iSHARES TRUST


		JANUARY 31, 2024

2024 Semi-Annual Report
(Unaudited)

iShares Trust

· iShares MSCI EAFE Growth ETF | EFG | Cboe BZX

· iShares MSCI EAFE Value ETF | EFV | Cboe BZX

The Markets in Review

Dear Shareholder,

The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended January 31, 2024. Significantly tighter monetary policy helped to rein in inflation, and the Consumer Price Index decelerated substantially in the first half of the period before stalling between 3% and 4% in the second half. A moderating labor market helped ease inflationary pressure, although wages continued to grow. Wage and job growth powered robust consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were robust during the period, as interest rates stabilized and the economy proved to be more resilient than many investors expected. The U.S. economy continued to show strength, and growth further accelerated in the second half of 2023. Large-capitalization U.S. stocks posted particularly substantial gains, supported by the performance of a few notable technology companies, while small-capitalization U.S. stocks advanced at a significantly slower pace. Meanwhile, international developed market equities also gained, while emerging market stocks declined overall.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. However, shorter-duration U.S. Treasuries gained, as higher yields boosted returns. The corporate bond market benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates four times during the 12-month period, but paused its tightening in the second half of the period. The Fed also wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has stopped tightening for now, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period despite the market’s hopes for interest rate cuts, as reflected in the recent rally. In this new regime, we anticipate greater volatility and dispersion of returns, creating more opportunities for selective portfolio management.

Looking at developed market stocks, we have an overweight stance on U.S. stocks overall, particularly given the promise of emerging AI technologies. We are also overweight Japanese stocks as shareholder-friendly policies generate increased investor interest, although we maintain an underweight stance on European stocks. In credit, there are selective opportunities in the near term despite tighter credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries and hard-currency emerging market bonds.

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

LOGO

Rob Kapito

President, BlackRock Inc.

LOGO

Rob Kapito

President, BlackRock Inc.


Total Returns as of January 31, 2024

	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	6.43%	20.82%

U.S. small cap equities (Russell 2000^® Index)	(2.02)	2.40

International equities (MSCI Europe, Australasia, Far East Index)	3.15	10.01

Emerging market equities (MSCI Emerging Markets Index)	(6.00)	(2.94)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	2.73	5.13

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	1.74	(0.38)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	3.15	2.10

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	2.70	2.90

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	6.18	9.28

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

Semi-Annual Report:

Fund Summary		4

About Fund Performance		6

Disclosure of Expenses		6

Schedules of Investments		7

Financial Statements:

Statements of Assets and Liabilities		20

Statements of Operations		21

Statements of Changes in Net Assets		22

Financial Highlights		23

Notes to Financial Statements		25

Statement Regarding Liquidity Risk Management Program		33

Supplemental Information		34

General Information		35

Glossary of Terms Used in this Report		36


		3


Fund Summary as of January 31, 2024		iShares^® MSCI EAFE Growth ETF

Investment Objective

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

Performance


				Average Annual Total Returns									Cumulative Total Returns

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

Fund NAV		1.19	%		7.75	%		7.27	%		5.40	%		7.75	%		42.04	%		69.20	%
Fund Market		1.27			7.79			7.33			5.47			7.79			42.42			70.29
Index		2.19			9.66			7.71			5.76			9.66			44.96			75.03

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

Expense Example

Actual

Hypothetical 5% Return

Beginning

Account Value

(08/01/23)

Ending

Account Value

(01/31/24)

Expenses

Paid During

the Period

^(a)

Beginning

Account Value

(08/01/23)

Ending

Account Value

(01/31/24)

Expenses

Paid During

the Period

^(a)

Annualized

Expense

Ratio

$ 1,000.00

$ 1,011.90

$ 1.82

$ 1,000.00

$ 1,023.30

$ 1.83

0.36%

^(a)

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information


SECTOR ALLOCATION

Sector	Percent of Total Investments	^(a)

Industrials	18.6	%
Consumer Discretionary	16.1
Health Care	15.7
Information Technology	15.6
Consumer Staples	12.4
Financials	11.1
Materials	5.9
Communication Services	3.4
Other (each representing less than 1%)	1.2


GEOGRAPHIC ALLOCATION

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

Japan	22.8	%
France	12.9
United Kingdom	11.8
Switzerland	11.0
Australia	7.5
Netherlands	7.2
Germany	7.0
Denmark	6.2
Sweden	3.7
Hong Kong	1.9

^(a)

Excludes money market funds.


