iSHARES TRUST

The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

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

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


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

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

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

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

Emerging market equities (MSCI Emerging Markets Index)	3.62	1.25

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

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

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

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

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	4.55	7.19

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

Global equity markets advanced during the 12 months ended August 31, 2023 (“reporting period”), supported by continued economic growth and moderating inflation. The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned 13.95% in U.S. dollar terms for the reporting period. Despite concerns about the impact of higher interest rates and rising prices, the global economy continued to grow, albeit at a slower pace than during the initial post-coronavirus pandemic recovery. Inflation began to subside in most regions of the world, and lower energy prices reduced pressure on consumers, leading consumer and business sentiment to improve. While the Russian invasion of Ukraine continued to disrupt trade in Europe and elsewhere, market adaptation lessened the economic impact of the ongoing war. The prices of several key commodities, including oil, natural gas, and wheat, either stabilized or declined during the reporting period, easing pressure on the world’s economies.

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

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

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

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

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

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Indian equities advanced slightly during the reporting period, as India’s economy continued to rapidly expand despite persistent inflation and monetary tightening by the Reserve Bank of India. Economic data released in the first half of 2023 showed rising manufacturing output and industrial production buoyed by strong domestic demand. However, the country’s inflation rate increased substantially in July 2023, largely the result of sharply higher prices for food and beverages.

The consumer discretionary sector contributed the most to the Index’s return, led by the automobiles and components industry. Sales of both commercial and private vehicles in India rose substantially as supply chain holdups and chip shortages lessened. Industry analysts viewed increased production of vehicles as a positive indicator of shrinking debt levels, further supporting investor sentiment toward automobiles companies.

The financials sector also contributed to the Index’s return. Within the financial services industry, growing demand for housing drove an increase in home loans, lifting net interest income for Indian lenders. Strength in sales of generic drugs in the U.S. and an acquisition of a U.S. biotechnology firm benefited Indian pharmaceutical companies, driving contribution from the healthcare sector.

On the downside, the utilities sector was the largest detractor from the Index’s performance amid concerns over corporate governance. India’s electric utilities and gas utilities industries declined significantly following allegations of fraudulent accounting and stock manipulation raised by a U.S. investment research firm. Toward the end of the reporting period, an investigative journalism network spotlighted offshore trades involving Indian gas and electric utilities companies that possibly violated securities laws. While the companies denied the allegations, the Securities and Exchange Board of India launched an investigation.


SECTOR ALLOCATION


Sector			Percent of Total Investments^(a)


Financials			27.3%
Information Technology			13.2
Consumer Discretionary			11.3
Energy			10.8
Consumer Staples			9.2
Materials			8.7
Industrials			7.3
Health Care			5.2
Utilities			3.7
Communication Services			2.7
Real Estate			0.6


TEN LARGEST HOLDINGS


Security			Percent of Total Investments^(a)


Reliance Industries Ltd.			8.8%
ICICI Bank Ltd.			5.9
Infosys Ltd.			5.7
HDFC Bank Ltd.			5.2
Tata Consultancy Services Ltd.			3.7
Axis Bank Ltd.			2.7
Hindustan Unilever Ltd.			2.5
Bajaj Finance Ltd.			2.3
Kotak Mahindra Bank Ltd.			2.3
Bharti Airtel Ltd.			2.3

The iShares MSCI India Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization Indian equities, as represented by the MSCI India Small Cap Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Small-capitalization Indian equities advanced sharply for the reporting period, as India’s economy continued to rapidly expand despite persistent inflation and monetary tightening by the Reserve Bank of India. Economic data released in the first half of 2023 showed rising manufacturing output and industrial production buoyed by strong domestic demand. Substantial inflows of foreign investment supported the performance of Indian equities generally and small-capitalization stocks in particular.

The industrials sector was the largest contributor to the Index’s performance, led by the electrical equipment industry. Electricity generation in India rose significantly during the reporting period, pushing demand higher for equipment related to power generation and bolstering sales for companies that distribute wires, cables, and transformers. A growing preference among Indian consumers for electricity generated by solar and wind power drove gains for providers of renewable energy infrastructure. Additionally, the machinery industry contributed to the Index’s return amid increased industrial output and demand for commercial vehicles. Profits rose for manufacturers of construction machinery and heavy transportation equipment despite continuing supply chain obstacles.

The financials sector contributed meaningfully to the Index’s return, led by financial services companies. A state-owned provider of infrastructure financing for power projects reported substantial revenue gains driven by an increase in net interest income on loan assets. An upward trajectory for energy demand, alongside plans for a broader transition to renewable energy put in place by the Indian government, also buoyed investor sentiment toward the company.

Materials stocks were also contributors to the Index’s performance, led by steel companies in the metals and mining industry. Indian steel producers gained amid increased activity in areas such as construction, railway expansion, road building, and modernization of ports.


TEN LARGEST HOLDINGS


Security	Percent of Total Investments^(a)


APL Apollo Tubes Ltd.		1.2%
Persistent Systems Ltd.		1.2
Federal Bank Ltd.		1.1
Coforge Ltd.		1.0
Zee Entertainment Enterprises Ltd.		1.0
Max Financial Services Ltd.		1.0
KPIT Technologies Ltd.		0.8
Crompton Greaves Consumer Electricals Ltd.		0.8
Suzlon Energy Ltd.		0.8
Phoenix Mills Ltd. (The)		0.8

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

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

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

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

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

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.0%
Bharat Electronics Ltd.		21,428,966	$	34,427,761
Hindustan Aeronautics Ltd.		490,136		23,065,818


				57,493,579

Automobile Components — 1.7%
Balkrishna Industries Ltd.		453,375		12,716,400
Bharat Forge Ltd.		1,501,385		19,400,034
MRF Ltd.		11,190		14,685,267
Samvardhana Motherson International Ltd.		13,905,502		16,075,604
Sona Blw Precision Forgings Ltd.^(a)		2,402,643		17,275,106
Tube Investments of India Ltd.		623,209		21,815,696


				101,968,107

Automobiles — 6.3%
Bajaj Auto Ltd.		398,161		22,170,995
Eicher Motors Ltd.		802,243		32,316,236
Hero MotoCorp Ltd.		644,430		22,685,200
Mahindra & Mahindra Ltd.		5,468,196		103,970,365
Maruti Suzuki India Ltd.		796,795		96,222,216
Tata Motors Ltd.		9,738,195		70,609,944
TVS Motor Co. Ltd.		1,392,743		23,866,183


				371,841,139

Banks — 18.4%
AU Small Finance Bank Ltd.^(a)		977,694		8,534,650
Axis Bank Ltd.		13,362,210		156,987,158
Bandhan Bank Ltd.^(a)		4,250,081		11,774,122
Bank of Baroda		6,064,038		13,693,109
HDFC Bank Ltd.		16,351,592		309,633,199
ICICI Bank Ltd.		30,358,100		350,451,946
IDFC First Bank Ltd.^(b)		17,871,641		20,152,111
Kotak Mahindra Bank Ltd.		6,408,168		135,980,485
State Bank of India		10,465,171		70,875,412
Yes Bank Ltd.^(b)		75,868,761		15,388,751


				1,093,470,943

Beverages — 0.8%
United Spirits Ltd.^(b)		1,705,811		20,744,212
Varun Beverages Ltd.		2,665,937		28,927,357


				49,671,569

Building Products — 0.3%
Astral Ltd.		708,723		16,728,384


Capital Markets — 0.2%
HDFC Asset Management Co. Ltd.^(a)		477,817		14,568,913


Chemicals — 3.6%
Asian Paints Ltd.		2,248,709		88,409,431
Berger Paints India Ltd.		1,423,886		12,353,167
PI Industries Ltd.		489,108		21,428,172
Pidilite Industries Ltd.		898,178		27,272,721
SRF Ltd.		868,984		24,710,980
Supreme Industries Ltd.		331,964		17,874,900
UPL Ltd.		2,640,531		18,842,607


				210,891,978

Commercial Services & Supplies — 0.2%
Indian Railway Catering & Tourism Corp. Ltd.		1,407,143		11,414,421


Construction & Engineering — 2.2%
Larsen & Toubro Ltd.		4,038,094		131,751,844


Security	Shares		Value

Construction Materials — 2.3%
Ambuja Cements Ltd.		3,492,609	$	18,059,703
Grasim Industries Ltd.		1,544,180		33,379,142
Shree Cement Ltd.		52,886		15,198,526
UltraTech Cement Ltd.		677,038		67,829,050


				134,466,421

Consumer Finance — 4.8%
Bajaj Finance Ltd.		1,598,651		138,181,746
Cholamandalam Investment and Finance Co. Ltd.		2,410,376		32,639,947
Jio Financial Services Ltd., NVS^(b)		17,850,284		50,347,024
Muthoot Finance Ltd.		706,119		10,744,254
SBI Cards & Payment Services Ltd.		1,664,580		16,408,144
Shriram Transport Finance Co. Ltd.		1,649,119		38,383,205


