iShares Trust


						JANUARY 31, 2022

2022 Semi-Annual Report

(Unaudited)

iShares Trust

iShares Currency Hedged MSCI ACWI ex U.S. ETF | HAWX | NYSE Arca

iShares Currency Hedged MSCI EAFE ETF | HEFA | Cboe BZX

iShares Currency Hedged MSCI EAFE Small-Cap ETF | HSCZ | NYSE Arca

iShares MSCI ACWI ex U.S. ETF | ACWX | NASDAQ

iShares MSCI EAFE ETF | EFA | NYSE Arca

iShares MSCI EAFE Small-Cap ETF | SCZ | NASDAQ

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of January 31, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. Continued growth meant that the U.S. economy regained and then surpassed its pre-pandemic output. However, rapid changes in consumer spending led to supply constraints and elevated inflation.

Equity prices were mixed, as persistently high inflation droveinvestors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined slightly, while large-capitalization U.S. stocks posted a strong advance. International equities from developed markets also gained, although emerging market stocks declined, 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 significantly during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, the improving economy assuaged credit concerns and led to positive returns for high-yield corporate bonds, outpacing the modest negative return of investment-grade corporate bonds.

The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted late in the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy. Sanctions on Russia and general wartime disruption are likely to drive already-high commodity prices even further upwards, and we have already seen spikes in energy and metal markets. While this will exacerbate inflationary pressure, it could also constrain economic growth, making the Fed’s way forward less clear. Its challenge will be combating inflation without stifling a recovery that is now facing additional supply shocks.

In this environment, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. U.S. and other developed-market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

In this environment, 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.

Sincerely,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of January 31, 2022

	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	3.44%	23.29%

U.S. small cap equities (Russell 2000^® Index)	(8.41)	(1.21)

International equities (MSCI Europe, Australasia, Far East Index)	(3.43)	7.03

Emerging market equities (MSCI Emerging Markets Index)	(4.59)	(7.23)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.01	0.04

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(3.87)	(4.43)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(3.17)	(2.97)

Tax-exempt municipal bonds (S&P Municipal Bond Index)	(2.56)	(1.22)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(1.55)	2.05

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
Fund Summary		4
About Fund Performance		10
Shareholder Expenses		10
Schedules of Investments		11
Financial Statements:
Statements of Assets and Liabilities		83
Statements of Operations		85
Statements of Changes in Net Assets		87
Financial Highlights		90
Notes to Financial Statements		96
Statement Regarding Liquidity Risk Management Program		108
Supplemental Information		109
General Information		110
Glossary of Terms Used in this Report		111


		3


Fund Summary as of January 31, 2022		iShares^® Currency Hedged MSCI ACWI ex U.S. ETF

Investment Objective

The iShares Currency Hedged MSCI ACWI ex U.S. ETF (the “Fund”) seeks to track the investment results of an index composed of large-and mid-capitalization developed and emerging equities, excluding the U.S., while mitigating exposure to fluctuations between the value of the component currencies and the U.S. dollar, as represented by the MSCI ACWI ex USA 100% Hedged to USD 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. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI ACWI ex U.S. ETF.

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception

Fund NAV		0.73	%		9.79	%		9.13	%		7.23	%		9.79	%		54.77	%		58.46	%
Fund Market		0.76			9.56			9.12			7.24			9.56			54.73			58.57
Index		0.21			8.96			9.14			7.21			8.96			54.85			58.20

The inception date of the Fund was 6/29/15. The first day of secondary market trading was 7/1/15.

Past performance is no guarantee 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” on page 10 for more information.

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	^(a)(b)		Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	^(a)(b)	Annualized Expense Ratio	^(a)

	$ 1,000.00	$ 1,007.30	$ 0.15			$ 1,000.00	$ 1,025.10	$ 0.15		0.03	%

^(a)

Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

^(b)

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 10 for more information.

Portfolio Information


ALLOCATION BY INVESTMENT TYPE

Investment Type	Percent of Net Assets

Investment Companies		100.1	%
Short-term Investments		0.0	(a)
Forward foreign currency exchange contracts, net cumulative appreciation		0.8
Other assets less liabilities		(0.9	)

^(a)

Rounds to less than 0.1%.

ALLOCATION BY SECTOR (of the UNDERLYING FUND)



Sector	Percent of Total Investment^(a)

Financials		20.4	%
Information Technology		12.6
Consumer Discretionary		12.2
Industrials		12.1
Health Care		8.9
Consumer Staples		8.4
Materials		8.2
Communication Services		6.3
Energy		5.4
Utilities		3.1
Real Estate		2.4

^(a)

Excludes money market funds.


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


Fund Summary as of January 31, 2022		iShares^® Currency Hedged MSCI EAFE ETF

Investment Objective

The iShares Currency Hedged MSCI EAFE ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization equities in Europe, Australasia, and the Far East while mitigating exposure to fluctuations between the value of the component currencies and the U.S. dollar, as represented by the MSCI EAFE^® 100% Hedged to USD 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. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI EAFE ETF.

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception

Fund NAV		2.03	%		16.40	%		9.33	%		8.42	%		16.40	%		56.18	%		90.96	%
Fund Market		2.09			16.32			9.31			8.42			16.32			56.05			90.94
Index		1.55			15.57			9.33			8.41			15.57			56.21			90.84

The inception date of the Fund was 1/31/14. The first day of secondary market trading was 2/4/14.

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	^(a)(b)		Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	^(a)(b)	Annualized Expense Ratio	^(a)

	$ 1,000.00	$ 1,020.30	$ 0.15			$ 1,000.00	$ 1,025.10	$ 0.15		0.03	%

^(a)

Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

^(b)

Portfolio Information

ALLOCATION BY INVESTMENT TYPE



Investment Type	Percent of Net Assets

Investment Companies		100.2	%
Short-term Investments		0.3
Forward foreign currency exchange contracts, net cumulative appreciation		1.1
Other assets less liabilities		(1.6	)

ALLOCATION BY SECTOR (of the UNDERLYING FUND)



Sector	Percent of Total Investment^(a)

Financials		18.1	%
Industrials		15.5
Consumer Discretionary		12.6
Health Care		12.3
Consumer Staples		10.3
Information Technology		8.7
Materials		7.7
Communication Services		4.6
Energy		3.9
Utilities		3.4
Real Estate		2.9

^(a)

Excludes money market funds.


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


Fund Summary as of January 31, 2022		iShares^® Currency Hedged MSCI EAFE Small-Cap ETF

Investment Objective

The iShares Currency Hedged MSCI EAFE Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization developed market equities, excluding the U.S. and Canada, while mitigating exposure to fluctuations between the value of the component currencies and the U.S. dollar, as represented by the MSCI EAFE Small-Cap 100% Hedged to USD 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. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI EAFE Small-Cap ETF.

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception

Fund NAV		(2.72	)%		11.43	%		10.02	%		9.16	%		11.43	%		61.18	%		78.26	%
Fund Market		(2.69	)		11.12			10.03			9.17			11.12			61.29			78.32
Index		(3.36	)		10.40			10.16			9.19			10.40			62.19			78.38

The inception date of the Fund was 6/29/15. The first day of secondary market trading was 7/1/15.

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	^(a)(b)		Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	^(a)(b)	Annualized Expense Ratio	^(a)

$	1,000.00	$ 972.80	$ 0.15			$ 1,000.00	$ 1,025.10	$ 0.15		0.03	%

^(a)

Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

^(b)

Portfolio Information

ALLOCATION BY INVESTMENT TYPE



Investment Type	Percent of Net Assets

Investment Companies		100.1	%
Short-term Investments		0.1
Forward foreign currency exchange contracts, net cumulative appreciation		1.1
Other assets less liabilities		(1.3	)

ALLOCATION BY SECTOR (of the UNDERLYING FUND)



Sector	Percent of Total Investment^(a)

Industrials		23.4	%
Consumer Discretionary		12.6
Real Estate		12.3
Financials		11.0
Information Technology		10.0
Materials		9.5
Health Care		6.1
Consumer Staples		5.6
Communication Services		4.5
Utilities		3.1
Energy		1.9

^(a)

Excludes money market funds.


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


Fund Summary as of January 31, 2022		iShares^® MSCI ACWI ex U.S. ETF

Investment Objective

The iShares MSCI ACWI ex U.S. ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization non-U.S. equities, as represented by the MSCI ACWI ex USA Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		(2.34	)%		4.50	%		8.14	%		6.16	%		4.50	%		47.86	%		81.75	%
Fund Market		(2.62	)		4.64			8.11			6.13			4.64			47.68			81.35
Index		(3.27	)		3.63			8.04			6.18			3.63			47.18			82.16

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	^(a)(b)		Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	^(a)(b)	Annualized Expense Ratio	^(a)
	$ 1,000.00	$ 976.60	$ 1.59			$ 1,000.00	$ 1,023.60	$ 1.63		0.32	%

^(a)

Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

^(b)

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)

Financials	20.4	%
Information Technology	12.6
Consumer Discretionary	12.2
Industrials	12.1
Health Care	8.9
Consumer Staples	8.4
Materials	8.2
Communication Services	6.3
Energy	5.4
Utilities	3.1
Real Estate	2.4

^(a)

Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION



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

Japan	14.2	%
China	9.6
United Kingdom	9.0
Canada	7.6
France	7.3
Switzerland	6.4
Germany	5.6
Australia	4.8
Taiwan	4.7
India	3.7


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


Fund Summary as of January 31, 2022		iShares^® MSCI EAFE ETF

Investment Objective

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

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		(2.61	)%		8.17	%		8.06	%		6.99	%		8.17	%		47.33	%		96.54	%
Fund Market		(2.74	)		8.25			8.04			6.97			8.25			47.18			96.14
Index		(3.43	)		7.03			7.85			6.94			7.03			45.92			95.60

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	^(a)(b)		Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	^(a)(b)	Annualized Expense Ratio

	$ 1,000.00	$ 973.90	$ 1.64			$ 1,000.00	$ 1,023.50	$ 1.68		0.33	%

^(a)

Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

^(b)

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)

Financials	18.1	%
Industrials	15.5
Consumer Discretionary	12.6
Health Care	12.3
Consumer Staples	10.3
Information Technology	8.7
Materials	7.7
Communication Services	4.6
Energy	3.9
Utilities	3.4
Real Estate	2.9

^(a)

Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION



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

Japan	22.5	%
United Kingdom	14.3
France	11.6
Switzerland	10.3
Germany	8.9
Australia	7.7
Netherlands	5.3
Sweden	3.5
Hong Kong	2.9
Denmark	2.5


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


Fund Summary as of January 31, 2022		iShares^® MSCI EAFE Small-Cap ETF

Investment Objective

The iShares MSCI EAFE Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization developed market equities, excluding the U.S. and Canada, as represented by the MSCI EAFE 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

	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		(7.27	)%		3.32	%		8.65	%		9.08	%		3.32	%		51.39	%		138.59	%
Fund Market		(7.15	)		3.83			8.68			9.03			3.83			51.65			137.47
Index		(7.98	)		2.42			8.61			9.09			2.42			51.12			138.68

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	^(a)(b)		Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	^(a)(b)	Annualized Expense Ratio

	$ 1,000.00	$ 927.30	$ 1.89			$ 1,000.00	$ 1,023.20	$ 1.99		0.39	%

^(a)

Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

^(b)

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)

Industrials	23.4	%
Consumer Discretionary	12.6
Real Estate	12.3
Financials	11.0
Information Technology	10.0
Materials	9.5
Health Care	6.1
Consumer Staples	5.6
Communication Services	4.5
Utilities	3.1
Energy	1.9

^(a)

Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION



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

Japan	27.3	%
United Kingdom	17.2
Australia	9.3
Sweden	6.8
Germany	5.3
Switzerland	4.9
France	3.5
Israel	3.2
Italy	2.9
Netherlands	2.7


F U N D S U M M A R Y		9

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 by 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. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. 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.

Shareholder 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 (or from the commencement of operations if less than 6 months) 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 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 a 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.


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

Schedule of Investments (unaudited)

January 31, 2022

iShares^® Currency Hedged MSCI ACWI ex U.S. ETF

(Percentages shown are based on Net Assets)



Security	Shares		Value


Investment Companies

Exchange-Traded Funds — 100.1%
iShares MSCI ACWI ex U.S. ETF^(a)		2,263,984	$	122,662,653


Total Investment Companies — 100.1% (Cost: $112,882,129)				122,662,653


Short-Term Investments

Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(a)(b)		60,000		60,000


Total Short-Term Investments — 0.0% (Cost: $60,000)				60,000


Total Investments in Securities — 100.1% (Cost: $112,942,129)				122,722,653

Other Assets, Less Liabilities — (0.1)%				(166,834	)


Net Assets — 100.0%			$	122,555,819

^(a)	Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 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 07/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 01/31/22		Shares Held at 01/31/22		Income		Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Treasury, SL Agency Shares	$	70,000	$	—	$	(10,000)	^(a)	$	—	$	—		$	60,000		60,000	$	2	$	—
iShares MSCI ACWI ex U.S. ETF		120,314,149		18,477,151		(10,449,636	)		1,219,806		(6,898,817	)		122,662,653		2,263,984		2,153,505		—

								$	1,219,806	$	(6,898,817)		$	122,722,653			$	2,153,507	$	—

^(a)

Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts



Currency Purchased			Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)

AUD	7,684,000	USD		5,413,787	MS	02/04/22	$	19,221
BRL	505,000	USD		92,688	MS	02/04/22		2,362
BRL	326,000	USD		58,059	SSB	02/04/22		3,300
CAD	11,933,000	USD		9,382,765	SSB	02/04/22		4,776
CHF	7,639,000	USD		8,205,133	MS	02/04/22		38,958
CLP	23,000	USD		29	MS	02/04/22		—
CLP	18,785,000	USD		21,969	SSB	02/04/22		1,485
DKK	14,217,000	USD		2,142,050	CITI	02/04/22		4,647
EUR	23,807,000	USD		26,687,647	SSB	02/04/22		59,396
GBP	8,630,000	USD		11,578,439	SSB	02/04/22		27,897
HKD	80,544,000	USD		10,329,463	CITI	02/04/22		597
ILS	1,085,000	USD		341,448	JPM	02/04/22		1,333


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

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® Currency Hedged MSCI ACWI ex U.S. ETF

Forward Foreign Currency Exchange Contracts (continued)



Currency Purchased			Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)

ILS	61,000	USD		19,219	SSB	02/04/22	$	53
INR	20,741,000	USD		277,357	MS	02/04/22		496
JPY	2,070,262,000	USD		17,967,375	BOA	02/04/22		22,661
JPY	19,237,000	USD		167,090	DB	02/04/22		75
MXN	15,286,000	USD		740,052	JPM	02/04/22		749
MXN	870,000	USD		42,087	SSB	02/04/22		76
NOK	4,625,000	USD		518,709	JPM	02/04/22		1,288
NOK	273,000	USD		30,546	SSB	02/04/22		148
NZD	245,000	USD		160,900	JPM	02/04/22		306
RUB	91,515,000	USD		1,179,217	MS	02/04/22		4,030
SEK	28,785,000	USD		3,083,925	BOA	02/04/22		3,073
SGD	1,098,000	USD		812,040	CITI	02/04/22		721
TRY	68,000	USD		5,036	BBP	02/04/22		63
TRY	1,178,000	USD		87,667	CITI	02/04/22		650
USD	5,823,504	AUD		8,009,000	BNP	02/04/22		160,703
USD	86,524	AUD		119,000	DB	02/04/22		2,384
USD	41,165	CAD		52,000	BOA	02/04/22		257
USD	9,993,667	CAD		12,624,000	JPM	02/04/22		62,526
USD	8,619,819	CHF		7,848,000	BNP	02/04/22		150,173
USD	278,978	CHF		254,000	DB	02/04/22		4,858
USD	2,272,972	DKK		14,857,000	BNP	02/04/22		29,639
USD	13,326	DKK		87,000	BOA	02/04/22		190
USD	344,778	EUR		303,000	BOA	02/04/22		4,360
USD	46,704	EUR		41,000	MS	02/04/22		640
USD	28,214,848	EUR		24,796,000	SSB	02/04/22		356,668
USD	12,242,150	GBP		9,039,000	CITI	02/04/22		85,757
USD	195,027	GBP		144,000	SSB	02/04/22		1,364
USD	11,274,705	HKD		87,897,000	BNP	02/04/22		1,595
USD	14,781	ILS		46,000	BBP	02/04/22		248
USD	354,738	ILS		1,104,000	BNP	02/04/22		5,955
USD	4,705,352	INR		351,071,000	MS	02/04/22		2,301
USD	739,884	MXN		15,222,000	BNP	02/04/22		2,185
USD	41,660	MXN		857,000	BOA	02/04/22		127
USD	3,737	MXN		77,000	SSB	02/04/22		5
USD	557,382	NOK		4,918,000	BNP	02/04/22		4,442
USD	193,677	NZD		283,000	BNP	02/04/22		7,467
USD	684	NZD		1,000	UBS	02/04/22		26
USD	1,282,439	RUB		96,961,000	MS	02/04/22		28,778
USD	3,354,050	SEK		30,361,000	BNP	02/04/22		98,037
USD	879,554	SGD		1,186,000	HSBC	02/04/22		1,654
USD	648,435	THB		21,532,000	BNP	02/04/22		1,741
ZAR	18,443,000	USD		1,191,868	MS	02/04/22		7,748
KRW	6,488,980,000	USD		5,379,537	MS	02/07/22		3,084
MYR	2,192,000	USD		523,787	MS	02/07/22		490
USD	5,793,235	KRW		6,893,145,000	MS	02/07/22		75,358
USD	526,927	MYR		2,192,000	MS	02/07/22		2,650
CNH	10,000	USD		1,569	DB	02/09/22		—
CNH	12,332,000	USD		1,933,112	MS	02/09/22		2,178
TWD	161,313,000	USD		5,795,517	MS	02/09/22		5,156
USD	6,191,616	TWD		171,045,000	MS	02/09/22		40,988


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

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® Currency Hedged MSCI ACWI ex U.S. ETF

Forward Foreign Currency Exchange Contracts (continued)



Currency Purchased			Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)

AUD	678,000	USD		477,743	BNP	03/04/22	$	1,689
CAD	343,000	USD		269,685	SSB	03/04/22		143
CHF	467,000	USD		501,996	BOA	03/04/22		2,364
CNH	817,000	USD		127,883	UBS	03/04/22		118
DKK	1,603,000	USD		241,669	DB	03/04/22		517
EUR	821,000	USD		920,902	CITI	03/04/22		2,014
HKD	857,000	USD		109,901	JPM	03/04/22		12
ILS	37,000	USD		11,650	CITI	03/04/22		46
INR	2,872,000	USD		38,369	MS	03/04/22		12
JPY	149,003,000	USD		1,293,451	BOA	03/04/22		1,636
MXN	846,000	USD		40,773	UBS	03/04/22		37
NZD	22,000	USD		14,442	BOA	03/04/22		27
SEK	2,433,000	USD		260,726	DB	03/04/22		260
TRY	20,000	USD		1,473	SSB	03/04/22		5
TWD	1,622,000	USD		58,410	MS	03/04/22		35
USD	1,514,171	BRL		8,099,000	MS	03/04/22		296
USD	101,570	CAD		129,000	JPM	03/04/22		89
USD	214,885	CLP		172,367,000	MS	03/04/22		478
USD	359,175	JPY		41,290,000	JPM	03/04/22		296
USD	143,669	KRW		173,317,000	MS	03/04/22		34
USD	3,138	MXN		65,000	JPM	03/04/22		3
USD	11,551	RUB		901,000	MS	03/04/22		2
USD	645	SEK		6,000	CITI	03/04/22		1
USD	609,224	THB		20,275,000	CITI	03/04/22		368
USD	841	THB		28,000	JPM	03/04/22		—
USD	4,241	THB		141,000	UBS	03/04/22		7
USD	5,380	ZAR		83,000	SSB	03/04/22		2


								1,360,584

AUD	1,000	USD		717	BNP	02/04/22		(10	)
AUD	434,000	USD		310,518	BOA	02/04/22		(3,656	)
AUD	9,000	USD		6,548	JPM	02/04/22		(184	)
BRL	8,099,000	USD		1,524,690	MS	02/04/22		(307	)
CAD	741,000	USD		586,886	BOA	02/04/22		(3,951	)
CAD	2,000	USD		1,588	BSCH	02/04/22		(14	)
CHF	45,000	USD		49,403	BBP	02/04/22		(839	)
CHF	1,000	USD		1,085	BOA	02/04/22		(6	)
CHF	417,000	USD		454,249	JPM	02/04/22		(4,218	)
CLP	176,566,000	USD		220,992	MS	02/04/22		(540	)
DKK	727,000	USD		110,454	BOA	02/04/22		(681	)
EUR	3,000	USD		3,385	BNP	02/04/22		(14	)
EUR	1,330,000	USD		1,503,634	UBS	02/04/22		(9,386	)
GBP	1,000	USD		1,352	BNP	02/04/22		(7	)
GBP	552,000	USD		745,771	JPM	02/04/22		(3,396	)
HKD	113,000	USD		14,495	CITI	02/04/22		(2	)
HKD	2,116,000	USD		271,430	DB	02/04/22		(46	)
HKD	11,000	USD		1,413	JPM	02/04/22		(2	)
HKD	5,113,000	USD		656,657	SSB	02/04/22		(896	)
ILS	4,000	USD		1,288	SSB	02/04/22		(25	)
INR	333,455,000	USD		4,468,289	MS	02/04/22		(1,227	)
JPY	130,081,000	USD		1,141,383	JPM	02/04/22		(11,013	)


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

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® Currency Hedged MSCI ACWI ex U.S. ETF

Forward Foreign Currency Exchange Contracts (continued)



Currency Purchased			Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)

NOK	19,000	USD		2,157	JPM	02/04/22	$	(21	)
NOK	1,000	USD		113	SSB	02/04/22		—
NZD	25,000	USD		17,113	BBP	02/04/22		(663	)
NZD	14,000	USD		9,361	BNP	02/04/22		(149	)
RUB	5,446,000	USD		72,085	MS	02/04/22		(1,670	)
SEK	4,000	USD		432	DB	02/04/22		(3	)
SEK	1,572,000	USD		169,872	JPM	02/04/22		(1,286	)
SGD	11,000	USD		8,158	BBP	02/04/22		(16	)
SGD	7,000	USD		5,194	BSCH	02/04/22		(12	)
SGD	70,000	USD		52,072	SSB	02/04/22		(257	)
THB	20,275,000	USD		609,549	CITI	02/04/22		(608	)
THB	47,000	USD		1,418	HSBC	02/04/22		(6	)
THB	3,000	USD		91	SSB	02/04/22		(1	)
THB	1,207,000	USD		36,608	UBS	02/04/22		(357	)
USD	6,386	BRL		36,000	CITI	02/04/22		(390	)
USD	1,583,972	BRL		8,894,000	SSB	02/04/22		(90,045	)
USD	1,733	CLP		1,483,000	CITI	02/04/22		(118	)
USD	226,760	CLP		193,891,000	SSB	02/04/22		(15,324	)
USD	41,804	INR		3,125,000	MS	02/04/22		(59	)
USD	19,278,701	JPY		2,219,580,000	BOA	02/04/22		(8,869	)
USD	91,216	TRY		1,246,000	MS	02/04/22		(2,200	)
USD	8,187	ZAR		131,000	BBP	02/04/22		(334	)
USD	1,172,952	ZAR		18,803,000	BNP	02/04/22		(50,080	)
USD	37,543	ZAR		602,000	CITI	02/04/22		(1,614	)
ZAR	3,000	USD		197	CITI	02/04/22		(2	)
ZAR	1,090,000	USD		71,382	DB	02/04/22		(484	)
KRW	404,165,000	USD		338,124	MS	02/07/22		(2,868	)
CNH	710,000	USD		112,020	DB	02/09/22		(598	)
CNH	2,000	USD		316	JPM	02/09/22		(2	)
TWD	9,732,000	USD		351,643	MS	02/09/22		(1,689	)
USD	2,035,225	CNH		12,971,000	BNP	02/09/22		(344	)
USD	13,018	CNH		83,000	CITI	02/09/22		(8	)
BRL	56,000	USD		10,475	MS	03/04/22		(7	)
CHF	18,000	USD		19,463	JPM	03/04/22		(23	)
CNH	115,000	USD		18,021	HSBC	03/04/22		(3	)
DKK	144,000	USD		21,769	BOA	03/04/22		(13	)
EUR	171,000	USD		192,336	UBS	03/04/22		(109	)
GBP	326,000	USD		438,492	BBP	03/04/22		(140	)
KRW	599,364,000	USD		496,848	MS	03/04/22		(131	)
MYR	26,000	USD		6,221	MS	03/04/22		(2	)
NOK	38,000	USD		4,271	UBS	03/04/22		(1	)
NZD	6,000	USD		3,948	BOA	03/04/22		(1	)
RUB	7,030,000	USD		90,152	MS	03/04/22		(38	)
SGD	3,000	USD		2,220	HSBC	03/04/22		—
USD	451,081	AUD		638,000	BOA	03/04/22		(66	)
USD	5,414,309	AUD		7,684,000	MS	03/04/22		(19,251	)
USD	150,991	BRL		808,000	MS	03/04/22		(41	)
USD	9,382,529	CAD		11,933,000	SSB	03/04/22		(4,835	)
USD	8,211,031	CHF		7,639,000	MS	03/04/22		(39,099	)
USD	53	CLP		43,000	MS	03/04/22		—


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

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® Currency Hedged MSCI ACWI ex U.S. ETF

Forward Foreign Currency Exchange Contracts (continued)



Currency Purchased			Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)

USD	1,929,966	CNH		12,332,000	MS	03/04/22	$	(2,105	)
USD	2,143,301	DKK		14,217,000	CITI	03/04/22		(4,647	)
USD	26,702,526	EUR		23,807,000	SSB	03/04/22		(59,811	)
USD	419,842	GBP		313,000	DB	03/04/22		(1,030	)
USD	11,576,170	GBP		8,630,000	SSB	03/04/22		(28,072	)
USD	232,503	HKD		1,813,000	BOA	03/04/22		(20	)
USD	10,329,306	HKD		80,544,000	CITI	03/04/22		(704	)
USD	341,623	ILS		1,085,000	JPM	03/04/22		(1,336	)
USD	947	ILS		3,000	UBS	03/04/22		(1	)
USD	4,467,968	INR		334,570,000	MS	03/04/22		(3,129	)
USD	17,971,102	JPY		2,070,262,000	BOA	03/04/22		(22,964	)
USD	5,374,591	KRW		6,488,980,000	MS	03/04/22		(3,091	)
USD	736,641	MXN		15,286,000	JPM	03/04/22		(741	)
USD	496,748	MYR		2,081,000	MS	03/04/22		(1,004	)
USD	15,356	NOK		137,000	DB	03/04/22		(39	)
USD	518,445	NOK		4,625,000	JPM	03/04/22		(1,289	)
USD	160,830	NZD		245,000	JPM	03/04/22		(305	)
USD	1,114,967	RUB		87,106,000	MS	03/04/22		(1,609	)
USD	3,084,608	SEK		28,785,000	BOA	03/04/22		(3,140	)
USD	50,280	SGD		68,000	BOA	03/04/22		(48	)
USD	811,923	SGD		1,098,000	CITI	03/04/22		(730	)
USD	84,471	TRY		1,152,000	CITI	03/04/22		(675	)
USD	5,137	TRY		70,000	MS	03/04/22		(36	)
USD	5,825,996	TWD		162,003,000	MS	03/04/22		(11,369	)
USD	1,187,100	ZAR		18,443,000	MS	03/04/22		(7,819	)
USD	11,070	ZAR		172,000	UBS	03/04/22		(74	)


								(440,045	)


	Net unrealized appreciation						$	920,539

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:




	Foreign Currency Exchange Contracts


Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	1,360,584


Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	440,045


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

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® Currency Hedged MSCI ACWI ex U.S. ETF

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




	Foreign Currency Exchange Contracts


Net Realized Gain (Loss) from:
Forward foreign currency exchange contracts	$	3,319,483


Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$	880,945

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Forward foreign currency exchange contracts:
Average amounts purchased — in USD			$128,241,077
Average amounts sold — in USD			$248,981,363

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

Derivative Financial Instruments - Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:



	Assets		Liabilities


Derivative Financial Instruments:
Forward foreign currency exchange contracts	$	1,360,584	$	440,045


Total derivative assets and liabilities in the Statement of Assets and Liabilities		1,360,584		440,045
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—

Total derivative assets and liabilities subject to an MNA		1,360,584		440,045

The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:



	Derivative Assets Subject to an MNA by			Derivatives Available					Non-Cash Collateral		Cash Collateral	Net Amount of Derivative
Counterparty	Counterparty					for Offset	^(a)		Received		Received			Assets	^(b)(c)


Bank of America N.A.		$	34,695		$	(34,695	)	$	—	$	—		$	—
Barclays Bank PLC			311			(311	)		—		—			—
BNP Paribas SA			463,626			(50,604	)		—		—			413,022
Citibank N.A.			94,801			(9,498	)		—		—			85,303
Deutsche Bank Securities Inc.			8,094			(2,200	)		—		—			5,894
HSBC Bank PLC			1,654			(9	)		—		—			1,645
JPMorgan Chase Bank N.A.			66,602			(23,816	)		—		—			42,786
Morgan Stanley & Co. International PLC			235,295			(99,291	)		—		—			136,004
State Street Bank and Trust Co.			455,318			(199,266	)		—		—			256,052
UBS AG			188			(188	)		—		—			—

		$	1,360,584		$	(419,878	)	$	—	$	—		$	940,706


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

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® Currency Hedged MSCI ACWI ex U.S. ETF



	Derivative Liabilities Subject to an MNA by			Derivatives Available					Non-Cash Collateral		Cash Collateral	Net Amount of Derivative
Counterparty	Counterparty					for Offset	^(a)		Pledged		Pledged			Liabilities	^(c)(d)


Banco Santander Central Hispano		$	26		$	—		$	—	$	—		$	26
Bank of America N.A.			43,415			(34,695	)		—		—			8,720
Barclays Bank PLC			1,992			(311	)		—		—			1,681
BNP Paribas SA			50,604			(50,604	)		—		—			—
Citibank N.A.			9,498			(9,498	)		—		—			—
Deutsche Bank Securities Inc.			2,200			(2,200	)		—		—			—
HSBC Bank PLC			9			(9	)		—		—			—
JPMorgan Chase Bank N.A.			23,816			(23,816	)		—		—			—
Morgan Stanley & Co. International PLC			99,291			(99,291	)		—		—			—
State Street Bank and Trust Co.			199,266			(199,266	)		—		—			—
UBS AG			9,928			(188	)		—		—			9,740


		$	440,045		$	(419,878	)	$	—	$	—		$	20,167

^(a)

The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

^(b)

Net amount represents the net amount receivable from the counterparty in the event of default.

^(c)

Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

^(d)

Net amount represents the net amount payable due to the counterparty in the event of default.

Fair Value Hierarchy as of Period End

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

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




	Level 1		Level 2			Level 3		Total

Investments
Assets
Investment Companies	$	122,662,653	$	—		$	—	$	122,662,653
Money Market Funds		60,000		—			—		60,000


	$	122,722,653	$	—		$	—	$	122,722,653

Derivative financial instruments^(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	1,360,584		$	—	$	1,360,584
Liabilities
Forward Foreign Currency Exchange Contracts		—		(440,045	)		—		(440,045	)


	$	—	$	920,539		$	—	$	920,539

^(a)

Derivative financial instruments are forward foreign currency exchange contracts. Forward foreign currency exchange 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		17

Schedule of Investments (unaudited)

January 31, 2022

iShares^® Currency Hedged MSCI EAFE ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Investment Companies

Exchange-Traded Funds — 100.2%
iShares MSCI EAFE ETF^(a)		44,309,678	$	3,359,559,786


Total Investment Companies — 100.2% (Cost: $3,100,386,438)				3,359,559,786


Short-Term Investments

Money Market Funds — 0.3%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(a)(b)		9,400,000		9,400,000


Total Short-Term Investments — 0.3% (Cost: $9,400,000)				9,400,000


Total Investments in Securities — 100.5% (Cost: $3,109,786,438)				3,368,959,786

Other Assets, Less Liabilities — (0.5)%				(16,021,117	)


Net Assets — 100.0%			$	3,352,938,669

^(a)	Affiliate of the Fund.

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

Affiliates




Affiliated Issuer	Value at 07/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 01/31/22		Shares Held at 01/31/22		Income		Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Treasury, SL Agency Shares	$	—	$	9,400,000	^(a)	$	—		$	—	$	—		$	9,400,000		9,400,000	$	109	$	—
iShares MSCI EAFE ETF		2,837,556,835		897,868,035			(224,536,234	)		19,511,683		(170,840,533	)		3,359,559,786		44,309,678		62,933,861		—


									$	19,511,683	$	(170,840,533	)	$	3,368,959,786			$	62,933,970	$	—

^(a)

Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts



Currency Purchased			Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)

AUD	330,557,000	USD		232,893,934	CITI	02/04/22	$	827,926
CHF	328,041,000	USD		352,337,261	MS	02/04/22		1,688,086
DKK	607,149,000	USD		91,475,299	UBS	02/04/22		201,202
EUR	1,005,790,000	USD		1,127,490,590	SSB	02/04/22		2,509,353
GBP	373,037,000	USD		500,485,091	SSB	02/04/22		1,205,884
HKD	709,070,000	USD		90,935,545	CITI	02/04/22		5,260
ILS	46,712,000	USD		14,700,218	JPM	02/04/22		57,374
JPY	89,240,997,000	USD		774,504,111	BOA	02/04/22		976,846
JPY	775,499,000	USD		6,735,819	CITI	02/04/22		3,064
NOK	199,872,000	USD		22,416,315	JPM	02/04/22		55,675
NZD	10,528,000	USD		6,914,106	JPM	02/04/22		13,155
SEK	1,234,392,000	USD		132,245,423	BNP	02/04/22		134,838


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

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® Currency Hedged MSCI EAFE ETF

Forward Foreign Currency Exchange Contracts (continued)



Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)

SGD	47,714,000	USD	35,287,505	CITI	02/04/22	$	31,345
USD	228,526,381	AUD	314,290,000	BNP	02/04/22		6,306,178
USD	1,014,948	AUD	1,427,000	BSCH	02/04/22		5,981
USD	570,383	AUD	799,000	HSBC	02/04/22		5,447
USD	5,366,600	AUD	7,454,000	MS	02/04/22		96,214
USD	3,291,622	AUD	4,527,000	SSB	02/04/22		90,786
USD	4,132,489	AUD	5,761,000	UBS	02/04/22		59,148
USD	364,548,918	CHF	332,036,000	MS	02/04/22		6,212,123
USD	115,662	DKK	756,000	BNP	02/04/22		1,509
USD	274,186	DKK	1,790,000	BOA	02/04/22		3,905
USD	89,932,526	DKK	587,853,000	HSBC	02/04/22		1,169,626
USD	1,620,499	DKK	10,617,000	MS	02/04/22		17,384
USD	370,820	DKK	2,455,000	RBS	02/04/22		127
USD	843,399	DKK	5,550,000	SSB	02/04/22		5,376
USD	128,083	DKK	840,000	TNTC	02/04/22		1,247
USD	268,428	DKK	1,762,000	UBS	02/04/22		2,375
USD	12,128,692	EUR	10,659,000	BOA	02/04/22		153,359
USD	1,734,172	EUR	1,528,000	CBA	02/04/22		17,471
USD	2,375,554	EUR	2,074,000	CITI	02/04/22		45,425
USD	9,466,103	EUR	8,369,000	JPM	02/04/22		63,574
USD	8,073,138	EUR	7,115,000	MS	02/04/22		79,472
USD	64,717	EUR	57,000	RBS	02/04/22		678
USD	1,098,987,548	EUR	965,888,000	SSB	02/04/22		13,817,299
USD	4,964,144	EUR	4,416,000	TDB	02/04/22		2,790
USD	15,991,077	EUR	14,107,000	UBS	02/04/22		141,934
USD	480,434,316	GBP	354,729,000	CITI	02/04/22		3,365,452
USD	4,523,361	GBP	3,338,000	HSBC	02/04/22		34,143
USD	1,302,551	GBP	966,000	JPM	02/04/22		3,395
USD	12,462,162	GBP	9,236,000	MS	02/04/22		40,826
USD	28,510	GBP	21,000	RBS	02/04/22		268
USD	11,903,819	GBP	8,769,000	SSB	02/04/22		110,544
USD	1,587,344	GBP	1,169,000	UBS	02/04/22		15,176
USD	146,667	HKD	1,143,000	CITI	02/04/22		73
USD	91,434,666	HKD	712,821,000	HSBC	02/04/22		12,783
USD	244,838	HKD	1,906,000	JPM	02/04/22		387
USD	722,550	HKD	5,629,000	MS	02/04/22		611
USD	2,451,249	HKD	19,096,000	SSB	02/04/22		2,118
USD	567,114	ILS	1,765,000	CITI	02/04/22		9,503
USD	13,928,422	ILS	43,355,000	HSBC	02/04/22		231,398
USD	37,658	ILS	119,000	JPM	02/04/22		62
USD	272,328	ILS	851,000	SSB	02/04/22		3,474
USD	169,389	ILS	527,000	TNTC	02/04/22		2,896
USD	78,998	ILS	247,000	UBS	02/04/22		963
USD	1,613,688	JPY	184,747,000	HSBC	02/04/22		8,285
USD	1,926,636	JPY	219,591,000	JPM	02/04/22		18,447
USD	4,734,453	JPY	539,099,000	SSB	02/04/22		49,824
USD	10,106,918	JPY	1,152,782,000	UBS	02/04/22		89,544
USD	332,990	NOK	2,938,000	BNP	02/04/22		2,665
USD	86,070	NOK	750,000	CITI	02/04/22		1,746
USD	21,530,219	NOK	189,965,000	HSBC	02/04/22		172,092


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

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® Currency Hedged MSCI EAFE ETF

Forward Foreign Currency Exchange Contracts (continued)



Currency Purchased		Currency Sold			Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)

USD	504,094		NOK	4,468,000	SSB	02/04/22	$	1,748
USD	29,200		NZD	43,000	BNP	02/04/22		907
USD	16,737		NZD	25,000	CBA	02/04/22		287
USD	7,591,476		NZD	11,092,000	HSBC	02/04/22		293,112
USD	677		NZD	1,000	RBS	02/04/22		19
USD	186,491		NZD	276,000	SSB	02/04/22		4,888
USD	40,789		NZD	61,000	TDB	02/04/22		652
USD	55,174		NZD	82,000	UBS	02/04/22		1,219
USD	9,368,411		SEK	84,823,000	BNP	02/04/22		271,713
USD	325,336		SEK	3,016,000	CITI	02/04/22		1,890
USD	122,888,311		SEK	1,112,390,000	HSBC	02/04/22		3,591,945
USD	1,889,511		SEK	17,404,000	MS	02/04/22		23,049
USD	278,874		SEK	2,493,000	RBS	02/04/22		11,517
USD	784,293		SEK	7,153,000	SSB	02/04/22		17,182
USD	946,683		SEK	8,732,000	TNTC	02/04/22		10,234
USD	1,319,564		SEK	12,018,000	UBS	02/04/22		30,714
USD	34,781,623		SGD	46,899,000	HSBC	02/04/22		66,052
USD	172,124		SGD	232,000	MS	02/04/22		393
USD	57,144		SGD	77,000	RBS	02/04/22		147
USD	405,952		SGD	546,000	SSB	02/04/22		1,792
AUD	23,848,000		USD	16,804,112	BNP	03/03/22		59,329
CHF	14,068,000		USD	15,121,186	MS	03/03/22		71,795
DKK	54,928,000		USD	8,280,753	CITI	03/03/22		17,723
EUR	18,877,000		USD	21,173,600	CITI	03/03/22		46,183
HKD	16,387,000		USD	2,101,468	JPM	03/03/22		214
ILS	850,000		USD	267,630	CITI	03/03/22		1,041
JPY	5,135,212,000		USD	44,576,969	BOA	03/03/22		56,074
NZD	761,000		USD	499,584	BOA	03/03/22		931
SEK	80,787,000		USD	8,657,302	CITI	03/03/22		8,550
USD	14,645,002		JPY	1,683,672,000	JPM	03/03/22		11,253


								44,788,664

AUD	1,281,000		USD	931,948	JPM	02/04/22		(26,211	)
AUD	2,892,000		USD	2,102,839	MS	02/04/22		(58,037	)
CHF	5,484,000		USD	6,019,592	MS	02/04/22		(101,201	)
DKK	5,324,000		USD	815,084	BNP	02/04/22		(11,186	)
EUR	9,942,000		USD	11,320,053	MS	02/04/22		(150,267	)
GBP	2,536,000		USD	3,432,637	JPM	02/04/22		(22,014	)
GBP	3,258,000		USD	4,408,192	MS	02/04/22		(26,564	)
HKD	33,349,000		USD	4,277,837	CITI	02/04/22		(707	)
HKD	6,189,000		USD	793,865	MS	02/04/22		(103	)
ILS	295,000		USD	95,012	SSB	02/04/22		(1,813	)
ILS	408,000		USD	131,466	TNTC	02/04/22		(2,568	)
JPY	638,301,000		USD	5,548,577	JPM	02/04/22		(1,908	)
JPY	780,265,000		USD	6,782,065	UBS	02/04/22		(1,766	)
NOK	1,745,000		USD	198,002	CITI	02/04/22		(1,809	)
NOK	1,284,000		USD	145,775	JPM	02/04/22		(1,412	)
NZD	962,000		USD	658,486	CITI	02/04/22		(25,505	)
NZD	92,000		USD	62,943	SSB	02/04/22		(2,408	)
NZD	13,000		USD	8,898	UBS	02/04/22		(345	)
SEK	4,608,000		USD	510,004	JPM	02/04/22		(15,827	)


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

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® Currency Hedged MSCI EAFE ETF

Forward Foreign Currency Exchange Contracts (continued)



Currency Purchased			Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)

SEK	10,805,000	USD		1,195,173	MS	02/04/22	$	(36,409	)
SGD	416,000	USD		308,518	BNP	02/04/22		(587	)
SGD	412,000	USD		305,706	BSCH	02/04/22		(735	)
SGD	437,000	USD		324,089	CITI	02/04/22		(613	)
USD	330,119	AUD		472,000	HSBC	02/04/22		(3,610	)
USD	1,604,312	CHF		1,489,000	MS	02/04/22		(2,632	)
USD	127,299	DKK		850,000	SSB	02/04/22		(1,047	)
USD	1,693,284	EUR		1,519,000	UBS	02/04/22		(13,305	)
USD	807,537	GBP		603,000	CBA	02/04/22		(3,427	)
USD	884,687	HKD		6,898,000	CITI	02/04/22		(6	)
USD	5,001	HKD		39,000	RBS	02/04/22		(1	)
USD	137,951	HKD		1,076,000	SSB	02/04/22		(49	)
USD	86,303	ILS		274,000	BOA	02/04/22		(261	)
USD	22,217	ILS		71,000	SSB	02/04/22		(214	)
USD	64,716	ILS		206,000	TNTC	02/04/22		(365	)
USD	3,288,437	JPY		381,712,000	BNP	02/04/22		(28,540	)
USD	756,298,215	JPY		87,073,521,000	BOA	02/04/22		(347,942	)
USD	7,526,129	JPY		867,929,000	BSCH	02/04/22		(15,947	)
USD	4,016,157	JPY		464,045,000	CBA	02/04/22		(16,273	)
USD	2,403,742	JPY		277,001,000	MS	02/04/22		(3,324	)
USD	43,486	JPY		5,029,000	TDB	02/04/22		(215	)
USD	2,332,802	JPY		269,606,000	UBS	02/04/22		(10,004	)
USD	161,705	NOK		1,447,000	CITI	02/04/22		(984	)
USD	373,667	NOK		3,333,000	SSB	02/04/22		(1,069	)
USD	9,812	NZD		15,000	SSB	02/04/22		(58	)
USD	188,339	SEK		1,776,000	SSB	02/04/22		(2,125	)
USD	148,022	SGD		201,000	BNP	02/04/22		(762	)
USD	755,543	SGD		1,024,000	SSB	02/04/22		(2,442	)
CHF	1,242,000	USD		1,343,088	MS	03/03/22		(1,768	)
DKK	7,128,000	USD		1,077,560	HSBC	03/03/22		(668	)
EUR	8,543,000	USD		9,608,987	UBS	03/03/22		(5,734	)
GBP	14,822,000	USD		19,938,125	JPM	03/03/22		(7,772	)
NOK	1,978,000	USD		222,339	UBS	03/03/22		(57	)
NZD	272,000	USD		178,963	BOA	03/03/22		(67	)
SEK	1,412,000	USD		151,716	CITI	03/03/22		(254	)
SGD	220,000	USD		162,835	SSB	03/03/22		(8	)
USD	232,917,404	AUD		330,557,000	CITI	03/03/22		(826,655	)
USD	19,390,429	AUD		27,426,000	TNTC	03/03/22		(3,094	)
USD	352,570,152	CHF		328,041,000	MS	03/03/22		(1,703,433	)
USD	91,525,976	DKK		607,149,000	UBS	03/03/22		(201,588	)
USD	1,128,101,105	EUR		1,005,790,000	SSB	03/03/22		(2,515,311	)
USD	500,389,967	GBP		373,037,000	SSB	03/03/22		(1,212,985	)
USD	24,727,640	GBP		18,435,000	UBS	03/03/22		(60,921	)
USD	4,296,247	HKD		33,501,000	BOA	03/03/22		(357	)
USD	90,934,157	HKD		709,070,000	CITI	03/03/22		(6,203	)
USD	14,707,068	ILS		46,712,000	JPM	03/03/22		(57,813	)
USD	20,842	ILS		66,000	SSB	03/03/22		(19	)
USD	774,661,432	JPY		89,240,997,000	BOA	03/03/22		(982,736	)
USD	962,681	NOK		8,588,000	CITI	03/03/22		(2,412	)
USD	22,405,329	NOK		199,872,000	JPM	03/03/22		(55,662	)


S C H E D U L E O F I N V E S T M E N T S		21

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® Currency Hedged MSCI EAFE ETF

Forward Foreign Currency Exchange Contracts (continued)




Currency Purchased			Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)


USD	6,911,211	NZD		10,528,000	JPM	03/03/22	$	(13,128)
USD	132,275,111	SEK		1,234,392,000	BNP	03/03/22		(135,524)
USD	2,457,838	SGD		3,324,000	BOA	03/03/22		(2,333)
USD	35,282,547	SGD		47,714,000	CITI	03/03/22		(31,710)


								(8,772,809)


	Net unrealized appreciation						$	36,015,855

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:




	Foreign Currency Exchange Contracts


Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	44,788,664


Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	8,772,809

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




	Foreign Currency Exchange Contracts


Net Realized Gain (Loss) from:
Forward foreign currency exchange contracts	$	100,653,249


Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$	45,076,552

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	3,227,914,138
Average amounts sold — in USD	$	6,338,550,392

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

Derivative Financial Instruments - Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:




	Assets		Liabilities


Derivative Financial Instruments:
Forward foreign currency exchange contracts	$	44,788,664	$	8,772,809


Total derivative assets and liabilities in the Statement of Assets and Liabilities		44,788,664		8,772,809
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—

Total derivative assets and liabilities subject to an MNA		44,788,664		8,772,809


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

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® Currency Hedged MSCI EAFE ETF




	Derivative Assets Subject to an MNA by			Derivatives Available					Non-Cash Collateral		Cash Collateral		Net Amount of Derivative
Counterparty	Counterparty					for Offset	^(a)		Received		Received	^(b)			Assets	^(c)(d)


Banco Santander Central Hispano		$	5,981		$	(5,981	)	$	—	$	—			$	—
Bank of America N.A.			1,191,115			(1,191,115	)		—		—				—
BNP Paribas SA			6,777,139			(176,599	)		—		—				6,600,540
Citibank N.A.			4,365,181			(896,858	)		—		—				3,468,323
Commonwealth Bank of Australia			17,758			(17,758	)		—		—				—
HSBC Bank PLC			5,584,883			(4,278	)		—		—				5,580,605
JPMorgan Chase Bank N.A.			223,536			(201,747	)		—		—				21,789
Morgan Stanley & Co. International PLC			8,229,953			(2,083,738	)		—		(6,146,215	)			—
Royal Bank of Scotland PLC			12,756			(1	)		—		—				12,755
State Street Bank and Trust Co.			17,820,268			(3,739,548	)		—		—				14,080,720
The Northern Trust Company			14,377			(6,027	)		—		—				8,350
Toronto Dominion Bank			3,442			(215	)		—		—				3,227
UBS AG			542,275			(293,720	)		—		—				248,555


		$	44,788,664		$	(8,617,585	)	$	—	$	(6,146,215	)		$	30,024,864




	Derivative Liabilities Subject to an MNA by			Derivatives Available					Non-Cash Collateral		Cash Collateral		Net Amount of Derivative
Counterparty	Counterparty					for Offset	^(a)		Pledged		Pledged				Liabilities	^(d)(e)


Banco Santander Central Hispano		$	16,682		$	(5,981	)	$	—	$	—			$	10,701
Bank of America N.A.			1,333,696			(1,191,115	)		—		—				142,581
BNP Paribas SA			176,599			(176,599	)		—		—				—
Citibank N.A.			896,858			(896,858	)		—		—				—
Commonwealth Bank of Australia			19,700			(17,758	)		—		—				1,942
HSBC Bank PLC			4,278			(4,278	)		—		—				—
JPMorgan Chase Bank N.A.			201,747			(201,747	)		—		—				—
Morgan Stanley & Co. International PLC			2,083,738			(2,083,738	)		—		—				—
Royal Bank of Scotland PLC			1			(1	)		—		—				—
State Street Bank and Trust Co.			3,739,548			(3,739,548	)		—		—				—
The Northern Trust Company			6,027			(6,027	)		—		—				—
Toronto Dominion Bank			215			(215	)		—		—				—
UBS AG			293,720			(293,720	)		—		—				—


		$	8,772,809		$	(8,617,585	)	$	—	$	—			$	155,224

^(a)

The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

^(b)

Excess of collateral received from the individual counterparty is not shown for financial reporting purposes.

^(c)

Net amount represents the net amount receivable from the counterparty in the event of default.

^(d)

Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

^(e)

Net amount represents the net amount payable due to the counterparty in the event of default.

Fair Value Hierarchy 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		23

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® Currency Hedged MSCI EAFE ETF

Fair Value Hierarchy as of Period End (continued)




	Level 1		Level 2			Level 3		Total

Investments
Assets
Investment Companies	$	3,359,559,786	$	—		$	—	$	3,359,559,786
Money Market Funds		9,400,000		—			—		9,400,000


	$	3,368,959,786	$	—		$	—	$	3,368,959,786

Derivative financial instruments^(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	44,788,664		$	—	$	44,788,664
Liabilities
Forward Foreign Currency Exchange Contracts		—		(8,772,809	)		—		(8,772,809	)


	$	—	$	36,015,855		$	—	$	36,015,855

^(a)

See notes to financial statements.


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

Schedule of Investments (unaudited)

January 31, 2022

iShares^® Currency Hedged MSCI EAFE Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Investment Companies

Exchange-Traded Funds — 100.2%
iShares MSCI EAFE Small-Cap ETF^(a)		1,586,389	$	108,889,741


Total Investment Companies — 100.2% (Cost: $104,657,906)				108,889,741


Short-Term Investments

Money Market Funds — 0.0%

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(a)(b)		60,000		60,000


Total Short-Term Investments — 0.0% (Cost: $60,000)				60,000


Total Investments in Securities — 100.2% (Cost: $104,717,906)				108,949,741

Other Assets, Less Liabilities — (0.2)%			(265,799)


Net Assets — 100.0%			$	108,683,942

^(a)

Affiliate of the Fund.

^(b)

Annualized 7-day yield as of period end.

