iShares Trust


		AUGUST 31, 2022

2022 Annual Report

iShares Trust

· iShares MSCI India ETF | INDA | Cboe BZX

· iShares MSCI India Small-Cap ETF | SMIN | Cboe BZX

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of August 31, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022, ending the run of robust growth that followed the reopening of global economies and the development of COVID-19 vaccines. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

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

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

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

The horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metals markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption have magnified supply problems for key commodities. We believe elevated energy prices will continue to exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will ultimately err on the side of protecting employment, even at the expense of higher inflation. In the meantime, however, we are likely to see a period of slowing growth paired with relatively high inflation.

In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Furthermore, the energy shock and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. We take the opposite view on credit, where higher spreads provide near-term opportunities, while the likelihood of higher inflation leads us to take an underweight stance on credit in the long term. We believe that investment-grade corporates, U.K. gilts, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, 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, 2022

	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	(8.84)%	(11.23)%

U.S. small cap equities (Russell 2000^® Index)	(9.31)	(17.88)

International equities (MSCI Europe, Australasia, Far East Index)	(13.97)	(19.80)

Emerging market equities (MSCI Emerging Markets Index)	(13.30)	(21.80)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.36	0.39

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(9.71)	(13.27)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(7.76)	(11.52)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(5.72)	(8.63)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(7.78)	(10.61)

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


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

Table of Contents


	Page

The Markets in Review		2
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		9
Disclosure of Expenses		9
Schedules of Investments		10
Financial Statements
Statements of Assets and Liabilities		20
Consolidated Statements of Operations		21
Consolidated Statements of Changes in Net Assets		22
Consolidated 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

Market Overview

iShares Trust

Global Market Overview

Global equity markets declined in U.S. dollar terms during the 12 months ended August 31, 2022 (“reporting period”). The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned -15.88% in U.S. dollar terms for the reporting period.

For the first third of the reporting period, economic recovery supported stocks in most regions of the world. The global economy continued to rebound from the impact of restrictions imposed at the beginning of the coronavirus pandemic, as mitigation and adaptation allowed most economic activity to continue. However, substantial challenges emerged at the beginning of 2022 which negatively affected stock prices. Inflation rose significantly in many countries, reducing consumers’ purchasing power and leading many central banks to tighten monetary policy. Russia’s invasion of Ukraine presented a further challenge to the global economy, disrupting important commodities markets.

The U.S. economy grew briskly over the final half of 2021, powered primarily by consumer spending. Record-high personal savings rates allowed consumers to spend at an elevated level, releasing pent-up demand for goods and services. Growth subsequently stalled in the first half of 2022, and the economy contracted amid lower inventories and faltering business investment. Despite the economic downturn, unemployment declined substantially, falling to 3.7% in August 2022 while the number of long-term unemployed dropped below the pre-pandemic level. Although high inflation negatively impacted consumer sentiment, which declined significantly, consumer spending continued to grow.

Rising inflation led to a shift in policy from the U.S. Federal Reserve (“the Fed”). As the reporting period began, the Fed was using accommodative monetary policy to stimulate the economy. Short-term interest rates were kept at near-zero levels, and the Fed used bond-buying programs to stabilize debt markets. However, rising prices led the Fed to tighten monetary policy during the reporting period in an attempt to prevent runaway inflation. The Fed slowed and then ended its bond-buying activities, finally reversing course as it began to reduce its balance sheet in June 2022. In March 2022, the Fed began to raise short-term interest rates, followed by three more increases for a total increase of 225 basis points, the most rapid rise in decades. Interest rates rose significantly in response, leading to higher borrowing costs for businesses. In that environment, the U.S. dollar significantly appreciated relative to most foreign currencies.

Stocks declined in Europe in U.S. dollar terms as economic growth stalled and the euro declined sharply relative to the U.S. dollar. Significantly higher inflation and Russia’s invasion of Ukraine negatively impacted equities. Russia is an important trading partner with many European countries, and new sanctions imposed limits on certain types of trade with Russia. Investors became concerned that the sharp rise in energy prices during the reporting period would constrain economic growth, as Europe relies on imported energy for much of its industrial and heating needs. The European Central Bank (“ECB”) responded to elevated inflation by raising interest rates in July 2022, the first such increase in over a decade.

Despite relatively low inflation by global standards, Asia-Pacific stocks declined significantly in U.S. dollar terms. Chinese stocks faced significant headwinds amid regulatory interventions by the Chinese government and strict lockdowns following COVID-19 outbreaks. Japanese stocks also declined amid an economic contraction in the first quarter of 2022 and a sharp decline in the Japanese yen relative to the U.S. dollar. Emerging market stocks declined substantially, as higher interest rates and a strengthening U.S. dollar raised the cost of borrowing in many emerging economies.


4		2 0 2 2 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, 2022		iShares^® MSCI India ETF

Investment Objective

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.

Performance


	Average Annual Total Returns									Cumulative Total Returns

	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(5.79	)%^(a)		6.78	%		8.19	%		(5.79	)%^(a)		38.83	%		119.81	%
Fund Market		(5.73	)		6.77			8.15			(5.73	)		38.73			118.93
Index		(3.17	)		8.61			9.47			(3.17	)		51.10			147.17

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

^(a)

The NAV total return presented in the table for the one-year period differs from the same period return disclosed in the financial highlights. The total return in the financial highlights is calculated in the same manner but differs due to certain adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

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

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 987.20	$ 3.61			$ 1,000.00	$ 1,021.60	$ 3.67		0.72	%

^(a)

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.


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


Fund Summary as of August 31, 2022 (continued)		iShares^® MSCI India ETF

Portfolio Management Commentary

Indian equities declined during the reporting period as inflation weakened the country’s recovery from the coronavirus pandemic, which slowed economic growth well into 2021. Early in the reporting period, Indian stocks advanced as accommodative monetary policy increased liquidity and, despite a resurgence of COVID-19 cases, India’s economic growth was among the world’s strongest as domestic demand improved and foreign inflows rose. Later in the reporting period, rising commodities prices and India’s heavy reliance on imported oil helped drive inflation, raising concerns about an economic slowdown despite strong growth data. Foreign outflows surged. Unemployment remained high and the central bank started to tighten monetary policy.

The information technology sector was the largest detractor from the Index’s return. The IT services industry, which benefited from the increasing role of digital technology in business as companies pursued digitization and increased demand for outsourced services, declined sharply late in the reporting period as higher costs weighed on profits, leading to uncertainty about the sustainability of demand after the pandemic-related surge in technology spending.

The financials sector also detracted from the Index’s return. Thrifts and mortgage financing companies declined despite strong loan, profit, and earnings growth, improving asset quality, and lower provisioning costs. However, relatively low overall asset quality and persistent inflation weighed on investor sentiment, especially after the Russian invasion of Ukraine and resulting sanctions dimmed the economic outlook for Russia’s major trading partners, including India.

In contrast, the utilities sector contributed substantially to the Index’s return. Electricity demand rose sharply and the supply of coal failed to keep pace, raising power prices. A series of companies under a multi-sector conglomerate with roots in commodities trading drove gains, rallying sharply as the conglomerate continued to expand.

Automobiles stocks in the consumer discretionary sector also drove contribution. Demand for vehicles increased and supply chain issues showed signs of easing, driving strong sales growth.

Portfolio Information

SECTOR ALLOCATION



Sector		Percent of Total Investments^(a)

Financials		24.4%
Information Technology		14.8
Energy		12.8
Materials		9.3
Consumer Staples		9.2
Consumer Discretionary		8.9
Utilities		7.1
Industrials		5.6
Health Care		4.6
Communication Services		2.7
Real Estate		0.6

TEN LARGEST HOLDINGS



Security		Percent of Total Investments^(a)

Reliance Industries Ltd.		10.8%
Infosys Ltd.		6.7
ICICI Bank Ltd.		6.1
Housing Development Finance Corp. Ltd.		5.6
Tata Consultancy Services Ltd.		3.9
Hindustan Unilever Ltd.		2.9
Bajaj Finance Ltd.		2.6
Axis Bank Ltd.		2.3
Bharti Airtel Ltd.		2.2
Larsen & Toubro Ltd.		1.8

^(a)

Excludes money market funds.


6		2 0 2 2 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, 2022		iShares^® MSCI India Small-Cap ETF

Investment Objective

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.