				286,704,320

Consumer Staples Distribution & Retail — 0.7%
Avenue Supermarts Ltd.^(a)(b)		953,828		42,855,909


Electric Utilities — 1.4%
Power Grid Corp. of India Ltd.		20,448,874		60,356,116
Tata Power Co. Ltd. (The)		8,430,562		24,940,611


				85,296,727

Electrical Equipment — 1.0%
ABB India Ltd.		310,610		16,427,478
CG Power and Industrial Solutions Ltd.		3,581,723		18,565,375
Havells India Ltd.		1,469,216		24,552,141


				59,544,994

Financial Services — 1.6%
Bajaj Finserv Ltd.		2,238,447		40,212,487
Bajaj Holdings & Investment Ltd.		156,606		14,061,430
Power Finance Corp. Ltd.		6,191,620		19,460,472
REC Ltd.		6,947,480		20,027,675


				93,762,064

Food Products — 2.4%
Britannia Industries Ltd.		635,505		34,291,890
Marico Ltd.		3,032,809		20,868,965
Nestle India Ltd.		197,853		52,520,959
Tata Consumer Products Ltd.		3,268,131		32,913,569


				140,595,383

Gas Utilities — 0.5%
GAIL India Ltd.		13,492,653		18,737,754
Indraprastha Gas Ltd.		1,846,875		10,426,575


				29,164,329

Ground Transportation — 0.2%
Container Corp. of India Ltd.		1,607,558		13,045,710


Health Care Providers & Services — 1.1%
Apollo Hospitals Enterprise Ltd.		590,116		34,289,218
Max Healthcare Institute Ltd.^(b)		4,556,410		32,464,119


				66,753,337

Hotels, Restaurants & Leisure — 1.2%
Indian Hotels Co. Ltd. (The), Class A		4,996,763		25,381,821
Jubilant Foodworks Ltd.		2,321,241		14,343,685
Zomato Ltd.^(b)		25,150,297		29,594,437


				69,319,943

Independent Power and Renewable Electricity Producers — 1.8%
Adani Green Energy Ltd.^(b)		1,857,467		20,836,030
Adani Power Ltd.^(b)		4,522,721		17,493,604
NTPC Ltd.		25,583,617		68,064,816


				106,394,450


Security	Shares		Value

Industrial Conglomerates — 0.4%
Siemens Ltd.		521,816	$	24,706,963


Insurance — 2.1%
HDFC Life Insurance Co. Ltd.^(a)		5,671,699		44,132,920
ICICI Lombard General Insurance Co. Ltd.^(a)		1,411,180		22,375,952
ICICI Prudential Life Insurance Co. Ltd.^(a)		2,109,088		14,356,651
SBI Life Insurance Co. Ltd.^(a)		2,640,941		41,200,372


				122,065,895

Interactive Media & Services — 0.4%
Info Edge India Ltd.		416,026		21,739,478


IT Services — 12.8%
HCL Technologies Ltd.		5,555,698		78,594,495
Infosys Ltd.		19,466,380		337,335,974
Larsen & Toubro Infotech Ltd.^(a)		520,446		32,601,219
Mphasis Ltd.		442,203		12,959,249
Tata Consultancy Services Ltd.		5,363,342		217,236,177
Tech Mahindra Ltd.		3,143,268		45,575,974
Wipro Ltd.		7,650,137		37,682,904


				761,985,992

Life Sciences Tools & Services — 0.5%
Divi’s Laboratories Ltd.		700,410		30,361,958


Machinery — 0.6%
Ashok Leyland Ltd.		8,607,398		19,115,132
Cummins India Ltd.		812,625		16,763,175


				35,878,307

Metals & Mining — 2.8%
Hindalco Industries Ltd.		7,216,806		40,009,742
Jindal Steel & Power Ltd.		2,093,306		17,286,667
JSW Steel Ltd.		3,543,099		33,331,714
Tata Steel Ltd.		42,993,625		63,760,147
Vedanta Ltd.		4,358,867		12,203,200


				166,591,470

Oil, Gas & Consumable Fuels — 10.8%
Bharat Petroleum Corp. Ltd.		4,451,488		18,298,483
Coal India Ltd.		9,033,166		25,081,368
Hindustan Petroleum Corp. Ltd.		3,326,834		9,964,321
Indian Oil Corp. Ltd.		16,558,834		17,810,049
Oil & Natural Gas Corp. Ltd.		18,439,845		38,785,824
Petronet LNG Ltd.		4,397,322		11,425,752
Reliance Industries Ltd.		17,850,346		518,571,029


				639,936,826

Passenger Airlines — 0.4%
InterGlobe Aviation Ltd.^(a)(b)		791,175		23,262,576


Personal Care Products — 3.6%
Colgate-Palmolive India Ltd.		717,605		16,823,744


Security	Shares		Value

Personal Care Products (continued)
Dabur India Ltd.		3,636,363	$	24,273,384
Godrej Consumer Products Ltd.^(b)		2,398,483		29,109,525
Hindustan Unilever Ltd.		4,821,557		145,851,335


				216,057,988

Pharmaceuticals — 3.5%
Aurobindo Pharma Ltd.		1,545,936		15,485,187
Cipla Ltd.		3,076,398		46,692,590
Dr. Reddy’s Laboratories Ltd.		634,745		42,937,080
Lupin Ltd.		1,200,723		15,912,113
Sun Pharmaceutical Industries Ltd.		5,626,880		75,423,080
Torrent Pharmaceuticals Ltd.		595,301		13,250,781


				209,700,831

Real Estate Management & Development — 0.6%
DLF Ltd.		3,628,247		22,073,812
Godrej Properties Ltd.^(b)		733,550		14,570,865


				36,644,677

Software — 0.3%
Tata Elxsi Ltd.		200,925		17,571,383


Specialty Retail — 0.4%
Trent Ltd.		1,062,971		26,293,287


Textiles, Apparel & Luxury Goods — 1.6%
Page Industries Ltd.		35,968		17,435,313
Titan Co. Ltd.		2,082,070		78,017,656


				95,452,969

Tobacco — 1.6%
ITC Ltd.		17,504,109		92,918,075


Trading Companies & Distributors — 0.5%
Adani Enterprises Ltd.		1,002,591		29,269,852


Transportation Infrastructure — 0.5%
Adani Ports & Special Economic Zone Ltd.		3,096,262		29,594,627


Wireless Telecommunication Services — 2.3%
Bharti Airtel Ltd.		13,097,594		135,416,602


Total Investments — 99.4% (Cost: $5,489,997,737)				5,903,154,220

Other Assets Less Liabilities — 0.6%				37,028,148


Net Assets — 100.0%			$	5,940,182,368

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

^(b)	Non-income producing security.

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

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

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

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

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

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


Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.5%
Bharat Dynamics Ltd.		68,266	$	927,718
Data Patterns India Ltd.^(a)		29,098		833,139
Garden Reach Shipbuilders & Engineers Ltd.		42,321		417,566


				2,178,423
Air Freight & Logistics — 1.1%
Allcargo Logistics Ltd.		88,339		292,802
Blue Dart Express Ltd.		8,861		672,286
Delhivery Ltd.^(a)		489,242		2,583,351
Mahindra Logistics Ltd.^(b)		46,746		219,845
TCI Express Ltd.		14,296		242,535
Transport Corp. of India Ltd.		34,148		334,121


				4,344,940
Automobile Components — 4.4%
Apollo Tyres Ltd.		473,108		2,218,144
Asahi India Glass Ltd.		108,817		779,894
Ceat Ltd.		30,195		821,363
CIE Automotive India Ltd.		197,820		1,248,042
Endurance Technologies Ltd.^(b)		41,209		826,482
Exide Industries Ltd.		569,874		1,835,585
JBM Auto Ltd.		34,734		635,572
JK Tyre & Industries Ltd.		128,262		419,594
Minda Corp. Ltd.		105,101		415,093
Motherson Sumi Wiring India Ltd.		2,634,744		1,974,171
Sansera Engineering Ltd.^(b)		38,857		447,432
Sundaram Clayton Ltd., NVS		6,689		82,046
Sundram Fasteners Ltd.		156,532		2,405,167
Suprajit Engineering Ltd.		101,415		517,937
TVS Holdings Ltd.		7,536		471,647
UNO Minda Ltd.		256,136		1,862,036
Varroc Engineering Ltd.^(a)(b)		54,959		280,501
ZF Commercial Vehicle Control Systems India Ltd.		7,065		1,179,420