Affiliates




Affiliated Issuer	Value at 07/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 01/31/22		Shares Held at 01/31/22		Income		Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Treasury, SL Agency Shares	$	60,000	$	0	^(a)	$	—		$	—	$	—		$	60,000		60,000	$	3	$	—
iShares MSCI EAFE Small-Cap ETF		98,122,469		27,807,723			(6,592,169	)		610,162		(11,058,444	)		108,889,741		1,586,389		2,281,731		—


									$	610,162	$	(11,058,444	)	$	108,949,741			$	2,281,734	$	—

^(a)

Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts




Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)


AUD	15,407,000	USD	10,854,965	MS	02/04/22	$	38,626
CHF	5,331,000	USD	5,726,085	MS	02/04/22		27,187
DKK	13,209,000	USD	1,990,116	UBS	02/04/22		4,377
EUR	20,996,000	USD	23,536,516	SSB	02/04/22		52,383
GBP	15,220,000	USD	20,419,913	SSB	02/04/22		49,200
HKD	15,952,000	USD	2,045,784	CITI	02/04/22		118
ILS	9,585,000	USD	3,016,390	JPM	02/04/22		11,773
JPY	3,531,016,000	USD	30,644,956	BOA	02/04/22		38,651
NOK	25,016,000	USD	2,805,628	JPM	02/04/22		6,968
NZD	1,647,000	USD	1,081,643	JPM	02/04/22		2,058
SEK	76,625,000	USD	8,209,147	BNP	02/04/22		8,370
SGD	2,734,000	USD	2,021,965	CITI	02/04/22		1,796


S C H E D U L E O F I N V E S T M E N T S		25

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® Currency Hedged MSCI EAFE Small-Cap ETF

Forward Foreign Currency Exchange Contracts (continued)



Currency Purchased		Currency Sold			Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	11,480,402		AUD	15,792,000	MS	02/04/22	$	314,596
USD	6,564,741		CHF	5,977,000	BOA	02/04/22		114,299
USD	17,548		CHF	16,000	JPM	02/04/22		281
USD	2,074,865		DKK	13,562,000	BOA	02/04/22		27,070
USD	6,250		DKK	41,000	SSB	02/04/22		59
USD	311,780		EUR	274,000	BOA	02/04/22		3,942
USD	76,024		EUR	67,000	JPM	02/04/22		750
USD	11,391		EUR	10,000	MS	02/04/22		156
USD	24,103,691		EUR	21,183,000	SSB	02/04/22		304,698
USD	20,264,084		GBP	14,962,000	CITI	02/04/22		141,950
USD	858,722		GBP	634,000	SSB	02/04/22		6,066
USD	2,067,227		HKD	16,116,000	BOA	02/04/22		292
USD	4,233		HKD	33,000	CITI	02/04/22		1
USD	19,754		HKD	154,000	DB	02/04/22		3
USD	6,678		HKD	52,000	SSB	02/04/22		9
USD	70,048		ILS	218,000	BBP	02/04/22		1,177
USD	3,064,615		ILS	9,538,000	BOA	02/04/22		51,301
USD	26,284		ILS	82,000	SSB	02/04/22		378
USD	94,148		JPY	10,700,000	JPM	02/04/22		1,168
USD	2,964,424		NOK	26,156,000	BOA	02/04/22		23,655
USD	21,458		NOK	189,000	JPM	02/04/22		208
USD	1,142,365		NZD	1,669,000	BBP	02/04/22		44,189
USD	3,356		NZD	5,000	JPM	02/04/22		67
USD	9,582		NZD	14,000	UBS	02/04/22		371
USD	9,117,915		SEK	82,534,000	BOA	02/04/22		266,697
USD	37,979		SEK	347,000	JPM	02/04/22		765
USD	6,691		SGD	9,000	BBP	02/04/22		29
USD	2,109,119		SGD	2,844,000	BOA	02/04/22		3,934
AUD	1,593,000		USD	1,122,470	MS	03/03/22		3,975
CHF	297,000		USD	319,248	BOA	03/03/22		1,502
DKK	802,000		USD	120,907	DB	03/03/22		258
EUR	455,000		USD	510,356	CITI	03/03/22		1,113
GBP	988,000		USD	1,325,294	DB	03/03/22		3,217
HKD	88,000		USD	11,285	JPM	03/03/22		1
JPY	224,649,000		USD	1,950,099	BOA	03/03/22		2,453
NOK	1,438,000		USD	161,196	DB	03/03/22		402
NZD	78,000		USD	51,206	BOA	03/03/22		95
SEK	10,297,000		USD	1,103,446	DB	03/03/22		1,092
SGD	60,000		USD	44,371	BOA	03/03/22		37
USD	540,683		JPY	62,160,000	JPM	03/03/22		415
USD	14,183		SEK	132,000	CITI	03/03/22		24

								1,564,202

AUD	385,000		USD	277,772	MS	02/04/22		(5,556	)
CHF	5,000		USD	5,489	BBP	02/04/22		(93	)
CHF	132,000		USD	144,521	BOA	02/04/22		(2,065	)
CHF	525,000		USD	576,669	DB	02/04/22		(10,084	)
DKK	59,000		USD	9,027	BNP	02/04/22		(119	)
DKK	335,000		USD	51,395	BOA	02/04/22		(812	)
EUR	538,000		USD	614,251	JPM	02/04/22		(9,811	)
GBP	376,000		USD	514,237	JPM	02/04/22		(8,561	)


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

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® Currency Hedged MSCI EAFE Small-Cap ETF

Forward Foreign Currency Exchange Contracts (continued)



Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)

HKD	403,000	USD	51,765	SSB	02/04/22	$	(79	)
ILS	253,000	USD	81,418	BBP	02/04/22		(1,489	)
JPY	113,957,000	USD	996,133	JPM	02/04/22		(5,876	)
NOK	780,000	USD	88,406	BNP	02/04/22		(709	)
NOK	625,000	USD	71,257	CITI	02/04/22		(987	)
NZD	41,000	USD	27,905	JPM	02/04/22		(927	)
SEK	4,446,000	USD	491,192	BNP	02/04/22		(14,388	)
SEK	1,810,000	USD	200,555	JPM	02/04/22		(6,445	)
SGD	48,000	USD	35,599	BBP	02/04/22		(68	)
SGD	2,000	USD	1,484	BSCH	02/04/22		(4	)
SGD	69,000	USD	51,156	JPM	02/04/22		(81	)
USD	31,487,129	JPY	3,625,151,000	BOA	02/04/22		(14,486	)
USD	79,229	JPY	9,122,000	DB	02/04/22		(38	)
USD	8,539	NOK	76,000	SSB	02/04/22		(6	)
CHF	14,000	USD	15,137	JPM	03/03/22		(18	)
DKK	85,000	USD	12,849	BOA	03/03/22		(8	)
EUR	102,000	USD	114,727	UBS	03/03/22		(68	)
GBP	81,000	USD	108,959	JPM	03/03/22		(42	)
NOK	184,000	USD	20,683	UBS	03/03/22		(5	)
NZD	7,000	USD	4,606	BOA	03/03/22		(2	)
SGD	12,000	USD	8,882	SSB	03/03/22		—
USD	11,087,060	AUD	15,734,000	MS	03/03/22		(38,795	)
USD	5,730,052	CHF	5,331,000	MS	03/03/22		(27,254	)
USD	1,991,219	DKK	13,209,000	UBS	03/03/22		(4,386	)
USD	23,549,261	EUR	20,996,000	SSB	03/03/22		(52,507	)
USD	20,416,032	GBP	15,220,000	SSB	03/03/22		(49,490	)
USD	6,156	HKD	48,000	BOA	03/03/22		—
USD	2,045,752	HKD	15,952,000	CITI	03/03/22		(140	)
USD	31,799	ILS	101,000	CITI	03/03/22		(126	)
USD	3,017,795	ILS	9,585,000	JPM	03/03/22		(11,863	)
USD	7,895	ILS	25,000	SSB	03/03/22		(7	)
USD	30,651,181	JPY	3,531,016,000	BOA	03/03/22		(38,884	)
USD	2,804,253	NOK	25,016,000	JPM	03/03/22		(6,967	)
USD	1,081,190	NZD	1,647,000	JPM	03/03/22		(2,054	)
USD	8,210,990	SEK	76,625,000	BNP	03/03/22		(8,413	)
USD	2,021,681	SGD	2,734,000	CITI	03/03/22		(1,817	)


							(325,530	)


	Net unrealized appreciation					$	1,238,672

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:



	Foreign Currency Exchange Contracts

Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	1,564,202


S C H E D U L E O F I N V E S T M E N T S		27

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® Currency Hedged MSCI EAFE Small-Cap ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)




	Foreign Currency Exchange Contracts


Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	325,530

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




	Foreign Currency Exchange Contracts


Net Realized Gain (Loss) from:
Forward foreign currency exchange contracts	$	3,411,820


Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$	1,439,245

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	110,499,989
Average amounts sold — in USD	$	214,449,884

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

Derivative Financial Instruments - Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:




	Assets		Liabilities


Derivative Financial Instruments:
Forward foreign currency exchange contracts	$	1,564,202	$	325,530


Total derivative assets and liabilities in the Statement of Assets and Liabilities		1,564,202		325,530
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—


Total derivative assets and liabilities subject to an MNA		1,564,202		325,530



	Derivative Assets Subject to an MNA by			Derivatives Available					Non-Cash Collateral		Cash Collateral		Net Amount of Derivative
Counterparty	Counterparty					for Offset	^(a)		Received		Received	^(b)			Assets	^(c)(d)


Bank of America N.A.		$	533,928		$	(56,257	)	$	—	$	—			$	477,671
Barclays Bank PLC			45,395			(1,650	)		—		—				43,745
BNP Paribas SA			8,370			(8,370	)		—		—				—
Citibank N.A.			145,002			(3,070	)		—		—				141,932
Deutsche Bank Securities Inc.			4,972			(4,972	)		—		—				—
JPMorgan Chase Bank N.A.			24,454			(24,454	)		—		—				—
Morgan Stanley & Co. International PLC			384,540			(71,605	)		—		(312,935	)			—
State Street Bank and Trust Co.			412,793			(102,089	)		—		—				310,704
UBS AG			4,748			(4,459	)		—		—				289


		$	1,564,202		$	(276,926	)	$	—	$	(312,935	)		$	974,341


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

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® Currency Hedged MSCI EAFE Small-Cap ETF



	Derivative Liabilities Subject to an MNA by			Derivatives Available					Non-Cash Collateral		Cash Collateral	Net Amount of Derivative
Counterparty	Counterparty					for Offset	^(a)		Pledged		Pledged			Liabilities	^(d)(e)


Banco Santander Central Hispano		$	4		$	—		$	—	$	—		$	4
Bank of America N.A.			56,257			(56,257	)		—		—			—
Barclays Bank PLC			1,650			(1,650	)		—		—			—
BNP Paribas SA			23,629			(8,370	)		—		—			15,259
Citibank N.A.			3,070			(3,070	)		—		—			—
Deutsche Bank Securities Inc.			10,122			(4,972	)		—		—			5,150
JPMorgan Chase Bank N.A.			52,645			(24,454	)		—		—			28,191
Morgan Stanley & Co. International PLC			71,605			(71,605	)		—		—			—
State Street Bank and Trust Co.			102,089			(102,089	)		—		—			—
UBS AG			4,459			(4,459	)		—		—			—


		$	325,530		$	(276,926	)	$	—	$	—		$	48,604

^(a)

The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

^(b)

Excess of collateral received from the individual counterparty is not shown for financial reporting purposes.

^(c)

Net amount represents the net amount receivable from the counterparty in the event of default.

^(d)

Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

^(e)

Net amount represents the net amount payable due to the counterparty in the event of default.

Fair Value Hierarchy as of Period End




	Level 1		Level 2			Level 3		Total


Investments
Assets
Investment Companies	$	108,889,741	$	—		$	—	$	108,889,741
Money Market Funds		60,000		—			—		60,000


	$	108,949,741	$	—		$	—	$	108,949,741

Derivative financial instruments^(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	1,564,202		$	—	$	1,564,202
Liabilities
Forward Foreign Currency Exchange Contracts		—		(325,530	)		—		(325,530	)


	$	—	$	1,238,672		$	—	$	1,238,672

^(a)

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		29

Schedule of Investments (unaudited)

January 31, 2022

iShares^® MSCI ACWI ex U.S. ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Common Stocks

Australia — 4.8%
Ampol Ltd.		51,700	$	1,095,161
APA Group		224,408		1,521,901
Aristocrat Leisure Ltd.		112,529		3,261,964
ASX Ltd.		37,644		2,232,610
Aurizon Holdings Ltd.		322,955		807,987
AusNet Services Ltd.		321,294		591,213
Australia & New Zealand Banking Group Ltd.		522,608		9,876,683
BHP Group Ltd.^(a)		535,557		17,175,609
BHP Group Ltd.		396,638		12,519,795
BlueScope Steel Ltd.		95,169		1,247,365
Brambles Ltd.		261,096		1,793,742
Cochlear Ltd.		12,735		1,746,388
Coles Group Ltd.		247,227		2,840,317
Commonwealth Bank of Australia		325,684		21,719,780
Computershare Ltd.		102,237		1,417,168
Crown Resorts Ltd.^(b)		82,599		711,681
CSL Ltd.		87,439		16,197,426
Dexus		201,564		1,467,368
Domino’s Pizza Enterprises Ltd.		10,231		754,672
Endeavour Group Ltd./Australia		241,975		1,080,809
Evolution Mining Ltd.		303,196		761,759
Fortescue Metals Group Ltd.		308,980		4,338,729
Glencore PLC		1,849,705		9,636,248
Goodman Group		308,003		5,085,661
GPT Group (The)		303,894		1,076,895
IDP Education Ltd.		36,285		758,442
Insurance Australia Group Ltd.		478,366		1,442,931
James Hardie Industries PLC		83,570		2,812,567
Lendlease Corp. Ltd.		129,588		917,035
Macquarie Group Ltd.		64,655		8,451,152
Magellan Financial Group Ltd.		19,834		263,910
Medibank Pvt Ltd.		554,009		1,213,984
Mirvac Group		799,321		1,481,273
National Australia Bank Ltd.		605,805		11,689,276
Newcrest Mining Ltd.		152,761		2,369,531
Northern Star Resources Ltd.		200,437		1,194,589
Orica Ltd.		86,698		858,964
Origin Energy Ltd.		318,825		1,275,778
Qantas Airways Ltd.^(b)		196,091		671,150
QBE Insurance Group Ltd.		286,799		2,277,081
Ramsay Health Care Ltd.		32,785		1,462,736
REA Group Ltd.		7,954		824,008
Reece Ltd.		52,006		802,889
Rio Tinto Ltd.		65,556		5,212,074
Rio Tinto PLC		207,460		14,622,884
Santos Ltd.		582,811		2,968,683
Scentre Group		985,928		2,046,930
SEEK Ltd.		63,183		1,309,354
Sonic Healthcare Ltd.		84,147		2,266,104
South32 Ltd.		891,587		2,453,020
Stockland		495,171		1,427,294
Suncorp Group Ltd.		231,803		1,820,556
Sydney Airport^(b)		200,339		1,231,307
Tabcorp Holdings Ltd.		425,695		1,495,714
Telstra Corp. Ltd.		746,101		2,074,101
Transurban Group		559,238		4,940,434
Treasury Wine Estates Ltd.		146,723		1,102,804
Vicinity Centres		575,891		667,635


Security	Shares		Value


Australia (continued)
Washington H Soul Pattinson & Co. Ltd.		37,580	$	729,575
Wesfarmers Ltd.		209,426		7,814,210
Westpac Banking Corp.		666,300		9,609,998
WiseTech Global Ltd.		29,086		947,312
Woodside Petroleum Ltd.		175,001		3,127,094
Woolworths Group Ltd.		233,673		5,700,327


				235,293,637

Austria — 0.1%
Erste Group Bank AG		53,255		2,489,170
OMV AG		29,921		1,831,296
Raiffeisen Bank International AG		34,915		981,364
Verbund AG		10,529		1,115,128
voestalpine AG		22,408		744,957


				7,161,915

Belgium — 0.5%
Ageas SA/NV		32,249		1,552,291
Anheuser-Busch InBev SA/NV		136,909		8,630,894
Elia Group SA/NV		6,010		811,018
Etablissements Franz Colruyt NV		7,999		324,917
Groupe Bruxelles Lambert SA		20,760		2,227,608
KBC Group NV		46,146		4,013,287
Proximus SADP		23,952		489,114
Sofina SA		2,167		862,786
Solvay SA		13,988		1,685,403
UCB SA		22,808		2,269,515
Umicore SA		38,359		1,452,105


				24,318,938

Brazil — 1.0%
Ambev SA		886,578		2,499,402
Americanas SA^(b)		71,276		425,635
Atacadao SA		77,155		242,213
B3 SA - Brasil, Bolsa, Balcao		1,178,043		3,243,440
Banco Bradesco SA		142,199		503,445
Banco BTG Pactual SA		170,448		775,829
Banco do Brasil SA		154,322		949,164
Banco Inter SA		69,720		341,110
Banco Santander Brasil SA		50,574		313,058
BB Seguridade Participacoes SA		130,732		569,695
BRF SA^(b)		106,468		447,719
CCR SA		259,700		635,788
Cia. de Saneamento Basico do Estado de Sao Paulo		70,514		496,112
Cia. Siderurgica Nacional SA		137,204		659,910
Cosan SA		166,639		745,939
Energisa SA		22,565		185,489
Engie Brasil Energia SA		59,365		455,011
Equatorial Energia SA		154,292		667,133
Hapvida Participacoes e Investimentos SA^(c)		226,368		539,692
Hypera SA		90,095		527,835
JBS SA		176,932		1,169,195
Klabin SA		140,614		658,834
Localiza Rent a Car SA		121,634		1,342,301
Lojas Renner SA		184,885		979,071
Magazine Luiza SA		578,488		762,588
Natura & Co. Holding SA^(b)		176,454		754,318
Notre Dame Intermedica Participacoes SA		98,389		1,319,240
Petroleo Brasileiro SA		726,288		4,824,048
Raia Drogasil SA		226,299		987,003
Rede D’Or Sao Luiz SA^(c)		75,557		630,626
Rumo SA^(b)		244,517		719,262


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

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI ACWI ex U.S. ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Brazil (continued)
Suzano SA		146,387	$	1,632,005
Telefonica Brasil SA		93,714		876,765
TIM SA		222,687		556,497
TOTVS SA		73,994		405,078
Ultrapar Participacoes SA		141,143		401,625
Vale SA		742,450		11,307,119
Via S/A^(b)		263,027		233,797
Vibra Energia SA		164,401		708,985
WEG SA		261,957		1,586,512


				47,078,488

Canada — 7.6%
Agnico Eagle Mines Ltd.		43,628		2,083,669
Air Canada^(b)		32,503		584,525
Algonquin Power & Utilities Corp.		118,045		1,685,495
Alimentation Couche-Tard Inc.		151,215		6,099,039
AltaGas Ltd.		53,607		1,101,112
Ballard Power Systems Inc.^(a)(b)		43,350		452,205
Bank of Montreal		119,690		13,547,573
Bank of Nova Scotia (The)		224,039		16,137,364
Barrick Gold Corp.		313,812		6,006,408
Bausch Health Cos Inc.^(b)		60,192		1,479,762
BCE Inc.		13,635		712,240
BlackBerry Ltd.^(b)		104,241		857,775
Brookfield Asset Management Inc., Class A		258,997		14,262,510
Brookfield Renewable Corp., Class A		25,554		874,282
CAE Inc.^(b)		52,647		1,329,480
Cameco Corp.		79,043		1,536,524
Canadian Apartment Properties REIT		16,316		717,640
Canadian Imperial Bank of Commerce		84,291		10,584,533
Canadian National Railway Co.		129,612		15,797,339
Canadian Natural Resources Ltd.		219,191		11,149,660
Canadian Pacific Railway Ltd.		170,824		12,221,008
Canadian Tire Corp. Ltd., Class A, NVS		11,465		1,655,329
Canadian Utilities Ltd., Class A, NVS		25,728		747,461
Canopy Growth Corp.^(a)(b)		43,910		353,035
CCL Industries Inc., Class B, NVS		28,518		1,491,017
Cenovus Energy Inc.		248,185		3,610,070
CGI Inc.^(b)		40,865		3,489,028
Constellation Software Inc.		3,781		6,512,160
Dollarama Inc.		56,551		2,917,972
Emera Inc.		36,536		1,731,159
Empire Co. Ltd., Class A, NVS		30,948		954,868
Enbridge Inc.		374,786		15,844,707
Fairfax Financial Holdings Ltd.		5,081		2,453,462
First Quantum Minerals Ltd.		113,300		2,790,719
FirstService Corp.		6,953		1,108,684
Fortis Inc.		87,164		4,140,316
Franco-Nevada Corp.		36,231		4,790,421
George Weston Ltd.		15,107		1,647,431
GFL Environmental Inc.		34,031		1,117,991
Gildan Activewear Inc.		38,750		1,542,501
Great-West Lifeco Inc.		52,747		1,647,786
Hydro One Ltd.^(c)		52,007		1,343,594
iA Financial Corp. Inc.		15,696		1,021,293
IGM Financial Inc.		12,983		456,139
Imperial Oil Ltd.		45,620		1,866,575
Intact Financial Corp.		26,972		3,654,476
Ivanhoe Mines Ltd., Class A^(b)		111,881		958,490
Keyera Corp.		35,766		841,569
Kinross Gold Corp.		240,757		1,301,184


Security	Shares		Value


Canada (continued)
Kirkland Lake Gold Ltd.		51,868	$	1,953,695
Lightspeed Commerce Inc.^(b)		18,325		594,807
Loblaw Companies Ltd.		32,307		2,492,505
Lundin Mining Corp.		134,448		1,120,092
Magna International Inc.		52,840		4,257,046
Manulife Financial Corp.		327,824		6,826,497
Metro Inc.		47,977		2,566,146
National Bank of Canada		62,436		4,995,273
Northland Power Inc.		36,139		1,046,514
Nutrien Ltd.		107,606		7,515,447
Nuvei Corp.^(b)(c)		10,396		633,582
Onex Corp.		14,117		1,014,061
Open Text Corp.		50,247		2,404,931
Pan American Silver Corp.		41,678		901,988
Parkland Corp.		29,278		778,505
Pembina Pipeline Corp.		101,738		3,230,261
Power Corp. of Canada		103,514		3,327,367
Quebecor Inc., Class B		21,312		503,984
Restaurant Brands International Inc.		50,293		2,813,069
RioCan REIT		30,862		537,290
Ritchie Bros Auctioneers Inc.		21,552		1,313,652
Rogers Communications Inc., Class B, NVS		65,563		3,325,215
Royal Bank of Canada		261,762		29,844,760
Saputo Inc.		49,144		1,101,453
Shaw Communications Inc., Class B, NVS		85,442		2,546,826
Shopify Inc., Class A^(b)		20,871		20,145,281
Sun Life Financial Inc.		111,418		6,310,020
Suncor Energy Inc.		274,669		7,847,994
TC Energy Corp.		178,112		9,197,397
Teck Resources Ltd., Class B		90,574		2,797,416
TELUS Corp.		90,179		2,121,901
TFI International Inc.		14,070		1,354,258
Thomson Reuters Corp.		32,707		3,511,149
TMX Group Ltd.		9,978		1,015,030
Toromont Industries Ltd.		13,677		1,154,392
Toronto-Dominion Bank (The)		336,417		26,944,589
Tourmaline Oil Corp.		54,118		1,929,456
West Fraser Timber Co. Ltd.		14,352		1,328,448
Wheaton Precious Metals Corp.		86,896		3,503,458
WSP Global Inc.		16,349		2,180,038


				370,195,373

Chile — 0.1%
Banco de Chile		4,638,223		463,808
Banco de Credito e Inversiones SA		16,804		608,635
Banco Santander Chile		12,323,589		612,297
Cencosud SA		273,010		502,872
Cia. Cervecerias Unidas SA		23,202		192,292
Empresas CMPC SA		214,974		394,577
Empresas COPEC SA		81,904		687,371
Enel Americas SA		6,065,619		715,171
Enel Chile SA		8,026,650		314,460
Falabella SA		155,834		554,656


				5,046,139

China — 9.5%
Yankuang Energy Group Co. Ltd., Class H^(a)		358,000		758,476
360 DigiTech Inc.		17,889		354,023
3SBio Inc.^(b)(c)		271,000		214,576
51job Inc., ADR^(b)		5,203		262,231
AAC Technologies Holdings Inc.^(a)		113,000		343,110


S C H E D U L E O F I N V E S T M E N T S		31

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI ACWI ex U.S. ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


China (continued)
Agile Group Holdings Ltd.		146,000	$	77,394
Agora Inc., ADR^(b)		8,072		92,263
Agricultural Bank of China Ltd., Class A		1,731,800		807,277
Agricultural Bank of China Ltd., Class H		4,309,000		1,639,465
Aier Eye Hospital Group Co. Ltd., Class A		82,194		420,843
Air China Ltd., Class H^(a)(b)		280,000		211,089
Akeso Inc.^(b)(c)		53,000		143,964
Alibaba Group Holding Ltd.^(b)		2,789,564		43,722,403
Alibaba Health Information Technology Ltd.^(a)(b)		732,000		551,744
Alibaba Pictures Group Ltd.^(a)(b)		2,830,000		320,479
A-Living Smart City Services Co. Ltd., Class A^(c)		83,250		162,075
Aluminum Corp. of China Ltd., Class H^(b)		920,000		484,165
Anhui Conch Cement Co. Ltd., Class A		106,598		658,488
Anhui Conch Cement Co. Ltd., Class H		207,000		1,094,932
Anhui Gujing Distillery Co. Ltd., Class B		44,900		662,497
ANTA Sports Products Ltd.^(a)		190,800		2,864,914
Autohome Inc., ADR		13,126		437,358
AviChina Industry & Technology Co. Ltd., Class H		439,000		247,750
Baidu Inc., ADR^(b)		51,732		8,263,670
Bank of Beijing Co. Ltd., Class A		1,119,998		792,058
Bank of China Ltd., Class A		1,268,900		616,584
Bank of China Ltd., Class H		13,927,000		5,428,641
Bank of Communications Co. Ltd., Class A		1,108,400		827,739
Bank of Communications Co. Ltd., Class H		1,600,800		1,073,724
Bank of Ningbo Co. Ltd., Class A		142,277		879,745
Bank of Shanghai Co. Ltd., Class A		532,599		589,834
Baoshan Iron & Steel Co. Ltd., Class A		447,496		498,579
BeiGene Ltd., ADR^(a)(b)		8,055		1,953,982
Beijing Capital International Airport Co. Ltd., Class H^(b)		386,000		257,704
Beijing Enterprises Holdings Ltd.		90,000		306,807
Beijing Enterprises Water Group Ltd.		810,000		315,932
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		1,663,700		1,325,900
Bilibili Inc., ADR^(a)(b)		31,267		1,103,412
BOC Aviation Ltd.^(c)		32,300		271,552
BOE Technology Group Co. Ltd., Class A		817,000		626,472
Bosideng International Holdings Ltd.		632,000		308,059
BYD Co. Ltd., Class A		28,700		1,070,149
BYD Co. Ltd., Class H		134,000		3,963,325
BYD Electronic International Co. Ltd.		123,500		373,523
CanSino Biologics Inc., Class H^(b)(c)		15,800		264,675
CGN Power Co. Ltd., Class H^(c)		3,019,000		834,147
Changchun High & New Technology Industry Group Inc., Class A		11,700		325,269
China Bohai Bank Co. Ltd., Class H^(c)		566,500		141,679
China Cinda Asset Management Co. Ltd., Class H		1,574,000		287,866
China CITIC Bank Corp. Ltd., Class H		1,623,000		774,324
China Coal Energy Co. Ltd., Class H		390,000		218,268
China Communications Services Corp. Ltd., Class H		534,000		284,248
China Conch Venture Holdings Ltd.		293,500		1,395,205
China Construction Bank Corp., Class H		18,003,050		13,814,610
China Education Group Holdings Ltd.		140,000		122,536
China Everbright Bank Co. Ltd., Class A		1,107,500		584,063
China Everbright Bank Co. Ltd., Class H		566,000		212,645
China Everbright Environment Group Ltd.		949,037		704,989
China Evergrande Group^(a)(b)(d)		288,000		61,545
China Feihe Ltd.^(c)		610,000		845,925
China Galaxy Securities Co. Ltd., Class H		807,500		478,827
China Gas Holdings Ltd.		551,800		937,498
China Hongqiao Group Ltd.		472,000		533,326


Security	Shares		Value


China (continued)
China Huishan Dairy Holdings Co. Ltd.^(b)(e)		930,700	$	1
China International Capital Corp. Ltd., Class H^(c)		300,000		817,205
China Jinmao Holdings Group Ltd.		990,000		359,637
China Lesso Group Holdings Ltd.		228,000		396,379
China Life Insurance Co. Ltd., Class A		78,400		341,996
China Life Insurance Co. Ltd., Class H		1,202,000		2,112,993
China Literature Ltd.^(b)(c)		65,800		398,509
China Longyuan Power Group Corp. Ltd., Class H		627,000		1,279,261
China Medical System Holdings Ltd.		269,000		450,448
China Meidong Auto Holdings Ltd.		116,000		544,624
China Mengniu Dairy Co. Ltd.		541,000		3,197,647
China Merchants Bank Co. Ltd., Class A		289,300		2,249,150
China Merchants Bank Co. Ltd., Class H		702,593		5,872,357
China Merchants Port Holdings Co. Ltd.		240,000		443,560
China Merchants Securities Co. Ltd., Class A		197,660		522,751
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		315,977		674,640
China Minsheng Banking Corp. Ltd., Class A		991,395		606,050
China Minsheng Banking Corp. Ltd., Class H		932,240		371,555
China Molybdenum Co. Ltd., Class H		882,000		453,236
China National Building Material Co. Ltd., Class H		732,000		950,760
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		82,600		491,040
China Oilfield Services Ltd., Class H		356,000		350,112
China Overseas Land & Investment Ltd.		697,500		2,058,655
China Overseas Property Holdings Ltd.		240,000		278,721
China Pacific Insurance Group Co. Ltd., Class A		158,597		660,056
China Pacific Insurance Group Co. Ltd., Class H		461,200		1,403,984
China Petroleum & Chemical Corp., Class A		1,093,398		726,757
China Petroleum & Chemical Corp., Class H		4,087,000		2,139,912
China Power International Development Ltd.		1,077,000		533,021
China Railway Group Ltd., Class A		1,030,696		1,011,491
China Railway Group Ltd., Class H		713,000		440,123
China Renewable Energy Investment Ltd.^(b)(e)		7,401		—
China Resources Beer Holdings Co. Ltd.		260,000		1,941,129
China Resources Cement Holdings Ltd.		380,000		327,457
China Resources Gas Group Ltd.		168,000		840,318
China Resources Land Ltd.		532,000		2,571,485
China Resources Mixc Lifestyle Services Ltd.^(c)		103,400		607,754
China Resources Power Holdings Co. Ltd.		356,000		866,960
China Shenhua Energy Co. Ltd., Class H		629,000		1,547,118
China Southern Airlines Co. Ltd., Class H^(a)(b)		194,000		124,208
China State Construction Engineering Corp. Ltd., Class A		1,235,198		1,011,685
China State Construction International Holdings Ltd.		356,000		421,422
China Suntien Green Energy Corp. Ltd., Class H		454,000		276,649
China Taiping Insurance Holdings Co. Ltd.		311,800		441,121
China Tourism Group Duty Free Corp. Ltd., Class A		25,898		848,669
China Tower Corp. Ltd., Class H^(c)		8,708,000		1,051,916
China Traditional Chinese Medicine Holdings Co. Ltd.		420,000		244,935
China Vanke Co. Ltd., Class A		218,300		699,365
China Vanke Co. Ltd., Class H		262,200		677,852
China Yangtze Power Co. Ltd., Class A		329,249		1,135,496
China Yuhua Education Corp. Ltd.^(c)		272,000		59,184
Chinasoft International Ltd.		508,000		508,341
Chindata Group Holdings Ltd., ADR^(a)(b)		19,286		98,744
Chongqing Zhifei Biological Products Co. Ltd., Class A		26,200		439,942
CIFI Ever Sunshine Services Group Ltd.		146,000		263,475
CIFI Holdings Group Co. Ltd.		637,200		415,971
CITIC Ltd.		1,067,000		1,198,353


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

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI ACWI ex U.S. ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


China (continued)
CITIC Securities Co. Ltd., Class A		320,300	$	1,253,120
CITIC Securities Co. Ltd., Class H		413,000		1,105,939
Contemporary Amperex Technology Co. Ltd., Class A		27,600		2,663,170
COSCO SHIPPING Holdings Co. Ltd., Class A^(b)		241,930		627,565
COSCO SHIPPING Holdings Co. Ltd., Class H^(b)		555,749		1,011,035
COSCO SHIPPING Ports Ltd.		276,000		219,862
Country Garden Holdings Co. Ltd.		1,462,828		1,201,502
Country Garden Services Holdings Co. Ltd.		296,000		1,748,534
CRRC Corp. Ltd., Class H		794,000		363,626
CSC Financial Co. Ltd., Class A		129,300		542,819
CSPC Pharmaceutical Group Ltd.		1,554,960		1,889,882
Dada Nexus Ltd., ADR^(b)		15,242		166,443
Dali Foods Group Co. Ltd.^(c)		296,500		171,369
Daqo New Energy Corp., ADR^(b)		12,631		506,756
Dongfeng Motor Group Co. Ltd., Class H		448,000		395,067
Dongyue Group Ltd.		325,000		397,772
East Money Information Co. Ltd., Class A		229,444		1,145,812
ENN Energy Holdings Ltd.		148,700		2,367,344
Eve Energy Co. Ltd., Class A		34,700		522,305
Far East Horizon Ltd.		274,000		234,394
Flat Glass Group Co. Ltd., Class H^(a)		117,000		469,713
Focus Media Information Technology Co. Ltd., Class A		538,250		650,131
Foshan Haitian Flavouring & Food Co. Ltd., Class A		49,000		749,898
Fosun International Ltd.		481,500		546,331
Fuyao Glass Industry Group Co. Ltd., Class H^(c)		146,400		792,786
Ganfeng Lithium Co. Ltd., Class A		23,600		507,627
Ganfeng Lithium Co. Ltd., Class H^(c)		38,600		613,367
GDS Holdings Ltd., ADR^(b)		22,893		1,004,545
Geely Automobile Holdings Ltd.		1,060,000		2,294,642
Genscript Biotech Corp.^(b)		230,000		732,646
GF Securities Co. Ltd., Class H		285,400		494,692
GoerTek Inc., Class A		70,800		533,413
GOME Retail Holdings Ltd.^(a)(b)		1,893,320		129,686
Great Wall Motor Co. Ltd., Class H		601,500		1,631,922
Greentown China Holdings Ltd.		149,000		246,007
Greentown Service Group Co. Ltd.		260,000		285,441
Guangdong Investment Ltd.		494,000		705,646
Guangzhou Automobile Group Co. Ltd., Class H		508,028		499,028
Guangzhou R&F Properties Co. Ltd., Class H^(a)		288,000		128,191
Guotai Junan Securities Co. Ltd., Class A		419,100		1,169,000
Haidilao International Holding Ltd.^(c)		168,000		364,119
Haier Smart Home Co. Ltd., Class A		257,600		1,134,949
Haier Smart Home Co. Ltd., Class H		351,200		1,407,975
Haitian International Holdings Ltd.		113,000		293,988
Haitong Securities Co. Ltd., Class A		420,792		762,681
Haitong Securities Co. Ltd., Class H		503,600		453,197
Hangzhou Tigermed Consulting Co. Ltd., Class A		30,900		508,241
Hansoh Pharmaceutical Group Co. Ltd.^(c)		192,000		395,791
Hello Group Inc., ADR		30,476		296,531
Henan Shuanghui Investment & Development Co. Ltd., Class A		81,200		382,004
Hengan International Group Co. Ltd.		106,000		518,161
Hengli Petrochemical Co. Ltd., Class A		136,300		515,816
HengTen Networks Group Ltd.^(a)(b)		508,000		156,822
Hopson Development Holdings Ltd.		135,670		282,691
Hua Hong Semiconductor Ltd.^(b)(c)		117,000		569,554
Huaneng Power International Inc., Class H		878,000		462,183
Huatai Securities Co. Ltd., Class A		327,700		886,788
Huatai Securities Co. Ltd., Class H^(c)		276,000		490,621
Huaxia Bank Co. Ltd., Class A		806,200		715,428


Security	Shares		Value


China (continued)
Huazhu Group Ltd., ADR^(a)(b)		33,560	$	1,326,291
Hygeia Healthcare Holdings Co. Ltd.^(c)		72,600		329,141
I-Mab, ADR^(b)		8,940		225,735
Industrial & Commercial Bank of China Ltd., Class A		1,223,110		897,873
Industrial & Commercial Bank of China Ltd., Class H		10,213,285		6,187,669
Industrial Bank Co. Ltd., Class A		350,742		1,160,391
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		121,199		730,428
Innovent Biologics Inc.^(b)(c)		209,000		885,074
iQIYI Inc., ADR^(b)		54,163		220,985
JD Health International Inc.^(b)(c)		60,100		485,438
JD.com Inc., Class A^(b)		377,598		14,311,489
Jiangsu Expressway Co. Ltd., Class H		218,000		227,778
Jiangsu Hengli Hydraulic Co. Ltd., Class A		32,800		399,420
Jiangsu Hengrui Medicine Co. Ltd., Class A		111,556		719,517
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		26,300		652,586
Jiangxi Copper Co. Ltd., Class H		226,000		370,586
Jinxin Fertility Group Ltd.^(b)(c)		321,500		322,043
Jiumaojiu International Holdings Ltd.^(a)(c)		134,000		289,385
JOYY Inc., ADR		11,644		588,721
Kanzhun Ltd.^(b)		12,518		379,170
KE Holdings Inc., ADR^(b)		66,399		1,446,834
Kingboard Holdings Ltd.		126,000		608,293
Kingboard Laminates Holdings Ltd.		218,000		373,882
Kingdee International Software Group Co. Ltd.^(b)		447,000		1,024,230
Kingsoft Cloud Holdings Ltd., ADR^(a)(b)		10,362		87,559
Kingsoft Corp. Ltd.		170,800		767,553
Kuaishou Technology^(b)(c)		86,200		985,331
Kunlun Energy Co. Ltd.		702,000		728,007
Kweichow Moutai Co. Ltd., Class A		13,800		4,121,470
KWG Group Holdings Ltd.		191,500		104,709
Lee & Man Paper Manufacturing Ltd.		241,000		165,052
Legend Biotech Corp., ADR^(a)(b)		11,707		499,186
Lenovo Group Ltd.^(a)		1,364,000		1,478,177
Lens Technology Co. Ltd., Class A		122,925		332,662
Li Auto Inc., ADR^(a)(b)		102,171		2,665,641
Li Ning Co. Ltd.		396,000		3,864,168
Logan Group Co. Ltd.		182,000		113,209
Longfor Group Holdings Ltd.^(c)		319,500		1,916,625
LONGi Green Energy Technology Co. Ltd., Class A		81,840		916,524
Luxshare Precision Industry Co. Ltd., Class A		125,188		937,908
Luzhou Laojiao Co. Ltd., Class A		20,000		687,037
Mango Excellent Media Co. Ltd., Class A		49,900		278,314
Meituan, Class B^(b)(c)		758,100		22,617,415
Microport Scientific Corp.^(a)		134,900		388,818
Ming Yuan Cloud Group Holdings Ltd.		162,000		334,028
Minth Group Ltd.		136,000		628,927
MMG Ltd.^(b)		440,000		142,861
Muyuan Foods Co. Ltd., Class A		77,458		673,631
NARI Technology Co. Ltd., Class A		141,520		790,936
NAURA Technology Group Co. Ltd., Class A		13,900		631,870
NetEase Inc.		355,485		7,422,344
New China Life Insurance Co. Ltd., Class A		50,200		297,807
New China Life Insurance Co. Ltd., Class H		161,300		460,065
New Hope Liuhe Co. Ltd., Class A^(b)		139,807		355,734
New Oriental Education & Technology Group Inc., ADR^(b)		292,926		418,884
Nine Dragons Paper Holdings Ltd.		299,000		298,662
NIO Inc., ADR^(a)(b)		252,414		6,186,667
Noah Holdings Ltd., ADR^(a)(b)		5,848		183,569
Nongfu Spring Co. Ltd., Class H^(c)		303,200		1,835,755


S C H E D U L E O F I N V E S T M E N T S		33

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI ACWI ex U.S. ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


China (continued)
People’s Insurance Co. Group of China Ltd. (The), Class H		2,094,000	$	662,646
PetroChina Co. Ltd., Class A		207,100		164,600
PetroChina Co. Ltd., Class H		4,136,000		2,051,008
Pharmaron Beijing Co. Ltd., Class H^(c)		50,500		642,456
PICC Property & Casualty Co. Ltd., Class H		1,274,285		1,187,318
Pinduoduo Inc., ADR^(b)		81,708		4,889,407
Ping An Bank Co. Ltd., Class A		300,700		753,679
Ping An Healthcare and Technology Co. Ltd.^(a)(b)(c)		94,100		300,248
Ping An Insurance Group Co. of China Ltd., Class A		156,406		1,235,718
Ping An Insurance Group Co. of China Ltd., Class H		1,159,500		9,201,583
Poly Developments and Holdings Group Co. Ltd., Class A		263,300		648,782
Postal Savings Bank of China Co. Ltd., Class H^(c)		1,517,000		1,263,888
Powerlong Real Estate Holdings Ltd.		175,000		97,681
RLX Technology Inc., ADR^(b)		116,511		390,312
Rongsheng Petrochemical Co. Ltd., Class A		201,650		577,233
SAIC Motor Corp. Ltd., Class A		153,600		456,302
Sany Heavy Equipment International Holdings Co. Ltd.		264,000		276,845
Sany Heavy Industry Co. Ltd., Class A		160,927		513,394
Seazen Group Ltd.		344,000		232,717
SF Holding Co. Ltd., Class A		79,100		793,543
Shandong Gold Mining Co. Ltd., Class A		187,700		557,365
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		416,000		512,675
Shanghai Baosight Software Co. Ltd., Class B		275,471		1,275,569
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		110,000		441,091
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		321,712		295,910
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		134,100		261,826
Shanghai Pudong Development Bank Co. Ltd., Class A		577,000		765,287
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		18,480		804,594
Shenwan Hongyuan Group Co. Ltd., Class A		871,106		642,884
Shenzhen Inovance Technology Co. Ltd., Class A		54,200		518,437
Shenzhen International Holdings Ltd.		226,500		229,835
Shenzhen Kangtai Biological Products Co. Ltd., Class A		20,300		257,905
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		17,600		892,976
Shenzhou International Group Holdings Ltd.		151,900		2,818,496
Shimao Group Holdings Ltd.^(a)		232,000		170,983
Shimao Services Holdings Ltd.^(c)		108,000		86,326
Silergy Corp.		15,000		2,027,467
Sinopharm Group Co. Ltd., Class H		259,600		580,672
Sinotruk Hong Kong Ltd.		117,000		174,033
Smoore International Holdings Ltd.^(c)		325,000		1,398,417
Sun Art Retail Group Ltd.^(a)		453,000		165,427
Sunac China Holdings Ltd.		549,000		676,544
Sunac Services Holdings Ltd.^(b)(c)		193,000		219,566
Sungrow Power Supply Co. Ltd., Class A		25,900		469,747
Suning.com Co. Ltd., Class A^(b)		701,194		430,292
Sunny Optical Technology Group Co. Ltd.		130,800		3,376,937
TAL Education Group, ADR^(b)		77,248		220,929
Tencent Holdings Ltd.		1,060,900		66,478,407
Tencent Music Entertainment Group, ADR^(b)		121,420		750,376
Tingyi Cayman Islands Holding Corp.		324,000		671,259
Tongcheng Travel Holdings Ltd.^(b)		245,600		505,387
Tongwei Co. Ltd., Class A		82,600		492,704


Security	Shares		Value


China (continued)
Topsports International Holdings Ltd.^(c)		278,000	$	251,189
TravelSky Technology Ltd., Class H		142,000		265,531
Trip.com Group Ltd., ADR^(b)		95,138		2,531,622
Tsingtao Brewery Co. Ltd., Class H		90,000		809,996
Uni-President China Holdings Ltd.		192,000		181,465
Venus MedTech Hangzhou Inc., Class H^(a)(b)(c)		44,500		172,331
Vinda International Holdings Ltd.^(a)		58,000		156,085
Vipshop Holdings Ltd., ADR^(b)		87,041		810,352
Vnet Group Inc., ADR^(a)(b)		18,022		178,778
Wanhua Chemical Group Co. Ltd., Class A		52,631		759,061
Want Want China Holdings Ltd.^(a)		1,035,000		1,015,456
Weibo Corp., ADR^(b)		11,638		403,257
Weichai Power Co. Ltd., Class H		413,000		749,443
Weimob Inc.^(a)(b)(c)		459,000		346,731
Wens Foodstuffs Group Co. Ltd., Class A^(b)		249,760		794,585
Wharf Holdings Ltd. (The)		255,000		871,478
Will Semiconductor Co. Ltd. Shanghai, Class A		18,500		750,844
Wingtech Technology Co. Ltd., Class A		35,500		604,740
Wuliangye Yibin Co. Ltd., Class A		49,800		1,566,191
WuXi AppTec Co. Ltd., Class A		40,014		664,874
WuXi AppTec Co. Ltd., Class H^(c)		56,136		805,173
Wuxi Biologics Cayman Inc., New^(b)(c)		645,500		6,469,694
Xiaomi Corp., Class B^(b)(c)		2,706,800		5,742,120
Xinjiang Goldwind Science & Technology Co. Ltd., Class H^(a)		194,600		339,261
Xinyi Solar Holdings Ltd.		896,000		1,437,422
XPeng Inc., ADR^(b)		73,584		2,582,063
Yadea Group Holdings Ltd.^(c)		250,000		355,998
Yihai International Holding Ltd.^(a)		88,000		375,670
Yonyou Network Technology Co. Ltd., Class A		74,500		413,539
Yum China Holdings Inc.		79,631		3,835,825
Yunnan Baiyao Group Co. Ltd., Class A		36,099		513,759
Yunnan Energy New Material Co. Ltd., Class A		17,400		699,100
Zai Lab Ltd., ADR^(b)		14,723		731,291
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		9,900		560,661
Zhejiang Expressway Co. Ltd., Class H		168,000		143,931
ZhongAn Online P&C Insurance Co. Ltd., Class H^(a)(b)(c)		110,700		381,227
Zhongsheng Group Holdings Ltd.		105,000		806,622
Zhuzhou CRRC Times Electric Co. Ltd.		111,200		587,324
Zijin Mining Group Co. Ltd., Class A		453,300		715,125
Zijin Mining Group Co. Ltd., Class H		824,000		1,069,725
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		328,600		215,219
ZTE Corp., Class A		43,200		206,783
ZTE Corp., Class H		130,800		353,453
ZTO Express Cayman Inc., ADR		83,335		2,503,383


				463,991,424

Colombia — 0.0%
Bancolombia SA		35,968		359,882
Ecopetrol SA		1,093,813		804,889
Grupo de Inversiones Suramericana SA		8,304		57,319
Interconexion Electrica SA ESP		75,843		453,392


				1,675,482

Czech Republic — 0.1%
CEZ AS		38,997		1,446,921
Komercni Banka AS		14,624		648,477


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

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI ACWI ex U.S. ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Czech Republic (continued)
Moneta Money Bank AS^(c)		79,967	$	345,016


				2,440,414

Denmark — 1.6%
Ambu A/S, Class B^(a)		32,797		694,934
AP Moller - Maersk A/S, Class A		588		1,969,949
AP Moller - Maersk A/S, Class B, NVS		834		2,995,847
Carlsberg A/S, Class B		19,034		3,082,187
Chr Hansen Holding A/S		20,531		1,646,492
Coloplast A/S, Class B		22,819		3,318,391
Danske Bank A/S		119,564		2,320,885
Demant A/S^(b)		19,927		881,637
DSV A/S		37,616		7,642,843
Genmab A/S^(b)		12,105		4,122,110
GN Store Nord A/S		25,117		1,519,929
Novo Nordisk A/S, Class B		310,137		30,848,784
Novozymes A/S, Class B		39,959		2,743,082
Orsted A/S^(c)		34,884		3,716,716
Pandora A/S		19,614		2,132,821
Rockwool International A/S, Class B		1,527		584,856
Tryg A/S		60,513		1,433,905
Vestas Wind Systems A/S		190,078		5,143,585


				76,798,953

Egypt — 0.0%
Commercial International Bank Egypt SAE^(b)		307,664		1,008,447
Eastern Co. SAE		149,094		98,605


				1,107,052

Finland — 0.8%
Elisa OYJ		21,517		1,263,947
Fortum OYJ		86,018		2,341,387
Kesko OYJ, Class B		57,194		1,806,368
Kone OYJ, Class B		63,030		4,082,085
Neste OYJ		79,032		3,564,305
Nokia OYJ^(b)		1,018,841		6,075,984
Nordea Bank Abp		601,656		7,146,279
Orion OYJ, Class B		23,186		942,806
Sampo OYJ, Class A		90,341		4,483,879
Stora Enso OYJ, Class R		99,055		2,016,467
UPM-Kymmene OYJ		100,047		3,646,362
Wartsila OYJ Abp		88,093		1,087,632


				38,457,501

France — 7.2%
Accor SA^(b)		33,774		1,241,240
Aeroports de Paris^(b)		5,766		782,451
Air Liquide SA		87,725		15,006,172
Airbus SE^(b)		108,860		13,900,684
Alstom SA		51,172		1,658,982
Amundi SA^(c)		11,630		904,073
ArcelorMittal SA		122,253		3,631,407
Arkema SA		11,383		1,683,183
AXA SA		351,402		11,129,251
BioMerieux		6,114		716,945
BNP Paribas SA		199,605		14,249,678
Bollore SA		138,667		747,444
Bouygues SA		37,553		1,324,384
Bureau Veritas SA		56,508		1,616,826
Capgemini SE		30,129		6,773,492
Carrefour SA		115,453		2,197,254
Cie. de Saint-Gobain		93,689		6,339,697
Cie. Generale des Etablissements Michelin SCA		31,364		5,247,944


Security	Shares		Value


France (continued)
CNP Assurances		34,892	$	858,872
Covivio		11,175		933,203
Credit Agricole SA		203,811		3,066,223
Danone SA		117,315		7,314,715
Dassault Aviation SA		4,490		533,603
Dassault Systemes SE		125,270		6,057,853
Edenred		49,776		2,137,996
Eiffage SA		15,250		1,602,366
Electricite de France SA		94,038		904,477
Engie SA		338,909		5,213,031
EssilorLuxottica SA		53,262		10,076,394
Eurazeo SE		6,301		500,667
Eurofins Scientific SE		25,955		2,605,956
Faurecia SE		18,816		834,077
Gecina SA		9,658		1,310,516
Getlink SE		87,532		1,380,805
Hermes International		5,865		8,805,822
Ipsen SA		7,906		769,260
Kering SA		13,874		10,360,615
Klepierre SA		30,246		804,491
La Francaise des Jeux SAEM^(c)		17,920		741,953
Legrand SA		49,610		5,048,960
L’Oreal SA		46,507		19,865,308
LVMH Moet Hennessy Louis Vuitton SE		51,175		42,033,979
Orange SA		318,895		3,746,204
Orpea SA		9,323		409,319
Pernod Ricard SA		38,788		8,296,727
Publicis Groupe SA		42,282		2,865,065
Remy Cointreau SA		4,438		925,471
Renault SA^(b)		35,486		1,410,299
Safran SA		63,563		7,695,523
Sanofi		208,881		21,841,017
Sartorius Stedim Biotech		5,323		2,334,195
Schneider Electric SE		100,271		16,985,437
SEB SA		3,672		557,299
Societe Generale SA		134,372		4,987,933
Sodexo SA		17,093		1,589,711
Teleperformance		11,044		4,159,051
Thales SA		20,498		1,890,888
TotalEnergies SE		461,758		26,258,987
Ubisoft Entertainment SA^(b)		17,065		979,266
Unibail-Rodamco-Westfield^(a)(b)		24,244		1,847,325
Valeo		45,574		1,275,553
Veolia Environnement SA		124,275		4,489,406
Vinci SA		98,150		10,757,881
Vivendi SE		134,947		1,768,530
Wendel SE		5,744		623,892
Worldline SA/France^(b)(c)		44,803		2,171,609


				352,778,837

Germany — 5.2%
adidas AG		34,811		9,552,737
Allianz SE, Registered		73,659		18,912,134
Aroundtown SA		167,953		1,037,367
BASF SE		162,729		12,463,233
Bayer AG, Registered		178,983		10,873,907
Bayerische Motoren Werke AG		61,389		6,497,590
Bechtle AG		15,632		938,583
Beiersdorf AG		19,255		1,915,170
Brenntag SE		29,125		2,495,321
Carl Zeiss Meditec AG, Bearer		7,456		1,199,076


S C H E D U L E O F I N V E S T M E N T S		35

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI ACWI ex U.S. ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Germany (continued)
Commerzbank AG^(b)		195,483	$	1,688,055
Continental AG^(b)		20,851		2,021,507
Covestro AG^(c)		33,944		2,036,402
Daimler AG, Registered		158,700		12,663,264
Daimler Truck Holding AG^(b)		76,474		2,696,005
Delivery Hero SE^(b)(c)		29,556		2,281,426
Deutsche Bank AG, Registered^(b)		382,350		5,323,659
Deutsche Boerse AG		35,825		6,367,979
Deutsche Lufthansa AG, Registered^(b)		118,843		924,101
Deutsche Post AG, Registered		181,715		10,935,715
Deutsche Telekom AG, Registered		609,531		11,507,321
E.ON SE		422,820		5,831,732
Evonik Industries AG		27,117		884,656
Fresenius Medical Care AG & Co. KGaA		35,210		2,394,047
Fresenius SE & Co. KGaA		72,254		2,982,671
GEA Group AG		31,615		1,493,655
Hannover Rueck SE		9,027		1,821,126
HeidelbergCement AG		23,726		1,651,058
HelloFresh SE^(b)		30,871		2,055,413
Henkel AG & Co. KGaA		20,576		1,625,730
Infineon Technologies AG		242,146		10,055,777
KION Group AG		14,301		1,322,174
Knorr-Bremse AG		10,239		1,038,128
LANXESS AG		17,294		1,052,949
LEG Immobilien SE		12,884		1,709,175
Merck KGaA		24,365		5,343,202
MTU Aero Engines AG		10,141		2,157,895
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		25,834		8,178,654
Nemetschek SE		11,968		1,106,228
Puma SE		18,543		1,983,220
Rational AG		958		803,107
RWE AG		119,104		5,024,076
SAP SE		188,292		23,623,341
Scout24 SE^(c)		16,567		989,786
Siemens AG, Registered		141,649		22,489,768
Siemens Healthineers AG^(c)		51,050		3,280,588
Symrise AG		23,841		2,848,985
Telefonica Deutschland Holding AG		154,191		442,647
Uniper SE		17,300		782,821
United Internet AG, Registered^(f)		20,877		818,726
Volkswagen AG		5,818		1,684,765
Vonovia SE		138,083		7,864,625
Zalando SE^(b)(c)		38,877		3,085,586


