iSHARES TRUST

The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

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

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of July 31, 2023
	6-Month		12-Month

U.S. large cap equities (S&P 500^® Index)		13.52%		13.02%

U.S. small cap equities (Russell 2000^® Index)		4.51		7.91

International equities (MSCI Europe, Australasia, Far East Index)		6.65		16.79

Emerging market equities (MSCI Emerging Markets Index)		3.26		8.35

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		2.34		3.96

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(2.08)		(7.56)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(1.02)		(3.37)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		0.20		0.93

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		2.92		4.42

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

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

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

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

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

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

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.

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.

Growth-oriented stocks in developed markets outside the U.S. and Canada advanced significantly for the reporting period, as the world economy showed resilience despite the challenges of inflation and higher interest rates. Broadly, European stocks contributed the majority of the Index’s return. While economic growth in the Eurozone was tepid, inflation declined significantly and unemployment fell to a historic low. European stocks also benefited as many governments secured more diverse energy sources following disruption due to Russia’s invasion of Ukraine.

French stocks contributed the most to the Index’s return, driven primarily by the textiles and apparel industry in the consumer discretionary sector. Sales of luxury goods supported revenues in the industry. European sales were particularly strong, helped by an increase in tourism from North America. Additionally, rebounding sales of luxury brands in Asia during the Chinese New Year holiday drove industry revenues. The French industrials sector also gained, as a rebound in air travel drove increased orders for planes in the aerospace and defense industry. Similarly, the growing appetite for aircraft bolstered demand for engines, spare parts, and aftermarket services.

Stocks from Japan were also meaningful contributors to the Index’s performance, helped by Japan’s improving economy. After contracting in the third quarter of 2022, the Japanese economy rebounded with moderate growth in the first half of 2023. In October 2022, Japan lifted strict pandemic-related border controls, driving a significant increase in tourism and stimulating consumer spending. A series of corporate reforms also supported Japanese stocks, boosting investor confidence and reorienting focus on corporate profits. The semiconductors and semiconductor equipment industry, in the information technology sector, gained amid government efforts to increase domestic semiconductor manufacturing with subsidies and incentives.

In Germany, the information technology sector posted strong gains as automakers increased their production, leading to higher demand for specialized microchips in the semiconductors and semiconductor equipment industry. Dutch semiconductors and semiconductor equipment stocks also advanced, benefiting from strong sales of precision equipment used in the making of advanced semiconductors, despite export controls placed on sales of newer equipment to China.

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.

Value-oriented stocks in developed markets outside the U.S. and Canada advanced strongly for the reporting period, as the world economy showed resilience despite the challenges of inflation and higher interest rates. Stocks from Japan were the largest contributors to the Index’s performance, helped by Japan’s improving economy. After contracting in the third quarter of 2022, the Japanese economy rebounded with moderate growth in the first half of 2023. In October 2022, Japan lifted strict pandemic-related border controls, driving a significant increase in tourism and stimulating consumer spending.

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

European stocks also contributed to the Index’s performance, particularly equities from Germany. While economic growth in the Eurozone was tepid, inflation declined significantly, and unemployment declined to a historic low. Stocks in the German industrials sector were buoyed by strong earnings guidance amid easing supply chain bottlenecks. Strong demand for products such as train equipment and software used in industrial processes bolstered revenues and orders in the industrial conglomerates industry.

U.K. stocks also contributed to the Index’s performance, despite slow economic growth during the reporting period. The financials sector was the leading source of strength, as cost cutting and high interest rates improved profitability and prompted higher dividend payouts and a stock buyback program. Similarly, the French financials sector advanced as banks reported robust earnings amid improved cost management and strong profits from corporate debt financing. In addition, higher premium prices supported profit margin growth in the French insurance industry.


SECTOR ALLOCATION


Sector	Percent of Total Investments^(a)


Financials		28.5%
Industrials		13.3
Materials		9.8
Consumer Discretionary		9.1
Health Care		8.9
Energy		8.3
Consumer Staples		6.2
Utilities		6.0
Communication Services		4.3
Real Estate		3.9
Information Technology		1.7

^(a)

Excludes money market funds.

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.

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.


Security	Shares		Value

Common Stocks

Australia — 7.3%
APA Group		947,560	$	6,374,352
Aristocrat Leisure Ltd.		957,981		25,372,336
ASX Ltd.		201,965		8,437,825
Brambles Ltd.		2,218,157		20,985,472
Cochlear Ltd.		105,363		16,949,989
Coles Group Ltd.		2,147,552		26,261,543
Commonwealth Bank of Australia		2,701,716		192,223,743
Computershare Ltd.		919,916		15,514,617
CSL Ltd.		773,616		139,340,731
Endeavour Group Ltd./Australia		2,296,640		9,387,142
Goodman Group		2,706,586		37,424,376
IDP Education Ltd.		401,308		6,725,281
IGO Ltd.		1,094,346		10,225,858
Insurance Australia Group Ltd.		1,967,602		7,854,688
James Hardie Industries PLC^(a)		714,125		20,928,780
Lottery Corp. Ltd. (The)		3,569,373		12,421,040
Medibank Pvt Ltd.		4,421,389		10,438,483
Mineral Resources Ltd.		273,001		13,190,528
Newcrest Mining Ltd.		499,922		8,967,075
Northern Star Resources Ltd.		1,866,384		14,569,376
Orica Ltd.		723,340		7,675,208
Pilbara Minerals Ltd.^(b)		4,324,631		14,148,224
Qantas Airways Ltd.^(a)		1,424,734		6,259,954
QBE Insurance Group Ltd.		2,373,899		25,203,451
Ramsay Health Care Ltd.		293,449		11,628,870
REA Group Ltd.		85,300		9,042,944
Reece Ltd.		363,316		4,797,539
Rio Tinto Ltd.		593,156		46,968,933
SEEK Ltd.		541,661		9,083,719
Sonic Healthcare Ltd.		475,204		11,228,023
Suncorp Group Ltd.		707,890		6,783,018
Telstra Corp. Ltd.		4,208,781		12,046,419
Transurban Group		2,457,539		23,727,647
Treasury Wine Estates Ltd.		1,158,004		8,764,558
Wesfarmers Ltd.		1,824,635		60,964,946
WiseTech Global Ltd.		265,810		15,350,270
Woolworths Group Ltd.		1,951,717		50,683,816
Xero Ltd.^(a)		230,085		18,913,310


				946,864,084

Austria — 0.1%
Verbund AG		109,313		9,057,343


Belgium — 1.2%
Anheuser-Busch InBev SA/NV		1,389,847		79,507,094
Argenx SE^(a)		89,139		44,893,914
D’ieteren Group		34,861		6,088,341
Elia Group SA/NV		47,132		5,803,128
UCB SA		202,311		17,914,086


				154,206,563

Denmark — 5.4%
AP Moller - Maersk A/S, Class A		1,746		3,510,551
AP Moller - Maersk A/S, Class B, NVS		2,819		5,790,808
Carlsberg AS, Class B		102,711		15,404,814
Chr Hansen Holding A/S		169,105		12,778,187
Coloplast A/S, Class B		190,728		23,708,709
Demant A/S^(a)		149,993		5,968,937
DSV A/S		298,110		59,663,730
Genmab A/S^(a)		105,673		43,558,366


Security	Shares		Value

Denmark (continued)
Novo Nordisk A/S, Class B		2,656,206	$	428,319,042
Novozymes A/S, Class B		327,586		16,429,514
Orsted AS^(c)		106,267		9,247,298
Pandora A/S		144,941		14,498,726
Tryg A/S		577,240		11,396,911
Vestas Wind Systems A/S^(a)		1,614,330		43,177,611


				693,453,204

Finland — 0.5%
Elisa OYJ		79,668		4,155,914
Kone OYJ, Class B		353,541		18,134,108
Metso OYJ		1,063,105		12,081,197
Neste OYJ		676,575		24,908,157
Orion OYJ, Class B		111,360		4,279,688


				63,559,064

France — 14.0%
Accor SA		294,665		11,118,309
Aeroports de Paris		47,751		6,594,031
Air Liquide SA		838,517		150,760,323
Airbus SE		950,789		140,051,232
BioMerieux		67,948		7,294,171
Bureau Veritas SA		471,174		12,940,223
Capgemini SE		263,279		47,711,042
Carrefour SA		476,896		9,533,691
Dassault Aviation SA		39,880		7,747,141
Dassault Systemes SE		1,069,337		45,702,007
Edenred		400,481		26,011,386
Eiffage SA		58,911		6,128,955
EssilorLuxottica SA		302,861		60,928,118
Eurofins Scientific SE		140,405		9,656,578
Getlink SE		572,143		10,056,765
Hermes International		50,728		112,274,494
Ipsen SA		21,178		2,668,996
Kering SA		119,212		68,447,396
La Francaise des Jeux SAEM^(c)		170,450		6,507,332
Legrand SA		429,146		43,023,904
L’Oreal SA		385,922		179,495,954
LVMH Moet Hennessy Louis Vuitton SE		443,043		411,483,950
Pernod Ricard SA		331,902		73,174,950
Remy Cointreau SA		37,331		6,408,176
Renault SA		107,415		4,717,842
Safran SA		548,113		90,993,944
Sartorius Stedim Biotech		44,311		13,863,643
Schneider Electric SE		868,835		154,975,860
Societe Generale SA		406,680		11,060,368
Sodexo SA		92,287		9,466,559
Teleperformance		94,998		13,778,396
Thales SA		168,328		25,180,149
Valeo		331,911		7,502,575
Vivendi SE		744,110		6,643,672
Wendel SE		21,384		2,110,911
Worldline SA/France^(a)(c)		383,022		15,182,763


