iShares Trust

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of September 30, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022, ending the run of robust growth that followed the reopening of global economies and the development of COVID-19 vaccines. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks and economically sensitive small-capitalization stocks. While both large- and small-capitalization U.S. stocks fell, declines for small-capitalization U.S. stocks were steeper. Both emerging market stocks and international equities from developed markets fell significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose notably during the reporting period as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is proving more persistent than expected, raised interest rates five times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. As investors attempted to assess the Fed’s future trajectory, the Fed’s statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The pandemic’s restructuring of the economy brought an ongoing mismatch between supply and demand, contributing to the current inflationary regime. While growth has slowed in 2022, we believe that taming inflation requires a more dramatic economic decline to bring demand back to a lower level that is more in line with the economy’s capacity. The Fed has been raising interest rates at the fastest pace in decades, and seems set to overtighten in its effort to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, and the outlook for Europe and the U.K. is also troubling. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Rising input costs and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. However, we see better opportunities in credit, where higher spreads provide income opportunities and partially compensate for inflation risk. We believe that investment-grade corporates, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

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

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of September 30, 2022

	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	(20.20)%	(15.47)%

U.S. small cap equities (Russell 2000^® Index)	(19.01)	(23.50)

International equities (MSCI Europe, Australasia, Far East Index)	(22.51)	(25.13)

Emerging market equities (MSCI Emerging Markets Index)	(21.70)	(28.11)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.58	0.63

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(10.81)	(16.20)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(9.22)	(14.60)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(6.30)	(11.50)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(10.42)	(14.15)

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

The iShares JPX-Nikkei 400 ETF (the “Fund”) seeks to track the investment results of a broad-based benchmark composed of Japanese equities, as represented by the JPX-Nikkei Index 400 (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.

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

Index performance through September 3, 2015 reflects the performance of the S&P/TOPIX 150TM. Index performance beginning on September 4, 2015 reflects the performance of the JPX-Nikkei Index 400.

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.

SECTOR ALLOCATION


Sector	Percent of Total Investments	^(a)

Industrials	23.4	%
Consumer Discretionary	13.1
Information Technology	12.8
Health Care	11.6
Financials	10.5
Communication Services	9.2
Consumer Staples	8.5
Materials	5.6
Real Estate	2.9
Utilities	1.3
Energy	1.1

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)

Daiichi Sankyo Co. Ltd.	1.7	%
Recruit Holdings Co. Ltd.	1.6
Keyence Corp.	1.6
Nintendo Co. Ltd.	1.6
Hoya Corp.	1.5
Nippon Telegraph & Telephone Corp.	1.5
KDDI Corp.	1.5
Takeda Pharmaceutical Co. Ltd.	1.5
Sumitomo Mitsui Financial Group Inc.	1.5
Hitachi Ltd.	1.5

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 the 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 the 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 example shown (which is based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) is intended to assist shareholders both in calculating expenses based on an investment in the Fund and in comparing these expenses with similar costs of investing in other funds.

The expense example provides 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 example also provides 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 Fund and other funds, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense example 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 example is 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

Air Freight & Logistics — 0.6%
Hitachi Transport System Ltd.		600	$	35,867
Maruwa Unyu Kikan Co. Ltd.		600		6,036
Mitsui-Soko Holdings Co. Ltd.		600		12,730
Nippon Express Holdings Inc.		1,200		60,995
SG Holdings Co. Ltd.		6,000		82,180
Yamato Holdings Co. Ltd.		5,400		81,094


				278,902

Auto Components — 2.5%
Aisin Corp.		3,000		77,219
Bridgestone Corp.		10,200		329,877
Denso Corp.		7,800		356,641
Koito Manufacturing Co. Ltd.		3,600		49,220
NGK Spark Plug Co. Ltd.		3,000		53,207
Nifco Inc./Japan		1,200		25,078
Sumitomo Electric Industries Ltd.		13,800		140,091
Sumitomo Rubber Industries Ltd.		3,000		23,886
Toyo Tire Corp.		1,800		19,592
Toyoda Gosei Co. Ltd.		1,200		18,169
Toyota Boshoku Corp.		1,200		14,708
TS Tech Co. Ltd.		1,800		17,659
Yokohama Rubber Co. Ltd. (The)		1,800		27,666


				1,153,013

Automobiles — 4.0%
Honda Motor Co. Ltd.		28,800		625,126
Isuzu Motors Ltd.		11,400		126,055
Subaru Corp.		10,200		154,146
Suzuki Motor Corp.		7,800		242,815
Toyota Motor Corp.		49,220		643,327
Yamaha Motor Co. Ltd.		4,800		89,932