				252,756,863

Greece — 0.1%
Alpha Services and Holdings SA^(b)		275,441		416,838
Eurobank Ergasias Services and Holdings SA, Class A^(b)		312,040		352,918
Hellenic Telecommunications Organization SA		30,914		600,886
JUMBO SA		23,107		343,700
OPAP SA		39,345		584,390
Public Power Corp. SA^(b)		35,447		345,048


				2,643,780

Hong Kong — 1.9%
AIA Group Ltd.		2,302,800		24,040,795
BOC Hong Kong Holdings Ltd.		653,500		2,523,384
Budweiser Brewing Co. APAC Ltd.^(c)		338,100		893,103
China Youzan Ltd.^(b)		2,492,000		96,719


Security	Shares		Value


Hong Kong (continued)
Chow Tai Fook Jewellery Group Ltd.		423,800	$	744,605
CK Asset Holdings Ltd.		351,560		2,346,806
CK Hutchison Holdings Ltd.		479,560		3,408,388
CK Infrastructure Holdings Ltd.		167,000		1,029,115
CLP Holdings Ltd.		291,500		2,917,187
ESR Cayman Ltd.^(b)(c)		393,000		1,332,545
Futu Holdings Ltd., ADR^(a)(b)		11,356		491,147
Galaxy Entertainment Group Ltd.^(b)		346,000		2,003,777
Hang Lung Properties Ltd.		361,000		771,351
Hang Seng Bank Ltd.		144,800		2,866,722
Henderson Land Development Co. Ltd.		204,617		894,830
HK Electric Investments & HK Electric Investments Ltd., Class SS		750,000		746,436
HKT Trust & HKT Ltd., Class SS		804,000		1,097,134
Hong Kong & China Gas Co. Ltd.		2,142,748		3,302,528
Hong Kong Exchanges & Clearing Ltd.		218,300		12,459,624
Hongkong Land Holdings Ltd.		193,100		1,045,813
Huabao International Holdings Ltd.^(a)		173,000		106,741
Hutchmed China Ltd., ADR^(a)(b)		22,613		615,978
Jardine Matheson Holdings Ltd.		35,700		2,108,547
Link REIT		397,400		3,411,881
Melco Resorts & Entertainment Ltd., ADR^(b)		43,986		464,492
MTR Corp. Ltd.		280,000		1,515,591
New World Development Co. Ltd.		271,750		1,109,368
Power Assets Holdings Ltd.		256,000		1,573,020
Sands China Ltd.^(b)		412,000		1,148,842
Sino Biopharmaceutical Ltd.		2,085,000		1,437,927
Sino Land Co. Ltd.		594,000		769,642
SITC International Holdings Co. Ltd.^(a)		293,000		1,116,792
Sun Hung Kai Properties Ltd.		230,000		2,806,116
Swire Pacific Ltd., Class A		94,500		572,488
Swire Properties Ltd.		208,800		556,603
Techtronic Industries Co. Ltd.		259,000		4,273,524
WH Group Ltd.^(c)		1,971,500		1,318,953
Wharf Real Estate Investment Co. Ltd.		269,000		1,279,373
Xinyi Glass Holdings Ltd.		380,000		1,007,367
Yuexiu Property Co. Ltd.		253,200		257,275


				92,462,529

Hungary — 0.1%
MOL Hungarian Oil & Gas PLC		99,550		868,123
OTP Bank Nyrt^(b)		41,347		2,399,248
Richter Gedeon Nyrt		16,628		438,261


				3,705,632

India — 3.7%
ACC Ltd.		19,553		602,936
Adani Enterprises Ltd.		52,473		1,216,105
Adani Green Energy Ltd.^(b)		79,631		2,021,568
Adani Ports & Special Economic Zone Ltd.		112,749		1,091,291
Adani Total Gas Ltd.		50,018		1,220,748
Adani Transmission Ltd.^(b)		49,313		1,317,432
Ambuja Cements Ltd.		146,693		722,164
Apollo Hospitals Enterprise Ltd.		20,741		1,246,221
Asian Paints Ltd.		75,178		3,185,745
Aurobindo Pharma Ltd.		62,785		536,059
Avenue Supermarts Ltd.^(b)(c)		30,706		1,702,589
Axis Bank Ltd.^(b)		353,302		3,699,991
Bajaj Auto Ltd.		15,758		755,842
Bajaj Finance Ltd.		51,276		4,856,396
Bajaj Finserv Ltd.		7,946		1,684,777


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

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI ACWI ex U.S. ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


India (continued)
Bandhan Bank Ltd.^(c)		125,976	$	536,551
Bharat Electronics Ltd.		158,737		449,366
Bharat Petroleum Corp. Ltd.		163,173		873,770
Bharti Airtel Ltd.^(b)		468,512		4,601,679
Biocon Ltd.^(b)		96,516		476,705
Britannia Industries Ltd.		23,313		1,108,498
Cholamandalam Investment and Finance Co. Ltd.		58,579		497,798
Cipla Ltd.		92,343		1,172,279
Coal India Ltd.		282,506		607,957
Colgate-Palmolive India Ltd.		25,703		492,113
Dabur India Ltd.		116,164		838,377
Divi’s Laboratories Ltd.		27,243		1,479,345
DLF Ltd.		75,413		399,356
Dr. Reddy’s Laboratories Ltd.		23,673		1,368,535
Eicher Motors Ltd.		26,878		959,850
GAIL India Ltd.		366,954		715,550
Godrej Consumer Products Ltd.^(b)		80,762		966,260
Godrej Properties Ltd.^(b)		19,962		461,790
Grasim Industries Ltd.		62,088		1,445,775
Havells India Ltd.		46,029		735,742
HCL Technologies Ltd.		202,628		3,007,155
HDFC Asset Management Co. Ltd.^(c)		11,880		353,185
HDFC Life Insurance Co. Ltd.^(c)		175,170		1,468,454
Hero MotoCorp Ltd.		24,989		918,137
Hindalco Industries Ltd.		315,170		2,089,339
Hindustan Unilever Ltd.		153,862		4,704,678
Housing Development Finance Corp. Ltd.		315,493		10,764,854
ICICI Bank Ltd.		879,276		9,446,189
ICICI Lombard General Insurance Co. Ltd.^(c)		39,035		721,556
ICICI Prudential Life Insurance Co. Ltd.^(c)		82,337		620,909
Indian Railway Catering & Tourism Corp.		40,269		472,807
Indraprastha Gas Ltd.		75,549		399,784
Indus Towers Ltd.		145,836		496,569
Info Edge India Ltd.		16,565		1,096,441
Infosys Ltd.		627,163		14,755,703
InterGlobe Aviation Ltd.^(b)(c)		25,351		634,980
ITC Ltd.		578,875		1,719,215
JSW Steel Ltd.		162,949		1,388,240
Jubilant Foodworks Ltd.		17,404		794,058
Kotak Mahindra Bank Ltd.		104,301		2,614,299
Larsen & Toubro Infotech Ltd.^(c)		10,255		867,920
Larsen & Toubro Ltd.		129,916		3,348,040
Lupin Ltd.		50,140		612,762
Mahindra & Mahindra Ltd.		166,607		1,992,760
Marico Ltd.		114,817		745,005
Maruti Suzuki India Ltd.		27,609		3,198,610
Mindtree Ltd.		9,609		520,467
Motherson Sumi Systems Ltd.		270,282		655,500
Motherson Sumi Wiring India Ltd., NVS		274,047		170,659
Mphasis Ltd.		9,758		409,782
MRF Ltd.		472		458,383
Nestle India Ltd.		6,510		1,623,346
NTPC Ltd.		882,118		1,691,636
Oil & Natural Gas Corp. Ltd.		516,934		1,208,744
Page Industries Ltd.		1,176		671,722
Petronet LNG Ltd.		181,537		521,879
Pidilite Industries Ltd.		34,281		1,132,051
Piramal Enterprises Ltd.		25,844		834,226
Power Grid Corp. of India Ltd.		548,735		1,590,397
Reliance Industries Ltd.		525,908		16,948,525


Security	Shares		Value


India (continued)
SBI Cards & Payment Services Ltd.^(b)		22,540	$	267,216
SBI Life Insurance Co. Ltd.^(c)		87,391		1,452,520
Shree Cement Ltd.		2,187		715,074
Shriram Transport Finance Co. Ltd.		42,276		701,978
Siemens Ltd.		13,436		421,200
SRF Ltd.		19,851		642,092
State Bank of India		347,216		2,528,634
Sun Pharmaceutical Industries Ltd.		171,568		1,927,490
Tata Consultancy Services Ltd.		151,051		7,606,297
Tata Consumer Products Ltd.		134,618		1,318,071
Tata Motors Ltd.^(b)		315,667		2,177,786
Tata Power Co. Ltd. (The)		251,562		837,428
Tata Steel Ltd.		133,686		1,971,269
Tech Mahindra Ltd.		119,395		2,383,328
Titan Co. Ltd.		70,829		2,258,463
Trent Ltd.		20,571		286,345
UltraTech Cement Ltd.		20,024		1,946,104
United Spirits Ltd.^(b)		75,699		884,157
UPL Ltd.		104,707		1,097,022
Vedanta Ltd.		168,797		736,308
Wipro Ltd.		233,999		1,806,676
Yes Bank Ltd.^(b)		1,473,793		264,172
Zomato Ltd.^(b)		235,662		287,221


				178,232,977

Indonesia — 0.4%
Adaro Energy Tbk PT		3,047,100		477,120
Aneka Tambang Tbk		1,686,100		210,355
Astra International Tbk PT		3,687,300		1,411,229
Bank Central Asia Tbk PT		9,670,500		5,143,710
Bank Mandiri Persero Tbk PT		3,591,584		1,882,020
Bank Negara Indonesia Persero Tbk PT		1,226,600		629,546
Bank Rakyat Indonesia Persero Tbk PT		12,999,316		3,700,066
Barito Pacific Tbk PT		6,139,500		381,466
Charoen Pokphand Indonesia Tbk PT		1,589,900		698,607
Gudang Garam Tbk PT		95,100		202,962
Indah Kiat Pulp & Paper Tbk PT		619,200		329,294
Indocement Tunggal Prakarsa Tbk PT		337,000		258,167
Indofood CBP Sukses Makmur Tbk PT		324,000		196,976
Indofood Sukses Makmur Tbk PT		591,300		260,762
Kalbe Farma Tbk PT		4,971,000		566,850
Merdeka Copper Gold Tbk PT^(b)		2,037,300		520,821
Sarana Menara Nusantara Tbk PT		3,412,000		243,865
Semen Indonesia Persero Tbk PT		689,300		324,641
Telkom Indonesia Persero Tbk PT		9,545,700		2,795,702
Tower Bersama Infrastructure Tbk PT		1,389,200		279,771
Unilever Indonesia Tbk PT		1,497,800		421,258
United Tractors Tbk PT		350,545		566,775


				21,501,963

Ireland — 0.4%
CRH PLC		152,171		7,637,521
Flutter Entertainment PLC, Class DI^(b)		30,903		4,701,698
Kerry Group PLC, Class A		29,340		3,696,769
Kingspan Group PLC		31,026		2,986,471
Smurfit Kappa Group PLC		42,874		2,259,701


				21,282,160

Israel — 0.4%
Azrieli Group Ltd.		5,845		528,477
Bank Hapoalim BM		191,035		1,982,511
Bank Leumi Le-Israel BM		253,387		2,717,573


S C H E D U L E O F I N V E S T M E N T S		37

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI ACWI ex U.S. ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Israel (continued)
Check Point Software Technologies Ltd.^(b)		20,889	$	2,527,778
CyberArk Software Ltd.^(a)(b)		8,113		1,112,698
Elbit Systems Ltd.		6,142		1,023,152
Fiverr International Ltd.^(a)(b)		5,366		457,773
ICL Group Ltd.		154,635		1,398,444
Inmode Ltd.^(b)		9,594		462,719
Isracard Ltd.		1		3
Israel Discount Bank Ltd., Class A		142,275		954,074
Kornit Digital Ltd.^(a)(b)		8,241		865,800
Mizrahi Tefahot Bank Ltd.		22,648		875,514
Nice Ltd.^(b)		12,269		3,140,590
Teva Pharmaceutical Industries Ltd., ADR^(b)		209,240		1,763,893
Wix.com Ltd.^(a)(b)		10,576		1,389,369


				21,200,368

Italy — 1.3%
Amplifon SpA		23,870		1,014,620
Assicurazioni Generali SpA		185,126		3,895,930
Atlantia SpA^(b)		92,067		1,708,328
DiaSorin SpA		4,755		733,037
Enel SpA		1,488,750		11,458,310
Eni SpA		465,240		6,988,459
Ferrari NV		23,229		5,353,648
FinecoBank Banca Fineco SpA		95,363		1,603,268
Infrastrutture Wireless Italiane SpA^(c)		72,875		785,768
Intesa Sanpaolo SpA		2,983,225		8,865,663
Mediobanca Banca di Credito Finanziario SpA		128,731		1,474,821
Moncler SpA		38,609		2,477,908
Nexi SpA^(b)(c)		84,906		1,241,959
Poste Italiane SpA^(c)		70,677		948,669
Prysmian SpA		48,641		1,640,248
Recordati Industria Chimica e Farmaceutica SpA		15,658		877,169
Snam SpA		392,832		2,201,305
Telecom Italia SpA		1,670,276		787,167
Tenaris SA		97,584		1,191,199
Terna - Rete Elettrica Nazionale		268,685		2,111,169
UniCredit SpA		394,182		6,264,898


				63,623,543

Japan — 14.1%
Advantest Corp.		36,100		3,072,563
Aeon Co. Ltd.		119,800		2,729,900
AGC Inc.		32,500		1,491,600
Aisin Corp.		26,300		955,031
Ajinomoto Co. Inc.		82,300		2,296,292
ANA Holdings Inc.^(b)		27,900		589,185
Asahi Group Holdings Ltd.		80,100		3,269,738
Asahi Intecc Co. Ltd.		46,200		788,217
Asahi Kasei Corp.		242,900		2,399,347
Astellas Pharma Inc.		343,100		5,537,827
Azbil Corp.		24,500		962,304
Bandai Namco Holdings Inc.		35,600		2,502,258
Benefit One Inc.		20,000		608,266
Bridgestone Corp.		103,000		4,510,496
Brother Industries Ltd.		45,100		830,564
Canon Inc.		189,600		4,484,178
Capcom Co. Ltd.		34,600		835,270
Central Japan Railway Co.		25,700		3,372,113
Chiba Bank Ltd. (The)		85,300		551,436
Chubu Electric Power Co. Inc.		108,300		1,084,722
Chugai Pharmaceutical Co. Ltd.		122,400		3,975,523


Security	Shares		Value


Japan (continued)
Concordia Financial Group Ltd.		218,800	$	899,127
Cosmos Pharmaceutical Corp.		4,700		586,958
CyberAgent Inc.		72,200		841,867
Dai Nippon Printing Co. Ltd.		37,300		895,391
Daifuku Co. Ltd.		18,100		1,256,588
Dai-ichi Life Holdings Inc.		196,600		4,425,358
Daiichi Sankyo Co. Ltd.		321,600		7,226,347
Daikin Industries Ltd.		45,500		9,552,454
Daito Trust Construction Co. Ltd.		11,700		1,341,599
Daiwa House Industry Co. Ltd.		102,700		2,997,111
Daiwa House REIT Investment Corp.		364		1,084,344
Daiwa Securities Group Inc.		283,800		1,710,093
Denso Corp.		78,600		5,866,207
Dentsu Group Inc.		35,900		1,243,281
Disco Corp.		5,500		1,512,245
East Japan Railway Co.		55,200		3,152,079
Eisai Co. Ltd.		45,000		2,253,826
ENEOS Holdings Inc.		559,400		2,227,880
FANUC Corp.		34,800		6,881,641
Fast Retailing Co. Ltd.		10,400		6,120,034
Fuji Electric Co. Ltd.		22,900		1,223,919
FUJIFILM Holdings Corp.		65,600		4,397,561
Fujitsu Ltd.		35,100		4,640,161
GLP J-REIT		774		1,245,840
GMO Payment Gateway Inc.		9,300		816,092
Hakuhodo DY Holdings Inc.		43,300		663,258
Hamamatsu Photonics KK		25,200		1,289,264
Hankyu Hanshin Holdings Inc.		37,900		1,103,703
Hikari Tsushin Inc.		3,700		444,240
Hino Motors Ltd.		54,000		469,390
Hirose Electric Co. Ltd.		5,900		879,441
Hitachi Construction Machinery Co. Ltd.		20,100		511,089
Hitachi Ltd.		184,400		9,584,375
Hitachi Metals Ltd.^(b)		38,000		685,242
Honda Motor Co. Ltd.		298,700		8,797,543
Hoshizaki Corp.		11,000		812,838
Hoya Corp.		67,200		8,713,713
Hulic Co. Ltd.		114,500		1,106,718
Ibiden Co. Ltd.		21,700		1,212,604
Idemitsu Kosan Co. Ltd.		37,972		972,905
Iida Group Holdings Co. Ltd.		25,700		534,679
Inpex Corp.		189,000		1,910,694
Isuzu Motors Ltd.		98,000		1,200,500
Ito En Ltd.		14,700		791,802
ITOCHU Corp.		233,800		7,511,167
Itochu Techno-Solutions Corp.		16,400		447,394
Japan Airlines Co. Ltd.^(b)		26,200		495,903
Japan Exchange Group Inc.		95,700		1,968,630
Japan Metropolitan Fund Invest		1,398		1,178,112
Japan Post Bank Co. Ltd.		72,200		710,286
Japan Post Holdings Co. Ltd.		447,500		3,819,650
Japan Post Insurance Co. Ltd.		37,800		662,772
Japan Real Estate Investment Corp.		222		1,220,766
Japan Tobacco Inc.		216,400		4,320,399
JFE Holdings Inc.		85,900		1,103,544
JSR Corp.		36,300		1,203,279
Kajima Corp.		74,500		899,781
Kakaku.com Inc.		27,100		561,283
Kansai Electric Power Co. Inc. (The)		128,200		1,210,096
Kansai Paint Co. Ltd.		35,300		732,750


38		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI ACWI ex U.S. ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Japan (continued)
Kao Corp.		85,400	$	4,267,571
KDDI Corp.		297,200		9,495,155
Keio Corp.		18,700		841,137
Keisei Electric Railway Co. Ltd.		20,400		575,711
Keyence Corp.		35,300		18,106,161
Kikkoman Corp.		25,900		1,957,727
Kintetsu Group Holdings Co. Ltd.^(b)		30,600		889,099
Kirin Holdings Co. Ltd.		148,300		2,376,974
Kobayashi Pharmaceutical Co. Ltd.		11,000		856,602
Kobe Bussan Co. Ltd.		29,300		912,091
Koei Tecmo Holdings Co. Ltd.		13,800		499,238
Koito Manufacturing Co. Ltd.		18,600		933,915
Komatsu Ltd.		160,100		4,023,143
Konami Holdings Corp.		17,100		921,858
Kose Corp.		6,400		585,149
Kubota Corp.		196,200		4,207,612
Kurita Water Industries Ltd.		25,400		1,032,853
Kyocera Corp.		57,600		3,552,267
Kyowa Kirin Co. Ltd.		51,500		1,283,626
Lasertec Corp.		14,300		3,208,024
Lawson Inc.		8,600		376,930
Lion Corp.		37,000		483,440
Lixil Corp.		48,400		1,107,883
M3 Inc.		80,000		3,075,727
Makita Corp.		40,000		1,496,937
Marubeni Corp.		306,300		3,151,808
Mazda Motor Corp.^(b)		100,800		776,538
McDonald’s Holdings Co. Japan Ltd.		12,900		563,348
Medipal Holdings Corp.		32,700		588,438
MEIJI Holdings Co. Ltd.		21,790		1,359,295
Mercari Inc.^(b)		19,300		728,879
MinebeaMitsumi Inc.		64,900		1,588,141
Misumi Group Inc.		52,600		1,706,443
Mitsubishi Chemical Holdings Corp.		229,900		1,803,378
Mitsubishi Corp.		240,000		8,148,581
Mitsubishi Electric Corp.		333,800		4,180,310
Mitsubishi Estate Co. Ltd.		212,900		3,066,276
Mitsubishi Gas Chemical Co. Inc.		25,500		488,460
Mitsubishi HC Capital Inc.		112,300		579,994
Mitsubishi Heavy Industries Ltd.		60,100		1,632,279
Mitsubishi UFJ Financial Group Inc.		2,343,400		14,204,003
Mitsui & Co. Ltd.		295,800		7,375,882
Mitsui Chemicals Inc.		30,900		826,409
Mitsui Fudosan Co. Ltd.		168,700		3,616,478
Miura Co. Ltd.		18,000		531,452
Mizuho Financial Group Inc.		436,460		5,912,287
MonotaRO Co. Ltd.		52,200		857,687
MS&AD Insurance Group Holdings Inc.		78,700		2,699,372
Murata Manufacturing Co. Ltd.		105,400		7,924,316
NEC Corp.		43,800		1,708,782
Nexon Co. Ltd.		89,900		1,694,760
NGK Insulators Ltd.		55,500		937,824
Nidec Corp.		81,100		7,187,876
Nihon M&A Center Holdings Inc.		55,600		875,322
Nintendo Co. Ltd.		20,300		9,947,840
Nippon Building Fund Inc.		257		1,488,322
Nippon Express Holdings Co., NVS		12,400		734,870
Nippon Paint Holdings Co. Ltd.		135,400		1,082,850
Nippon Prologis REIT Inc.		339		1,057,760
Nippon Sanso Holdings Corp.		36,000		714,916


Security	Shares		Value


Japan (continued)
Nippon Shinyaku Co. Ltd.		12,300	$	804,061
Nippon Steel Corp.		156,486		2,557,694
Nippon Telegraph & Telephone Corp.		241,000		6,896,874
Nippon Yusen KK		28,800		2,257,727
Nissan Chemical Corp.		21,700		1,177,405
Nissan Motor Co. Ltd.^(b)		435,500		2,304,922
Nisshin Seifun Group Inc.		39,325		552,209
Nissin Foods Holdings Co. Ltd.		12,900		915,031
Nitori Holdings Co. Ltd.		14,300		2,048,655
Nitto Denko Corp.		26,400		2,055,494
Nomura Holdings Inc.		585,800		2,587,798
Nomura Real Estate Holdings Inc.		20,200		473,020
Nomura Real Estate Master Fund Inc.		740		1,026,700
Nomura Research Institute Ltd.		59,900		2,096,852
NTT Data Corp.		112,600		2,158,625
Obayashi Corp.		107,700		872,601
Obic Co. Ltd.		12,400		2,048,749
Odakyu Electric Railway Co. Ltd.		52,600		929,482
Oji Holdings Corp.		126,700		674,434
Olympus Corp.		211,300		4,728,270
Omron Corp.		33,100		2,419,924
Ono Pharmaceutical Co. Ltd.		65,100		1,578,786
Open House Group Co. Ltd.		18,000		931,917
Oracle Corp. Japan		7,200		538,492
Oriental Land Co. Ltd./Japan		35,700		6,214,776
ORIX Corp.		241,300		4,977,325
Orix JREIT Inc.		603		865,338
Osaka Gas Co. Ltd.		64,600		1,098,612
Otsuka Corp.		18,400		746,613
Otsuka Holdings Co. Ltd.		71,000		2,422,329
Pan Pacific International Holdings Corp.		68,500		921,930
Panasonic Corp.		416,600		4,586,560
Persol Holdings Co. Ltd.		39,800		1,027,469
Pola Orbis Holdings Inc.		20,500		305,540
Rakuten Group Inc.^(b)		155,000		1,344,683
Recruit Holdings Co. Ltd.		253,200		12,515,316
Renesas Electronics Corp.^(b)		228,300		2,620,156
Resona Holdings Inc.		387,100		1,663,538
Ricoh Co. Ltd.		115,600		976,174
Rinnai Corp.		7,200		642,996
Rohm Co. Ltd.		15,800		1,330,946
Ryohin Keikaku Co. Ltd.		47,300		679,198
Santen Pharmaceutical Co. Ltd.		66,000		749,375
SBI Holdings Inc.		41,300		1,065,367
SCSK Corp.		26,900		455,187
Secom Co. Ltd.		37,500		2,640,527
Seiko Epson Corp.		55,100		858,265
Sekisui Chemical Co. Ltd.		62,500		1,092,749
Sekisui House Ltd.		110,100		2,230,644
Seven & i Holdings Co. Ltd.		137,200		6,977,805
SG Holdings Co. Ltd.		57,100		1,212,134
Sharp Corp./Japan		34,000		377,948
Shimadzu Corp.		45,100		1,627,286
Shimano Inc.		13,200		2,959,996
Shimizu Corp.		118,700		790,355
Shin-Etsu Chemical Co. Ltd.		64,500		10,791,449
Shionogi & Co. Ltd.		47,900		2,729,948
Shiseido Co. Ltd.		73,200		3,692,500
Shizuoka Bank Ltd. (The)		73,800		579,881
SMC Corp.		10,400		5,800,720


S C H E D U L E O F I N V E S T M E N T S		39

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI ACWI ex U.S. ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Japan (continued)
Softbank Corp.		535,000	$	6,706,686
SoftBank Group Corp.		223,000		9,878,797
Sohgo Security Services Co. Ltd.		17,900		649,189
Sompo Holdings Inc.		58,600		2,742,095
Sony Group Corp.		232,700		26,031,792
Square Enix Holdings Co. Ltd.		15,700		769,895
Stanley Electric Co. Ltd.		27,700		647,470
Subaru Corp.		109,200		1,987,587
SUMCO Corp.		61,700		1,137,506
Sumitomo Chemical Co. Ltd.		258,400		1,303,124
Sumitomo Corp.		212,100		3,278,092
Sumitomo Dainippon Pharma Co. Ltd.		33,600		365,710
Sumitomo Electric Industries Ltd.		142,200		1,885,358
Sumitomo Metal Mining Co. Ltd.		45,400		2,097,012
Sumitomo Mitsui Financial Group Inc.		248,300		8,944,002
Sumitomo Mitsui Trust Holdings Inc.		61,600		2,130,201
Sumitomo Realty & Development Co. Ltd.		55,900		1,729,556
Suntory Beverage & Food Ltd.		26,400		1,013,725
Suzuki Motor Corp.		67,000		2,852,466
Sysmex Corp.		29,900		2,846,207
T&D Holdings Inc.		103,900		1,535,466
Taisei Corp.		31,600		1,035,881
Taisho Pharmaceutical Holdings Co. Ltd.		4,900		240,650
Takeda Pharmaceutical Co. Ltd.		292,813		8,486,653
TDK Corp.		68,100		2,459,423
Terumo Corp.		117,800		4,300,151
TIS Inc.		37,600		988,905
Tobu Railway Co. Ltd.		34,300		803,416
Toho Co. Ltd./Tokyo		23,200		898,714
Tokio Marine Holdings Inc.		113,200		6,755,057
Tokyo Century Corp.		7,600		375,055
Tokyo Electric Power Co. Holdings Inc.^(b)		273,300		728,140
Tokyo Electron Ltd.		27,500		13,451,157
Tokyo Gas Co. Ltd.		63,900		1,290,252
Tokyu Corp.		91,800		1,219,823
Toppan Inc.		56,800		1,080,452
Toray Industries Inc.		261,600		1,653,263
Toshiba Corp.		74,900		3,101,611
Tosoh Corp.		47,300		740,079
TOTO Ltd.		23,800		1,024,363
Toyo Suisan Kaisha Ltd.		17,500		717,023
Toyota Industries Corp.		26,600		2,075,028
Toyota Motor Corp.		1,967,200		38,878,110
Toyota Tsusho Corp.		38,600		1,565,365
Trend Micro Inc/Japan^(b)		22,200		1,177,768
Tsuruha Holdings Inc.		7,000		563,810
Unicharm Corp.		71,700		2,770,739
USS Co. Ltd.		48,200		786,657
Welcia Holdings Co. Ltd.		19,400		523,952
West Japan Railway Co.		36,700		1,537,868
Yakult Honsha Co. Ltd.		22,900		1,161,064
Yamaha Corp.		24,400		1,111,546
Yamaha Motor Co. Ltd.		50,800		1,209,726
Yamato Holdings Co. Ltd.		51,900		1,105,171
Yaskawa Electric Corp.		42,800		1,792,051
Yokogawa Electric Corp.		52,900		866,792
Z Holdings Corp.		501,800		2,548,474
ZOZO Inc.		26,400		703,492


				688,249,623


Security	Shares		Value


Kuwait — 0.2%
Agility Public Warehousing Co. KSC		274,962	$	915,236
Boubyan Bank KSCP^(b)		264,915		705,417
Kuwait Finance House KSCP		921,400		2,758,820
Mabanee Co. KPSC		106,911		291,286
Mobile Telecommunications Co. KSCP		493,447		975,174
National Bank of Kuwait SAKP		1,276,580		4,376,026


				10,021,959

Malaysia — 0.4%
Axiata Group Bhd		605,500		538,158
CIMB Group Holdings Bhd		920,200		1,146,284
Dialog Group Bhd		834,900		512,260
DiGi.Com Bhd		781,000		710,054
Genting Bhd		433,300		453,832
Genting Malaysia Bhd		574,400		376,082
Hartalega Holdings Bhd		328,000		460,791
Hong Leong Bank Bhd		151,200		700,819
Hong Leong Financial Group Bhd		102,200		446,017
IHH Healthcare Bhd		586,300		903,509
Inari Amertron Bhd		597,200		477,173
IOI Corp. Bhd		670,800		609,812
Kuala Lumpur Kepong Bhd		86,000		443,818
Malayan Banking Bhd		566,800		1,120,654
Malaysia Airports Holdings Bhd^(b)		211,200		287,622
Maxis Bhd		623,300		630,159
MISC Bhd		168,200		280,738
Petronas Chemicals Group Bhd		515,900		1,095,771
Petronas Dagangan Bhd		61,800		286,446
Petronas Gas Bhd		187,000		759,815
PPB Group Bhd		218,800		830,138
Press Metal Aluminium Holdings Bhd		509,000		749,120
Public Bank Bhd		2,820,100		2,840,697
RHB Bank Bhd		400,595		533,192
Sime Darby Bhd		511,200		262,716
Sime Darby Plantation Bhd		589,600		497,262
Telekom Malaysia Bhd		131,500		158,975
Tenaga Nasional Bhd		425,800		934,062
Top Glove Corp. Bhd^(a)		796,500		405,339


				19,451,315

Mexico — 0.6%
America Movil SAB de CV, Series L, NVS		6,595,600		6,206,157
Arca Continental SAB de CV		39,400		233,042
Cemex SAB de CV, NVS^(b)		3,063,508		1,871,253
Coca-Cola Femsa SAB de CV		40,100		210,473
Fibra Uno Administracion SA de CV		648,400		666,380
Fomento Economico Mexicano SAB de CV		378,300		2,846,236
Gruma SAB de CV, Class B		22,860		298,993
Grupo Aeroportuario del Pacifico SAB de CV, Class B		54,900		754,808
Grupo Aeroportuario del Sureste SAB de CV, Class B		43,545		881,687
Grupo Bimbo SAB de CV, Series A		279,200		874,226
Grupo Carso SAB de CV, Series A1		70,900		198,285
Grupo Financiero Banorte SAB de CV, Class O		502,200		3,182,937
Grupo Financiero Inbursa SAB de CV, Class O^(b)		596,700		860,569
Grupo Mexico SAB de CV, Series B		624,129		2,680,414
Grupo Televisa SAB, CPO		473,800		965,608
Industrias Penoles SAB de CV		31,140		333,606
Kimberly-Clark de Mexico SAB de CV, Class A		416,300		601,403
Megacable Holdings SAB de CV, CPO		24,500		78,911
Orbia Advance Corp. SAB de CV		147,900		345,372
Promotora y Operadora de Infraestructura SAB de CV		17,130		124,962


40		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI ACWI ex U.S. ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Mexico (continued)
Telesites SAB de CV		41,500	$	43,818
Wal-Mart de Mexico SAB de CV		1,025,300		3,486,259


				27,745,399

Netherlands — 3.3%
ABN AMRO Bank NV, CVA^(c)		82,460		1,323,406
Adyen NV^(b)(c)		3,680		7,488,423
Aegon NV		329,051		1,856,339
Akzo Nobel NV		36,243		3,751,428
Argenx SE^(b)		8,704		2,329,119
ASM International NV		9,092		3,123,833
ASML Holding NV		76,015		51,484,540
CNH Industrial NV		199,142		3,035,341
Davide Campari-Milano NV		96,349		1,209,690
Euronext NV^(c)		10,599		1,021,874
EXOR NV		20,681		1,734,121
Heineken Holding NV		22,750		1,994,537
Heineken NV		48,023		5,150,305
IMCD NV		8,042		1,383,384
ING Groep NV		719,463		10,640,211
InPost SA^(b)		28,215		229,057
Just Eat Takeaway.com NV^(b)(c)		31,226		1,541,966
Koninklijke Ahold Delhaize NV		192,859		6,253,376
Koninklijke DSM NV		32,206		6,037,350
Koninklijke KPN NV		658,077		2,170,671
Koninklijke Philips NV		169,993		5,654,526
NN Group NV		48,998		2,742,032
Prosus NV		170,500		14,184,894
QIAGEN NV^(b)		43,561		2,153,318
Randstad NV		16,887		1,098,561
Stellantis NV		375,211		7,244,900
STMicroelectronics NV		125,268		5,890,193
Universal Music Group NV		134,076		3,310,220
Wolters Kluwer NV		49,294		5,017,073


				161,054,688

New Zealand — 0.2%
Auckland International Airport Ltd.^(b)		232,532		1,103,805
Fisher & Paykel Healthcare Corp. Ltd.		86,420		1,590,000
Mercury NZ Ltd.		102,188		375,697
Meridian Energy Ltd.		183,046		527,642
Ryman Healthcare Ltd.		102,404		669,602
Spark New Zealand Ltd.		418,649		1,196,554
Xero Ltd.^(b)		24,370		1,974,103


				7,437,403

Norway — 0.4%
Adevinta ASA^(b)		49,142		515,566
DNB Bank ASA		177,938		4,234,959
Equinor ASA		183,222		5,051,031
Gjensidige Forsikring ASA		47,933		1,170,835
Mowi ASA		77,549		1,903,355
Norsk Hydro ASA		243,948		1,874,816
Orkla ASA		142,305		1,359,923
Schibsted ASA, Class A		15,068		446,383
Schibsted ASA, Class B		19,748		515,127
Telenor ASA		119,229		1,970,442
Yara International ASA		34,159		1,753,990


				20,796,427

Peru — 0.1%
Cia. de Minas Buenaventura SAA, ADR^(b)		32,820		265,842
Credicorp Ltd.		12,602		1,804,858


Security	Shares		Value


Peru (continued)
Southern Copper Corp.		14,244	$	910,049


				2,980,749

Philippines — 0.2%
Aboitiz Equity Ventures Inc.		288,830		356,965
AC Energy Corp.		1,650,000		309,994
Ayala Corp.		36,090		617,149
Ayala Land Inc.		1,653,120		1,167,262
Bank of the Philippine Islands		312,706		601,670
BDO Unibank Inc.		384,230		1,021,210
Globe Telecom Inc.		3,265		199,153
GT Capital Holdings Inc.		13,910		155,989
International Container Terminal Services Inc.		230,730		907,619
JG Summit Holdings Inc.		775,400		948,772
Jollibee Foods Corp.		119,150		560,981
Metro Pacific Investments Corp.		1,820,000		138,000
Metropolitan Bank & Trust Co.		655,908		759,788
Monde Nissin Corp.^(b)(c)		162,000		52,056
PLDT Inc.		17,490		629,262
SM Investments Corp.		36,055		671,235
SM Prime Holdings Inc.		2,095,900		1,449,408
Universal Robina Corp.		111,110		276,821


				10,823,334

Poland — 0.2%
Allegro.eu SA^(a)(b)(c)		60,568		561,366
Bank Polska Kasa Opieki SA		32,357		1,078,178
CD Projekt SA		14,045		623,532
Cyfrowy Polsat SA		81,474		629,386
Dino Polska SA^(b)(c)		7,148		550,015
KGHM Polska Miedz SA		28,346		977,800
LPP SA		188		735,350
mBank SA^(b)		1,735		198,702
Orange Polska SA^(b)		74,090		143,432
PGE Polska Grupa Energetyczna SA^(b)		134,195		252,800
Polski Koncern Naftowy ORLEN SA		56,872		993,978
Polskie Gornictwo Naftowe i Gazownictwo SA		370,949		484,420
Powszechna Kasa Oszczednosci Bank Polski SA^(b)		156,060		1,826,887
Powszechny Zaklad Ubezpieczen SA		101,081		899,992
Santander Bank Polska SA		8,515		730,528


				10,686,366

Portugal — 0.1%
Banco Espirito Santo SA, Registered^(e)		4		—
EDP - Energias de Portugal SA		538,131		2,754,752
Galp Energia SGPS SA		96,643		1,065,613
Jeronimo Martins SGPS SA		51,695		1,242,285


				5,062,650

Qatar — 0.3%
Barwa Real Estate Co.		298,500		274,241
Commercial Bank PSQC (The)		492,892		963,193
Industries Qatar QSC		301,741		1,387,950
Masraf Al Rayan QSC		1,063,353		1,425,813
Mesaieed Petrochemical Holding Co.		804,544		535,432
Ooredoo QPSC		226,923		450,888
Qatar Electricity & Water Co. QSC		130,055		635,089
Qatar Fuel QSC		91,366		474,453
Qatar International Islamic Bank QSC		91,702		250,631
Qatar Islamic Bank SAQ		191,091		1,023,650
Qatar National Bank QPSC		828,528		4,945,557


				12,366,897


S C H E D U L E O F I N V E S T M E N T S		41

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI ACWI ex U.S. ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Russia — 0.9%
Alrosa PJSC		504,040	$	741,495
Gazprom PJSC		2,268,174		9,800,155
Inter RAO UES PJSC		5,597,000		280,937
LUKOIL PJSC		71,534		6,350,857
Magnit PJSC, GDR^(f)		54,129		712,950
MMC Norilsk Nickel PJSC		12,337		3,460,145
Mobile TeleSystems PJSC		105,139		803,262
Moscow Exchange MICEX-RTS PJSC		287,200		541,220
Novatek PJSC, GDR^(f)		17,328		3,659,770
Novolipetsk Steel PJSC		223,890		618,527
Ozon Holdings PLC, ADR^(b)		8,955		175,818
PhosAgro PJSC, GDR^(f)		31,181		625,502
Polymetal International PLC		52,614		755,754
Polyus PJSC		5,198		820,430
Rosneft Oil Co. PJSC		165,180		1,231,880
Sberbank of Russia PJSC		1,882,550		6,487,683
Severstal PAO		30,098		586,508
Surgutneftegas PJSC		1,708,350		805,304
Tatneft PJSC		224,904		1,447,886
TCS Group Holding PLC, GDR^(f)		22,469		1,617,865
United Co. RUSAL International PJSC^(b)		612,730		577,339
VK Co. Ltd.^(b)		23,858		189,189
VTB Bank PJSC		493,800,000		279,029
X5 Retail Group NV, GDR		16,185		364,288
Yandex NV, Class A^(b)		59,216		2,842,259


				45,776,052

Saudi Arabia — 1.1%
Abdullah Al Othaim Markets Co.		7,762		219,295
Advanced Petrochemical Co.		27,387		549,462
Al Rajhi Bank		238,087		9,455,048
Alinma Bank		187,686		1,504,798
Almarai Co. JSC		22,336		293,169
Arab National Bank		118,435		876,475
Bank AlBilad^(b)		90,194		1,340,668
Bank Al-Jazira		94,634		587,620
Banque Saudi Fransi		129,725		1,819,407
Bupa Arabia for Cooperative Insurance Co.		7,992		317,363
Co for Cooperative Insurance (The)		10,753		223,994
Dar Al Arkan Real Estate Development Co.^(b)		55,226		152,166
Emaar Economic City^(b)		44,738		154,457
Etihad Etisalat Co.		72,595		631,747
Jarir Marketing Co.		21,797		1,172,955
Mouwasat Medical Services Co.		4,743		250,736
National Industrialization Co.^(b)		52,344		319,440
Rabigh Refining & Petrochemical Co.^(b)		41,664		271,908
Riyad Bank		251,398		2,278,188
SABIC Agri-Nutrients Co.		44,881		2,034,796
Sahara International Petrochemical Co.		94,312		1,090,952
Saudi Arabian Mining Co.^(b)		93,317		2,299,769
Saudi Arabian Oil Co.^(c)		355,210		3,545,361
Saudi Basic Industries Corp.		160,945		5,387,397
Saudi British Bank (The)		139,956		1,503,136
Saudi Cement Co.		16,407		245,727
Saudi Electricity Co.		200,336		1,408,702
Saudi Industrial Investment Group		50,480		461,620
Saudi Kayan Petrochemical Co.^(b)		117,509		619,869
Saudi National Bank (The)		397,933		7,827,356
Saudi Telecom Co.		104,768		3,296,110
Savola Group (The)		35,892		327,193


Security	Shares		Value


Saudi Arabia (continued)
Yanbu National Petrochemical Co.		44,224	$	804,138


				53,271,022

Singapore — 0.8%
Ascendas REIT		609,977		1,250,966
CapitaLand Integrated Commercial Trust		998,321		1,439,275
Capitaland Investment Ltd/Singapore^(b)		427,700		1,097,423
City Developments Ltd.		62,800		329,887
DBS Group Holdings Ltd.		329,800		8,662,813
Genting Singapore Ltd.^(a)		1,182,500		646,168
Keppel Corp. Ltd.		282,100		1,189,393
Mapletree Commercial Trust		379,300		507,699
Mapletree Logistics Trust^(a)		538,197		677,333
Oversea-Chinese Banking Corp. Ltd.		617,875		5,751,342
Sea Ltd., ADR^(b)		25,380		3,814,868
Singapore Airlines Ltd.^(b)		263,150		981,577
Singapore Exchange Ltd.		121,400		840,303
Singapore Technologies Engineering Ltd.		203,400		565,341
Singapore Telecommunications Ltd.		1,537,900		2,788,558
United Overseas Bank Ltd.		219,900		4,914,470
UOL Group Ltd.		70,400		381,777
Venture Corp. Ltd.		58,000		759,901
Wilmar International Ltd.		383,000		1,218,393


				37,817,487

South Africa — 1.0%
Absa Group Ltd.		110,504		1,221,368
Anglo American Platinum Ltd.		10,794		1,307,846
AngloGold Ashanti Ltd.		80,458		1,508,337
Aspen Pharmacare Holdings Ltd.		81,643		1,099,126
Bid Corp. Ltd.		71,037		1,531,386
Bidvest Group Ltd. (The)		68,133		835,361
Capitec Bank Holdings Ltd.		12,167		1,597,558
Clicks Group Ltd.		53,523		1,027,697
Discovery Ltd.^(b)		49,390		499,119
Exxaro Resources Ltd.		60,553		654,225
FirstRand Ltd.		940,061		3,789,480
Gold Fields Ltd.		174,104		1,865,693
Growthpoint Properties Ltd.		826,109		784,186
Harmony Gold Mining Co. Ltd.		113,971		416,274
Impala Platinum Holdings Ltd.		154,046		2,374,905
Kumba Iron Ore Ltd.		11,721		418,173
Mr. Price Group Ltd.		57,811		766,739
MTN Group Ltd.^(b)		324,566		4,081,717
MultiChoice Group		73,902		606,111
Naspers Ltd., Class N		39,616		6,403,851
Nedbank Group Ltd.		72,997		904,840
NEPI Rockcastle PLC		90,521		615,566
Northam Platinum Holdings Ltd.^(b)		73,863		975,357
Old Mutual Ltd.		933,168		840,898
Rand Merchant Investment Holdings Ltd.		261,288		825,174
Reinet Investments SCA		33,989		673,345
Remgro Ltd.		97,234		839,173
Sanlam Ltd.		278,865		1,145,733
Sasol Ltd.^(b)		109,176		2,457,813
Shoprite Holdings Ltd.		91,223		1,246,437
Sibanye Stillwater Ltd.		486,720		1,814,187
SPAR Group Ltd. (The)		22,459		245,605
Standard Bank Group Ltd.		214,082		2,089,480
Tiger Brands Ltd.		35,328		421,247
Vodacom Group Ltd.		106,084		1,013,423


42		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI ACWI ex U.S. ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


South Africa (continued)
Woolworths Holdings Ltd.		229,677	$	793,535


				49,690,965

South Korea — 3.3%
Alteogen Inc.^(b)		5,992		243,334
Amorepacific Corp.		6,481		845,260
AMOREPACIFIC Group		7,651		263,277
BGF retail Co. Ltd.		2,023		274,040
Celltrion Healthcare Co. Ltd.		15,171		801,551
Celltrion Inc.		18,735		2,381,109
Celltrion Pharm Inc.^(a)(b)		3,077		213,847
Cheil Worldwide Inc.		6,115		112,590
CJ CheilJedang Corp.		2,050		594,612
CJ Corp.		3,698		247,177
CJ ENM Co. Ltd.		2,229		231,097
CJ Logistics Corp.^(b)		888		86,233
Coway Co. Ltd.		11,007		634,134
DB Insurance Co. Ltd.		11,809		591,513
Doosan Bobcat Inc.^(b)		6,609		207,253
Doosan Heavy Industries & Construction Co. Ltd.^(b)		56,977		856,824
Douzone Bizon Co. Ltd.		5,074		224,905
Ecopro BM Co. Ltd.		2,100		596,678
E-MART Inc.^(b)		3,838		427,175
F&F Co. Ltd./New^(b)		473		326,360
Green Cross Corp.		931		137,841
GS Engineering & Construction Corp.		4,699		156,376
GS Holdings Corp.		8,060		260,232
Hana Financial Group Inc.		52,453		1,976,344
Hankook Tire & Technology Co. Ltd.		17,497		494,066
Hanmi Pharm Co. Ltd.		1,557		321,361
Hanon Systems		25,390		227,831
Hanwha Solutions Corp.^(b)		19,120		521,815
HLB Inc.^(a)(b)		17,931		480,868
HMM Co. Ltd.^(b)		49,007		912,414
Hotel Shilla Co. Ltd.^(a)		7,004		424,808
HYBE Co. Ltd.^(b)		2,790		564,851
Hyundai Engineering & Construction Co. Ltd.		15,736		563,541
Hyundai Glovis Co. Ltd.		3,823		523,028
Hyundai Heavy Industries Holdings Co. Ltd.		11,638		469,244
Hyundai Mobis Co. Ltd.		12,854		2,523,271
Hyundai Motor Co.		25,659		4,135,690
Hyundai Steel Co.		18,435		608,873
Iljin Materials Co. Ltd.		4,839		391,088
Industrial Bank of Korea^(b)		56,411		489,778
Kakao Corp.^(b)		54,262		3,919,435
Kakao Games Corp.^(b)		5,605		314,983
Kangwon Land Inc.^(b)		22,692		477,119
KB Financial Group Inc.		74,729		3,703,545
Kia Corp.		48,985		3,415,514
Korea Aerospace Industries Ltd.		17,564		528,063
Korea Electric Power Corp.^(b)		44,647		767,669
Korea Investment Holdings Co. Ltd.		8,036		492,762
Korea Shipbuilding & Offshore Engineering Co. Ltd.^(b)		8,121		548,999
Korea Zinc Co. Ltd.		1,629		692,941
Korean Air Lines Co. Ltd.^(b)		28,623		691,174
Krafton Inc.^(b)		3,574		828,089
KT&G Corp.^(b)		18,127		1,170,929
Kumho Petrochemical Co. Ltd.		2,760		342,636
L&F Co. Ltd.^(b)		4,593		678,822
LG Chem Ltd.		8,662		4,643,354
LG Corp.		17,979		1,111,848


Security	Shares		Value


South Korea (continued)
LG Display Co. Ltd.		46,640	$	784,371
LG Electronics Inc.		20,428		2,219,349
LG Household & Health Care Ltd.		1,675		1,362,525
LG Innotek Co. Ltd.		2,572		773,270
LG Uplus Corp.		22,753		247,931
Lotte Chemical Corp.		2,993		492,177
Lotte Shopping Co. Ltd.		1,736		116,682
Meritz Securities Co. Ltd.^(a)		48,342		246,372
Mirae Asset Securities Co. Ltd.		81,101		580,943
NAVER Corp.		23,380		6,175,607
NCSoft Corp.		3,222		1,451,719
Netmarble Corp.^(c)		4,701		435,264
NH Investment & Securities Co. Ltd.		3,839		36,810
Orion Corp./Republic of Korea		5,744		470,010
Pan Ocean Co. Ltd.		30,721		128,227
Pearl Abyss Corp.^(b)		6,922		552,225
POSCO		13,109		2,932,397
POSCO Chemical Co. Ltd.		5,310		499,180
S-1 Corp.		2,714		152,011
Samsung Biologics Co. Ltd.^(b)(c)		3,069		1,899,954
Samsung C&T Corp.		14,498		1,311,599
Samsung Electro-Mechanics Co. Ltd.		10,773		1,638,982
Samsung Electronics Co. Ltd.		878,844		54,663,287
Samsung Engineering Co. Ltd.^(a)(b)		23,065		422,057
Samsung Fire & Marine Insurance Co. Ltd.		6,177		1,032,494
Samsung Heavy Industries Co. Ltd.^(b)		123,265		535,782
Samsung Life Insurance Co. Ltd.		13,933		705,691
Samsung SDI Co. Ltd.		10,586		5,253,660
Samsung SDS Co. Ltd.		6,982		828,797
Samsung Securities Co. Ltd.		12,008		405,453
Seegene Inc.		7,053		318,277
Shin Poong Pharmaceutical Co. Ltd.		5,958		120,576
Shinhan Financial Group Co. Ltd.		77,366		2,477,968
SK Biopharmaceuticals Co. Ltd.^(b)		3,954		252,407
SK Bioscience Co. Ltd.^(b)		4,019		550,091
SK Chemicals Co. Ltd.		1,729		183,029
SK Hynix Inc.		102,531		10,612,753
SK IE Technology Co. Ltd.^(b)(c)		2,965		291,089
SK Inc.		6,017		1,113,863
SK Innovation Co. Ltd.^(b)		9,711		1,782,240
SK Square Co. Ltd.^(b)		4,866		222,007
SK Telecom Co. Ltd.		7,574		360,485
SKC Co. Ltd.		3,680		443,035
S-Oil Corp.		9,838		746,836
Woori Financial Group Inc.		82,163		1,010,799
Yuhan Corp.		13,389		634,781


				160,145,233

Spain — 1.5%
ACS Actividades de Construccion y Servicios SA		48,083		1,213,932
Aena SME SA^(b)(c)		12,627		2,040,304
Amadeus IT Group SA^(b)		83,652		5,751,928
Banco Bilbao Vizcaya Argentaria SA		1,227,887		7,839,604
Banco Santander SA		3,120,910		10,943,789
CaixaBank SA		814,690		2,621,167
Cellnex Telecom SA^(c)		92,566		4,197,460
EDP Renovaveis SA		44,698		939,617
Enagas SA		22,741		491,707
Endesa SA		60,871		1,362,815
Ferrovial SA		100,207		2,784,608
Grifols SA^(a)		55,212		973,626


S C H E D U L E O F I N V E S T M E N T S		43

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI ACWI ex U.S. ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Spain (continued)
Iberdrola SA		1,064,192	$	12,201,025
Iberdrola SA		17,945		204,830
Industria de Diseno Textil SA		205,155		6,222,227
Naturgy Energy Group SA^(a)		36,525		1,156,465
Red Electrica Corp. SA		64,486		1,299,923
Repsol SA		267,658		3,401,292
Siemens Gamesa Renewable Energy SA^(a)(b)		49,014		1,060,559
Telefonica SA		956,762		4,460,012