				18,420,126

Automobiles — 0.1%
Maharashtra Scooters Ltd.		4,020		346,588


Banks — 3.3%
City Union Bank Ltd.		532,117		792,466
DCB Bank Ltd.		222,231		312,867
Equitas Small Finance Bank Ltd.^(b)		811,315		886,022
Federal Bank Ltd.		2,589,380		4,498,122
Indian Bank		370,785		1,694,400
Jammu & Kashmir Bank Ltd. (The)		421,814		456,684
Karnataka Bank Ltd. (The)		224,825		599,905
Karur Vysya Bank Ltd. (The)		575,822		844,590
RBL Bank Ltd.^(b)		661,167		1,905,329
South Indian Bank Ltd. (The)		1,492,973		418,763
Tamilnad Mercantile Bank Ltd., NVS		114,534		756,285
Ujjivan Small Finance Bank Ltd.^(b)		873,742		516,603


				13,682,036

Beverages — 0.5%
Radico Khaitan Ltd.		109,536		1,668,203
Sula Vineyards Ltd., NVS		43,999		260,158


				1,928,361

Biotechnology — 0.5%
Biocon Ltd.		626,057		1,959,578


Broadline Retail — 0.3%
RattanIndia Enterprises Ltd.^(a)		460,019		342,231


Security	Shares		Value

Broadline Retail (continued)
Shoppers Stop Ltd.^(a)		56,632	$	498,418
V-Mart Retail Ltd.^(a)		14,167		381,389


				1,222,038

Building Products — 1.3%
Blue Star Ltd.		172,194		1,539,069
Cera Sanitaryware Ltd.		8,720		1,000,925
Kajaria Ceramics Ltd.		130,495		2,317,134
Prince Pipes and Fittings Ltd.		65,888		569,757


				5,426,885

Capital Markets — 3.9%
360 ONE WAM Ltd.		159,567		938,710
Anand Rathi Wealth Ltd.		24,844		428,090
Angel One Ltd.		49,952		1,127,234
BSE Ltd.		98,892		1,268,393
Central Depository Services India Ltd.		76,289		1,048,222
CRISIL Ltd.		27,226		1,305,162
Digidrive Distributors Ltd., NVS		14,346		13,343
Edelweiss Financial Services Ltd.		773,171		508,021
ICICI Securities Ltd.^(b)		120,333		907,959
ICRA Ltd.		6,471		457,301
IDFC Ltd.		1,783,924		2,621,440
Indian Energy Exchange Ltd.^(b)		650,966		991,635
JM Financial Ltd.		604,106		570,203
Kfin Technologies Ltd.^(a)		75,832		410,147
Motilal Oswal Financial Services Ltd.		55,120		612,033
Multi Commodity Exchange of India Ltd.		37,230		758,540
Nippon Life India Asset Management Ltd.^(b)		186,119		700,957
Share India Securities Ltd.		17,036		287,621
Tata Investment Corp. Ltd.		18,933		556,856
UTI Asset Management Co. Ltd.		66,216		597,946


				16,109,813

Chemicals — 11.1%
Aarti Industries Ltd.		270,041		1,603,176
Advanced Enzyme Technologies Ltd.		83,301		329,902
Akzo Nobel India Ltd.		13,231		439,109
Alkyl Amines Chemicals		22,398		675,457
Anupam Rasayan India Ltd.		32,103		389,433
Archean Chemical Industries Ltd., NVS		82,174		664,832
Atul Ltd.		21,986		1,946,781
Balaji Amines Ltd.		14,256		386,757
BASF India Ltd.		15,906		505,543
Bayer CropScience Ltd.		20,087		1,167,551
Carborundum Universal Ltd.		155,645		2,134,556
Castrol India Ltd.		589,463		1,030,311
Chambal Fertilisers and Chemicals Ltd.		248,281		824,758
Chemplast Sanmar Ltd.^(a)		106,011		665,084
Clean Science and Technology		31,659		541,697
Coromandel International Ltd.		175,234		2,308,020
Deepak Fertilisers & Petrochemicals Corp. Ltd.		103,981		761,554
Deepak Nitrite Ltd.		91,443		2,450,448
EID Parry India Ltd.		119,015		686,549
Fine Organic Industries Ltd.		11,426		661,441
Fineotex Chemical Ltd.		56,283		212,543
Finolex Industries Ltd.		369,771		1,069,265
Galaxy Surfactants Ltd.		18,488		599,280
GHCL Ltd.		96,314		722,736
Gujarat Alkalies & Chemicals Ltd.		26,482		223,007
Gujarat Fluorochemicals Ltd.		40,915		1,505,250
Gujarat Narmada Valley Fertilizers & Chemicals Ltd.		127,354		936,886


Security	Shares		Value

Chemicals (continued)
Gujarat State Fertilizers & Chemicals Ltd.		356,207	$	753,820
Himadri Speciality Chemical Ltd.		261,618		708,715
Indigo Paints Ltd.		17,725		336,122
Jubilant Ingrevia Ltd.		94,739		588,321
Kansai Nerolac Paints Ltd.		301,094		1,209,360
Laxmi Organic Industries Ltd.		98,610		354,064
Linde India Ltd.		31,716		2,399,785
Meghmani Finechem Ltd.		18,239		221,434
Navin Fluorine International Ltd.		47,997		2,668,553
Neogen Chemicals Ltd.		14,720		303,590
NOCIL Ltd.		150,767		408,480
Paradeep Phosphates Ltd., NVS^(a)(b)		472,847		401,672
PCBL Ltd.		247,588		521,160
Polyplex Corporation Ltd.		22,971		337,311
Privi Specility Chemical Ltd.		11,800		164,215
Rain Industries Ltd.		276,461		541,928
Rallis India Ltd.		117,000		332,542
Rashtriya Chemicals & Fertilizers Ltd.		200,844		294,674
Rossari Biotech Ltd.		28,017		292,741
Sharda Cropchem Ltd.		39,229		213,665
Solar Industries India Ltd.		40,445		2,362,285
Sumitomo Chemical India Ltd.		148,864		791,668
Supreme Petrochem Ltd., NVS		96,903		577,951
Tata Chemicals Ltd.		227,732		2,917,392
Tatva Chintan Pharma Chem Ltd.		7,855		163,382
Vinati Organics Ltd.		38,283		857,535


				46,164,291

Commercial Services & Supplies — 0.4%
CMS Info Systems Ltd.		115,018		501,400
ION Exchange India Ltd., NVS		109,257		747,692
SIS Ltd.^(a)		65,135		373,197


				1,622,289

Communications Equipment — 0.3%
Sterlite Technologies Ltd.		238,303		493,254
Tejas Networks Ltd.^(a)(b)		88,423		929,272


				1,422,526

Construction & Engineering — 3.5%
Engineers India Ltd.		376,816		701,862
G R Infraprojects Ltd.^(a)		28,469		435,827
HG Infra Engineering Ltd.		24,329		273,397
IRB Infrastructure Developers Ltd., NVS		1,799,460		614,616
IRCON International Ltd.^(b)		351,515		483,707
Kalpataru Projects International Ltd.		142,488		1,135,794
KEC International Ltd.		191,514		1,552,821
KNR Constructions Ltd.		209,501		696,974
NBCC India Ltd.		944,834		586,528
NCC Ltd./India		558,836		1,143,874
Patel Engineering Ltd.^(a)		403,405		278,727
PNC Infratech Ltd.		172,443		691,098
Power Mech Projects Ltd.		7,506		382,712
Praj Industries Ltd.		177,667		1,056,493
Rail Vikas Nigam Ltd.		468,061		739,950
Sterling and Wilson Renewable Energy Ltd.^(a)		84,785		386,998
Techno Electric & Engineering Co. Ltd.		62,861		405,614
Voltas Ltd.		295,784		3,106,287


				14,673,279

Construction Materials — 3.1%
ACC Ltd.		97,922		2,372,460
Birla Corp. Ltd.		40,428		560,879


Security	Shares		Value

Construction Materials (continued)
Dalmia Bharat Ltd.		111,662	$	2,810,153
HeidelbergCement India Ltd.		91,129		205,815
India Cements Ltd. (The)		182,384		520,172
JK Cement Ltd.		51,804		2,061,484
JK Lakshmi Cement Ltd.		96,422		784,545
Nuvoco Vistas Corp. Ltd.^(a)		159,634		650,248
Prism Johnson Ltd.^(a)		184,822		289,158
Ramco Cements Ltd. (The)		158,420		1,659,296
Rhi Magnesita India Ltd.		91,356		795,262