4		2 0 2 4 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, 2024		iShares^® MSCI EAFE Value ETF

Investment Objective

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

Performance


				Average Annual Total Returns									Cumulative Total Returns

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

Fund NAV		2.92	%		8.64	%		5.43	%		3.31	%		8.64	%		30.25	%		38.44	%
Fund Market		2.87			8.71			5.50			3.39			8.71			30.67			39.51
Index		4.05			10.35			5.69			3.53			10.35			31.86			41.50

Expense Example

Actual

Hypothetical 5% Return

Beginning
Account Value
(08/01/23)

Ending
Account Value
(01/31/24)

Expenses
Paid During
the Period

^(a)

Beginning
Account Value
(08/01/23)

Ending
Account Value
(01/31/24)

Expenses
Paid During
the Period

^(a)

Annualized
Expense

Ratio

$ 1,000.00

$ 1,029.20

$ 1.68

$ 1,000.00

$ 1,023.50

$ 1.68

0.33%

^(a)

Portfolio Information


SECTOR ALLOCATION

Sector	Percent of Total Investments	^(a)

Financials	27.2	%
Industrials	14.1
Health Care	10.3
Materials	8.9
Energy	8.5
Consumer Discretionary	7.7
Utilities	6.2
Consumer Staples	5.8
Communication Services	5.0
Real Estate	4.3
Information Technology	2.0


GEOGRAPHIC ALLOCATION

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

Japan	23.6	%
United Kingdom	16.8
France	10.7
Germany	9.8
Switzerland	9.5
Australia	7.3
Italy	4.0
Spain	3.7
Netherlands	2.5
Sweden	2.4

^(a)

Excludes money market funds.


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

About Fund Performance

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

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

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

Disclosure of Expenses

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

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

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

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


6		2 0 2 4 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, 2024

iShares^® MSCI EAFE Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 7.4%
Aristocrat Leisure Ltd.		787,609	$	22,707,249
ASX Ltd.		130,792		5,591,666
BHP Group Ltd.		2,387,287		73,036,678
Brambles Ltd.		1,875,263		17,880,194
CAR Group Ltd.		483,435		10,379,983
Cochlear Ltd.		87,921		17,447,827
Coles Group Ltd.		1,796,538		18,643,345
Commonwealth Bank of Australia		2,255,414		171,985,222
Computershare Ltd.		733,426		12,147,916
CSL Ltd.		650,005		127,646,376
Endeavour Group Ltd./Australia		1,935,254		7,082,518
Goodman Group		2,299,580		38,171,119
IDP Education Ltd.		342,028		4,379,927
IGO Ltd.		323,832		1,574,216
Insurance Australia Group Ltd.		3,289,028		12,910,832
James Hardie Industries PLC^(a)		593,883		22,312,443
Lottery Corp. Ltd. (The)		3,005,275		9,864,465
Medibank Pvt Ltd.		3,718,511		9,309,815
Mineral Resources Ltd.		234,893		9,059,542
Northern Star Resources Ltd.		1,551,170		13,305,635
Orica Ltd.		615,315		6,489,663
Origin Energy Ltd.		2,325,462		12,978,870
Pilbara Minerals Ltd.^(b)		2,510,758		5,718,666
Qantas Airways Ltd.^(a)		1,142,455		4,118,963
QBE Insurance Group Ltd.		2,005,051		20,645,172
Ramsay Health Care Ltd.		247,851		8,262,993
REA Group Ltd.		71,358		8,510,631
Reece Ltd.		301,189		4,436,614
SEEK Ltd.		481,067		7,930,524
Telstra Corp. Ltd.		2,730,932		7,202,377
Transurban Group		1,458,737		12,815,340
Treasury Wine Estates Ltd.		701,289		4,917,524
Washington H Soul Pattinson & Co. Ltd.		111,230		2,486,339
Wesfarmers Ltd.		1,526,753		57,798,196
WiseTech Global Ltd.		224,439		10,566,835
Woolworths Group Ltd.		1,643,862		38,606,023
Xero Ltd.^(a)		194,218		13,901,858


				832,823,556

Austria — 0.1%
Verbund AG		91,951		7,477,301


Belgium — 1.2%
Anheuser-Busch InBev SA/NV		1,168,863		72,303,049
Argenx SE^(a)		79,480		30,014,193
D’ieteren Group		29,024		5,863,211
Elia Group SA/NV		19,917		2,398,113
Lotus Bakeries NV		550		4,689,699
UCB SA		170,615		16,049,015