				1,811,195,806

Germany — 6.7%
adidas AG		259,057		52,299,734
Bechtle AG		132,001		5,809,841
Beiersdorf AG		161,371		20,898,407
Brenntag SE		247,320		19,188,227
Carl Zeiss Meditec AG, Bearer		64,627		7,489,020
Delivery Hero SE^(a)(c)		272,905		12,387,079


Security	Shares		Value

Germany (continued)
Deutsche Boerse AG		304,470	$	58,336,916
GEA Group AG		242,415		10,288,532
Hannover Rueck SE		48,402		10,327,732
HelloFresh SE^(a)		267,140		7,617,521
Infineon Technologies AG		2,100,392		92,281,697
Knorr-Bremse AG		57,878		4,071,017
Merck KGaA		207,868		36,527,591
MTU Aero Engines AG		43,023		10,046,364
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		224,262		84,422,503
Nemetschek SE		93,752		6,822,239
Puma SE		169,369		11,446,172
Rational AG		8,303		6,215,276
Rheinmetall AG		69,742		19,754,144
RWE AG		360,105		15,498,428
SAP SE		1,675,474		228,554,016
Scout24 SE^(c)		129,304		8,547,727
Siemens AG, Registered		425,030		72,443,026
Siemens Healthineers AG^(c)		453,573		26,354,094
Symrise AG, Class A		213,301		23,299,240
Zalando SE^(a)(c)		358,884		12,390,359


				863,316,902

Hong Kong — 2.7%
AIA Group Ltd.		18,659,800		186,686,367
Budweiser Brewing Co. APAC Ltd.^(c)		2,758,900		6,729,281
ESR Group Ltd.^(c)		3,559,800		6,242,270
Futu Holdings Ltd., ADR^(a)(b)		96,785		5,826,457
Galaxy Entertainment Group Ltd.^(a)		2,274,000		16,599,124
Hong Kong Exchanges & Clearing Ltd.		1,990,000		83,902,383
Sands China Ltd.^(a)		2,545,600		9,806,955
Techtronic Industries Co. Ltd.		2,208,000		25,084,092
WH Group Ltd.^(c)		6,688,500		3,650,517


				344,527,446

Ireland — 0.9%
Bank of Ireland Group PLC		854,693		9,017,700
Flutter Entertainment PLC, Class DI^(a)		282,655		56,219,972
Kerry Group PLC, Class A		254,798		25,314,399
Kingspan Group PLC		248,855		19,973,980


				110,526,051

Israel — 0.6%
Azrieli Group Ltd.		67,540		3,843,358
Check Point Software Technologies Ltd.^(a)(b)		154,862		20,474,305
CyberArk Software Ltd.^(a)(b)		32,884		5,459,073
Elbit Systems Ltd.		42,777		9,095,929
Monday.com Ltd.^(a)		30,490		5,511,982
Nice Ltd.^(a)		101,706		22,138,394
Tower Semiconductor Ltd.^(a)		175,645		6,514,190
Wix.com Ltd.^(a)		91,991		8,676,591


				81,713,822

Italy — 1.2%
Amplifon SpA		201,989		6,833,709
DiaSorin SpA		40,964		4,595,838
Ferrari NV		202,565		64,939,635
FinecoBank Banca Fineco SpA		977,293		15,174,661
Infrastrutture Wireless Italiane SpA^(c)		546,793		6,857,218
Moncler SpA		328,558		23,713,217
Nexi SpA^(a)(c)		948,714		8,215,866
Prysmian SpA		408,034		16,270,414
Recordati Industria Chimica e Farmaceutica SpA		109,032		5,630,421


Security	Shares		Value

Italy (continued)
Tenaris SA		378,514	$	6,289,965


				158,520,944

Japan — 21.6%
Advantest Corp.		307,300		42,502,617
Aeon Co. Ltd.		524,200		11,353,457
Ajinomoto Co. Inc.		730,200		28,452,162
Asahi Intecc Co. Ltd.		345,500		7,090,100
Astellas Pharma Inc.		1,028,200		15,034,698
Azbil Corp.		185,700		5,859,814
Bandai Namco Holdings Inc.		961,700		21,758,038
BayCurrent Consulting Inc.		209,700		6,772,204
Capcom Co. Ltd.		292,100		13,134,858
Chugai Pharmaceutical Co. Ltd.		1,077,000		32,052,856
CyberAgent Inc.		686,600		4,340,513
Daifuku Co. Ltd.		487,200		10,419,817
Daiichi Sankyo Co. Ltd.		2,964,200		91,296,202
Daikin Industries Ltd.		421,700		85,267,194
Denso Corp.		692,300		48,203,108
Dentsu Group Inc.		323,000		10,808,024
Disco Corp.		148,700		27,952,002
Eisai Co. Ltd.		403,500		25,458,262
FANUC Corp.		768,900		23,522,512
Fast Retailing Co. Ltd.		281,200		70,444,177
Fuji Electric Co. Ltd.		71,200		3,218,922
Fujitsu Ltd.		283,100		36,658,553
GLP J-Reit		7,160		7,053,774
GMO Payment Gateway Inc.		67,200		5,126,612
Hamamatsu Photonics KK		224,700		10,826,355
Hikari Tsushin Inc.		32,500		4,822,580
Hirose Electric Co. Ltd.		46,500		5,889,579
Hitachi Ltd.		523,800		34,290,296
Hoshizaki Corp.		173,900		6,669,217
Hoya Corp.		575,300		66,999,047
Ibiden Co. Ltd.		178,300		10,836,944
ITOCHU Corp.		1,237,100		50,034,877
Itochu Techno-Solutions Corp.		100,200		2,539,483
Japan Airlines Co. Ltd.		113,100		2,448,685
Japan Exchange Group Inc.		804,600		14,018,702
JSR Corp.		99,900		2,865,801
Kao Corp.		261,100		9,919,605
Keio Corp.		80,011		2,659,614
Keisei Electric Railway Co. Ltd.		73,100		3,034,033
Keyence Corp.		313,548		140,702,142
Kikkoman Corp.		217,000		12,505,896
Kirin Holdings Co. Ltd.		1,244,700		18,384,764
Kobayashi Pharmaceutical Co. Ltd.		79,900		4,392,208
Kobe Bussan Co. Ltd.^(b)		238,700		6,357,913
Koei Tecmo Holdings Co. Ltd.		187,300		3,204,915
Koito Manufacturing Co. Ltd.		117,100		2,153,166
Konami Group Corp.		160,600		9,009,119
Kose Corp.		54,900		5,376,148
Kubota Corp.		568,300		8,584,722
Kurita Water Industries Ltd.		166,800		6,707,891
Kyowa Kirin Co. Ltd.		430,600		8,222,598
Lasertec Corp.		121,700		18,423,166
M3 Inc.		702,900		16,253,736
Makita Corp.		125,200		3,515,747
MatsukiyoCocokara & Co.		183,800		10,756,272
McDonald’s Holdings Co. Japan Ltd.^(b)		137,800		5,424,243
MINEBEA MITSUMI Inc.		578,800		10,720,983


Security	Shares		Value

Japan (continued)
MISUMI Group Inc.		455,000	$	8,323,825
Mitsui & Co. Ltd.		1,049,300		40,954,260
MonotaRO Co. Ltd.		399,000		4,869,730
Murata Manufacturing Co. Ltd.		920,600		54,685,202
NEC Corp.		416,400		21,067,926
Nexon Co. Ltd.		625,000		11,924,633
Nidec Corp.		668,900		39,950,017
Nintendo Co. Ltd.		1,664,500		75,293,219
Nippon Paint Holdings Co. Ltd.		1,519,000		13,917,470
Nippon Prologis REIT Inc.		1,768		3,615,398
Nippon Sanso Holdings Corp.		276,500		6,686,140
Nippon Shinyaku Co. Ltd.		76,100		3,077,455
Nippon Telegraph & Telephone Corp.		48,045,500		55,094,639
Nissan Chemical Corp.		202,600		9,103,966
Nisshin Seifun Group Inc.		316,800		3,928,639
Nissin Foods Holdings Co. Ltd.		99,800		8,414,692
Nitori Holdings Co. Ltd.		127,900		15,661,687
Nitto Denko Corp.		240,500		17,102,192
Nomura Research Institute Ltd.		632,970		17,985,789
NTT Data Group Corp.		1,007,100		14,009,961
Obic Co. Ltd.		114,800		18,785,886
Odakyu Electric Railway Co. Ltd.		234,300		3,423,222
Olympus Corp.		1,926,100		31,428,033
Omron Corp.		183,800		9,865,697
Ono Pharmaceutical Co. Ltd.		620,700		11,374,526
Open House Group Co. Ltd.		129,500		4,927,773
Oracle Corp. Japan		61,800		4,332,094
Oriental Land Co. Ltd./Japan		874,900		33,555,507
Osaka Gas Co. Ltd.		388,200		6,108,265
Otsuka Corp.		120,100		5,001,366
Otsuka Holdings Co. Ltd.		624,100		22,946,474
Pan Pacific International Holdings Corp.		605,700		11,975,656
Persol Holdings Co. Ltd.		284,900		5,635,500
Rakuten Group Inc.		1,552,100		6,079,208
Recruit Holdings Co. Ltd.		2,313,000		80,112,255
Renesas Electronics Corp.^(a)		2,038,800		39,336,253
Rohm Co. Ltd.		148,100		13,878,189
SBI Holdings Inc.		137,300		2,899,404
SCSK Corp.		251,200		4,176,212
Secom Co. Ltd.		169,700		11,387,692
Sekisui Chemical Co. Ltd.		381,100		5,788,719
Seven & i Holdings Co. Ltd.		1,208,500		50,134,719
SG Holdings Co. Ltd.		461,000		6,727,606
Shimadzu Corp.		375,900		11,416,389
Shimano Inc.		123,500		18,614,803
Shin-Etsu Chemical Co. Ltd.		2,919,200		96,172,587
Shionogi & Co. Ltd.		419,000		17,559,464
Shiseido Co. Ltd.		650,600		28,524,949
SMC Corp.		91,100		47,605,485
SoftBank Group Corp.		1,644,400		83,638,120
Sony Group Corp.		2,020,200		189,224,510
Square Enix Holdings Co. Ltd.		136,300		6,313,315
Sumitomo Chemical Co. Ltd.		785,300		2,421,989
Suntory Beverage & Food Ltd.		142,800		5,083,253
Sysmex Corp.		267,400		18,107,019
T&D Holdings Inc.		399,400		6,493,767
TDK Corp.		621,700		23,816,241
Terumo Corp.^(b)		1,078,000		35,303,496
TIS Inc.		360,800		9,151,255
Tobu Railway Co. Ltd.		106,500		2,818,204