				12,709,472

Consumer Finance — 2.6%
Cholamandalam Financial Holdings Ltd.		139,882		1,662,480
CreditAccess Grameen Ltd.^(a)		82,945		1,417,768
Five-Star Business Finance Ltd., NVS		107,605		995,187
Fusion Micro Finance Ltd., NVS		44,952		342,014
Mahindra & Mahindra Financial Services Ltd.		735,159		2,640,032
Manappuram Finance Ltd.		819,660		1,529,413
MAS Financial Services Ltd.^(b)		23,498		231,650
Paisalo Digital Ltd.		13,360		9,699
Poonawalla Fincorp Ltd.		343,327		1,726,846
Spandana Sphoorty Financial Ltd.^(a)		36,985		369,648


				10,924,737

Consumer Staples Distribution & Retail — 0.2%
Medplus Health Services Ltd.^(a)		71,091		696,773


Containers & Packaging — 0.1%
EPL Ltd.		189,636		449,691


Diversified Consumer Services — 0.1%
NIIT Learning Systems Ltd., NVS		107,638		496,218


Diversified Telecommunication Services — 0.5%
HFCL Ltd.		1,026,338		943,568
Railtel Corp. of India Ltd.		138,323		349,539
Tata Teleservices Maharashtra Ltd.^(a)		728,145		771,272


				2,064,379

Electric Utilities — 0.8%
CESC Ltd.		888,715		892,801
Reliance Infrastructure Ltd.^(a)		314,472		708,925
Torrent Power Ltd.		214,816		1,703,986


				3,305,712

Electrical Equipment — 4.4%
Amara Raja Batteries Ltd.		127,244		965,410
Bharat Heavy Electricals Ltd.		1,556,342		2,276,926
Elecon Engineering Co. Ltd.		58,778		626,232
Finolex Cables Ltd.		102,537		1,361,406
GE T&D India Ltd.^(a)		95,368		380,959
Graphite India Ltd.		100,487		574,556
HBL Power Systems Ltd.		165,193		535,071
HEG Ltd.		23,001		486,257
Hitachi Energy India Ltd.		15,790		838,991
KEI Industries Ltd.		87,290		2,852,464
Olectra Greentech Ltd.		61,073		920,601
Schneider Electric Infrastructure Ltd.^(a)		71,247		306,379
Suzlon Energy Ltd.^(a)		11,089,839		3,286,637
TD Power Systems Ltd.		93,069		297,915
Triveni Turbine Ltd.		213,117		1,007,197
V-Guard Industries Ltd.		258,360		980,906
Voltamp Transformers Ltd.		7,537		523,831


				18,221,738


Security	Shares		Value

Electronic Equipment, Instruments & Components — 0.9%
Avalon Technologies Ltd., NVS^(b)		34,047	$	206,681
Genus Power Infrastructures Ltd.		92,203		288,015
Kaynes Technology India Ltd., NVS		25,987		631,778
Redington Ltd.		873,455		1,652,192
Syrma SGS Technology Ltd.^(a)		78,749		513,176
Zen Technologies Ltd.		42,829		434,828


				3,726,670

Entertainment — 0.8%
Nazara Technologies Ltd.^(a)		54,225		508,380
PVR Inox Ltd.^(a)		102,181		2,209,470
Saregama India Ltd.		99,667		477,143


				3,194,993

Financial Services — 3.6%
Aavas Financiers Ltd.^(a)		72,385		1,426,726
Aptus Value Housing Finance India Ltd.		260,042		844,162
Can Fin Homes Ltd.		119,029		1,079,671
Home First Finance Company India Ltd.^(b)		52,577		529,541
IIFL Finance Ltd.		282,198		2,065,502
Indiabulls Housing Finance Ltd.^(a)		467,844		1,119,695
Infibeam Avenues Ltd.^(a)		1,360,880		239,807
L&T Finance Holdings Ltd.		1,108,447		1,670,169
LIC Housing Finance Ltd.		450,736		2,303,345
Nuvama Wealth Management Ltd., NVS		6,386		215,412
Piramal Enterprises Ltd.		176,919		2,248,241
PNB Housing Finance Ltd.^(a)(b)		151,211		1,187,053


				14,929,324

Food Products — 1.6%
Avanti Feeds Ltd.		81,369		426,710
Balrampur Chini Mills Ltd.		180,348		849,073
Bikaji Foods International Ltd.		92,776		558,317
Bombay Burmah Trading Co.		25,779		310,644
CCL Products India Ltd.		109,007		797,419
Gujarat Ambuja Exports Ltd.		102,434		324,887
Hindustan Foods Ltd.^(a)		41,896		277,625
Kaveri Seed Co. Ltd.		29,161		192,462
KRBL Ltd.		70,382		342,215
LT Foods Ltd.		195,759		390,922
Mrs Bectors Food Specialities Ltd.		42,164		546,644
Shree Renuka Sugars Ltd.^(a)		932,617		524,364
Tata Coffee Ltd.		111,159		329,865
Triveni Engineering & Industries Ltd.		114,145		432,813
Zydus Wellness Ltd.		23,232		460,828


				6,764,788

Gas Utilities — 0.9%
Gujarat Gas Ltd.		256,402		1,391,767
Gujarat State Petronet Ltd.		420,300		1,401,445
Mahanagar Gas Ltd.		73,583		909,436


				3,702,648

Ground Transportation — 0.1%
VRL Logistics Ltd.		51,086		414,825


Health Care Equipment & Supplies — 0.2%
Poly Medicure Ltd.		42,883		758,037


Health Care Providers & Services — 2.7%
Aster DM Healthcare Ltd.^(a)(b)		223,262		893,729
Dr Lal PathLabs Ltd.^(b)		55,680		1,462,403
Fortis Healthcare Ltd.		674,872		2,704,256
Global Health Ltd., NVS^(a)		119,624		1,026,173
Krishna Institute Of Medical Sciences Ltd.^(a)(b)		71,538		1,724,822


Security	Shares		Value

Health Care Providers & Services (continued)
Metropolis Healthcare Ltd.^(b)		38,183	$	618,195
Narayana Hrudayalaya Ltd.		105,891		1,329,939
Rainbow Children’s Medicare Ltd.		75,612		969,161
Vijaya Diagnostic Centre Pvt Ltd.		68,463		430,417


				11,159,095

Hotels, Restaurants & Leisure — 1.7%
Barbeque Nation Hospitality Ltd.^(a)		30,296		255,993
Chalet Hotel Ltd.^(a)		92,029		612,259
Delta Corp. Ltd.		93,920		205,184
Devyani International Ltd.^(a)		449,008		1,060,151
Easy Trip Planners Ltd., NVS^(a)		515,795		258,564
EIH Ltd.		280,086		841,355
Lemon Tree Hotels Ltd.^(a)(b)		648,664		854,991
Mahindra Holidays & Resorts India Ltd.^(a)		89,262		430,514
Restaurant Brands Asia Ltd.^(a)		400,820		614,103
Sapphire Foods India Ltd.^(a)		47,581		818,589
Westlife Development Ltd.		92,924		1,053,145


				7,004,848

Household Durables — 2.8%
Amber Enterprises India Ltd.^(a)		25,100		878,677
Bajaj Electricals Ltd.		68,595		961,594
Borosil Ltd.^(a)		41,620		219,133
Crompton Greaves Consumer Electricals Ltd.		953,036		3,452,296
Dixon Technologies India Ltd.		44,368		2,679,617
LA Opala RG Ltd.		57,420		303,736
Orient Electric Ltd.		190,732		550,229
Sheela Foam Ltd.^(a)		43,608		590,192
Symphony Ltd.		26,141		278,884
TTK Prestige Ltd.		60,989		577,440
Whirlpool of India Ltd.		47,256		932,358


				11,424,156

Household Products — 0.2%
Jyothy Labs Ltd.		191,482		805,719


Independent Power and Renewable Electricity Producers — 0.3%
Jaiprakash Power Ventures Ltd.^(a)		5,150,280		496,909
Reliance Power Ltd.^(a)		3,895,470		900,652


				1,397,561

Industrial Conglomerates — 1.0%
3M India Ltd.		4,196		1,578,612
Apar Industries Ltd.		22,806		1,378,570
Godrej Industries Ltd.^(a)		100,607		652,976
Nava Ltd.		108,090		554,902


				4,165,060

Insurance — 2.1%
Max Financial Services Ltd.^(a)		359,922		4,056,725
PB Fintech Ltd.^(a)		301,776		2,820,709
Religare Enterprises Ltd.^(a)		144,775		410,717
Star Health & Allied Insurance Co. Ltd.^(a)		173,415		1,332,145


				8,620,296

Interactive Media & Services — 0.2%
Brightcom Group Ltd.		1,954,761		401,406
Just Dial Ltd.^(a)		31,670		291,647


				693,053

IT Services — 3.3%
Coforge Ltd.		63,718		4,202,905
Happiest Minds Technologies Ltd.		99,327		1,112,551
Hinduja Global Solutions Ltd.		20,255		246,326
Mastek Ltd.		24,944		714,865