				131,317,280

Denmark — 6.2%
AP Moller - Maersk A/S, Class A		1,432		2,596,603
Carlsberg A/S, Class B		86,412		11,118,410
Coloplast A/S, Class B		184,364		21,251,953
Demant A/S^(a)		135,702		6,147,149
DSV A/S		250,496		44,816,168
Genmab A/S^(a)		88,802		24,555,708
Novo Nordisk A/S		4,390,954		501,905,295
Novozymes A/S, Class B		492,279		25,224,711
Pandora A/S		114,104		16,672,525


Security	Shares		Value

Denmark (continued)
Vestas Wind Systems A/S^(a)		1,358,770	$	38,310,532


				692,599,054

Finland — 0.3%
Elisa OYJ		67,521		3,076,355
Kone OYJ, Class B		298,186		14,760,596
Metso OYJ		885,021		8,845,463
Orion OYJ, Class B		145,468		6,697,011


				33,379,425

France — 12.8%
Accor SA		255,129		10,075,935
Aeroports de Paris SA		16,420		2,197,157
Air Liquide SA		704,747		131,881,631
Airbus SE		797,671		127,057,699
BioMerieux		55,962		6,023,091
Bureau Veritas SA		258,951		6,887,807
Capgemini SE		210,236		46,739,960
Carrefour SA		272,492		4,652,064
Dassault Aviation SA		27,299		5,170,659
Dassault Systemes SE		899,273		46,616,753
Edenred SE		336,804		20,116,791
EssilorLuxottica SA		257,901		50,541,633
Eurofins Scientific SE		118,491		7,135,146
Getlink SE		169,343		2,917,963
Hermes International SCA		42,609		89,890,463
Ipsen SA		33,147		3,821,820
Kering SA		100,187		41,154,154
Legrand SA		357,621		34,659,054
L’Oreal SA		324,554		155,316,620
LVMH Moet Hennessy Louis Vuitton SE		371,539		309,142,198
Pernod Ricard SA		275,221		45,132,267
Remy Cointreau SA		30,982		3,139,222
Safran SA		459,946		85,875,988
Sartorius Stedim Biotech		37,339		10,060,516
Schneider Electric SE		732,264		143,853,257
Sodexo SA		119,412		13,470,741
Teleperformance SE		40,211		6,279,914
Thales SA		141,830		20,743,212
Vivendi SE		452,385		5,098,179
Worldline SA/France^(a)(c)		162,856		2,201,567


				1,437,853,461

Germany — 6.8%
adidas AG		218,019		41,159,368
Bechtle AG		110,384		5,723,724
Beiersdorf AG		136,024		19,905,705
Brenntag SE		187,650		16,590,135
Carl Zeiss Meditec AG, Bearer		54,053		5,697,819
Covestro AG^(a)(c)		91,504		4,831,912
Delivery Hero SE^(a)(c)		237,098		5,379,584
Deutsche Boerse AG		255,690		50,918,017
Hannover Rueck SE		80,928		19,399,808
HelloFresh SE^(a)		210,409		2,782,607
Infineon Technologies AG		1,757,366		64,068,157
Knorr-Bremse AG		97,996		6,052,832
Merck KGaA		173,703		28,500,405
MTU Aero Engines AG		46,727		10,743,947
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		183,635		78,176,895
Nemetschek SE		77,993		7,196,698
Puma SE		142,649		5,740,737
Rational AG		6,912		5,309,698
Rheinmetall AG		58,443		20,465,029


S C H E D U L E O F I N V E S T M E N T S		7

Schedule of Investments (unaudited) (continued)

January 31, 2024

iShares^® MSCI EAFE Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Germany (continued)
SAP SE		1,405,062	$	243,422,179
Scout24 SE^(c)		101,284		7,457,570
Siemens AG, Registered		357,955		64,082,480
Siemens Healthineers AG^(c)		378,749		21,077,847
Symrise AG, Class A		178,205		18,386,071
Zalando SE^(a)(c)		302,637		6,042,640