				71,166,890

Sweden — 2.2%
Alfa Laval AB		59,247		2,001,435
Assa Abloy AB, Class B		188,427		5,159,525
Atlas Copco AB, Class A		123,100		7,285,801
Atlas Copco AB, Class B		75,609		3,866,854
Boliden AB		49,457		2,002,639
Electrolux AB, Class B		44,100		917,597
Embracer Group AB^(a)(b)		102,168		1,025,085
Epiroc AB, Class A		134,919		2,879,054
Epiroc AB, Class B		69,735		1,262,123
EQT AB		54,372		2,130,650
Essity AB, Class B		114,749		3,234,818
Evolution AB^(c)		32,064		3,989,311
Fastighets AB Balder, Class B^(b)		19,281		1,277,344
Getinge AB, Class B		36,151		1,413,344
H & M Hennes & Mauritz AB, Class B		134,443		2,676,874
Hexagon AB, Class B		371,817		5,015,093
Husqvarna AB, Class B		90,223		1,254,457
Industrivarden AB, Class A		25,169		795,640
Industrivarden AB, Class C		26,210		814,098
Investment AB Latour, Class B		29,934		931,365
Investor AB		52,490		1,194,110
Investor AB, Class B		349,596		7,590,403
Kinnevik AB, Class B^(b)		46,302		1,383,903
L E Lundbergforetagen AB, Class B		12,269		626,904
Lifco AB, Class B		35,036		821,252
Lundin Energy AB		38,898		1,581,899
Nibe Industrier AB, Class B		271,351		2,579,071
Sagax AB, Class B		27,783		810,991
Sandvik AB		211,125		5,559,875
Securitas AB, Class B		52,992		640,050
Sinch AB^(a)(b)(c)		98,962		1,017,421
Skandinaviska Enskilda Banken AB, Class A		300,292		3,881,827
Skanska AB, Class B		66,682		1,632,566
SKF AB, Class B		55,716		1,221,413
Svenska Cellulosa AB SCA, Class B		116,322		2,025,589
Svenska Handelsbanken AB, Class A		250,517		2,669,899
Swedbank AB, Class A		164,767		3,225,842
Swedish Match AB		304,273		2,354,246
Tele2 AB, Class B		101,660		1,479,159
Telefonaktiebolaget LM Ericsson, Class B		537,251		6,708,166
Telia Co. AB		464,449		1,830,577
Volvo AB, Class B		279,482		6,306,908


				107,075,178

Switzerland — 6.4%
ABB Ltd., Registered		304,445		10,555,649
Adecco Group AG, Registered		29,433		1,401,988
Alcon Inc.		95,866		7,392,094
Bachem Holding AG, Class B, Registered		1,076		641,846
Baloise Holding AG, Registered		7,963		1,394,930


Security	Shares		Value


Switzerland (continued)
Barry Callebaut AG, Registered		552	$	1,267,187
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		168		1,949,699
Chocoladefabriken Lindt & Spruengli AG, Registered		15		1,727,189
Cie. Financiere Richemont SA, Class A, Registered		96,760		14,062,498
Clariant AG, Registered		28,429		602,555
Coca-Cola HBC AG, Class DI		36,941		1,223,509
Credit Suisse Group AG, Registered		438,686		4,169,890
EMS-Chemie Holding AG, Registered		1,137		1,150,054
Geberit AG, Registered		6,632		4,505,980
Givaudan SA, Registered		1,689		6,997,399
Holcim Ltd.		90,450		4,902,505
Julius Baer Group Ltd.		44,526		2,909,760
Kuehne + Nagel International AG, Registered		10,417		2,941,625
Logitech International SA, Registered		33,274		2,795,998
Lonza Group AG, Registered		14,121		9,735,609
Nestle SA, Registered		517,638		66,846,884
Novartis AG, Registered		399,412		34,704,705
Partners Group Holding AG		4,123		5,748,277
Roche Holding AG, Bearer		3,680		1,515,410
Roche Holding AG, NVS		129,620		50,162,830
Schindler Holding AG, Participation Certificates, NVS		7,773		1,950,898
Schindler Holding AG, Registered		3,939		988,188
SGS SA, Registered		1,067		3,042,627
Siemens Energy AG^(b)		73,367		1,650,233
Sika AG, Registered		26,271		9,191,542
Sonova Holding AG, Registered		10,922		3,890,853
Straumann Holding AG, Registered		1,986		3,290,968
Swatch Group AG (The), Bearer		5,694		1,661,066
Swatch Group AG (The), Registered		8,875		498,199
Swiss Life Holding AG, Registered		6,094		3,922,158
Swiss Prime Site AG, Registered		15,056		1,488,684
Swiss Re AG		53,734		5,854,741
Swisscom AG, Registered		4,777		2,730,413
Temenos AG, Registered		13,100		1,570,229
UBS Group AG, Registered		658,064		12,206,789
VAT Group AG^(c)		4,216		1,719,316
Vifor Pharma AG		9,439		1,672,091
Zurich Insurance Group AG		27,347		13,080,295


				311,715,360

Taiwan — 4.7%
Accton Technology Corp.		107,000		1,033,262
Acer Inc.		605,792		628,254
Advantech Co. Ltd.		63,793		884,190
Airtac International Group		26,928		945,416
ASE Technology Holding Co. Ltd.		592,762		2,158,893
Asia Cement Corp.		362,440		580,694
ASMedia Technology Inc.		7,000		403,623
Asustek Computer Inc.		104,000		1,359,643
AU Optronics Corp.		1,594,000		1,185,023
Catcher Technology Co. Ltd.		114,000		642,370
Cathay Financial Holding Co. Ltd.		1,435,281		3,329,201
Chailease Holding Co. Ltd.		210,074		1,926,869
Chang Hwa Commercial Bank Ltd.		1,084,808		694,357
Cheng Shin Rubber Industry Co. Ltd.		314,000		394,744
China Development Financial Holding Corp.		2,996,358		1,998,780
China Steel Corp.		2,163,288		2,647,449
Chunghwa Telecom Co. Ltd.		592,000		2,516,012
Compal Electronics Inc.		741,000		677,635
CTBC Financial Holding Co. Ltd.		3,052,036		3,068,240


44		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI ACWI ex U.S. ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Taiwan (continued)
Delta Electronics Inc.		348,000	$	3,433,174
E.Sun Financial Holding Co. Ltd.		2,283,143		2,400,931
Eclat Textile Co. Ltd.		35,000		776,456
eMemory Technology Inc.		14,000		817,320
Evergreen Marine Corp. Taiwan Ltd.		466,000		1,977,112
Far Eastern New Century Corp.		535,000		560,452
Far EasTone Telecommunications Co. Ltd.		268,000		628,153
Feng TAY Enterprise Co. Ltd.		73,600		603,606
First Financial Holding Co. Ltd.		2,015,817		1,835,641
Formosa Chemicals & Fibre Corp.		640,340		1,835,580
Formosa Petrochemical Corp.		309,000		1,078,401
Formosa Plastics Corp.		654,960		2,511,425
Foxconn Technology Co. Ltd.		172,000		378,891
Fubon Financial Holding Co. Ltd.		1,274,330		3,516,532
Giant Manufacturing Co. Ltd.		55,000		637,027
Globalwafers Co. Ltd.		41,000		1,170,100
Hiwin Technologies Corp.		49,458		478,866
Hon Hai Precision Industry Co. Ltd.		2,345,377		8,769,193
Hotai Motor Co. Ltd.		46,000		1,007,399
Hua Nan Financial Holdings Co. Ltd.		1,588,243		1,258,455
Innolux Corp.		1,617,688		1,016,089
Inventec Corp.		477,000		437,531
Largan Precision Co. Ltd.		16,000		1,185,672
Lite-On Technology Corp.		385,000		889,198
MediaTek Inc.		270,000		10,724,181
Mega Financial Holding Co. Ltd.		2,006,195		2,685,047
Micro-Star International Co. Ltd.		130,000		727,140
momo.com Inc.		10,000		408,629
Nan Ya Plastics Corp.		945,840		2,986,720
Nan Ya Printed Circuit Board Corp.		56,000		983,378
Nanya Technology Corp.		271,000		719,915
Nien Made Enterprise Co. Ltd.		35,000		493,674
Novatek Microelectronics Corp.		100,000		1,758,625
Oneness Biotech Co. Ltd.^(b)		49,000		421,047
Parade Technologies Ltd.		18,000		1,328,926
Pegatron Corp.		463,000		1,163,839
Pou Chen Corp.		391,000		454,577
President Chain Store Corp.		66,000		630,374
Quanta Computer Inc.		513,000		1,736,345
Realtek Semiconductor Corp.		72,000		1,396,810
Ruentex Development Co. Ltd.		273,000		635,683
Shanghai Commercial & Savings Bank Ltd. (The)		531,000		895,849
Shin Kong Financial Holding Co. Ltd.		2,325,983		937,625
SinoPac Financial Holdings Co. Ltd.		2,115,600		1,265,793
Synnex Technology International Corp.		242,750		597,816
Taishin Financial Holding Co. Ltd.		2,038,723		1,457,960
Taiwan Cement Corp.		771,738		1,312,516
Taiwan Cooperative Financial Holding Co. Ltd.		1,912,167		1,834,649
Taiwan High Speed Rail Corp.		627,000		645,878
Taiwan Mobile Co. Ltd.		234,000		841,091
Taiwan Semiconductor Manufacturing Co. Ltd.		4,524,000		104,603,867
Unimicron Technology Corp.		224,000		1,679,270
Uni-President Enterprises Corp.		853,972		2,093,060
United Microelectronics Corp.		2,179,000		4,552,583
Vanguard International Semiconductor Corp.		201,000		969,605
Voltronic Power Technology Corp.		13,000		669,959
Wan Hai Lines Ltd.		132,900		728,530
Win Semiconductors Corp.		73,000		904,345
Winbond Electronics Corp.		757,000		844,894
Wistron Corp.		480,000		545,599


Security	Shares		Value


Taiwan (continued)
Wiwynn Corp.		18,000	$	659,855
WPG Holdings Ltd.		283,000		557,920
Yageo Corp.		58,000		988,480
Yang Ming Marine Transport Corp.^(b)		330,000		1,222,291
Yuanta Financial Holding Co. Ltd.		2,041,829		1,877,317
Zhen Ding Technology Holding Ltd.		121,000		417,103


				228,636,624

Thailand — 0.5%
Advanced Info Service PCL, NVDR		232,000		1,541,069
Airports of Thailand PCL, NVDR^(b)		876,500		1,688,275
Asset World Corp. PCL, NVDR^(b)		1,561,100		231,573
B Grimm Power PCL, NVDR^(a)		164,200		176,059
Bangkok Commercial Asset Management PCL, NVDR		400,000		246,471
Bangkok Dusit Medical Services PCL, NVDR		1,837,600		1,240,979
Bangkok Expressway & Metro PCL, NVDR		2,776,100		686,695
Berli Jucker PCL, NVDR		336,800		323,640
BTS Group Holdings PCL, NVDR		3,136,800		870,367
Central Pattana PCL, NVDR		528,400		868,450
Charoen Pokphand Foods PCL, NVDR^(a)		1,139,700		868,625
CP ALL PCL, NVDR		1,123,100		2,129,074
Delta Electronics Thailand PCL, NVDR		66,400		703,345
Global Power Synergy PCL, NVDR		185,800		440,018
Indorama Ventures PCL, NVDR		477,388		687,795
Intouch Holdings PCL, NVDR		264,900		613,596
Krungthai Card PCL, NVDR^(a)		195,600		355,428
Land & Houses PCL, NVDR		1,431,400		422,840
Minor International PCL, NVDR^(b)		744,520		688,196
Osotspa PCL, NVDR		210,300		204,567
PTT Exploration & Production PCL, NVDR		270,899		1,063,229
PTT Global Chemical PCL, NVDR^(a)		444,401		762,122
PTT PCL, NVDR		2,131,800		2,516,847
Siam Cement PCL (The), NVDR		140,100		1,627,397
Siam Commercial Bank PCL (The), NVDR		247,800		941,965
Srisawad Corp. PCL, NVDR^(a)		168,800		307,410
Thai Oil PCL, NVDR		536,900		855,662
True Corp. PCL, NVDR		3,191,034		464,575


				23,526,269

Turkey — 0.1%
Akbank TAS		445,571		268,448
Aselsan Elektronik Sanayi Ve Ticaret AS		101,468		164,540
BIM Birlesik Magazalar AS		86,949		459,215
Eregli Demir ve Celik Fabrikalari TAS		330,393		676,648
Ford Otomotiv Sanayi AS		12,155		226,305
KOC Holding AS		218,514		532,495
Turkcell Iletisim Hizmetleri AS		216,428		305,228
Turkiye Garanti Bankasi AS		457,135		409,755
Turkiye Is Bankasi AS, Class C		211,927		133,704
Turkiye Petrol Rafinerileri AS^(b)		23,322		299,749


				3,476,087

United Arab Emirates — 0.3%
Abu Dhabi Commercial Bank PJSC		597,004		1,461,585
Abu Dhabi Islamic Bank PJSC		250,949		476,354
Abu Dhabi National Oil Co. for Distribution PJSC		521,196		586,036
Aldar Properties PJSC		878,131		991,042
Emaar Properties PJSC		859,488		1,145,250
Emirates NBD Bank PJSC		477,684		1,742,189
Emirates Telecommunications Group Co. PJSC		596,148		5,368,483
First Abu Dhabi Bank PJSC		711,890		3,876,288


				15,647,227


S C H E D U L E O F I N V E S T M E N T S		45

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI ACWI ex U.S. ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


United Kingdom — 9.0%
3i Group PLC		184,233	$	3,431,119
Abrdn PLC		438,268		1,433,305
Admiral Group PLC		32,407		1,377,969
Anglo American PLC		227,208		10,016,574
Antofagasta PLC		65,051		1,183,365
Ashtead Group PLC		85,219		6,095,543
Associated British Foods PLC		66,527		1,756,040
AstraZeneca PLC		284,519		33,097,508
Auto Trader Group PLC^(c)		186,972		1,694,272
AVEVA Group PLC		21,932		870,302
Aviva PLC		709,467		4,188,692
BAE Systems PLC		591,718		4,630,639
Barclays PLC		3,163,348		8,486,686
Barratt Developments PLC		195,207		1,623,544
Berkeley Group Holdings PLC		20,889		1,192,135
BP PLC		3,716,259		19,264,796
British American Tobacco PLC		402,158		17,170,126
British Land Co. PLC (The)		179,437		1,341,746
BT Group PLC		1,604,168		4,248,913
Bunzl PLC		64,858		2,429,384
Burberry Group PLC		77,292		1,960,816
Coca-Cola Europacific Partners PLC		39,204		2,240,509
Compass Group PLC		323,390		7,349,886
Croda International PLC		25,803		2,786,671
DCC PLC		20,072		1,687,724
Diageo PLC		434,470		21,923,946
Entain PLC^(b)		109,352		2,367,399
Evraz PLC		133,520		907,084
Experian PLC		170,509		7,121,800
Ferguson PLC		42,325		6,657,317
GlaxoSmithKline PLC		931,730		20,792,473
Halma PLC		72,406		2,454,105
Hargreaves Lansdown PLC		58,569		1,063,362
Hikma Pharmaceuticals PLC		28,065		788,434
HSBC Holdings PLC		3,735,111		26,584,049
Imperial Brands PLC		176,763		4,191,024
Informa PLC^(b)		269,239		2,036,623
InterContinental Hotels Group PLC^(b)		33,465		2,211,146
Intertek Group PLC		29,830		2,164,776
J Sainsbury PLC		337,366		1,325,695
JD Sports Fashion PLC		428,009		1,097,486
Johnson Matthey PLC		36,750		970,519
Kingfisher PLC		396,651		1,778,724
Land Securities Group PLC		108,331		1,163,522
Legal & General Group PLC		1,043,716		4,080,885
Lloyds Banking Group PLC		12,987,533		9,012,969
London Stock Exchange Group PLC		59,114		5,788,054
M&G PLC		484,255		1,417,277
Melrose Industries PLC		818,295		1,666,880
Mondi PLC		90,463		2,263,310
National Grid PLC		647,610		9,476,423
Natwest Group PLC		903,524		2,969,686
Next PLC		24,899		2,536,851
NMC Health PLC^(b)(e)		14,180		—
Ocado Group PLC^(b)		87,202		1,776,791
Pearson PLC		137,724		1,149,919
Persimmon PLC		61,201		1,993,897
Phoenix Group Holdings PLC		43,253		387,219
Prudential PLC		483,310		8,146,539
Reckitt Benckiser Group PLC		131,118		10,623,456


Security	Shares		Value


United Kingdom (continued)
RELX PLC		355,000	$	10,919,937
Rentokil Initial PLC		354,458		2,482,175
Rolls-Royce Holdings PLC^(b)		1,533,242		2,403,327
Sage Group PLC (The)		212,903		2,080,483
Schroders PLC		29,035		1,331,278
Segro PLC		207,652		3,660,853
Severn Trent PLC		37,483		1,455,250
Shell PLC		1,432,859		36,808,304
Smith & Nephew PLC		173,369		2,948,481
Smiths Group PLC		59,862		1,261,746
Spirax-Sarco Engineering PLC		12,692		2,287,805
SSE PLC		194,817		4,191,686
St. James’s Place PLC		87,248		1,801,011
Standard Chartered PLC		484,674		3,529,759
Taylor Wimpey PLC		653,499		1,340,690
Tesco PLC		1,393,551		5,597,436
Unilever PLC		479,323		24,580,569
United Utilities Group PLC		133,552		1,926,604
Vodafone Group PLC		4,906,849		8,615,762
Whitbread PLC^(b)		37,152		1,528,714
WPP PLC		237,302		3,721,018


				436,920,792


Total Common Stocks — 98.7% (Cost: $4,262,532,602)				4,805,295,964


Preferred Stocks

Brazil — 0.4%
Alpargatas SA, Preference Shares, NVS		25,083		137,363
Banco Bradesco SA, Preference Shares, NVS		951,168		4,084,034
Braskem SA, Class A, Preference Shares, NVS		30,750		284,736
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS		123,106		799,363
Cia. Energetica de Minas Gerais, Preference Shares, NVS		252,000		623,107
Gerdau SA, Preference Shares, NVS		219,919		1,153,000
Itau Unibanco Holding SA, Preference Shares, NVS		853,788		4,072,701
Itausa SA, Preference Shares, NVS		828,457		1,589,797
Petroleo Brasileiro SA, Preference Shares, NVS		847,488		5,163,036


				17,907,137

Chile — 0.0%
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares		26,942		1,442,849


Colombia — 0.0%
Bancolombia SA, Preference Shares, NVS		111,142		992,112


Germany — 0.4%
Bayerische Motoren Werke AG, Preference Shares, NVS		10,064		871,001
Fuchs Petrolub SE, Preference Shares, NVS		11,411		493,128
Henkel AG & Co. KGaA, Preference Shares, NVS		32,726		2,676,609
Porsche Automobil Holding SE, Preference Shares, NVS		29,787		2,789,521
Sartorius AG, Preference Shares, NVS		4,883		2,636,221
Volkswagen AG, Preference Shares, NVS		34,293		7,142,278


				16,608,758

Russia — 0.0%
Surgutneftegas PJSC, Preference Shares, NVS		1,247,500		602,100


46		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI ACWI ex U.S. ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


South Korea — 0.2%
Hyundai Motor Co.
Preference Shares, NVS		4,603	$	364,414
Series 2, Preference Shares, NVS		7,115		578,587
LG Chem Ltd., Preference Shares, NVS		1,255		318,583
LG Household & Health Care Ltd., Preference Shares, NVS		309		141,650
Samsung Electronics Co. Ltd., Preference Shares, NVS		150,524		8,466,563


				9,869,797


Total Preferred Stocks — 1.0% (Cost: $37,067,601)				47,422,753


Rights

China — 0.0%
Citic Securities Co. Ltd. (Expires 02/23/22)^(b)		62,325		24,620


South Korea — 0.0%
Doosan Heavy Industries & Construction Co. Ltd. (Expires 02/11/22)^(b)		7,335		10,344


Spain — 0.0%
Asc Actividades De Construccio (Expires 02/02/22)^(b)(e)		48,748		24,398


Total Rights — 0.0% (Cost: $26,130)				59,362


Short-Term Investments

Money Market Funds — 1.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%^(g)(h)(i)		51,605,771		51,621,253


Security	Shares		Value


Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(g)(h)		3,700,000	$	3,700,000


				55,321,253


Total Short-Term Investments — 1.1% (Cost: $55,311,746)				55,321,253


Total Investments in Securities — 100.8% (Cost: $4,354,938,079)				4,908,099,332

Other Assets, Less Liabilities — (0.8)%				(38,140,928	)


Net Assets — 100.0%			$	4,869,958,404

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

^(b)	Non-income producing security.

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

^(d)	Issuer filed for bankruptcy and/or is in default.

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

^(f)	This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^(g)	Affiliate of the Fund.

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

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

Affiliates




Affiliated Issuer	Value at 07/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 01/31/22		Shares Held at 01/31/22		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	20,141,919	$	31,485,200	^(a)	$	—		$	(1,146	)	$	(4,720	)	$	51,621,253		51,605,771	$	225,292	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		4,700,000		—			(1,000,000	)^(a)		—			—			3,700,000		3,700,000		164			—


									$	(1,146	)	$	(4,720	)	$	55,321,253			$	225,456		$	—

^(a)

Represents net amount purchased (sold).

^(b)

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


S C H E D U L E O F I N V E S T M E N T S		47

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI ACWI ex U.S. ETF

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
MSCI EAFE Index		92		03/18/22	$	10,283	$	(174,900	)
MSCI Emerging Markets Index		80		03/18/22		4,899		27,797


							$	(147,103	)

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:




	Equity Contracts


Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	27,797


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	174,900

^(a)

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

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




	Equity Contracts


Net Realized Gain (Loss) from:
Futures contracts	$	(741,019	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	257,649

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	16,657,808

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


48		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI ACWI ex U.S. ETF

Fair Value Hierarchy as of Period End (continued)




	Level 1			Level 2		Level 3		Total


Investments
Assets
Common Stocks	$	600,293,971		$	4,205,001,992	$	1	$	4,805,295,964
Preferred Stocks		18,899,249			28,523,504		—		47,422,753
Rights		—			34,964		24,398		59,362
Money Market Funds		55,321,253			—		—		55,321,253


	$	674,514,473		$	4,233,560,460	$	24,399	$	4,908,099,332

Derivative financial instruments^(a)
Assets
Futures Contracts	$	27,797		$	—	$	—	$	27,797
Liabilities
Futures Contracts		(174,900	)		—		—		(174,900	)


	$	(147,103	)	$	—	$	—	$	(147,103	)

^(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		49

Schedule of Investments (unaudited)

January 31, 2022

iShares^® MSCI EAFE ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Common Stocks

Australia — 7.7%
Ampol Ltd.		785,963	$	16,649,057
APA Group		3,891,504		26,391,581
Aristocrat Leisure Ltd.		1,991,097		57,717,457
ASX Ltd.		640,145		37,966,052
Aurizon Holdings Ltd.		6,104,002		15,271,328
AusNet Services Ltd.		6,310,845		11,612,576
Australia & New Zealand Banking Group Ltd.		9,402,450		177,695,360
BHP Group Ltd.^(a)		9,743,883		312,491,716
BHP Group Ltd.		6,975,603		220,183,448
BlueScope Steel Ltd.		1,661,879		21,781,990
Brambles Ltd.		4,755,241		32,668,729
Cochlear Ltd.		216,935		29,748,931
Coles Group Ltd.		4,399,542		50,545,016
Commonwealth Bank of Australia		5,859,361		390,759,237
Computershare Ltd.		1,798,702		24,932,887
Crown Resorts Ltd.^(b)		1,236,892		10,657,184
CSL Ltd.		1,579,383		292,568,989
Dexus		3,547,409		25,824,825
Domino’s Pizza Enterprises Ltd.		199,783		14,736,639
Endeavour Group Ltd./Australia		4,423,759		19,759,221
Evolution Mining Ltd.		6,044,681		15,186,844
Fortescue Metals Group Ltd.		5,592,944		78,536,690
Glencore PLC		32,980,356		171,814,903
Goodman Group		5,491,490		90,673,975
GPT Group (The)		6,343,662		22,479,745
IDP Education Ltd.		688,502		14,391,319
Insurance Australia Group Ltd.		8,131,497		24,527,635
James Hardie Industries PLC		1,468,317		49,416,541
Lendlease Corp. Ltd.		2,271,080		16,071,396
Macquarie Group Ltd.		1,157,215		151,261,305
Magellan Financial Group Ltd.		460,781		6,131,113
Medibank Pvt Ltd.		9,083,201		19,903,757
Mirvac Group		13,052,056		24,187,601
National Australia Bank Ltd.		10,876,063		209,858,461
Newcrest Mining Ltd.		2,695,569		41,811,945
Northern Star Resources Ltd.		3,663,745		21,835,638
Orica Ltd.		1,344,052		13,316,249
Origin Energy Ltd.		5,832,753		23,339,759
Qantas Airways Ltd.^(b)		3,048,053		10,432,403
QBE Insurance Group Ltd.		4,872,815		38,688,393
Ramsay Health Care Ltd.		603,915		26,944,277
REA Group Ltd.		174,299		18,056,807
Reece Ltd.		958,758		14,801,684
Rio Tinto Ltd.		1,226,027		97,476,096
Rio Tinto PLC		3,709,260		261,448,365
Santos Ltd.		10,615,421		54,072,104
Scentre Group		17,121,230		35,546,169
SEEK Ltd.		1,112,404		23,052,571
Sonic Healthcare Ltd.		1,501,915		40,447,023
South32 Ltd.		15,439,236		42,477,917
Stockland		7,874,545		22,697,805
Suncorp Group Ltd.		4,243,303		33,326,448
Sydney Airport^(b)		4,377,403		26,904,040
Tabcorp Holdings Ltd.		7,354,136		25,839,350
Telstra Corp. Ltd.		13,764,182		38,263,326
Transurban Group		10,072,390		88,981,760
Treasury Wine Estates Ltd.		2,380,786		17,894,542
Vicinity Centres		12,762,094		14,795,201


Security	Shares		Value


Australia (continued)
Washington H Soul Pattinson & Co. Ltd.		714,120	$	13,863,858
Wesfarmers Ltd.		3,744,768		139,726,698
Westpac Banking Corp.		12,116,368		174,753,525
WiseTech Global Ltd.		482,266		15,707,090
Woodside Petroleum Ltd.		3,183,509		56,886,135
Woolworths Group Ltd.		4,186,715		102,132,662


				4,219,923,348

Austria — 0.2%
Erste Group Bank AG		1,136,078		53,100,946
OMV AG		487,304		29,825,137
Raiffeisen Bank International AG		488,206		13,722,125
Verbund AG		224,585		23,785,825
voestalpine AG		382,777		12,725,471


				133,159,504

Belgium — 0.8%
Ageas SA/NV		567,056		27,294,985
Anheuser-Busch InBev SA/NV		2,516,545		158,645,763
Elia Group SA/NV		101,893		13,749,922
Etablissements Franz Colruyt NV		181,654		7,378,730
Groupe Bruxelles Lambert SA		372,585		39,979,449
KBC Group NV		825,738		71,813,894
Proximus SADP		504,989		10,312,167
Sofina SA		50,833		20,239,051
Solvay SA		244,440		29,452,375
UCB SA		417,949		41,588,109
Umicore SA		650,317		24,618,173


				445,072,618

Denmark — 2.5%
Ambu A/S, Class B^(a)		552,570		11,708,383
AP Moller - Maersk A/S, Class A		10,358		34,701,930
AP Moller - Maersk A/S, Class B, NVS		19,129		68,714,107
Carlsberg A/S, Class B		331,735		53,718,048
Chr Hansen Holding A/S		347,899		27,899,909
Coloplast A/S, Class B		392,486		57,076,201
Danske Bank A/S		2,280,329		44,264,000
Demant A/S^(b)		356,393		15,768,015
DSV A/S		673,757		136,894,384
Genmab A/S^(b)		216,946		73,876,511
GN Store Nord A/S		411,902		24,925,823
Novo Nordisk A/S, Class B		5,561,585		553,201,111
Novozymes A/S, Class B		677,548		46,511,917
Orsted A/S^(c)		624,920		66,582,097
Pandora A/S		330,699		35,960,120
Rockwool International A/S, Class B		27,590		10,567,247
Tryg A/S		1,187,543		28,139,792
Vestas Wind Systems A/S		3,335,319		90,255,040


				1,380,764,635

Finland — 1.2%
Elisa OYJ		469,116		27,556,722
Fortum OYJ		1,468,552		39,973,591
Kesko OYJ, Class B		903,260		28,527,823
Kone OYJ, Class B		1,122,566		72,702,040
Neste OYJ		1,397,566		63,029,554
Nokia OYJ^(b)		17,807,289		106,195,972
Nordea Bank Abp		10,700,718		127,099,724
Orion OYJ, Class B		350,029		14,233,128
Sampo OYJ, Class A		1,647,192		81,754,785
Stora Enso OYJ, Class R		1,918,719		39,059,451
UPM-Kymmene OYJ		1,763,113		64,259,281


50		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI EAFE ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Finland (continued)
Wartsila OYJ Abp		1,561,289	$	19,276,309


			683,668,380

France — 11.5%
Accor SA^(b)		561,335		20,629,813
Aeroports de Paris^(b)		97,917		13,287,414
Air Liquide SA		1,564,663		267,650,061
Airbus SE^(b)		1,947,011		248,620,103
Alstom SA		1,049,166		34,013,671
Amundi SA^(c)		200,933		15,619,790
ArcelorMittal SA		2,217,257		65,861,464
Arkema SA		202,473		29,939,298
AXA SA		6,392,544		202,458,231
BioMerieux		136,633		16,021,979
BNP Paribas SA		3,714,972		265,209,560
Bollore SA		2,916,364		15,719,802
Bouygues SA		754,345		26,603,528
Bureau Veritas SA		969,789		27,747,928
Capgemini SE		529,578		119,057,799
Carrefour SA		2,084,611		39,673,463
Cie. de Saint-Gobain		1,670,951		113,069,019
Cie. Generale des Etablissements Michelin SCA		559,590		93,632,729
CNP Assurances		566,148		13,935,827
Covivio		171,567		14,327,231
Credit Agricole SA		4,086,303		61,476,160
Danone SA		2,157,535		134,524,607
Dassault Aviation SA		83,135		9,879,966
Dassault Systemes SE		2,195,689		106,179,945
Edenred		823,303		35,362,801
Eiffage SA		275,669		28,965,420
Electricite de France SA		1,562,265		15,026,188
Engie SA		6,032,316		92,787,892
EssilorLuxottica SA		948,332		179,410,590
Eurazeo SE		130,648		10,381,072
Eurofins Scientific SE		440,469		44,224,344
Faurecia SE		386,977		17,153,938
Gecina SA		152,163		20,647,336
Getlink SE		1,451,405		22,895,715
Hermes International		104,600		157,048,425
Ipsen SA		124,396		12,103,826
Kering SA		247,740		185,003,510
Klepierre SA		670,350		17,830,138
La Francaise des Jeux SAEM^(c)		314,976		13,041,144
Legrand SA		883,308		89,896,932
L’Oreal SA		828,828		354,031,082
LVMH Moet Hennessy Louis Vuitton SE		916,892		753,114,194
Orange SA		6,589,086		77,404,977
Orpea SA		170,533		7,487,115
Pernod Ricard SA		691,926		148,002,513
Publicis Groupe SA		753,413		51,051,922
Remy Cointreau SA		74,991		15,638,121
Renault SA^(b)		636,662		25,302,485
Safran SA		1,128,843		136,668,137
Sanofi		3,755,500		392,682,626
Sartorius Stedim Biotech		91,444		40,099,210
Schneider Electric SE		1,785,396		302,437,714
SEB SA		91,257		13,850,074
Societe Generale SA		2,677,533		99,390,913
Sodexo SA		291,841		27,142,276
Teleperformance		193,994		73,056,045
Thales SA		352,917		32,555,686


Security	Shares		Value


France (continued)
TotalEnergies SE		8,284,594	$	471,123,500
Ubisoft Entertainment SA^(b)		307,378		17,638,728
Unibail-Rodamco-Westfield^(b)		412,722		31,448,266
Valeo		760,635		21,289,112
Veolia Environnement SA		2,164,932		78,207,676
Vinci SA		1,776,467		194,712,385
Vivendi SE		2,558,714		33,532,887
Wendel SE		88,495		9,612,002
Worldline SA/France^(b)(c)		787,465		38,168,570


				6,342,566,875

Germany — 8.3%
adidas AG		628,824		172,560,114
Allianz SE, Registered		1,361,693		349,618,106
Aroundtown SA		3,295,103		20,352,314
BASF SE		3,033,487		232,331,396
Bayer AG, Registered		3,244,681		197,126,880
Bayerische Motoren Werke AG		1,093,525		115,741,857
Bechtle AG		270,121		16,218,712
Beiersdorf AG		333,447		33,165,810
Brenntag SE		510,697		43,754,608
Carl Zeiss Meditec AG, Bearer		133,367		21,448,115
Commerzbank AG^(b)		3,304,869		28,538,542
Continental AG^(b)		362,862		35,179,510
Covestro AG^(c)		638,842		38,326,036
Daimler AG, Registered		2,826,707		225,553,486
Daimler Truck Holding AG^(b)		1,358,499		47,892,349
Delivery Hero SE^(b)(c)		534,530		41,260,348
Deutsche Bank AG, Registered^(b)		6,825,993		95,041,865
Deutsche Boerse AG		627,519		111,543,003
Deutsche Lufthansa AG, Registered^(b)		1,971,464		15,329,742
Deutsche Post AG, Registered		3,273,821		197,020,469
Deutsche Telekom AG, Registered		11,008,068		207,821,043
E.ON SE		7,415,028		102,271,548
Evonik Industries AG		694,636		22,661,586
Fresenius Medical Care AG & Co. KGaA		676,505		45,997,857
Fresenius SE & Co. KGaA		1,383,745		57,121,483
GEA Group AG		508,032		24,002,042
Hannover Rueck SE		199,385		40,224,355
HeidelbergCement AG		492,173		34,249,611
HelloFresh SE^(b)		545,059		36,290,417
Henkel AG & Co. KGaA		342,742		27,080,378
Infineon Technologies AG		4,313,105		179,113,516
KION Group AG		239,052		22,101,141
Knorr-Bremse AG		240,216		24,355,413
LANXESS AG		273,998		16,682,423
LEG Immobilien SE		240,238		31,869,663
Merck KGaA		426,852		93,607,906
MTU Aero Engines AG		176,565		37,571,119
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		462,709		146,486,682
Nemetschek SE		190,470		17,605,549
Puma SE		348,320		37,253,696
Rational AG		16,875		14,146,585
RWE AG		2,121,704		89,498,281
SAP SE		3,448,805		432,691,225
Scout24 SE^(c)		288,574		17,240,689
Siemens AG, Registered		2,526,588		401,149,163
Siemens Healthineers AG^(c)		931,711		59,873,851
Symrise AG		425,169		50,807,429
Telefonica Deutschland Holding AG		3,433,717		9,857,414


S C H E D U L E O F I N V E S T M E N T S		51

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI EAFE ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Germany (continued)
Uniper SE		301,751	$	13,654,170
United Internet AG, Registered		319,665		12,536,186
Volkswagen AG		107,059		31,001,938
Vonovia SE		2,436,647		138,781,125
Zalando SE^(b)(c)		734,480		58,294,136


				4,571,902,882

Hong Kong — 2.9%
AIA Group Ltd.		39,952,000		417,091,296
BOC Hong Kong Holdings Ltd.		12,222,000		47,193,264
Budweiser Brewing Co. APAC Ltd.^(c)		5,678,300		14,999,424
Chow Tai Fook Jewellery Group Ltd.		6,596,400		11,589,701
CK Asset Holdings Ltd.		6,619,684		44,189,084
CK Hutchison Holdings Ltd.		8,890,684		63,188,975
CK Infrastructure Holdings Ltd.		2,185,792		13,469,654
CLP Holdings Ltd.		5,426,500		54,305,716
ESR Cayman Ltd.^(b)(c)		6,592,000		22,351,489
Futu Holdings Ltd., ADR^(a)(b)		167,917		7,262,410
Galaxy Entertainment Group Ltd.^(b)		7,195,000		41,668,133
Hang Lung Properties Ltd.		6,677,000		14,266,783
Hang Seng Bank Ltd.		2,527,300		50,034,991
Henderson Land Development Co. Ltd.		4,790,764		20,950,939
HK Electric Investments & HK Electric Investments Ltd., Class SS		8,743,000		8,701,455
HKT Trust & HKT Ltd., Class SS		12,493,440		17,048,487
Hong Kong & China Gas Co. Ltd.		36,996,513		57,021,183
Hong Kong Exchanges & Clearing Ltd.		3,969,300		226,550,548
Hongkong Land Holdings Ltd.^(a)		3,848,900		20,845,308
Jardine Matheson Holdings Ltd.		715,200		42,241,818
Link REIT		6,912,158		59,344,391
Melco Resorts & Entertainment Ltd., ADR^(b)		710,095		7,498,603
MTR Corp. Ltd.		5,124,000		27,735,318
New World Development Co. Ltd.		5,032,033		20,542,315
Power Assets Holdings Ltd.		4,591,500		28,212,965
Sands China Ltd.^(b)		8,046,400		22,436,998
Sino Land Co. Ltd.		10,978,000		14,224,126
SITC International Holdings Co. Ltd.^(a)		4,449,000		16,957,712
Sun Hung Kai Properties Ltd.		4,310,000		52,584,182
Swire Pacific Ltd., Class A		1,642,000		9,947,365
Swire Properties Ltd.		3,858,855		10,286,634
Techtronic Industries Co. Ltd.		4,543,033		74,960,456
WH Group Ltd.^(c)		27,663,000		18,506,815
Wharf Real Estate Investment Co. Ltd.		5,507,912		26,195,806
Xinyi Glass Holdings Ltd.		6,039,000		16,009,175


				1,600,413,519

Ireland — 0.7%
CRH PLC		2,572,801		129,129,877
Flutter Entertainment PLC, Class DI^(b)		550,270		83,720,141
Kerry Group PLC, Class A		525,727		66,240,321
Kingspan Group PLC		509,005		48,995,314
Smurfit Kappa Group PLC		811,711		42,781,735


				370,867,388

Israel — 0.7%
Azrieli Group Ltd.		139,973		12,655,691
Bank Hapoalim BM		3,746,685		38,882,107
Bank Leumi Le-Israel BM		4,791,915		51,393,248
Check Point Software Technologies Ltd.^(b)		350,903		42,462,772
CyberArk Software Ltd.^(a)(b)		131,135		17,985,165
Elbit Systems Ltd.		87,475		14,571,840
Fiverr International Ltd.^(a)(b)		96,429		8,226,358


Security	Shares		Value


Israel (continued)
ICL Group Ltd.		2,329,450	$	21,066,420
Inmode Ltd.^(a)(b)		163,748		7,897,566
Isracard Ltd.		1		3
Israel Discount Bank Ltd., Class A		3,839,682		25,748,315
Kornit Digital Ltd.^(a)(b)		152,882		16,061,783
Mizrahi Tefahot Bank Ltd.		463,594		17,921,364
Nice Ltd.^(b)		208,238		53,304,269
Teva Pharmaceutical Industries Ltd., ADR^(a)(b)		3,647,180		30,745,727
Wix.com Ltd.^(a)(b)		185,536		24,373,864


				383,296,492

Italy — 2.1%
Amplifon SpA		410,669		17,455,932
Assicurazioni Generali SpA		3,655,291		76,924,670
Atlantia SpA^(b)		1,639,317		30,417,979
DiaSorin SpA		83,037		12,801,094
Enel SpA		26,862,238		206,747,837
Eni SpA		8,335,814		125,213,850
Ferrari NV		416,310		95,948,048
FinecoBank Banca Fineco SpA		2,011,560		33,818,879
Infrastrutture Wireless Italiane SpA^(c)		1,108,420		11,951,433
Intesa Sanpaolo SpA		54,547,536		162,106,466
Mediobanca Banca di Credito Finanziario SpA		2,057,004		23,566,301
Moncler SpA		678,502		43,545,954
Nexi SpA^(b)(c)		1,543,753		22,581,186
Poste Italiane SpA^(c)		1,730,721		23,230,777
Prysmian SpA		840,169		28,331,777
Recordati Industria Chimica e Farmaceutica SpA		344,932		19,323,262
Snam SpA		6,662,731		37,335,808
Telecom Italia SpA		32,863,581		15,487,934
Tenaris SA		1,557,450		19,011,654
Terna - Rete Elettrica Nazionale		4,641,179		36,467,654
UniCredit SpA		7,039,349		111,879,294


				1,154,147,789

Japan — 22.5%
Advantest Corp.		659,500		56,131,722
Aeon Co. Ltd.		2,161,600		49,256,698
AGC Inc.		637,600		29,262,898
Aisin Corp.		485,900		17,644,472
Ajinomoto Co. Inc.		1,543,200		43,057,575
ANA Holdings Inc.^(b)		526,300		11,114,267
Asahi Group Holdings Ltd.		1,507,700		61,545,373
Asahi Intecc Co. Ltd.		715,000		12,198,602
Asahi Kasei Corp.		4,148,500		40,978,556
Astellas Pharma Inc.		6,148,950		99,247,517
Azbil Corp.		407,100		15,989,951
Bandai Namco Holdings Inc.		659,000		46,319,886
Benefit One Inc.		263,800		8,023,035
Bridgestone Corp.		1,886,300		82,603,380
Brother Industries Ltd.		778,400		14,335,063
Canon Inc.		3,305,000		78,165,651
Capcom Co. Ltd.		580,700		14,018,529
Central Japan Railway Co.		476,500		62,521,853
Chiba Bank Ltd. (The)		1,748,300		11,302,182
Chubu Electric Power Co. Inc.		2,134,500		21,378,939
Chugai Pharmaceutical Co. Ltd.		2,216,400		71,988,147
Concordia Financial Group Ltd.		3,590,600		14,755,045
Cosmos Pharmaceutical Corp.		66,600		8,317,322
CyberAgent Inc.		1,334,300		15,558,214
Dai Nippon Printing Co. Ltd.		732,400		17,581,352


52		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI EAFE ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Japan (continued)
Daifuku Co. Ltd.		335,500	$	23,292,005
Dai-ichi Life Holdings Inc.		3,321,452		74,764,062
Daiichi Sankyo Co. Ltd.		5,787,485		130,044,695
Daikin Industries Ltd.		822,900		172,762,955
Daito Trust Construction Co. Ltd.		216,800		24,859,708
Daiwa House Industry Co. Ltd.		1,871,500		54,616,289
Daiwa House REIT Investment Corp.		7,241		21,570,694
Daiwa Securities Group Inc.		4,764,100		28,707,023
Denso Corp.		1,431,300		106,823,188
Dentsu Group Inc.		713,500		24,709,769
Disco Corp.		95,200		26,175,590
East Japan Railway Co.		999,100		57,051,490
Eisai Co. Ltd.		784,500		39,291,697
ENEOS Holdings Inc.		10,147,650		40,414,282
FANUC Corp.		633,500		125,273,559
Fast Retailing Co. Ltd.		192,700		113,397,162
Fuji Electric Co. Ltd.		418,500		22,367,259
FUJIFILM Holdings Corp.		1,190,100		79,779,537
Fujitsu Ltd.		649,500		85,862,808
GLP J-REIT		14,078		22,660,118
GMO Payment Gateway Inc.		138,900		12,188,724
Hakuhodo DY Holdings Inc.		770,920		11,808,747
Hamamatsu Photonics KK		462,700		23,672,329
Hankyu Hanshin Holdings Inc.		754,800		21,980,863
Hikari Tsushin Inc.		69,700		8,368,514
Hino Motors Ltd.		947,500		8,236,057
Hirose Electric Co. Ltd.		107,048		15,956,333
Hitachi Construction Machinery Co. Ltd.		354,700		9,019,065
Hitachi Ltd.		3,197,800		166,208,865
Hitachi Metals Ltd.^(b)		707,300		12,754,517
Honda Motor Co. Ltd.		5,384,400		158,585,503
Hoshizaki Corp.		179,200		13,241,876
Hoya Corp.		1,221,000		158,325,049
Hulic Co. Ltd.		1,251,200		12,093,668
Ibiden Co. Ltd.		348,400		19,468,719
Idemitsu Kosan Co. Ltd.		687,683		17,619,565
Iida Group Holdings Co. Ltd.		485,580		10,102,307
Inpex Corp.		3,376,143		34,131,090
Isuzu Motors Ltd.		1,923,400		23,561,648
Ito En Ltd.		176,500		9,507,011
ITOCHU Corp.		3,925,800		126,122,070
Itochu Techno-Solutions Corp.		316,600		8,636,885
Japan Airlines Co. Ltd.^(b)		479,500		9,075,774
Japan Exchange Group Inc.		1,685,400		34,670,100
Japan Metropolitan Fund Invest		23,051		19,425,368
Japan Post Bank Co. Ltd.		1,334,600		13,129,469
Japan Post Holdings Co. Ltd.		8,090,700		69,058,411
Japan Post Insurance Co. Ltd.		659,100		11,556,437
Japan Real Estate Investment Corp.		4,112		22,611,663
Japan Tobacco Inc.		3,964,500		79,150,753
JFE Holdings Inc.		1,621,175		20,826,985
JSR Corp.		674,200		22,348,507
Kajima Corp.		1,482,100		17,900,214
Kakaku.com Inc.		443,100		9,177,292
Kansai Electric Power Co. Inc. (The)		2,322,100		21,918,590
Kansai Paint Co. Ltd.		584,500		12,132,929
Kao Corp.		1,567,400		78,325,414
KDDI Corp.		5,327,100		170,193,940
Keio Corp.		339,200		15,257,421
Keisei Electric Railway Co. Ltd.		426,100		12,025,024


Security	Shares		Value


Japan (continued)
Keyence Corp.		642,592	$	329,599,835
Kikkoman Corp.		479,800		36,267,083
Kintetsu Group Holdings Co. Ltd.^(b)		566,000		16,445,426
Kirin Holdings Co. Ltd.		2,719,800		43,593,347
Kobayashi Pharmaceutical Co. Ltd.		175,900		13,697,847
Kobe Bussan Co. Ltd.		451,200		14,045,584
Koei Tecmo Holdings Co. Ltd.		195,700		7,079,768
Koito Manufacturing Co. Ltd.		344,700		17,307,556
Komatsu Ltd.		2,892,200		72,677,918
Konami Holdings Corp.		307,600		16,582,655
Kose Corp.		109,900		10,048,105
Kubota Corp.		3,393,300		72,771,105
Kurita Water Industries Ltd.		325,800		13,248,169
Kyocera Corp.		1,060,500		65,402,413
Kyowa Kirin Co. Ltd.		890,800		22,202,999
Lasertec Corp.		249,300		55,927,304
Lawson Inc.		165,400		7,249,330
Lion Corp.		739,900		9,667,486
Lixil Corp.		878,380		20,106,244
M3 Inc.		1,455,700		55,966,699
Makita Corp.		738,800		27,648,428
Marubeni Corp.		5,170,400		53,203,097
Mazda Motor Corp.^(b)		1,875,400		14,447,615
McDonald’s Holdings Co. Japan Ltd.		263,100		11,489,688
Medipal Holdings Corp.		609,300		10,964,383
MEIJI Holdings Co. Ltd.		402,904		25,133,793
Mercari Inc.^(b)		340,000		12,840,356
MinebeaMitsumi Inc.		1,197,300		29,298,628
Misumi Group Inc.		940,600		30,514,828
Mitsubishi Chemical Holdings Corp.		4,235,600		33,224,824
Mitsubishi Corp.		4,170,900		141,612,148
Mitsubishi Electric Corp.		6,030,100		75,517,345
Mitsubishi Estate Co. Ltd.		3,908,600		56,293,310
Mitsubishi Gas Chemical Co. Inc.		524,900		10,054,623
Mitsubishi HC Capital Inc.		2,177,200		11,244,545
Mitsubishi Heavy Industries Ltd.		1,057,200		28,712,908
Mitsubishi UFJ Financial Group Inc.		40,371,880		244,705,256
Mitsui & Co. Ltd.		5,153,000		128,491,960
Mitsui Chemicals Inc.		607,500		16,247,363
Mitsui Fudosan Co. Ltd.		3,030,500		64,965,836
Miura Co. Ltd.		291,800		8,615,432
Mizuho Financial Group Inc.		7,967,116		107,922,558
MonotaRO Co. Ltd.		826,600		13,581,695
MS&AD Insurance Group Holdings Inc.		1,471,288		50,464,470
Murata Manufacturing Co. Ltd.		1,897,200		142,637,697
NEC Corp.		812,200		31,686,595
Nexon Co. Ltd.		1,627,300		30,677,237
NGK Insulators Ltd.		850,200		14,366,448
Nidec Corp.		1,477,000		130,906,208
Nihon M&A Center Holdings Inc.		999,000		15,727,466
Nintendo Co. Ltd.		369,600		181,119,296
Nippon Building Fund Inc.		4,905		28,405,533
Nippon Express Holdings Co., NVS		253,300		15,011,505
Nippon Paint Holdings Co. Ltd.		2,736,800		21,887,325
Nippon Prologis REIT Inc.		6,812		21,255,054
Nippon Sanso Holdings Corp.		499,100		9,911,517
Nippon Shinyaku Co. Ltd.		162,000		10,590,071
Nippon Steel Corp.		2,826,935		46,204,997
Nippon Telegraph & Telephone Corp.		4,251,500		121,668,293
Nippon Yusen KK		533,800		41,846,352


S C H E D U L E O F I N V E S T M E N T S		53

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI EAFE ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Japan (continued)
Nissan Chemical Corp.		400,900	$	21,752,146
Nissan Motor Co. Ltd.^(b)		7,676,100		40,626,430
Nisshin Seifun Group Inc.		657,297		9,229,883
Nissin Foods Holdings Co. Ltd.		209,200		14,839,105
Nitori Holdings Co. Ltd.		264,700		37,921,605
Nitto Denko Corp.		470,200		36,609,594
Nomura Holdings Inc.		10,144,800		44,815,120
Nomura Real Estate Holdings Inc.		394,400		9,235,599
Nomura Real Estate Master Fund Inc.		13,996		19,418,508
Nomura Research Institute Ltd.		1,110,471		38,873,011
NTT Data Corp.		2,086,955		40,008,459
Obayashi Corp.		2,141,700		17,352,366
Obic Co. Ltd.		230,500		38,083,595
Odakyu Electric Railway Co. Ltd.		972,300		17,181,274
Oji Holdings Corp.		2,676,100		14,245,083
Olympus Corp.		3,644,500		81,553,151
Omron Corp.		612,400		44,772,242
Ono Pharmaceutical Co. Ltd.		1,219,800		29,582,226
Open House Group Co. Ltd.		270,300		13,994,294
Oracle Corp. Japan		126,900		9,490,920
Oriental Land Co. Ltd./Japan		660,600		114,999,469
ORIX Corp.		4,034,400		83,218,063
Orix JREIT Inc.		8,648		12,410,352
Osaka Gas Co. Ltd.		1,236,900		21,035,197
Otsuka Corp.		376,000		15,256,869
Otsuka Holdings Co. Ltd.		1,290,800		44,038,623
Pan Pacific International Holdings Corp.		1,359,700		18,299,967
Panasonic Corp.		7,295,668		80,321,697
Persol Holdings Co. Ltd.		585,500		15,115,147
Pola Orbis Holdings Inc.		305,500		4,553,285
Rakuten Group Inc.^(b)		2,874,500		24,937,365
Recruit Holdings Co. Ltd.		4,481,000		221,489,455
Renesas Electronics Corp.^(b)		4,152,100		47,652,865
Resona Holdings Inc.		6,796,700		29,208,385
Ricoh Co. Ltd.		2,211,200		18,672,285
Rinnai Corp.		119,200		10,645,156
Rohm Co. Ltd.		288,800		24,327,677
Ryohin Keikaku Co. Ltd.		833,500		11,968,534
Santen Pharmaceutical Co. Ltd.		1,188,400		13,493,297
SBI Holdings Inc.		810,680		20,912,141
SCSK Corp.		514,300		8,702,701
Secom Co. Ltd.		694,000		48,867,345
Seiko Epson Corp.		922,600		14,370,879
Sekisui Chemical Co. Ltd.		1,244,100		21,751,828
Sekisui House Ltd.		2,037,700		41,284,130
Seven & i Holdings Co. Ltd.		2,488,480		126,560,694
SG Holdings Co. Ltd.		1,056,100		22,419,175
Sharp Corp./Japan		713,400		7,930,234
Shimadzu Corp.		781,200		28,187,047
Shimano Inc.		244,900		54,916,890
Shimizu Corp.		1,820,500		12,121,668
Shin-Etsu Chemical Co. Ltd.		1,169,700		195,701,670
Shionogi & Co. Ltd.		875,400		49,891,372
Shiseido Co. Ltd.		1,321,500		66,661,728
Shizuoka Bank Ltd. (The)		1,481,200		11,638,483
SMC Corp.		189,100		105,472,698
Softbank Corp.		9,486,400		118,920,197
SoftBank Group Corp.		3,983,300		176,458,354
Sohgo Security Services Co. Ltd.		237,700		8,620,794
Sompo Holdings Inc.		1,048,950		49,083,978