Security	Shares		Value

IT Services (continued)
Persistent Systems Ltd.		74,495	$	4,826,504
Sonata Software Ltd.		125,339		1,582,081
Zensar Technologies Ltd.		167,924		1,067,830


				13,753,062

Life Sciences Tools & Services — 0.6%
Syngene International Ltd.^(b)		269,328		2,516,190
Tarsons Products Ltd.^(a)		22,741		140,819


				2,657,009

Machinery — 6.3%
Action Construction Equipment Ltd.		53,286		491,967
AIA Engineering Ltd.		63,236		2,820,871
BEML Ltd., (Acquired 09/19/22, Cost: $565,905)^(c)		27,874		830,054
Cochin Shipyard Ltd.^(b)		58,793		643,089
Craftsman Automation Ltd.		12,591		747,532
Elgi Equipments Ltd.		282,899		1,675,144
ESAB India Ltd.		6,789		443,938
Escorts Kubota Ltd.		49,143		1,874,097
GMM Pfaudler Ltd.		40,121		763,951
Greaves Cotton Ltd.		155,542		282,595
Grindwell Norton Ltd.		65,983		1,813,197
Ingersoll Rand India Ltd.		11,803		459,031
ISGEC Heavy Engineering Ltd.		42,717		358,475
Jamna Auto Industries Ltd.		297,103		428,136
Jupiter Wagons Ltd., NVS		22,008		91,277
Kennametal India Ltd.		8,070		275,145
Kirloskar Brothers Ltd.		41,455		425,435
Kirloskar Oil Engines Ltd.		129,476		756,354
Kirloskar Pneumatic Co. Ltd., NVS		57,796		449,459
KSB Ltd.		17,875		602,607
Lakshmi Machine Works Ltd.		5,571		1,031,151
MTAR Technologies Ltd.^(a)		28,937		859,165
Rolex Rings Ltd.^(a)		18,025		474,735
SKF India Ltd.		36,828		2,317,441
Tega Industries Ltd., NVS		24,715		297,167
Thermax Ltd.		62,134		2,107,333
Timken India Ltd.		44,673		1,753,698
Titagarh Rail System Ltd.^(a)		67,379		661,978
Vesuvius India Ltd.		12,095		501,069


				26,236,091

Marine Transportation — 0.1%
Shipping Corp. of India Ltd.		206,804		325,323
Shipping Corp. of India Ltd.		158,258		53,813


				379,136

Media — 1.6%
Affle India Ltd.^(a)		79,365		1,032,126
Network18 Media & Investments Ltd.^(a)		233,143		192,284
Sun TV Network Ltd.		117,427		874,702
TV18 Broadcast Ltd.^(a)		642,783		372,948
Zee Entertainment Enterprises Ltd.		1,287,941		4,073,504


				6,545,564

Metals & Mining — 4.4%
APL Apollo Tubes Ltd.		246,307		4,983,242
Godawari Power and Ispat Ltd.		70,889		529,882
Gravita India Ltd.^(a)		30,240		285,666
Hindustan Copper Ltd.		360,184		688,367
Jindal Saw Ltd.		166,600		704,164
Jindal Stainless Ltd.		550,066		3,017,813
Kirloskar Ferrous Industries Ltd.		70,421		402,231
Maharashtra Seamless Ltd.		50,045		324,850


Security	Shares		Value

Metals & Mining (continued)
Mishra Dhatu Nigam Ltd.^(b)		69,628	$	345,296
National Aluminium Co. Ltd.		1,231,351		1,397,664
Nmdc Steel Limited, NVS^(a)		1,091,657		742,583
PTC Industries Ltd., NVS		4,654		337,187
Rajratan Global Wire Ltd.		22,249		199,860
Ramkrishna Forgings Ltd.		94,745		815,712
Ratnamani Metals & Tubes Ltd.		41,771		1,332,509
Sarda Energy & Minerals Ltd., NVS		144,251		385,679
Shivalik Bimetal Controls Ltd., NVS		30,037		213,251
Usha Martin Ltd.		204,311		875,150
Welspun Corp. Ltd.		117,410		463,828


				18,044,934

Office REITs — 1.2%
Brookfield India Real Estate Trust^(b)		285,868		856,016
Embassy Office Parks REIT		776,729		2,863,613
Mindspace Business Parks REIT^(b)		309,231		1,151,965


				4,871,594

Oil, Gas & Consumable Fuels — 1.0%
Aegis Logistics Ltd.		209,177		934,212
Chennai Petroleum Corp. Ltd.		66,557		337,382
Great Eastern Shipping Co. Ltd. (The)		148,893		1,374,288
Gujarat Mineral Development Corp. Ltd.		114,744		344,440
Oil India Ltd.		403,905		1,331,816


				4,322,138

Paper & Forest Products — 0.6%
Century Plyboards India Ltd.		82,752		684,168
Century Textiles & Industries Ltd.		66,565		826,194
Greenpanel Industries Ltd.		91,381		417,055
JK Paper Ltd.		101,177		445,354
West Coast Paper Mills Ltd.		44,236		313,327


				2,686,098

Personal Care Products — 0.4%
Emami Ltd.		292,647		1,853,370


Pharmaceuticals — 5.9%
Aarti Drugs Ltd.		51,814		357,539
Aarti Pharmalabs Ltd., NVS^(a)		67,341		320,940
Aether Industries Ltd., NVS		39,488		489,461
Ajanta Pharma Ltd.		65,364		1,364,342
Alembic Pharmaceuticals Ltd.		73,256		686,876
AMI Organics Ltd.		19,000		301,928
AstraZeneca Pharma India Ltd.		7,279		374,500
Caplin Point Laboratories Ltd.		30,904		394,875
Eris Lifesciences Ltd.^(b)		60,789		594,774
FDC Ltd./India^(a)		73,552		338,115
Gland Pharma Ltd.^(a)(b)		43,888		923,728
GlaxoSmithKline Pharmaceuticals Ltd.		50,496		871,616
Glenmark Life Sciences Ltd.		36,510		280,331
Glenmark Pharmaceuticals Ltd.		210,196		1,945,913
Granules India Ltd.		199,349		716,008
Hikal Ltd.		63,012		225,171
Indoco Remedies Ltd.		56,116		215,309
Ipca Laboratories Ltd.		207,892		2,193,642
JB Chemicals & Pharmaceuticals Ltd.		51,903		1,735,716
Jubilant Pharmova Ltd., Class A		106,648		603,767
Laurus Labs Ltd.^(b)		521,637		2,513,920
Marksans Pharma Ltd.		299,850		409,283
Natco Pharma Ltd.		118,828		1,310,397
Neuland Laboratories Ltd.		11,469		537,449


Security	Shares		Value

Pharmaceuticals (continued)
Piramal Pharma Ltd., NVS^(a)		788,453	$	976,206
Procter & Gamble Health Ltd.		11,138		655,879
Sanofi India Ltd.		12,009		1,030,041
Strides Pharma Science Ltd.		94,209		503,918
Sun Pharma Advanced Research Co. Ltd.^(a)		94,192		291,988
Suven Pharmaceuticals Ltd.		151,707		938,742
Wockhardt Ltd.^(a)		85,869		246,354


				24,348,728

Professional Services — 1.3%
BLS International Services Ltd.		153,017		531,306
Computer Age Management Services Ltd.		47,465		1,360,809
eClerx Services Ltd.		32,228		631,902
Firstsource Solutions Ltd.		465,880		917,844
Latent View Analytics Ltd.^(a)		74,346		382,207
Quess Corp. Ltd.^(b)		88,865		457,907
RITES Ltd.		71,899		434,699
TeamLease Services Ltd.^(a)		17,493		511,249


				5,227,923

Real Estate Management & Development — 2.7%
Anant Raj Ltd.		120,715		320,065
Brigade Enterprises Ltd.		171,925		1,230,390
Indiabulls Real Estate Ltd.^(a)		726,321		700,536
Mahindra Lifespace Developers Ltd.		115,412		790,327
NESCO Ltd.		30,497		266,117
Oberoi Realty Ltd.		189,602		2,563,877
Phoenix Mills Ltd. (The)		146,378		3,180,363
Prestige Estates Projects Ltd.		204,834		1,592,928
Sobha Ltd.		42,392		312,142
Sunteck Realty Ltd.		65,644		286,328


				11,243,073

Retail REITs — 0.2%
Nexus Select Trust, NVS		677,144		1,014,576


Semiconductors & Semiconductor Equipment — 0.1%
Borosil Renewables Ltd.^(a)		66,610		352,360