Performance


	Average Annual Total Returns							Cumulative Total Returns

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

Fund NAV		(4.78	)%^(a)		4.73	%	11.26%		(4.78	)%^(a)		25.99	%	190.69%
Fund Market		(5.48	)		4.62		11.13		(5.48	)		25.36		187.35
Index		(3.03	)		6.57		12.66		(3.03	)		37.46		229.41

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

^(a)

Expense Example

Actual

Hypothetical 5% Return

Beginning
Account Value
(03/01/22)

Ending
Account Value
(08/31/22)

Expenses
Paid During
the Period

^(a)

Beginning
Account Value
(03/01/22)

Ending
Account Value
(08/31/22)

Expenses
Paid During
the Period

^(a)

Annualized

Expense

Ratio

$ 1,000.00

$ 989.80

$ 3.71

$ 1,000.00

$ 1,021.50

$ 3.77

0.74%

^(a)


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


Fund Summary as of August 31, 2022 (continued)		iShares^® MSCI India Small-Cap ETF

Portfolio Management Commentary

Indian small-capitalization equities declined during the reporting period as inflation weakened the country’s recovery from the coronavirus pandemic. Early in the reporting period, Indian stocks advanced as accommodative monetary policy increased liquidity and, despite a resurgence of COVID-19 cases, India’s economic growth was among the world’s strongest as domestic demand improved. Later in the reporting period, rising commodities prices and India’s heavy reliance on imported oil helped drive inflation, raising concerns about an economic slowdown. Small-capitalization stocks are generally more sensitive to economic and market shifts, and inflation tends to pressure their margins more than larger peers.

The healthcare sector was the largest detractor from the Index’s return, led by the pharmaceuticals industry. Rising costs pressured margins, leading to analyst downgrades and lowered guidance. COVID-19 test demand waned along with case numbers, weighing on sector earnings.

In the materials sector, which also detracted substantially from the Index’s return, construction materials and chemicals stocks declined amid rising costs. Concerns surrounding global growth also weighed on the sector.

In contrast, the industrials sector was a leading contributor to the Index’s return as manufacturing activity continued to rebound from the pandemic. Capital goods stocks benefited from rising business spending and strong order volumes, while fewer public health restrictions led to a resurgence of demand in the commercial and professional services industry.

The utilities sector also contributed to the Index’s return as regulatory issues receded. Electricity demand rose sharply and the supply of coal failed to keep pace, raising the price of power and coal. The real estate sector also bolstered the Index’s return, with stocks advancing as residential sales volumes rose and price increases outweighed increasing costs, while commercial developers benefited from reopening demand.

Portfolio Information

SECTOR ALLOCATION



Sector		Percent of Total Investments^(a)

Materials		19.2%
Industrials		18.3
Consumer Discretionary		16.2
Financials		15.4
Health Care		9.2
Information Technology		6.7
Communication Services		4.9
Real Estate		4.3
Consumer Staples		2.7
Utilities		2.2
Energy		0.9

TEN LARGEST HOLDINGS



Security		Percent of Total Investments^(a)

Crompton Greaves Consumer Electricals Ltd.		1.3%
Tube Investments of India Ltd.		1.3
Ashok Leyland Ltd.		1.2
Indian Hotels Co. Ltd. (The)		1.2
Zee Entertainment Enterprises Ltd.		1.2
Voltas Ltd.		1.2
Laurus Labs Ltd.		1.1
Astral Ltd.		1.0
Max Healthcare Institute Ltd.		1.0
TVS Motor Co. Ltd.		1.0

^(a)

Excludes money market funds.


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

About Fund Performance

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

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

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

Disclosure of Expenses

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

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

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

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


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

Schedule of Investments

August 31, 2022

iShares^® MSCI India ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.5%
Bharat Electronics Ltd.		5,498,134	$	21,008,272


Airlines — 0.3%
InterGlobe Aviation Ltd.^(a)(b)		434,584		10,852,640


Auto Components — 0.9%
Balkrishna Industries Ltd.		348,972		8,864,963
Bharat Forge Ltd.		1,155,646		10,638,498
MRF Ltd.		8,607		9,174,382
Samvardhana Motherson International Ltd.		6,112,204		9,322,761


				38,000,604

Automobiles — 5.4%
Bajaj Auto Ltd.		313,407		15,963,027
Eicher Motors Ltd.		616,969		25,749,347
Hero MotoCorp Ltd.		495,960		17,470,286
Mahindra & Mahindra Ltd.		3,924,677		63,699,979
Maruti Suzuki India Ltd.		544,941		61,467,930
Tata Motors Ltd.^(b)		7,488,372		43,609,224


				227,959,793

Banks — 11.7%
AU Small Finance Bank Ltd.^(a)		748,146		5,883,597
Axis Bank Ltd.		10,249,570		95,520,749
Bandhan Bank Ltd.^(a)		2,888,209		9,967,722
ICICI Bank Ltd.		23,198,848		254,383,367
Kotak Mahindra Bank Ltd.		2,507,269		59,482,875
State Bank of India		8,055,299		53,035,843
Yes Bank Ltd.^(b)		50,882,548		10,429,153


				488,703,306

Beverages — 0.3%
United Spirits Ltd.^(b)		1,311,718		13,258,688


Biotechnology — 0.2%
Biocon Ltd.		1,883,237		7,286,670


Chemicals — 3.9%
Asian Paints Ltd.		1,729,954		72,829,023
Berger Paints India Ltd.		1,096,354		9,169,202
PI Industries Ltd.		342,168		14,630,844
Pidilite Industries Ltd.		687,999		23,485,190
SRF Ltd.		668,866		21,107,947
UPL Ltd.		2,200,360		21,075,166


				162,297,372

Commercial Services & Supplies — 0.2%
Indian Railway Catering & Tourism Corp. Ltd.		1,083,112		9,500,391


Construction & Engineering — 1.8%
Larsen & Toubro Ltd.		3,105,165		74,111,700


Construction Materials — 2.4%
ACC Ltd.		339,054		9,715,386
Ambuja Cements Ltd.		2,688,338		13,785,358
Grasim Industries Ltd.		1,184,773		24,692,368
Shree Cement Ltd.		48,847		13,409,496
UltraTech Cement Ltd.		455,653		37,880,651


				99,483,259

Consumer Finance — 3.9%
Bajaj Finance Ltd.		1,224,588		110,520,658
Cholamandalam Investment and Finance Co. Ltd.		1,852,507		18,149,209
Muthoot Finance Ltd.		542,289		7,104,675


Security	Shares		Value

Consumer Finance (continued)
SBI Cards & Payment Services Ltd.		1,064,092	$	12,201,164
Shriram Transport Finance Co. Ltd.		854,591		14,343,720


				162,319,426

Diversified Financial Services — 6.5%
Bajaj Finserv Ltd.		172,351		36,132,558
Housing Development Finance Corp. Ltd.		7,768,139		235,183,615
Piramal Enterprises Ltd.		3,588		47,343


				271,363,516

Diversified Telecommunication Services — 0.2%
Indus Towers Ltd.		3,043,533		7,568,515


Electric Utilities — 2.9%
Adani Transmission Ltd.^(b)		1,257,691		61,675,287
Power Grid Corp. of India Ltd.		14,156,385		40,530,738
Tata Power Co. Ltd. (The)		6,489,216		19,028,748


				121,234,773

Electrical Equipment — 0.5%
Havells India Ltd.		1,130,512		19,571,033


Food & Staples Retailing — 1.0%
Avenue Supermarts Ltd.^(a)(b)		730,351		41,054,660


Food Products — 2.4%
Britannia Industries Ltd.		489,158		22,888,371
Marico Ltd.		2,329,578		15,293,356
Nestle India Ltd.		152,284		37,915,498
Tata Consumer Products Ltd.		2,495,360		25,220,763


				101,317,988

Gas Utilities — 1.8%
Adani Total Gas Ltd.		1,240,010		57,830,903
GAIL India Ltd.		7,013,758		11,913,765
Indraprastha Gas Ltd.		1,418,256		7,415,100


				77,159,768

Health Care Providers & Services — 0.6%
Apollo Hospitals Enterprise Ltd.		454,221		24,404,559


Hotels, Restaurants & Leisure — 0.3%
Jubilant Foodworks Ltd.		1,786,713		13,609,817


Independent Power and Renewable Electricity Producers — 2.3%
Adani Green Energy Ltd.^(b)		1,428,767		43,171,392
Adani Power Ltd.^(b)		3,481,249		17,777,520
NTPC Ltd.		17,491,741		35,855,583


				96,804,495

Industrial Conglomerates — 0.3%
Siemens Ltd.		321,420		11,540,420


Insurance — 2.2%
HDFC Life Insurance Co. Ltd.^(a)		4,290,181		30,744,321
ICICI Lombard General Insurance Co. Ltd.^(a)		1,085,527		17,437,374
ICICI Prudential Life Insurance Co. Ltd.^(a)		1,621,625		11,971,486
SBI Life Insurance Co. Ltd.^(a)		2,031,404		33,570,443