Security	Shares		Value

Japan (continued)
Toho Co. Ltd./Tokyo		113,000	$	4,405,070
Tokyo Electron Ltd.		718,500		107,837,460
Tokyu Corp.		297,600		3,775,853
Toshiba Corp.		658,400		21,257,246
TOTO Ltd.		111,100		3,415,448
Trend Micro Inc./Japan		105,800		4,998,598
Unicharm Corp.		657,900		24,341,414
USS Co. Ltd.		213,200		3,696,905
Welcia Holdings Co. Ltd.		151,800		2,857,446
Yakult Honsha Co. Ltd.		204,000		11,319,110
Yamaha Corp.		147,500		5,715,359
Yamaha Motor Co. Ltd.		166,400		4,880,329
Yamato Holdings Co. Ltd.		458,000		8,577,410
Yaskawa Electric Corp.		385,000		16,736,055
Yokogawa Electric Corp.		183,800		3,451,561
ZOZO Inc.		200,400		3,912,213


				2,801,320,342

Netherlands — 7.1%
Adyen NV^(a)(c)		34,746		64,489,085
Akzo Nobel NV		273,117		23,364,619
ASM International NV		74,910		35,588,267
ASML Holding NV		646,848		463,317,025
Davide Campari-Milano NV		839,346		11,288,263
Ferrovial SE		528,744		17,522,017
Heineken Holding NV		64,910		5,321,006
Heineken NV		414,393		40,561,394
IMCD NV		91,283		13,832,059
ING Groep NV		2,024,159		29,545,966
Just Eat Takeaway.com NV^(a)(c)		337,780		6,059,770
OCI NV		58,834		1,676,756
Prosus NV		1,289,112		101,978,249
QIAGEN NV^(a)		376,835		17,681,681
Universal Music Group NV		1,312,440		33,663,964
Wolters Kluwer NV		413,884		51,973,898


				917,864,019

New Zealand — 0.2%
Auckland International Airport Ltd.^(a)		703,061		3,670,153
EBOS Group Ltd.		169,480		4,061,462
Fisher & Paykel Healthcare Corp. Ltd.		924,940		14,121,102
Meridian Energy Ltd.		1,045,228		3,668,623


				25,521,340

Norway — 0.1%
Adevinta ASA^(a)		469,710		3,474,466
Gjensidige Forsikring ASA		114,823		1,812,645
Kongsberg Gruppen ASA		142,656		6,190,005


				11,477,116

Portugal — 0.1%
Galp Energia SGPS SA		510,752		6,787,696
Jeronimo Martins SGPS SA		454,583		12,376,377


				19,164,073

Singapore — 1.4%
CapitaLand Ascendas REIT		5,372,700		11,361,243
Capitaland Investment Ltd/Singapore		4,172,100		10,678,405
DBS Group Holdings Ltd.		1,022,000		26,364,573
Genting Singapore Ltd.		6,293,500		4,451,553
Grab Holdings Ltd., Class A^(a)		2,990,146		11,452,259
Jardine Cycle & Carriage Ltd.		157,200		4,057,305
Keppel Corp. Ltd.		2,328,300		12,929,595
Mapletree Logistics Trust		5,519,400		7,016,725


Security	Shares		Value

Singapore (continued)
Sea Ltd., ADR^(a)(b)		580,329	$	38,603,485
Seatrium Ltd.^(a)		65,382,700		6,929,607
Singapore Exchange Ltd.		1,356,300		9,914,270
Singapore Technologies Engineering Ltd.		2,520,100		7,075,190
Singapore Telecommunications Ltd.		13,219,600		26,519,378
UOL Group Ltd.		743,600		3,934,518
Venture Corp. Ltd.		443,800		5,003,364


				186,291,470

Spain — 1.4%
Acciona SA		39,731		5,955,627
Aena SME SA^(c)		60,124		9,601,330
Amadeus IT Group SA		720,141		51,660,100
Cellnex Telecom SA^(c)		906,819		37,033,652
Corp. ACCIONA Energias Renovables SA		106,516		3,352,672
EDP Renovaveis SA		206,227		3,939,121
Grifols SA^(a)		481,340		7,071,032
Industria de Diseno Textil SA		1,750,373		67,000,460


				185,613,994

Sweden — 3.3%
Alfa Laval AB		462,873		17,326,967
Assa Abloy AB, Class B		1,612,105		38,759,653
Atlas Copco AB, Class A		4,299,866		61,083,402
Atlas Copco AB, Class B		2,510,543		31,002,486
Beijer Ref AB, Class B		616,701		8,386,219
Epiroc AB, Class A		1,054,977		21,063,278
Epiroc AB, Class B		625,928		10,633,937
EQTAB		601,311		14,363,566
Essity AB, Class B		974,304		24,159,116
Evolution AB^(c)		292,397		36,056,231
Fastighets AB Balder, Class B^(a)		677,286		3,160,535
Getinge AB, Class B		367,597		6,849,442
H & M Hennes & Mauritz AB, Class B		1,050,201		17,664,135
Hexagon AB, Class B		3,326,240		32,250,580
Husqvarna AB, Class B		670,076		6,572,480
Industrivarden AB, Class A		104,154		2,957,657
Industrivarden AB, Class C		123,939		3,511,287
Indutrade AB		438,699		9,206,686
Investment AB Latour, Class B		236,324		4,762,312
Kinnevik AB, Class B^(a)		393,988		5,377,425
Lifco AB, Class B		376,790		7,596,781
Nibe Industrier AB, Class B		2,432,910		21,915,072
Saab AB, Class B		127,891		6,741,021
Sagax AB, Class B		307,333		6,824,531
Sandvik AB		854,946		17,366,111
Swedish Orphan Biovitrum AB^(a)(b)		274,499		5,372,789


				420,963,699

Switzerland — 13.8%
ABB Ltd., Registered		2,516,630		100,986,110
Alcon Inc.		798,372		67,934,766
Bachem Holding AG, Class A		53,950		4,983,422
Barry Callebaut AG, Registered		5,679		10,648,123
BKWAG		33,104		5,923,770
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		1,047		12,805,052
Chocoladefabriken Lindt & Spruengli AG, Registered		166		20,174,875
Cie. Financiere Richemont SA, Class A, Registered		837,311		134,834,537
Coca-Cola HBC AG, Class DI		176,296		5,187,145
DSM-Firmenich AG		182,578		20,174,830


Security	Shares		Value

Switzerland (continued)
Dufry AG, Registered^(a)		78,503	$	4,056,128
EMS-Chemie Holding AG, Registered		3,944		3,291,859
Geberit AG, Registered		35,529		20,162,777
Givaudan SA, Registered		14,818		50,017,720
Kuehne + Nagel International AG, Registered		86,404		27,035,460
Logitech International SA, Registered		171,280		12,109,313
Lonza Group AG, Registered		119,593		69,487,827
Nestle SA, Registered		4,409,015		540,188,670
Partners Group Holding AG		18,195		20,426,319
Roche Holding AG, Bearer		51,214		16,981,079
Roche Holding AG, NVS		1,125,729		349,033,786
Schindler Holding AG, Participation Certificates, NVS		42,295		10,269,931
Schindler Holding AG, Registered		24,424		5,662,988
SGS SA		125,585		12,193,677
Siemens Energy AG^(a)		539,438		9,138,961
SIG Group AG		489,712		13,091,797
Sika AG, Registered		233,827		72,775,727
Sonova Holding AG, Registered		83,094		23,162,037
STMicroelectronics NV		1,092,039		58,409,186
Straumann Holding AG		178,444		29,527,645
Swiss Re AG		313,421		32,702,126
Temenos AG, Registered		66,351		5,706,369
VAT Group AG^(c)		43,211		18,366,703