Software — 3.2%
Birlasoft Ltd.		245,970		1,511,947
CE Info Systems Ltd.		19,470		410,865
Cyient Ltd.		123,272		2,436,321
Intellect Design Arena Ltd.		121,695		1,079,415
KPIT Technologies Ltd.		244,843		3,473,457
Newgen Software Technologies Ltd.		41,533		430,926
Oracle Financial Services Software Ltd.		32,215		1,597,880
Rategain Travel Technologies Ltd.^(a)		63,581		461,751
Route Mobile Ltd.		41,195		780,826
Tanla Platforms Ltd.		98,117		1,155,660


				13,339,048

Specialty Retail — 0.5%
Aditya Birla Fashion and Retail Ltd.^(a)		494,772		1,311,218
Arvind Fashions Ltd.^(a)		69,445		269,789
Go Fashion India Ltd.^(a)		39,494		641,382


				2,222,389

Textiles, Apparel & Luxury Goods — 3.0%
Alok Industries Ltd.^(a)		1,841,805		441,054


Security	Shares		Value


Textiles, Apparel & Luxury Goods (continued)
Bata India Ltd.		86,170	$	1,756,276
Campus Activewear Ltd.^(a)		88,901		323,927
Garware Technical Fibres Ltd.		13,697		528,278
Indo Count Industries Ltd.		102,364		303,043
Kalyan Jewellers India Ltd.		298,182		906,941
KPR Mill Ltd.		127,314		1,164,404
LUX Industries Ltd.^(a)		10,906		193,963
Rajesh Exports Ltd.		87,980		530,145
Raymond Ltd.		49,567		1,196,233
Relaxo Footwears Ltd.		111,266		1,269,155
Safari Industries India Ltd.		14,132		628,821
Trident Ltd.		1,898,073		837,101
Vaibhav Global Ltd.		74,127		395,539
Vardhman Textiles Ltd.^(a)		151,352		718,359
VIP Industries Ltd.		95,019		763,343
Welspun India Ltd.		289,573		436,502


				12,393,084

Tobacco — 0.2%
Godfrey Phillips India Ltd.		18,292		475,001
VST Industries Ltd.		5,412		238,927


				713,928

Trading Companies & Distributors — 0.4%
Hindware Home Innovation Ltd.^(a)		44,744		316,665
IndiaMART Intermesh Ltd.^(b)		41,050		1,516,985


				1,833,650

Transportation Infrastructure — 0.8%
Dreamfolks Services Ltd., NVS		27,651		168,405
GMR Airports Infrastructure Ltd.^(a)		3,147,463		2,345,905
Gujarat Pipavav Port Ltd.		396,143		621,322


				3,135,632

Wireless Telecommunication Services — 0.4%
Vodafone Idea Ltd.^(a)		14,505,244		1,584,550


Total Common Stocks — 100.3% (Cost: $362,115,324)				415,888,903


Preferred Stocks

Automobile Components — 0.0%
Sundaram-Clayton DCD Ltd., Preference Shares		7,035		765


Total Preferred Stocks — 0.0% (Cost: $410)				765


Total Investments — 100.3% (Cost: $362,115,734)				415,889,668

Liabilities in Excess of Other Assets — (0.3)%			(1,324,945)


Net Assets — 100.0%			$ 414,564,723

^(a)	Non-income producing security.

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

^(c)	Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $830,054, representing 0.2% of its net assets as of period end, and an original cost of $565,905.

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

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

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

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

Basis of Consolidation: The accompanying consolidated financial statements for MSCI India Small-Cap includes the accounts of its subsidiary in the Republic of Mauritius, which is a wholly-owned subsidiary (the “Subsidiary”) of the Fund that invests in Indian securities. Through this investment structure, the Fund expects to obtain certain benefits under a current tax treaty between Mauritius and India.

Effective October 28, 2022, MSCI India Small-Cap finalized the transfer of all the assets of MSCI India Small-Cap’s wholly owned Mauritius Subsidiary to MSCI India Small-Cap through on-exchange transactions in India. MSCI India Small-Cap recognized a net realized gain of $86,211,257 as a result of this transaction. After the transfer, MSCI India Small-Cap began making new investments in India directly. On June 13, 2023, MSCI India Small-Cap filed to liquidate its Subsidiary with the Mauritius Financial Services Commission.

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

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

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

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

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

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

MSCI India Small-Cap has conducted investment activities in India through its Subsidiary and, where applicable, expects to obtain benefits under the Double Tax Avoidance Agreement (“DTAA”) between India and Mauritius. In order to be eligible to claim benefits under the DTAA, MSCI India Small-Cap must have commercial

substance, on an annual basis, to satisfy certain tests and conditions, including the establishment and maintenance of valid tax residence in Mauritius, have the place of effective management outside of India, and related requirements. MSCI India Small-Cap has obtained a current tax residence certificate issued by the Mauritian Revenue Authorities.

Based upon current interpretation and practice of the current tax laws in India and Mauritius and the DTAA, the Subsidiary is subject to tax in Mauritius on its net income at the rate of 15%. However, the Subsidiary is entitled to a tax credit equivalent to the higher of the actual foreign tax incurred or 80% of the Mauritius tax on its foreign source income, thus reducing its maximum effective tax rate to 3% up to June 30, 2021. After June 30, 2021, under the new tax regime and subject to meeting the necessary substance requirements as required under the Financial Services Act 2007 (as amended by the Finance Act 2018) and such guidelines issued by the Financial Services Commission (the “FSC”), the Subsidiary is entitled to either (a) a foreign tax credit equivalent to the actual foreign tax suffered on its foreign income against the Subsidiary’s tax liability computed at 15% on such income, or (b) a partial exemption of 80% of some of the income derived, including interest income or foreign source dividends. Taxes on income, if any, are paid by the Subsidiary and are disclosed in its Consolidated Statements of Operations. Any dividends paid by a Subsidiary to its Fund are not subject to tax in Mauritius. The Subsidiary is currently exempt from tax in Mauritius on any gains from the sale of securities.

The DTAA provides that capital gains will be taxable in India with respect to the sale of shares acquired on or after April 1, 2017. Capital gains arising from shares acquired before April 1, 2017, regardless of when they are sold, will continue to be exempt from taxation under the amended DTAA, assuming requirements for eligibility under the DTAA are satisfied. There can be no assurance, however, that the DTAA will remain in effect during the Subsidiary’s existence or that it will continue to enjoy its benefits on the shares acquired prior to April 1, 2017.

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

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

The portion of distributions that exceeds each Fund’s current and accumulated earning and profits will constitute a non-taxable return of capital. Distributions in excess of each Fund’s minimum distribution requirements, but not in excess of the Fund’s earnings and profits, will be taxable to the Fund’s shareholders and will not constitute non-taxable returns of capital. Return of capital distributions will reduce a shareholder’s cost basis and will result in higher capital gains or lower capital losses when each Fund’s shares on which distributions were received are sold. Once a shareholder’s cost basis is reduced to zero, further distributions will be treated as capital gains.

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

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value.

When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Consolidated Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

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

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

For its investment advisory services to the iShares MSCI India Small-Cap ETF, BFAis entitled to an annual investment advisory fee of 0.74%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

Each Subsidiary has entered into a separate contract with BFA under which BFA provides investment advisory services to the Subsidiary but does not receive separate compensation from the Subsidiary for providing it with such services. Each Subsidiary has also entered into separate arrangements that provide for the provision of other services to the Subsidiary (including administrative, custody, transfer agency and other services), and BFA pays the costs and expenses related to the provision of those services.

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

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

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

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

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

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

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

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of August 31, 2023, permanent differences attributable to net operating loss were reclassified to the following accounts:

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

For the year ended August 31, 2023, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:

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

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

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

Effective April 21, 2022, the Funds, along with certain other iShares funds (“Mauritius Participating Funds”), were parties to a $1.50 billion unsecured and uncommitted line of credit (“Uncommitted Liquidity Facility”) with State Street Bank and Trust Company, which was used solely to facilitate trading associated with the closure of each Fund’s Mauritius subsidiary. The Uncommitted Liquidity Facility had interest at a rate equal to the higher of (a) the U.S. Federal Funds rate (not less than zero) plus 1.25% per annum or (b) the Overnight Bank Funding rate (not less than zero) plus 1.25% per annum on amounts borrowed. The Uncommitted Liquidity Facility was terminated on December 7, 2022.

During the year ended August 31, 2023, iShares MSCI India ETF did not borrow under the Uncommitted Liquidity Facility.

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events

such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

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

Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

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

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The Alternative Investment Fund Managers Directive, and its United Kingdom (“UK”) equivalent, ( “AIFMD”) impose detailed and prescriptive obligations on fund managers established in the European Union (the “EU”) and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the “Company”). Rather, the Company is only required to comply with certain disclosure, reporting and transparency obligations of AIFMD because it has registered the iShares MSCI India ETF (the “Fund”) to be marketed to investors in the EU and/or UK.

The Company is required under AIFMD to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Fund.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Fund is included in the aggregate figures disclosed.