				93,723,624

Interactive Media & Services — 0.4%
Info Edge India Ltd.		319,659		17,195,396


Internet & Direct Marketing Retail — 0.2%
Zomato Ltd.^(b)		10,660,074		7,620,092


IT Services — 14.4%
HCL Technologies Ltd.		4,895,349		56,941,897


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

Schedule of Investments (continued)

August 31, 2022

iShares^® MSCI India ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

IT Services (continued)
Infosys Ltd.		15,180,141	$	279,786,551
Larsen & Toubro Infotech Ltd.^(a)		237,271		13,577,439
Mindtree Ltd.		260,193		10,587,242
Mphasis Ltd.		381,287		10,030,695
Tata Consultancy Services Ltd.		4,125,494		164,531,239
Tech Mahindra Ltd.		2,629,870		35,039,146
Wipro Ltd.		6,164,834		31,565,069


				602,059,278

Life Sciences Tools & Services — 0.6%
Divi’s Laboratories Ltd.		599,023		27,045,146


Metals & Mining — 3.0%
Hindalco Industries Ltd.		6,061,605		32,875,718
Jindal Steel & Power Ltd.		1,842,277		9,912,781
JSW Steel Ltd.		3,260,477		27,039,578
Tata Steel Ltd.		33,069,035		44,398,564
Vedanta Ltd.		3,346,643		11,215,970


				125,442,611

Oil, Gas & Consumable Fuels — 12.8%
Bharat Petroleum Corp. Ltd.		3,903,567		15,990,523
Coal India Ltd.		6,953,050		20,316,718
Hindustan Petroleum Corp. Ltd.		2,882,374		8,748,709
Indian Oil Corp. Ltd.		12,745,754		11,373,145
Oil & Natural Gas Corp. Ltd.		11,354,893		19,656,608
Petronet LNG Ltd.		3,384,725		9,337,639
Reliance Industries Ltd.		13,729,555		449,780,838


				535,204,180

Personal Products — 4.2%
Colgate-Palmolive India Ltd.		552,357		11,597,803
Dabur India Ltd.		2,792,394		20,360,221
Godrej Consumer Products Ltd.^(b)		1,845,940		21,263,165
Hindustan Unilever Ltd.		3,708,752		122,781,801


				176,002,990

Pharmaceuticals — 3.2%
Aurobindo Pharma Ltd.		1,190,720		8,106,693
Cipla Ltd.		2,184,667		28,309,637
Dr. Reddy’s Laboratories Ltd.		525,242		27,757,085
Lupin Ltd.		923,497		7,717,149
Piramal Pharma Ltd., NVS		2,143,944		5,759,859
Sun Pharmaceutical Industries Ltd.		4,328,203		48,303,678
Torrent Pharmaceuticals Ltd.		458,209		8,853,867


				134,807,968

Real Estate Management & Development — 0.6%
DLF Ltd.		2,792,744		13,490,426
Godrej Properties Ltd.^(b)		564,541		9,846,582


				23,337,008


Security	Shares		Value

Road & Rail — 0.2%
Container Corp. of India Ltd.		1,237,368	$	10,733,530


Software — 0.4%
Tata Elxsi Ltd.		154,567		17,241,007


Specialty Retail — 0.3%
Trent Ltd.		818,191		14,310,230


Textiles, Apparel & Luxury Goods — 1.7%
Page Industries Ltd.		27,682		17,636,672
Titan Co. Ltd.		1,601,533		51,896,543


				69,533,215

Tobacco — 1.3%
ITC Ltd.		13,338,413		53,304,027


Trading Companies & Distributors — 1.2%
Adani Enterprises Ltd.		1,285,324		51,006,474


Transportation Infrastructure — 0.6%
Adani Ports & Special Economic Zone Ltd.		2,381,650		24,918,013


Wireless Telecommunication Services — 2.1%
Bharti Airtel Ltd.		9,907,410		89,745,700


Total Long-Term Investments — 99.7% (Cost: $3,997,305,344)				4,173,642,154


Short-Term Securities

Money Market Funds — 1.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%^(c)(d)		39,580,000		39,580,000


Total Short-Term Securities — 1.0% (Cost: $39,580,000)				39,580,000


Total Investments in Securities — 100.7% (Cost: $4,036,885,344)				4,213,222,154

Liabilities in Excess of Other Assets — (0.7)%				(27,603,849	)


Net Assets — 100.0%			$	4,185,618,305

^(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.

^(c)	Affiliate of the Fund.

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


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

Schedule of Investments (continued)

August 31, 2022

iShares^® MSCI India ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:




Affiliated Issuer	Value at 08/31/21		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income		Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Treasury, SL Agency Shares	$	138,250,000	$	—		$(98,670,000)	^(a)	$	—	$	—	$	39,580,000		39,580,000	$	437,827	$	—

^(a)

Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts




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


Long Contracts
SGX Nifty 50 Index		543		09/29/22	$	18,713	$	(452,971	)

Derivative Financial Instruments Categorized by Risk Exposure

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




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


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	452,971	$	—	$	—	$	—	$	452,971

^(a)

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

For the period ended August 31, 2022, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:




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


Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(2,519,502	)	$	—	$	—	$	—	$	(2,519,502	)


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(520,405	)	$	—	$	—	$	—	$	(520,405	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts
Average notional value of contracts — long	$	16,075,950

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

Fair Value Hierarchy as of Period End

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


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

Schedule of Investments (continued)

August 31, 2022

iShares^® MSCI India ETF

Fair Value Hierarchy as of Period End (continued)

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




	Level 1		Level 2			Level 3		Total


Investments
Assets
Common Stocks	$	—	$	4,173,642,154		$	—	$	4,173,642,154
Money Market Funds		39,580,000		—			—		39,580,000


	$	39,580,000	$	4,173,642,154		$	—	$	4,213,222,154

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	—	$	(452,971	)	$	—	$	(452,971	)

^(a)

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

See notes to financial statements.


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

Consolidated Schedule of Investments

August 31, 2022

iShares^® MSCI India Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.2%
Bharat Dynamics Ltd.		48,827	$	496,848


Air Freight & Logistics — 0.6%
Allcargo Logistics Ltd.		81,147		360,513
Blue Dart Express Ltd.		6,374		680,174
Mahindra Logistics Ltd.^(a)		43,922		263,944
TCI Express Ltd.		15,251		335,738
Transport Corp. of India Ltd.		30,427		270,673


				1,911,042

Airlines — 0.1%
SpiceJet Ltd.^(b)		327,337		188,554


Auto Components — 5.0%
Apollo Tyres Ltd.		422,983		1,319,656
Asahi India Glass Ltd.		80,597		639,743
Ceat Ltd.		29,563		512,134
Endurance Technologies Ltd.^(a)		37,413		698,402
Exide Industries Ltd.		509,178		1,016,777
Mahindra CIE Automotive Ltd.		151,499		517,580
Minda Corp. Ltd.		77,679		217,193
Motherson Sumi Wiring India Ltd.		1,682,572		1,709,456
Sundaram Clayton Ltd.		6,749		397,917
Sundram Fasteners Ltd.		125,953		1,313,456
Suprajit Engineering Ltd.		91,379		386,557
Tube Investments of India Ltd.		141,357		3,985,659
UNO Minda Ltd.		228,271		1,638,676
Varroc Engineering Ltd.^(a)(b)		51,934		221,980
ZF Commercial Vehicle Control Systems India Ltd.		6,309		758,228


				15,333,414

Automobiles — 1.0%
TVS Motor Co. Ltd.		253,131		3,098,621


Banks — 3.7%
Canara Bank		483,291		1,441,251
City Union Bank Ltd.		482,329		1,079,390
Equitas Small Finance Bank Ltd.^(a)(b)		510,394		290,378
Federal Bank Ltd.		2,073,326		3,006,769
IDFC First Bank Ltd.^(b)		4,058,614		2,470,502
Indian Bank		331,790		798,419
Karur Vysya Bank Ltd. (The)		521,196		442,796
RBL Bank Ltd.^(a)(b)		590,937		892,008
Yes Bank Ltd., (Acquired 03/16/20, Cost: $3,554,476)^(b)(c)		4,044,378		791,013


				11,212,526

Beverages — 0.5%
Radico Khaitan Ltd.		106,834		1,391,043


Building Products — 2.1%
Astral Ltd.		120,433		3,131,512
Blue Star Ltd.		76,854		1,054,327
Cera Sanitaryware Ltd.		6,026		375,517
Kajaria Ceramics Ltd.		106,031		1,537,540
Prince Pipes and Fittings Ltd.		51,238		373,474