				759,111,864

Hong Kong — 1.9%
AIA Group Ltd.		15,444,200		121,119,841
Budweiser Brewing Co. APAC Ltd.^(c)		2,292,400		3,613,146
ESR Group Ltd.^(c)		2,944,600		3,764,002
Futu Holdings Ltd., ADR^(a)		74,705		3,490,216
Galaxy Entertainment Group Ltd.		1,474,000		7,649,882
Hong Kong Exchanges & Clearing Ltd.		1,564,500		47,433,760
Sands China Ltd.^(a)		1,146,400		3,009,036
Techtronic Industries Co. Ltd.		1,857,000		19,723,391
Xinyi Glass Holdings Ltd.		1,140,000		945,087


				210,748,361

Ireland — 1.4%
AIB Group PLC		1,061,991		4,664,714
Bank of Ireland Group PLC		499,945		4,597,484
CRH PLC		951,968		67,534,149
Flutter Entertainment PLC^(a)		237,678		48,784,860
Kerry Group PLC, Class A		215,118		19,174,329
Kingspan Group PLC		207,597		16,860,321


				161,615,857

Israel — 0.7%
Check Point Software Technologies Ltd.^(a)		125,587		19,959,542
CyberArk Software Ltd.^(a)		56,373		13,161,968
Elbit Systems Ltd.		23,415		4,830,123
Global-e Online Ltd.^(a)		120,969		4,568,999
Mizrahi Tefahot Bank Ltd.		73,210		2,724,679
Monday.com Ltd.^(a)		35,860		7,532,034
Nice Ltd.^(a)		84,952		17,626,000
Wix.com Ltd.^(a)		73,319		9,302,715


				79,706,060

Italy — 1.3%
Amplifon SpA		168,247		5,491,332
Banco BPM SpA		574,166		3,097,793
DiaSorin SpA		30,296		2,785,989
Ferrari NV		169,628		59,155,586
Infrastrutture Wireless Italiane SpA^(c)		454,099		5,490,977
Moncler SpA		276,275		16,995,532
Nexi SpA^(a)(c)		795,873		6,104,714
Prysmian SpA		354,436		15,598,669
Recordati Industria Chimica e Farmaceutica SpA		141,213		7,794,148
UniCredit SpA		754,564		22,102,732


				144,617,472

Japan — 22.7%
Advantest Corp.		1,030,600		41,015,633
Aeon Co. Ltd.		877,300		20,964,992
Ajinomoto Co. Inc.		598,100		24,560,927
ANA Holdings Inc.^(a)		75,800		1,675,041
Asahi Intecc Co. Ltd.		293,000		5,567,260
Astellas Pharma Inc.		2,433,100		28,327,300
Azbil Corp.		155,200		5,015,239
Bandai Namco Holdings Inc.		809,000		17,516,903
BayCurrent Consulting Inc.^(b)		178,500		4,149,946
Capcom Co. Ltd.		233,600		8,909,216
Chugai Pharmaceutical Co. Ltd.		902,800		32,473,913
Daifuku Co. Ltd.		410,200		8,089,142