				1,881,401

Banks — 5.3%
Aozora Bank Ltd.		2,400		42,908
Chiba Bank Ltd. (The)		10,800		58,486
Concordia Financial Group Ltd.		19,200		59,585
Fukuoka Financial Group Inc.		3,000		53,428
Mebuki Financial Group Inc.		15,000		29,300
Mitsubishi UFJ Financial Group Inc.		140,400		636,029
Mizuho Financial Group Inc.		46,250		500,639
Resona Holdings Inc.		40,800		149,306
Seven Bank Ltd.		11,400		20,424
Shinsei Bank Ltd.		2,400		34,470
Sumitomo Mitsui Financial Group Inc.		25,200		698,581
Sumitomo Mitsui Trust Holdings Inc.		6,604		187,816


				2,470,972

Beverages — 1.2%
Asahi Group Holdings Ltd.		7,200		224,468
Kirin Holdings Co. Ltd.		14,400		221,843
Suntory Beverage & Food Ltd.		2,400		85,414
Takara Holdings Inc.		2,400		17,531


				549,256

Biotechnology — 0.1%
PeptiDream Inc.^(a)		1,800		20,055
Takara Bio Inc.		1,200		14,077


				34,132

Building Products — 1.9%
AGC Inc.		3,600		112,075
Daikin Industries Ltd.		4,200		646,250


Security	Shares		Value

Building Products (continued)
Nichias Corp.		1,200	$	18,611
Sanwa Holdings Corp.		3,600		30,919
TOTO Ltd.		2,400		80,144


				887,999

Capital Markets — 0.9%
Daiwa Securities Group Inc.		24,600		96,552
GMO Financial Holdings Inc.		600		2,968
JAFCO Group Co. Ltd.		1,200		17,670
Japan Exchange Group Inc.		9,000		121,635
Monex Group Inc.		3,000		9,341
Nomura Holdings Inc.		59,400		196,785


				444,951

Chemicals — 4.2%
Aica Kogyo Co. Ltd.		1,200		25,991
Air Water Inc.		3,000		35,435
Asahi Kasei Corp.		24,000		159,055
Daicel Corp.		4,800		28,261
Denka Co. Ltd.		1,200		26,387
Kansai Paint Co. Ltd.		3,600		51,041
Kuraray Co. Ltd.		5,400		37,752
Mitsubishi Chemical Group Corp.		24,000		109,941
Mitsubishi Gas Chemical Co. Inc.		3,000		39,446
Mitsui Chemicals Inc.		3,000		58,475
Nippon Paint Holdings Co. Ltd.		14,400		97,271
Nippon Sanso Holdings Corp.		3,000		47,421
Nissan Chemical Corp.		1,800		80,413
Nitto Denko Corp.		2,400		129,950
NOF Corp.		1,200		43,347
Shin-Etsu Chemical Co. Ltd.		6,000		593,741
Sumitomo Chemical Co. Ltd.		26,400		90,805
Teijin Ltd.		3,600		34,910
Tokai Carbon Co. Ltd.		3,000		20,330
Tokuyama Corp.		1,200		14,455
Toray Industries Inc.		24,000		118,124
Tosoh Corp.		4,800		53,498
UBE Corp.		1,800		24,042
Zeon Corp.		3,000		26,513


				1,946,604

Commercial Services & Supplies — 0.6%
Aeon Delight Co. Ltd.		600		11,775
Japan Elevator Service Holdings Co. Ltd.		1,200		15,702
Pilot Corp.		600		22,685
Secom Co. Ltd.		3,600		205,269
Sohgo Security Services Co. Ltd.		1,200		30,195


				285,626

Construction & Engineering — 1.2%
COMSYS Holdings Corp.		1,800		30,542
EXEO Group Inc.		1,800		26,024
Hazama Ando Corp.		2,400		13,856
INFRONEER Holdings Inc.		4,200		28,468
Kajima Corp.		8,400		79,619
Kandenko Co. Ltd.		1,800		10,348
Kumagai Gumi Co. Ltd.		600		10,458
Kyudenko Corp.		600		11,400
Mirait One Co.		1,800		18,244
Nishimatsu Construction Co. Ltd.		600		15,698
Obayashi Corp.		11,400		73,165
Penta-Ocean Construction Co. Ltd.		4,800		24,099
Shimizu Corp.		10,800		52,802


Security	Shares		Value

Construction & Engineering (continued)
SHO-BOND Holdings Co. Ltd.		600	$	25,925
Taisei Corp.		3,600		99,841
Toda Corp.		4,800		24,692


				545,181

Construction Materials — 0.1%
Taiheiyo Cement Corp.		2,400		33,891


Consumer Finance — 0.2%
Acom Co. Ltd.		6,600		14,172
AEON Financial Service Co. Ltd.		2,400		23,816
Marui Group Co. Ltd.		3,000		49,717
Orient Corp.		900		7,139


				94,844

Containers & Packaging — 0.1%
FP Corp.		600		14,719
Rengo Co. Ltd.		3,000		17,469