				1,787,450,715

United Kingdom — 9.8%
Ashtead Group PLC		705,178		52,171,740
AstraZeneca PLC		1,613,285		231,790,655
Auto Trader Group PLC^(c)		1,503,646		12,470,593
BAE Systems PLC		1,711,479		20,467,654
Bunzl PLC		350,097		12,977,365
Burberry Group PLC		605,689		17,289,534
Compass Group PLC		2,797,296		72,779,007
Croda International PLC		223,535		16,924,544
Diageo PLC		3,613,085		157,683,190
Entain PLC		1,022,333		18,209,250
Experian PLC		1,471,964		56,884,878
Haleon PLC		5,275,215		22,770,051
Halma PLC		606,202		17,408,833
Informa PLC		2,231,288		21,710,137
InterContinental Hotels Group PLC		280,160		20,705,839
Intertek Group PLC		168,341		9,430,200
JD Sports Fashion PLC		4,120,924		8,347,477
London Stock Exchange Group PLC		648,731		70,448,779
NMC Health PLC, NVS^(d)		50,450		1
Ocado Group PLC^(a)		463,804		5,583,536
Prudential PLC		4,399,334		61,090,581
Reckitt Benckiser Group PLC		575,401		43,104,468
RELX PLC		3,050,501		102,669,817
Rentokil Initial PLC		4,042,609		32,964,075
Rolls-Royce Holdings PLC^(a)		13,457,737		31,910,138
Sage Group PLC (The)		1,626,767		19,567,691
Severn Trent PLC		261,677		8,576,165
Smith & Nephew PLC		697,775		10,615,249
Spirax-Sarco Engineering PLC		117,549		16,788,318
Unilever PLC		1,415,853		76,077,881
United Utilities Group PLC		381,363		4,890,425


Security	Shares		Value

United Kingdom (continued)
Wise PLC, Class A^(a)		982,387	$	9,798,203


				1,264,106,274


Total Common Stocks — 99.4% (Cost: $11,633,726,528)				12,856,714,271


Preferred Stocks

Germany — 0.3%
Dr Ing hc F Porsche AG, Preference Shares, NVS^(c)		182,251		22,286,137
Sartorius AG, Preference Shares, NVS^(b)		38,969		16,077,805


				38,363,942


Total Preferred Stocks — 0.3% (Cost: $30,610,327)				38,363,942


Total Long-Term Investments — 99.7% (Cost: $11,664,336,855)				12,895,078,213


Short-Term Securities

Money Market Funds — 0.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.42%^(e)(f)(g)		66,727,547		66,747,566


Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.22%^(e)(f)		3,720,000	$	3,720,000


Total Short-Term Securities — 0.5% (Cost: $70,449,854)				70,467,566


Total Investments — 100.2% (Cost: $11,734,786,709)				12,965,545,779

Liabilities in Excess of Other Assets — (0.2)%				(27,984,532	)


Net Assets — 100.0%			$	12,937,561,247

^(a)	Non-income producing security.

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

^(c)

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

^(d)

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.

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

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

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

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

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.


Security	Shares		Value

Common Stocks

Australia — 7.5%
Ampol Ltd.		505,668	$	11,198,843
APA Group		1,286,424		8,653,931
ASX Ltd.		146,988		6,140,960
Aurizon Holdings Ltd.		3,953,317		10,131,614
Australia & New Zealand Banking Group Ltd.		6,394,199		110,934,014
BHP Group Ltd.		10,781,139		335,529,169
BlueScope Steel Ltd.		985,513		14,533,405
Dexus		2,302,022		12,741,208
Fortescue Metals Group Ltd.		3,607,187		53,028,263
GPT Group (The)		4,103,949		11,995,263
Insurance Australia Group Ltd.		2,629,189		10,495,751
Lendlease Corp. Ltd.		1,485,735		8,637,423
Macquarie Group Ltd.		781,701		92,185,928
Mirvac Group		8,440,886		13,305,366
National Australia Bank Ltd.		6,681,726		127,995,468
Newcrest Mining Ltd.		1,243,179		22,298,837
Origin Energy Ltd.		3,698,501		21,055,679
Santos Ltd.		7,036,230		37,861,866
Scentre Group		11,116,376		21,035,425
Sonic Healthcare Ltd.		336,561		7,952,194
South32 Ltd.		9,742,003		25,652,598
Stockland		5,103,044		14,503,009
Suncorp Group Ltd.		1,768,887		16,949,517
Telstra Corp. Ltd.		3,045,927		8,718,085
Transurban Group		3,259,402		31,469,669
Vicinity Ltd.		8,301,843		11,038,162
Washington H Soul Pattinson & Co. Ltd.		502,998		11,160,330
Westpac Banking Corp.		7,470,801		112,292,608
Woodside Energy Group Ltd.		4,028,548		103,836,539


				1,273,331,124

Austria — 0.3%
Erste Group Bank AG		733,092		27,707,851
OMV AG		318,243		14,338,149
voestalpine AG		249,817		8,255,291


				50,301,291

Belgium — 0.7%
Ageas SA/NV		347,775		14,722,445
Groupe Bruxelles Lambert NV		213,226		17,252,611
KBC Group NV		532,339		40,066,381
Sofina SA		33,317		7,921,870
Solvay SA		158,053		18,981,887
Umicore SA		448,213		13,273,884
Warehouses De Pauw CVA		350,452		10,354,900


				122,573,978

Denmark — 0.6%
AP Moller - Maersk A/S, Class A		4,347		8,740,187
AP Moller - Maersk A/S, Class B, NVS		6,975		14,328,091
Carlsberg AS, Class B		73,942		11,089,978
Danske Bank A/S		1,467,928		34,856,041
Orsted AS^(a)		264,239		22,993,937
Rockwool A/S, Class B		19,709		5,300,915


				97,309,149

Finland — 1.2%
Elisa OYJ		198,064		10,332,090
Fortum OYJ		965,322		13,067,800
Kesko OYJ, Class B		587,604		11,757,186
Kone OYJ, Class B		254,352		13,046,426


Security	Shares		Value

Finland (continued)
Nokia OYJ		11,402,779	$	44,823,632
Orion OYJ, Class B		82,311		3,163,303
Sampo OYJ, Class A		979,898		43,180,800
Stora Enso OYJ, Class R		1,242,622		15,233,626
UPM-Kymmene OYJ		1,137,544		37,661,431
Wartsila OYJ Abp		1,014,142		12,740,510


				205,006,804

France — 9.9%
Alstom SA		692,196		21,195,213
Amundi SA^(a)		131,842		8,090,542
ArcelorMittal SA		1,029,713		29,781,129
Arkema SA		120,504		12,995,031
AXA SA		3,905,483		120,050,047
BNP Paribas SA		2,364,716		155,947,813
Bollore SE		1,895,806		11,986,652
Bouygues SA		436,524		15,636,963
Carrefour SA		635,840		12,711,161
Cie. de Saint-Gobain		1,043,712		70,587,654
Cie. Generale des Etablissements Michelin SCA		1,445,413		47,333,015
Covivio		102,391		4,943,602
Credit Agricole SA		2,580,308		32,035,494
Danone SA		1,367,072		83,482,622
Eiffage SA		78,009		8,115,864
Engie SA		3,890,569		63,826,046
EssilorLuxottica SA		217,160		43,687,203
Eurazeo SE		93,995		5,739,310
Eurofins Scientific SE		102,140		7,024,842
Euronext NV^(a)		183,247		13,947,603
Gecina SA		98,633		10,663,461
Ipsen SA		53,083		6,689,881
Klepierre SA		460,877		12,233,365
Orange SA		3,966,973		44,842,008
Publicis Groupe SA		487,683		39,319,627
Renault SA		267,875		11,765,507
Sanofi		2,415,087		257,652,398
SEB SA		53,714		6,013,061
Societe Generale SA		1,006,075		27,361,954
Sodexo SA		66,847		6,856,991
TotalEnergies SE		5,034,874		305,901,357
Unibail-Rodamco-Westfield, New^(b)		252,098		14,284,593
Veolia Environnement SA		1,446,807		47,106,510
Vinci SA		1,129,036		132,602,326
Vivendi SE		549,068		4,902,269
Wendel SE		29,233		2,885,721


				1,700,198,835

Germany — 9.2%
Allianz SE, Registered		858,438		205,166,127
BASF SE		1,903,205		102,032,717
Bayer AG, Registered		2,091,586		122,323,111
Bayerische Motoren Werke AG		705,044		85,980,097
Commerzbank AG		2,263,523		27,075,080
Continental AG		236,581		18,888,544
Covestro AG^(a)(b)		413,878		22,233,064
Daimler Truck Holding AG		1,051,028		39,445,386
Deutsche Bank AG, Registered		4,121,654		45,689,093
Deutsche Lufthansa AG, Registered^(b)		1,279,599		12,906,367
Deutsche Post AG, Registered		2,142,876		110,193,564
Deutsche Telekom AG, Registered		6,899,840		150,425,022
E.ON SE		4,784,269		60,522,536


Security	Shares		Value

Germany (continued)
Evonik Industries AG		451,503	$	9,351,980
Fresenius Medical Care AG & Co. KGaA		439,632		22,832,069
Fresenius SE & Co. KGaA		898,440		28,194,970
Hannover Rueck SE		64,456		13,753,239
HeidelbergCement AG		309,405		25,076,608
Henkel AG & Co. KGaA		221,944		15,509,943
Knorr-Bremse AG		79,013		5,557,609
LEG Immobilien SE^(b)		159,131		11,250,970
Mercedes-Benz Group AG		1,822,005		145,510,631
MTU Aero Engines AG		57,224		13,362,460
RWE AG		875,925		37,698,618
Siemens AG, Registered		1,051,534		179,225,713
Talanx AG^(b)(c)		136,699		8,371,425
Telefonica Deutschland Holding AG		1,904,394		5,131,160
Volkswagen AG		63,282		10,113,455
Vonovia SE		1,526,833		35,575,177
Wacker Chemie AG		39,689		6,167,187