Security	Shares		Value

Japan (continued)
Dai-ichi Life Holdings Inc.		1,263,700	$	27,716,431
Daiichi Sankyo Co. Ltd.		2,489,100		74,521,249
Daikin Industries Ltd.		354,700		56,834,359
Denso Corp.		2,550,300		40,060,239
Dentsu Group Inc.		136,900		3,633,499
Disco Corp.		123,400		33,298,130
Eisai Co. Ltd.		170,100		8,009,776
FANUC Corp.		1,281,800		35,457,617
Fast Retailing Co. Ltd.		235,300		62,819,633
Fuji Electric Co. Ltd.		85,600		4,286,848
Fujitsu Ltd.		154,000		21,315,794
Hamamatsu Photonics KK		189,200		7,474,328
Hankyu Hanshin Holdings Inc.		154,500		4,727,008
Hikari Tsushin Inc.		18,200		3,171,346
Hirose Electric Co. Ltd.		41,100		4,782,099
Hitachi Ltd.		436,000		34,247,952
Hoshizaki Corp.		95,000		3,456,229
Hoya Corp.		475,900		60,453,134
Ibiden Co. Ltd.^(b)		151,700		7,633,534
Inpex Corp.		458,900		6,237,578
Japan Exchange Group Inc.		677,400		14,992,014
JSR Corp.		155,400		4,238,482
Kao Corp.		220,300		8,716,734
Kawasaki Kisen Kaisha Ltd.		64,800		3,157,301
Keisei Electric Railway Co. Ltd.		87,200		3,945,788
Keyence Corp.		261,748		117,105,499
Kikkoman Corp.		182,700		11,241,206
Kintetsu Group Holdings Co. Ltd.		244,400		7,541,562
Kobe Bussan Co. Ltd.		202,100		5,164,201
Koei Tecmo Holdings Co. Ltd.		158,900		1,979,284
Konami Group Corp.		135,800		8,351,454
Kose Corp.		16,200		1,059,847
Kubota Corp.		475,000		7,190,295
Kyowa Kirin Co. Ltd.		365,100		5,751,043
Lasertec Corp.		102,200		26,615,843
M3 Inc.		596,200		9,408,034
Makita Corp.		302,200		8,133,710
MatsukiyoCocokara & Co.		463,300		8,421,298
McDonald’s Holdings Co. Japan Ltd.^(b)		116,300		5,178,196
MINEBEA MITSUMI Inc.		490,200		10,132,535
MISUMI Group Inc.		384,300		6,588,782
Mitsui & Co. Ltd.		1,131,700		45,898,612
MonotaRO Co. Ltd.		339,600		3,198,426
Murata Manufacturing Co. Ltd.		1,506,000		30,409,335
NEC Corp.		318,000		20,779,616
Nexon Co. Ltd.		462,000		7,373,070
Nidec Corp.		560,400		20,901,136
Nintendo Co. Ltd.		1,397,500		78,079,567
Nippon Paint Holdings Co. Ltd.		1,280,700		10,087,208
Nippon Sanso Holdings Corp.		234,100		5,931,931
Nippon Telegraph & Telephone Corp.		40,219,100		50,505,301
Nippon Yusen KK		228,900		7,888,091
Nissan Chemical Corp.		169,800		6,772,101
Nissin Foods Holdings Co. Ltd.		257,100		8,317,539
Nitori Holdings Co. Ltd.		108,300		14,174,489
Nitto Denko Corp.		193,900		16,085,525
Nomura Research Institute Ltd.		520,870		15,930,038
NTT Data Group Corp.		852,300		12,276,209
Obic Co. Ltd.		93,100		14,301,048
Olympus Corp.		1,616,000		23,922,718
Omron Corp.		153,400		6,897,670
Ono Pharmaceutical Co. Ltd.		523,800		9,441,038


8		2 0 2 4 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, 2024

iShares^® MSCI EAFE Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Japan (continued)
Open House Group Co. Ltd.		53,000	$	1,657,422
Oracle Corp. Japan		51,100		4,027,147
Oriental Land Co. Ltd./Japan		1,468,200		54,529,051
Otsuka Corp.		153,400		6,454,729
Otsuka Holdings Co. Ltd.		564,800		22,201,339
Pan Pacific International Holdings Corp.		514,400		11,119,519
Panasonic Holdings Corp.		1,491,100		14,044,338
Rakuten Group Inc.^(a)		2,023,700		8,889,624
Recruit Holdings Co. Ltd.		1,939,500		76,607,758
Renesas Electronics Corp.^(a)		1,975,400		32,411,527
SBI Holdings Inc.		166,700		4,095,095
SCSK Corp.		208,800		4,099,707
Secom Co. Ltd.		98,700		7,163,678
Seven & i Holdings Co. Ltd.		1,013,500		40,027,997
SG Holdings Co. Ltd.		432,400		5,599,623
Sharp Corp./Japan^(a)		229,200		1,541,210
Shimadzu Corp.		319,900		8,845,864
Shimano Inc.		104,100		14,946,189
Shin-Etsu Chemical Co. Ltd.		2,451,300		96,488,513
Shionogi & Co. Ltd.		350,100		16,803,544
Shiseido Co. Ltd.		351,100		9,787,505
SMC Corp.		77,400		43,084,284
SoftBank Group Corp.		486,000		20,980,913
Sony Group Corp.		1,697,100		166,431,725
Square Enix Holdings Co. Ltd.		114,500		4,474,229
Sysmex Corp.		226,500		12,270,023
T&D Holdings Inc.		336,800		5,576,985
TDK Corp.		522,000		25,972,011
Terumo Corp.		904,600		30,622,475
TIS Inc.		297,000		6,605,826
Tobu Railway Co. Ltd.		126,900		3,360,726
Toho Co. Ltd./Tokyo		75,900		2,472,423
Tokio Marine Holdings Inc.		2,425,000		63,940,997
Tokyo Electron Ltd.		634,600		117,764,257
Tokyo Gas Co. Ltd.		498,800		11,458,365
Tokyu Corp.		236,800		2,778,677
Toyota Motor Corp.		7,135,000		142,470,359
Trend Micro Inc./Japan^(a)		63,000		3,604,190
Unicharm Corp.		541,500		18,632,132
USS Co. Ltd.		179,200		3,388,924
Yakult Honsha Co. Ltd.		346,600		7,570,294
Yamato Holdings Co. Ltd.		358,700		6,200,641
Yaskawa Electric Corp.		323,500		12,191,517
Yokogawa Electric Corp.		308,800		6,068,136
Zensho Holdings Co. Ltd.		125,000		6,121,088
ZOZO Inc.		187,400		4,103,405