				6,472,370

Capital Markets — 3.6%
Angel One Ltd.		33,411		537,831
BSE Ltd.		88,416		715,489
Central Depository Services India Ltd.		68,206		1,053,141
CRISIL Ltd.		19,453		795,350
Dhani Services Ltd.^(b)		342,442		276,559


Security	Shares		Value

Capital Markets (continued)
Edelweiss Financial Services Ltd.		689,166	$	521,987
ICICI Securities Ltd.^(a)		107,423		669,603
IDFC Ltd.		1,488,538		1,268,038
IIFL Wealth Management Ltd.		47,292		987,457
Indian Energy Exchange Ltd.^(a)		584,826		1,165,529
JM Financial Ltd.		578,437		459,325
Motilal Oswal Financial Services Ltd.		49,513		474,574
Multi Commodity Exchange of India Ltd.		33,184		531,651
Nippon Life India Asset Management Ltd.^(a)		165,074		620,746
Tata Investment Corp. Ltd.		20,095		401,845
UTI Asset Management Co. Ltd.		59,054		605,366


				11,084,491

Chemicals — 13.7%
Aarti Industries Ltd.		265,574		2,740,576
Advanced Enzyme Technologies Ltd.		60,780		203,562
Akzo Nobel India Ltd.		12,042		292,120
Alkyl Amines Chemicals		16,966		626,297
Atul Ltd.		19,705		2,253,706
Balaji Amines Ltd.		13,030		559,198
BASF India Ltd.		14,500		599,137
Bayer CropScience Ltd.		17,959		1,224,507
Carborundum Universal Ltd.		139,104		1,464,016
Castrol India Ltd.		527,012		750,441
Chambal Fertilisers and Chemicals Ltd.		221,036		962,652
Chemplast Sanmar Ltd.^(b)		95,098		498,568
Clean Science and Technology		28,299		609,602
Coromandel International Ltd.		156,377		2,053,113
Deepak Fertilisers & Petrochemicals Corp. Ltd.		72,082		814,736
Deepak Nitrite Ltd.		90,839		2,229,130
EID Parry India Ltd.		106,302		703,222
Fine Organic Industries Ltd.		10,187		784,839
Finolex Industries Ltd.		332,755		628,669
Galaxy Surfactants Ltd.		14,168		579,125
GHCL Ltd.		82,959		616,995
Gujarat Alkalies & Chemicals Ltd.		24,075		265,539
Gujarat Fluorochemicals Ltd.		36,581		1,516,694
Gujarat Narmada Valley Fertilizers & Chemicals Ltd.		103,510		963,277
Gujarat State Fertilizers & Chemicals Ltd.		265,390		520,373
Indigo Paints Ltd.		12,528		261,637
Jubilant Ingrevia Ltd.		95,708		555,722
Kansai Nerolac Paints Ltd.		179,463		1,132,664
Laxmi Organic Industries Ltd.		87,191		357,134
Linde India Ltd.		28,400		1,212,194
Navin Fluorine International Ltd.		42,904		2,286,066
NOCIL Ltd.		131,831		432,472
PCBL Ltd.		224,595		383,873
Polyplex Corporation Ltd.		21,013		562,092
Privi Specility Chemical Ltd.		10,626		183,760
Rain Industries Ltd.		246,410		606,681
Rallis India Ltd.		103,900		292,205
Rashtriya Chemicals & Fertilizers Ltd.		187,512		230,653
Rossari Biotech Ltd.		17,948		219,763
Sharda Cropchem Ltd.		36,801		237,608
Solar Industries India Ltd.		36,160		1,503,913
Sumitomo Chemical India Ltd.		132,974		811,909
Supreme Industries Ltd.		84,601		2,076,470
Supreme Petrochem Ltd.		43,752		425,900
Tata Chemicals Ltd.		186,684		2,623,386


14		2 0 2 2 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

Consolidated Schedule of Investments (continued)

August 31, 2022

iShares^® MSCI India Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Chemicals (continued)
Vinati Organics Ltd.^(b)		34,106	$	935,971


				41,792,167

Commercial Services & Supplies — 0.1%
SIS Ltd.^(b)		48,258		272,625


Communications Equipment — 0.4%
Sterlite Technologies Ltd.		238,462		508,464
Tejas Networks Ltd.^(a)(b)		80,691		613,091


				1,121,555

Construction & Engineering — 2.9%
Dilip Buildcon Ltd.^(a)		59,572		178,304
Engineers India Ltd.		333,618		282,628
IRB Infrastructure Developers Ltd.		160,881		472,443
Kalpataru Power Transmission Ltd.		90,457		460,977
KEC International Ltd.		171,122		868,701
KNR Constructions Ltd.		187,305		607,608
NBCC India Ltd.		832,881		356,344
NCC Ltd./India		526,921		457,491
PNC Infratech Ltd.		153,772		542,465
Praj Industries Ltd.		146,794		763,492
Sterling and Wilson Renewable Energy Ltd.^(b)		51,752		190,994
Voltas Ltd.		286,484		3,567,187


				8,748,634

Construction Materials — 2.5%
Birla Corp. Ltd.		36,148		437,236
Dalmia Bharat Ltd.		99,831		1,910,338
HeidelbergCement India Ltd.		77,026		183,677
India Cements Ltd. (The)		164,328		465,301
JK Cement Ltd.		46,315		1,563,510
JK Lakshmi Cement Ltd.		79,149		465,108
Nuvoco Vistas Corp. Ltd.^(b)		142,722		638,711
Prism Johnson Ltd.^(b)		164,873		258,923
Ramco Cements Ltd. (The)		141,636		1,336,430
Rhi Magnesita India Ltd.		53,292		391,845


				7,651,079

Consumer Finance — 2.3%
Cholamandalam Financial Holdings Ltd.		125,039		1,044,067
CreditAccess Grameen Ltd.^(b)		62,304		771,217
Mahindra & Mahindra Financial Services Ltd.		739,044		1,882,263
Manappuram Finance Ltd.		676,448		888,694
MAS Financial Services Ltd.^(a)		21,122		197,660
Paisalo Digital Ltd.		316,248		295,917
Poonawalla Fincorp Ltd.		305,684		1,155,763
Shriram City Union Finance Ltd.		31,172		740,975


				6,976,556

Containers & Packaging — 0.1%
EPL Ltd.		188,221		400,040


Diversified Financial Services — 2.0%
Aditya Birla Capital Ltd.^(b)		611,556		863,774
L&T Finance Holdings Ltd.		988,986		971,338
Piramal Enterprises Ltd.		158,128		2,086,479
REC Ltd.		1,578,377		2,143,139


				6,064,730

Diversified Telecommunication Services — 1.3%
HFCL Ltd.		916,818		841,842
Tata Communications Ltd.		151,850		2,270,928
Tata Teleservices Maharashtra Ltd.^(b)		650,862		888,342


				4,001,112


Security	Shares		Value

Electric Utilities — 0.7%
CESC Ltd.		794,558	$	806,491
Torrent Power Ltd.		192,057		1,393,942


				2,200,433

Electrical Equipment — 3.6%
Amara Raja Batteries Ltd.		125,139		793,860
Bharat Heavy Electricals Ltd.^(b)		1,159,544		847,102
CG Power and Industrial Solutions Ltd.^(b)		768,225		2,139,106
Finolex Cables Ltd.		81,385		467,299
Graphite India Ltd.		90,999		465,932
HEG Ltd.		17,726		277,280
Hitachi Energy India Ltd.		14,178		660,298
KEI Industries Ltd.		78,014		1,421,653
Olectra Greentech Ltd.^(b)		54,491		418,857
Polycab India Ltd.		59,783		1,833,693
Suzlon Energy Ltd.^(b)		6,077,889		616,980
Triveni Turbine Ltd.		109,887		279,831
V-Guard Industries Ltd.		231,573		654,825


				10,876,716

Electronic Equipment, Instruments & Components — 0.4%
Redington India Ltd.		728,635		1,359,539


Entertainment — 0.8%
Chennai Super Kings Cricket Ltd.^(d)		206,787		26
Inox Leisure Ltd.^(b)		88,933		557,003
Nazara Technologies Ltd.^(b)		22,294		181,508
PVR Ltd.^(b)		60,957		1,384,785
Saregama India Ltd.		90,568		452,981


				2,576,303

Equity Real Estate Investment Trusts (REITs) — 1.4%
Brookfield India Real Estate Trust^(a)		155,640		655,261
Embassy Office Parks REIT		568,179		2,587,372
Mindspace Business Parks REIT^(a)		197,478		914,678


				4,157,311

Food & Staples Retailing — 0.1%
Medplus Health Services Ltd.^(b)		47,593		435,787