BlackRock has a clear and well-defined pay-for-performance philosophy, and compensation programs which support that philosophy.

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management and staff who have the ability to materially affect the risk profile of the Fund, a significant percentage of variable remuneration is deferred over time. All employees are subject to a clawback policy.

Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock’s full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock’s independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.

Each of the control functions (Enterprise Risk, Legal & Compliance, and Internal Audit) each have their own organizational structures which are independent of the business units and therefore staff members in control functions are remunerated independently of the businesses they oversee. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock’s independent remuneration committee.

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Conversely, members of staff and senior management of the broader BlackRock group may provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the broader BlackRock group and of the Company. Therefore, the figures disclosed are a sum of individuals’ portion of remuneration attributable to the Company according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company and the broader BlackRock group. Accordingly, the figures are not representative of any individual’s actual remuneration or their remuneration structure.

The amount of the total remuneration awarded to the Company’s staff in respect of the Company’s financial year ending December 31, 2022 was USD 4.12 million. This figure is comprised of fixed remuneration of USD 685 thousand and variable remuneration of USD 3.44 million. There was a total of 8 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company in respect of the Company’s financial year ending December 31, 2022, to its senior management was USD 2.96 million, and to other members of its staff whose actions potentially have a material impact on the risk profile of the Company or its funds was USD 970 thousand. These figures relate to the entire Company and not to the Fund.

The iShares MSCI India ETF (the “Fund”) is registered under the Alternative Investment Fund Managers Directive to be marketed to European Union (“EU”) investors, as noted above. As a result, certain disclosures are required under the EU Sustainable Finance Disclosure Regulation (“SFDR”).

The Fund has not been categorized under the SFDR as an “Article 8” or “Article 9” product. In addition, the Fund’s investment strategy does not take into account the criteria for environmentally sustainable economic activities under the EU sustainable investment taxonomy regulation or principal adverse impacts (“PAIs”) on sustainability factors under the SFDR. PAIs are identified under the SFDR as the material impacts of investment decisions on sustainability factors relating to environmental, social and employee matters, respect for human rights, and anti-corruption and anti-bribery matters.

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

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

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.


	Average Annual Total Returns									Cumulative Total Returns

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

Fund NAV		1.44	%		6.00	%		9.31	%		1.44	%		33.80	%		143.61	%
Fund Market		2.40			6.11			9.45			2.40			34.52			146.77
Index		1.33			7.41			10.54			1.33			42.94			172.40


Actual					Hypothetical 5% Return


	Beginning Account Value (03/01/23)	Ending Account Value (08/31/23)	Expenses Paid During the Period	^(a)		Beginning Account Value (03/01/23)	Ending Account Value (08/31/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,128.40	$ 3.43			$ 1,000.00	$ 1,022.00	$ 3.26		0.64	%


	Average Annual Total Returns									Cumulative Total Returns

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

Fund NAV		15.75	%^(a)		8.35	%		16.35	%		15.75	%^(a)		49.36	%		354.55	%
Fund Market		17.35			8.57			16.52			17.35			50.84			361.48
Index		20.23			10.83			18.02			20.23			67.20			424.41


Actual						Hypothetical 5% Return


	Beginning Account Value (03/01/23)	Ending Account Value (08/31/23	)	Expenses Paid During the Period	^(a)		Beginning Account Value (03/01/23)	Ending Account Value (08/31/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,253.80		$ 4.26			$ 1,000.00	$ 1,021.40	$ 3.82		0.75	%



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


BlackRock Cash Funds: Treasury, SL Agency Shares^(a)	$	39,580,000	$	—	$(39,580,000)^(b)	$	—	$	—	$	—	—	$	1,883,471	$	11


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


	Page

The Markets in Review		2

Annual Report:

Market Overview		4

Fund Summary		5

About Fund Performance		9

Disclosure of Expenses		9

Schedules of Investments		10

Financial Statements
Statements of Assets and Liabilities		20
Statements of Operations		21
Statements of Changes in Net Assets		22

Financial Highlights		23

Notes to Financial Statements		25

Report of Independent Registered Public Accounting Firm		32

Important Tax Information		33

Board Review and Approval of Investment Advisory Contract		34

Supplemental Information		38

Trustee and Officer Information		40

General Information		43

Glossary of Terms Used in this Report		44


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


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


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


Fund Summary as of August 31, 2023		iShares^® MSCI India Small-Cap ETF


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




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


Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	32,631	$	—	$	—	$	—	$	32,631



Futures contracts:
Average notional value of contracts — long	$	14,997,494




	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	85,751,967	$	5,817,402,253	$	—	$	5,903,154,220

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	32,631	$	—	$	—	$	32,631




Futures contracts:
Average notional value of contracts — long	$	730,862


	iShares MSCI India ETF				iShares MSCI India Small-Cap ETF


ASSETS
Investments, at value — unaffiliated^(a)		$	5,903,154,220	$	415,889,668
Cash			82,873,006		9,488,843
Cash pledged for futures contracts			1,269,000		3,000
Foreign currency, at value^(b)			143		196,770
Receivables:
Investments sold			151,461,504		34,713,356
Capital shares sold			—		1,178
Dividends — unaffiliated			6,986,099		289,486
Dividends — affiliated			354,253		30,612


Total assets			6,146,098,225		460,612,913


LIABILITIES
Payables:
Investments purchased			146,417,866		34,461,204
Deferred foreign capital gain tax			56,246,386		11,347,852
Investment advisory fees			3,247,178		238,945
Variation margin on futures contracts			4,427		189


Total liabilities			205,915,857		46,048,190


Commitments and contingent liabilities

NET ASSETS		$	5,940,182,368	$	414,564,723


NET ASSETS CONSIST OF
Paid-in capital		$	4,618,300,078	$	339,493,730
Accumulated earnings			1,321,882,290		75,070,993


NET ASSETS		$	5,940,182,368	$	414,564,723


NET ASSET VALUE
Shares outstanding			135,700,000		6,600,000


Net asset value		$	43.77	$	62.81


Shares authorized			Unlimited		Unlimited


Par value			None		None


^(a) Investments, at cost — unaffiliated		$	5,489,997,737	$	362,115,734
^(b) Foreign currency, at cost		$	143	$	196,871


	iShares MSCI India ETF			iShares MSCI India Small-Cap ETF (Consolidated)


INVESTMENT INCOME
Dividends — unaffiliated	$	69,834,968		$	3,644,517
Dividends — affiliated		1,883,471			175,650
Foreign taxes withheld		(16,585,998	)		(658,459	)


Total investment income		55,132,441			3,161,708


EXPENSES
Investment advisory		30,728,324			2,169,724
Commitment costs		49,961			3,532
Interest expense		—			163,859


Total expenses		30,778,285			2,337,115


Net investment income		24,354,156			824,593


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated^(a)		(167,123,519	)		83,765,304
Capital gain distributions from underlying funds — affiliated		11			2
Foreign currency transactions		(3,949,363	)		(1,979,992	)
Futures contracts		270,637			(5,552	)


		(170,802,234	)		81,779,762

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated^(b)		210,571,993			(42,327,873	)
Foreign currency translations		66,933			(2,169	)
Futures contracts		485,602			38,002


		211,124,528			(42,292,040	)


Net realized and unrealized gain		40,322,294			39,487,722


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	64,676,450		$	40,312,315


^(a) Net of foreign capital gain tax and capital gain tax refund, if applicable of	$	(4,814,313	)	$	(5,245,287	)
^(b) Net of increase in deferred foreign capital gain tax of	$	(26,247,680	)	$	(6,608,235	)


	iShares MSCI India ETF						iShares MSCI India Small-Cap ETF (Consolidated)


		Year Ended 08/31/23			Year Ended 08/31/22	^(a)		Year Ended 08/31/23			Year Ended 08/31/22


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	24,354,156		$	25,600,458		$	824,593		$	275,777
Net realized gain (loss)		(170,802,234	)		2,081,503,169			81,779,762			29,257,151
Net change in unrealized appreciation (depreciation)		211,124,528			(2,523,600,088	)		(42,292,040	)		(53,555,310	)


Net increase (decrease) in net assets resulting from operations		64,676,450			(416,496,461	)		40,312,315			(24,022,382	)


DISTRIBUTIONS TO SHAREHOLDERS^(b)
From net investment income and net realized gain		—			(374,889,807	)		(224,971	)		(5,222,073	)
Return of capital		(9,188,147	)		—			—			—


Decrease in net assets resulting from distributions to shareholders		(9,188,147	)		(374,889,807	)		(224,971	)		(5,222,073	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		1,699,075,760			(1,373,587,175	)		69,677,478			4,578,598


NET ASSETS
Total increase (decrease) in net assets		1,754,564,063			(2,164,973,443	)		109,764,822			(24,665,857	)
Beginning of year		4,185,618,305			6,350,591,748			304,799,901			329,465,758