				2,551,972,052

Netherlands — 7.2%
Adyen NV^(a)(c)		29,207		36,631,030
Akzo Nobel NV		228,945		17,585,831
ASM International NV		60,957		33,784,418
ASML Holding NV		542,435		470,610,032
BE Semiconductor Industries NV		104,030		15,633,450
Davide Campari-Milano NV		829,284		8,401,669
Ferrovial SE		449,773		17,152,195
Heineken NV		387,501		38,980,859
IMCD NV		76,925		11,741,888
Prosus NV		1,968,460		58,564,985
Qiagen NV, NVS		298,540		12,952,695
Universal Music Group NV		1,102,335		32,494,326


Security	Shares		Value

Netherlands (continued)
Wolters Kluwer NV		334,439	$	49,302,007


				803,835,385

New Zealand — 0.2%
Fisher & Paykel Healthcare Corp. Ltd.		785,702		11,347,924
Mercury NZ Ltd.		471,662		1,946,048
Meridian Energy Ltd.		1,747,564		5,920,378
Spark New Zealand Ltd.		871,139		2,830,151


				22,044,501

Norway — 0.1%
Adevinta ASA^(a)		472,600		5,077,734
Kongsberg Gruppen ASA		118,846		6,056,789
Salmar ASA		34,438		1,911,668


				13,046,191

Portugal — 0.1%
Galp Energia SGPS SA		398,852		6,278,625
Jeronimo Martins SGPS SA		382,377		8,696,523


				14,975,148

Singapore — 1.2%
CapitaLand Ascendas REIT		5,037,500		10,917,406
DBS Group Holdings Ltd.		2,436,900		57,718,666
Grab Holdings Ltd., Class A^(a)		2,557,410		7,851,249
Sea Ltd., ADR^(a)(b)		491,354		18,740,242
Seatrium Ltd.^(a)		30,042,800		2,229,572
Sembcorp Industries Ltd.		1,196,000		5,033,352
Singapore Exchange Ltd.		1,116,300		7,794,714
Singapore Technologies Engineering Ltd.		2,108,900		5,843,631
Singapore Telecommunications Ltd.		11,142,000		19,883,374
UOL Group Ltd.		315,600		1,465,512


				137,477,718

Spain — 1.4%
Aena SME SA^(c)		50,056		8,855,265
Amadeus IT Group SA		607,755		42,591,695
Cellnex Telecom SA^(c)		759,944		29,240,642
Corp. ACCIONA Energias Renovables SA		86,714		2,253,270
EDP Renovaveis SA		145,626		2,358,156
Grifols SA^(a)		403,103		4,390,899
Industria de Diseno Textil SA		1,467,951		62,765,717


				152,455,644

Sweden — 3.7%
Alfa Laval AB		387,836		14,230,791
Assa Abloy AB, Class B		1,348,497		36,983,499
Atlas Copco AB, Class A		3,614,708		57,688,619
Atlas Copco AB, Class B		2,098,730		29,063,111
Beijer Ref AB, Class B		519,996		7,079,741
Epiroc AB		884,170		15,622,178
Epiroc AB, Class B		526,597		8,210,646
EQT AB		480,008		12,889,243
Essity AB, Class B		821,954		19,302,184
Evolution AB^(c)		246,368		28,766,811
Getinge AB, Class B		308,642		6,597,879
H & M Hennes & Mauritz AB, Class B		871,743		12,299,198
Hexagon AB, Class B		2,792,483		30,476,003
Husqvarna AB, Class B		472,983		3,679,292
Industrivarden AB, Class A		61,683		1,941,903
Industrivarden AB, Class C		69,328		2,178,915
Indutrade AB		368,935		8,962,936
Investment AB Latour, Class B		200,097		5,032,559
Investor AB, Class B		2,329,252		54,841,693
Lifco AB, Class B		314,823		7,595,704
Nibe Industrier AB, Class B		2,045,694		12,223,391