Food Products — 1.2%
Avanti Feeds Ltd.		53,857		311,252
Balrampur Chini Mills Ltd.		163,071		711,171
Bombay Burmah Trading Co.		22,953		259,852
CCL Products India Ltd.		98,450		588,958
Gujarat Ambuja Exports Ltd.		90,833		309,448
Kaveri Seed Co. Ltd.		27,333		155,656
Shree Renuka Sugars Ltd.^(b)		850,557		493,793
Triveni Engineering & Industries Ltd.		95,312		278,763
Zydus Wellness Ltd.		21,130		422,738


				3,531,631

Gas Utilities — 1.1%
Gujarat Gas Ltd.		229,237		1,348,946
Gujarat State Petronet Ltd.		375,770		1,132,482
Mahanagar Gas Ltd.		72,366		786,307


				3,267,735

Health Care Equipment & Supplies — 0.1%
Poly Medicure Ltd.		38,020		403,841


Health Care Providers & Services — 3.2%
Aster DM Healthcare Ltd.^(a)(b)		164,793		454,429
Dr Lal PathLabs Ltd.^(a)		49,962		1,591,720
Fortis Healthcare Ltd.^(b)		603,371		2,212,882


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

Consolidated Schedule of Investments (continued)

August 31, 2022

iShares^® MSCI India Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Providers & Services (continued)
Krishna Institute Of Medical Sciences Ltd.^(a)(b)		37,309	$	560,456
Max Healthcare Institute Ltd.^(b)		645,786		3,121,008
Metropolis Healthcare Ltd.^(a)		33,997		605,915
Narayana Hrudayalaya Ltd.		95,285		833,080
Thyrocare Technologies Ltd.^(a)		21,581		166,672
Vijaya Diagnostic Centre Pvt Ltd.^(b)		55,451		245,229


				9,791,391

Hotels, Restaurants & Leisure — 2.7%
Chalet Hotel Ltd.^(b)		81,011		325,036
Delta Corp. Ltd.		84,044		219,584
Devyani International Ltd.^(b)		320,946		730,864
Easy Trip Planners Ltd.		57,021		275,653
EIH Ltd.^(b)		210,165		418,548
Indian Hotels Co. Ltd. (The)		1,040,600		3,682,277
Lemon Tree Hotels Ltd.^(a)(b)		579,365		501,776
Mahindra Holidays & Resorts India Ltd.^(b)		81,811		267,677
Restaurant Brands Asia Ltd.^(b)		361,858		593,021
Sapphire Foods India Ltd.^(b)		29,607		493,475
Westlife Development Ltd.^(b)		94,070		757,517


				8,265,428

Household Durables — 3.6%
Amber Enterprises India Ltd.^(b)		22,372		629,631
Bajaj Electricals Ltd.		61,206		943,779
Crompton Greaves Consumer Electricals Ltd.		801,773		4,079,712
Dixon Technologies India Ltd.		39,522		2,009,709
Johnson Controls-Hitachi Air Conditioning India Ltd.^(b)		9,072		180,471
Orient Electric Ltd.		168,831		547,234
Sheela Foam Ltd.^(b)		19,494		726,831
Symphony Ltd.		23,001		267,993
TTK Prestige Ltd.		55,348		662,363
Whirlpool of India Ltd.		42,249		960,500


				11,008,223

Household Products — 0.2%
Jyothy Labs Ltd.		195,728		461,413


Independent Power and Renewable Electricity Producers — 0.4%
Jaiprakash Power Ventures Ltd.^(b)		4,088,488		382,359
RattanIndia Enterprises Ltd.^(b)		454,559		289,921
Reliance Power Ltd.^(b)		3,183,161		661,272


				1,333,552

Industrial Conglomerates — 0.5%
3M India Ltd.^(b)		3,751		1,091,094
Godrej Industries Ltd.^(b)		66,835		400,621


				1,491,715

Insurance — 1.4%
Max Financial Services Ltd.^(b)		298,805		3,070,666
PB Fintech Ltd.^(b)		179,623		1,118,602


				4,189,268

Interactive Media & Services — 0.3%
Brightcom Group Ltd.		1,343,955		681,225
Just Dial Ltd.^(b)		22,836		167,430


				848,655

Internet & Direct Marketing Retail — 0.1%
CarTrade Tech Ltd.^(b)		25,095		200,518


IT Services — 3.3%
Coforge Ltd.		36,517		1,609,547
Computer Age Management Services Ltd.		39,107		1,118,240
eClerx Services Ltd.		20,350		534,251


Security	Shares		Value

IT Services (continued)
Firstsource Solutions Ltd.		417,782	$	555,539
Happiest Minds Technologies Ltd.		78,250		994,547
Infibeam Avenues Ltd.		1,267,677		249,641
Mastek Ltd.		18,041		422,747
NIIT Ltd.		98,064		421,938
Persistent Systems Ltd.		66,170		2,877,735
Sonata Software Ltd.		83,054		735,380
Vakrangee Ltd.		720,156		248,429
Zensar Technologies Ltd.		134,919		383,324


				10,151,318

Life Sciences Tools & Services — 0.4%
Syngene International Ltd.^(a)		159,072		1,188,484


Machinery — 6.8%
AIA Engineering Ltd.		56,536		1,838,426
Ashok Leyland Ltd.		1,955,089		3,739,561
BEML Ltd.		25,071		575,425
Cochin Shipyard Ltd.^(a)		53,592		252,033
Cummins India Ltd.		166,156		2,467,616
ESAB India Ltd.		6,279		254,411
GMM Pfaudler Ltd.		26,286		543,882
Greaves Cotton Ltd.		121,310		255,628
Grindwell Norton Ltd.		58,992		1,617,975
ISGEC Heavy Engineering Ltd.		39,944		238,169
Jamna Auto Industries Ltd.		236,968		343,734
KSB Ltd.		16,149		384,529
Lakshmi Machine Works Ltd.		4,287		642,578
MTAR Technologies Ltd.		14,429		294,228
Schaeffler India Ltd.		62,460		2,363,933
SKF India Ltd.		32,926		1,998,035
Thermax Ltd.		55,551		1,672,238
Timken India Ltd.		30,058		1,132,054


				20,614,455

Marine — 0.1%
Shipping Corp. of India Ltd.		189,770		278,716


Media — 2.0%
Affle India Ltd.^(b)		70,997		1,142,514
Network18 Media & Investments Ltd.^(b)		213,507		186,459
Sun TV Network Ltd.		104,491		652,653
TV18 Broadcast Ltd.^(b)		598,834		302,707
Zee Entertainment Enterprises Ltd.		1,151,487		3,668,581


				5,952,914

Metals & Mining — 2.1%
APL Apollo Tubes Ltd.^(b)		183,358		2,156,256
Godawari Power and Ispat Ltd.		57,488		210,530
Hindustan Copper Ltd.		256,170		375,785
Jindal Stainless Hisar Ltd.^(b)		124,889		379,223
Jindal Stainless Ltd.^(b)		199,482		317,355
Lloyds Metals & Energy Ltd.		100,258		173,468
National Aluminium Co. Ltd.		1,100,238		1,095,627
Ratnamani Metals & Tubes Ltd.		37,346		869,246
Usha Martin Ltd.		159,987		282,015
Welspun Corp. Ltd.		156,158		437,852


				6,297,357

Multiline Retail — 0.3%
Shoppers Stop Ltd.^(b)		50,806		393,803
V-Mart Retail Ltd.		12,999		474,096


				867,899


16		2 0 2 2 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

Consolidated Schedule of Investments (continued)

August 31, 2022

iShares^® MSCI India Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Oil, Gas & Consumable Fuels — 0.9%
Aegis Logistics Ltd.		188,001	$	687,464
Great Eastern Shipping Co. Ltd. (The)		123,612		879,311
Gujarat Mineral Development Corp. Ltd.		108,083		222,732
Oil India Ltd.		361,112		869,517


				2,659,024

Paper & Forest Products — 0.7%
Century Plyboards India Ltd.		74,547		622,455
Century Textiles & Industries Ltd.		67,397		721,535
Greenpanel Industries Ltd.		64,877		362,027
JK Paper Ltd.		101,541		527,614


				2,233,631

Personal Products — 0.7%
Emami Ltd.		264,429		1,600,720
Gillette India Ltd.		8,732		601,340