				1,575,563,922

Hong Kong — 2.4%
BOC Hong Kong Holdings Ltd.		7,884,500		24,063,828
CK Asset Holdings Ltd.		4,196,500		24,302,227
CK Hutchison Holdings Ltd.		5,721,500		35,286,360
CK Infrastructure Holdings Ltd.		1,344,000		7,122,315
CLP Holdings Ltd.		3,511,000		28,618,622
Galaxy Entertainment Group Ltd.^(b)		1,636,000		11,942,026
Hang Lung Properties Ltd.		3,895,088		6,078,470
Hang Seng Bank Ltd.		1,632,300		24,950,614
Henderson Land Development Co. Ltd.		3,128,794		9,671,629
HKT Trust & HKT Ltd., Class SS		8,189,000		9,672,842
Hong Kong & China Gas Co. Ltd.		24,160,650		20,726,389
Hongkong Land Holdings Ltd.		2,382,900		8,491,979
Jardine Matheson Holdings Ltd.		338,300		16,710,466
Link REIT		5,395,260		30,327,595
MTR Corp. Ltd.		3,306,000		15,235,035
New World Development Co. Ltd.		3,205,250		7,926,488
Power Assets Holdings Ltd.		2,970,000		15,566,429
Sands China Ltd.^(b)		1,779,200		6,854,390
Sino Land Co. Ltd.		7,908,000		9,707,253
SITC International Holdings Co. Ltd.		2,795,000		6,124,280
Sun Hung Kai Properties Ltd.		3,060,000		38,423,252
Swire Pacific Ltd., Class A		908,500		7,594,366
Swire Properties Ltd.		2,546,000		6,388,739
WH Group Ltd.^(a)		9,019,500		4,922,753
Wharf Real Estate Investment Co. Ltd.		3,534,419		18,967,342
Xinyi Glass Holdings Ltd.		3,462,000		5,761,101


				401,436,790

Ireland — 0.8%
AIB Group PLC		2,860,106		13,452,974
Bank of Ireland Group PLC		1,135,040		11,975,587
CRH PLC		1,576,412		93,908,330
Smurfit Kappa Group PLC		557,112		22,045,489


				141,382,380

Israel — 0.7%
Bank Hapoalim BM		2,701,134		23,993,734
Bank Leumi Le-Israel BM		3,284,962		26,222,598
CyberArk Software Ltd.^(b)(c)		44,161		7,331,168
ICL Group Ltd.		1,660,481		11,056,295
Isracard Ltd.		1		2
Israel Discount Bank Ltd., Class A		2,643,910		14,004,127


Security	Shares		Value

Israel (continued)
Mizrahi Tefahot Bank Ltd.		330,367	$	11,927,874
Teva Pharmaceutical Industries Ltd., ADR^(b)		2,381,951		20,008,388


				114,544,186

Italy — 3.7%
Assicurazioni Generali SpA		2,159,441		45,997,211
Enel SpA		17,314,977		119,390,173
Eni SpA		4,933,649		75,321,365
Intesa Sanpaolo SpA		34,365,238		99,372,836
Mediobanca Banca di Credito Finanziario SpA		1,178,721		15,708,339
Poste Italiane SpA^(a)		1,118,305		12,774,944
Recordati Industria Chimica e Farmaceutica SpA		80,133		4,138,074
Snam SpA		4,333,163		22,778,416
Stellantis NV		4,789,513		98,270,664
Telecom Italia SpA/Milano^(b)(c)		19,252,825		5,550,039
Tenaris SA		509,615		8,468,539
Terna - Rete Elettrica Nazionale		3,024,073		25,550,402
UniCredit SpA		3,925,482		99,394,170


				632,715,172

Japan — 23.0%
Aeon Co. Ltd.		701,500		15,193,533
AGC Inc.		434,300		15,692,834
Aisin Corp.		316,900		10,297,696
ANA Holdings Inc.^(b)		341,900		8,196,723
Asahi Group Holdings Ltd.		1,023,300		40,225,161
Asahi Kasei Corp.		2,696,900		18,378,693
Astellas Pharma Inc.		2,500,800		36,567,567
Bridgestone Corp.		1,209,100		50,172,081
Brother Industries Ltd.		494,600		7,709,783
Canon Inc.		2,133,900		55,151,462
Central Japan Railway Co.		309,100		39,389,609
Chiba Bank Ltd. (The)		1,145,400		8,053,707
Chubu Electric Power Co. Inc.		1,383,100		17,327,191
Concordia Financial Group Ltd.		2,293,300		10,489,601
Dai Nippon Printing Co. Ltd.		470,200		13,365,891
Dai-ichi Life Holdings Inc.		1,999,000		40,842,991
Daito Trust Construction Co. Ltd.		132,300		14,231,306
Daiwa House Industry Co. Ltd.		1,274,400		34,636,801
Daiwa House REIT Investment Corp.		4,744		9,340,135
Daiwa Securities Group Inc.		2,862,500		15,517,341
East Japan Railway Co.		646,100		36,578,384
ENEOS Holdings Inc.		6,183,050		22,432,962
FANUC Corp.		1,019,200		31,179,794
Fuji Electric Co. Ltd.		173,800		7,857,425
FUJIFILM Holdings Corp.		789,000		45,813,780
Hakuhodo DY Holdings Inc.		509,900		5,866,102
Hankyu Hanshin Holdings Inc.		488,500		16,229,376
Hitachi Construction Machinery Co. Ltd.		230,500		6,916,964
Hitachi Ltd.		1,293,900		84,704,493
Honda Motor Co. Ltd.		3,276,300		104,452,990
Hulic Co. Ltd.		825,700		7,030,178
Idemitsu Kosan Co. Ltd.		450,483		9,512,770
Iida Group Holdings Co. Ltd.		335,300		5,881,997
Inpex Corp.		2,072,900		26,765,736
Isuzu Motors Ltd.		1,249,500		16,231,936
ITOCHU Corp.		889,000		35,955,869
Itochu Techno-Solutions Corp.		73,800		1,870,397
Japan Airlines Co. Ltd.		200,400		4,338,784
Japan Metropolitan Fund Invest		15,076		10,340,587
Japan Post Bank Co. Ltd.		3,157,600		26,269,786


Security	Shares		Value

Japan (continued)
Japan Post Holdings Co. Ltd.		4,685,200		$ 34,214,074
Japan Post Insurance Co. Ltd.		432,400		6,987,657
Japan Real Estate Investment Corp.		2,690		10,819,441
Japan Tobacco Inc.		2,555,300		56,701,068
JFE Holdings Inc.		1,049,600		16,978,233
JSR Corp.		244,100		7,002,423
Kajima Corp.		902,400		14,260,133
Kansai Electric Power Co. Inc. (The)		1,513,100		19,878,019
Kao Corp.		648,200		24,626,150
Kawasaki Kisen Kaisha Ltd.		299,400		9,028,294
KDDI Corp.		3,185,600		93,757,617
Keio Corp.		106,600		3,543,448
Keisei Electric Railway Co. Ltd.		176,800		7,338,127
Kintetsu Group Holdings Co. Ltd.		388,900		13,046,274
Koito Manufacturing Co. Ltd.		283,400		5,210,993
Komatsu Ltd.		1,972,400		55,255,663
Kubota Corp.		1,406,700		21,249,566
Kyocera Corp.		681,900		36,694,445
Lixil Corp.		619,700		7,919,657
Makita Corp.		312,700		8,780,943
Marubeni Corp.		3,256,900		57,663,395
Mazda Motor Corp.		1,224,300		12,145,655
MEIJI Holdings Co. Ltd.		473,000		10,928,142
Mitsubishi Chemical Group Corp.		2,742,300		16,403,961
Mitsubishi Corp.		2,634,400		134,792,911
Mitsubishi Electric Corp.		4,122,700		59,495,224
Mitsubishi Estate Co. Ltd.		2,408,100		29,512,922
Mitsubishi HC Capital Inc.		1,892,600		12,520,241
Mitsubishi Heavy Industries Ltd.		681,200		32,318,872
Mitsubishi UFJ Financial Group Inc.		24,308,000		195,734,044
Mitsui & Co. Ltd.		1,398,700		54,591,369
Mitsui Chemicals Inc.		361,300		10,388,804
Mitsui Fudosan Co. Ltd.		1,915,800		39,359,987
Mitsui OSK Lines Ltd.		733,600		18,964,888
Mizuho Financial Group Inc.		5,140,220		87,205,704
MS&AD Insurance Group Holdings Inc.		913,508		33,976,389
NGK Insulators Ltd.		502,300		6,160,338
Nippon Building Fund Inc.		3,272		13,715,607
Nippon Express Holdings Inc.		156,100		9,152,331
Nippon Prologis REIT Inc.		2,335		4,774,861
Nippon Steel Corp.		1,723,200		39,386,091
Nippon Yusen KK		1,026,700		24,975,668
Nissan Motor Co. Ltd.		4,987,400		21,970,226
Nomura Holdings Inc.		6,233,500		25,787,814
Nomura Real Estate Holdings Inc.		233,700		5,796,466
Nomura Real Estate Master Fund Inc.		9,132		10,864,685
Obayashi Corp.		1,395,300		12,900,710
Odakyu Electric Railway Co. Ltd.		316,000		4,616,893
Oji Holdings Corp.		1,876,900		7,410,561
Omron Corp.		130,900		7,026,222
Oriental Land Co. Ltd./Japan		1,162,800		44,597,490
ORIX Corp.		2,499,400		48,079,753
Osaka Gas Co. Ltd.		281,900		4,435,651
Otsuka Corp.		84,100		3,502,205
Panasonic Holdings Corp.		4,708,200		58,115,110
Rakuten Group Inc.		1,115,300		4,368,366
Resona Holdings Inc.		4,590,300		24,989,966
Ricoh Co. Ltd.		1,183,900		10,531,578
SBI Holdings Inc.		336,600		7,108,080
Secom Co. Ltd.		226,000		15,165,694