				32,188

Distributors — 0.0%
Paltac Corp.		600		18,464


Diversified Financial Services — 1.0%
Fuyo General Lease Co. Ltd.		600		32,754
Mitsubishi HC Capital Inc.		12,000		51,579
Mizuho Leasing Co. Ltd.		600		12,921
ORIX Corp.		22,800		319,406
Tokyo Century Corp.		600		19,197
Zenkoku Hosho Co. Ltd.		600		19,956


				455,813

Diversified Telecommunication Services — 1.6%
Internet Initiative Japan Inc.		2,400		36,735
Nippon Telegraph & Telephone Corp.		26,400		712,069


				748,804

Electric Utilities — 0.6%
Chubu Electric Power Co. Inc.		10,800		97,131
Hokkaido Electric Power Co. Inc.		3,600		11,282
Kansai Electric Power Co. Inc. (The)		13,800		115,456
Kyushu Electric Power Co. Inc.		7,800		41,583


				265,452

Electrical Equipment — 1.9%
Fuji Electric Co. Ltd.		1,800		65,972
Mitsubishi Electric Corp.		36,600		331,158
Nidec Corp.		9,000		503,785


				900,915

Electronic Equipment, Instruments & Components — 5.1%
Anritsu Corp.		2,400		26,091
Azbil Corp.		2,400		62,561
Daiwabo Holdings Co. Ltd.		1,800		23,209
Dexerials Corp.		1,200		26,865
Hamamatsu Photonics KK		2,400		102,869
Horiba Ltd.		600		23,271
Ibiden Co. Ltd.		1,800		49,210
Keyence Corp.		2,244		741,777
Kyocera Corp.		5,400		272,045
Murata Manufacturing Co. Ltd.		10,800		497,093
Omron Corp.		3,000		137,452
Shimadzu Corp.		4,800		125,934
Taiyo Yuden Co. Ltd.		1,800		46,454
TDK Corp.		6,000		185,222


Security	Shares		Value

Electronic Equipment, Instruments & Components (continued)
Yokogawa Electric Corp.		3,600	$	56,715


				2,376,768

Entertainment — 2.7%
Capcom Co. Ltd.		3,600		90,639
GungHo Online Entertainment Inc.		1,290		19,816
Koei Tecmo Holdings Co. Ltd.		2,480		40,823
Konami Group Corp.		1,200		55,562
Nexon Co. Ltd.		8,400		148,409
Nintendo Co. Ltd.		18,000		726,017
Square Enix Holdings Co. Ltd.		1,800		77,582
Toho Co. Ltd./Tokyo		2,400		87,271


				1,246,119

Food & Staples Retailing — 2.1%
Cosmos Pharmaceutical Corp.		400		39,552
Create SD Holdings Co. Ltd.		600		13,037
Kobe Bussan Co. Ltd.		3,000		72,172
Kusuri no Aoki Holdings Co. Ltd.		600		28,282
Lawson Inc.		600		19,629
MatsukiyoCocokara & Co.		2,400		102,944
Seven & i Holdings Co. Ltd.		13,200		530,245
Sugi Holdings Co. Ltd.		600		24,095
Sundrug Co. Ltd.		1,200		29,200
Tsuruha Holdings Inc.		600		35,130
Welcia Holdings Co. Ltd.		1,800		37,984
Yaoko Co. Ltd.		600		27,206


				959,476

Food Products — 2.1%
Ajinomoto Co. Inc.		7,800		213,184
Calbee Inc.		2,400		51,393
Kagome Co. Ltd.		1,200		24,995
Kewpie Corp.		1,800		29,625
Kikkoman Corp.		2,400		136,058
MEIJI Holdings Co. Ltd.		2,400		106,537
Morinaga & Co. Ltd./Japan		600		16,419
Morinaga Milk Industry Co. Ltd.		600		17,590
NH Foods Ltd.		1,200		31,630
Nichirei Corp.		1,200		19,770
Nippon Suisan Kaisha Ltd.		4,800		18,063
Nissin Foods Holdings Co. Ltd.		1,200		83,412
Prima Meat Packers Ltd.		600		8,679
Toyo Suisan Kaisha Ltd.		1,800		74,229
Yakult Honsha Co. Ltd.		2,400		139,355


				970,939

Gas Utilities — 0.5%
Nippon Gas Co. Ltd.		1,800		25,636
Osaka Gas Co. Ltd.		6,600		99,502
Tokyo Gas Co. Ltd.		7,200		121,544


				246,682

Health Care Equipment & Supplies — 3.5%
Asahi Intecc Co. Ltd.		4,200		66,983
Hoya Corp.		7,400		713,053
Nihon Kohden Corp.		1,800		38,243
Olympus Corp.		19,200		369,364
Sysmex Corp.		3,000		160,309
Terumo Corp.		10,800		303,590


				1,651,542

Health Care Providers & Services — 0.3%
Alfresa Holdings Corp.		4,200		48,949
BML Inc.		600		13,544