				2,202,060

Pharmaceuticals — 5.4%
Aarti Drugs Ltd.		50,301		271,369
Ajanta Pharma Ltd.		51,200		878,075
Alembic Pharmaceuticals Ltd.		78,418		634,585
AstraZeneca Pharma India Ltd.		6,542		252,383
Caplin Point Laboratories Ltd.		29,867		290,784
Eris Lifesciences Ltd.^(a)		54,286		468,954
FDC Ltd./India^(b)		68,660		225,987
GlaxoSmithKline Pharmaceuticals Ltd.		45,130		823,350
Glenmark Pharmaceuticals Ltd.		187,524		868,526
Granules India Ltd.		198,207		754,624
Hikal Ltd.		58,607		249,392
Ipca Laboratories Ltd.		185,832		2,102,806
JB Chemicals & Pharmaceuticals Ltd.		46,257		1,029,400
Jubilant Pharmova Ltd.		84,898		371,564
Laurus Labs Ltd.^(a)		465,244		3,349,020
Natco Pharma Ltd.		109,243		840,120
Procter & Gamble Health Ltd.		10,025		528,843
Sanofi India Ltd.		10,711		830,412
Shilpa Medicare Ltd.		41,308		202,516
Strides Pharma Science Ltd.		76,910		316,394
Sun Pharma Advanced Research Co. Ltd.^(b)		71,632		204,522
Suven Pharmaceuticals Ltd.		135,634		830,730
Wockhardt Ltd.^(b)		68,470		204,729


				16,529,085

Professional Services — 0.4%
Quess Corp. Ltd.^(a)		98,482		700,842
TeamLease Services Ltd.^(b)		14,716		623,437


				1,324,279

Real Estate Management & Development — 2.9%
Brigade Enterprises Ltd.		153,382		974,076
Indiabulls Real Estate Ltd.^(b)		575,139		618,266
Mahindra Lifespace Developers Ltd.		102,436		661,895
NESCO Ltd.		28,888		207,417
Oberoi Realty Ltd.		169,514		2,118,827
Phoenix Mills Ltd. (The)		130,804		2,287,607
Prestige Estates Projects Ltd.		186,884		1,061,294
Sobha Ltd.		50,944		441,146
Sunteck Realty Ltd.		69,159		409,467


				8,779,995

Semiconductors & Semiconductor Equipment — 0.1%
Borosil Renewables Ltd.^(b)		60,551		423,455


Security	Shares		Value

Software — 2.3%
Birlasoft Ltd.		223,269	$	883,297
CE Info Systems Ltd.		14,479		243,461
Cyient Ltd.		110,209		1,154,033
Intellect Design Arena Ltd.		107,247		787,198
KPIT Technologies Ltd.		219,099		1,513,750
Oracle Financial Services Software Ltd.		28,753		1,135,939
Route Mobile Ltd.		33,643		631,784
Tanla Platforms Ltd.		88,214		780,858


				7,130,320

Specialty Retail — 0.1%
Go Fashion India Ltd.^(b)		25,000		360,579


Textiles, Apparel & Luxury Goods — 3.3%
Aditya Birla Fashion and Retail Ltd.^(b)		437,414		1,661,243
Alok Industries Ltd.^(b)		1,646,526		395,329
Bata India Ltd.		68,480		1,655,538
Garware Technical Fibres Ltd.		12,359		538,138
Indo Count Industries Ltd.		93,934		191,104
KPR Mill Ltd.		113,826		856,053
LUX Industries Ltd.		9,888		223,832
Rajesh Exports Ltd.		78,494		578,377
Raymond Ltd.		44,433		529,370
Relaxo Footwears Ltd.		66,315		827,342
Trident Ltd.		1,663,766		753,763
Vaibhav Global Ltd.		65,843		284,348
Vardhman Textiles Ltd.		153,951		635,556
VIP Industries Ltd.		84,601		624,401
Welspun India Ltd.		330,871		317,227


				10,071,621

Thrifts & Mortgage Finance — 2.4%
Aavas Financiers Ltd.^(b)		63,095		1,785,888
Aptus Value Housing Finance India Ltd.^(b)		132,025		591,894
Can Fin Homes Ltd.		70,946		558,114
Home First Finance Company India Ltd.^(a)(b)		35,314		425,527
IIFL Finance Ltd.		177,037		758,314
Indiabulls Housing Finance Ltd.^(b)		438,819		740,109
LIC Housing Finance Ltd.		402,982		2,047,608
PNB Housing Finance Ltd.^(a)(b)		77,940		338,054


				7,245,508

Tobacco — 0.1%
Godfrey Phillips India Ltd.		16,939		235,133


Trading Companies & Distributors — 0.4%
Apollo Tricoat Tubes Ltd.^(b)		28,099		326,045
IndiaMART Intermesh Ltd.^(a)		18,189		993,783


				1,319,828

Transportation Infrastructure — 0.5%
GMR Infrastructure Ltd.^(b)		2,813,998		1,256,651
Gujarat Pipavav Port Ltd.		351,278		381,451


				1,638,102

Wireless Telecommunication Services — 0.5%
Vodafone Idea Ltd.^(b)		12,834,877		1,439,168


Total Long-Term Investments — 99.6% (Cost: $214,066,225)				303,559,797


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

Consolidated Schedule of Investments (continued)

August 31, 2022

iShares^® MSCI India Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Short-Term Securities

Money Market Funds — 0.6%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%^(e)(f)		1,770,000	$	1,770,000


Total Short-Term Securities — 0.6% (Cost: $1,770,000)				1,770,000


Total Investments in Securities — 100.2% (Cost: $215,836,225)				305,329,797

Liabilities in Excess of Other Assets — (0.2)%				(529,896	)


Net Assets — 100.0%			$	304,799,901

^(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.

^(c)	Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $791,013, representing 0.3% of its net assets as of period end, and an original cost of $3,554,476.

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

^(e)	Affiliate of the Fund.

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

Affiliates



Affiliated Issuer	Value at 08/31/21		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	7,290,000	$	—	$	(5,520,000	)^(a)	$	—	$	—	$	1,770,000		1,770,000	$	17,569	$	—

^(a)

Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts



Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
SGX Nifty 50 Index		37		09/29/22	$	1,275	$	(38,002	)

Derivative Financial Instruments Categorized by Risk Exposure

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



	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	38,002	$	—	$	—	$	—	$	38,002

^(a)

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


18		2 0 2 2 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

Consolidated Schedule of Investments (continued)

August 31, 2022

iShares^® MSCI India Small-Cap ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)

For the period ended August 31, 2022, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:



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

Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(248,608	)	$	—	$	—	$	—	$	(248,608	)


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(49,006	)	$	—	$	—	$	—	$	(49,006	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts
Average notional value of contracts — long	$	1,137,132

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

Fair Value Hierarchy as of Period End



	Level 1		Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	1,184,259	$	302,375,512		$	26	$	303,559,797
Money Market Funds		1,770,000		—			—		1,770,000

	$	2,954,259	$	302,375,512		$	26	$	305,329,797


Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	—	$	(38,002	)	$	—	$	(38,002	)

^(a)

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

See notes to financial statements.


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

Statements of Assets and Liabilities

August 31, 2022


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

ASSETS
Investments, at value — unaffiliated^(a)	$	4,173,642,154	$	303,559,797
Investments, at value — affiliated^(b)		39,580,000		1,770,000
Cash		—		4,011
Foreign currency, at value^(c)		14,177,544		286,898
Cash pledged for futures contracts		26,000		46,000
Receivables:
Investments sold		12,301,010		3,691,781
Capital shares sold		12,427,599		—
Dividends — unaffiliated		4,425,446		255,025
Dividends — affiliated		50,327		7,080
Other assets		—		147,468

Total assets		4,256,630,080		309,768,060


LIABILITIES
Bank overdraft		21,954		—
Deferred foreign capital gain tax		29,998,706		4,739,617
Payables:
Investments purchased		30,251,505		—
Variation margin on futures contracts		456,483		38,422
Investment advisory fees		2,258,199		190,120
Other liabilities		8,024,928		—

Total liabilities		71,011,775		4,968,159


NET ASSETS	$	4,185,618,305	$	304,799,901


NET ASSETS CONSIST OF
Paid-in capital	$	3,185,268,379	$	275,520,833
Accumulated earnings		1,000,349,926		29,279,068

NET ASSETS	$	4,185,618,305	$	304,799,901


NET ASSET VALUE
Shares outstanding		96,850,000		5,600,000

Net asset value	$	43.22	$	54.43

Shares authorized		Unlimited		Unlimited

Par value		None		None


^(a) Investments, at cost — unaffiliated	$	3,997,305,344	$	214,066,225
^(b) Investments, at cost — affiliated	$	39,580,000	$	1,770,000
^(c) Foreign currency, at cost	$	14,173,530	$	285,778

See notes to financial statements.