Security	Shares		Value


Japan (continued)
Sony Group Corp.		4,164,900	$	465,920,970
Square Enix Holdings Co. Ltd.		282,900		13,872,828
Stanley Electric Co. Ltd.		428,900		10,025,261
Subaru Corp.		2,034,900		37,037,919
SUMCO Corp.		1,097,200		20,228,069
Sumitomo Chemical Co. Ltd.		4,933,600		24,880,391
Sumitomo Corp.		3,721,700		57,520,387
Sumitomo Dainippon Pharma Co. Ltd.		590,100		6,422,787
Sumitomo Electric Industries Ltd.		2,494,900		33,078,613
Sumitomo Metal Mining Co. Ltd.		817,700		37,769,315
Sumitomo Mitsui Financial Group Inc.		4,312,200		155,329,549
Sumitomo Mitsui Trust Holdings Inc.		1,116,960		38,625,804
Sumitomo Realty & Development Co. Ltd.		1,020,600		31,577,546
Suntory Beverage & Food Ltd.		458,600		17,609,640
Suzuki Motor Corp.		1,217,400		51,829,730
Sysmex Corp.		553,000		52,640,558
T&D Holdings Inc.		1,781,200		26,323,112
Taisei Corp.		629,500		20,635,672
Taisho Pharmaceutical Holdings Co. Ltd.		127,600		6,266,712
Takeda Pharmaceutical Co. Ltd.		5,225,710		151,457,715
TDK Corp.		1,285,000		46,407,620
Terumo Corp.		2,133,100		77,866,318
TIS Inc.		738,300		19,417,779
Tobu Railway Co. Ltd.		622,800		14,587,968
Toho Co. Ltd./Tokyo		369,000		14,294,200
Tokio Marine Holdings Inc.		2,073,300		123,721,385
Tokyo Century Corp.		122,600		6,050,229
Tokyo Electric Power Co. Holdings Inc.^(b)		5,035,200		13,415,032
Tokyo Electron Ltd.		493,300		241,289,293
Tokyo Gas Co. Ltd.		1,241,600		25,070,060
Tokyu Corp.		1,648,700		21,907,647
Toppan Inc.		865,000		16,454,062
Toray Industries Inc.		4,573,800		28,905,558
Toshiba Corp.		1,353,800		56,060,898
Tosoh Corp.		857,700		13,419,996
TOTO Ltd.		467,000		20,099,890
Toyo Suisan Kaisha Ltd.		292,200		11,972,243
Toyota Industries Corp.		485,000		37,834,152
Toyota Motor Corp.		35,024,620		692,197,546
Toyota Tsusho Corp.		700,600		28,411,781
Trend Micro Inc/Japan^(b)		443,000		23,502,299
Tsuruha Holdings Inc.		130,400		10,502,982
Unicharm Corp.		1,333,600		51,534,974
USS Co. Ltd.		728,180		11,884,400
Welcia Holdings Co. Ltd.		311,100		8,402,135
West Japan Railway Co.		712,100		29,839,660
Yakult Honsha Co. Ltd.		423,100		21,451,790
Yamaha Corp.		442,200		20,144,487
Yamaha Motor Co. Ltd.		985,900		23,477,736
Yamato Holdings Co. Ltd.		961,200		20,468,018
Yaskawa Electric Corp.		791,900		33,157,139
Yokogawa Electric Corp.		753,100		12,339,910
Z Holdings Corp.		8,858,222		44,987,947
ZOZO Inc.		411,100		10,954,751


				12,341,864,139

Malta — 0.0%
BGP Holdings PLC^(d)		33,026,812		371


Netherlands — 5.3%
ABN AMRO Bank NV, CVA^(c)		1,401,186		22,487,718


54		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI EAFE ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Netherlands (continued)
Adyen NV^(b)(c)		65,379	$	133,039,559
Aegon NV		5,894,746		33,255,171
Akzo Nobel NV		619,263		64,098,459
Argenx SE^(b)		151,546		40,552,472
ASM International NV		154,484		53,077,669
ASML Holding NV		1,365,117		924,586,203
CNH Industrial NV		3,375,882		51,455,505
Davide Campari-Milano NV		1,724,696		21,654,072
Euronext NV^(c)		283,628		27,345,225
EXOR NV		358,815		30,086,969
Heineken Holding NV		379,990		33,314,474
Heineken NV		856,071		91,810,738
IMCD NV		188,041		32,346,787
ING Groep NV		12,893,952		190,689,964
InPost SA^(b)		665,965		5,406,482
JDE Peet’s NV		331,105		9,914,649
Just Eat Takeaway.com NV^(b)(c)		594,672		29,365,407
Koninklijke Ahold Delhaize NV		3,453,747		111,986,366
Koninklijke DSM NV		577,271		108,215,457
Koninklijke KPN NV		11,119,736		36,678,520
Koninklijke Philips NV		3,029,921		100,785,126
NN Group NV		891,157		49,871,041
Prosus NV		3,081,908		256,401,990
QIAGEN NV^(b)		753,567		37,250,507
Randstad NV		395,879		25,753,380
Stellantis NV		6,722,780		129,809,279
STMicroelectronics NV		2,255,500		106,055,256
Universal Music Group NV		2,396,216		59,160,489
Wolters Kluwer NV		883,534		89,924,838


				2,906,379,772

New Zealand — 0.3%
Auckland International Airport Ltd.^(b)		4,128,499		19,597,549
Fisher & Paykel Healthcare Corp. Ltd.		1,906,831		35,082,879
Mercury NZ Ltd.		2,246,558		8,259,524
Meridian Energy Ltd.		4,225,158		12,179,300
Ryman Healthcare Ltd.		1,401,727		9,165,644
Spark New Zealand Ltd.		6,158,117		17,600,707
Xero Ltd.^(b)		441,754		35,784,482


				137,670,085

Norway — 0.7%
Adevinta ASA^(b)		847,157		8,887,820
Aker BP ASA		415,702		14,403,747
DNB Bank ASA		3,072,262		73,120,427
Equinor ASA		3,227,779		88,982,823
Gjensidige Forsikring ASA		659,636		16,112,588
Mowi ASA		1,449,698		35,581,254
Norsk Hydro ASA		4,435,556		34,088,620
Orkla ASA		2,487,360		23,770,206
Schibsted ASA, Class A		243,314		7,208,078
Schibsted ASA, Class B		321,081		8,375,398
Telenor ASA		2,314,272		38,246,897
Yara International ASA		546,085		28,040,275


				376,818,133

Portugal — 0.2%
EDP - Energias de Portugal SA		9,167,811		46,931,037
Galp Energia SGPS SA		1,660,883		18,313,361
Jeronimo Martins SGPS SA		934,160		22,448,842


				87,693,240


Security	Shares		Value


Singapore — 1.3%
Ascendas REIT^(a)		11,070,200	$	22,703,223
CapitaLand Integrated Commercial Trust^(a)		16,094,925		23,203,986
Capitaland Investment Ltd/Singapore^(b)		8,738,900		22,422,887
City Developments Ltd.		1,358,700		7,137,219
DBS Group Holdings Ltd.		5,982,300		157,136,283
Genting Singapore Ltd.		19,916,000		10,882,942
Keppel Corp. Ltd.		4,829,000		20,360,078
Mapletree Commercial Trust^(a)		7,153,700		9,575,336
Mapletree Logistics Trust^(a)		10,286,728		12,946,071
Oversea-Chinese Banking Corp. Ltd.		11,183,198		104,096,141
Sea Ltd., ADR^(b)		455,129		68,410,440
Singapore Airlines Ltd.^(b)		4,419,200		16,484,079
Singapore Exchange Ltd.		2,636,400		18,248,552
Singapore Technologies Engineering Ltd.		5,149,300		14,312,260
Singapore Telecommunications Ltd.		27,234,085		49,381,517
United Overseas Bank Ltd.		3,897,700		87,108,366
UOL Group Ltd.		1,531,500		8,305,283
Venture Corp. Ltd.		919,300		12,044,427
Wilmar International Ltd.		6,335,900		20,155,652


				684,914,742

Spain — 2.3%
ACS Actividades de Construccion y Servicios SA		812,777		20,519,855
Aena SME SA^(b)(c)		247,759		40,033,544
Amadeus IT Group SA^(b)		1,487,877		102,306,723
Banco Bilbao Vizcaya Argentaria SA		22,022,228		140,603,779
Banco Santander SA		57,271,454		200,828,193
CaixaBank SA		14,624,080		47,051,219
Cellnex Telecom SA^(c)		1,682,727		76,304,243
EDP Renovaveis SA		950,428		19,979,384
Enagas SA		820,886		17,749,245
Endesa SA		1,047,800		23,458,751
Ferrovial SA		1,604,833		44,595,994
Grifols SA		983,817		17,348,944
Iberdrola SA		18,923,611		216,960,338
Iberdrola SA		314,693		3,591,984
Industria de Diseno Textil SA		3,602,709		109,267,987
Naturgy Energy Group SA		639,592		20,250,949
Red Electrica Corp. SA		1,427,664		28,779,163
Repsol SA		4,793,666		60,916,004
Siemens Gamesa Renewable Energy SA^(b)		786,287		17,013,574
Telefonica SA		17,403,819		81,129,093


				1,288,688,966

Sweden — 3.5%
Alfa Laval AB		1,037,849		35,059,786
Assa Abloy AB, Class B		3,310,319		90,643,452
Atlas Copco AB, Class A		2,217,833		131,264,747
Atlas Copco AB, Class B		1,288,858		65,915,778
Boliden AB		904,508		36,625,818
Electrolux AB, Class B		743,891		15,478,278
Embracer Group AB^(b)		1,846,845		18,530,003
Epiroc AB, Class A		2,177,717		46,470,578
Epiroc AB, Class B		1,286,201		23,278,755
EQT AB		978,113		38,328,861
Essity AB, Class B		2,010,834		56,686,174
Evolution AB^(c)		568,414		70,720,432
Fastighets AB Balder, Class B^(b)		347,057		22,992,122
Getinge AB, Class B		754,811		29,509,768
H & M Hennes & Mauritz AB, Class B		2,408,780		47,960,845
Hexagon AB, Class B		6,506,657		87,762,236


S C H E D U L E O F I N V E S T M E N T S		55

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI EAFE ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Sweden (continued)
Husqvarna AB, Class B		1,380,038	$	19,187,999
Industrivarden AB, Class A		440,492		13,924,795
Industrivarden AB, Class C		526,697		16,359,515
Investment AB Latour, Class B		488,300		15,192,948
Investor AB		1,647,754		37,485,212
Investor AB, Class B		6,017,362		130,648,519
Kinnevik AB, Class B^(b)		801,911		23,968,008
L E Lundbergforetagen AB, Class B		250,662		12,807,964
Lifco AB, Class B		768,839		18,021,774
Lundin Energy AB		662,599		26,946,497
Nibe Industrier AB, Class B		4,706,576		44,733,920
Sagax AB, Class B		531,177		15,505,153
Sandvik AB		3,728,608		98,191,100
Securitas AB, Class B		1,032,742		12,473,706
Sinch AB^(b)(c)		1,722,687		17,710,823
Skandinaviska Enskilda Banken AB, Class A		5,377,977		69,520,249
Skanska AB, Class B		1,122,018		27,470,211
SKF AB, Class B		1,260,641		27,635,931
Svenska Cellulosa AB SCA, Class B		2,003,953		34,896,105
Svenska Handelsbanken AB, Class A		4,819,504		51,364,134
Swedbank AB, Class A		2,992,224		58,582,382
Swedish Match AB		5,219,428		40,384,184
Tele2 AB, Class B		1,658,829		24,136,053
Telefonaktiebolaget LM Ericsson, Class B		9,639,929		120,365,054
Telia Co. AB		8,785,431		34,626,853
Volvo AB, Class A		660,443		15,106,945
Volvo AB, Class B		4,721,641		106,550,527


				1,931,024,194

Switzerland — 10.2%
ABB Ltd., Registered		5,424,795		188,087,287
Adecco Group AG, Registered		511,112		24,345,906
Alcon Inc.		1,650,374		127,258,048
Bachem Holding AG, Class B, Registered		20,443		12,194,480
Baloise Holding AG, Registered		153,503		26,890,107
Barry Callebaut AG, Registered		11,767		27,012,652
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		3,501		40,630,341
Chocoladefabriken Lindt & Spruengli AG, Registered		358		41,222,252
Cie. Financiere Richemont SA, Class A, Registered		1,724,025		250,559,099
Clariant AG, Registered		711,617		15,082,781
Coca-Cola HBC AG, Class DI		664,963		22,023,984
Credit Suisse Group AG, Registered		8,754,704		83,217,049
EMS-Chemie Holding AG, Registered		23,240		23,506,827
Geberit AG, Registered		118,483		80,500,917
Givaudan SA, Registered		30,496		126,342,626
Holcim Ltd.		1,729,110		93,719,964
Julius Baer Group Ltd.		731,086		47,776,234
Kuehne + Nagel International AG, Registered		179,254		50,618,989
Logitech International SA, Registered		572,276		48,088,080
Lonza Group AG, Registered		245,950		169,568,228
Nestle SA, Registered		9,297,185		1,200,622,528
Novartis AG, Registered		7,236,211		628,750,684
Partners Group Holding AG		74,955		104,502,084
Roche Holding AG, Bearer		105,775		43,557,756
Roche Holding AG, NVS		2,320,375		897,983,154
Schindler Holding AG, Participation Certificates, NVS .		134,291		33,704,884
Schindler Holding AG, Registered		66,316		16,636,882
SGS SA, Registered		19,812		56,495,340
Siemens Energy AG^(b)		1,322,070		29,737,128
Sika AG, Registered		468,265		163,833,786


Security	Shares		Value


Switzerland (continued)
Sonova Holding AG, Registered		180,818	$	64,414,599
Straumann Holding AG, Registered		34,191		56,657,342
Swatch Group AG (The), Bearer		95,436		27,840,794
Swatch Group AG (The), Registered		173,306		9,728,542
Swiss Life Holding AG, Registered		104,157		67,036,455
Swiss Prime Site AG, Registered		251,613		24,878,597
Swiss Re AG		996,177		108,541,303
Swisscom AG, Registered		85,603		48,928,529
Temenos AG, Registered		221,543		26,555,202
UBS Group AG, Registered		11,616,698		215,484,476
VAT Group AG^(c)		89,291		36,413,524
Vifor Pharma AG		160,786		28,482,761
Zurich Insurance Group AG		496,929		237,685,235


				5,627,117,436

United Kingdom — 14.3%
3i Group PLC		3,215,439		59,883,695
Abrdn PLC		7,223,212		23,622,686
Admiral Group PLC		636,849		27,079,280
Anglo American PLC		4,267,942		188,154,268
Antofagasta PLC		1,305,564		23,749,952
Ashtead Group PLC		1,477,796		105,703,762
Associated British Foods PLC		1,178,432		31,105,776
AstraZeneca PLC		5,116,312		595,170,009
Auto Trader Group PLC^(c)		3,162,168		28,654,414
AVEVA Group PLC		397,354		15,767,729
Aviva PLC		12,906,957		76,202,653
BAE Systems PLC		10,621,742		83,123,134
Barclays PLC		55,905,881		149,985,280
Barratt Developments PLC		3,361,899		27,961,035
Berkeley Group Holdings PLC		370,670		21,154,133
BP PLC		66,453,608		344,490,302
British American Tobacco PLC		7,199,619		307,387,557
British Land Co. PLC (The)		2,903,704		21,712,540
BT Group PLC		29,484,080		78,093,615
Bunzl PLC		1,115,322		41,776,578
Burberry Group PLC		1,335,347		33,876,337
Coca-Cola Europacific Partners PLC		678,316		38,765,759
Compass Group PLC		5,892,176		133,915,162
Croda International PLC		460,272		49,708,433
DCC PLC		325,281		27,350,770
Diageo PLC		7,708,421		388,977,384
Entain PLC^(b)		1,931,660		41,819,178
Evraz PLC		1,683,858		11,439,484
Experian PLC		3,044,968		127,181,870
Ferguson PLC		734,224		115,486,398
GlaxoSmithKline PLC		16,618,395		370,855,861
Halma PLC		1,254,998		42,536,486
Hargreaves Lansdown PLC		1,178,740		21,400,874
Hikma Pharmaceuticals PLC		572,588		16,085,798
HSBC Holdings PLC		67,462,182		480,151,182
Imperial Brands PLC		3,126,073		74,118,726
Informa PLC^(b)		4,970,434		37,598,193
InterContinental Hotels Group PLC^(b)		605,792		40,026,726
Intertek Group PLC		533,228		38,696,595
J Sainsbury PLC		5,767,605		22,664,070
JD Sports Fashion PLC		8,508,376		21,816,893
Johnson Matthey PLC		638,308		16,856,873
Kingfisher PLC		6,964,128		31,229,621
Land Securities Group PLC		2,332,355		25,050,515
Legal & General Group PLC		19,722,843		77,115,481


56		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI EAFE ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


United Kingdom (continued)
Lloyds Banking Group PLC		234,422,960	$	162,682,693
London Stock Exchange Group PLC		1,086,441		106,377,147
M&G PLC		8,608,965		25,195,999
Melrose Industries PLC		14,421,064		29,375,933
Mondi PLC		1,605,350		40,164,540
National Grid PLC		11,945,608		174,799,083
Natwest Group PLC		19,029,372		62,545,378
Next PLC		438,491		44,675,951
NMC Health PLC^(b)(d)		473,933		6
Ocado Group PLC^(b)		1,613,307		32,872,056
Pearson PLC		2,495,366		20,834,918
Persimmon PLC		1,052,659		34,295,092
Phoenix Group Holdings PLC		2,316,254		20,736,057
Prudential PLC		8,638,666		145,610,951
Reckitt Benckiser Group PLC		2,358,863		191,120,042
RELX PLC		6,386,786		196,459,994
Rentokil Initial PLC		6,146,637		43,043,265
Rolls-Royce Holdings PLC^(b)		27,601,756		43,265,210
Sage Group PLC (The)		3,475,796		33,965,392
Schroders PLC		412,152		18,897,499
Segro PLC		3,964,107		69,886,217
Severn Trent PLC		825,250		32,039,732
Shell PLC		25,431,973		653,314,671
Smith & Nephew PLC		2,905,591		49,415,301
Smiths Group PLC		1,307,321		27,555,165
Spirax-Sarco Engineering PLC		243,849		43,955,172
SSE PLC		3,446,001		74,144,223
St. James’s Place PLC		1,783,294		36,811,524
Standard Chartered PLC		8,695,018		63,323,633
Taylor Wimpey PLC		12,072,719		24,767,868
Tesco PLC		25,535,742		102,568,684
Unilever PLC		8,571,015		439,537,488
United Utilities Group PLC		2,248,991		32,443,656
Vodafone Group PLC		91,337,003		160,375,395
Whitbread PLC^(b)		666,198		27,412,425
WPP PLC		3,939,839		61,778,710


				7,861,750,137


Total Common Stocks — 99.2% (Cost: $46,087,974,759)				54,529,704,645


Preferred Stocks

Germany — 0.6%
Bayerische Motoren Werke AG, Preference Shares, NVS		190,270		16,467,137
Fuchs Petrolub SE, Preference Shares, NVS		229,224		9,905,951


Security	Shares		Value


Germany (continued)
Henkel AG & Co. KGaA, Preference Shares, NVS		588,751	$	48,153,041
Porsche Automobil Holding SE, Preference
Shares, NVS		505,034		47,295,891
Sartorius AG, Preference Shares, NVS		86,479		46,688,057
Volkswagen AG, Preference Shares, NVS^(a)		612,937		127,657,730


				296,167,807


Total Preferred Stocks — 0.6% (Cost: $264,585,032)				296,167,807


Rights

Spain — 0.0%
Asc Actividades De Construccio (Expires 02/02/22)^(b)(d)		808,917		404,861


Total Rights — 0.0% (Cost: $433,599)				404,861


Short-Term Investments

Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%^(e)(f)(g)		402,906,599		403,027,471
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(e)(f)		43,970,000		43,970,000


				446,997,471


Total Short-Term Investments — 0.8% (Cost: $446,965,359)				446,997,471


Total Investments in Securities — 100.6% (Cost: $46,799,958,749)				55,273,274,784

Other Assets, Less Liabilities — (0.6)%				(305,241,624	)


Net Assets — 100.0%			$	54,968,033,160

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

^(b)	Non-income producing security.

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

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

^(e)	Affiliate of the Fund.

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

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


S C H E D U L E O F I N V E S T M E N T S		57

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI EAFE ETF

Affiliates




Affiliated Issuer	Value at 07/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 01/31/22		Shares Held at 01/31/22		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	97,946,692	$	305,093,147	^(a)	$	—	$	21,182	$	(33,550	)	$	403,027,471		402,906,599	$	1,630,098	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		32,940,000		11,030,000	^(a)		—		—		—			43,970,000		43,970,000		1,620			—


								$	21,182	$	(33,550	)	$	446,997,471			$	1,631,718		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts




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


Long Contracts
TOPIX Index		207		03/10/22	$	34,496	$	(1,124,881	)
SPI 200 Index		118		03/17/22		14,383		(773,531	)
Euro STOXX 50 Index		1,072		03/18/22		50,387		(269,978	)
FTSE 100 Index		271		03/18/22		27,162		794,452


							$	(1,373,938	)

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:




	Equity Contracts


Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	794,452


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	2,168,390

^(a)

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




	Equity Contracts


Net Realized Gain (Loss) from:
Futures contracts	$	7,544,161


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	815,158


58		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI EAFE ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	248,634,196

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

Fair Value Hierarchy as of Period End




	Level 1		Level 2			Level 3		Total


Investments
Assets
Common Stocks	$	610,332,132	$	53,919,372,136		$	377	$	54,529,704,645
Preferred Stocks		—		296,167,807			—		296,167,807
Rights		—		—			404,861		404,861
Money Market Funds		446,997,471		—			—		446,997,471


	$	1,057,329,603	$	54,215,539,943		$	405,238	$	55,273,274,784


Derivative financial instruments^(a)
Assets
Futures Contracts	$	—	$	794,452		$	—	$	794,452
Liabilities
Futures Contracts		—		(2,168,390	)		—		(2,168,390	)


	$	—	$	(1,373,938	)	$	—	$	(1,373,938	)

^(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		59

Schedule of Investments (unaudited)

January 31, 2022

iShares^® MSCI EAFE Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Common Stocks

Australia — 9.3%
29Metals Ltd.^(a)		1,262,815	$	2,364,948
Abacus Property Group		2,306,174		5,635,933
Accent Group Ltd.		1,663,427		2,393,227
Adbri Ltd.		1,692,612		3,528,209
AET&D Holdings No. 1 Pty Ltd.^(b)		169,200		1
AGL Energy Ltd.		3,159,168		15,955,321
Alkane Resources Ltd.^(a)		1,922,986		1,124,082
Allkem Ltd.^(a)		2,736,762		17,820,847
ALS Ltd.		2,305,285		19,352,592
Altium Ltd.		565,339		14,452,354
Alumina Ltd.		11,741,963		15,866,607
AMP Ltd.^(a)		15,630,897		9,743,191
Ansell Ltd.		615,534		11,702,491
Appen Ltd.		559,528		3,862,763
ARB Corp. Ltd.		353,492		11,647,195
Arena REIT		1,662,197		5,540,444
Atlas Arteria Ltd.		4,590,637		21,309,302
AUB Group Ltd.		358,119		5,914,012
Aussie Broadband Ltd.^(a)		454,860		1,367,307
Austal Ltd.		1,613,194		2,301,083
Australian Agricultural Co. Ltd.^(a)		3,093,675		3,175,092
Australian Ethical Investment Ltd.		396,478		2,614,894
Australian Pharmaceutical Industries Ltd.		2,178,713		2,341,498
Australian Strategic Materials Ltd.^(a)		433,328		2,586,067
Aventus Group^(c)		1,567,511		3,590,651
AVZ Minerals Ltd.^(a)(c)		11,533,355		5,781,914
Bank of Queensland Ltd.		3,055,634		16,621,871
Bapcor Ltd.		1,609,176		8,062,975
Beach Energy Ltd.		8,196,363		8,658,070
Bega Cheese Ltd.		1,450,681		5,253,040
Bellevue Gold Ltd.^(a)		4,270,067		2,359,132
Bendigo & Adelaide Bank Ltd.		2,586,817		15,799,892
Betmakers Technology Group Ltd.^(a)		3,017,939		1,346,786
Blackmores Ltd.		70,237		4,079,073
Boral Ltd.^(a)		1,841,791		7,676,565
BrainChip Holdings Ltd.^(a)(c)		6,344,534		6,482,982
Bravura Solutions Ltd.		1,221,117		1,873,223
Breville Group Ltd.		469,581		9,563,637
Brickworks Ltd.		366,569		5,891,342
BWP Trust		2,376,573		6,703,067
BWX Ltd.		763,340		1,835,850
Capricorn Metals Ltd.^(a)		1,320,033		2,963,639
carsales.com Ltd.		1,281,788		20,274,372
Centuria Capital Group		2,824,083		6,001,440
Centuria Industrial REIT		2,738,316		7,404,226
Centuria Office REIT^(c)		2,137,415		3,273,973
Cettire Ltd.^(a)(c)		637,720		1,327,316
Chalice Mining Ltd.^(a)		1,521,641		8,432,893
Challenger Ltd.		2,759,019		11,270,236
Champion Iron Ltd.^(a)(c)		1,569,369		7,250,507
Charter Hall Group		2,227,625		26,682,171
Charter Hall Long Wale REIT		2,897,878		9,912,949
Charter Hall Retail REIT		2,531,075		7,222,254
Charter Hall Social Infrastructure REIT		1,497,771		4,066,556
CIMIC Group Ltd.		381,875		4,461,130
City Chic Collective Ltd.^(a)		993,325		3,492,948
Cleanaway Waste Management Ltd.		9,875,253		20,159,368
Clinuvel Pharmaceuticals Ltd.		192,612		3,148,408


Security	Shares		Value


Australia (continued)
Codan Ltd./Australia		490,515	$	3,158,943
Collins Foods Ltd.		536,362		4,473,998
Coronado Global Resources Inc.^(a)(d)		3,561,503		3,459,870
Corporate Travel Management Ltd.^(a)		526,287		7,847,826
Costa Group Holdings Ltd.		2,143,864		4,240,524
Credit Corp. Group Ltd.		321,085		7,747,256
Cromwell Property Group		6,731,181		4,015,606
CSR Ltd.		2,313,264		9,215,040
Data#3 Ltd.		690,364		2,705,934
De Grey Mining Ltd.^(a)		5,074,241		4,111,133
Deterra Royalties Ltd.		1,973,149		6,019,464
Dexus Industria REIT^(c)		968,627		2,142,693
Dicker Data Ltd.^(c)		260,532		2,360,057
Domain Holdings Australia Ltd.		1,119,903		3,763,634
Downer EDI Ltd.		3,364,260		13,013,722
Dubber Corp. Ltd.^(a)(c)		1,279,684		1,624,190
Eagers Automotive Ltd.		739,241		6,733,575
Elders Ltd.		744,206		5,754,786
Emeco Holdings Ltd.^(c)		1,734,272		1,102,006
EML Payments Ltd.^(a)(c)		1,423,035		3,030,154
EVENT Hospitality and Entertainment Ltd.^(a)		455,083		4,347,978
Flight Centre Travel Group Ltd.^(a)		766,193		9,088,773
G8 Education Ltd.^(a)		3,991,028		3,144,536
GDI Property Group^(c)		4,505,346		3,290,923
Genworth Mortgage Insurance Australia Ltd.		1,963,273		3,393,939
Gold Road Resources Ltd.		4,201,123		3,999,727
GrainCorp Ltd., Class A		1,095,676		5,660,018
Growthpoint Properties Australia Ltd.		1,415,620		3,955,702
GUD Holdings Ltd.		571,986		5,003,985
GWA Group Ltd.		1,080,321		1,937,357
Hansen Technologies Ltd.		761,831		2,643,299
Harvey Norman Holdings Ltd.		2,685,988		9,361,598
Healius Ltd.		2,463,220		7,797,453
Home Consortium Ltd.		475,598		2,206,275
HomeCo Daily Needs REIT		2,267,088		2,188,020
HUB24 Ltd.^(c)		263,792		5,140,297
IGO Ltd.		3,267,788		27,648,785
Iluka Resources Ltd.		2,027,122		15,073,534
Imdex Ltd.		1,894,501		3,963,386
Imugene Ltd.^(a)(c)		22,771,671		5,087,310
Incitec Pivot Ltd.		9,304,021		21,785,117
Ingenia Communities Group		1,729,581		6,763,867
Inghams Group Ltd.		1,595,157		3,713,639
Insignia Financial Ltd.		2,976,542		7,464,864
Integral Diagnostics Ltd.		809,551		2,371,961
InvoCare Ltd.		704,253		5,592,256
ionner Ltd.^(a)(c)		6,824,660		3,217,204
IPH Ltd.		1,026,719		5,957,544
IRESS Ltd.		914,791		7,400,506
Irongate Group		2,613,992		3,421,429
JB Hi-Fi Ltd.		551,770		18,053,561
Johns Lyng Group Ltd.		861,602		4,714,592
Jumbo Interactive Ltd.		253,392		3,222,866
Karoon Energy Ltd.^(a)		2,649,519		3,630,309
Kelsian Group Ltd.		677,916		3,383,836
Kogan.com Ltd.^(c)		423,206		1,868,862
Lifestyle Communities Ltd.		448,917		5,380,788
Link Administration Holdings Ltd.		2,152,368		8,250,171
Liontown Resources Ltd.^(a)		7,664,972		7,763,136
Lovisa Holdings Ltd.		253,437		3,196,348


60		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI EAFE Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Australia (continued)
Lynas Rare Earths Ltd.^(a)		4,309,315	$	27,834,304
MA Financial Group Ltd.		249,368		1,502,722
Maas Group Holdings Ltd.		382,811		1,204,466
Mayne Pharma Group Ltd.^(a)		6,701,556		1,188,910
McMillan Shakespeare Ltd.		318,152		2,537,002
Megaport Ltd.^(a)		679,187		6,533,623
Mesoblast Ltd.^(a)(c)		2,746,900		2,207,201
Metcash Ltd.		4,601,109		12,912,981
Mineral Resources Ltd.		767,224		30,490,203
Monadelphous Group Ltd.		431,104		2,746,170
Nanosonics Ltd.^(a)(c)		1,240,102		4,507,524
National Storage REIT		5,384,002		9,438,501
Nearmap Ltd.^(a)		2,324,779		2,229,630
Netwealth Group Ltd.		523,440		5,669,134
New Hope Corp. Ltd.		2,155,903		3,472,941
NEXTDC Ltd.^(a)		2,189,707		16,801,547
nib holdings Ltd.		2,192,765		9,674,683
Nick Scali Ltd.		330,608		3,190,352
Nickel Mines Ltd.		4,806,658		4,936,914
Nine Entertainment Co. Holdings Ltd.		6,865,370		12,812,406
Novonix Ltd.^(a)(c)		1,268,214		6,839,348
NRW Holdings Ltd.		2,135,418		2,413,157
Nufarm Ltd./Australia		1,525,953		4,846,175
Nuix Ltd.^(a)		936,600		991,051
Objective Corp. Ltd.		109,613		1,247,560
Omni Bridgeway Ltd.^(a)		1,257,055		2,907,235
oOh!media Ltd.^(a)		2,811,626		3,224,317
Orora Ltd.		4,200,814		10,343,045
OZ Minerals Ltd.		1,595,059		27,669,682
Pact Group Holdings Ltd.		1,014,154		1,676,175
Paladin Energy Ltd.^(a)(c)		10,952,398		5,711,145
Pendal Group Ltd.		1,659,440		5,699,213
Pepper Money Ltd./Australia^(a)		840,292		1,204,506
Perenti Global Ltd.		2,901,379		1,589,260
Perpetual Ltd.		268,103		6,266,065
Perseus Mining Ltd.		5,849,414		6,114,090
PEXA Group Ltd.^(a)		466,037		6,119,438
Pilbara Minerals Ltd.^(a)		11,233,024		25,987,367
Pinnacle Investment Management Group Ltd.		458,284		3,699,117
Platinum Asset Management Ltd.		1,729,138		3,039,853
PointsBet Holdings Ltd.^(a)		914,934		3,206,411
PolyNovo Ltd.^(a)(c)		2,836,492		2,649,068
PPK Group Ltd.^(a)		148,990		758,354
Premier Investments Ltd.		416,951		8,554,918
Pro Medicus Ltd.		228,309		7,372,993
Qube Holdings Ltd.		8,715,113		17,985,128
Ramelius Resources Ltd.		3,930,797		3,767,504
Redbubble Ltd.^(a)(c)		945,917		1,204,330
Regis Resources Ltd.		3,685,762		4,483,237
Reliance Worldwide Corp. Ltd.		3,796,993		14,022,326
Rural Funds Group^(c)		1,651,373		3,342,288
Sandfire Resources Ltd.		1,856,117		8,919,355
Sayona Mining Ltd.^(a)		24,555,849		2,132,306
Select Harvests Ltd.		575,365		2,208,750
Seven Group Holdings Ltd.		703,028		10,871,636
SG Fleet Group Ltd.		619,486		1,042,759
Shopping Centres Australasia Property Group		5,178,167		10,345,442
Sigma Healthcare Ltd.		5,576,512		1,774,293
Silver Lake Resources Ltd.^(a)		4,316,537		4,545,657
Sims Ltd.		820,398		8,352,670


Security	Shares		Value


Australia (continued)
SmartGroup Corp. Ltd.		601,529	$	3,057,380
Southern Cross Media Group Ltd.		1,335,683		1,786,702
St. Barbara Ltd.		3,563,512		3,122,351
Star Entertainment Grp Ltd. (The)^(a)		4,107,561		10,033,628
Steadfast Group Ltd.		4,593,812		15,117,056
Super Retail Group Ltd.		751,786		6,217,742
Tassal Group Ltd.		1,175,102		2,934,203
Technology One Ltd.		1,298,665		9,715,320
Telix Pharmaceuticals Ltd.^(a)		884,974		4,276,359
Temple & Webster Group Ltd.^(a)(c)		381,935		2,319,758
Tyro Payments Ltd.^(a)		1,607,146		2,579,083
United Malt Grp Ltd.		1,377,299		4,067,940
Uniti Group Ltd.^(a)		2,628,008		7,849,808
Viva Energy Group Ltd.^(d)		4,092,654		6,239,035
Vulcan Energy Resources Ltd.^(a)(c)		414,242		2,758,018
Waypoint REIT		3,505,685		6,733,813
Webjet Ltd.^(a)(c)		1,837,797		6,433,708
West African Resources Ltd.^(a)		4,559,707		3,615,215
Western Areas Ltd.^(a)(c)		1,563,226		3,847,269
Westgold Resources Ltd.		1,921,159		2,489,734
Whitehaven Coal Ltd.^(a)		4,448,428		8,517,292
Worley Ltd.		1,479,235		12,188,376
Zip Co. Ltd.^(a)(c)		2,190,316		5,042,277


				1,328,090,583

Austria — 1.1%
Agrana Beteiligungs AG		12,995		251,691
ams-OSRAM AG^(a)(c)		1,317,122		22,145,236
ANDRITZ AG		328,601		17,482,742
AT&S Austria Technologie & Systemtechnik AG		120,613		5,617,695
BAWAG Group AG^(a)(d)		342,740		20,569,597
CA Immobilien Anlagen AG		209,537		7,615,333
DO & CO AG^(a)		33,560		3,459,365
EVN AG		195,967		5,768,652
FACC AG^(a)(c)		109,182		949,450
IMMOFINANZ AG^(a)(c)		387,479		10,051,759
Lenzing AG^(a)		63,572		7,803,304
Oesterreichische Post AG^(c)		164,694		6,912,843
Palfinger AG		46,360		1,584,270
Porr AG^(a)		31,442		443,664
S IMMO AG		236,669		6,065,326
S&T AG^(c)		235,052		4,316,901
Schoeller-Bleckmann Oilfield Equipment AG^(a)		56,609		2,386,844
Semperit AG Holding		30,693		931,016
Telekom Austria AG^(a)		785,344		6,793,671
UNIQA Insurance Group AG		610,276		5,656,787
Vienna Insurance Group AG Wiener Versicherung Gruppe		162,776		4,767,700
Wienerberger AG		551,107		19,953,947
Zumtobel Group AG		194,788		1,763,807


				163,291,600

Belgium — 1.9%
Ackermans & van Haaren NV		111,603		21,542,151
Aedifica SA		174,609		21,000,728
AGFA-Gevaert NV^(a)		765,250		3,246,962
Akka Technologies^(a)		60,553		3,308,333
Barco NV		335,912		6,937,070
Befimmo SA		107,863		4,044,060
Bekaert SA		176,450		8,214,941
bpost SA^(a)		487,802		3,600,954


S C H E D U L E O F I N V E S T M E N T S		61

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI EAFE Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Belgium (continued)
Cie. d’Entreprises CFE		36,649	$	4,964,560
Cofinimmo SA		138,112		20,374,376
D’ieteren Group		106,610		18,575,119
Econocom Group SA/NV		647,954		2,591,206
Euronav NV		900,029		7,414,633
Fagron		297,520		5,114,331
Galapagos NV^(a)(c)		222,587		14,998,990
Gimv NV		99,553		6,068,620
Immobel SA		19,259		1,717,284
Intervest Offices & Warehouses NV		125,903		3,861,469
Ion Beam Applications		117,594		2,009,112
KBC Ancora		167,571		8,074,693
Kinepolis Group NV^(a)(c)		66,423		4,022,644
Melexis NV		96,831		10,153,005
Mithra Pharmaceuticals SA^(a)(c)		92,510		2,098,572
Montea NV		49,041		6,783,611
Ontex Group NV^(a)		313,762		2,297,690
Orange Belgium SA		65,773		1,432,041
Recticel SA		192,100		3,659,369
Retail Estates NV		38,268		3,082,103
Shurgard Self Storage SA		127,733		7,362,935
Telenet Group Holding NV		214,470		8,233,189
Tessenderlo Group SA^(a)		123,567		4,813,323
Van de Velde NV		4,613		170,999
VGP NV		34,359		9,736,144
Warehouses De Pauw CVA		668,747		28,770,393
X-Fab Silicon Foundries SE^(a)(d)		278,974		2,721,442
Xior Student Housing NV		103,726		5,669,234


				268,666,286

Denmark — 1.7%
ALK-Abello A/S^(a)		31,745		13,404,954
Alm Brand A/S^(c)		3,960,590		7,508,852
Amagerbanken A/S^(b)		130,550		—
Bavarian Nordic A/S^(a)(c)		309,214		9,101,197
Better Collective A/S^(a)(c)		145,670		3,065,247
cBrain A/S		44,752		1,401,339
Chemometec A/S		75,610		7,839,216
D/S Norden A/S		125,878		2,865,195
Dfds A/S^(a)		167,678		8,185,424
Drilling Co. of 1972 A/S (The)^(a)(c)		96,711		3,772,334
FLSmidth & Co. A/S		252,166		8,500,549
H Lundbeck A/S		339,533		8,639,063
ISS A/S^(a)		764,500		14,403,372
Jyske Bank A/S, Registered^(a)		259,545		15,287,783
Matas A/S		183,387		3,066,256
Netcompany Group A/S^(d)		191,181		14,044,968
Nilfisk Holding A/S^(a)		113,241		3,983,867
NKT A/S^(a)		196,017		8,252,233
NNIT A/S^(d)		50,107		733,864
NTG Nordic Transport Group A/S, Class A^(a)		32,449		2,160,284
Per Aarsleff Holding A/S		85,146		3,836,534
Ringkjoebing Landbobank A/S		131,367		17,293,093
Royal Unibrew A/S		233,934		26,894,305
Scandinavian Tobacco Group A/S, Class A^(d)		307,127		6,620,787
Schouw & Co. A/S		63,147		5,340,469
SimCorp A/S		194,206		18,107,795
Solar A/S, Class B		26,240		2,813,570
Spar Nord Bank A/S		391,100		5,624,180
Sydbank A/S		283,354		10,001,691
Topdanmark A/S		217,814		12,457,498


Security	Shares		Value


Denmark (continued)
Zealand Pharma A/S^(a)(c)		167,564	$	3,264,394


				248,470,313

Finland — 1.8%
Admicom OYJ		15,087		1,284,772
Aktia Bank OYJ		166,653		2,162,023
Anora Group OYJ		161,422		1,831,631
BasWare OYJ^(a)		58,970		1,722,497
Cargotec OYJ, Class B		186,245		9,298,661
Caverion OYJ		477,987		3,306,376
Citycon OYJ		288,674		2,310,505
Finnair OYJ^(a)(c)		3,056,694		2,261,881
F-Secure OYJ		656,271		3,229,321
Harvia OYJ		67,622		3,574,136
Huhtamaki OYJ		467,623		18,435,430
Kamux Corp.^(c)		160,241		2,051,178
Kemira OYJ		509,472		7,488,780
Kojamo OYJ		593,331		13,602,645
Konecranes OYJ		284,419		11,440,637
Marimekko OYJ		29,138		2,399,873
Metsa Board OYJ, Class B		861,939		9,292,197
Metso Outotec OYJ		2,977,567		31,933,237
Musti Group OYJ		149,172		4,458,231
Neles OYJ		468,263		6,581,295
Nokian Renkaat OYJ		635,485		21,485,721
Oriola OYJ, Class B		758,192		1,864,217
Outokumpu OYJ^(a)		1,743,972		11,299,032
Puuilo OYJ^(a)		217,081		1,962,878
QT Group OYJ^(a)		84,672		9,829,181
Remedy Entertainment OYJ^(c)		37,789		1,496,748
Revenio Group OYJ		113,478		5,924,546
Rovio Entertainment OYJ^(c)(d)		166,745		1,314,118
Sanoma OYJ		353,816		5,344,038
Spinnova OYJ^(a)		73,484		902,313
Talenom OYJ		135,564		1,540,154
TietoEVRY OYJ		417,999		12,438,198
TietoEVRY OYJ, New		12,844		383,858
Tokmanni Group Corp.		228,356		4,778,183
Uponor OYJ		266,363		5,910,342
Valmet OYJ		648,566		24,771,539
YIT OYJ		669,144		3,324,119


				253,234,491

France — 3.5%
AB Science SA^(a)(c)		143,327		1,452,333
ABC arbitrage		68,026		542,609
Air France-KLM^(a)(c)		1,391,037		6,294,804
AKWEL		36,551		903,391
Albioma SA		123,781		4,836,028
ALD SA^(d)		482,624		7,232,336
Altarea SCA^(c)		18,913		3,370,866
Alten SA		139,669		22,780,876
Aperam SA		227,815		12,837,273
Aramis Group SAS, NVS^(a)(c)(d)		98,967		1,384,051
Atos SE		475,958		17,061,644
Aubay		33,991		2,021,245
Believe SA, NVS^(a)		91,622		1,540,877
Beneteau SA^(a)		190,817		3,181,579
Boiron SA		34,035		1,547,439
Bonduelle SCA		67,854		1,596,078
Carmila SA		245,454		4,082,328


62		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI EAFE Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


France (continued)
Casino Guichard Perrachon SA^(a)(c)		182,995	$	4,047,663
Cellectis SA^(a)(c)		159,165		1,006,394
CGG SA^(a)		3,269,713		2,721,784
Chargeurs SA		76,019		1,914,746
Cie. des Alpes^(a)		44,367		741,051
Cie. Plastic Omnium SA		281,909		6,557,003
Coface SA^(a)		500,124		6,616,609
Derichebourg SA^(a)		455,362		5,726,540
Elior Group SA^(a)(c)(d)		590,225		3,560,309
Elis SA^(a)		911,463		16,650,301
Eramet SA^(a)		44,854		4,649,091
Esker SA		25,296		6,840,677
Europcar Mobility Group^(a)(d)		14,552,829		8,266,247
Eutelsat Communications SA		828,165		10,269,078
Fnac Darty SA		83,094		4,931,815
Gaztransport Et Technigaz SA		106,470		9,767,750
Groupe Guillin		9,742		258,841
Guerbet		38,855		1,453,600
ICADE		146,105		10,549,724
ID Logistics Group^(a)		14,314		5,197,315
Imerys SA		159,434		7,326,853
Interparfums SA		89,034		6,765,031
IPSOS		193,029		8,820,098
JCDecaux SA^(a)		304,277		8,329,314
Kaufman & Broad SA		67,662		2,685,677
Korian SA		351,550		7,707,039
Lagardere SA^(a)		170,618		4,644,842
LISI		93,715		2,942,692
LNA Sante SA		10,926		505,588
Maisons du Monde SA^(d)		154,834		3,535,235
Manitou BF SA		66,861		2,486,307
McPhy Energy SA^(a)(c)		103,207		1,931,622
Mercialys SA		354,417		3,928,888
Mersen SA		80,665		3,364,227
Metropole Television SA		134,138		2,616,950
Neoen SA^(a)(c)(d)		179,920		6,398,029
Nexans SA		114,569		10,352,942
Nexity SA		185,554		7,769,468
Peugeot Invest^(c)		25,166		3,383,313
Pharmagest Interactive^(c)		18,009		1,627,156
Quadient SA		164,387		3,359,318
Rexel SA^(a)		1,172,952		26,144,641
Rubis SCA		447,467		14,485,757
SCOR SE		757,627		25,844,614
SES SA, Class A		1,836,495		14,130,047
SES-Imagotag SA^(a)		22,593		1,730,255
SMCP SA^(a)(d)		165,692		1,362,900
Societe BIC SA		118,685		6,757,805
SOITEC^(a)		104,113		19,007,704
Solutions 30 SE^(a)(c)		416,143		3,283,529
Sopra Steria Group SACA		73,131		12,857,375
SPIE SA		611,439		14,182,048
Technicolor SA^(a)		945,052		2,963,483
Television Francaise 1		227,851		2,177,922
Trigano SA		41,110		7,788,816
Vallourec SA^(a)(c)		656,348		5,838,519
Valneva SE^(a)(c)		335,626		5,801,442
Verallia SA^(d)		352,571		11,058,345
Vicat SA		91,950		3,810,433
Vilmorin & Cie SA		26,104		1,472,193


Security	Shares		Value


France (continued)
Virbac SA		20,120	$	8,094,142
Voltalia SA^(a)(c)		114,287		2,111,287


				495,776,141

Germany — 5.1%
1&1 AG		215,115		5,725,688
Aareal Bank AG		284,751		9,172,540
ABOUT YOU Holding SE, NVS^(a)(c)		183,554		3,567,499
Adesso SE		14,138		2,919,170
ADLER Group SA^(c)(d)		365,835		4,326,844
ADVA Optical Networking SE^(a)		225,445		3,779,799
AIXTRON SE		540,730		11,243,366
alstria office REIT-AG		767,869		16,787,416
Amadeus Fire AG		27,752		5,173,028
Atoss Software AG		19,431		3,895,905
AURELIUS Equity Opportunities SE & Co. KGaA		144,897		4,624,516
Aurubis AG		151,387		15,781,063
Basler AG		7,587		1,019,267
BayWa AG		68,050		2,859,260
Bertrandt AG		35,916		2,101,919
Bike24 Holding AG, NVS^(a)(c)		94,989		1,517,493
Bilfinger SE		141,769		4,936,602
Borussia Dortmund GmbH & Co. KGaA^(a)		391,169		1,896,527
CANCOM SE		184,585		11,203,764
Ceconomy AG^(a)(c)		784,066		3,489,227
Cewe Stiftung & Co. KGaA		21,258		2,612,327
CompuGroup Medical SE & Co. KgaA		129,022		8,551,895
Corestate Capital Holding SA^(a)(c)		102,579		1,366,101
CropEnergies AG		129,539		1,784,188
CTS Eventim AG & Co. KGaA^(a)		277,567		19,731,487
Datagroup SE^(a)		23,411		2,276,603
Dermapharm Holding SE		91,084		7,365,816
Deutsche Beteiligungs AG		43,905		1,822,005
Deutsche EuroShop AG		242,638		4,549,556
Deutsche Pfandbriefbank AG^(d)		639,861		7,895,839
Deutz AG^(a)		590,258		4,044,225
DIC Asset AG		202,756		3,487,831
Draegerwerk AG & Co. KGaA		13,057		721,079
Duerr AG		251,791		11,143,096
Eckert & Ziegler Strahlen- und Medizintechnik AG		70,768		6,169,043
Elmos Semiconductor SE		40,358		2,509,858
ElringKlinger AG^(a)		143,144		1,703,058
Encavis AG		470,789		7,416,547
Energiekontor AG, NVS		30,374		2,148,535
Evotec SE^(a)		631,924		25,570,611
Fielmann AG		120,713		7,698,697
flatexDEGIRO AG^(a)(c)		162,913		3,152,495
Fraport AG Frankfurt Airport Services Worldwide^(a)(c)		178,865		12,217,678
Freenet AG		608,210		16,564,922
Gerresheimer AG		152,044		13,644,513
GFT Technologies SE		81,770		4,052,758
Global Fashion Group SA^(a)(c)		367,172		1,677,692
Grand City Properties SA		496,131		10,949,487
GRENKE AG^(c)		135,686		4,285,831
Hamborner REIT AG		311,975		3,431,841
Hamburger Hafen und Logistik AG		121,714		2,614,696
Heidelberger Druckmaschinen AG^(a)		1,269,286		3,982,474
Hensoldt AG		204,412		2,785,154
HOCHTIEF AG		103,212		8,028,475
Home24 SE^(a)(c)		128,403		1,443,851
Hornbach Baumarkt AG^(c)		38,932		2,079,750


S C H E D U L E O F I N V E S T M E N T S		63

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI EAFE Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Germany (continued)
Hornbach Holding AG & Co. KGaA		46,357	$	7,101,839
Hugo Boss AG		290,298		18,389,948
Hypoport SE^(a)		17,145		7,576,535
Indus Holding AG		84,267		3,233,415
Instone Real Estate Group SE^(d)		223,067		3,969,380
Jenoptik AG		250,564		9,170,244
JOST Werke AG^(d)		55,994		2,802,484
K+S AG, Registered^(a)		917,151		17,509,823
Kloeckner & Co. SE^(a)		355,333		4,013,214
Koenig & Bauer AG^(a)		72,883		2,272,589
Krones AG		69,898		6,941,544
KWS Saat SE & Co. KGaA		61,196		4,755,286
LPKF Laser & Electronics AG^(c)		120,231		2,392,684
MBB SE		6,854		1,010,396
Media and Games Invest SE^(a)(c)		431,422		1,790,851
Medios AG^(a)		60,050		2,212,793
METRO AG		604,955		6,175,232
Mister Spex SE, NVS^(a)		74,751		863,304
MLP SE		314,408		2,932,447
MorphoSys AG^(a)(c)		167,451		5,362,349
Nagarro SE^(a)		41,800		7,267,160
New Work SE		14,376		3,170,838
Nordex SE^(a)(c)		502,897		8,070,084
Norma Group SE		155,655		5,652,999
Northern Data AG^(a)(c)		23,804		1,547,392
OHB SE^(c)		14,662		602,657
PATRIZIA AG		234,146		5,090,175
Pfeiffer Vacuum Technology AG		20,193		3,976,477
PNE AG		175,564		1,667,892
ProSiebenSat.1 Media SE		789,976		12,355,962
PVA TePla AG, NVS^(a)		95,724		3,349,898
Rheinmetall AG		210,738		22,032,614
SAF-Holland SE^(a)		214,168		2,700,653
Salzgitter AG^(a)		172,411		5,898,595
Secunet Security Networks AG		6,106		2,174,129
SGL Carbon SE^(a)		310,697		2,168,765
Siltronic AG^(c)		78,953		10,310,020
Sirius Real Estate Ltd		4,822,265		8,428,824
Sixt SE^(a)		66,306		10,779,170
SMA Solar Technology AG		52,776		1,879,773
Software AG		250,632		9,650,711
Stabilus SA		120,196		8,094,180
Steico SE		26,525		2,948,503
Stratec SE		37,654		5,096,886
Stroeer SE & Co. KGaA		136,700		10,235,563
Suedzucker AG		342,551		4,795,985
Synlab AG, NVS^(a)		212,376		4,884,009
TAG Immobilien AG		701,942		18,537,111
Takkt AG		167,153		2,829,891
TeamViewer AG^(a)(d)		775,941		11,724,497
thyssenkrupp AG^(a)		1,934,561		19,909,894
TUI AG^(a)(c)		5,455,875		18,804,663
Varta AG^(c)		87,587		9,543,486
VERBIO Vereinigte BioEnergie AG		108,197		6,896,572
Vitesco Technologies Group AG^(a)		106,020		5,248,580
Vossloh AG		58,581		2,824,164
Wacker Chemie AG		75,520		11,021,397
Wacker Neuson SE		151,962		3,817,545
Westwing Group AG^(a)(c)		56,124		1,347,485
Wuestenrot & Wuerttembergische AG		59,643		1,258,971