Security	Shares		Value

Health Care Providers & Services (continued)
H.U. Group Holdings Inc.		1,200	$	21,846
Medipal Holdings Corp.		3,600		45,782
Ship Healthcare Holdings Inc.		1,200		22,542


				152,663

Health Care Technology — 0.4%
M3 Inc.		6,600		184,284


Hotels, Restaurants & Leisure — 0.3%
Food & Life Companies Ltd.		1,800		27,605
McDonald’s Holdings Co. Japan Ltd.		1,800		62,717
Zensho Holdings Co. Ltd.		1,800		44,502


				134,824

Household Durables — 3.1%
Casio Computer Co. Ltd.		2,400		21,065
ES-Con Japan Ltd.		600		3,396
Haseko Corp.		3,000		32,541
Iida Group Holdings Co. Ltd.		3,000		40,609
Open House Group Co. Ltd.		1,200		40,540
Panasonic Holdings Corp.		42,000		294,926
Pressance Corp.		600		6,048
Rinnai Corp.		600		43,115
Sekisui Chemical Co. Ltd.		7,200		88,084
Sekisui House Ltd.		11,400		188,810
Sharp Corp./Japan		3,600		21,466
Sony Group Corp.		9,600		618,378
Sumitomo Forestry Co. Ltd.		2,400		36,534


				1,435,512

Household Products — 0.6%
Lion Corp.		4,200		47,462
Pigeon Corp.		2,400		35,086
Unicharm Corp.		6,600		216,512


				299,060

Independent Power and Renewable Electricity Producers — 0.2%
Electric Power Development Co. Ltd.		3,000		42,424
eRex Co. Ltd.		600		11,493
RENOVA Inc.^(a)		600		14,054
West Holdings Corp.		600		17,148


				85,119

Industrial Conglomerates — 1.5%
Hitachi Ltd.		16,200		689,408
TOKAI Holdings Corp.		1,800		10,835


				700,243

Insurance — 3.0%
Dai-ichi Life Holdings Inc.		19,200		305,286
MS&AD Insurance Group Holdings Inc.		7,800		206,565
Sompo Holdings Inc.		5,400		216,061
T&D Holdings Inc.		9,000		85,545
Tokio Marine Holdings Inc.		32,400		575,850


				1,389,307

Interactive Media & Services — 0.4%
Infocom Corp.		600		7,906
Kakaku.com Inc.		3,000		50,839
Z Holdings Corp.		54,600		144,726


				203,471

Internet & Direct Marketing Retail — 0.1%
ZOZO Inc.		2,400		48,042


IT Services — 3.1%
Bell System24 Holdings Inc.		600		5,740


Security	Shares		Value

IT Services (continued)
BIPROGY Inc.		1,200	$	26,005
Change Inc.		600		8,116
Digital Garage Inc.		600		14,386
DTS Corp.		600		14,263
Fujitsu Ltd.		3,600		394,747
GMO internet group Inc.		1,200		21,064
GMO Payment Gateway Inc.		600		41,131
Information Services International-Dentsu Ltd.		600		18,404
Itochu Techno-Solutions Corp.		1,800		42,194
NEC Corp.		4,800		153,697
NEC Networks & System Integration Corp.		1,200		13,027
NET One Systems Co. Ltd.		1,200		23,295
Nomura Research Institute Ltd.		6,664		162,756
NS Solutions Corp.		600		14,474
NSD Co. Ltd.		1,200		20,427
NTT Data Corp.		10,200		131,754
Obic Co. Ltd.		1,200		160,912
Otsuka Corp.		1,800		56,137
SCSK Corp.		2,400		36,334
TIS Inc.		3,600		95,579
Transcosmos Inc.		600		15,581


				1,470,023

Leisure Products — 1.0%
Bandai Namco Holdings Inc.		3,000		195,505
Shimano Inc.		1,300		203,404
Yamaha Corp.		2,400		85,283


				484,192

Machinery — 5.9%
Amada Co. Ltd.		6,000		40,769
Daifuku Co. Ltd.		1,800		84,667
DMG Mori Co. Ltd.		2,400		27,411
Ebara Corp.		1,200		39,102
FANUC Corp.		3,400		477,408
Fuji Corp./Aichi		1,800		23,556
Hitachi Construction Machinery Co. Ltd.		1,800		33,453
Hoshizaki Corp.		2,400		66,937
IHI Corp.		2,400		51,332
Komatsu Ltd.		17,400		316,824
Kubota Corp.		17,400		241,806
Makita Corp.		4,200		81,502
MINEBEA MITSUMI Inc.		6,000		88,763
MISUMI Group Inc.		4,800		103,356
Mitsubishi Heavy Industries Ltd.		6,000		199,556
Miura Co. Ltd.		1,800		36,673
Nabtesco Corp.		1,800		36,822
NGK Insulators Ltd.		3,600		44,808
SMC Corp.		1,200		488,364
Sumitomo Heavy Industries Ltd.		1,800		33,339
Takeuchi Manufacturing Co. Ltd.		600		11,075
Toyota Industries Corp.		3,000		143,312
Yaskawa Electric Corp.		3,600		103,601