20		2 0 2 2 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

Consolidated Statements of Operations

Year Ended August 31, 2022


	iShares MSCI India ETF			iShares MSCI India Small-Cap ETF


INVESTMENT INCOME
Dividends — unaffiliated	$	78,893,106		$	3,591,556
Dividends — affiliated		437,827			17,569
Foreign taxes withheld		(17,155,608	)		(703,137	)


Total investment income		62,175,325			2,905,988


EXPENSES
Investment advisory fees		34,710,970			2,625,875
Commitment fees		43,057			3,824
Professional fees		217			217
Mauritius income taxes		295			295
Interest expense		1,820,328			—


Total expenses		36,574,867			2,630,211


Net investment income		25,600,458			275,777


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated^(a)		2,105,981,898			30,172,750
Futures contracts		(2,519,502	)		(248,608	)
Foreign currency transactions		(21,959,227	)		(666,991	)


		2,081,503,169			29,257,151

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated^(b)		(2,522,935,749	)		(53,499,633	)
Futures contracts		(520,405	)		(49,006	)
Foreign currency translations		(143,934	)		(6,671	)


		(2,523,600,088	)		(53,555,310	)


Net realized and unrealized loss		(442,096,919	)		(24,298,159	)


NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(416,496,461	)	$	(24,022,382	)


^(a) Net of foreign capital gain tax and capital gain tax refund, if applicable	$	(148,141,012	)	$	(4,198,016	)
^(b) Net of reduction in deferred foreign capital gain tax of	$	147,715,180		$	4,015,952

See notes to financial statements.


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

Consolidated Statements of Changes in Net Assets


		iShares MSCI India ETF						iShares MSCI India Small-Cap ETF


	Year Ended 08/31/22				Year Ended 08/31/21			Year Ended 08/31/22			Year Ended 08/31/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income (loss)		$	25,600,458		$	16,931,383		$	275,777		$	(33,382	)
Net realized gain			2,081,503,169			6,980,789			29,257,151			20,967,516
Net change in unrealized appreciation (depreciation)			(2,523,600,088	)		1,743,084,666			(53,555,310	)		110,021,003


Net increase (decrease) in net assets resulting from operations			(416,496,461	)		1,766,996,838			(24,022,382	)		130,955,137


DISTRIBUTIONS TO SHAREHOLDERS^(a)
From net investment income			(374,889,807	)		(8,540,172	)		(5,222,073	)		(268,669	)
Return of capital			—			—			—			(1,270	)


Decrease in net assets resulting from distributions to shareholders			(374,889,807	)		(8,540,172	)		(5,222,073	)		(269,939	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			(1,373,587,175	)		1,498,302,314			4,578,598			5,010,592


NET ASSETS
Total increase (decrease) in net assets			(2,164,973,443	)		3,256,758,980			(24,665,857	)		135,695,790
Beginning of year			6,350,591,748			3,093,832,768			329,465,758			193,769,968


End of year		$	4,185,618,305		$	6,350,591,748		$	304,799,901		$	329,465,758

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

See notes to financial statements.


22		2 0 2 2 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

Consolidated Financial Highlights

(For a share outstanding throughout each period)


	iShares MSCI India ETF


	Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18


Net asset value, beginning of year	$	48.79		$	33.37		$	32.38		$	35.68		$	34.20


Net investment income^(a)		0.21			0.14			0.14			0.29			0.25
Net realized and unrealized gain (loss)^(b)		(2.87	)		15.35			0.96			(3.00	)		1.54


Net increase (decrease) from investment operations		(2.66	)		15.49			1.10			(2.71	)		1.79


Distributions^(c)
From net investment income		(2.91	)		(0.07	)		(0.11	)		(0.49	)		(0.31	)
Return of capital		—			—			—			(0.10	)		—


Total distributions		(2.91	)		(0.07	)		(0.11	)		(0.59	)		(0.31	)


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


Total Return^(d)
Based on net asset value		(5.66	)%		46.54	%		3.40	%		(7.61	)%		5.26	%


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


Net investment income		0.47	%		0.35	%		0.43	%		0.86	%		0.72	%


Supplemental Data
Net assets, end of year (000)	$	4,185,618		$	6,350,592		$	3,093,833		$	4,899,749		$	5,082,120


Portfolio turnover rate^(f)		95	%^(g)		25	%^(g)		25	%^(g)		9	%^(g)		10	%^(g)


^(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) Where applicable, assumes the reinvestment of distributions.
^(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
^(f) 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”).
^(g)Portfolio turnover rate excluding cash creations was as follows:		91	%		17	%		19	%		6	%		5	%

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		23

Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)


		iShares MSCI India Small-Cap ETF


	Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18


Net asset value, beginning of year		$	57.80			$	34.60			$	33.39			$	44.10			$	46.27


Net investment income (loss)^(a)			0.04				(0.01	)			0.15				0.10				(0.00	)^(b)
Net realized and unrealized gain (loss)^(c)			(2.64	)			23.26				1.88				(10.60	)			(1.06	)


Net increase (decrease) from investment operations			(2.60	)			23.25				2.03				(10.50	)			(1.06	)


Distributions^(d)
From net investment income			(0.77	)			(0.05	)			(0.82	)			(0.21	)			(0.63	)
Return of capital			—				(0.00	)^(b)			—				—				(0.48	)


Total distributions			(0.77	)			(0.05	)			(0.82	)			(0.21	)			(1.11	)


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


Total Return^(e)
Based on net asset value			(4.61	)%			67.25	%			6.35	%			(23.88	)%			(2.36	)%


Ratios to Average Net Assets^(f)
Total expenses			0.74	%			0.74	%			0.81	%			0.76	%			0.77	%


Net investment income (loss)			0.08	%			(0.01	)%			0.45	%			0.28	%			(0.00	)%^(g)


Supplemental Data
Net assets, end of year (000)		$	304,800			$	329,466			$	193,770			$	270,433			$	282,264


Portfolio turnover rate^(h)			56	%⁽ⁱ⁾			55	%⁽ⁱ⁾			32	%⁽ⁱ⁾			24	%⁽ⁱ⁾			49	%⁽ⁱ⁾


^(a) Based on average shares outstanding.
^(b) Rounds to less than $0.01.
^(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.
^(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
^(e) Where applicable, assumes the reinvestment of distributions.
^(f) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
^(g) Rounds to less than 0.01%.
^(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:			37	%			37	%			28	%			19	%			31	%

See notes to financial statements.


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

Notes to Financial Statements

1.	*ORGANIZATION*

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

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



iShares ETF		Diversification Classification

MSCI India		Non-diversified
MSCI India Small-Cap		Diversified

Basis of Consolidation: The accompanying consolidated financial statements for each Fund includes the accounts of its subsidiary in the Republic of Mauritius, which is a wholly-owned subsidiary (each, a “Subsidiary”) of the Fund that invests in Indian securities. Through this investment structure, each Fund expects to obtain certain benefits under a current tax treaty between Mauritius and India. The net assets of the Subsidiary of the iShares MSCI India ETF and iShares MSCI India Small-Cap ETF as of period end were $0 and $302,909,156, which is 0.0% and 99.4% of each Fund’s consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated.

Effective August 8, 2022, iShares MSCI India ETF transferred all of the assets of MSCI India’s wholly owned Mauritius Subsidiary to MSCI India through on-exchange transactions in India. MSCI India recognized a net realized gain of $1,964,159,904 as a result of this transaction. After the transfer, MSCI India began making new investments in India directly. On August 29, 2022, MSCI India’s Subsidiary was dissolved.

2.	*SIGNIFICANT ACCOUNTING POLICIES*

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

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

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

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the 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, 2022, 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.

Each Fund has conducted investment activities in India through its Subsidiary and 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, each Subsidiary must have commercial substance, on an annual basis, to satisfy certain tests


N O T E S T O F I N A N C I A L S T A T E M E N T S		25

Notes to Financial Statements (continued)

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. Each Fund 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, each Subsidiary is subject to tax in Mauritius on its net income at the rate of 15%. However, each 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”), each Subsidiary is entitled to either (a) a foreign tax credit equivalent to the actual foreign tax suffered on its foreign income against each 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 each 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. Each 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 and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

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

3.	*INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*

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

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

•

Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

•

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value (“NAV”).

•

Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

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

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.


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

Notes to Financial Statements (continued)

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

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

•

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

•

Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

•

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

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

4.	*DERIVATIVE FINANCIAL INSTRUMENTS*

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

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

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the 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.

5.	*INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*

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:



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

For its investment advisory services to the iShares MSCI India Small-Cap ETF, BFA is 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.


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

Notes to Financial Statements (continued)

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.

6.	*PURCHASES AND SALES*

For the year ended August 31, 2022, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:



iShares ETF	Purchases		Sales

MSCI India	$	5,117,529,831	$	6,904,024,169
MSCI India Small-Cap		195,615,191		199,263,016

There were no in-kind transactions for the year ended August 31, 2022.