S C H E D U L E O F I N V E S T M E N T S		9

Schedule of Investments (unaudited) (continued)

January 31, 2024

iShares^® MSCI EAFE Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Sweden (continued)
Saab AB, Class B		108,160	$	6,964,524
Sagax AB, Class B		266,171		6,468,304
Sandvik AB		714,704		15,020,136
Swedish Orphan Biovitrum AB^(a)		262,774		7,375,574


				411,494,834

Switzerland — 11.0%
ABB Ltd., Registered		2,153,677		91,125,956
Alcon Inc.		673,033		50,662,556
Avolta AG, Registered^(a)		46,510		1,776,907
Bachem Holding AG, Class B		45,795		3,065,688
Barry Callebaut AG, Registered		3,150		4,600,912
BKW AG		28,501		4,527,908
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		1,287		16,356,417
Chocoladefabriken Lindt & Spruengli AG, Registered		138		17,492,738
Cie. Financiere Richemont SA, Class A, Registered		702,735		104,380,421
Coca-Cola HBC AG, Class DI		147,788		4,344,486
EMS-Chemie Holding AG, Registered		4,758		3,591,884
Geberit AG, Registered		45,015		25,911,891
Givaudan SA, Registered		12,434		51,707,244
Logitech International SA, Registered		222,436		18,647,537
Lonza Group AG, Registered		100,303		49,038,707
Nestle SA, Registered		3,592,981		409,422,077
Partners Group Holding AG		30,570		41,244,279
Roche Holding AG, Bearer		43,347		13,130,995
Schindler Holding AG, Participation Certificates, NVS		55,138		13,734,253
Schindler Holding AG, Registered		20,672		4,920,780
SGS SA		132,053		12,202,467
SIG Group AG		415,045		8,687,805
Sika AG, Registered		205,331		56,683,229
Sonova Holding AG, Registered		68,525		21,900,351
STMicroelectronics NV		920,755		40,428,057
Straumann Holding AG		150,251		22,823,332
Swiss Re AG		264,907		30,331,967
Temenos AG, Registered		86,717		8,825,223
UBS Group AG, Registered		2,878,323		86,155,710
VAT Group AG^(c)		36,311		16,903,817


				1,234,625,594

United Kingdom — 11.8%
Admiral Group PLC		175,589		5,583,225
Ashtead Group PLC		589,118		38,523,540
AstraZeneca PLC		2,085,404		276,476,272
Auto Trader Group PLC^(c)		1,222,385		11,245,794
BAE Systems PLC		4,091,293		60,945,799
Bunzl PLC		453,234		18,419,323
Burberry Group PLC		490,230		8,075,030
Compass Group PLC		2,306,195		63,521,262
Croda International PLC		94,171		5,699,849
Diageo PLC		3,024,623		109,242,923
Entain PLC		861,579		10,494,370
Experian PLC		1,237,584		51,511,204
Haleon PLC		7,447,632		30,250,517
Halma PLC		512,064		14,173,464
HSBC Holdings PLC		9,176,266		71,645,554
Informa PLC		1,855,675		18,225,603
InterContinental Hotels Group PLC		222,999		21,129,838
Intertek Group PLC		217,683		12,355,832


Security	Shares		Value


United Kingdom (continued)
JD Sports Fashion PLC		3,495,486	$	5,165,328
London Stock Exchange Group PLC		560,360		63,384,584
Next PLC		162,471		17,344,838
NMC Health PLC, NVS^(d)		50,450		1
Ocado Group PLC^(a)		387,394		2,653,613
Prudential PLC		3,704,201		38,051,653
Reckitt Benckiser Group PLC		482,451		34,881,639
RELX PLC		2,542,166		104,925,509
Rentokil Initial PLC		3,383,281		17,423,036
Rolls-Royce Holdings PLC^(a)		11,324,257		42,991,976
Sage Group PLC (The)		1,385,056		20,620,605
Severn Trent PLC		181,509		5,966,387
Smith & Nephew PLC		589,013		8,237,348
Spirax-Sarco Engineering PLC		99,505		12,523,781
Unilever PLC		2,186,808		106,410,545
Whitbread PLC		130,327		5,907,455
Wise PLC, Class A^(a)		829,331		8,459,096


				1,322,466,793


Total Common Stocks — 99.5% (Cost: $10,157,907,232)				11,155,643,551


Preferred Stocks

Germany — 0.2%
Dr Ing hc F Porsche AG, Preference Shares, NVS^(c)		153,699		13,049,342
Sartorius AG, Preference Shares, NVS		35,376		12,905,253