				2,774,436

Marine — 0.7%
Kawasaki Kisen Kaisha Ltd.		3,600		50,196
Mitsui OSK Lines Ltd.		6,000		107,355
Nippon Yusen KK		9,000		152,765


				310,316

Media — 0.2%
CyberAgent Inc.		7,800		65,677


Security	Shares		Value

Media (continued)
Hakuhodo DY Holdings Inc.		4,800	$	33,795


				99,472

Metals & Mining — 1.1%
Asahi Holdings Inc.		1,800		25,281
Dowa Holdings Co. Ltd.		900		32,272
JFE Holdings Inc.		9,000		83,569
Mitsui Mining & Smelting Co. Ltd.		1,200		25,177
Nippon Steel Corp.		16,200		224,828
Sumitomo Metal Mining Co. Ltd.		4,200		120,357
Tokyo Steel Manufacturing Co. Ltd.		1,200		10,505


				521,989

Multiline Retail — 0.4%
Izumi Co. Ltd.		600		12,933
Pan Pacific International Holdings Corp.		7,800		137,598
Ryohin Keikaku Co. Ltd.		4,200		35,144
Seria Co. Ltd.		1,200		20,956


				206,631

Oil, Gas & Consumable Fuels — 1.1%
Cosmo Energy Holdings Co. Ltd.		1,800		46,440
ENEOS Holdings Inc.		57,000		183,834
Idemitsu Kosan Co. Ltd.		4,200		91,280
Inpex Corp.		17,400		162,291
Iwatani Corp.		600		22,593


				506,438

Paper & Forest Products — 0.1%
Daio Paper Corp.		1,800		14,439
Oji Holdings Corp.		14,400		53,433


				67,872

Personal Products — 1.7%
Fancl Corp.		1,800		35,823
Kao Corp.		8,400		341,799
Kobayashi Pharmaceutical Co. Ltd.		1,200		70,323
Kose Corp.		600		61,863
Rohto Pharmaceutical Co. Ltd.		1,800		57,758
Shiseido Co. Ltd.		6,600		231,311


				798,877

Pharmaceuticals — 7.1%
Astellas Pharma Inc.		33,640		445,639
Chugai Pharmaceutical Co. Ltd.		10,200		254,827
Daiichi Sankyo Co. Ltd.		28,209		788,466
Eisai Co. Ltd.		4,200		225,368
JCR Pharmaceuticals Co. Ltd.		1,200		17,898
Kaken Pharmaceutical Co. Ltd.		600		15,806
Kyowa Kirin Co. Ltd.		3,600		82,772
Nippon Shinyaku Co. Ltd.		1,200		61,226
Ono Pharmaceutical Co. Ltd.		7,800		182,198
Otsuka Holdings Co. Ltd.		7,200		227,987
Santen Pharmaceutical Co. Ltd.		6,600		44,361
Shionogi & Co. Ltd.		4,800		231,812
Sumitomo Pharma Co., Ltd.		2,400		17,070
Takeda Pharmaceutical Co. Ltd.		27,000		701,130
Towa Pharmaceutical Co. Ltd.		600		8,819


				3,305,379

Professional Services — 2.2%
BayCurrent Consulting Inc.		300		77,830
Benefit One Inc.		1,200		16,820
Dip Corp.		600		15,242
en Japan Inc.		600		9,257


Security	Shares		Value

Professional Services (continued)
Meitec Corp.		1,200	$	18,987
Persol Holdings Co. Ltd.		3,600		66,594
Recruit Holdings Co. Ltd.		25,800		743,185
SMS Co. Ltd.		1,200		24,243
TechnoPro Holdings Inc.		2,400		51,124
UT Group Co. Ltd.		600		9,852


				1,033,134

Real Estate Management & Development — 2.8%
Aeon Mall Co. Ltd.		1,800		20,053
Daito Trust Construction Co. Ltd.		1,200		112,251
Daiwa House Industry Co. Ltd.		9,600		195,193
Hulic Co. Ltd.		7,800		57,468
Katitas Co. Ltd.		1,200		26,717
Mitsubishi Estate Co. Ltd.		22,200		292,511
Mitsui Fudosan Co. Ltd.		15,000		285,750
Nomura Real Estate Holdings Inc.		1,800		40,652
Relo Group Inc.		1,800		27,276
Starts Corp. Inc.		600		10,869
Sumitomo Realty & Development Co. Ltd.		7,200		163,743
Tokyo Tatemono Co. Ltd.		3,000		42,685
Tokyu Fudosan Holdings Corp.		10,200		52,965