Security	Shares		Value

Japan (continued)
Seiko Epson Corp.		622,000	$	10,214,303
Sekisui Chemical Co. Ltd.		267,900		4,069,268
Sekisui House Ltd.		1,311,000		26,746,620
Sharp Corp./Japan^(b)(c)		492,300		2,927,294
Shimizu Corp.		1,178,700		8,120,695
Shizuoka Financial Group Inc., NVS		962,600		8,039,736
SoftBank Corp.		6,121,800		67,979,522
Sompo Holdings Inc.		666,600		29,470,880
Subaru Corp.		1,308,900		24,808,325
SUMCO Corp.		754,800		10,998,884
Sumitomo Chemical Co. Ltd.		1,954,500		6,027,986
Sumitomo Corp.		2,400,600		51,499,785
Sumitomo Electric Industries Ltd.		1,534,100		19,670,176
Sumitomo Metal Mining Co. Ltd.		524,000		18,096,444
Sumitomo Mitsui Financial Group Inc.		2,778,200		130,163,248
Sumitomo Mitsui Trust Holdings Inc.		700,705		27,258,618
Sumitomo Realty & Development Co. Ltd.		605,400		16,224,365
Suntory Beverage & Food Ltd.		101,200		3,602,417
Suzuki Motor Corp.		779,800		31,321,105
T&D Holdings Inc.		540,700		8,791,137
Taisei Corp.		359,300		13,616,179
Takeda Pharmaceutical Co. Ltd.		3,366,200		102,921,030
Tobu Railway Co. Ltd.		258,800		6,848,369
Toho Co. Ltd./Tokyo		83,000		3,235,583
Tokio Marine Holdings Inc.		3,837,700		88,247,838
Tokyo Electric Power Co. Holdings Inc.^(b)		3,286,400		13,050,428
Tokyo Gas Co. Ltd.		838,300		19,009,340
Tokyu Corp.		747,100		9,478,964
Toppan Inc.		524,000		12,334,184
Toray Industries Inc.		2,966,500		16,610,656
Tosoh Corp.		554,800		7,251,605
TOTO Ltd.		142,600		4,383,825
Toyota Industries Corp.		315,100		22,771,375
Toyota Motor Corp.		22,568,280		379,457,387
Toyota Tsusho Corp.		450,700		26,368,274
Trend Micro Inc./Japan		145,700		6,883,703
USS Co. Ltd.		155,600		2,698,117
West Japan Railway Co.		472,400		19,408,243
Yamaha Corp.		102,100		3,956,191
Yamaha Motor Co. Ltd.		413,400		12,124,567
Yokogawa Electric Corp.		242,200		4,548,249
Z Holdings Corp.		5,732,100		15,981,139


				3,938,953,569

Netherlands — 2.1%
ABN AMRO Bank NV, CVA^(a)		865,699		14,719,658
Aegon NV		3,615,963		19,628,462
AerCap Holdings NV^(b)		354,992		22,652,039
EXOR NV, NVS		232,164		21,694,691
Ferrovial SE		403,023		13,355,756
Heineken Holding NV		160,011		13,116,923
ING Groep NV		5,010,182		73,131,936
JDE Peet’s NV		267,156		8,060,174
Koninklijke Ahold Delhaize NV		2,077,814		71,619,377
Koninklijke KPN NV		6,888,341		24,923,779
Koninklijke Philips NV^(b)		1,983,368		41,201,765
NN Group NV		536,879		20,581,216
OCI NV		150,292		4,283,288
Randstad NV		235,906		13,820,666


				362,789,730


Security	Shares		Value

New Zealand — 0.2%
Auckland International Airport Ltd.^(b)		1,728,994	$	9,025,779
EBOS Group Ltd.		119,900		2,873,314
Mercury NZ Ltd.		1,502,216		6,151,717
Meridian Energy Ltd.		1,421,051		4,987,715
Spark New Zealand Ltd.		4,004,639		12,893,119


				35,931,644

Norway — 1.2%
Aker BP ASA		674,448		18,893,023
DNB Bank ASA		1,978,096		40,763,578
Equinor ASA		2,024,788		61,935,174
Gjensidige Forsikring ASA		281,188		4,438,954
Mowi ASA		944,355		16,601,667
Norsk Hydro ASA		2,884,322		18,890,632
Orkla ASA		1,608,140		12,689,549
Salmar ASA		157,056		7,255,752
Telenor ASA		1,505,825		16,119,769
Yara International ASA		354,191		14,465,860


				212,053,958

Portugal — 0.2%
EDP - Energias de Portugal SA		6,279,501		29,336,816
Galp Energia SGPS SA		367,284		4,881,062


				34,217,878

Singapore — 1.5%
CapitaLand Integrated Commercial Trust		11,399,804		17,501,937
City Developments Ltd.		1,086,400		6,045,042
DBS Group Holdings Ltd.		2,506,600		64,662,857
Genting Singapore Ltd.		4,649,500		3,288,710
Mapletree Pan Asia Commercial Trust		5,090,000		6,321,897
Oversea-Chinese Banking Corp. Ltd.^(c)		7,209,500		72,150,881
Singapore Airlines Ltd.		2,880,400		16,317,531
United Overseas Bank Ltd.		2,690,300		61,025,371
Wilmar International Ltd.		4,113,200		11,951,860


				259,266,086

Spain — 3.5%
ACS Actividades de Construccion y Servicios SA		512,165		17,914,885
Aena SME SA^(a)		88,918		14,199,506
Banco Bilbao Vizcaya Argentaria SA		12,859,852		101,931,999
Banco Santander SA		35,034,653		141,970,267
CaixaBank SA		8,930,591		36,126,031
EDP Renovaveis SA		275,994		5,271,734
Enagas SA		186,158		3,303,657
Endesa SA		745,985		15,988,583
Iberdrola SA		12,693,997		158,440,515
Naturgy Energy Group SA		295,027		8,995,584
Redeia Corp. SA		396,106		6,625,134
Repsol SA		2,862,357		43,700,808
Telefonica SA		11,182,049		47,644,061


				602,112,764

Sweden — 3.1%
Boliden AB		587,061		17,265,019
Embracer Group AB, Class B^(b)(c)		1,438,298		4,128,337
Fastighets AB Balder, Class B^(b)		502,343		2,344,169
Holmen AB, Class B		202,549		7,802,335
Industrivarden AB, Class A		138,667		3,937,721
Industrivarden AB, Class C		164,795		4,668,769
Investor AB, Class A		931,325		18,913,723
Investor AB, Class B		3,685,759		75,277,893
L E Lundbergforetagen AB, Class B		164,321		7,241,530
Nordea Bank Abp		6,908,488		78,192,584


Security	Shares		Value

Sweden (continued)
Sandvik AB		1,140,174	$	23,159,811
Securitas AB, Class B		1,062,285		9,041,929
Skandinaviska Enskilda Banken AB, Class A		3,443,193		41,739,178
Skanska AB, Class B		724,635		11,557,483
SKF AB, Class B		728,679		13,883,103
Svenska Cellulosa AB SCA, Class B		1,300,001		17,273,721
Svenska Handelsbanken AB, Class A		3,103,531		27,248,870
Swedbank AB, Class A		1,805,973		33,124,593
Tele2 AB, Class B		1,147,308		8,632,980
Telefonaktiebolaget LM Ericsson, Class B		6,222,021		31,299,714
Telia Co. AB		5,250,373		11,282,954
Volvo AB, Class A		425,260		9,643,176
Volvo AB, Class B		3,213,680		70,889,333
Volvo Car AB, Class B^(b)(c)		1,302,115		6,436,353


				534,985,278

Switzerland — 7.1%
Adecco Group AG, Registered		343,914		14,015,984
Baloise Holding AG, Registered		98,077		15,181,224
Banque Cantonale Vaudoise, Registered		65,567		7,359,331
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		758		9,270,515
Clariant AG, Registered		461,948		7,569,562
Coca-Cola HBC AG, Class DI		232,687		6,846,333
DSM-Firmenich AG		132,087		14,595,586
Dufry AG, Registered^(b)		108,527		5,607,422
EMS-Chemie Holding AG, Registered		9,723		8,115,300
Geberit AG, Registered		25,563		14,507,052
Helvetia Holding AG, Registered		79,763		11,803,569
Holcim Ltd.		1,181,165		82,323,556
Julius Baer Group Ltd.		456,714		32,347,925
Logitech International SA, Registered		124,942		8,833,266
Novartis AG, Registered		4,362,583		456,749,933
Partners Group Holding AG		24,271		27,247,441
Schindler Holding AG, Participation Certificates, NVS		30,943		7,513,476
Schindler Holding AG, Registered		18,088		4,193,913
SGS SA		161,598		15,690,359
Siemens Energy AG^(b)		392,029		6,641,611
Swatch Group AG (The), Bearer		61,772		19,769,538
Swatch Group AG (The), Registered		114,132		6,853,938
Swiss Life Holding AG, Registered		65,722		41,789,601
Swiss Prime Site AG, Registered		164,338		15,909,460
Swiss Re AG		226,128		23,594,036
Swisscom AG, Registered		55,124		35,447,794
Temenos AG, Registered		49,181		4,229,702
UBS Group AG, Registered		6,985,639		155,003,451
Zurich Insurance Group AG		320,334		154,881,009


				1,213,891,887

United Kingdom — 19.9%
3i Group PLC		2,066,972		52,441,472
abrdn PLC		4,268,727		12,703,595
Admiral Group PLC		452,539		12,355,672
Anglo American PLC		2,703,869		83,148,766
Antofagasta PLC		839,173		18,050,408
Associated British Foods PLC		745,838		19,628,221
AstraZeneca PLC		1,154,237		165,836,384
Aviva PLC		5,915,443		29,471,692
BAE Systems PLC		4,223,293		50,506,549
Barclays PLC		33,032,710		65,547,172


