Based on net asset value		5.73	%^(b)(f)		(18.92	)%^(b)		27.42	%		8.91	%		1.52	%		8.79	%


Ratios to Average Net Assets^(g)
Total expenses		0.37	%^(h)		0.36	%		0.36	%		0.39	%		0.40	%		0.40	%

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

Net investment income		0.83	%^(b)(h)		1.19	%^(b)		1.15	%		1.31	%		1.86	%		1.77	%


Supplemental Data
Net assets, end of period (000)	$	11,280,372		$	10,135,618		$	12,115,330		$	7,994,330		$	3,955,693		$	3,516,376

Portfolio turnover rate⁽ⁱ⁾		10	%		25	%		24	%		33	%		22	%		22	%

^(a)	Based on average shares outstanding.

^(b)	Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended January 31, 2023 and year ended July 31, 2022:

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

• Total return by 0.02% and 0.01%.

• Ratio of net investment income to average net assets by 0.04% and 0.01%.

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

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

See notes to financial statements.


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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI EAFE Value ETF

	Six Months Ended 01/31/23 (unaudited)			Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18


Net asset value, beginning of period	$	44.33		$	51.48		$	39.94		$	47.08		$	52.87		$	53.18

Net investment income^(a)		0.61			2.06	^(b)		1.67			1.48			2.03			2.05
Net realized and unrealized gain (loss)^(c)		5.17			(6.66	)		11.39			(7.18	)		(5.81	)		(0.15	)

Net increase (decrease) from investment operations		5.78			(4.60	)		13.06			(5.70	)		(3.78	)		1.90

Distributions from net investment income^(d)		(0.54	)		(2.55	)		(1.52	)		(1.44	)		(2.01	)		(2.21	)


Net asset value, end of period	$	49.57		$	44.33		$	51.48		$	39.94		$	47.08		$	52.87


Total Return^(e)
Based on net asset value		13.11	%^(f)		(9.23	)%^(b)		32.79	%		(12.48	)%		(7.05	)%		3.63	%


Ratios to Average Net Assets^(g)
Total expenses		0.34	%^(h)		0.35	%		0.36	%		0.39	%		0.39	%		0.38	%

Total expenses excluding professional fees for foreign withholding tax claims .		N/A			0.33	%		0.36	%		N/A			0.39	%		N/A

Net investment income		2.77	%^(h)		4.17	%^(b)		3.42	%		3.36	%		4.17	%		3.75	%


Supplemental Data
Net assets, end of period (000)	$	16,535,377		$	14,273,313		$	14,434,306		$	5,799,502		$	5,423,659		$	5,561,771

Portfolio turnover rate⁽ⁱ⁾		10	%		26	%		25	%		27	%		21	%		22	%

^(a)	Based on average shares outstanding.

^(b)	Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2022:

• Net investment income per share by $0.06.

• Total return by 0.12%.

• Ratio of net investment income to average net assets by 0.13%.

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

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

See notes to financial statements.


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

Notes to Financial Statements (unaudited)

ORGANIZATION

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

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



iShares ETF		Diversification Classification

MSCI EAFE Growth		Diversified

MSCI EAFE Value		Diversified

SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

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


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

Notes to Financial Statements (unaudited) (continued)

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

INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. 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.


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

Notes to Financial Statements (unaudited) (continued)

SECURITIES AND OTHER INVESTMENTS

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

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

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

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




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


MSCI EAFE Growth
Barclays Capital, Inc.	$	30,134	$	(30,071	)	$	—	$	63	^(b)
BNP Paribas SA		6,427,276		(6,427,276	)		—		—
BofA Securities, Inc.		3,014,919		(3,014,919	)		—		—
Citigroup Global Markets, Inc.		1,166,422		(1,166,422	)		—		—
Goldman Sachs & Co. LLC		2,631,499		(2,631,499	)		—		—
HSBC Bank PLC		261,046		(260,503	)		—		543	^(b)
J.P. Morgan Securities LLC		3,334,114		(3,327,168	)		—		6,946	^(b)
Jefferies LLC		2,447,850		(2,447,850	)		—		—
Morgan Stanley		28,674,765		(28,674,765	)		—		—
UBS AG		1,684,420		(1,684,420	)		—		—

	$	49,672,445	$	(49,664,893	)	$	—	$	7,552


MSCI EAFE Value
Barclays Capital, Inc.	$	16,726,019	$	(16,726,019	)	$	—	$	—
BofA Securities, Inc.		1,980,951		(1,980,951	)		—		—
Citigroup Global Markets, Inc.		9,082,441		(9,082,441	)		—		—
Goldman Sachs & Co. LLC		18,737,454		(18,737,454	)		—		—
HSBC Bank PLC		1,930,849		(1,930,849	)		—		—
J.P. Morgan Securities LLC		311,611		(311,611	)		—		—
Morgan Stanley		7,066,244		(7,066,244	)		—		—

	$	55,835,569	$	(55,835,569	)	$	—	$	—

^(a)

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

^(b)

The market value of the loaned securities is determined as of January 31, 2023. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

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


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

Notes to Financial Statements (unaudited) (continued)

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.

INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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



Average Daily Net Assets	Investment Advisory Fees

First $3 billion		0.4000	%
Over $3 billion, up to and including $4.5 billion		0.3800
Over $4.5 billion, up to and including $6 billion		0.3610
Over $6 billion, up to and including $7.5 billion		0.3430
Over $7.5 billion, up to and including $9 billion		0.3258
Over $9 billion, up to and including $10.5 billion		0.3095
Over $10.5 billion		0.2940

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



Average Daily Net Assets	Investment Advisory Fees

First $3 billion		0.4000	%
Over $3 billion, up to and including $4.5 billion		0.3800
Over $4.5 billion, up to and including $6 billion		0.3610
Over $6 billion, up to and including $7.5 billion		0.3430
Over $7.5 billion, up to and including $9 billion		0.3258
Over $9 billion, up to and including $10.5 billion		0.3096
Over $10.5 billion, up to and including $12 billion		0.2941
Over $12 billion, up to and including $13.5 billion		0.2793
Over $13.5 billion, up to and including $15 billion		0.2653
Over $15 billion		0.2520

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


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

Notes to Financial Statements (unaudited) (continued)

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 six months ended January 31, 2023, the Funds paid BTC the following amounts for securities lending agent services:



iShares ETF	Amounts

MSCI EAFE Growth	$	59,417
MSCI EAFE Value		61,162

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

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

For the six months ended January 31, 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 EAFE Growth	$	836,620,362	$	779,014,061		$ (169,409,207	)
MSCI EAFE Value.		914,040,849		837,040,022		(8,113,610	)

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

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

PURCHASES AND SALES

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



iShares ETF	Purchases		Sales

MSCI EAFE Growth	$	997,457,389	$	967,088,174
MSCI EAFE Value		1,549,778,266		1,392,610,210

For the six months ended January 31, 2023, in-kind transactions were as follows:



iShares ETF	In-kind Purchases		In-kind Sales

MSCI EAFE Growth	$	825,898,388	$	240,621,727
MSCI EAFE Value		800,080,870		492,741,573

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.


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Notes to Financial Statements (unaudited) (continued)

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

As of July 31, 2022, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:


iShares ETF	Amounts
MSCI EAFE Growth	$	677,396,974
MSCI EAFE Value		936,771,230

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

As of January 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 EAFE Growth	$	10,572,221,070	$	1,294,393,074	$	(571,532,106	)	$	722,860,968
MSCI EAFE Value		16,424,938,724		1,480,158,656		(1,377,350,835	)		102,807,821

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.

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

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


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

Notes to Financial Statements (unaudited) (continued)

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

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

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

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

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

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

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

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

10.

CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:



	Six Months Ended 01/31/23						Year Ended 07/31/22
iShares ETF	Shares			Amount			Shares			Amount

MSCI EAFE Growth
Shares sold		9,600,000		$	847,595,342			30,800,000		$	2,944,052,063
Shares redeemed		(3,200,000	)		(242,586,429	)		(25,200,000	)		(2,377,514,064	)

		6,400,000		$	605,008,913			5,600,000		$	566,537,999


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

Notes to Financial Statements (unaudited) (continued)



	Six Months Ended 01/31/23						Year Ended 07/31/22
iShares ETF	Shares			Amount			Shares			Amount

MSCI EAFE Value
Shares sold		22,800,000		$	938,368,112			71,600,000		$	3,596,755,484
Shares redeemed		(11,200,000	)		(505,186,297	)		(30,000,000	)		(1,406,270,384	)

		11,600,000		$	433,181,815			41,600,000		$	2,190,485,100

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.

11.

FOREIGN WITHHOLDING TAX CLAIMS

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

12.

SUBSEQUENT EVENTS

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


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

Statement Regarding Liquidity Risk Management Program (unaudited)

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

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 9, 2022 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2021 through September 30, 2022 (the “Program Reporting Period”).

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

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

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

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

Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. The Committee also considered that ETFs generally do not engage in borrowing.

The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs. However, there were no ETFs with persistent deviations of fund premium/discount or bid/ask spreads from long-term averages over the Program Reporting Period.

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

There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.


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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		35

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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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.

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