Security	Shares		Value


Germany (continued)
Zeal Network SE^(a)(c)		69,964	$	2,982,911


				729,554,345

Hong Kong — 1.9%
Apollo Future Mobility Group Ltd.^(a)(c)		17,656,000		1,044,535
ASM Pacific Technology Ltd.		1,471,600		14,723,292
Atlas Corp.		409,915		5,927,371
Bank of East Asia Ltd. (The)		6,171,600		10,533,121
BOCOM International Holdings Co. Ltd.		527,000		86,515
Brightoil Petroleum Holdings Ltd.^(a)(b)		12,938,512		17
Cafe de Coral Holdings Ltd.		1,814,000		3,080,031
Champion REIT		10,461,000		5,259,312
Chinese Estates Holdings Ltd.		152,500		51,985
Chow Sang Sang Holdings International Ltd.		1,794,000		2,376,819
CITIC Telecom International Holdings Ltd.		8,188,000		2,981,260
Citychamp Watch & Jewellery Group Ltd.^(a)		5,546,000		1,002,925
CK Life Sciences International Holdings Inc.		14,480,000		1,339,909
CMBC Capital Holdings Ltd, NVS^(a)(c)		1,841,749		684,125
C-Mer Eye Care Holdings Ltd.^(c)		2,226,000		1,530,086
Comba Telecom Systems Holdings Ltd.^(a)(c)		9,272,000		2,147,705
Cowell e Holdings Inc.^(a)(c)		1,569,000		1,787,524
Crystal International Group Ltd.^(d)		2,155,500		635,837
Dah Sing Banking Group Ltd.		2,500,800		2,370,994
Dah Sing Financial Holdings Ltd.		719,200		2,331,887
EC Healthcare		1,404,000		1,614,542
Far East Consortium International Ltd.		5,053,000		1,827,545
First Pacific Co. Ltd.		10,850,000		4,174,656
Fortune REIT		6,887,000		7,102,513
Fosun Tourism Group^(a)(c)(d)		1,194,400		1,604,625
Guotai Junan International Holdings Ltd.		14,262,000		1,932,233
Haitong International Securities Group Ltd.^(c)		11,199,000		2,563,717
Hang Lung Group Ltd.		3,814,000		8,488,166
Health and Happiness H&H International Holdings Ltd.		1,076,000		1,805,052
HKBN Ltd.		3,600,500		4,521,764
Hong Kong Technology Venture Co. Ltd.^(c)		2,684,000		2,487,204
Hongkong & Shanghai Hotels Ltd. (The)^(a)		824,000		795,242
Hutchison Telecommunications Hong Kong Holdings Ltd.		16,994,000		2,775,536
Hysan Development Co. Ltd.		2,937,000		9,002,674
IGG Inc.		3,924,000		2,455,264
Johnson Electric Holdings Ltd.		1,678,250		2,854,524
K Wah International Holdings Ltd.		4,841,000		1,895,331
Kerry Logistics Network Ltd.		2,088,888		5,222,616
Kerry Properties Ltd.		2,701,500		7,631,371
Lifestyle International Holdings Ltd.^(a)		1,606,000		876,017
LK Technology Holdings Ltd.^(c)		2,630,000		4,024,766
Luk Fook Holdings International Ltd.		1,750,000		4,612,579
Man Wah Holdings Ltd.		8,471,200		13,096,346
MECOM Power and Construction Ltd.^(c)		3,360,000		1,516,573
Melco International Development Ltd.^(a)		3,220,000		3,759,734
MGM China Holdings Ltd.^(a)(c)		4,348,800		2,897,419
Nissin Foods Co. Ltd.^(c)		1,586,000		1,164,308
NWS Holdings Ltd.		7,408,000		7,383,623
Pacific Basin Shipping Ltd.^(c)		22,970,000		9,804,875
Pacific Textiles Holdings Ltd.		4,269,000		2,169,158
PAX Global Technology Ltd.		3,416,000		2,474,270
PCCW Ltd.		19,808,000		10,431,229
Perfect Medical Health Management Ltd.		1,872,000		1,173,492
Prosperity REIT		11,188,000		4,349,325
Realord Group Holdings Ltd.^(a)(c)		2,020,000		2,367,921


64		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI EAFE Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Hong Kong (continued)
Sa Sa International Holdings Ltd.^(a)(c)		5,154,000	$	989,172
Shangri-La Asia Ltd.^(a)		5,206,000		4,072,089
Shun Tak Holdings Ltd.^(a)		7,012,000		1,858,829
SJM Holdings Ltd.^(a)		9,513,000		6,122,336
SmarTone Telecommunications Holdings Ltd.		2,607,500		1,454,474
Stella International Holdings Ltd.		2,130,000		2,363,009
Sun Hung Kai & Co. Ltd.		1,806,000		969,005
SUNeVision Holdings Ltd.		3,135,000		2,755,228
Sunlight REIT		4,677,000		2,543,331
Texhong Textile Group Ltd.		1,326,500		1,711,492
United Laboratories International Holdings Ltd. (The)		4,848,000		2,757,218
Value Partners Group Ltd.		4,919,000		2,425,967
Vesync Co. Ltd.		1,086,000		946,977
Vitasoy International Holdings Ltd.^(c)		3,530,000		6,892,760
Viva China Holdings Ltd.		18,344,000		3,071,663
Vobile Group Ltd.^(a)(c)		5,633,000		3,859,737
VSTECS Holdings Ltd.		4,602,000		4,558,821
VTech Holdings Ltd.		785,800		6,203,114
Wynn Macau Ltd.^(a)(c)		7,463,200		6,744,188
Xinyi Electric Storage Holdings Ltd.^(a)		1		1
Yue Yuen Industrial Holdings Ltd.^(a)(c)		3,812,500		6,437,542
Zensun Enterprises Ltd.		2,675,000		1,512,976


				273,001,389

Ireland — 0.8%
AIB Group PLC^(a)		3,900,000		10,301,036
Bank of Ireland Group PLC^(a)		4,656,337		31,383,120
C&C Group PLC^(a)(c)		1,910,710		5,689,344
Cairn Homes PLC^(a)		3,568,884		4,995,792
Dalata Hotel Group PLC^(a)		961,838		4,581,647
Glanbia PLC		959,451		13,178,174
Glenveagh Properties PLC^(a)(d)		3,384,889		4,646,343
Grafton Group PLC		1,084,469		17,046,358
Greencore Group PLC^(a)		2,471,253		4,104,630
Hibernia REIT PLC		3,193,914		4,562,003
Irish Residential Properties REIT PLC		2,207,055		4,150,711
Origin Enterprises PLC		666,837		2,547,138
Uniphar PLC^(a)		1,091,568		4,807,184


				111,993,480

Israel — 3.2%
AFI Properties Ltd.^(c)		54,791		3,506,524
Airport City Ltd.^(a)		366,182		8,926,340
Alony Hetz Properties & Investments Ltd.^(c)		707,230		13,211,652
Altshuler Shaham Provident Funds & Pension Ltd.		297,572		1,549,721
Amot Investments Ltd.		986,795		8,372,645
Arad Investment & Industrial Development Ltd.		15,891		2,294,778
Ashtrom Group Ltd.^(c)		189,143		5,298,766
AudioCodes Ltd.		122,387		3,620,947
Azorim-Investment Development & Construction Co. Ltd.^(a)		395,815		2,439,550
Bezeq The Israeli Telecommunication Corp. Ltd.^(a)		9,884,207		17,015,003
Big Shopping Centers Ltd.		50,323		8,086,462
Blue Square Real Estate Ltd.		15,911		1,441,108
Caesarstone Ltd.		127,609		1,573,419
Camtek Ltd./Israel^(a)(c)		136,348		4,895,532
Cellcom Israel Ltd.^(a)(c)		407,896		2,404,759
Cellebrite DI Ltd., NVS^(a)(c)		178,914		1,073,484
Clal Insurance Enterprises Holdings Ltd.^(a)		285,234		6,699,505
Cognyte Software Ltd.^(a)		318,053		3,450,875
Compugen Ltd.^(a)(c)		407,943		1,448,198


Security	Shares		Value


Israel (continued)
Danel Adir Yeoshua Ltd.		24,164	$	5,764,092
Delek Automotive Systems Ltd.^(c)		250,341		3,838,328
Delek Group Ltd.^(a)		43,787		4,944,956
Delta-Galil Industries Ltd.		21,497		1,344,667
Doral Group Renewable Energy Resources Ltd.^(a)(c)		291,917		1,191,136
Elco Ltd.		29,307		2,450,335
Electra Consumer Products 1970 Ltd.		52,788		3,323,720
Electra Ltd./Israel^(c)		9,729		7,093,090
Electra Real Estate Ltd.		108,780		2,382,096
Electreon Wireless Ltd.^(a)		21,785		980,681
Energix-Renewable Energies Ltd.		1,049,712		4,188,807
Enlight Renewable Energy Ltd.^(a)(c)		4,395,143		9,918,769
Equital Ltd.^(a)(c)		138,868		6,110,159
Fattal Holdings 1998 Ltd.^(a)(c)		29,890		3,599,247
FIBI Holdings Ltd.		83,618		3,818,304
First International Bank Of Israel Ltd. (The)		260,290		10,836,879
Formula Systems 1985 Ltd.		41,649		4,686,844
Fox Wizel Ltd.		36,064		7,007,170
Gav-Yam Lands Corp. Ltd.		665,978		8,470,886
Gazit-Globe Ltd.		309,142		3,227,187
Gilat Satellite Networks Ltd.^(a)(c)		139,226		1,076,524
Harel Insurance Investments & Financial Services Ltd.		561,418		6,523,975
Hilan Ltd.		66,387		4,278,821
IDI Insurance Co. Ltd.^(c)		42,662		1,558,533
Isracard Ltd.		867,686		4,808,886
Israel Canada T.R Ltd.		528,387		3,286,776
Israel Corp. Ltd. (The)^(a)		18,556		7,573,089
Isras Investment Co. Ltd.		7,806		2,027,721
Ituran Location and Control Ltd.		129,392		3,113,172
M Yochananof & Sons Ltd.		24,451		1,850,044
Magic Software Enterprises Ltd.		127,163		2,426,033
Malam - Team Ltd.		36,107		1,216,444
Matrix IT Ltd.		190,494		5,325,205
Maytronics Ltd.		206,859		4,433,024
Mega Or Holdings Ltd.		114,756		5,223,435
Mehadrin Ltd.^(a)		—		1
Melisron Ltd.^(a)		102,311		9,013,423
Menora Mivtachim Holdings Ltd.		223,200		5,486,285
Migdal Insurance & Financial Holdings Ltd.^(c)		1,523,965		2,699,010
Mivne Real Estate KD Ltd.^(c)		2,891,433		12,363,393
Nano Dimension Ltd., ADR^(a)(c)		1,233,630		4,527,422
Nano-X Imaging Ltd.^(a)(c)		163,073		1,850,879
Naphtha Israel Petroleum Corp. Ltd.^(a)(c)		452,650		3,621,196
Nayax Ltd.^(a)(c)		390,721		1,008,028
NEOGAMES SA^(a)		49,507		1,171,831
Nova Ltd.^(a)		135,513		15,859,436
Oil Refineries Ltd.^(a)		8,549,959		2,826,054
One Software Technologies Ltd.		180,450		3,155,664
OPC Energy Ltd.^(a)(c)		427,780		5,025,308
Partner Communications Co. Ltd.^(a)(c)		651,516		5,804,637
Paz Oil Co. Ltd.^(a)		48,395		6,883,853
Perion Network Ltd.^(a)(c)		188,817		3,736,093
Phoenix Holdings Ltd. (The)		700,764		8,366,487
Plus500 Ltd.		438,593		8,708,729
Prashkovsky Investments and Construction Ltd.		32,800		1,489,476
Property & Building Corp. Ltd.^(a)(c)		13,422		1,785,537
Radware Ltd.^(a)		202,692		6,816,532
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.^(c)		40,533		3,252,949


S C H E D U L E O F I N V E S T M E N T S		65

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI EAFE Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Israel (continued)
REIT 1 Ltd.^(c)		816,389	$	5,930,266
Retailors Ltd., NVS^(a)(c)		57,878		1,808,730
Riskified Ltd.^(a)		92,436		644,279
Sapiens International Corp. NV^(c)		137,310		4,403,518
Shapir Engineering and Industry Ltd.^(c)		559,329		5,396,570
Shikun & Binui Ltd.^(a)		1,131,008		7,309,353
Shufersal Ltd.		1,267,992		11,926,361
Sisram Medical Ltd.^(c)(d)		668,400		675,147
Strauss Group Ltd.^(c)		246,303		8,171,075
Summit Real Estate Holdings Ltd.^(a)(c)		169,529		4,201,656
Taboola.com Ltd.^(a)(c)		272,670		1,649,654
Tadiran Group Ltd.		15,221		2,273,952
Taro Pharmaceutical Industries Ltd.^(a)(c)		44,982		2,106,057
Tera Light Ltd.^(a)		7,815		18,855
Tower Semiconductor Ltd.^(a)		494,197		17,043,251
Tremor International Ltd.^(a)(c)		500,967		3,529,162
UroGen Pharma Ltd.^(a)(c)		93,513		721,920
YH Dimri Construction & Development Ltd.^(c)		37,434		3,908,786
ZIM Integrated Shipping Services Ltd.		194,242		12,959,826


				457,338,944

Italy — 2.9%
A2A SpA		7,516,393		14,278,018
ACEA SpA		205,908		4,161,498
Anima Holding SpA^(d)		1,248,677		6,315,638
Arnoldo Mondadori Editore SpA^(a)		417,551		961,608
Ascopiave SpA		373,804		1,526,931
Autogrill SpA^(a)		922,586		6,928,056
Azimut Holding SpA		515,629		13,869,919
Banca Generali SpA		282,034		11,359,075
Banca IFIS SpA		113,858		2,285,060
Banca Mediolanum SpA		1,050,468		10,211,499
Banca Monte dei Paschi di Siena SpA^(a)(c)		1,450,222		1,499,212
Banca Popolare di Sondrio SCPA		2,168,123		9,119,621
Banco BPM SpA		6,532,486		20,365,410
BFF Bank SpA^(d)		812,918		6,215,526
Biesse SpA^(a)		69,171		1,794,641
Bio On SpA^(a)(b)(c)		19,879		—
BPER Banca		5,078,645		10,691,688
Brembo SpA		719,313		9,563,326
Brunello Cucinelli SpA^(a)		162,272		9,423,646
Buzzi Unicem SpA		461,688		9,640,536
Carel Industries SpA^(d)		160,628		3,867,253
CIR SpA-Compagnie Industriali^(a)(c)		6,254,546		2,972,282
Credito Emiliano SpA		438,463		3,024,435
Danieli & C Officine Meccaniche SpA		36,368		989,219
Datalogic SpA		77,130		1,204,954
De’ Longhi SpA		327,517		11,286,737
Digital Bros. SpA		23,861		758,522
Digital Value SpA^(a)		16,675		1,727,362
doValue SpA^(a)(d)		250,012		2,167,840
El.En. SpA		216,733		3,498,368
Enav SpA^(a)(d)		1,274,416		5,855,394
ERG SpA		289,278		8,435,341
Esprinet SpA		146,684		2,010,977
Falck Renewables SpA		563,115		5,529,594
Fila SpA		82,451		846,786
Fincantieri SpA^(a)(c)		2,127,104		1,361,828
Gruppo MutuiOnline SpA		105,501		5,021,629
GVS SpA^(d)		338,332		3,788,404
Hera SpA		3,941,998		16,388,365


Security	Shares		Value


Italy (continued)
Illimity Bank SpA^(a)		264,238	$	3,866,365
Immobiliare Grande Distribuzione SIIQ SpA^(a)		137,942		642,166
Interpump Group SpA		340,747		21,042,350
Iren SpA		3,088,213		9,290,594
Italgas SpA		2,347,356		15,573,359
Italmobiliare SpA		67,792		2,425,282
Juventus Football Club SpA^(a)(c)		4,893,095		2,091,627
La Doria SpA		58,155		1,075,402
Leonardo SpA^(a)		1,949,829		14,083,186
Maire Tecnimont SpA^(c)		737,611		3,522,722
MARR SpA		173,210		3,688,414
OVS SpA^(a)(d)		1,042,688		2,897,051
Pharmanutra SpA		18,507		1,372,252
Piaggio & C SpA		833,901		2,669,430
Pirelli & C SpA^(d)		1,701,940		12,033,129
RAI Way SpA^(d)		478,222		2,717,315
Reply SpA		98,532		16,558,367
Saipem SpA^(a)(c)		2,567,505		3,927,282
Salcef SpA		62,415		1,690,837
Salvatore Ferragamo SpA^(a)		253,185		5,425,444
Sanlorenzo SpA/Ameglia		62,976		2,730,538
Saras SpA^(a)(c)		2,835,912		1,778,658
Seco SpA, NVS^(a)(c)		153,951		1,215,019
Sesa SpA		37,920		6,858,462
Societa Cattolica Di Assicurazione SPA^(a)		222,008		1,416,678
SOL SpA		173,366		3,708,379
Tamburi Investment Partners SpA		475,706		4,843,389
Technogym SpA^(d)		629,513		5,372,560
Tinexta SpA		97,442		3,461,480
Tod’s SpA^(a)		48,530		2,615,610
Unipol Gruppo SpA		1,875,413		10,550,578
Webuild SpA^(c)		1,885,089		3,948,711
Wiit SpA, NVS		49,303		1,741,611
Zignago Vetro SpA		57,431		994,555


				408,775,000

Japan — 27.2%
77 Bank Ltd. (The)		246,100		3,257,004
ABC-Mart Inc.		160,100		7,310,033
Activia Properties Inc.		3,125		10,577,651
Adastria Co. Ltd.		108,380		1,623,853
ADEKA Corp.		374,000		8,114,659
Advan Group Co. Ltd.		85,800		718,234
Advance Residence Investment Corp.		6,281		18,475,135
Aeon Delight Co. Ltd.		102,000		2,760,656
AEON Financial Service Co. Ltd.		523,100		5,490,130
Aeon Hokkaido Corp.		104,300		972,001
Aeon Mall Co. Ltd.		490,500		7,090,890
AEON REIT Investment Corp.		7,240		9,208,564
Ai Holdings Corp.		202,200		3,133,693
Aica Kogyo Co. Ltd.		257,100		7,083,326
Aichi Corp.		124,700		883,616
Aichi Steel Corp.		26,800		602,968
Aida Engineering Ltd.		364,600		3,335,639
Aiful Corp.		1,518,800		4,561,800
Ain Holdings Inc.		118,900		6,111,555
Air Water Inc.		875,300		13,341,715
Airtrip Corp.^(c)		62,200		1,548,080
Alfresa Holdings Corp.		895,000		12,761,682
Alpen Co. Ltd.		64,900		1,128,778
Alpha Systems Inc.		25,500		804,891


66		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI EAFE Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Japan (continued)
Alps Alpine Co. Ltd.		1,013,800	$	11,056,978
Altech Corp.		41,400		650,516
Amada Co. Ltd.		1,624,000		15,722,756
Amano Corp.		268,100		5,377,928
AnGes Inc.^(a)(c)		695,900		1,864,882
Anicom Holdings Inc.		362,600		2,302,446
Anritsu Corp.^(c)		668,000		9,224,347
AOKI Holdings Inc.		112,600		574,833
Aozora Bank Ltd.		557,700		12,538,719
Arata Corp.		38,900		1,358,858
Arcland Sakamoto Co. Ltd.		134,000		1,830,147
Arcland Service Holdings Co. Ltd.		75,500		1,432,990
Arcs Co. Ltd.		203,100		3,817,728
Argo Graphics Inc.		76,800		2,097,021
Ariake Japan Co. Ltd.		91,100		4,831,041
ARTERIA Networks Corp.		120,100		1,423,014
As One Corp.		142,600		7,065,421
Asahi Holdings Inc.		356,000		6,897,606
Asics Corp.		729,400		14,161,758
ASKUL Corp.		177,000		2,160,231
Atom Corp.		541,600		3,615,373
Autobacs Seven Co. Ltd.		331,700		4,022,327
Avex Inc.		168,000		1,883,164
Awa Bank Ltd. (The)		195,700		3,853,089
Axial Retailing Inc.		43,000		1,223,812
Bank of Kyoto Ltd. (The)		269,700		12,574,135
BASE Inc.^(a)		386,700		1,558,033
BayCurrent Consulting Inc.		63,300		24,023,521
Belc Co. Ltd.		41,000		1,925,141
Bell System24 Holdings Inc.		162,400		2,005,610
Belluna Co. Ltd.		232,900		1,473,744
Benesse Holdings Inc.		317,000		6,182,201
BeNext-Yumeshin Group Co.		268,331		3,660,427
Bengo4.com Inc.^(a)(c)		38,000		1,597,942
Bic Camera Inc.		463,500		4,048,560
BML Inc.		106,300		3,230,833
Broadleaf Co. Ltd.		451,100		1,376,895
Bunka Shutter Co. Ltd.		371,800		3,400,461
Bushiroad Inc.^(a)		64,700		783,974
C.I. Takiron Corp.		177,700		852,660
Calbee Inc.		417,900		9,619,116
Canon Electronics Inc.		40,700		575,592
Canon Marketing Japan Inc.		218,800		4,468,781
Casio Computer Co. Ltd.		928,200		11,608,908
Cawachi Ltd.		59,100		1,188,610
CellSource Co. Ltd.^(a)(c)		26,700		898,521
Central Glass Co. Ltd.		145,500		2,699,499
Change Inc.^(a)(c)		161,400		2,041,144
Chiyoda Corp.^(a)		760,400		2,244,668
Chofu Seisakusho Co. Ltd.		37,300		639,412
Chudenko Corp.		82,800		1,529,392
Chugoku Bank Ltd. (The)		695,800		5,674,122
Chugoku Electric Power Co. Inc. (The)		1,388,500		10,913,093
Chugoku Marine Paints Ltd.		151,500		1,215,567
Citizen Watch Co. Ltd.		1,288,200		5,514,041
CKD Corp.		240,600		4,441,577
Coca-Cola Bottlers Japan Holdings Inc.		588,900		6,908,008
COLOPL Inc.		296,000		1,629,905
Colowide Co. Ltd.^(c)		345,400		4,990,689
Comforia Residential REIT Inc.		2,957		7,914,112


Security	Shares		Value


Japan (continued)
COMSYS Holdings Corp.		538,500	$	12,813,178
Comture Corp.		109,500		2,671,727
CONEXIO Corp.		38,500		464,719
Cosmo Energy Holdings Co. Ltd.		265,200		5,331,529
CRE Logistics REIT Inc.		2,614		4,542,025
Create Restaurants Holdings Inc.		571,700		3,664,435
Create SD Holdings Co. Ltd.		122,500		3,306,173
Credit Saison Co. Ltd.		716,600		7,998,904
Curves Holdings Co. Ltd.		246,600		1,505,064
CYBERDYNE Inc.^(a)(c)		526,700		1,637,070
Cybozu Inc.		115,600		1,434,012
Daicel Corp.		1,224,200		9,030,176
Dai-Dan Co. Ltd.		26,300		517,436
Daido Steel Co. Ltd.		122,400		4,729,946
Daihen Corp.		93,000		3,323,570
Daiho Corp.		59,700		1,904,404
Daiichi Jitsugyo Co. Ltd.		32,800		1,196,308
Daiichikosho Co. Ltd.		173,000		4,902,146
Daiken Corp.		43,200		796,723
Daiki Aluminium Industry Co. Ltd.		125,000		1,715,056
Daikokutenbussan Co. Ltd.		24,800		973,932
Daio Paper Corp.		402,100		6,542,107
Daiseki Co. Ltd.		207,760		8,322,975
Daishi Hokuetsu Financial Group Inc.		167,300		3,879,256
Daiwa Industries Ltd.		129,600		1,276,138
Daiwa Office Investment Corp.		1,597		10,006,327
Daiwa Securities Living Investments Corp.		8,684		8,497,662
Daiwabo Holdings Co. Ltd.		415,800		5,944,928
DCM Holdings Co. Ltd.		567,700		5,388,045
Demae-Can Co. Ltd.^(a)(c)		236,500		1,539,483
DeNA Co. Ltd.		404,400		6,288,476
Denka Co. Ltd.		380,000		13,382,931
Descente Ltd.^(a)		155,500		4,845,375
Dexerials Corp.		265,900		7,311,631
DIC Corp.		366,200		9,394,969
Digital Arts Inc.		58,900		3,470,251
Digital Garage Inc.		159,000		5,625,062
Dip Corp.		175,000		5,540,401
Direct Marketing MiX Inc.		87,600		1,079,310
DMG Mori Co. Ltd.		545,100		8,649,537
Doshisha Co. Ltd.		96,100		1,272,601
Doutor Nichires Holdings Co. Ltd.		96,500		1,344,181
Dowa Holdings Co. Ltd.		235,600		10,214,152
DTS Corp.		183,500		3,915,727
Duskin Co. Ltd.		228,300		5,486,423
DyDo Group Holdings Inc.		37,400		1,545,205
Eagle Industry Co. Ltd.		49,700		476,518
Earth Corp.		73,200		3,730,633
Ebara Corp.		457,600		22,427,723
EDION Corp.		376,300		3,511,560
eGuarantee Inc.		167,400		2,754,338
Eiken Chemical Co. Ltd.		144,100		2,160,054
Eizo Corp.		69,300		2,383,546
Elan Corp.		172,300		1,515,541
Elecom Co. Ltd.		217,100		2,627,627
Electric Power Development Co. Ltd.		702,300		9,215,827
EM Systems Co. Ltd.		182,900		1,033,817
en Japan Inc.		144,300		3,477,936
eRex Co. Ltd.		126,000		1,665,224
ES-Con Japan Ltd.		142,600		950,652


S C H E D U L E O F I N V E S T M E N T S		67

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI EAFE Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Japan (continued)
ESPEC Corp.		74,400	$	1,321,693
Euglena Co. Ltd.^(a)(c)		490,600		3,113,609
Exedy Corp.		137,700		2,021,308
EXEO Group Inc.		487,200		9,901,832
Ezaki Glico Co. Ltd.		227,000		7,359,859
Fancl Corp.		376,100		9,578,687
FCC Co. Ltd.		168,200		2,162,926
Ferrotec Holdings Corp.		198,600		4,955,998
Financial Products Group Co. Ltd.		317,200		1,825,961
Food & Life Companies Ltd.		528,200		15,825,966
FP Corp.		224,100		7,198,097
Freee KK^(a)		157,500		6,226,274
Frontier Real Estate Investment Corp.		2,314		9,764,593
Fuji Co. Ltd./Ehime		46,400		766,185
Fuji Corp./Aichi		328,200		7,575,850
Fuji Kyuko Co. Ltd.		105,600		3,790,081
Fuji Media Holdings Inc.		225,100		2,271,072
Fuji Oil Holdings Inc.		226,100		4,574,831
Fuji Seal International Inc.		211,400		3,975,385
Fuji Soft Inc.		112,500		4,713,176
Fujicco Co. Ltd.		36,900		621,431
Fujikura Ltd.^(a)		1,125,300		6,084,690
Fujimi Inc.		91,900		5,564,103
Fujimori Kogyo Co. Ltd.		68,200		2,424,209
Fujio Food Group Inc.^(a)		82,000		928,630
Fujitec Co. Ltd.		305,200		7,259,024
Fujitsu General Ltd.		291,500		5,915,405
Fujiya Co. Ltd.		28,700		568,189
Fukui Computer Holdings Inc.		38,400		1,001,320
Fukuoka Financial Group Inc.		808,000		15,868,429
Fukuoka REIT Corp.		3,039		4,273,201
Fukushima Galilei Co. Ltd.		36,100		1,325,663
Fukuyama Transporting Co. Ltd.		130,100		4,094,813
Fullcast Holdings Co. Ltd.		94,600		1,779,971
Funai Soken Holdings Inc.		186,060		3,856,022
Furukawa Co. Ltd.		193,400		2,164,910
Furukawa Electric Co. Ltd.		324,400		6,672,717
Fuso Chemical Co. Ltd.		80,500		3,149,477
Future Corp.		201,400		2,583,917
Fuyo General Lease Co. Ltd.		84,100		5,578,241
G-7 Holdings Inc.		97,500		1,177,657
Gakken Holdings Co. Ltd.		119,600		1,093,704
Genky DrugStores Co. Ltd.		33,900		1,063,793
Geo Holdings Corp.		143,600		1,418,459
giftee Inc.^(a)(c)		63,300		672,487
Giken Ltd.		81,100		2,767,913
Global One Real Estate Investment Corp.		5,088		5,012,639
GLOBERIDE Inc.		74,600		1,795,588
Glory Ltd.		237,100		4,458,592
GMO Financial Gate Inc.		6,000		787,997
GMO Financial Holdings Inc.		174,600		1,307,180
GMO GlobalSign Holdings KK^(c)		23,400		684,268
GMO internet Inc.		317,600		6,795,245
GNI Group Ltd.^(a)(c)		212,497		1,939,649
Goldcrest Co. Ltd.		74,100		1,161,723
Goldwin Inc.		114,600		5,948,433
Gree Inc.^(c)		540,500		4,106,247
GS Yuasa Corp.		319,500		6,835,333
G-Tekt Corp.		43,400		521,917
GungHo Online Entertainment Inc.^(a)		229,230		4,813,679


Security	Shares		Value


Japan (continued)
Gunma Bank Ltd. (The)		1,638,600	$	5,383,890
Gunze Ltd.		80,700		2,805,526
H.U. Group Holdings Inc.		251,700		6,392,651
H2O Retailing Corp.		421,000		2,912,573
Hachijuni Bank Ltd. (The)		1,713,500		6,327,237
Halows Co. Ltd.		28,500		684,829
Hamakyorex Co. Ltd.		38,200		949,133
Hankyu Hanshin REIT Inc.		2,924		3,787,115
Hanwa Co. Ltd.		171,700		4,715,284
Harmonic Drive Systems Inc.		232,500		9,196,001
Haseko Corp.		1,220,700		15,499,910
Hazama Ando Corp.		870,400		6,660,373
HEALIOS K.K.^(a)(c)		105,100		955,366
Heiwa Corp.		266,700		4,265,066
Heiwa Real Estate Co. Ltd.		159,200		5,438,304
Heiwa Real Estate REIT Inc.		4,263		5,244,078
Heiwado Co. Ltd.		119,800		2,018,423
Hennge KK^(a)(c)		62,200		691,752
Hiday Hidaka Corp.		120,800		1,746,667
Hioki E.E. Corp.		43,200		2,509,777
Hirata Corp.		38,000		1,915,601
Hirogin Holdings Inc.		1,329,000		7,747,070
HIS Co. Ltd.^(a)(c)		196,100		3,248,345
Hisamitsu Pharmaceutical Co. Inc.		244,100		7,437,202
Hitachi Transport System Ltd.		152,500		6,991,819
Hitachi Zosen Corp.		779,200		5,187,763
Hogy Medical Co. Ltd.		114,900		3,090,168
Hokkaido Electric Power Co. Inc.		812,800		3,545,772
Hokkoku Financial Holdings Inc.		100,600		2,588,326
Hokuetsu Corp.		591,200		3,921,523
Hokuhoku Financial Group Inc.		568,300		4,478,269
Hokuriku Electric Power Co.		815,600		4,024,778
Hokuto Corp.		82,800		1,403,722
Horiba Ltd.		164,900		8,875,934
Hoshino Resorts REIT Inc.		936		5,288,942
Hosiden Corp.		258,600		2,580,616
Hosokawa Micron Corp.		42,000		1,067,383
House Foods Group Inc.		294,500		7,567,877
Hulic Reit Inc.		5,816		8,349,002
Hyakugo Bank Ltd. (The)		1,548,600		4,780,236
Ichibanya Co. Ltd.		70,300		2,818,727
Ichigo Inc.		1,186,100		2,916,532
Ichigo Office REIT Investment Corp.		6,008		4,289,887
Ichikoh Industries Ltd.		126,100		555,003
Idec Corp./Japan		131,200		2,794,906
IDOM Inc.		280,200		1,615,777
IHI Corp.		625,700		12,634,879
Iino Kaiun Kaisha Ltd.		639,200		3,000,057
Inaba Denki Sangyo Co. Ltd.		214,400		4,968,540
Inabata & Co. Ltd.		201,700		3,039,272
Inageya Co. Ltd.		99,000		1,207,742
Industrial & Infrastructure Fund Investment Corp.		8,947		14,966,089
Infocom Corp.		114,800		1,829,392
Infomart Corp.		930,200		5,406,303
Information Services International-Dentsu Ltd.		109,800		3,423,119
INFRONEER Holdings Inc.		1,067,428		9,836,177
Insource Co. Ltd.		107,900		1,725,211
Internet Initiative Japan Inc.		245,800		8,140,429
Invincible Investment Corp.		29,095		9,165,231
IR Japan Holdings Ltd.		44,000		1,959,471


68		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI EAFE Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Japan (continued)
Iriso Electronics Co. Ltd.		99,200	$	4,027,904
Isetan Mitsukoshi Holdings Ltd.		1,602,300		12,595,468
Itochu Advance Logistics Investment Corp.		2,656		3,622,932
Itochu Enex Co. Ltd.		160,600		1,402,973
Itochu-Shokuhin Co. Ltd.		23,200		982,937
Itoham Yonekyu Holdings Inc.		710,300		4,167,397
Iwatani Corp.		222,300		10,480,039
Iyo Bank Ltd. (The)		1,091,300		5,664,564
Izumi Co. Ltd.		159,700		4,417,566
J Front Retailing Co. Ltd.		1,157,200		10,381,572
JAC Recruitment Co. Ltd.		70,100		1,218,780
Jaccs Co. Ltd.		115,300		3,119,845
JAFCO Group Co. Ltd.		399,300		6,375,931
Japan Airport Terminal Co. Ltd.^(a)		288,300		12,491,568
Japan Aviation Electronics Industry Ltd.		225,800		3,608,753
Japan Display Inc.^(a)		2,747,700		883,428
Japan Elevator Service Holdings Co. Ltd.		276,900		3,989,066
Japan Excellent Inc.		5,884		6,766,924
Japan Hotel REIT Investment Corp.		21,302		10,384,960
Japan Lifeline Co. Ltd.		288,400		2,524,745
Japan Logistics Fund Inc.		3,862		10,704,811
Japan Material Co. Ltd.		302,900		4,427,159
Japan Medical Dynamic Marketing Inc.		81,700		1,067,706
Japan Petroleum Exploration Co. Ltd.		160,200		3,828,779
Japan Prime Realty Investment Corp.		3,884		12,688,029
Japan Pulp & Paper Co. Ltd.		45,100		1,570,739
Japan Securities Finance Co. Ltd.		436,900		3,550,862
Japan Steel Works Ltd. (The)		288,900		9,604,328
Japan Wool Textile Co. Ltd. (The)		134,700		1,030,935
JCR Pharmaceuticals Co. Ltd.		314,000		5,530,556
JCU Corp.		92,100		3,998,193
JDC Corp.		168,700		780,112
Jeol Ltd.		177,900		9,699,527
JGC Holdings Corp.		1,061,800		10,433,528
JIG-SAW Inc.^(a)(c)		23,000		1,016,342
JINS Holdings Inc.		67,300		4,160,499
JM Holdings Co. Ltd.		57,100		808,144
JMDC Inc.^(a)		121,700		5,648,148
J-Oil Mills Inc.		34,100		504,218
Joshin Denki Co. Ltd.		57,700		1,051,539
Joyful Honda Co. Ltd.		263,500		3,508,280
JSP Corp.		15,900		223,177
JTEKT Corp.		980,200		8,526,469
JTOWER Inc.^(a)		43,200		1,979,487
Juroku Financial Group Inc.		189,500		3,767,935
Justsystems Corp.		159,200		6,890,525
Kadokawa Corp.		436,934		9,072,559
Kaga Electronics Co. Ltd.		67,000		1,735,882
Kagome Co. Ltd.		365,900		9,521,219
Kaken Pharmaceutical Co. Ltd.		138,500		4,952,532
Kameda Seika Co. Ltd.		59,800		2,172,287
Kamigumi Co. Ltd.		490,100		9,470,440
Kanamoto Co. Ltd.		140,200		2,726,120
Kandenko Co. Ltd.		475,400		3,537,254
Kaneka Corp.		223,200		7,270,723
Kanematsu Corp.		369,500		4,019,563
Kanematsu Electronics Ltd.		30,900		1,019,379
Kanto Denka Kogyo Co. Ltd.		152,000		1,455,511
Kappa Create Co. Ltd.^(a)(c)		122,000		1,431,938
Katakura Industries Co. Ltd.^(c)		47,600		945,554


Security	Shares		Value


Japan (continued)
Katitas Co. Ltd.		241,600	$	7,369,050
Kato Sangyo Co. Ltd.		66,200		1,895,290
Kawasaki Heavy Industries Ltd.		680,600		13,189,038
Kawasaki Kisen Kaisha Ltd.^(a)		225,400		14,048,924
KeePer Technical Laboratory Co. Ltd.		72,300		1,192,872
Keihan Holdings Co. Ltd.		457,700		10,613,602
Keihanshin Building Co. Ltd.		133,200		1,541,780
Keikyu Corp.		1,045,400		10,699,465
Keiyo Bank Ltd. (The)		891,800		3,718,578
Keiyo Co. Ltd.		118,000		885,080
Kenedix Office Investment Corp.		2,034		12,350,057
Kenedix Residential Next Investment Corp.		4,523		7,884,893
Kenedix Retail REIT Corp.		2,779		6,504,811
Kewpie Corp.		511,000		10,541,734
KFC Holdings Japan Ltd.		78,000		1,953,587
KH Neochem Co. Ltd.		160,100		4,106,823
Kinden Corp.		627,400		8,968,129
Kintetsu Department Store Co. Ltd.^(a)		29,700		686,607
Kintetsu World Express Inc.		172,900		4,301,497
Kisoji Co. Ltd.^(c)		80,400		1,534,998
Kissei Pharmaceutical Co. Ltd.		95,700		1,932,352
Ki-Star Real Estate Co. Ltd.		41,600		2,545,554
Kitanotatsujin Corp.		331,000		641,714
Kitz Corp.		291,300		1,693,516
Kiyo Bank Ltd. (The)		366,400		4,581,970
Koa Corp.		150,300		1,912,987
Kobe Steel Ltd.		1,613,500		7,701,901
Kohnan Shoji Co. Ltd.		116,500		3,454,760
Kokuyo Co. Ltd.		407,400		5,939,353
KOMEDA Holdings Co. Ltd.		229,700		4,251,823
Komeri Co. Ltd.		143,300		3,341,110
Konica Minolta Inc.		2,152,600		9,074,092
Konishi Co. Ltd.		265,300		3,782,913
Konoike Transport Co. Ltd.		38,500		394,429
Koshidaka Holdings Co. Ltd.		188,900		1,025,651
Kotobuki Spirits Co. Ltd.		90,000		3,659,948
K’s Holdings Corp.		797,940		7,852,273
Kumagai Gumi Co. Ltd.		175,800		4,481,094
Kumiai Chemical Industry Co. Ltd.		381,400		2,636,212
Kura Sushi Inc.^(c)		100,600		3,026,412
Kuraray Co. Ltd.		1,444,900		12,980,748
Kureha Corp.		75,500		5,636,515
Kusuri no Aoki Holdings Co. Ltd.		76,400		4,557,498
KYB Corp.		85,000		2,212,811
Kyoei Steel Ltd.		85,500		1,161,993
Kyokuto Kaihatsu Kogyo Co. Ltd.		90,300		1,150,295
KYORIN Holdings Inc.		197,800		3,142,096
Kyoritsu Maintenance Co. Ltd.		139,000		4,972,451
Kyudenko Corp.		205,100		5,245,957
Kyushu Electric Power Co. Inc.		1,917,300		14,206,771
Kyushu Financial Group Inc.		1,690,500		6,531,834
Kyushu Railway Co.		640,500		13,380,372
LaSalle Logiport REIT		8,570		13,709,254
Leopalace21 Corp.^(a)		862,000		1,265,065
Life Corp.		73,500		1,975,025
Lifenet Insurance Co.^(a)		234,400		1,323,087
Link And Motivation Inc.		153,300		606,823
Lintec Corp.		205,000		4,761,721
LITALICO Inc.		88,500		2,208,646
M&A Capital Partners Co. Ltd.^(a)		71,900		3,096,267


S C H E D U L E O F I N V E S T M E N T S		69

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI EAFE Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Japan (continued)
Mabuchi Motor Co. Ltd.		228,100	$	7,181,646
Macnica Fuji Electronics Holdings Inc.		225,150		4,981,440
Maeda Kosen Co. Ltd.		105,200		3,141,449
Makino Milling Machine Co. Ltd.		113,500		3,920,883
Makuake Inc.^(a)(c)		25,400		499,123
Mandom Corp.		180,200		2,160,745
Mani Inc.		360,700		5,211,924
Maruha Nichiro Corp.		192,900		4,121,482
Marui Group Co. Ltd.		901,200		17,387,579
Maruichi Steel Tube Ltd.		270,100		6,016,711
Maruwa Co. Ltd./Aichi		41,000		5,394,441
Maruwa Unyu Kikan Co. Ltd.		186,900		2,133,213
Maruzen Showa Unyu Co. Ltd.		29,400		816,095
Matsuda Sangyo Co. Ltd.		52,700		1,081,004
Matsui Securities Co. Ltd.		572,900		4,006,587
MatsukiyoCocokara & Co.		514,540		17,611,682
Matsuya Co. Ltd.^(a)		182,400		1,132,945
Matsuyafoods Holdings Co. Ltd.		38,400		1,191,925
Max Co. Ltd.		111,600		1,779,582
Maxell Ltd.		242,300		2,598,842
Maxvalu Tokai Co. Ltd.		43,100		1,030,038
MCJ Co. Ltd.		333,000		2,858,852
Mebuki Financial Group Inc.		4,720,500		10,530,356
Media Do Co. Ltd.		38,100		846,523
Medical Data Vision Co. Ltd.		126,400		1,118,936
Medley Inc.^(a)		100,200		1,736,774
MedPeer Inc.^(a)		65,500		1,655,869
Megachips Corp.		79,200		2,887,209
Megmilk Snow Brand Co. Ltd.		218,800		3,897,418
Meidensha Corp.		168,000		3,560,574
Meiko Electronics Co. Ltd.		97,400		3,363,471
Meitec Corp.		119,000		6,971,569
Melco Holdings Inc.		21,000		666,189
Menicon Co. Ltd.		273,400		6,066,954
METAWATER Co. Ltd.		116,400		2,064,559
Micronics Japan Co. Ltd.		155,100		2,139,714
Midac Holdings Co. Ltd.		38,300		898,464
Mie Kotsu Group Holdings Inc.		71,800		291,575
Milbon Co. Ltd.		119,600		5,646,825
Mimasu Semiconductor Industry Co. Ltd.		79,500		1,708,309
Mirai Corp.		7,963		3,347,055
Mirait Holdings Corp.		441,600		7,331,377
Miroku Jyoho Service Co. Ltd.		73,300		767,080
Mitani Sekisan Co. Ltd.		58,700		3,304,523
Mitsubishi Estate Logistics REIT Investment Corp.		1,784		7,009,277
Mitsubishi Logisnext Co. Ltd.		121,400		1,054,526
Mitsubishi Logistics Corp.		248,900		6,008,096
Mitsubishi Materials Corp.		535,600		9,554,309
Mitsubishi Motors Corp.^(a)		3,230,100		9,222,606
Mitsubishi Pencil Co. Ltd.		91,800		957,959
Mitsubishi Research Institute Inc.		33,700		1,096,036
Mitsubishi Shokuhin Co. Ltd.		46,500		1,141,199
Mitsuboshi Belting Ltd.		43,500		802,118
Mitsui DM Sugar Holdings Co. Ltd.		25,200		433,602
Mitsui Fudosan Logistics Park Inc.		2,458		12,089,225
Mitsui High-Tec Inc.		94,500		6,993,976
Mitsui Mining & Smelting Co. Ltd.		272,300		7,700,080
Mitsui OSK Lines Ltd.		518,900		40,184,886
Mitsui-Soko Holdings Co. Ltd.		65,400		1,362,319
Mitsuuroko Group Holdings Co. Ltd.		118,300		1,066,308


Security	Shares		Value


Japan (continued)
Mixi Inc.		203,700	$	3,770,946
Mizuho Leasing Co. Ltd.		131,400		3,670,048
Mizuno Corp.		179,800		3,461,679
Mochida Pharmaceutical Co. Ltd.		93,100		2,895,823
Modec Inc.		87,500		877,420
Monex Group Inc.		756,370		3,834,694
Money Forward Inc.^(a)(c)		203,100		9,242,309
Monogatari Corp. (The)		46,900		2,548,743
Mori Hills REIT Investment Corp.		7,298		8,941,762
Mori Trust Hotel Reit Inc.		1,197		1,230,839
Mori Trust Sogo REIT Inc.		4,855		5,881,496
Morinaga & Co. Ltd./Japan		183,600		5,851,485
Morinaga Milk Industry Co. Ltd.		180,600		8,755,863
Morita Holdings Corp.		82,100		909,891
MOS Food Services Inc.		157,000		4,134,576
Musashi Seimitsu Industry Co. Ltd.		214,900		3,237,201
Musashino Bank Ltd. (The)		185,500		2,982,656
Nabtesco Corp.		520,600		16,273,417
Nachi-Fujikoshi Corp.		75,700		2,828,294
Nafco Co. Ltd.		71,800		1,048,557
Nagaileben Co. Ltd.		50,500		922,600
Nagase & Co. Ltd.		510,300		8,150,865
Nagawa Co. Ltd.^(c)		35,100		2,968,168
Nagoya Railroad Co. Ltd.^(a)		895,200		14,136,126
Nakanishi Inc.		349,100		6,190,062
Nankai Electric Railway Co. Ltd.		488,300		9,694,596
Nanto Bank Ltd. (The)		162,300		2,744,812
NEC Networks & System Integration Corp.		320,800		4,629,229
NET One Systems Co. Ltd.		412,200		9,784,311
Nextage Co. Ltd.		208,800		5,243,408
NGK Spark Plug Co. Ltd.		731,500		12,435,439
NH Foods Ltd.		393,600		15,178,854
NHK Spring Co. Ltd.		932,400		7,307,746
Nichias Corp.		277,400		6,297,218
Nichicon Corp.		233,600		2,447,594
Nichiden Corp.		23,000		440,290
Nichiha Corp.		121,300		2,998,716
Nichi-Iko Pharmaceutical Co. Ltd.		240,500		1,535,549
Nichirei Corp.		538,100		12,382,425
Nifco Inc./Japan		385,900		11,233,952
Nihon Chouzai Co. Ltd.		31,800		368,903
Nihon Kohden Corp.		383,900		10,182,181
Nihon Parkerizing Co. Ltd.		554,700		5,028,224
Nihon Unisys Ltd.		342,300		9,005,164
Nikkiso Co. Ltd.		240,300		1,773,058
Nikkon Holdings Co. Ltd.		310,800		5,854,860
Nikon Corp.		1,447,800		15,110,638
Nippn Corp., New		192,700		2,826,818
Nippon Accommodations Fund Inc.		2,156		11,653,041
Nippon Carbon Co. Ltd.		43,400		1,510,441
Nippon Ceramic Co. Ltd.		89,200		1,907,738
Nippon Densetsu Kogyo Co. Ltd.		118,900		1,544,550
Nippon Electric Glass Co. Ltd.		385,200		9,622,419
Nippon Gas Co. Ltd.		515,400		7,212,596
Nippon Kanzai Co. Ltd.		89,200		2,191,472
Nippon Kayaku Co. Ltd.		662,200		6,583,929
Nippon Koei Co. Ltd.		38,400		997,142
Nippon Light Metal Holdings Co. Ltd.		274,690		4,209,273
Nippon Paper Industries Co. Ltd.		475,600		4,819,141
Nippon Parking Development Co. Ltd.		1,907,700		2,250,185


70		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI EAFE Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Japan (continued)
NIPPON REIT Investment Corp.		2,155	$	7,261,395
Nippon Road Co. Ltd. (The)		14,200		1,034,533
Nippon Seiki Co. Ltd.		217,700		1,944,611
Nippon Sheet Glass Co. Ltd.^(a)		436,000		1,916,735
Nippon Shokubai Co. Ltd.		124,700		5,872,404
Nippon Signal Company Ltd.		186,800		1,455,378
Nippon Soda Co. Ltd.		95,200		2,724,188
Nippon Steel Trading Corp.		78,900		3,561,303
Nippon Suisan Kaisha Ltd.		1,367,300		6,406,324
Nippon Television Holdings Inc.		236,200		2,466,729
Nipro Corp.		666,300		6,181,049
Nishimatsu Construction Co. Ltd.		162,800		5,407,224
Nishimatsuya Chain Co. Ltd.		194,700		2,483,101
Nishi-Nippon Financial Holdings Inc.		575,400		4,075,576
Nishi-Nippon Railroad Co. Ltd.		289,100		6,466,189
Nishio Rent All Co. Ltd.		113,700		2,785,532
Nissan Shatai Co. Ltd.		392,400		2,358,492
Nissei ASB Machine Co. Ltd.		33,800		911,680
Nissha Co. Ltd.		192,100		2,445,695
Nisshin Oillio Group Ltd. (The)		162,200		4,247,044
Nisshinbo Holdings Inc.		686,700		5,720,450
Nissin Electric Co. Ltd.		260,800		3,289,941
Nitta Corp.		60,700		1,487,426
Nittetsu Mining Co. Ltd.		19,100		1,068,589
Nitto Boseki Co. Ltd.		113,300		2,703,825
Nitto Kogyo Corp.		162,300		2,183,378
Nittoku Co. Ltd.^(c)		66,600		1,761,880
Noevir Holdings Co. Ltd.		83,200		3,768,340
NOF Corp.		326,200		14,936,744
Nohmi Bosai Ltd.		86,900		1,598,738
Nojima Corp.		154,400		3,113,708
NOK Corp.		409,400		4,377,272
Nomura Co. Ltd.		407,200		3,260,786
Noritake Co. Ltd./Nagoya Japan		21,300		852,369
Noritsu Koki Co. Ltd.		91,100		1,636,617
Noritz Corp.		118,100		1,736,773
North Pacific Bank Ltd.		1,520,600		3,322,756
NS Solutions Corp.		157,700		4,484,720
NS United Kaiun Kaisha Ltd.		48,200		1,282,447
NSD Co. Ltd.		335,380		5,728,245
NSK Ltd.		1,843,800		12,576,617
NTN Corp.^(a)		1,934,000		3,900,641
NTT UD REIT Investment Corp.		5,978		8,039,841
Obara Group Inc.		66,400		1,924,409
OBIC Business Consultants Co. Ltd.		145,400		5,483,377
Ogaki Kyoritsu Bank Ltd. (The)		199,300		3,518,007
Ohsho Food Service Corp.		39,100		2,017,996
Oiles Corp.		41,300		578,288
Oisix ra daichi Inc.^(a)		120,500		2,511,369
Okamoto Industries Inc.		33,100		1,169,048
Okamura Corp.		254,600		2,691,659
Okasan Securities Group Inc.		820,600		2,738,648
Oki Electric Industry Co. Ltd.		397,900		3,043,705
Okinawa Cellular Telephone Co.		60,900		2,653,231
Okinawa Electric Power Co. Inc. (The)		233,877		2,856,732
Okinawa Financial Group Inc., NVS		53,900		1,041,686
OKUMA Corp.		111,100		4,846,554
Okumura Corp.		149,300		4,262,407
One REIT Inc.		988		2,563,241
Onward Holdings Co. Ltd.		443,300		1,111,055


Security	Shares		Value


Japan (continued)
Open Door Inc.^(a)		54,800	$	734,435
Optex Group Co. Ltd.		167,000		2,226,255
Optim Corp.^(a)(c)		79,600		674,843
Optorun Co. Ltd.		130,100		2,660,902
Organo Corp.		30,200		2,208,483
Orient Corp.		2,496,700		2,668,403
Oro Co. Ltd.		31,900		662,067
Osaka Organic Chemical Industry Ltd.		69,500		1,913,292
Osaka Soda Co. Ltd.		57,200		1,518,269
OSG Corp.		403,800		7,109,006
Outsourcing Inc.		551,000		6,382,840
Pacific Industrial Co. Ltd.		126,500		1,207,523
Pack Corp. (The)		37,000		866,253
PAL GROUP Holdings Co. Ltd.		80,000		1,166,088
Paltac Corp.		133,700		5,124,344
Paramount Bed Holdings Co. Ltd.		175,600		2,922,115
Park24 Co. Ltd.^(a)		524,300		7,931,202
Pasona Group Inc.		107,600		2,379,422
Penta-Ocean Construction Co. Ltd.		1,317,200		7,314,714
PeptiDream Inc.^(a)		469,800		8,434,207
Pharma Foods International Co. Ltd.^(c)		104,100		1,478,414
Pigeon Corp.		557,000		10,856,861
Pilot Corp.		137,800		4,908,069
Piolax Inc.		63,800		968,773
PKSHA Technology Inc.^(a)		73,300		1,265,966
Plaid Inc.^(a)(c)		73,700		796,704
Plenus Co. Ltd.		112,800		1,926,851
Plus Alpha Consulting Co. Ltd., NVS		57,500		1,116,114
Premier Anti-Aging Co. Ltd.^(a)(c)		14,700		923,315
Pressance Corp.		105,200		1,922,377
Prestige International Inc.		460,900		2,929,536
Prima Meat Packers Ltd.		130,600		2,868,351
Proto Corp.		264,400		3,069,482
Qol Holdings Co. Ltd.		164,800		1,919,788
Raito Kogyo Co. Ltd.		254,100		4,147,912
Raiznext Corp.		233,300		2,345,080
Raksul Inc.^(a)		109,500		3,574,076
Rakus Co. Ltd.		348,700		7,024,406
Relia Inc.		212,600		1,796,933
Relo Group Inc.		552,500		9,970,722
Rengo Co. Ltd.		857,800		6,401,038
RENOVA Inc.^(a)		169,300		2,406,809
Resorttrust Inc.		385,900		6,178,123
Restar Holdings Corp.		77,800		1,323,732
Retail Partners Co. Ltd.		92,100		950,670
Ricoh Leasing Co. Ltd.		79,900		2,593,396
Riken Keiki Co. Ltd.		37,200		1,779,782
Riken Vitamin Co. Ltd.		68,400		1,011,642
Ringer Hut Co. Ltd.^(a)		181,900		3,485,688
Riso Kagaku Corp.		102,000		1,829,453
Riso Kyoiku Co. Ltd.		547,400		1,947,986
Rohto Pharmaceutical Co. Ltd.		452,500		12,496,367
Roland Corp.		61,800		2,357,404
Rorze Corp.		50,500		4,771,921
Round One Corp.		270,500		3,300,274
Royal Holdings Co. Ltd.^(a)		128,900		2,010,882
RS Technologies Co. Ltd.		33,300		1,689,398
Ryosan Co. Ltd.		123,600		2,449,091
Ryoyo Electro Corp.^(c)		64,600		1,222,657
S Foods Inc.		98,200		3,016,441