7.	*INCOME TAX INFORMATION*

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

Management has analyzed tax laws and regulations and their application to the Funds as of August 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

The tax character of distributions paid was as follows:



iShares ETF	Year Ended 08/31/22		Year Ended 08/31/21
MSCI India
Ordinary income	$	374,889,807	$	8,540,172


MSCI India Small-Cap
Ordinary income	$	5,222,073	$	268,669
Return of capital		—		1,270


	$	5,222,073	$	269,939

As of August 31, 2022, the tax components of accumulated net earnings (losses) were as follows:


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

MSCI India	$	(337,313,909	)	$	1,611,007,634		$ (273,343,799	)	$	1,000,349,926
MSCI India Small-Cap		(28,005,798	)		63,042,070		(5,757,204	)		29,279,068

^(a)

Amounts available to offset future realized capital gains.

^(b)

The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the characterization of corporate actions, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies and the timing and recognition of realized gains/losses for tax purposes.

^(c)

The Funds have elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.


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

Notes to Financial Statements (continued)

For the year ended August 31, 2022, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:



iShares ETF	Utilized

MSCI India	$	318,675,919
MSCI India Small-Cap		34,199,603

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, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:



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

MSCI India	$	2,571,696,372	$	1,735,756,051	$	(94,683,240	)	$	1,641,072,811
MSCI India Small-Cap		237,511,605		99,993,576		(32,213,386	)		67,780,190

8.	*LINE OF CREDIT*

The Funds, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 11, 2023. 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, 2022, 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”), are parties to a $1.50 billion unsecured and uncommitted line of credit (“Uncommitted Liquidity Facility”) with State Street Bank and Trust Company, which may be used solely to facilitate trading associated with the closure of each Fund’s Mauritius subsidiary. The Uncommitted Liquidity Facility has 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. Each Mauritius Participating Fund will be removed from the Uncommitted Liquidity Facility once trading out of its holdings in the Mauritius subsidiary is complete. For the year ended August 31, 2022, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Uncommitted Liquidity Facility were as follows:



iShares ETF	Maximum Amount Borrowed		Average Borrowing		Weighted Average Interest Rates
MSCI India	$	1,094,400,000	$	54,824,110		2.22	%

9.	*PRINCIPAL RISKS*

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

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

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


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

Notes to Financial Statements (continued)

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 the Manager 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.

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

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.

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

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

10.

CAPITAL SHARE TRANSACTIONS

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


30		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (continued)

Transactions in capital shares were as follows:




	Year Ended 08/31/22						Year Ended 08/31/21


iShares ETF	Shares			Amount			Shares			Amount


MSCI India
Shares sold		7,750,000		$	344,412,931			44,850,000		$	1,805,890,047
Shares redeemed		(41,050,000	)		(1,718,000,106	)		(7,400,000	)		(307,587,733	)


		(33,300,000	)	$	(1,373,587,175	)		37,450,000		$	1,498,302,314


MSCI India Small-Cap
Shares sold		1,100,000		$	67,453,633			1,000,000		$	49,353,215
Shares redeemed		(1,200,000	)		(62,875,035	)		(900,000	)		(44,342,623	)


		(100,000	)	$	4,578,598			100,000		$	5,010,592

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.

11.

SUBSEQUENT EVENTS

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

Subsequent to year-end, iShares MSCI India Small Cap Index Fund began transferring the assets of iShares MSCI India Small Cap Index Fund’s wholly owned Mauritius Subsidiary to iShares MSCI India Small Cap Index Fund through on-exchange transactions in India.


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

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (two of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2022, the related consolidated 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 consolidated financial highlights for each of the five years in the period ended August 31, 2022 (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, 2022, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the five years in the period ended August 31, 2022, in conformity with accounting principles generally accepted in the United States of America.

iShares MSCI India ETF⁽¹⁾

iShares MSCI India Small-Cap ETF⁽²⁾

⁽¹⁾ Statement of assets and liabilities, including the schedule of investments as of August 31, 2022 and the related consolidated statement of operations for the year ended August 31, 2022 and consolidated statements of changes in net assets for each of the two years in the period ended August 31, 2022.

⁽²⁾ Consolidated statement of assets and liabilities, including the consolidated schedule of investments as of August 31, 2022 and the related consolidated statement of operations for the year ended August 31, 2022 and consolidated statements of changes in net assets for each of the two years in the period ended August 31, 2022.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 21, 2022

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


32		2 0 2 2 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

Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2022:


iShares ETF	Qualified Dividend Income
MSCI India	$	73,526,541
MSCI India Small-Cap		2,974,775

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, 2022:


iShares ETF	Foreign Source Income Earned		Foreign Taxes Paid
MSCI India	$	78,908,337	$	165,139,162
MSCI India Small-Cap		3,593,401		4,889,403


I M P O R T A N T T A X I N F O R M A T I O N		33

Board Review and Approval of Investment Advisory Contract

iShares MSCI India ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

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

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

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

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


34		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Board Review and Approval of Investment Advisory Contract (continued)

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

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

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, 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 (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

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

iShares MSCI India Small-Cap ETF (the “Fund”)


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

Board Review and Approval of Investment Advisory Contract (continued)

Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

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,


36		2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Board Review and Approval of Investment Advisory Contract (continued)

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).

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


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		37

Supplemental Information (unaudited)

Section 19(a) Notices

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

August 31, 2022



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


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

MSCI India	$	2.909494	$	—	$	—	$	2.909494		100	%		—	%		—	%		100	%
MSCI India Small-Cap		0.767952		—		—		0.767952		100			—			—			100

Premium/Discount Information

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

Regulation under the Alternative Investment Fund Managers Directive

The Alternative Investment Fund Managers Directive and the Alternative Investment Fund Managers Regulations 2013 (as amended) and the “Guidelines on sound remuneration policies under the AIFMD” issued by the European Securities and Markets Authority (together the “Regulations”) 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, non-EU and non-UK managers are only required to comply with certain disclosure, reporting and transparency obligations of the Regulations if such managers market a fund to EU investors.

The Company has registered the iShares MSCI India ETF (the “Fund”) be marketed to United Kingdom and EU investors in the Netherlands and Ireland.

Report on Remuneration

The Company is required under the Regulations 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 programmes 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, a significant percentage of variable remuneration is deferred over time. All employees are subject to a claw-back 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 organisational structures which are independent of the business units. 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.


38		2 0 2 2 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

Supplemental Information (unaudited) (continued)

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. Therefore, the figures disclosed are a sum of each individual’s portion of remuneration attributable to the Fund according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company. Accordingly the figures are not representative of any individual’s actual remuneration or their remuneration structure.

The amount of total & aggregate remuneration awarded by the Company to its staff which has been attributed to the Fund in respect of the Company’s financial year ending December 31, 2021 were as follows:



iShares ETF	Total Remuneration		Fixed Remuneration		Variable Remuneration		No. of Beneficiaries		Senior Management Remuneration		Risk Taker Remuneration
MSCI India		$526,909		$246,364		$280,545		661		$64,495		$6,666

Disclosures Under the EU Sustainable Finance Disclosure Regulation

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 investments do not take into account the criteria for environmentally sustainable economic activities under the EU sustainable investment taxonomy regulation.


S U P P L E M E N T A L I N F O R M A T I O N		39

Trustee and Officer Information (unaudited)

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

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each 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 378 funds as of August 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, 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. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).


Interested Trustees

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

Robert S. Kapito^(a)(65)	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) (52)	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 (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee

John E. Kerrigan (67)	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 (66)	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 (67)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).


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Trustee and Officer Information (unaudited) (continued)


		Independent Trustees (continued)

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

Cecilia H. Herbert (73)	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) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of Thrivent Church Loan and Income Fund (since 2019).

Drew E. Lawton (63)	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).

John E. Martinez (61)	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 (58)	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 (Age)	Position(s)	Principal Occupation(s) During Past 5 Years

Armando Senra (51)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).

Trent Walker (48)	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.

Charles Park (55)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).

Marisa Rolland (42)	Secretary (since 2022).	Director, BlackRock, Inc. (since 2018); Vice President, BlackRock, Inc. (2010-2017).

Rachel Aguirre (40)	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 (46)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).

James Mauro (51)	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).


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Trustee and Officer Information (unaudited) (continued)

Effective March 18, 2022, Rachel Aguirre, Jennifer Hsui, and James Mauro have replaced Scott Radell, Alan Mason, and Marybeth Leithead as Executive Vice Presidents.

Effective June 15, 2022, Marisa Rolland replaced Deepa Damre Smith as Secretary.


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General Information

Electronic Delivery

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

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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


G E N E R A L I N F O R M A T I O N		43

Glossary of Terms Used in this Report


Portfolio Abbreviations

NVS		Non-Voting Shares

REIT		Real Estate Investment Trust


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Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

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

iS-AR-809-0822