End of year	$	5,940,182,368		$	4,185,618,305		$	414,564,723		$	304,799,901


	iShares MSCI India ETF


		Year Ended 08/31/23			Year Ended 08/31/22	^(a)		Year Ended 08/31/21	^(a)		Year Ended 08/31/20	^(a)		Year Ended 08/31/19	^(a)


Net asset value, beginning of year	$	43.22		$	48.79		$	33.37		$	32.38		$	35.68


Net investment income^(b)		0.21			0.21			0.14			0.14			0.29
Net realized and unrealized gain (loss)^(c)		0.42			(2.87	)		15.35			0.96			(3.00	)


Net increase (decrease) from investment operations		0.63			(2.66	)		15.49			1.10			(2.71	)


Distributions^(d)
From net investment income		—			(2.91	)		(0.07	)		(0.11	)		(0.49	)
Return of capital		(0.08	)		—			—			—			(0.10	)


Total distributions		(0.08	)		(2.91	)		(0.07	)		(0.11	)		(0.59	)


Net asset value, end of year	$	43.77		$	43.22		$	48.79		$	33.37		$	32.38


Total Return^(e)
Based on net asset value		1.44	%		(5.66	)%		46.54	%		3.40	%		(7.61	)%


Ratios to Average Net Assets^(f)
Total expenses		0.65	%		0.68	%		0.65	%		0.69	%		0.69	%


Net investment income		0.51	%		0.47	%		0.35	%		0.43	%		0.86	%


Supplemental Data
Net assets, end of year (000)	$	5,940,182		$	4,185,618		$	6,350,592		$	3,093,833		$	4,899,749


Portfolio turnover rate^(g)		18	%^(h)		95	%^(h)		25	%^(h)		25	%^(h)		9	%^(h)


^(a) Consolidated Financial Highlights. ^(b) Based on average shares outstanding. ^(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. ^(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. ^(e) Where applicable, assumes the reinvestment of distributions. ^(f) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. ^(g) Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars (“cash creations”).
^(h) Portfolio turnover rate excluding cash creations was as follows:		14	%		91	%		17	%		19	%		6	%


	iShares MSCI India Small-Cap ETF
	(Consolidated)


	Year Ended 08/31/23			Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19


Net asset value, beginning of year	$	54.43		$	57.80		$	34.60		$	33.39		$	44.10


Net investment income (loss)^(a)		0.15			0.04			(0.01	)		0.15			0.10
Net realized and unrealized gain (loss)^(b)		8.28			(2.64	)		23.26			1.88			(10.60	)


Net increase (decrease) from investment operations		8.43			(2.60	)		23.25			2.03			(10.50	)


Distributions^(c)
From net investment income		—			(0.77	)		(0.05	)		(0.82	)		(0.21	)
From net realized gain		(0.05	)		—			—			—			—
Return of capital		—			—			(0.00	)^(d)		—			—


Total distributions		(0.05	)		(0.77	)		(0.05	)		(0.82	)		(0.21	)


Net asset value, end of year	$	62.81		$	54.43		$	57.80		$	34.60		$	33.39


Total Return^(e)
Based on net asset value		15.50	%		(4.61	)%		67.25	%		6.35	%		(23.88	)%


Ratios to Average Net Assets^(f)
Total expenses		0.80	%^(g)		0.74	%		0.74	%		0.81	%		0.76	%


Net investment income (loss)		0.28	%		0.08	%		(0.01	)%		0.45	%		0.28	%


Supplemental Data
Net assets, end of year (000)	$	414,565		$	304,800		$	329,466		$	193,770		$	270,433


Portfolio turnover rate^(h)		150	%⁽ⁱ⁾		56	%⁽ⁱ⁾		55	%⁽ⁱ⁾		32	%⁽ⁱ⁾		24	%⁽ⁱ⁾


^(a) Based on average shares outstanding. ^(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. ^(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. ^(d) Rounds to less than $0.01. ^(e) Where applicable, assumes the reinvestment of distributions. ^(f) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. ^(g) Includes non-recurring expense of Interest expense. Without this cost, total expenses would have been 0.74%. ^(h) Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars (“cash creations”).
⁽ⁱ⁾Portfolio turnover rate excluding cash creations was as follows:		128	%		37	%		37	%		28	%		19	%



iShares ETF		Diversification Classification

MSCI India		Non-diversified
MSCI India Small-Cap		Diversified


Aggregate Average Daily Net Assets	Investment Advisory Fees

First $4 billion		0.6500	%
Over $4 billion, up to and including $6 billion		0.6175
Over $6 billion, up to and including $8 billion		0.5867
Over $8 billion		0.5573



iShares ETF	Purchases		Sales

MSCI India	$	2,521,854,271	$	873,966,871
MSCI India Small-Cap		506,967,532		447,930,811



iShares ETF	Paid-in Capital			Accumulated Earnings (Loss)

MSCI India	$	(256,855,914	)	$	256,855,914
MSCI India Small-Cap		(5,704,581	)		5,704,581




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


MSCI India
Ordinary income	$	—	$	374,889,807
Return of capital		9,188,147		—


	$	9,188,147	$	374,889,807

MSCI India Small-Cap
Ordinary income	$	—	$	5,222,073
Long-term capital gains		224,971		—


	$	224,971	$	5,222,073


iShares ETF		Undistributed Long-Term Capital Gains		Non-expiring Capital Loss Carryforwards	^(a)		Net Unrealized Gains (Losses)	^(b)		Qualified Late-Year Ordinary Losses	^(c)		Total

MSCI India	$	—	$	(408,251,134	)	$	1,800,829,364		$	(70,695,940	)	$	1,321,882,290
MSCI India Small-Cap		1,937,787		—			73,133,206			—			75,070,993



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

MSCI India	$	4,046,111,563	$	1,947,401,480	$	(90,326,192	)	$	1,857,075,288
MSCI India Small-Cap		331,407,938		98,482,050		(14,000,320	)		84,481,730



iShares ETF	Maximum Amount Borrowed		Average Borrowing		Weighted Average Interest Rates

MSCI India Small-Cap	$	70,000,000	$	3,556,164		4.19	%


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

	iShares ETF	Qualified Dividend Income

	MSCI India	$	62,770,292
	MSCI India Small-Cap		2,952,362

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as capital gain dividends, subject to a long-term capital gains tax rate as noted below, for the fiscal year ended August 31, 2023:

	iShares ETF	20% Rate Long-Term Capital Gain Dividends

	MSCI India Small-Cap	$	224,971

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

	iShares ETF	Foreign Source Income Earned

	MSCI India		$ 69,596,476
	MSCI India Small-Cap		3,715,775


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			35


	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
	Total Cumulative Distributions for the Fiscal Year


iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share

MSCI India^(a)	$	0.046913	$	—	$	0.033158	$	0.080071		59	%		—	%		41	%		100	%
MSCI India Small-Cap^(a)		—		—		0.046477		0.046477		—			—			100			100


Interested Trustees

Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee

Robert S. Kapito^(a) (1957)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).

Salim Ramji^(b) (1970)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).

^(a)Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.
^(b)Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

		Independent Trustees

Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee

John E. Kerrigan (1955)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022).

Jane D. Carlin (1956)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).

Richard L. Fagnani (1954)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016); Director of One Generation Away (since 2021).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).


Independent Trustees (continued)

Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee

Cecilia H. Herbert (1949)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018), Investment Committee (since 2011) and Personnel Committee (since 2022); Member of the Wyoming State Investment Funds Committee (since 2022); Director of the Jackson Hole Center for the Arts (since 2021); Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).

Drew E. Lawton (1959)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Director of Jackson Financial Inc. (since 2021).

John E. Martinez (1961)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).

Madhav V. Rajan (1964)	Trustee (since 2011); Fixed-Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).

Officers

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

Dominik Rohé (1973)	President (since 2023).	Managing Director, BlackRock, Inc. (since 2005); Head of Americas ETF and Index Investments (since 2023); Head of Latin America (2019-2023).

Trent Walker (1974)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.

Aaron Wasserman (1974)	Chief Compliance Officer (iShares, Inc. and iShares Trust, since 2023; iShares U.S. ETF Trust, since 2023).	Managing Director of BlackRock, Inc. (since 2018); Chief Compliance Officer of the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the Exchange-Traded Fund Complex (since 2023); Deputy Chief Compliance Officer for the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the Exchange-Traded Fund Complex (2014-2023).

Marisa Rolland (1980)	Secretary (since 2022).	Managing Director, BlackRock, Inc. (since 2023); Director, BlackRock, Inc. (2018-2022); Vice President, BlackRock, Inc. (2010-2017).

Rachel Aguirre (1982)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019).

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



Officers (continued)

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

James Mauro (1970)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).