S C H E D U L E O F I N V E S T M E N T S		71

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI EAFE Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Japan (continued)
Saibu Gas Holdings Co. Ltd.		98,000	$	1,867,031
Saizeriya Co. Ltd.		141,900		3,281,327
Sakai Moving Service Co. Ltd.		31,200		1,193,579
Sakata INX Corp.		110,600		931,396
Sakata Seed Corp.		160,000		4,699,571
SAMTY Co. Ltd.		137,300		2,493,743
Samty Residential Investment Corp.		1,311		1,333,522
San-A Co. Ltd.		77,200		2,737,958
San-Ai Oil Co. Ltd.		248,400		2,024,401
SanBio Co. Ltd.^(a)(c)		143,800		1,363,505
Sangetsu Corp.		259,600		3,595,143
San-in Godo Bank Ltd. (The)		723,700		4,075,991
Sanken Electric Co. Ltd.		109,300		4,765,202
Sanki Engineering Co. Ltd.		270,700		3,343,984
Sankyo Co. Ltd.		216,100		5,564,086
Sankyu Inc.		264,900		9,583,480
Sanrio Co. Ltd.		233,800		4,534,578
Sansan Inc.^(a)		308,100		3,415,463
Sanwa Holdings Corp.		883,700		9,569,645
Sanyo Chemical Industries Ltd.		60,200		2,743,216
Sanyo Denki Co. Ltd.		36,000		1,678,549
Sanyo Special Steel Co. Ltd.		117,700		2,206,571
Sapporo Holdings Ltd.		292,900		5,681,476
Sato Holdings Corp.		119,500		2,107,496
Sawai Group Holdings Co. Ltd.		186,500		7,059,341
SB Technology Corp.		41,900		871,344
SBS Holdings Inc.		89,500		2,760,649
SCREEN Holdings Co. Ltd.		182,500		18,314,955
Sega Sammy Holdings Inc.		833,800		14,000,049
Seibu Holdings Inc.^(a)		1,070,800		10,505,206
Seikagaku Corp.		288,800		2,364,112
Seiko Holdings Corp.		124,900		2,335,501
Seino Holdings Co. Ltd.		590,600		5,859,612
Seiren Co. Ltd.		205,800		3,890,999
Sekisui House Reit Inc.		19,687		13,409,144
Sekisui Jushi Corp.		77,000		1,360,357
Senko Group Holdings Co. Ltd.		515,600		4,140,237
Septeni Holdings Co. Ltd.		326,100		1,194,307
Seria Co. Ltd.		217,600		5,475,954
Seven Bank Ltd.		2,737,000		5,784,426
Shibaura Machine Co. Ltd.		100,300		2,888,154
Shibuya Corp.		90,200		1,999,862
SHIFT Inc.^(a)		55,000		9,138,307
Shiga Bank Ltd. (The)		211,700		4,124,655
Shikoku Chemicals Corp.		77,000		958,413
Shikoku Electric Power Co. Inc.		767,400		5,334,537
Shima Seiki Manufacturing Ltd.		125,700		1,901,464
Shimamura Co. Ltd.		106,200		9,716,885
Shin Nippon Air Technologies Co. Ltd.		37,500		668,324
Shin-Etsu Polymer Co. Ltd.		178,900		1,714,324
Shinko Electric Industries Co. Ltd.		323,400		14,882,313
Shinmaywa Industries Ltd.		237,000		1,820,644
Shinnihon Corp.		14,900		97,418
Shinsei Bank Ltd.		309,700		5,742,251
Ship Healthcare Holdings Inc.		370,600		8,318,061
Shizuoka Gas Co. Ltd.		164,700		1,437,813
SHO-BOND Holdings Co. Ltd.		197,500		8,648,577
Shochiku Co. Ltd.^(a)		42,900		4,441,354
Shoei Co. Ltd.		109,800		4,227,800
Shoei Foods Corp.		38,300		1,324,297


Security	Shares		Value


Japan (continued)
Showa Denko KK		826,800	$	17,175,754
Showa Sangyo Co. Ltd.		42,700		1,000,135
Siix Corp.		129,500		1,476,242
Sinko Industries Ltd.		66,500		1,057,904
SKY Perfect JSAT Holdings Inc.		732,400		2,756,528
Skylark Holdings Co. Ltd.		1,092,700		14,277,231
SMS Co. Ltd.		331,500		9,113,803
Snow Peak Inc.		130,900		2,672,035
Sodick Co. Ltd.		224,100		1,562,993
Sojitz Corp.		1,137,120		17,820,683
Solasto Corp.		246,000		2,262,574
Sosei Group Corp.^(a)		349,900		4,667,464
SOSiLA Logistics REIT Inc.		2,958		4,140,287
Sotetsu Holdings Inc.^(a)		351,400		6,470,551
SPARX Group Co. Ltd.		811,200		1,844,737
S-Pool Inc.		311,400		2,839,041
SRE Holdings Corp.^(a)		31,600		1,225,453
Star Asia Investment Corp.		7,240		3,810,145
Star Micronics Co. Ltd.		205,100		2,601,039
Starts Corp. Inc.		137,700		2,998,074
Starts Proceed Investment Corp.		1,075		2,015,046
Strike Co. Ltd.		37,100		1,444,457
Sugi Holdings Co. Ltd.		169,200		9,926,068
Sumitomo Bakelite Co. Ltd.		173,100		8,341,721
Sumitomo Densetsu Co. Ltd.		76,400		1,392,623
Sumitomo Forestry Co. Ltd.		674,900		11,882,017
Sumitomo Heavy Industries Ltd.		526,100		13,816,675
Sumitomo Mitsui Construction Co. Ltd.		762,480		2,881,127
Sumitomo Osaka Cement Co. Ltd.		164,400		5,041,398
Sumitomo Riko Co. Ltd.		49,700		254,226
Sumitomo Rubber Industries Ltd.		815,000		8,480,725
Sumitomo Warehouse Co. Ltd. (The)		384,600		6,906,700
Sun Corp.		61,900		1,029,358
Sun Frontier Fudousan Co. Ltd.		122,200		1,109,177
Sundrug Co. Ltd.		340,700		8,579,466
Suruga Bank Ltd.		778,400		3,357,533
Suzuken Co. Ltd.		322,500		9,571,938
Systena Corp.		1,283,800		3,952,680
T. Hasegawa Co. Ltd.		104,900		2,301,898
Tadano Ltd.		492,800		4,310,359
Taihei Dengyo Kaisha Ltd.		51,000		1,207,112
Taiheiyo Cement Corp.		525,900		10,463,410
Taikisha Ltd.		108,500		2,713,251
Taiyo Holdings Co. Ltd.		169,000		4,985,934
Taiyo Yuden Co. Ltd.		562,400		27,316,438
Takamatsu Construction Group Co. Ltd.		25,800		447,049
Takara Bio Inc.		226,800		4,549,590
Takara Holdings Inc.		666,500		6,464,786
Takara Leben Real Estate Investment Corp.		2,684		2,713,968
Takara Standard Co. Ltd.		82,300		979,820
Takasago International Corp.^(c)		25,100		615,447
Takasago Thermal Engineering Co. Ltd.		218,900		3,659,729
Takashimaya Co. Ltd.		689,600		6,548,758
Takeuchi Manufacturing Co. Ltd.		167,100		4,176,596
Taki Chemical Co. Ltd.		20,900		959,275
Takuma Co. Ltd.		295,700		3,781,561
Tama Home Co. Ltd.		71,800		1,462,971
Tamron Co. Ltd.		73,500		1,602,186
Tamura Corp.^(c)		347,800		1,976,621
TBS Holdings Inc.		172,400		2,578,312


72		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI EAFE Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Japan (continued)
TechMatrix Corp.		178,300	$	2,538,547
TechnoPro Holdings Inc.		518,500		13,264,340
Teijin Ltd.		844,600		10,647,646
Teikoku Sen-I Co. Ltd.		83,400		1,453,962
Tenma Corp.		24,600		537,076
T-Gaia Corp.		94,300		1,368,128
THK Co. Ltd.		579,700		14,484,784
TKC Corp.		105,700		2,777,587
TKP Corp.^(a)		72,000		770,378
Toa Corp./Tokyo		83,600		1,768,426
Toagosei Co. Ltd.		542,400		5,348,991
TOC Co. Ltd.		537,300		3,345,101
Tocalo Co. Ltd.		247,400		3,006,426
Toda Corp.		1,105,000		7,138,514
Toei Co. Ltd.		25,200		3,741,142
Toenec Corp.		6,700		185,722
Toho Bank Ltd. (The)		955,700		1,777,779
Toho Gas Co. Ltd.		353,100		9,650,489
Toho Holdings Co. Ltd.		248,700		3,888,685
Toho Titanium Co. Ltd.		203,800		1,585,695
Tohoku Electric Power Co. Inc.		2,158,300		15,202,809
Tokai Carbon Co. Ltd.		911,000		9,448,597
Tokai Corp./Gifu		47,200		741,615
TOKAI Holdings Corp.		426,200		3,265,655
Tokai Rika Co. Ltd.		244,100		3,180,005
Tokai Tokyo Financial Holdings Inc.		999,000		3,516,548
Token Corp.		32,300		2,616,367
Tokushu Tokai Paper Co. Ltd.		16,400		591,089
Tokuyama Corp.		285,000		4,536,432
Tokyo Ohka Kogyo Co. Ltd.		150,800		8,932,900
Tokyo Seimitsu Co. Ltd.		178,600		7,575,565
Tokyo Steel Manufacturing Co. Ltd.		414,100		3,964,630
Tokyo Tatemono Co. Ltd.		901,600		13,439,650
Tokyotokeiba Co. Ltd.		76,900		2,819,031
Tokyu Construction Co. Ltd.		450,840		2,767,625
Tokyu Fudosan Holdings Corp.		2,899,500		15,883,983
Tokyu REIT Inc.		4,087		6,603,632
TOMONY Holdings Inc.		1,182,100		3,352,115
Tomy Co. Ltd.		385,100		3,759,587
Topcon Corp.		490,500		6,657,392
Topre Corp.		191,600		2,000,706
Toridoll Holdings Corp.		209,700		4,222,255
Torii Pharmaceutical Co. Ltd.		42,000		1,044,418
Tosei Corp.		135,500		1,240,585
Toshiba TEC Corp.		118,800		4,476,292
Tosho Co. Ltd.		75,600		955,252
Totetsu Kogyo Co. Ltd.		145,500		3,104,954
Towa Pharmaceutical Co. Ltd.		109,100		2,675,958
Toyo Construction Co. Ltd.		564,900		2,815,945
Toyo Gosei Co. Ltd.		25,600		2,733,701
Toyo Ink SC Holdings Co. Ltd.		182,400		3,026,963
Toyo Seikan Group Holdings Ltd.		682,800		8,317,065
Toyo Tanso Co. Ltd.		66,300		1,704,748
Toyo Tire Corp.		511,900		7,237,861
Toyobo Co. Ltd.		368,900		4,151,622
Toyoda Gosei Co. Ltd.		310,500		6,525,813
Toyota Boshoku Corp.		310,200		5,498,427
TPR Co. Ltd.		193,300		2,449,308
Trancom Co. Ltd.		19,400		1,377,519
Transcosmos Inc.		114,700		2,923,272


Security	Shares		Value


Japan (continued)
TRE Holdings Corp.		201,100	$	2,537,971
Tri Chemical Laboratories Inc.		122,400		3,311,955
Trusco Nakayama Corp.		220,600		4,694,788
TS Tech Co. Ltd.		421,000		5,547,295
Tsubaki Nakashima Co. Ltd.		204,500		2,534,026
Tsubakimoto Chain Co.		130,400		3,651,849
Tsugami Corp.		199,700		2,317,984
Tsukishima Kikai Co. Ltd.		81,100		772,700
Tsumura & Co.		276,400		7,839,428
TV Asahi Holdings Corp.		89,600		1,165,333
UACJ Corp.^(a)		147,694		3,399,869
Ube Industries Ltd.		476,200		8,561,872
Uchida Yoko Co. Ltd.		33,200		1,314,552
Ulvac Inc.		211,100		10,741,096
Union Tool Co.		14,300		463,456
United Arrows Ltd.		101,500		1,639,460
United Super Markets Holdings Inc.		314,300		2,865,712
United Urban Investment Corp.		14,156		16,726,087
Universal Entertainment Corp.^(a)		117,600		2,418,025
Usen-Next Holdings Co. Ltd.		73,200		1,539,954
Ushio Inc.		467,400		7,263,590
UT Group Co. Ltd.		126,900		3,636,288
Uzabase Inc.^(a)		101,100		955,886
Valor Holdings Co. Ltd.		176,700		3,396,559
ValueCommerce Co. Ltd.		77,200		2,380,250
Vector Inc.		138,200		1,173,884
Vision Inc./Tokyo Japan^(a)(c)		138,800		1,210,088
Visional Inc.^(a)		61,300		4,502,591
VT Holdings Co. Ltd.		487,400		1,892,350
Wacoal Holdings Corp.		201,100		3,689,255
Wacom Co. Ltd.		724,400		5,261,865
Wakita & Co. Ltd.		82,700		729,701
WDB Holdings Co. Ltd.		19,100		450,004
WealthNavi Inc.^(a)(c)		113,600		1,627,936
Weathernews Inc.		25,600		1,745,308
West Holdings Corp.^(c)		109,530		3,291,002
World Holdings Co. Ltd.		36,000		727,203
Xebio Holdings Co. Ltd.		193,700		1,518,250
YAMABIKO Corp.		246,100		2,244,428
Yamada Holdings Co. Ltd.		3,241,400		10,939,282
Yamaguchi Financial Group Inc.		949,800		5,893,492
YA-MAN Ltd.^(c)		142,500		1,129,989
Yamato Kogyo Co. Ltd.		194,000		5,969,130
Yamazaki Baking Co. Ltd.		580,400		8,298,470
Yamazen Corp.		178,300		1,551,172
Yaoko Co. Ltd.		87,000		5,029,881
Yellow Hat Ltd.		133,000		1,844,045
Yodogawa Steel Works Ltd.		203,400		4,333,374
Yokogawa Bridge Holdings Corp.		172,100		3,214,846
Yokohama Rubber Co. Ltd. (The)		564,600		8,231,072
Yokorei Co. Ltd.		491,000		3,648,656
Yokowo Co. Ltd.		80,100		1,840,032
Yonex Co. Ltd.		258,100		1,610,451
Yoshinoya Holdings Co. Ltd.		314,000		6,488,552
Yuasa Trading Co. Ltd.		44,700		1,131,218
Yukiguni Maitake Co. Ltd.		93,300		947,166
Yurtec Corp.		91,900		547,903
Zenkoku Hosho Co. Ltd.		248,400		11,117,919
Zenrin Co. Ltd.		168,600		1,415,913
Zensho Holdings Co. Ltd.		439,500		10,581,581


S C H E D U L E O F I N V E S T M E N T S		73

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI EAFE Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Japan (continued)
Zeon Corp.		631,900	$	7,332,598
ZERIA Pharmaceutical Co. Ltd.		186,700		3,122,116
Zojirushi Corp.		168,200		2,114,147
Zuken Inc.		80,200		2,074,599


				3,893,804,167

Netherlands — 2.7%
Aalberts NV		478,072		29,224,599
Accell Group NV^(a)(c)		121,214		7,888,699
AerCap Holdings NV^(a)(c)		640,423		40,346,649
Alfen Beheer BV^(a)(c)(d)		99,933		7,452,182
AMG Advanced Metallurgical Group NV		149,378		5,140,894
Arcadis NV		348,346		15,248,870
ASR Nederland NV		652,995		30,361,397
B&S Group Sarl^(d)		156,862		1,267,704
Basic-Fit NV^(a)(c)(d)		238,039		11,356,205
BE Semiconductor Industries NV		319,791		26,813,949
Boskalis Westminster		375,568		10,632,294
Brunel International NV		130,029		1,597,785
Cementir Holding NV		160,585		1,415,832
CM.Com NV^(a)(c)		58,146		1,584,213
Corbion NV		284,199		11,866,291
COSMO Pharmaceuticals NV^(a)		41,051		2,545,038
Eurocommercial Properties NV		203,304		4,916,382
Fastned BV^(a)(c)		21,387		1,125,999
Flow Traders^(d)		156,878		6,084,552
ForFarmers NV^(c)		159,647		726,211
Fugro NV^(a)		479,086		3,830,979
Intertrust NV^(a)(d)		436,305		9,484,598
Iveco Group NV, NVS^(a)		988,684		10,518,683
Koninklijke BAM Groep NV^(a)		1,292,545		4,315,755
Koninklijke Vopak NV		331,061		11,358,994
Meltwater Holding BV^(a)(c)		705,036		1,844,353
MFE-MediaForEurope NV^(a)		1,402,945		1,163,191
MFE-MediaForEurope NV		1,402,825		1,790,052
NSI NV		105,188		4,361,826
OCI NV^(a)		457,134		12,510,794
Pharming Group NV^(a)(c)		3,106,627		2,854,394
PostNL NV		2,306,344		9,879,731
Rhi Magnesita NV		136,336		6,288,443
SBM Offshore NV		711,083		11,253,815
Shop Apotheke Europe NV^(a)(d)		65,131		8,467,803
SIF Holding NV		45,173		542,827
Signify NV^(d)		615,684		32,612,112
Sligro Food Group NV^(a)		116,759		2,978,584
SNS REAAL NV^(a)(b)(c)		287,474		3
Technip Energies NV^(a)		501,432		7,672,661
TKH Group NV		194,820		11,241,893
TomTom NV^(a)(c)		323,543		3,091,918
Van Lanschot Kempen NV		141,319		3,559,984
Vastned Retail NV		63,974		1,790,773
Wereldhave NV		165,096		2,536,587


				383,546,498

New Zealand — 0.9%
a2 Milk Co. Ltd. (The)^(a)(c)		3,553,170		13,102,331
Air New Zealand Ltd.^(a)(c)		2,661,500		2,521,824
Argosy Property Ltd.		3,954,306		3,890,538
Chorus Ltd.		2,210,281		10,121,267
Contact Energy Ltd.		3,680,426		19,078,361
Fletcher Building Ltd.		3,680,143		15,651,925


Security	Shares		Value


New Zealand (continued)
Genesis Energy Ltd.		2,153,323	$	3,783,087
Goodman Property Trust		5,188,528		8,486,464
Infratil Ltd.		3,453,414		17,234,675
Kiwi Property Group Ltd.		10,031,996		7,515,074
Oceania Healthcare Ltd.		2,892,245		2,255,018
Precinct Properties New Zealand Ltd.		5,102,870		5,421,646
Pushpay Holdings Ltd.^(a)		4,561,533		3,272,955
SKYCITY Entertainment Group Ltd.		3,741,953		6,721,819
Summerset Group Holdings Ltd.		1,042,438		8,402,333
Synlait Milk Ltd.^(a)(c)		456,193		948,962
Z Energy Ltd.		2,507,015		5,856,136


				134,264,415

Norway — 2.4%
Aker ASA, Class A		123,923		10,600,862
Aker Carbon Capture ASA^(a)		1,313,387		2,932,177
Aker Horizons Holding AS^(a)(c)		531,408		1,193,839
Aker Solutions ASA^(a)		1,161,706		3,038,710
Atea ASA^(a)		389,046		6,588,759
Atlantic Sapphire ASA^(a)(c)		284,405		1,180,650
Austevoll Seafood ASA		432,293		5,725,286
Bakkafrost P/F		241,259		16,632,036
Bonheur ASA		90,295		3,161,281
Borregaard ASA		462,755		10,884,083
BW Energy Ltd.^(a)		363,041		941,459
BW LPG Ltd.^(d)		365,057		1,969,257
BW Offshore Ltd.		414,057		1,266,596
Crayon Group Holding ASA^(a)(d)		249,355		4,819,984
DNO ASA		1,961,463		2,879,970
Elkem ASA^(d)		1,369,217		4,994,115
Elopak ASA, NVS^(a)		579,013		1,469,908
Entra ASA^(d)		299,809		6,590,135
Europris ASA^(d)		735,086		5,490,464
Fjordkraft Holding ASA^(d)		475,372		2,026,936
Flex LNG Ltd.		143,792		2,841,015
Frontline Ltd./Bermuda^(a)		463,336		3,050,125
Golden Ocean Group Ltd.		621,614		5,663,427
Grieg Seafood ASA^(a)		251,426		2,599,420
Hafnia Ltd.^(a)(c)		481,795		880,817
Hexagon Composites ASA^(a)		540,091		1,665,264
Hexagon Purus ASA^(a)(c)		269,668		527,818
Kahoot! ASA^(a)(c)		1,250,127		5,019,215
Kongsberg Gruppen ASA		429,034		13,002,340
Leroy Seafood Group ASA		1,425,144		11,879,380
LINK Mobility Group Holding ASA^(a)		827,503		1,270,336
MPC Container Ships AS, NVS^(a)		1,273,196		4,322,793
NEL ASA^(a)(c)		7,004,543		9,510,423
Nordic Semiconductor ASA^(a)		832,014		24,652,504
Norway Royal Salmon ASA		59,740		1,296,359
Norwegian Air Shuttle ASA^(a)(c)		2,877,137		3,920,801
Nykode Therapeutics AS^(a)		629,367		3,991,039
Pexip Holding ASA^(a)(c)		361,795		1,392,085
Protector Forsikring ASA		351,517		4,682,238
Quantafuel ASA^(a)(c)		616,089		1,441,945
REC Silicon ASA^(a)(c)		1,456,811		2,558,042
Salmar ASA		283,349		19,319,652
Sbanken ASA^(d)		266,215		2,813,606
Scatec ASA^(d)		573,884		8,476,279
Selvaag Bolig ASA		328,017		1,930,583
SpareBank 1 Nord Norge		389,013		4,898,747
Sparebank 1 Oestlandet		115,723		1,921,543


74		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI EAFE Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Norway (continued)
SpareBank 1 SMN		707,994	$	11,725,066
SpareBank 1 SR-Bank ASA		845,261		12,630,246
Stolt-Nielsen Ltd.		214,967		3,892,545
Storebrand ASA		2,240,300		23,884,678
TGS ASA		540,563		5,820,458
Tomra Systems ASA		569,856		28,489,996
Veidekke ASA		514,966		7,697,268
Volue ASA^(a)(c)		235,690		1,404,494
Wallenius Wilhelmsen ASA^(a)		513,761		2,775,026
XXL ASA^(d)		637,494		993,441


				339,227,521

Portugal — 0.2%
Altri SGPS SA		380,435		2,433,207
Banco Comercial Portugues SA, Class R^(a)		39,727,202		6,751,011
Corticeira Amorim SGPS SA		123,384		1,418,980
CTT-Correios de Portugal SA		562,343		2,747,168
Navigator Co. SA (The)		1,109,626		4,186,100
NOS SGPS SA		1,002,005		3,944,463
REN - Redes Energeticas Nacionais SGPS SA		1,924,751		5,487,870
Semapa-Sociedade de Investimento e Gestao		77,927		1,044,598
Sonae SGPS SA		4,499,200		5,169,585


				33,182,982

Singapore — 2.0%
AEM Holdings Ltd.		1,250,200		4,203,119
AIMS APAC REIT^(c)		2,449,600		2,525,125
ARA LOGOS Logistics Trust		5,974,182		3,654,897
Ascendas India Trust^(c)		3,984,300		3,845,198
Ascott Residence Trust		8,799,796		6,667,555
Best World International Ltd.^(a)(b)(c)		1,890,600		721,407
CapitaLand China Trust		4,882,034		4,279,216
CDL Hospitality Trusts		4,326,700		3,640,881
China Aviation Oil Singapore Corp. Ltd.		568,100		393,185
ComfortDelGro Corp. Ltd.		10,055,800		10,153,652
COSCO Shipping International Singapore Co. Ltd.^(a)(c)		6,381,900		1,186,940
Cromwell European Real Estate Investment Trust		1,314,360		3,425,754
Eagle Hospitality Trust^(a)(b)(c)		2,020,200		20
ESR-REIT		12,300,200		3,869,562
Far East Hospitality Trust^(c)		4,260,900		1,755,918
First Resources Ltd.		2,755,700		3,380,208
Frasers Centrepoint Trust		5,021,538		8,430,251
Frasers Hospitality Trust^(c)		1,751,200		576,841
Frasers Logistics & Commercial Trust		13,328,036		13,559,248
Frencken Group Ltd.		1,428,500		1,749,571
Golden Agri-Resources Ltd.		31,527,500		5,760,808
Haw Par Corp. Ltd.		582,700		5,021,131
Hutchison Port Holdings Trust, Class U		25,097,000		5,928,087
iFAST Corp. Ltd.^(c)		673,000		3,125,137
Japfa Ltd.^(c)		2,116,720		967,377
Kenon Holdings Ltd./Singapore^(c)		116,345		6,540,777
Keppel DC REIT^(c)		6,671,500		10,590,295
Keppel Infrastructure Trust		16,144,900		6,692,434
Keppel Pacific Oak US REIT		3,966,500		2,935,210
Keppel REIT		8,428,900		7,025,065
Lendlease Global Commercial REIT		4,211,400		2,565,436
Manulife US Real Estate Investment Trust		6,576,231		4,251,244
Mapletree Industrial Trust		9,621,793		17,923,557
Mapletree North Asia Commercial Trust		10,801,700		8,664,212
Maxeon Solar Technologies Ltd.^(a)(c)		58,104		640,887


Security	Shares		Value


Singapore (continued)
Nanofilm Technologies International Ltd.^(c)		1,312,700	$	2,771,410
NetLink NBN Trust		14,725,900		10,573,391
Olam International Ltd.		3,595,100		4,492,104
OUE Commercial Real Estate Investment Trust		10,262,179		3,114,470
OUE Ltd.		1,352,600		1,324,555
Parkway Life REIT		1,883,800		6,699,713
Prime U.S. REIT		2,477,194		1,919,825
Raffles Medical Group Ltd.^(c)		4,683,900		4,437,908
Razer Inc.^(a)(c)(d)		9,194,000		2,708,198
Riverstone Holdings Ltd./Singapore^(c)		2,698,100		1,408,017
Sasseur Real Estate Investment Trust		2,526,300		1,489,753
SATS Ltd.^(a)(c)		3,265,900		9,498,546
Sembcorp Industries Ltd.^(c)		4,687,900		7,961,411
Sembcorp Marine Ltd.^(a)		67,360,333		4,109,033
Sheng Siong Group Ltd.^(c)		3,369,600		3,723,681
SIA Engineering Co. Ltd.^(a)(c)		917,000		1,459,902
Silverlake Axis Ltd.^(c)		5,102,840		892,800
Singapore Post Ltd.		7,432,100		3,507,085
Singapore Press Holdings Ltd.		7,677,049		13,242,553
SPH REIT^(c)		4,470,300		3,185,000
Starhill Global REIT^(c)		7,154,000		3,294,076
StarHub Ltd.		2,898,900		2,771,912
Suntec REIT		9,596,900		10,838,548
Yangzijiang Shipbuilding Holdings Ltd.^(c)		11,378,800		10,917,407
Yanlord Land Group Ltd.		2,799,500		2,393,369


				285,384,872

Spain — 2.0%
Acciona SA		118,484		20,638,131
Acerinox SA		766,988		9,773,901
Almirall SA		343,835		4,425,569
Applus Services SA		696,212		6,116,488
Atresmedia Corp. de Medios de Comunicacion SA		475,782		1,850,226
Audax Renovables SA^(c)		516,559		725,484
Banco de Sabadell SA^(a)		26,832,699		20,869,224
Bankinter SA		3,189,040		18,701,199
Befesa SA^(d)		192,156		13,565,663
Cia. de Distribucion Integral Logista Holdings SA		308,948		6,250,641
Cie. Automotive SA		231,341		6,719,786
Construcciones y Auxiliar de Ferrocarriles SA		98,389		3,893,831
Corp Financiera Alba SA		74,846		4,404,486
Distribuidora Internacional de Alimentacion SA^(a)		57,095,750		1,004,114
Ebro Foods SA		334,999		6,202,326
eDreams ODIGEO SA^(a)		277,682		2,439,700
Ence Energia y Celulosa SA^(a)		660,250		1,771,390
Faes Farma SA		1,526,142		5,874,030
Fluidra SA		420,471		13,388,688
Gestamp Automocion SA^(d)		825,629		3,719,566
Global Dominion Access SA^(d)		444,776		2,197,010
Grenergy Renovables SA^(a)(c)		53,616		1,511,896
Grupo Catalana Occidente SA		206,559		6,966,390
Indra Sistemas SA^(a)		628,555		6,404,480
Inmobiliaria Colonial Socimi SA		1,402,847		12,387,759
Laboratorios Farmaceuticos Rovi SA		91,755		6,741,575
Lar Espana Real Estate Socimi SA		347,393		2,100,133
Let’s Gowex SA.^(a)(b)(c)		51,450		1
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros		3,132,100		5,622,431
Mapfre SA		5,106,357		11,089,942
Mediaset Espana Comunicacion SA^(a)		756,211		3,540,945
Melia Hotels International SA^(a)		585,413		4,436,374


S C H E D U L E O F I N V E S T M E N T S		75

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI EAFE Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Spain (continued)
Merlin Properties Socimi SA		1,684,457	$	19,041,908
Metrovacesa SA^(d)		172,765		1,281,013
Miquel y Costas & Miquel SA		142,487		2,004,165
Neinor Homes SA^(d)		210,968		2,569,211
Pharma Mar SA^(c)		70,209		4,418,844
Prosegur Cash SA^(a)(d)		2,353,707		1,726,602
Prosegur Cia. de Seguridad SA		1,053,411		2,624,309
Sacyr SA		1,928,978		4,822,097
Solaria Energia y Medio Ambiente SA^(a)		357,108		6,240,355
Soltec Power Holdings SA^(a)(c)		171,265		1,008,216
Talgo SA^(a)(c)(d)		461,708		2,457,509
Tecnicas Reunidas SA^(a)(c)		155,487		1,394,171
Unicaja Banco SA^(d)		6,339,882		6,498,893
Viscofan SA		187,833		11,384,586
Zardoya Otis SA		911,627		7,229,089


				290,034,347

Sweden — 6.7%
AAK AB		876,358		16,415,387
AcadeMedia AB^(d)		404,274		2,346,973
AddTech AB, Class B		1,254,410		23,205,140
AFRY AB		448,640		10,062,224
Alimak Group AB^(d)		208,046		2,380,764
Ambea AB^(d)		341,594		1,895,760
Arjo AB, Class B		1,027,101		10,264,773
Atrium Ljungberg AB, Class B		216,656		4,679,430
Attendo AB^(a)(d)		494,953		1,744,429
Avanza Bank Holding AB		592,546		18,747,272
Axfood AB		505,214		12,869,536
Bactiguard Holding AB^(a)		87,833		1,325,772
Beijer Alma AB		219,454		5,576,749
Beijer Ref AB		1,188,191		20,738,677
Betsson AB, Class B		527,265		2,950,173
BHG Group AB^(a)(c)		479,676		4,597,942
BICO Group AB, Class B^(a)(c)		161,690		3,228,384
Bilia AB, Class A		349,399		5,243,789
BillerudKorsnas AB		898,804		14,290,964
BioArctic AB^(a)(d)		170,440		1,974,050
BioGaia AB, Class B		82,518		4,486,370
Biotage AB		313,999		6,411,478
Bonava AB, Class B		366,784		3,174,293
Boozt AB^(a)(c)(d)		236,168		4,438,938
Bravida Holding AB^(d)		972,121		11,631,876
Bufab AB		106,717		4,024,624
Bure Equity AB		265,522		9,161,638
Calliditas Therapeutics AB, Class B^(a)(c)		137,886		1,459,215
Camurus AB^(a)		139,449		1,994,959
Castellum AB		1,255,474		29,571,119
Catena AB		137,119		7,783,380
Cellavision AB		73,480		2,398,126
Cibus Nordic Real Estate AB		171,670		4,728,204
Cint Group AB^(a)		713,469		9,488,372
Clas Ohlson AB, Class B		192,588		2,334,066
Cloetta AB, Class B		1,087,440		2,877,954
Collector AB^(a)		283,385		1,111,342
Coor Service Management Holding AB^(d)		431,037		3,661,049
Corem Property Group AB, Class B		2,926,298		8,399,377
Creades AB, Class A		243,593		3,175,727
Desenio Group AB^(a)		293,835		540,816
Dios Fastigheter AB		423,192		4,711,037
Dometic Group AB^(d)		1,542,017		17,081,414


Security	Shares		Value


Sweden (continued)
Duni AB^(a)		169,170	$	1,915,800
Dustin Group AB^(d)		327,782		3,365,885
Electrolux Professional AB, Class B^(a)		1,078,087		7,528,607
Elekta AB, Class B		1,775,855		18,174,468
Fabege AB		1,261,006		18,814,051
Fagerhult AB		381,955		2,381,252
Fingerprint Cards AB, Class B^(a)(c)		1,365,024		2,732,061
Fortnox AB		2,326,340		11,962,599
GARO AB		144,815		2,704,665
Granges AB		512,024		6,350,212
Hansa Biopharma AB^(a)		170,231		1,357,529
Hemnet Group AB^(a)		206,600		3,726,264
Hexatronic Group AB^(c)		140,280		5,688,133
Hexpol AB		1,268,502		15,135,414
HMS Networks AB		123,905		6,471,137
Holmen AB, Class B		449,340		21,824,301
Hufvudstaden AB, Class A		539,165		7,700,298
Humble Group AB^(a)(c)		668,478		1,717,994
Implantica AG, SDR^(a)		107,235		677,352
Indutrade AB		1,305,367		32,474,636
Instalco AB		993,005		7,218,459
Intrum AB^(c)		321,691		9,684,682
Investment AB Oresund		205,634		3,157,917
INVISIO AB		195,129		2,508,922
Inwido AB		252,024		4,410,222
JM AB		271,539		10,284,887
Kambi Group PLC, Class B^(a)		121,332		3,145,632
Karo Pharma AB^(a)		263,288		1,691,300
K-Fast Holding AB^(a)(c)		294,810		2,198,883
Kindred Group PLC		1,103,035		12,814,450
KNOW IT AB		100,996		3,688,965
LeoVegas AB^(d)		356,824		1,302,110
Lime Technologies AB		48,039		1,508,439
Lindab International AB		376,237		10,922,644
Loomis AB		360,461		9,255,687
Mekonomen AB^(a)		193,028		2,849,256
Millicom International Cellular SA, SDR^(a)		492,586		13,149,011
MIPS AB		125,512		12,478,864
Modern Times Group MTG AB, Class B^(a)		495,812		6,636,031
Munters Group AB^(d)		614,753		4,318,220
Mycronic AB		356,572		7,295,642
NCC AB, Class B		389,355		6,436,725
New Wave Group AB, Class B		193,143		2,939,137
Nobia AB		612,998		3,349,563
Nolato AB, Class B		981,481		10,057,536
Nordic Entertainment Group AB, Class B^(a)		352,007		13,628,491
Nordnet AB publ		546,908		8,523,589
Nyfosa AB		869,581		13,536,615
OX2 AB^(a)		390,702		2,182,950
Pandox AB^(a)		442,757		6,436,910
Paradox Interactive AB^(c)		177,438		3,677,632
Peab AB, Class B		884,457		9,941,344
Platzer Fastigheter Holding AB, Class B		296,371		3,909,342
PowerCell Sweden AB^(a)		224,592		3,586,168
Ratos AB, Class B		1,038,787		5,452,837
Re:NewCell AB^(a)(c)		95,917		1,773,682
Resurs Holding AB^(d)		624,688		2,563,925
Rvrc Holding AB		188,875		1,882,098
Saab AB, Class B		354,000		8,394,755
Samhallsbyggnadsbolaget i Norden AB		4,359,745		26,294,154


76		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI EAFE Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Sweden (continued)
Samhallsbyggnadsbolaget i Norden AB, Class D		702,307	$	2,294,139
SAS AB^(a)(c)		17,598,014		2,973,493
Scandic Hotels Group AB^(a)(c)(d)		753,254		3,178,038
Sdiptech AB, Class B^(a)		115,478		4,786,428
Sectra AB^(a)		650,058		10,707,614
Sedana Medical AB^(a)		286,873		2,295,046
SkiStar AB		202,414		3,116,740
SSAB AB, Class A^(a)		1,221,943		7,234,363
SSAB AB, Class B^(a)		2,788,546		14,518,766
Stillfront Group AB^(a)		1,485,580		7,230,825
Storytel AB^(a)(c)		200,552		3,163,305
Subsea 7 SA		1,032,466		7,762,359
Surgical Science Sweden AB^(a)		157,789		3,384,208
Svolder AB, NVS		401,896		3,085,903
Sweco AB, Class B		963,931		13,550,558
SwedenCare AB		309,779		3,533,432
Thule Group AB^(d)		503,376		24,296,168
Tobii AB^(a)(c)		441,752		1,539,787
Tobii Dynavox AB^(a)		441,780		1,207,406
Trelleborg AB, Class B		1,166,572		29,372,980
Troax Group AB		166,982		5,849,791
Vestum AB, NVS^(a)(c)		723,180		2,855,087
Vimian Group AB^(a)(c)		609,308		4,388,070
Vitec Software Group AB		137,545		6,187,952
Vitrolife AB		311,131		12,794,453
VNV Global AB^(a)		419,615		3,628,596
Volati AB		94,870		1,874,051
Wallenstam AB, Class B		778,429		12,251,392
Wihlborgs Fastigheter AB		658,628		13,617,030
Xvivo Perfusion AB^(a)		99,713		2,807,010


			962,458,886

Switzerland — 4.9%
Allreal Holding AG, Registered		67,836		14,719,121
ALSO Holding AG, Registered^(a)		30,776		8,660,997
APG SGA SA^(a)		2,616		536,384
Arbonia AG		249,429		6,030,814
Aryzta AG^(a)(c)		4,799,323		5,509,523
Ascom Holding AG, Registered^(a)		154,978		2,029,516
Autoneum Holding AG^(a)		14,184		2,576,584
Banque Cantonale Vaudoise, Registered		140,951		11,654,328
Basilea Pharmaceutica AG, Registered^(a)(c)		60,626		2,944,650
Belimo Holding AG, Registered		47,530		26,247,034
Bell Food Group AG, Registered		4,668		1,417,021
BKW AG		100,308		11,966,339
Bobst Group SA, Registered^(a)		41,156		3,495,057
Bossard Holding AG, Class A, Registered		27,338		8,571,119
Bucher Industries AG, Registered		32,355		14,897,381
Burckhardt Compression Holding AG		14,860		7,028,366
Burkhalter Holding AG		11,248		779,282
Bystronic AG, Registered		6,542		8,598,144
Cembra Money Bank AG		145,602		10,014,365
Coltene Holding AG, Registered		13,975		1,661,949
Comet Holding AG, Registered		33,760		10,769,995
Daetwyler Holding AG, Bearer		36,138		14,189,768
DKSH Holding AG		172,711		13,847,682
dormakaba Holding AG		14,225		8,145,196
Dufry AG, Registered^(a)		350,180		18,147,041
EFG International AG^(a)		446,901		3,422,961
Emmi AG, Registered		10,389		11,659,984
Flughafen Zurich AG, Registered^(a)		95,609		17,689,241


Security	Shares		Value


Switzerland (continued)
Forbo Holding AG, Registered		5,161	$	9,936,032
Galenica AG^(d)		240,464		16,982,512
Georg Fischer AG, Registered		19,756		28,889,540
Gurit Holding AG, Bearer		1,623		2,524,547
Helvetia Holding AG, Registered		176,780		22,227,711
Huber + Suhner AG, Registered		77,329		7,040,199
Idorsia Ltd.^(a)(c)		528,405		12,308,424
Implenia AG, Registered^(a)		63,488		1,548,822
Inficon Holding AG, Registered		8,253		10,080,724
Interroll Holding AG, Registered		3,059		12,947,554
Intershop Holding AG		7,183		4,743,966
Kardex Holding AG, Registered		31,172		8,652,537
Komax Holding AG, Registered^(a)		17,639		5,440,727
Landis+Gyr Group AG^(a)		105,216		6,939,776
LEM Holding SA, Registered		1,808		4,523,827
Leonteq AG		49,829		3,582,114
Liechtensteinische Landesbank AG		28,111		1,695,791
Medacta Group SA^(a)(d)		36,522		4,666,492
Medartis Holding AG^(a)(d)		8,347		1,147,135
Medmix AG^(a)(d)		117,673		5,091,607
Metall Zug AG, Class B, Registered		975		2,004,398
Meyer Burger Technology AG^(a)(c)		11,472,224		4,439,954
Mobilezone Holding AG, Registered		239,955		3,749,852
Mobimo Holding AG, Registered		32,605		10,669,522
Molecular Partners AG^(a)		98,175		2,692,491
Montana Aerospace AG^(a)(d)		78,876		2,948,103
OC Oerlikon Corp. AG, Registered		894,066		8,680,926
Orior AG		28,708		2,689,152
Peach Property Group AG		38,152		2,363,271
PolyPeptide Group AG^(a)(d)		55,400		5,523,360
PSP Swiss Property AG, Registered		218,544		26,499,334
Relief Therapeutics Holding AG^(a)(c)		9,904,124		716,102
Rieter Holding AG, Registered^(a)		19,382		3,917,961
Schweiter Technologies AG, Bearer		4,894		6,491,762
Sensirion Holding AG^(a)(d)		44,369		5,439,964
SFS Group AG		81,678		11,916,651
Siegfried Holding AG, Registered		18,963		15,352,876
SIG Combibloc Group AG^(a)		1,542,606		35,840,736
Softwareone Holding AG^(a)		455,698		8,953,368
St. Galler Kantonalbank AG, Class A, Registered		14,456		6,985,593
Stadler Rail AG^(c)		242,196		11,525,283
Sulzer AG, Registered		94,274		9,023,476
Swiss Steel Holding AG, Registered^(a)		4,396,040		1,506,504
Swissquote Group Holding SA, Registered		43,943		7,475,417
Tecan Group AG, Registered		57,351		27,884,760
Trifork Holding AG, NVS^(a)		42,469		1,648,759
TX Group AG^(a)		4,168		655,797
u-blox Holding AG^(a)		35,139		2,505,670
Valiant Holding AG, Registered		75,440		7,619,256
Valora Holding AG, Registered^(a)		18,297		3,556,471
Vetropack Holding AG, Registered		55,621		3,227,282
Vontobel Holding AG, Registered		137,983		11,436,243
VZ Holding AG		69,103		6,465,472
V-ZUG Holding AG^(a)		10,254		1,265,032
Ypsomed Holding AG, Registered		16,866		3,152,568
Zehnder Group AG, Registered		52,784		4,831,421
Zur Rose Group AG^(a)		43,348		10,611,393


				700,446,059

United Kingdom — 17.1%
888 Holdings PLC		1,791,114		6,182,594


S C H E D U L E O F I N V E S T M E N T S		77

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI EAFE Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


United Kingdom (continued)
AB Dynamics PLC		75,487	$	1,451,771
Abcam PLC^(a)		1,032,370		18,535,592
Aclara Resources Inc.^(a)		12,571		12,385
Advanced Medical Solutions Group PLC		1,126,831		4,490,857
AG Barr PLC		428,423		2,852,120
Airtel Africa PLC^(d)		4,423,883		9,073,259
AJ Bell PLC		1,483,268		6,764,141
Alliance Pharma PLC		2,165,993		3,157,738
Alpha FX Group PLC		129,760		3,080,175
Alphawave IP Group PLC^(a)(c)		1,270,912		2,760,437
AO World PLC^(a)		1,519,546		2,055,898
Argo Blockchain PLC^(a)(c)		2,206,255		2,327,180
Ascential PLC^(a)		2,087,015		9,969,824
Ashmore Group PLC		2,224,373		8,526,482
ASOS PLC^(a)		333,075		9,993,314
Assura PLC		12,889,378		11,658,131
Aston Martin Lagonda Global Holdings PLC^(a)(d)		332,522		5,397,299
Atalaya Mining PLC		363,215		2,012,569
Auction Technology Group PLC^(a)		397,131		5,725,566
Avacta Group PLC^(a)(c)		1,210,316		1,386,846
Avast PLC^(d)		3,210,962		26,480,558
Avon Protection PLC		158,977		2,426,722
B&M European Value Retail SA		4,316,596		33,054,832
Babcock International Group PLC^(a)		1,209,215		4,953,207
Bakkavor Group PLC^(d)		694,347		1,144,872
Balfour Beatty PLC		3,108,721		10,656,493
Bank of Georgia Group PLC		188,635		3,724,244
Beazley PLC^(a)		2,919,569		19,383,602
Bellway PLC		593,143		22,823,617
Biffa PLC^(d)		1,463,842		6,722,007
Big Yellow Group PLC		841,671		16,911,525
Blue Prism Group PLC^(a)		398,044		6,761,207
BMO Commercial Property Trust Ltd.		3,744,212		5,770,785
Bodycote PLC		907,874		9,763,506
boohoo Group PLC^(a)(c)		4,859,738		7,049,074
Breedon Group PLC		7,212,632		8,293,727
Brewin Dolphin Holdings PLC		1,453,757		6,454,812
Bridgepoint Group PLC^(a)(d)		983,418		5,045,713
Britvic PLC		1,283,453		15,751,492
Burford Capital Ltd.		883,230		8,023,964
Bytes Technology Group PLC		1,002,611		6,284,056
Capita PLC^(a)		7,892,420		3,395,795
Capital & Counties Properties PLC		3,465,291		8,060,116
Capricorn Energy PLC^(a)		2,404,711		6,704,446
Carnival PLC^(a)		736,363		13,512,773
Centamin PLC		5,514,091		6,645,186
Central Asia Metals PLC		843,684		2,518,968
Centrica PLC^(a)		28,205,615		27,733,568
Ceres Power Holdings PLC^(a)(c)		455,945		3,812,244
Chemring Group PLC		1,329,174		4,924,041
Cineworld Group PLC^(a)(c)		4,702,321		2,526,422
Civitas Social Housing PLC		2,962,460		3,844,763
Clarkson PLC		138,153		6,148,902
Clinigen Group PLC		603,032		7,400,892
Clipper Logistics PLC		358,626		3,260,456
Close Brothers Group PLC		722,664		12,557,833
CLS Holdings PLC		876,182		2,654,691
CMC Markets PLC^(d)		624,978		1,933,225
Coats Group PLC		6,811,120		6,026,561
Computacenter PLC		382,164		13,761,340


Security	Shares		Value


United Kingdom (continued)
ContourGlobal PLC^(d)		940,139	$	2,361,885
ConvaTec Group PLC^(d)		7,716,873		18,320,814
Countryside Properties PLC^(a)(d)		2,369,547		9,882,284
Craneware PLC		134,012		3,424,421
Cranswick PLC		250,698		12,423,349
Crest Nicholson Holdings PLC		1,234,614		5,329,986
Currys PLC		5,298,274		7,641,500
Custodian REIT PLC		1,989,940		2,836,845
CVS Group PLC		318,837		8,456,009
Dechra Pharmaceuticals PLC		518,274		29,110,948
Deliveroo PLC^(a)(d)		3,369,892		7,080,009
Derwent London PLC		485,815		22,447,865
Diploma PLC		595,800		22,362,193
Direct Line Insurance Group PLC		6,395,978		26,365,055
Diversified Energy Co. PLC		3,867,888		5,524,440
Domino’s Pizza Group PLC		1,975,241		10,355,313
dotdigital group PLC		1,259,935		2,506,021
Dr. Martens PLC		2,177,581		9,047,186
Drax Group PLC		1,911,604		15,573,959
DS Smith PLC		6,594,002		33,675,233
Dunelm Group PLC		583,664		10,518,362
easyJet PLC^(a)(c)		1,452,152		12,268,494
Electrocomponents PLC		2,247,761		34,032,961
Elementis PLC^(a)		2,777,967		5,320,187
EMIS Group PLC		291,863		5,149,946
Empiric Student Property PLC		2,890,081		3,389,349
Energean PLC^(a)		542,784		6,887,455
Ergomed PLC^(a)		171,942		2,627,367
Essentra PLC		1,460,039		6,803,868
Eurasia Mining PLC^(a)		8,876,223		2,566,590
Euromoney Institutional Investor PLC		518,561		6,431,262
FD Technologies PLC^(a)(c)		105,936		2,308,067
Ferrexpo PLC		1,386,620		4,553,915
Fevertree Drinks PLC		502,629		14,418,770
Finablr PLC^(a)(b)(d)		1,080,679		15
Firstgroup PLC^(a)		3,515,402		4,841,402
Forterra PLC^(d)		1,102,807		3,930,386
Frasers Group PLC^(a)		974,492		9,680,022
Frontier Developments PLC^(a)(c)		103,422		1,925,036
Funding Circle Holdings PLC^(a)(d)		926,740		1,190,285
Future PLC		548,871		23,410,080
Games Workshop Group PLC		157,870		16,926,460
Gamma Communications PLC		391,967		8,245,081
GB Group PLC		1,094,663		9,773,991
Genuit Group PLC		1,180,984		9,155,257
Genus PLC		315,142		16,267,362
Go-Ahead Group PLC (The)^(a)(b)		208,268		1,868,264
Grainger PLC		3,229,061		13,150,236
Great Portland Estates PLC		1,110,258		11,503,324
Greatland Gold PLC^(a)		18,708,803		3,472,281
Greggs PLC		489,040		17,736,137
Gym Group PLC (The)^(a)(d)		763,990		2,527,625
Halfords Group PLC		966,531		4,250,631
Hammerson PLC^(c)		15,154,185		7,988,806
Harbour Energy PLC^(a)		1,998,285		9,750,838
Hays PLC		7,973,099		15,536,643
Helical PLC		655,987		3,793,617
Helios Towers PLC^(a)(c)		3,505,223		7,240,969
Hill & Smith Holdings PLC		378,443		7,662,309
Hiscox Ltd.		1,658,166		21,795,533


78		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI EAFE Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


United Kingdom (continued)
Hochschild Mining PLC		1,632,759	$	2,287,984
Home Reit PLC		2,683,730		4,204,889
HomeServe PLC		1,452,889		14,975,433
Hotel Chocolat Group PLC^(a)		257,949		1,654,787
Howden Joinery Group PLC		2,847,361		31,413,317
Hunting PLC		713,397		2,072,406
Ibstock PLC^(d)		1,963,858		5,262,440
Ideagen PLC		1,257,178		4,582,008
IG Design Group PLC		365,304		471,645
IG Group Holdings PLC		1,853,336		20,403,040
IMI PLC		1,278,252		28,559,688
Impax Asset Management Group PLC		411,814		6,092,155
Inchcape PLC		1,876,768		21,401,168
Indivior PLC^(a)		3,464,049		10,545,971
IntegraFin Holdings PLC		1,349,838		9,009,191
Intermediate Capital Group PLC		1,391,727		35,942,161
Investec PLC		3,323,875		18,976,329
IP Group PLC		4,849,321		6,373,477
IQE PLC^(a)(c)		3,655,534		1,575,746
ITM Power PLC^(a)(c)		2,044,625		7,587,763
ITV PLC^(a)		17,371,739		26,572,651
IWG PLC^(a)		3,610,904		13,907,422
J D Wetherspoon PLC^(a)		462,259		5,612,592
JET2 PLC^(a)		764,988		13,624,089
John Wood Group PLC^(a)		3,252,987		9,792,596
Johnson Service Group PLC^(a)		2,091,339		4,252,713
JTC PLC^(d)		626,808		6,631,839
Judges Scientific PLC		24,969		2,558,857
Jupiter Fund Management PLC		2,120,299		6,577,934
Just Group PLC^(a)		4,914,711		5,719,143
Kainos Group PLC		384,045		7,895,258
Kape Technologies PLC^(a)(c)		507,700		2,534,747
Keller Group PLC		353,176		4,052,491
Keywords Studios PLC		344,021		11,659,376
Kier Group PLC^(a)		2,131,887		2,830,520
Lancashire Holdings Ltd.		1,170,817		8,668,511
Learning Technologies Group PLC		2,806,167		6,306,375
Liontrust Asset Management PLC		289,056		6,305,545
LondonMetric Property PLC		4,159,581		14,987,297
Luceco PLC^(d)		384,141		1,553,008
LXI REIT PLC		3,506,396		6,956,637
LXI REIT PLC		420,767		28,294
Man Group PLC/Jersey		6,836,685		17,859,641
Marks & Spencer Group PLC^(a)		9,401,386		27,822,539
Marshalls PLC		968,318		9,219,561
Marston’s PLC^(a)		3,103,478		3,393,282
Mediclinic International PLC^(a)		1,910,476		8,241,049
Meggitt PLC^(a)		3,746,526		37,840,840
Micro Focus International PLC		1,610,526		9,908,160
Mitchells & Butlers PLC^(a)		1,257,895		4,268,312
Mitie Group PLC		6,682,615		5,414,837
Moneysupermarket.com Group PLC		2,606,256		6,660,256
Moonpig Group PLC^(a)(c)		813,723		3,457,418
Morgan Advanced Materials PLC		1,412,133		6,077,366
Morgan Sindall Group PLC		185,173		5,350,264
Naked Wines PLC^(a)(c)		279,747		1,973,327
National Express Group PLC^(a)		2,649,688		8,985,829
NCC Group PLC		1,457,923		3,751,014
Network International Holdings PLC^(a)(d)		2,228,491		7,873,372
Ninety One PLC		1,608,885		5,612,868


Security	Shares		Value


United Kingdom (continued)
Numis Corp. PLC^(c)		335,729	$	1,454,140
On the Beach Group PLC^(a)(d)		777,909		3,043,088
OSB Group PLC		2,129,944		15,823,260
Oxford Biomedica PLC^(a)		271,551		3,098,483
Pagegroup PLC		1,574,064		12,420,431
Pantheon Resources PLC^(c)		2,491,339		2,695,498
Paragon Banking Group PLC		1,198,447		9,179,148
Penno Group PLC		1,336,410		19,581,873
Petrofac Ltd.^(a)(c)		2,103,624		3,382,833
Petropavlovsk PLC^(a)		11,347,833		2,317,946
Pets at Home Group PLC		2,398,311		13,772,830
Picton Property Income Ltd. (The)		2,671,076		3,707,283
Playtech PLC^(a)		1,474,303		11,579,490
Polar Capital Holdings PLC		347,866		2,959,270
Premier Foods PLC		2,801,103		4,445,298
Primary Health Properties PLC		6,438,816		12,487,614
Provident Financial PLC^(a)		1,207,125		5,084,682
PZ Cussons PLC		1,077,666		2,811,603
QinetiQ Group PLC		2,766,021		10,038,244
Quilter PLC^(d)		8,203,550		15,233,315
Rank Group PLC^(a)		1,369,403		2,891,484
Rathbones Group PLC		284,366		7,180,145
Reach PLC		1,416,832		4,973,346
Redde Northgate PLC		1,102,409		5,745,414
Redrow PLC		1,359,933		11,456,942
Regional REIT Ltd.^(d)		1,630,600		1,961,564
Renalytix PLC^(a)		223,490		1,442,744
Renewi PLC^(a)		382,362		3,445,025
Renishaw PLC		174,150		10,753,719
Restaurant Group PLC (The)^(a)		3,595,768		4,610,316
Restore PLC		619,551		3,874,537
Rightmove PLC		4,121,962		36,328,874
Rotork PLC		4,177,805		19,201,704
Royal Mail PLC		3,836,525		22,925,759
RWS Holdings PLC		1,397,189		9,470,557
S4 Capital PLC^(a)		1,331,998		9,314,071
Sabre Insurance Group PLC^(d)		1,089,858		3,327,251
Safestore Holdings PLC		1,010,552		17,326,291
Saga PLC^(a)		502,293		1,949,744
Sanne Group PLC		773,418		9,517,551
Savills PLC		685,647		12,494,362
Secure Income REIT PLC		1,273,298		7,248,781
Senior PLC^(a)		2,103,422		3,807,586
Serco Group PLC		5,835,365		10,555,618
Serica Energy PLC		768,373		2,670,707
Shaftesbury PLC		924,980		7,766,686
SIG PLC^(a)		3,388,168		1,878,290
Smart Metering Systems PLC		599,183		5,947,106
Softcat PLC		573,859		12,672,671
SolGold PLC^(a)(c)		4,264,509		1,531,839
Spectris PLC		539,655		24,626,423
Spire Healthcare Group PLC^(a)(d)		1,393,849		4,485,858
Spirent Communications PLC		2,924,886		9,767,786
SSP Group PLC^(a)		3,616,040		13,416,459
Stagecoach Group PLC^(a)		2,064,677		2,528,261
SThree PLC		595,561		3,781,611
Strix Group PLC^(c)		967,186		3,186,881
Synthomer PLC		1,628,009		8,037,447
Target Healthcare REIT PLC		2,963,565		4,583,328
Tate & Lyle PLC		2,246,413		21,487,497


S C H E D U L E O F I N V E S T M E N T S		79

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI EAFE Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


United Kingdom (continued)
TBC Bank Group PLC		201,251	$	3,816,339
Team17 Group PLC^(a)		487,614		4,656,122
Telecom Plus PLC		317,650		6,416,654
TI Fluid Systems PLC^(d)		1,101,866		3,547,734
TORM PLC, Class A^(a)(c)		127,755		913,692
TP ICAP Group PLC		3,762,317		7,132,246
Trainline PLC^(a)(d)		2,296,377		6,918,007
Travis Perkins PLC		1,082,270		21,959,362
Tritax Big Box REIT PLC		8,245,406		26,448,297
Trustpilot Group PLC^(a)(d)		884,391		2,202,116
Tullow Oil PLC^(a)		5,671,154		3,838,308
Tyman PLC		937,660		4,739,759
UK Commercial Property REIT Ltd.		3,791,154		4,192,602
Ultra Electronics Holdings PLC		340,667		13,365,460
UNITE Group PLC (The)		1,630,484		22,812,494
Urban Logistics REIT PLC^(c)		2,243,880		5,296,227
Vesuvius PLC		1,033,861		6,407,171
Victoria PLC^(a)(c)		301,930		3,857,622
Victorian Plumbing Group PLC^(a)		543,616		748,655
Victrex PLC		416,685		11,606,447
Virgin Money UK PLC^(a)		6,173,264		15,979,061
Vistry Group PLC		1,069,470		14,827,884
Vivo Energy PLC^(d)		2,118,756		3,772,756
Volex PLC		562,968		2,279,683
Volution Group PLC		945,706		6,407,799
Warehouse REIT PLC		1,831,229		4,103,056
Watkin Jones PLC		958,116		3,427,595
Weir Group PLC (The)		1,245,555		29,327,926
WH Smith PLC^(a)		627,745		14,083,756
Wickes Group PLC		1,205,851		3,327,828
Workspace Group PLC		647,842		7,402,628
Yellow Cake PLC^(a)(d)		697,545		3,022,844
Yougov PLC^(c)		505,282		7,882,821
Young & Co’s Brewery PLC, Series A		106,871		2,163,148


				2,448,243,004

United States — 0.0%
Arko Corp.^(a)		—		2


Total Common Stocks — 99.3% (Cost: $13,528,643,927)				14,208,785,325


Preferred Stocks

Germany — 0.2%
Draegerwerk AG & Co. KGaA, Preference Shares, NVS^(c)		42,440		2,465,511
Einhell Germany AG, Preference Shares, NVS		8,028		1,857,926
Jungheinrich AG, Preference Shares, NVS		233,031		9,964,717
Schaeffler AG, Preference Shares, NVS		608,673		4,524,556
Sixt SE, Preference Shares, NVS		78,332		7,077,333
STO SE & Co. KGaA, Preference Shares, NVS		7,052		1,769,834


				27,659,877

Italy — 0.1%
Danieli & C Officine Meccaniche SpA, Preference Shares, NVS		248,267		4,447,152


Total Preferred Stocks — 0.3% (Cost: $29,425,864)				32,107,029


Security	Shares		Value


Rights

Spain — 0.0%
Sacyr SA (Expires 02/02/22)^(a)(b)		1,928,978	$	112,690


Total Rights — 0.0% (Cost: $117,994)				112,690


Warrants

Italy — 0.0%
Webuild SpA (Expires 08/02/30)^(a)(c)		97,516		1


Singapore — 0.0%
Ezion Holdings Ltd. (Expires 04/16/23)^(a)(b)(c)		3,963,747		29


Spain — 0.0%
Abengoa SA (Expires 03/31/25)^(a)(c)		3,096,556		20,873


Total Warrants — 0.0% (Cost: $0)				20,903


Short-Term Investments

Money Market Funds — 3.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%^(e)(f)(g)		443,084,255		443,217,181
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(e)(f)		4,510,000		4,510,000


				447,727,181


Total Short-Term Investments — 3.1% (Cost: $447,781,701)				447,727,181


Total Investments in Securities — 102.7% (Cost: $14,005,969,486)				14,688,753,128

Other Assets, Less Liabilities — (2.7)%				(381,317,120	)


Net Assets — 100.0%			$	14,307,436,008

^(a)	Non-income producing security.