				1,328,133

Road & Rail — 0.8%
Central Japan Railway Co.		3,000		352,173
Sankyu Inc.		600		17,425
Senko Group Holdings Co. Ltd.		1,800		11,894


				381,492

Semiconductors & Semiconductor Equipment — 3.0%
Advantest Corp.		3,000		138,542
Disco Corp.		600		132,271
Ferrotec Holdings Corp.		600		9,782
Japan Material Co. Ltd.		1,200		15,343
Lasertec Corp.		1,700		170,989
Optorun Co. Ltd.		600		8,663
Renesas Electronics Corp.^(a)		19,800		165,988
SCREEN Holdings Co. Ltd.		600		32,555
Shinko Electric Industries Co. Ltd.		1,200		25,725
SUMCO Corp.		6,600		76,897
Tokyo Electron Ltd.		2,400		591,348
Tokyo Seimitsu Co. Ltd.		600		17,650
Ulvac Inc.		600		21,202


				1,406,955

Software — 0.4%
Justsystems Corp.		600		13,839
Oracle Corp. Japan		600		31,803
Rakus Co. Ltd.^(b)		1,800		16,902
Systena Corp.		5,400		15,072
Trend Micro Inc/Japan		1,800		96,953


				174,569

Specialty Retail — 1.4%
ABC-Mart Inc.		600		25,886
Fast Retailing Co. Ltd.		500		264,972
Hikari Tsushin Inc.		600		70,481
Kohnan Shoji Co. Ltd.		600		14,024
K’s Holdings Corp.		3,000		24,734
Nextage Co. Ltd.		600		13,014
Nitori Holdings Co. Ltd.		1,500		125,880
Nojima Corp.		1,200		11,172
T-Gaia Corp.		600		6,800


Security	Shares		Value

Specialty Retail (continued)
USS Co. Ltd.		4,200	$	64,865
Workman Co. Ltd.		600		19,006


				640,834

Technology Hardware, Storage & Peripherals — 1.1%
Brother Industries Ltd.		4,200		72,562
Elecom Co. Ltd.		1,200		11,959
FUJIFILM Holdings Corp.		7,200		328,859
MCJ Co. Ltd.		1,200		8,230
Seiko Epson Corp.		4,200		57,349
Wacom Co. Ltd.		3,000		14,690


				493,649

Textiles, Apparel & Luxury Goods — 0.1%
Goldwin Inc.		600		31,717


Tobacco — 0.7%
Japan Tobacco Inc.		21,000		345,088


Trading Companies & Distributors — 5.8%
Hanwa Co. Ltd.		600		14,210
ITOCHU Corp.		23,400		564,827
Kanematsu Corp.		1,200		11,812
Marubeni Corp.		33,600		293,177
Mitsubishi Corp.		25,200		689,226
Mitsui & Co. Ltd.		28,200		600,089
MonotaRO Co. Ltd.		4,800		73,655
Sojitz Corp.		3,620		53,039
Sumitomo Corp.		22,800		281,680
Toyota Tsusho Corp.		3,600		111,509

				2,693,224


Security	Shares		Value

Wireless Telecommunication Services — 4.2%
KDDI Corp.		24,000	$	701,671
SoftBank Corp.		58,200		581,181
SoftBank Group Corp.		19,800		671,043


				1,953,895


Total Long-Term Investments — 98.8% (Cost: $52,362,023)				46,140,774


Short-Term Securities

Money Market Funds — 0.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.18%^(c)(d)(e)		18,376		18,381
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.81%^(c)(d)		20,000		20,000


Total Short-Term Securities — 0.1% (Cost: $38,381)				38,381


Total Investments — 98.9% (Cost: $52,400,404)				46,179,155

Other Assets Less Liabilities — 1.1%				500,644


Net Assets — 100.0%			$	46,679,799

^(a)	Non-income producing security.

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

^(c)	Affiliate of the Fund.

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

^(e⁾	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 six months ended September 30, 2022 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 Statement of Assets and Liabilities were as follows:

For the period ended September 30, 2022, the effect of derivative financial instruments in the Statement 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.

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.

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. The 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 Fund is 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.

Foreign Currency Translation: The 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.

The 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 Statement 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. The 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. However, the currency hedged fund has elected to treat realized gains (losses) from certain foreign currency contracts as capital gain (loss) for U.S. federal income tax purposes.

Foreign Taxes: The Fund 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 the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Statement 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 September 30, 2022, if any, are disclosed in the Statement of Assets and Liabilities.

The Fund files withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Fund may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statement 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 Fund 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 Fund. Because such gains or losses are not taxable to the Fund 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 Fund’s tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by the 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 Fund. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

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

Investment Valuation Policies: The 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 the Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Fund’s investment adviser, as the valuation designee for the Fund. The 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 the 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 Fund uses 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 the 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: The 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 the 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, the 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 the 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 Statement of Assets and Liabilities.