Security	Shares		Value

United Kingdom (continued)
Barratt Developments PLC		2,100,293	$	12,294,290
Berkeley Group Holdings PLC		229,840		12,815,347
BP PLC		37,512,704		232,745,615
British American Tobacco PLC		4,519,855		151,994,139
British Land Co. PLC (The)		1,860,898		8,074,808
BT Group PLC		14,689,543		23,018,295
Bunzl PLC		249,745		9,257,526
Centrica PLC		12,088,241		21,422,180
CNH Industrial NV		2,172,431		31,376,368
Coca-Cola Europacific Partners PLC		438,791		27,814,962
DCC PLC		210,648		12,196,250
Endeavour Mining PLC		392,240		9,451,449
Glencore PLC		22,711,755		138,120,031
GSK PLC		8,713,429		155,109,069
Haleon PLC		3,783,194		16,329,859
Hargreaves Lansdown PLC		759,207		8,306,634
Hikma Pharmaceuticals PLC		353,692		9,498,346
HSBC Holdings PLC		42,511,818		353,120,697
Imperial Brands PLC		1,868,044		44,133,355
Intertek Group PLC		119,342		6,685,353
J Sainsbury PLC		3,516,263		12,519,597
Johnson Matthey PLC		387,606		8,964,295
Kingfisher PLC		4,134,215		13,036,706
Land Securities Group PLC		1,503,252		12,484,191
Legal & General Group PLC		12,685,018		38,015,284
Lloyds Banking Group PLC		140,992,291		81,457,906
M&G PLC		4,756,604		12,252,532
Mondi PLC		1,033,272		18,124,202
National Grid PLC		7,824,888		103,717,426
NatWest Group PLC, NVS		12,202,027		38,302,627
Next PLC		259,237		23,445,599
Ocado Group PLC^(b)		609,529		7,337,856
Pearson PLC		1,372,530		15,182,312
Persimmon PLC		682,133		10,141,220
Phoenix Group Holdings PLC		1,585,568		11,202,226
Reckitt Benckiser Group PLC		762,427		57,114,969
Rio Tinto PLC		2,395,451		158,333,842
Schroders PLC		1,721,705		10,157,704
Segro PLC		2,568,195		25,167,165
Severn Trent PLC		185,995		6,095,774
Shell PLC		14,570,909		441,611,501
Smith & Nephew PLC		929,683		14,143,265
Smiths Group PLC		749,482		16,345,936
SSE PLC		2,322,615		50,222,210
St. James’s Place PLC		1,165,541		14,069,386
Standard Chartered PLC		5,121,610		49,195,860
Taylor Wimpey PLC		7,547,212		11,078,244
Tesco PLC		15,572,384		51,576,838


Security	Shares		Value


United Kingdom (continued)
Unilever PLC		3,493,730	$	187,728,228
United Utilities Group PLC		945,115		12,119,724
Vodafone Group PLC		48,820,752		46,441,213
Whitbread PLC		429,561		19,296,353
WPP PLC		2,282,106		24,917,698


				3,395,254,393


Total Common Stocks — 98.8% (Cost: $16,158,787,605)				16,903,820,818


Preferred Stocks

Germany — 0.7%
Bayerische Motoren Werke AG, Preference Shares, NVS		126,720		14,237,128
Henkel AG & Co. KGaA, Preference Shares, NVS		360,976		27,855,194
Porsche Automobil Holding SE, Preference Shares, NVS		328,098		19,359,714
Volkswagen AG, Preference Shares, NVS		439,224		58,186,450


				119,638,486


Total Preferred Stocks — 0.7% (Cost: $151,407,558)				119,638,486


Total Long-Term Investments — 99.5% (Cost: $16,310,195,163)				17,023,459,304


Short-Term Securities

Money Market Funds — 0.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.42%^(d)(e)(f)		20,628,021		20,634,209


Total Short-Term Securities — 0.1% (Cost: $20,623,661)				20,634,209


Total Investments — 99.6% (Cost: $16,330,818,824)				17,044,093,513

Other Assets Less Liabilities — 0.4%				63,738,133


Net Assets — 100.0%			$	17,107,831,646

^(a)

^(b)

Non-income producing security.

^(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.

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

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

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

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”):

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

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

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

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

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

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

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

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

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

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 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:

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:

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.

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:

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.

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 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:

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:

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

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash

Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

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

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

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

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended July 31, 2023, the Funds paid BTC the following amounts for securities lending agent services:

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

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

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

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.

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

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

Management has analyzed tax laws and regulations and their application to the Funds as of July 31, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

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

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

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

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

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.

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

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

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

Certain Funds invest a significant portion of their assets in 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.

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.

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.

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 and iShares MSCI EAFE Value ETF is able to pass through to shareholders as a foreign tax credit in the current year, the iShares MSCI EAFE Growth ETF and iShares MSCI EAFE Value ETF will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Funds.

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.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA

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

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

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

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

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

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

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

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

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

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

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

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

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

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.

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.

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.

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.

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.

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.


	Average Annual Total Returns									Cumulative Total Returns

	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		12.58	%		5.16	%		5.87	%		12.58	%		28.60	%		76.87	%
Fund Market		12.24			5.16			5.85			12.24			28.63			76.61
Index		13.56			5.41			6.14			13.56			30.17			81.55


Actual					Hypothetical 5% Return


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

	$ 1,000.00	$ 1,064.80	$ 1.79			$ 1,000.00	$ 1,023.10	$ 1.76		0.35	%


	Average Annual Total Returns									Cumulative Total Returns

	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		19.39	%		3.20	%		3.88	%		19.39	%		17.08	%		46.37	%
Fund Market		19.70			3.24			3.86			19.70			17.28			46.06
Index		20.23			3.27			4.02			20.23			17.43			48.26


Actual					Hypothetical 5% Return


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

	$ 1,000.00	$ 1,055.60	$ 1.73			$ 1,000.00	$ 1,023.10	$ 1.71		0.34	%




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


BlackRock Cash Funds: Institutional, SL Agency Shares	$	30,380,895	$	36,310,235	^(a)	$	—	$	43,720	$	12,716	$	66,747,566		66,727,547	$	405,525	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,190,000		1,530,000	^(a)		—		—		—		3,720,000		3,720,000		177,010			2


								$	43,720	$	12,716	$	70,467,566			$	582,535		$	2


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


	Page

The Markets in Review		2
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		9
Disclosure of Expenses		9
Schedules of Investments		10
Financial Statements:
Statements of Assets and Liabilities		23
Statements of Operations		24
Statements of Changes in Net Assets		25
Financial Highlights		26
Notes to Financial Statements		28
Report of Independent Registered Public Accounting Firm		36
Important Tax Information		37
Board Review and Approval of Investment Advisory Contract		38
Supplemental Information		42
Trustee and Officer Information		43
General Information		46
Glossary of Terms Used in this Report		47


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


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


Fund Summary as of July 31, 2023 (continued)		iShares^® MSCI EAFE Growth ETF


GEOGRAPHIC ALLOCATION


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


Japan		21.7%
France		14.0
Switzerland		13.9
United Kingdom		9.8
Australia		7.3
Netherlands		7.1
Germany		7.0
Denmark		5.4
Sweden		3.3
Hong Kong		2.7


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


A B O U T F U N D P E R F O R M A N C E / D I S C L O S U R E O F E X P E N S E S			9




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


Long Contracts
TOPIX Index		93		09/07/23	$	15,237	$	629,920
Euro STOXX 50 Index		406		09/15/23		20,058		683,363
FTSE 100 Index		56		09/15/23		5,527		60,745


							$	1,374,028




	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)	$	—	$	—	$	1,374,028	$	—	$	—	$	—	$	1,374,028




Futures contracts:
Average notional value of contracts — long	$	54,407,900




	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	249,651,293	$	12,607,062,977	$	1	$	12,856,714,271
Preferred Stocks		—		38,363,942		—		38,363,942
Short-Term Securities
Money Market Funds		70,467,566		—		—		70,467,566


	$	320,118,859	$	12,645,426,919	$	1	$	12,965,545,779

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	—	$	1,374,028	$	—	$	1,374,028




Futures contracts:
Average notional value of contracts — long	$	107,185,721


	iShares MSCI EAFE Growth ETF			iShares MSCI EAFE Value ETF


ASSETS
Investments, at value — unaffiliated^(a)(b)		$	12,895,078,213	$	17,023,459,304
Investments, at value — affiliated^(c)			70,467,566		20,634,209
Cash			2,828		5,598,723
Foreign currency collateral pledged for futures contracts^(d)			2,325,340		4,403,031
Foreign currency, at value^(e)			18,887,687		25,284,375
Receivables:
Securities lending income — affiliated			13,759		18,654
Capital shares sold			—		11,685,567
Dividends — unaffiliated			3,547,361		20,705,073
Dividends — affiliated			11,357		14,641
Tax reclaims			17,758,617		33,538,589
Variation margin on futures contracts			205,488		284,973


Total assets			13,008,298,216		17,145,627,139


LIABILITIES
Collateral on securities loaned, at value			66,738,645		20,631,679
Payables:
Investments purchased			—		12,065,552
Investment advisory fees			3,998,324		4,374,380
Professional fees			—		723,882


Total liabilities			70,736,969		37,795,493


Commitments and contingent liabilities
NET ASSETS		$	12,937,561,247	$	17,107,831,646


NET ASSETS CONSIST OF
Paid-in capital		$	12,720,445,570	$	17,782,005,097
Accumulated earnings (loss)			217,115,677		(674,173,451	)