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

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

^(d)	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.

^(e)	Affiliate of the Fund.

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

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


80		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI EAFE Small-Cap ETF

Affiliates




Affiliated Issuer	Value at 07/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 01/31/22		Shares Held at 01/31/22		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	459,960,734	$	—	$	(16,653,405	)^(a)	$	(61,063	)	$	(29,085	)	$	443,217,181		443,084,255	$	8,472,556	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		7,290,000		—		(2,780,000	)^(a)		—			—			4,510,000		4,510,000		203			—


								$	(61,063	)	$	(29,085	)	$	447,727,181			$	8,472,759		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts




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


Long Contracts
TOPIX Index		125		03/10/22	$	20,831	$	(588,151	)
Euro STOXX 50 Index		536		03/18/22		25,193		(91,853	)
FTSE 100 Index		166		03/18/22		16,638		423,128


							$	(256,876	)

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:




	Equity Contracts


Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	423,128


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	680,004

^(a)

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




	Equity Contracts


Net Realized Gain (Loss) from:
Futures contracts	$	940,525


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	283,273


S C H E D U L E O F I N V E S T M E N T S		81

Schedule of Investments (unaudited) (continued)

January 31, 2022

iShares^® MSCI EAFE Small-Cap ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	76,130,867

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

Fair Value Hierarchy as of Period End




	Level 1		Level 2			Level 3		Total


Investments
Assets
Common Stocks	$	1,089,647,253	$	13,116,548,344		$	2,589,728	$	14,208,785,325
Preferred Stocks		1,857,926		30,249,103			—		32,107,029
Rights		—		—			112,690		112,690
Warrants		—		20,874			29		20,903
Money Market Funds		447,727,181		—			—		447,727,181


	$	1,539,232,360	$	13,146,818,321		$	2,702,447	$	14,688,753,128


Derivative financial instruments^(a)
Assets
Futures Contracts	$	—	$	423,128		$	—	$	423,128
Liabilities
Futures Contracts		—		(680,004	)		—		(680,004	)


	$	—	$	(256,876	)	$	—	$	(256,876	)

^(a)

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

See notes to financial statements.


82		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Assets and Liabilities (unaudited)

January 31, 2022


	iShares Currency Hedged MSCI ACWI ex U.S. ETF		iShares Currency Hedged MSCI EAFE ETF		iShares Currency Hedged MSCI EAFE Small-Cap ETF		iShares MSCI ACWI ex U.S. ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	—	$	—	$	—	$	4,852,778,079
Affiliated^(c)		122,722,653		3,368,959,786		108,949,741		55,321,253
Cash		4,713		961		429,360		4,610
Foreign currency, at value^(d)		—		—		—		9,094,387
Cash pledged:
Futures contracts		—		—		—		595,000
Receivables:
Investments sold		—		—		—		8,925,503
Securities lending income — Affiliated		—		—		—		19,291
Variation margin on futures contracts		—		—		—		302,623
Capital shares sold		—		86,492		—		—
Dividends		—		19		—		4,244,507
Interest		—		—		—		6
Tax reclaims		—		—		—		4,171,297
Unrealized appreciation on:
Forward foreign currency exchange contracts		1,360,584		44,788,664		1,564,202		—


Total assets		124,087,950		3,413,835,922		110,943,303		4,935,456,556


LIABILITIES
Cash received:
Collateral — OTC derivatives		—		7,440,000		420,000		—
Collateral on securities loaned, at value		—		—		—		51,629,254
Deferred foreign capital gain tax		—		—		—		3,253,446
Payables:
Investments purchased		1,088,772		44,610,070		1,510,962		21,293
Capital shares redeemed		—		—		—		9,145,719
Investment advisory fees		3,314		74,374		2,869		1,338,221
Professional fees		—		—		—		109,050
Foreign taxes		—		—		—		1,169
Unrealized depreciation on:
Forward foreign currency exchange contracts		440,045		8,772,809		325,530		—


Total liabilities		1,532,131		60,897,253		2,259,361		65,498,152


NET ASSETS	$	122,555,819	$	3,352,938,669	$	108,683,942	$	4,869,958,404


NET ASSETS CONSIST OF:
Paid-in capital	$	110,548,960	$	3,025,756,115	$	100,971,694	$	4,796,255,214
Accumulated earnings		12,006,859		327,182,554		7,712,248		73,703,190


NET ASSETS	$	122,555,819	$	3,352,938,669	$	108,683,942	$	4,869,958,404


Shares outstanding		3,850,000		97,500,000		3,110,000		89,800,000


Net asset value	$	31.83	$	34.39	$	34.95	$	54.23


Shares authorized		Unlimited		Unlimited		Unlimited		Unlimited


Par value		None		None		None		None


^(a)Securities loaned, at value	$	—	$	—	$	—	$	51,177,596
^(b)Investments, at cost — Unaffiliated	$	—	$	—	$	—	$	4,299,626,333
^(c)Investments, at cost — Affiliated	$	112,942,129	$	3,109,786,438	$	104,717,906	$	55,311,746
^(d)Foreign currency, at cost	$	—	$	—	$	—	$	9,172,431

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		83

Statements of Assets and Liabilities (unaudited) (continued)

January 31, 2022


	iShares MSCI EAFE ETF		iShares MSCI EAFE Small-Cap ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	54,826,277,313	$	14,241,025,947
Affiliated^(c)		446,997,471		447,727,181
Cash		8,249		3,631
Foreign currency, at value^(d)		31,145,026		31,640,994
Foreign currency collateral pledged:
Futures contracts^(e)		9,046,538		4,283,989
Receivables:
Investments sold		6,980,838		4,858,243
Securities lending income — Affiliated		131,902		1,452,388
Variation margin on futures contracts		2,583,871		1,253,105
Capital shares sold		—		36,325
Dividends		32,791,147		15,338,335
Tax reclaims		90,564,030		9,166,758
Foreign withholding tax claims		30,427,398		—


Total assets		55,476,953,783		14,756,786,896


LIABILITIES
Collateral on securities loaned, at value		402,723,827		443,181,594
Deferred foreign capital gain tax		—		346,641
Payables:
Investments purchased		20,190		593,235
Investment advisory fees		15,049,421		4,876,816
Professional fees		7,540,192		352,602
IRS compliance fee for foreign withholding tax claims		83,586,993		—


Total liabilities		508,920,623		449,350,888


NET ASSETS	$	54,968,033,160	$	14,307,436,008


NET ASSETS CONSIST OF:
Paid-in capital	$	54,889,158,684	$	14,143,976,506
Accumulated earnings		78,874,476		163,459,502


NET ASSETS	$	54,968,033,160	$	14,307,436,008


Shares outstanding		724,800,000		208,800,000


Net asset value	$	75.84	$	68.52


Shares authorized		Unlimited		Unlimited


Par value		None		None


^(a)Securities loaned, at value	$	386,135,654	$	416,034,857
^(b)Investments, at cost — Unaffiliated	$	46,352,993,390	$	13,558,187,785
^(c)Investments, at cost — Affiliated	$	446,965,359	$	447,781,701
^(d)Foreign currency, at cost	$	30,452,357	$	31,817,901
^(e)Foreign currency collateral pledged, at cost	$	10,002,196	$	4,361,880

See notes to financial statements.


84		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Operations (unaudited)

Six Months Ended January 31, 2022


	iShares Currency Hedged MSCI ACWI ex U.S. ETF			iShares Currency Hedged MSCI EAFE ETF			iShares Currency Hedged MSCI EAFE Small-Cap ETF			iShares MSCI ACWI ex U.S. ETF


INVESTMENT INCOME
Dividends — Unaffiliated	$	—		$	—		$	—		$	47,983,296
Dividends — Affiliated		2,153,507			62,933,970			2,281,734			164
Non-cash dividends — Unaffiliated		—			—			—			2,341,972
Securities lending income — Affiliated — net		—			—			—			225,292
Other income — Unaffiliated		—			—			—			14,272
Foreign taxes withheld		—			—			—			(4,929,654	)
Foreign withholding tax claims		—			—			—			1,094,591
Other foreign taxes		—			—			—			(10,471	)


Total investment income		2,153,507			62,933,970			2,281,734			46,719,462


EXPENSES
Investment advisory fees		247,425			6,017,051			236,277			7,338,370
Commitment fees		—			15,251			—			21,224
Professional fees		—			—			—			110,886
Miscellaneous		217			217			217			217
Interest expense		—			—			—			64


Total expenses		247,642			6,032,519			236,494			7,470,761

Less:
Investment advisory fees waived		(228,109	)		(5,557,489	)		(220,010	)		—


Total expenses after fees waived		19,533			475,030			16,484			7,470,761


Net investment income		2,133,974			62,458,940			2,265,250			39,248,701


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated^(a)		—			—			—			(31,918,756	)
Investments — Affiliated		(118,804	)		(3,086,115	)		(224,458	)		(1,146	)
In-kind redemptions — Unaffiliated		—			—			—			15,220,053
In-kind redemptions — Affiliated		1,338,610			22,597,798			834,620			—
Futures contracts		—			—			—			(741,019	)
Forward foreign currency exchange contracts		3,319,483			100,653,249			3,411,820			—
Foreign currency transactions		16,562			—			39			(434,009	)


Net realized gain (loss)		4,555,851			120,164,932			4,022,021			(17,874,877	)


Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated^(b)		—			—			—			(137,665,864	)
Investments — Affiliated		(6,898,817	)		(170,840,533	)		(11,058,444	)		(4,720	)
Futures contracts		—			—			—			257,649
Forward foreign currency exchange contracts		880,945			45,076,552			1,439,245			—
Foreign currency translations		—			—			—			(288,724	)


Net change in unrealized appreciation (depreciation)		(6,017,872	)		(125,763,981	)		(9,619,199	)		(137,701,659	)


Net realized and unrealized loss		(1,462,021	)		(5,599,049	)		(5,597,178	)		(155,576,536	)


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	671,953		$	56,859,891		$	(3,331,928	)	$	(116,327,835	)


^(a) Net of foreign capital gain tax and capital gain tax refund, if applicable	$	—		$	—		$	—		$	(236,793	)
^(b) Net of increase in deferred foreign capital gain tax of	$	—		$	—		$	—		$	(1,322,768	)

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		85

Statements of Operations (unaudited) (continued)

Six Months Ended January 31, 2022


	iShares MSCI EAFE ETF			iShares MSCI EAFE Small-Cap ETF


INVESTMENT INCOME
Dividends — Unaffiliated	$	579,463,335		$	139,727,611
Dividends — Affiliated		1,620			203
Non-cash dividends — Unaffiliated		37,152,898			—
Securities lending income — Affiliated — net		1,630,098			8,472,556
Other income — Unaffiliated		784,176			26,630
Foreign taxes withheld		(46,679,415	)		(9,500,008	)
Foreign withholding tax claims		3,100,315			3,584,482
IRS Compliance fee for foreign withholding tax claims		(1,242,352	)		—


Total investment income		574,210,675			142,311,474


EXPENSES
Investment advisory fees		90,944,372			29,060,460
Professional fees		4,961,492			361,111
Miscellaneous		217			218


Total expenses		95,906,081			29,421,789


Net investment income		478,304,594			112,889,685


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(374,446,374	)		139,671,237
Investments — Affiliated		21,182			(61,063	)
Futures contracts		7,544,161			940,525
Foreign currency transactions		(10,631,246	)		(2,865,524	)


Net realized gain (loss)		(377,512,277	)		137,685,175

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated^(a)		(1,581,012,937	)		(1,407,206,378	)
Investments — Affiliated		(33,550	)		(29,085	)
Futures contracts		815,158			283,273
Foreign currency translations		(5,765,297	)		(658,038	)


Net change in unrealized appreciation (depreciation)		(1,585,996,626	)		(1,407,610,228	)


Net realized and unrealized loss		(1,963,508,903	)		(1,269,925,053	)


NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,485,204,309	)	$	(1,157,035,368	)


^(a)Net of increase in deferred foreign capital gain tax of	$	—		$	(249,507	)

See notes to financial statements.


86		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets


	iShares Currency Hedged MSCI ACWI ex U.S. ETF							iShares Currency Hedged MSCI EAFE ETF
	Six Months Ended 01/31/22 (unaudited)				Year Ended 07/31/21			Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income		$	2,133,974		$	2,020,551		$	62,458,940		$	59,874,869
Net realized gain (loss)			4,555,851			(2,623,995	)		120,164,932			(43,119,761	)
Net change in unrealized appreciation (depreciation)			(6,017,872	)		21,289,948			(125,763,981	)		641,434,777


Net increase in net assets resulting from operations			671,953			20,686,504			56,859,891			658,189,885


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders			(2,136,223	)		(2,023,586	)		(55,701,736	)		(59,947,087	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			3,614,564			30,716,026			513,161,049			(19,982,523	)


NET ASSETS
Total increase in net assets			2,150,294			49,378,944			514,319,204			578,260,275
Beginning of period			120,405,525			71,026,581			2,838,619,465			2,260,359,190


End of period		$	122,555,819		$	120,405,525		$	3,352,938,669		$	2,838,619,465

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

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		87

Statements of Changes in Net Assets (continued)


	iShares Currency Hedged MSCI EAFE Small-Cap ETF							iShares MSCI ACWI ex U.S. ETF


	Six Months Ended 01/31/22 (unaudited)				Year Ended 07/31/21			Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income		$	2,265,250		$	1,267,382		$	39,248,701		$	80,553,526
Net realized gain (loss)			4,022,021			(1,270,534	)		(17,874,877	)		19,372,336
Net change in unrealized appreciation (depreciation)			(9,619,199	)		20,392,298			(137,701,659	)		777,211,965


Net increase (decrease) in net assets resulting from operations			(3,331,928	)		20,389,146			(116,327,835	)		877,137,827


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders			(2,267,220	)		(1,269,822	)		(74,866,182	)		(80,474,155	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions			16,105,205			34,871,646			770,771,769			498,176,395


NET ASSETS
Total increase in net assets			10,506,057			53,990,970			579,577,752			1,294,840,067
Beginning of period			98,177,885			44,186,915			4,290,380,652			2,995,540,585


End of period		$	108,683,942		$	98,177,885		$	4,869,958,404		$	4,290,380,652

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

See notes to financial statements.


88		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)


	iShares MSCI EAFE ETF						iShares MSCI EAFE Small-Cap ETF


	Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21			Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	478,304,594		$	1,374,898,914		$	112,889,685		$	240,338,528
Net realized gain (loss)		(377,512,277	)		(78,063,540	)		137,685,175			710,032,940
Net change in unrealized appreciation (depreciation)		(1,585,996,626	)		12,458,094,047			(1,407,610,228	)		2,594,292,663


Net increase (decrease) in net assets resulting from operations		(1,485,204,309	)		13,754,929,421			(1,157,035,368	)		3,544,664,131


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(1,093,477,943	)		(1,290,595,029	)		(297,961,486	)		(215,301,526	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		276,724,630			(1,599,597,936	)		2,626,822,380			1,278,387,826


NET ASSETS
Total increase (decrease) in net assets		(2,301,957,622	)		10,864,736,456			1,171,825,526			4,607,750,431
Beginning of period		57,269,990,782			46,405,254,326			13,135,610,482			8,527,860,051


End of period	$	54,968,033,160		$	57,269,990,782		$	14,307,436,008		$	13,135,610,482

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

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		89

Financial Highlights

(For a share outstanding throughout each period)


	iShares Currency Hedged MSCI ACWI ex U.S. ETF


	Six Months Ended 01/31/22 (unaudited)				Year Ended 07/31/21				Year Ended 07/31/20				Year Ended 07/31/19				Year Ended 07/31/18				Year Ended 07/31/17


Net asset value, beginning of period		$	32.11			$	25.83			$	26.66			$	26.88			$	25.28			$	21.88

Net investment income^(a)			0.54				0.64				0.76				0.88				0.44				0.90
Net realized and unrealized gain (loss)^(b)			(0.30	)			6.25				(0.82	)			(0.43	)			1.83				3.05


Net increase (decrease) from investment operations			0.24				6.89				(0.06	)			0.45				2.27				3.95


Distributions^(c)
From net investment income			(0.52	)			(0.61	)			(0.77	)			(0.67	)			(0.67	)			(0.55	)


Total distributions			(0.52	)			(0.61	)			(0.77	)			(0.67	)			(0.67	)			(0.55	)


Net asset value, end of period		$	31.83			$	32.11			$	25.83			$	26.66			$	26.88			$	25.28


Total Return^(d)
Based on net asset value			0.73	%^(e)			26.76	%			(0.36	)%			1.75	%			9.05	%			18.18	%


Ratios to Average Net Assets^(f)
Total expenses			0.38	%^(g)			0.38	%			0.38	%			0.38	%			0.38	%			0.38	%


Total expenses after fees waived			0.03	%^(g)			0.03	%			0.03	%			0.03	%			0.03	%			0.03	%


Net investment income			3.28	%^(g)			2.12	%			2.90	%			3.37	%			1.66	%			3.68	%


Supplemental Data
Net assets, end of period (000)		$	122,556			$	120,406			$	71,027			$	70,650			$	43,008			$	85,968


Portfolio turnover rate^(h)			3	%^(e)			10	%			9	%			7	%			10	%			6	%

^(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)	Not annualized.

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

^(g)	Annualized.

^(h)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


90		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Currency Hedged MSCI EAFE ETF


	Six Months Ended 01/31/22 (unaudited)				Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17


Net asset value, beginning of period		$	34.28		$	26.72		$	29.40		$	29.96		$	28.09		$	24.30

Net investment income^(a)			0.70			0.75			0.70			0.86			0.83			0.74
Net realized and unrealized gain (loss)^(b)			0.01			7.55			(1.98	)		(0.20	)		1.93			3.83


Net increase (decrease) from investment operations			0.71			8.30			(1.28	)		0.66			2.76			4.57


Distributions^(c)
From net investment income			(0.60	)		(0.74	)		(0.73	)		(0.91	)		(0.89	)		(0.70	)
From net realized gain			—			—			(0.67	)		(0.31	)		—			(0.08	)


Total distributions			(0.60	)		(0.74	)		(1.40	)		(1.22	)		(0.89	)		(0.78	)


Net asset value, end of period		$	34.39		$	34.28		$	26.72		$	29.40		$	29.96		$	28.09


Total Return^(d)
Based on net asset value			2.03	%^(e)		31.22	%		(4.74	)%		2.45	%		9.94	%		18.97	%


Ratios to Average Net Assets^(f)
Total expenses			0.38	%^(g)		0.38	%		0.38	%		0.38	%		0.38	%		0.38	%


Total expenses after fees waived			0.03	%^(g)		0.03	%		0.03	%		0.03	%		0.03	%		0.03	%


Net investment income			3.94	%^(g)		2.42	%		2.47	%		3.01	%		2.82	%		2.77	%


Supplemental Data
Net assets, end of period (000)		$	3,352,939		$	2,838,619		$	2,260,359		$	2,891,083		$	3,458,983		$	4,278,604


Portfolio turnover rate^(h)			3	%^(e)		12	%		8	%		7	%		12	%		10	%

^(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)	Not annualized.

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

^(g)	Annualized.

^(h)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		91

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Currency Hedged MSCI EAFE Small-Cap ETF

	Six Months Ended 01/31/22 (unaudited)				Year Ended 07/31/21				Year Ended 07/31/20				Year Ended 07/31/19				Year Ended 07/31/18				Year Ended 07/31/17


Net asset value, beginning of period		$	36.63			$	26.78			$	28.62			$	31.37			$	28.48			$	23.85

Net investment income^(a)			0.77				0.62				0.87				0.84				0.77				0.92
Net realized and unrealized gain (loss)^(b)			(1.73	)			9.78				(1.51	)			(1.93	)			2.86				4.46


Net increase (decrease) from investment operations			(0.96	)			10.40				(0.64	)			(1.09	)			3.63				5.38


Distributions^(c)
From net investment income			(0.72	)			(0.55	)			(0.88	)			(0.80	)			(0.74	)			(0.75	)
From net realized gain			—				—				(0.32	)			(0.86	)			—				—


Total distributions			(0.72	)			(0.55	)			(1.20	)			(1.66	)			(0.74	)			(0.75	)


Net asset value, end of period		$	34.95			$	36.63			$	26.78			$	28.62			$	31.37			$	28.48


Total Return^(d)
Based on net asset value			(2.72	)%^(e)			38.96	%			(2.62	)%			(3.05	)%			12.81	%			22.77	%


Ratios to Average Net Assets^(f)
Total expenses			0.43	%^(g)			0.43	%			0.43	%			0.43	%			0.43	%			0.43	%


Total expenses after fees waived			0.03	%^(g)			0.03	%			0.03	%			0.03	%			0.03	%			0.03	%


Net investment income			4.12	%^(g)			1.85	%			3.16	%			2.94	%			2.50	%			3.50	%


Supplemental Data
Net assets, end of period (000)		$	108,684			$	98,178			$	44,187			$	25,759			$	21,961			$	9,969


Portfolio turnover rate^(h)			3	%^(e)			11	%			9	%			10	%			10	%			13	%

^(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)	Not annualized.

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

^(g)	Annualized.

^(h)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


92		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI ACWI ex U.S. ETF


	Six Months Ended 01/31/22 (unaudited)				Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17


Net asset value, beginning of period		$	56.45		$	45.11		$	46.26		$	48.60		$	47.08		$	40.66

Net investment income^(a)			0.48	^(b)		1.14			1.12			1.32			1.33			1.12	^(b)
Net realized and unrealized gain (loss)^(c)			(1.80	)		11.31			(0.97	)		(2.49	)		1.45			6.36


Net increase (decrease) from investment operations			(1.32	)		12.45			0.15			(1.17	)		2.78			7.48


Distributions^(d)
From net investment income			(0.90	)		(1.11	)		(1.30	)		(1.17	)		(1.26	)		(1.06	)


Total distributions			(0.90	)		(1.11	)		(1.30	)		(1.17	)		(1.26	)		(1.06	)


Net asset value, end of period		$	54.23		$	56.45		$	45.11		$	46.26		$	48.60		$	47.08


Total Return^(e)
Based on net asset value			(2.34	)%^(b)(f)		27.66	%		0.29	%		(2.27	)%		5.92	%		18.62	%


Ratios to Average Net Assets^(g)

Total expenses			0.32	%^(h)		0.32	%		0.32	%		0.32	%		0.31	%		0.32	%


Total expenses after fees waived			0.32	%^(h)		0.31	%		0.30	%		0.30	%		0.31	%		0.32	%


Total expenses excluding professional fees for foreign withholding tax claims			0.32	%^(h)		0.32	%		N/A			0.32	%		N/A			0.32	%


Net investment income			1.68	%^(b)(h)		2.14	%		2.50	%		2.91	%		2.69	%		2.62	%^(b)


Supplemental Data
Net assets, end of period (000)		$	4,869,958		$	4,290,381		$	2,995,541		$	3,867,472		$	3,158,687		$	2,655,487


Portfolio turnover rate⁽ⁱ⁾			3	%^(f)		10	%		17	%		15	%		6	%		7	%

^(a)	Based on average shares outstanding.

^(b)	Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended January 31, 2022 and for the year ended July 31, 2017:

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

• Total return by 0.02% and 0.00%.

• Ratio of net investment income to average net assets by 0.04% and 0.02%.

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

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		93

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI EAFE ETF


	Six Months Ended 01/31/22 (unaudited)				Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17


Net asset value, beginning of period		$	79.41		$	62.17		$	64.94		$	68.87		$	66.78		$	58.27


Net investment income^(a)			0.66			1.90			1.48			1.95			1.93			1.72
Net realized and unrealized gain (loss)^(b)			(2.71	)		17.14			(2.62	)		(3.87	)		2.26			8.45


Net increase (decrease) from investment operations			(2.05	)		19.04			(1.14	)		(1.92	)		4.19			10.17


Distributions^(c)
From net investment income			(1.52	)		(1.80	)		(1.63	)		(2.01	)		(2.10	)		(1.66	)


Total distributions			(1.52	)		(1.80	)		(1.63	)		(2.01	)		(2.10	)		(1.66	)


Net asset value, end of period		$	75.84		$	79.41		$	62.17		$	64.94		$	68.87		$	66.78


Total Return^(d)
Based on net asset value			(2.61	)%^(e)		30.73	%		(1.80	)%		(2.64	)%		6.32	%		17.68	%


Ratios to Average Net Assets^(f)
Total expenses			0.33	%^(g)		0.37	%		0.32	%		0.32	%		0.31	%		0.32	%


Total expenses excluding professional fees for foreign withholding tax claims			0.31	%^(g)		0.32	%		0.32	%		0.32	%		N/A			0.32	%


Net investment income			1.66	%^(g)		2.60	%		2.34	%		3.03	%		2.77	%		2.82	%


Supplemental Data
Net assets, end of period (000)		$	54,968,033		$	57,269,991		$	46,405,254		$	60,080,634		$	72,770,477		$	78,691,555


Portfolio turnover rate^(h)			2	%^(e)		5	%		4	%		4	%		4	%		2	%

^(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)	Not annualized.

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

^(g)	Annualized.

^(h)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


94		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI EAFE Small-Cap ETF


	Six Months Ended 01/31/22 (unaudited)				Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17


Net asset value, beginning of period		$	75.41		$	55.23		$	57.03		$	63.44		$	59.60		$	51.00


Net investment income^(a)			0.57	^(b)		1.39			1.12			1.43			1.46			1.28	^(b)
Net realized and unrealized gain (loss)^(c)			(6.01	)		20.00			(1.12	)		(6.23	)		3.90			8.83


Net increase (decrease) from investment operations			(5.44	)		21.39			—			(4.80	)		5.36			10.11


Distributions^(d)
From net investment income			(1.45	)		(1.21	)		(1.80	)		(1.61	)		(1.52	)		(1.51	)


Total distributions			(1.45	)		(1.21	)		(1.80	)		(1.61	)		(1.52	)		(1.51	)


Net asset value, end of period		$	68.52		$	75.41		$	55.23		$	57.03		$	63.44		$	59.60


Total Return^(e)
Based on net asset value			(7.27	)%^(b)(f)		38.84	%		(0.16	)%		(7.41	)%^(g)		9.01	%		20.21	%^(b)


Ratios to Average Net Assets^(h)

Total expenses			0.39	%⁽ⁱ⁾		0.39	%		0.40	%		0.40	%		0.39	%		0.40	%


Total expenses excluding professional fees for foreign withholding tax claims			0.39	%⁽ⁱ⁾		0.39	%		N/A			0.40	%		N/A			0.40	%


Net investment income			1.51	%^(b)(i)		2.03	%		2.01	%		2.47	%		2.28	%		2.38	%^(b)


Supplemental Data
Net assets, end of period (000)		$	14,307,436		$	13,135,610		$	8,527,860		$	9,455,843		$	11,178,397		$	8,737,472


Portfolio turnover rate^(j)			7	%^(f)		17	%		20	%		10	%		8	%		6	%

^(a)	Based on average shares outstanding.

^(b)	Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended January 31, 2022 and for the year ended July 31, 2017:

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

• Total return by 0.02% and 0.02%.

• Ratio of net investment income to average net assets by 0.04% and 0.02%.

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

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

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

^(f)	Not annualized.

^(g)	Includes payment received from an affiliate, which had no impact on the Fund’s total return.

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

⁽ⁱ⁾	Annualized.

^(j)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		95


Notes to Financial Statements (unaudited)

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



iShares ETF		Diversification Classification

Currency Hedged MSCI ACWI ex U.S.		Diversified
Currency Hedged MSCI EAFE		Diversified
Currency Hedged MSCI EAFE Small-Cap		Diversified
MSCI ACWI ex U.S.		Diversified
MSCI EAFE		Diversified
MSCI EAFE Small-Cap		Diversified

Currently each Fund seeks to achieve its investment objective by investing a substantial portion of its assets in an iShares fund (an “underlying fund”). The financial statements, including the accounting policies, and Schedules of Investments for the underlying funds are included in this report and should be read in conjunction with the financial statements of the Funds.

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.

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

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

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

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g.,futures contracts and forward foreign currency exchange contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, 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 or obligations.


96		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Notes to Financial Statements (unaudited) (continued)

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

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

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. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). 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 a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

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.

•

Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

•

Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price.

•

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

•

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

•

Forward foreign currency exchange contracts are valued based on that day’s prevailing forward exchange rate for the underlying currencies.

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 Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global 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 Global Valuation Committee, or its delegate, 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 Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

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;


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Notes to Financial Statements (unaudited) (continued)

•

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 Global 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 Global 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.	SECURITIES AND OTHER INVESTMENTS

Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

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

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

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


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Notes to Financial Statements (unaudited) (continued)

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




iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount


MSCI ACWI ex U.S.
Barclays Bank PLC	$	481,286	$	445,497		$	—	$	(35,789	)^(b)
Barclays Capital, Inc.		456,069		456,069			—		—
BNP Paribas SA		17,848,985		17,848,985			—		—
BofA Securities, Inc.		5,909,763		5,909,763			—		—
Citigroup Global Markets, Inc.		8,165,155		7,227,520			—		(937,635	)^(b)
Credit Suisse AG		815,150		815,150			—		—
Goldman Sachs & Co. LLC		2,823,308		2,775,123			—		(48,185	)^(b)
J.P. Morgan Securities LLC		1,040,181		1,026,400			—		(13,781	)^(b)
Jefferies LLC		127,411		127,411			—		—
Macquarie Bank Ltd.		21,606		21,606			—		—
Morgan Stanley		12,992,031		12,992,031			—		—
RBC Capital Markets LLC		31,308		29,425			—		(1,883	)^(b)
Scotia Capital (USA), Inc.		5,725		5,437			—		(288	)^(b)
SG Americas Securities LLC		301,193		301,193			—		—
State Street Bank & Trust Co.		116,927		103,224			—		(13,703	)^(b)
UBS AG		41,498		37,355			—		(4,143	)^(b)


	$	51,177,596	$	50,122,189		$	—	$	(1,055,407	)

MSCI EAFE
BNP Paribas SA	$	6,520,701	$	6,041,181		$	—	$	(479,520	)^(b)
BofA Securities, Inc.		6,439,812		6,439,812			—		—
Credit Suisse AG		622,168		574,910			—		(47,258	)^(b)
Goldman Sachs & Co. LLC		11,577,576		10,327,972			—		(1,249,604	)^(b)
HSBC Bank PLC		12,863		12,863			—		—
J.P. Morgan Securities LLC		23,145,649		21,619,867			—		(1,525,782	)^(b)
Morgan Stanley		334,409,167		334,409,167			—		—
State Street Bank & Trust Co.		3,394,230		3,394,230			—		—
Wells Fargo Bank N.A		13,488		13,488			—		—


	$	386,135,654	$	382,833,490		$	—	$	(3,302,164	)

MSCI EAFE Small-Cap
Barclays Bank PLC	$	1,614,755	$	1,542,032		$	—	$	(72,723	)^(b)
Barclays Capital, Inc.		24,154,598		24,154,598			—		—
BNP Paribas SA		17,259,630		17,259,630			—		—
BofA Securities, Inc.		36,890,758		36,890,758			—		—
Citigroup Global Markets, Inc.		15,424,991		15,424,991			—		—
Credit Suisse AG		146,950		146,950			—		—
Credit Suisse Securities (USA) LLC		16,553,638		16,553,638			—		—
Deutsche Bank Securities, Inc.		2,095		2,095			—		—
Goldman Sachs & Co. LLC		69,815,393		69,815,393			—		—
HSBC Bank PLC		10,952,002		10,952,002			—		—
J.P. Morgan Securities LLC		42,751,280		42,751,280			—		—
Jefferies LLC		2,470,994		2,470,994			—		—
Macquarie Bank Ltd.		17,983,815		17,983,815			—		—
Morgan Stanley		128,054,616		128,054,616			—		—
National Financial Services LLC		524,690		524,690			—		—
Nomura Securities International, Inc.		2,422,310		2,422,310			—		—
Scotia Capital (USA), Inc.		2,197,722		2,197,722			—		—
SG Americas Securities LLC		2,102,409		2,102,409			—		—
State Street Bank & Trust Co.		5,307,140		5,307,140			—		—
UBS AG		18,809,843		18,809,843			—		—
UBS Securities LLC		11,719		11,719			—		—
Wells Fargo Securities LLC		583,509		550,921			—		(32,588	)^(b)


	$	416,034,857	$	415,929,546		$	—	$	(105,311	)

^(a)

Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

^(b)

The market value of the loaned securities is determined as of January 31, 2022. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.


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Notes to Financial Statements (unaudited) (continued)

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

5.	DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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

Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market.The contracts are traded over-the-counter (“OTC”) and not on an organized exchange.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities. A Fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.


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Notes to Financial Statements (unaudited) (continued)

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

6.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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



iShares ETF	Investment Advisory Fee

Currency Hedged MSCI ACWI ex U.S.		0.38	%
Currency Hedged MSCI EAFE		0.38
Currency Hedged MSCI EAFE Small-Cap		0.43

For its investment advisory services to each of the iShares MSCI ACWI ex U.S. and iShares MSCI EAFE ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:



Aggregate Average Daily Net Assets	Investment Advisory Fee

First $30 billion		0.350	%
Over $30 billion, up to and including $60 billion		0.320
Over $60 billion, up to and including $90 billion		0.280
Over $90 billion, up to and including $120 billion		0.252
Over $120 billion, up to and including $150 billion		0.227
Over $150 billion		0.204

For its investment advisory services to the iShares MSCI EAFE Small-Cap ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:



Aggregate Average Daily Net Assets	Investment Advisory Fee

First $12 billion		0.4000	%
Over $12 billion, up to and including $18 billion		0.3800
Over $18 billion, up to and including $24 billion		0.3610
Over $24 billion, up to and including $30 billion		0.3430
Over $30 billion		0.3259

Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statements of Operations does not include acquired fund fees and expenses.

For the iShares Currency Hedged MSCI EAFE ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through November 30, 2025 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investments in the iShares MSCI EAFE ETF (“EFA”), after taking into account any fee waivers by EFA, plus 0.03%.

For the iShares Currency Hedged MSCI ACWI ex U.S. ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through November 30, 2025 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investments in the iShares MSCI ACWI ex U.S. ETF (“ACWX”), after taking into account any fee waivers by ACWX, plus 0.03%.

For the iShares Currency Hedged MSCI EAFE Small-Cap ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through November 30, 2025 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investments in the iShares MSCI EAFE Small-Cap ETF (“SCZ”), taking into account any fee waivers by SCZ, plus 0.03%.

For ACWX, BFA has contractually agreed to waive a portion of its investment advisory fees for the Fund through November 30, 2026 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other iShares funds.


N O T E S T O F I N A N C I A L S T A T E M E N T S		101


Notes to Financial Statements (unaudited) (continued)

These amounts are included in investment advisory fees waived in the Statements of Operations. For the six months ended January 31, 2022, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:



iShares ETF	Amounts waived

Currency Hedged MSCI ACWI ex U.S.	$	228,109
Currency Hedged MSCI EAFE		5,557,489
Currency Hedged MSCI EAFE Small-Cap		220,010

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

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

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

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

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

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended January 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:




iShares ETF	Fees Paid to BTC


MSCI ACWI ex U.S.	$	54,363
MSCI EAFE		377,160
MSCI EAFE Small-Cap		1,949,519

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

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

For the six months ended January 31, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:



iShares ETF	Purchases		Sales		Net Realized Gain (Loss)

MSCI ACWI ex U.S.	$	16,977,772	$	15,778,214	$	(8,089,723	)
MSCI EAFE		178,719,793		175,605,742		(85,378,094	)
MSCI EAFE Small-Cap		323,491,743		489,379,976		203,341,574

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.


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Notes to Financial Statements (unaudited) (continued)

7.	PURCHASES AND SALES

For the six months ended January 31, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:



iShares ETF	Purchases		Sales

Currency Hedged MSCI ACWI ex U.S.	$	7,668,877	$	3,263,645
Currency Hedged MSCI EAFE		260,505,499		98,478,259
Currency Hedged MSCI EAFE Small-Cap		8,899,647		3,684,829
MSCI ACWI ex U.S.		348,806,654		136,690,007
MSCI EAFE		1,382,338,426		1,489,826,170
MSCI EAFE Small-Cap		1,192,092,177		970,487,067

For the six months ended January 31, 2022, in-kind transactions were as follows:



iShares ETF	In-kind Purchases		In-kind Sales

Currency Hedged MSCI ACWI ex U.S.	$	10,808,274	$	7,185,991
Currency Hedged MSCI EAFE		637,362,536		126,057,976
Currency Hedged MSCI EAFE Small-Cap		18,908,076		2,907,340
MSCI ACWI ex U.S.		581,058,235		45,059,770
MSCI EAFE Small-Cap		2,305,732,474		—

8.	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 January 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.

As of July 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:



iShares ETF	Non-Expiring

Currency Hedged MSCI ACWI ex U.S.	$	2,730,331
Currency Hedged MSCI EAFE		87,806,992
Currency Hedged MSCI EAFE Small-Cap		1,576,716
MSCI ACWI ex U.S.		401,268,461
MSCI EAFE		6,603,572,655
MSCI EAFE Small-Cap		381,902,894

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

As of January 31, 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)

Currency Hedged MSCI ACWI ex U.S.	$	113,513,741	$	11,141,108	$	(1,011,657	)	$	10,129,451
Currency Hedged MSCI EAFE		3,126,794,503		303,962,012		(25,780,874	)		278,181,138
Currency Hedged MSCI EAFE Small-Cap		105,137,583		5,796,037		(745,207	)		5,050,830
MSCI ACWI ex U.S.		4,408,103,974		902,519,682		(402,671,427	)		499,848,255
MSCI EAFE		48,106,340,001		15,533,782,570		(8,368,221,725	)		7,165,560,845
MSCI EAFE Small-Cap		14,225,468,978		2,110,028,634		(1,647,001,360	)		463,027,274

9.	LINE OF CREDIT

The iShares MSCI ACWI ex U.S. ETF, along with certain other iShares funds (“Participating Funds”), is a party to a $300 million credit agreement (“Credit Agreement”) with State Street Bank and Trust Company, which expires on October 15, 2021. 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 Credit Agreement sets specific sub limits on aggregate borrowings based on two


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Notes to Financial Statements (unaudited) (continued)

tiers of Participating Funds: $300 million with respect to the funds within Tier 1, including the Fund, and $200 million with respect to Tier 2. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Credit Agreement. The Credit Agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) 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 Credit Agreement. The Credit Agreement was terminated on August 12, 2021.

Effective August 13, 2021, the iShares Currency Hedged MSCI EAFE ETF and iShares MSCI ACWI ex U.S. ETF, 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 12, 2022. 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) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) 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 six months ended January 31, 2022, the iShares Currency Hedged MSCI EAFE ETF did not borrow under the Credit Agreement or Syndicated Credit Agreement.

For the six months ended January 31, 2022, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Credit Agreement and Syndicated Credit Agreement were as follows:



iShares ETF	Maximum Amount Borrowed		Average Borrowing		Weighted Average Interest Rates

MSCI ACWI ex U.S.	$	347,000	$	11,315		1.10	%

10.

PRINCIPAL RISKS

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

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

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund’s portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio’s current earnings rate.

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. The duration of this pandemic and its effects cannot be determined with certainty.

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


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Notes to Financial Statements (unaudited) (continued)

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.

Certain 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. Investment percentages in specific countries are presented in the Schedule of Investments.

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

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

Certain Funds invest a significant portion of their assets in securities 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.


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Notes to Financial Statements (unaudited) (continued)

11.

CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:




	Six Months Ended 01/31/22						Year Ended 07/31/21


iShares ETF	Shares			Amount			Shares			Amount


Currency Hedged MSCI ACWI ex U.S.
Shares sold		330,000		$	10,817,020			1,100,000		$	33,347,320
Shares redeemed		(230,000	)		(7,202,456	)		(100,000	)		(2,631,294	)


Net increase		100,000		$	3,614,564			1,000,000		$	30,716,026


Currency Hedged MSCI EAFE
Shares sold		18,250,000		$	638,835,516			14,950,000		$	474,171,183
Shares redeemed		(3,550,000	)		(125,674,467	)		(16,750,000	)		(494,153,706	)


Net increase (decrease)		14,700,000		$	513,161,049			(1,800,000	)	$	(19,982,523	)


Currency Hedged MSCI EAFE Small-Cap
Shares sold		510,000		$	19,001,392			1,030,000		$	34,871,646
Shares redeemed		(80,000	)		(2,896,187	)		—			—

Net increase		430,000		$	16,105,205			1,030,000		$	34,871,646

MSCI ACWI ex U.S.
Shares sold		14,800,000		$	825,003,137			13,000,000		$	680,182,994
Shares redeemed		(1,000,000	)		(54,231,368	)		(3,400,000	)		(182,006,599	)


Net increase		13,800,000		$	770,771,769			9,600,000		$	498,176,395


MSCI EAFE
Shares sold		3,600,000		$	276,724,630			4,200,000		$	317,216,783
Shares redeemed		—			—			(29,400,000	)		(1,916,814,719	)


Net increase (decrease)		3,600,000		$	276,724,630			(25,200,000	)	$	(1,599,597,936	)


MSCI EAFE Small-Cap
Shares sold		34,600,000		$	2,626,822,412			49,800,000		$	3,412,035,853
Shares redeemed		—			(32	)		(30,000,000	)		(2,133,648,027	)


Net increase		34,600,000		$	2,626,822,380			19,800,000		$	1,278,387,826

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

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

12.

FOREIGN WITHHOLDING TAX CLAIMS

The iShares MSCI EAFE ETF has filed claims to recover taxes withheld by Sweden on dividend income based upon certain provisions in the Treaty on the Functioning of the European Union. The Fund has recorded receivables for all recoverable taxes withheld by Sweden based upon previous determinations made by the Swedish tax authorities. Professional and other fees associated with the filing of these claims for foreign withholding taxes have been approved by the Board as appropriate expenses of the Fund. Swedish tax claim receivables and related liabilities are disclosed in the statements of assets and liabilities. Collection of these receivables, and any payment of associated liabilities, depends upon future determinations made by the Swedish tax authorities, the outcome of which is uncertain. If such future determinations are unfavorable, the potential negative impact to the Fund, as of January 31, 2022, is $22,887,206 or $0.03 per share.

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


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Notes to Financial Statements (unaudited) (continued)

The iShares MSCI EAFE ETF is expected to seek a closing agreement with the Internal Revenue Service (“IRS”) to address any prior years’ U.S. income tax liabilities attributable to Fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the Fund paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by Fund shareholders on their tax returns in prior years. The Fund has accrued a liability for the estimated IRS compliance fee related to foreign withholding tax claims, which is disclosed in the Statements of Assets and Liabilities. The actual IRS compliance fee may differ from the estimate and that difference may be material.

13.

SUBSEQUENT EVENTS

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


N O T E S T O F I N A N C I A L S T A T E M E N T S		107

Statement Regarding Liquidity Risk Management Program (unaudited)

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

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 9, 2021 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2020 through September 30, 2021 (the “Program Reporting Period”).

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

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

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

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

Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

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

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.


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Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

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.

January 31, 2022



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

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

Currency Hedged MSCI ACWI ex U.S.^(a)	$	0.455879	$	—	$	0.067705	$	0.523584		87	%		—	%		13	%		100	%
Currency Hedged MSCI EAFE^(a)		0.483842		—		0.117364		0.601206		80			—			20			100
Currency Hedged MSCI EAFE Small-Cap^(a)		0.567519		—		0.156807		0.724326		78			—			22			100
MSCI ACWI ex U.S.^(a)		0.787891		—		0.115937		0.903828		87			—			13			100
MSCI EAFE^(a)		1.253553		—		0.261825		1.515378		83			—			17			100
MSCI EAFE Small-Cap^(a)		1.140946		—		0.312692		1.453638		78			—			22			100

^(a)

The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.


S U P P L E M E N T A L I N F O R M A T I O N		109

General Information

Electronic Delivery

Shareholders can sign up for email 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.


110		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Glossary of Terms Used in this Report


Portfolio Abbreviations - Equity

ADR		American Depositary Receipt

CPO		Certificates of Participation (Ordinary)

GDR		Global Depositary Receipt

JSC		Joint Stock Company

NVDR		Non-Voting Depositary Receipt

NVS		Non-Voting Shares

PJSC		Public Joint Stock Company

REIT		Real Estate Investment Trust

SDR		Swedish Depositary Receipt


Counterparty Abbreviations

BBP		Barclays Bank PLC Wholesale

BNP		BNP Paribas SA


Currency Abbreviations

AUD		Australian Dollar

BRL		Brazilian Real

CAD		Canadian Dollar

CHF		Swiss Franc

CLP		Chilean Peso

DKK		Danish Krone

EUR		Euro

GBP		British Pound

HKD		Hong Kong Dollar

ILS		Israeli Shekel

INR		Indian Rupee

JPY		Japanese Yen

KRW		South Korean Won

MXN		Mexican Peso

MYR		Malaysian Ringgit

NOK		Norwegian Krone

NZD		New Zealand Dollar

RUB		Russian Ruble

SEK		Swedish Krona

SGD		Singapore Dollar

THB		Thai Baht

TRY		Turkish Lira

TWD		New Taiwan Dollar

USD		United States Dollar

ZAR		South African Rand


Counterparty Abbreviations (continued)

BOA		Bank of America N.A.

BSCH		Banco Santander Central Hispano

CBA		Commonwealth Bank of Australia

CITI		Citibank N.A.

DB		Deutsche Bank AG London

HSBC		HSBC Bank PLC

JPM		JPMorgan Chase Bank N.A.

MS		Morgan Stanley & Co. International PLC

RBS		Royal Bank of Scotland PLC

SSB		State Street Bank and Trust Co.

TDB		Toronto Dominion Bank

TNTC		The Northern Trust Company

UBS		UBS AG


G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T		111

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-SAR-103-0122