Securities lending transactions are entered into by the Fund 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 Fund, 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 Fund 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, the 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. The 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 the 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 Fund 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 Fund is 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 Statement 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 Statement of Assets and Liabilities. Pursuant to the contract, the Fund agrees 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 Statement of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statement 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 the 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 Fund, 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 Fund, BFA is entitled to an annual investment advisory fee of 0.48%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

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

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 Fund, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. The 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 the 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. The 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, the 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, the 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 the Fund is shown as securities lending income – affiliated – net in its Statement of Operations. For the six months ended September 30, 2022, the Fund paid BTC $182 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 six months ended September 30, 2022, transactions executed by the Fund pursuant to Rule 17a-7 under the 1940 Act were as follows:

The 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 Statement 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 six months ended September 30, 2022, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

For the six months ended September 30, 2022, in-kind transactions were as follows:

The Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is the 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 Fund as of September 30, 2022, 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 Fund’s financial statements.

As of March 31, 2022, the Fund had non-expiring capital loss carryforwards of $23,004,645 available to offset future realized capital gains.

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 September 30, 2022, 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, the 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 Fund and its investments. The 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 the 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 Fund 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.

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

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 the Fund could receive upon the sale of any particular portfolio investment may differ from the 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 Fund 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 Fund manages 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 Fund to market, issuer and counterparty credit risks, consist principally of financial instruments and

receivables due from counterparties. The extent of the Fund’s exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statement of Assets and Liabilities, less any collateral held by the Fund.

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 Fund 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 Fund.

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

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

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

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

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

Capital shares are issued and redeemed by the 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 the 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 Statement of Assets and Liabilities.

Management has evaluated the impact of all subsequent events on the Fund 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.

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 and approve 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 3, 2022 and May 18, 2022, 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 13-15, 2022, 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 another fund 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 waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of 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, 2021, 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 recent 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. 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 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

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

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

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

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

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

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (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 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 amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon the Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

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 Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, the 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 Fund’s 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 the Japan Exchange Group, Inc., JPX Market Innovation & Research, Inc. or Nikkei, Inc., nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.


				Average Annual Total Returns									Cumulative Total Returns

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

Fund NAV		(19.42	)%		(28.75	)%		(1.13	)%		4.48	%		(28.75	)%		(5.51	)%		55.03	%
Fund Market		(19.35	)		(28.73	)		(1.12	)		4.60			(28.73	)		(5.48	)		56.73
Index		(20.40	)		(28.98	)		(0.84	)		4.81			(28.98	)		(4.13	)		59.90


Actual					Hypothetical 5% Return

	Beginning Account Value (04/01/22)	Ending Account Value (09/30/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/22)	Ending Account Value (09/30/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 805.80	$ 2.17			$ 1,000.00	$ 1,022.70	$ 2.43		0.48	%




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

Long Contracts
Mini TOPIX Index		43		12/08/22	$	546	$	(11,989	)



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

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	11,989	$	—	$	—	$	—	$	11,989



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

Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(23,011	)	$	—	$	—	$	—	$	(23,011	)

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(12,816	)	$	—	$	—	$	—	$	(12,816	)


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

Semi-Annual Report:

Fund Summary		4

About Fund Performance		5

Disclosure of Expenses		5

Schedule of Investments		6

Financial Statements:

Statement of Assets and Liabilities		12

Statement of Operations		13

Statements of Changes in Net Assets		14

Financial Highlights		15

Notes to Financial Statements		16

Board Review and Approval of Investment Advisory Contract		23

Supplemental Information		25

General Information		26


Fund Summary as of September 30, 2022		iShares^® JPX-Nikkei 400 ETF


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


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		5



Affiliated Issuer	Value at 03/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 09/30/22		Shares Held at 09/30/22		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	97,990	$	—	$	(80,257	)^(a)	$	651	$	(3	)	$	18,381		18,376	$	467	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		30,000		—		(10,000	)^(a)		—		—			20,000		20,000		148			—

								$	651	$	(3	)	$	38,381			$	615		$	—




Futures contracts
Average notional value of contracts — long	$	479,928




	Level 1		Level 2			Level 3		Total

Investments
Assets
Common Stocks	$	—	$	46,140,774		$	—	$	46,140,774
Money Market Funds		38,381		—			—		38,381

	$	38,381	$	46,140,774		$	—	$	46,179,155

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	—	$	(11,989	)	$	—	$	(11,989	)


	iShares JPX-Nikkei 400 ETF


ASSETS
Investments, at value — unaffiliated^(a)(b)	$	46,140,774
Investments, at value — affiliated^(c)		38,381
Cash		4,261
Foreign currency, at value^(d)		56,707
Foreign currency collateral pledged for futures contracts^(e)		3,331
Receivables:
Investments sold		10,619
Securities lending income — affiliated		2
Dividends — unaffiliated		477,538
Dividends — affiliated		33