NET ASSETS		$	12,937,561,247	$	17,107,831,646


NET ASSET VALUE
Shares outstanding			134,000,000		336,000,000


Net asset value		$	96.55	$	50.92


Shares authorized			Unlimited		Unlimited


Par value			None		None


^(a)Investments, at cost — unaffiliated		$	11,664,336,855	$	16,310,195,163
^(b)Securities loaned, at value		$	66,066,850	$	19,580,199
^(c)Investments, at cost — affiliated		$	70,449,854	$	20,623,661
^(d)Foreign currency collateral pledged, at cost		$	2,358,796	$	4,413,025
^(e)Foreign currency, at cost		$	18,739,408	$	25,071,972


	iShares MSCI EAFE Growth ETF			iShares MSCI EAFE Value ETF


INVESTMENT INCOME
Dividends — unaffiliated	$	229,046,424		$	737,189,894
Dividends — affiliated		177,010			429,998
Interest — unaffiliated		60,515			164,395
Securities lending income — affiliated — net		405,525			569,088
Other income — unaffiliated		759,174			332,171
Foreign taxes withheld		(17,930,786	)		(51,856,274	)
Foreign withholding tax claims		4,185,320			6,774,629


Total investment income		216,703,182			693,603,901


EXPENSES
Investment advisory		39,872,029			50,252,212
Professional		494,465			710,691


Total expenses		40,366,494			50,962,903


Net investment income		176,336,688			642,640,998


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(309,838,682	)		(285,926,229	)
Investments — affiliated		43,720			14,286
Capital gain distributions from underlying funds — affiliated		2			3
Foreign currency transactions		277,988			(855,932	)
Futures contracts		9,409,147			14,051,684
In-kind redemptions — unaffiliated^(a)		396,555,759			323,840,554


		96,447,934			51,124,366

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		1,142,357,141			2,072,946,002
Investments — affiliated		12,716			3,582
Foreign currency translations		1,250,038			2,234,823
Futures contracts		571,988			(683,699	)


		1,144,191,883			2,074,500,708


Net realized and unrealized gain		1,240,639,817			2,125,625,074


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,416,976,505		$	2,768,266,072


	iShares MSCI EAFE Growth ETF							iShares MSCI EAFE Value ETF


		Year Ended 07/31/23			Year Ended 07/31/22			Year Ended 07/31/23			Year Ended 07/31/22


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income		$	176,336,688		$	131,085,291		$	642,640,998		$	638,908,964
Net realized gain (loss)			96,447,934			465,077,162			51,124,366			(157,544,110	)
Net change in unrealized appreciation (depreciation)			1,144,191,883			(2,957,163,351	)		2,074,500,708			(2,039,523,842	)


Net increase (decrease) in net assets resulting from operations			1,416,976,505			(2,361,000,898	)		2,768,266,072			(1,558,158,988	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders			(151,624,443	)		(185,249,184	)		(577,034,652	)		(793,319,046	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions			1,536,591,246			566,537,999			643,286,775			2,190,485,100


NET ASSETS
Total increase (decrease) in net assets			2,801,943,308			(1,979,712,083	)		2,834,518,195			(160,992,934	)
Beginning of year			10,135,617,939			12,115,330,022			14,273,313,451			14,434,306,385


End of year		$	12,937,561,247		$	10,135,617,939		$	17,107,831,646		$	14,273,313,451


	iShares MSCI EAFE Growth ETF


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


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


Net investment income^(a)		1.39	^(b)		1.19	^(b)		1.15			1.06			1.42
Net realized and unrealized gain (loss)^(c)		9.48			(21.67	)		22.53			6.06			(0.29	)


Net increase (decrease) from investment operations		10.87			(20.48	)		23.68			7.12			1.13


Distributions from net investment income^(d)		(1.10	)		(1.69	)		(1.25	)		(1.00	)		(1.38	)


Net asset value, end of year	$	96.55		$	86.78		$	108.95		$	86.52		$	80.40


Total Return^(e)
Based on net asset value		12.58	%^(b)		(18.92	)%^(b)		27.42	%		8.91	%		1.52	%


Ratios to Average Net Assets^(f)
Total expenses		0.36	%		0.36	%		0.36	%		0.39	%		0.40	%


Total expenses excluding professional fees for foreign withholding tax claims		0.35	%		0.36	%		0.36	%		N/A			0.40	%


Net investment income		1.57	%^(b)		1.19	%^(b)		1.15	%		1.31	%		1.86	%


Supplemental Data
Net assets, end of year (000)	$	12,937,561		$	10,135,618		$	12,115,330		$	7,994,330		$	3,955,693


Portfolio turnover rate^(g)		19	%		25	%		24	%		33	%		22	%


	iShares MSCI EAFE Value ETF


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


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

Net investment income^(a)		1.99	^(b)		2.06	^(b)		1.67			1.48			2.03
Net realized and unrealized gain (loss)^(c)		6.45			(6.66	)		11.39			(7.18	)		(5.81	)


Net increase (decrease) from investment operations		8.44			(4.60	)		13.06			(5.70	)		(3.78	)


Distributions from net investment income^(d)		(1.85	)		(2.55	)		(1.52	)		(1.44	)		(2.01	)


Net asset value, end of year	$	50.92		$	44.33		$	51.48		$	39.94		$	47.08


Total Return^(e)
Based on net asset value		19.39	%^(b)		(9.23	)%^(b)		32.79	%		(12.48	)%		(7.05	)%


Ratios to Average Net Assets^(f)
Total expenses		0.34	%		0.35	%		0.36	%		0.39	%		0.39	%


Total expenses excluding professional fees for foreign withholding tax claims		0.34	%		0.33	%		0.36	%		N/A			0.39	%


Net investment income		4.29	%^(b)		4.17	%^(b)		3.42	%		3.36	%		4.17	%


Supplemental Data
Net assets, end of year (000)	$	17,107,832		$	14,273,313		$	14,434,306		$	5,799,502		$	5,423,659


Portfolio turnover rate^(g)		22	%		26	%		25	%		27	%		21	%



iShares ETF	Diversification Classification

MSCI EAFE Growth		Diversified
MSCI EAFE Value		Diversified




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 Bank PLC	$	294,378	$	(293,411	)	$	—		$	967	^(b)
Barclays Capital, Inc.		341,765		(341,765	)		—			—
Citigroup Global Markets, Inc.		5,857,164		(5,857,164	)		—			—
Goldman Sachs & Co. LLC		21,959,780		(21,959,780	)		—			—
J.P. Morgan Securities LLC		1,663,653		(1,663,653	)		—			—
Jefferies LLC		1,445		(1,440	)		—			5	^(b)
Morgan Stanley		13,679,623		(13,679,623	)		—			—
State Street Bank & Trust Co.		47,236		(47,236	)		—			—
Toronto-Dominion Bank		21,918,340		(21,418,271	)		—			500,069	^(b)
Wells Fargo Bank N.A.		220,461		(220,461	)		—			—
Wells Fargo Securities LLC		83,005		(83,005	)		—			—


	$	66,066,850	$	(65,565,809	)	$	—		$	501,041

MSCI EAFE Value
Barclays Capital, Inc.	$	1,435,141	$	(1,435,141	)	$	—		$	—
BofA Securities, Inc.		1,983,449		(1,983,449	)		—			—
Citigroup Global Markets, Inc.		1,082,700		(1,082,700	)		—			—
Goldman Sachs & Co. LLC		1,461,025		(1,461,025	)		—			—
J.P. Morgan Securities LLC		7,625,886		(7,625,886	)		—			—
Morgan Stanley		5,642,547		(5,642,547	)		—			—
Wells Fargo Bank N.A.		349,451		(349,451	)		—			—


	$	19,580,199	$	(19,580,199	)	$	—		$	—



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



iShares ETF	Amounts

MSCI EAFE Growth	$	111,047
MSCI EAFE Value		138,044



iShares ETF	Purchases		Sales		Net Realized Gain (Loss)

MSCI EAFE Growth	$	1,918,078,634	$	1,833,789,838	$	(245,831,207	)
MSCI EAFE Value		1,932,186,127		1,862,976,267		(74,162,163	)



iShares ETF	In-kind Purchases		In-kind Sales

MSCI EAFE Growth	$	2,786,466,124	$	1,415,808,573
MSCI EAFE Value		2,396,551,490		1,906,290,437



iShares ETF	Paid-in Capital		Accumulated Earnings (Loss)

MSCI EAFE Growth	$	391,499,550	$	(391,499,550	)
MSCI EAFE Value		258,087,568		(258,087,568	)



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

MSCI EAFE Growth
Ordinary income	$	151,624,443	$	185,249,184


MSCI EAFE Value
Ordinary income	$	577,034,652	$	793,319,046


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

MSCI EAFE Growth	$	47,186,019	$	(991,427,803	)	$	1,161,357,461		$	217,115,677
MSCI EAFE Value		122,154,073		(1,169,804,663	)		373,477,139			(674,173,451	)



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

MSCI EAFE Growth	$	11,805,623,392	$	1,692,094,496	$	(531,542,189	)	$	1,160,552,307
MSCI EAFE Value		16,672,153,214		1,612,631,134		(1,239,897,426	)		372,733,708



iShares ETF	Qualified Dividend Income

MSCI EAFE Growth		$ 212,485,995
MSCI EAFE Value		683,782,406



iShares ETF	Foreign Source Income Earned		Foreign Taxes Paid

MSCI EAFE Growth		$ 229,046,425		$ 12,051,814
MSCI EAFE Value		737,189,894		41,766,252