Total assets		46,731,646


LIABILITIES
Collateral on securities loaned, at value		17,730
Payables:
Investments purchased		6,054
Variation margin on futures contracts		8,601
Investment advisory fees		19,462

Total liabilities		51,847


NET ASSETS	$	46,679,799


NET ASSETS CONSIST OF
Paid-in capital	$	76,037,494
Accumulated loss		(29,357,695	)

NET ASSETS	$	46,679,799


NET ASSET VALUE
Shares outstanding		900,000


Net asset value	$	51.87


Shares authorized		Unlimited


Par value		None


^(a)Investments, at cost — unaffiliated	$	52,362,023
^(b)Securities loaned, at value	$	16,733
^(c)Investments, at cost — affiliated	$	38,381
^(d)Foreign currency, at cost	$	57,805
^(e)Foreign currency collateral pledged, at cost	$	3,624


	iShares JPX-Nikkei 400 ETF


INVESTMENT INCOME
Dividends — unaffiliated	$	744,761
Dividends — affiliated		148
Securities lending income — affiliated — net		467
Foreign taxes withheld		(74,212	)

Total investment income		671,164


EXPENSES
Investment advisory		144,848

Total expenses		144,848

Net investment income		526,316


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(1,329,703	)
Investments — affiliated		651
Foreign currency transactions		(91,511	)
Futures contracts		(23,011	)
In-kind redemptions — unaffiliated^(a)		2,395,202

		951,628

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(14,842,554	)
Investments — affiliated		(3	)
Foreign currency translations		(1,338	)
Futures contracts		(12,816	)

		(14,856,711	)

Net realized and unrealized loss		(13,905,083	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(13,378,767	)


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


	iShares JPX-Nikkei 400 ETF


	Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	526,316		$	1,349,510
Net realized gain (loss)		951,628			(1,794,704	)
Net change in unrealized appreciation (depreciation)		(14,856,711	)		(7,233,344	)

Net decrease in net assets resulting from operations		(13,378,767	)		(7,678,538	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(651,191	)		(2,229,146	)


CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(17,344,758	)		—


NET ASSETS
Total decrease in net assets		(31,374,716	)		(9,907,684	)
Beginning of period		78,054,515			87,962,199

End of period	$	46,679,799		$	78,054,515


	iShares JPX-Nikkei 400 ETF


	Six Months Ended 09/30/22 (unaudited)				Year Ended 03/31/22				Year Ended 03/31/21				Year Ended 03/31/20				Year Ended 03/31/19				Year Ended 03/31/18


Net asset value, beginning of period		$	65.05			$	73.30			$	53.52			$	58.88			$	65.42			$	55.69

Net investment income^(a)			0.51				1.12				0.88				0.96				1.06				0.95
Net realized and unrealized gain (loss)^(b)			(13.07	)			(7.51	)			19.82				(5.10	)			(6.73	)			9.76

Net increase (decrease) from investment operations			(12.56	)			(6.39	)			20.70				(4.14	)			(5.67	)			10.71

Distributions from net investment income^(c)			(0.62	)			(1.86	)			(0.92	)			(1.22	)			(0.87	)			(0.98	)

Net asset value, end of period		$	51.87			$	65.05			$	73.30			$	53.52			$	58.88			$	65.42


Total Return^(d)
Based on net asset value			(19.42	)%^(e)			(8.94	)%			38.91	%			(7.29	)%			(8.67	)%			19.32	%


Ratios to Average Net Assets^(f)
Total expenses			0.48	%^(g)			0.48	%			0.48	%			0.48	%			0.48	%			0.48	%

Net investment income			1.74	%^(g)			1.57	%			1.36	%			1.61	%			1.73	%			1.54	%


Supplemental Data
Net assets, end of period (000)		$	46,680			$	78,055			$	87,962			$	80,279			$	114,817			$	107,940

Portfolio turnover rate^(h)			8	%			11	%			10	%			7	%			11	%			8	%



iShares ETF		Diversification Classification
JPX-Nikkei 400		Diversified



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

JPX-Nikkei 400
Citigroup Global Markets, Inc.	$	16,733	$	(16,733	)	$	—		$	—



iShares ETF	Purchases		Sales		Net Realized Gain (Loss)

JPX-Nikkei 400	$	26,255	$	79,686	$	(19,324)


iShares ETF		In-kind Purchases		In-kind Sales
JPX-Nikkei 400	$	—	$	16,667,500



iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
JPX-Nikkei 400	$	53,642,826	$	5,269,820	$	(12,745,480	)	$	(7,475,660	)



	Six Months Ended 09/30/22						Year Ended 03/31/22

iShares ETF	Shares			Amount			Shares		Amount

JPX-Nikkei 400
Shares redeemed		(300,000	)	$	(17,344,758	)		—	$	—


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		23



	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date

iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
JPX-Nikkei 400^(a)	$	0.329898	$	—	$	0.290284	$	0.620182		53	%		—	%		47	%		100	%