				25,954,595


Total Preferred Stocks — 0.2% (Cost: $27,854,311)				25,954,595


Total Long-Term Investments — 99.7% (Cost: $10,185,761,543)				11,181,598,146


Short-Term Securities

Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.51%^(e)(f)(g)		19,413,628		19,425,276
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.32%^(e)(f)		4,840,000		4,840,000


Total Short-Term Securities — 0.2% (Cost: $24,251,359)				24,265,276


Total Investments — 99.9% (Cost: $10,210,012,902)				11,205,863,422

Other Assets Less Liabilities — 0.1%				10,097,413


Net Assets — 100.0%			$	11,215,960,835

^(a)	Non-income producing security.

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

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

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

^(e)	Affiliate of the Fund.

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

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


10		2 0 2 4 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, 2024

iShares^® MSCI EAFE Growth ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:




Affiliated Issuer	Value at 07/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 01/31/24		Shares Held at 01/31/24		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	66,747,566	$	—		$	(47,333,062	)^(a)	$	14,567	$	(3,795	)	$	19,425,276		19,413,628	$	53,372	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		3,720,000		1,120,000	^(a)		—			—		—			4,840,000		4,840,000		105,296			—


									$	14,567	$	(3,795	)	$	24,265,276			$	158,668		$	—

^(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.

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		60		03/07/24	$	10,298	$	706,078
Euro STOXX 50 Index		323		03/15/24		16,240		301,520
FTSE 100 Index		33		03/15/24		3,178		456


							$	1,008,054

Derivative Financial Instruments Categorized by Risk Exposure

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




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


Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	1,008,054	$	—	$	—	$	—	$	1,008,054

^(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, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:




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


Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	1,363,513		$	—	$	—	$	—	$	1,363,513


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(365,974	)	$	—	$	—	$	—	$	(365,974	)


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, 2024

iShares^® MSCI EAFE Growth ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	39,435,013

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

Fair Value Hierarchy as of Period End

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

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


Assets
Investments
Long-Term Investments
Common Stocks	$	157,715,582	$	10,997,927,968	$	1	$	11,155,643,551
Preferred Stocks		—		25,954,595		—		25,954,595
Short-Term Securities
Money Market Funds		24,265,276		—		—		24,265,276


	$	181,980,858	$	11,023,882,563	$	1	$	11,205,863,422

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	—	$	1,008,054	$	—	$	1,008,054

^(a)

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

See notes to financial statements.


12		2 0 2 4 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, 2024

iShares^® MSCI EAFE Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 7.3%
Ampol Ltd.		519,483	$	12,287,059
ANZ Group Holdings Ltd.		6,551,333		115,594,210
APA Group		2,847,502		15,749,798
ASX Ltd.		214,400		9,166,105
Aurizon Holdings Ltd.		4,073,766		10,041,960
BHP Group Ltd.		7,182,193		219,732,070
BlueScope Steel Ltd.		984,752		15,035,497
Dexus		2,344,663		11,865,555
Fortescue Ltd.		3,691,571		71,346,061
GPT Group (The)		4,175,836		12,620,941
IGO Ltd.		965,715		4,694,546
Macquarie Group Ltd.		800,370		98,757,186
Mirvac Group		8,601,723		12,088,863
National Australia Bank Ltd.		6,820,908		143,855,659
Pilbara Minerals Ltd.		2,181,345		4,968,374
Rio Tinto Ltd.		809,228		69,631,926
Santos Ltd.		7,079,937		35,781,575
Scentre Group		11,314,693		22,494,146
Sonic Healthcare Ltd.		982,432		20,483,904
South32 Ltd.		9,886,835		21,407,137
Stockland		5,203,881		15,367,634
Suncorp Group Ltd.		2,769,091		25,488,196
Telstra Corp. Ltd.		4,478,947		11,812,474
Transurban Group		4,375,271		38,437,763
Treasury Wine Estates Ltd.		623,056		4,368,945
Vicinity Ltd.		8,435,119		11,196,831
Washington H Soul Pattinson & Co. Ltd.		335,045		7,489,307
Westpac Banking Corp.		7,649,563		120,003,431
Woodside Energy Group Ltd.		4,139,153		86,575,409


				1,248,342,562

Austria — 0.3%
Erste Group Bank AG		751,850		32,388,496
OMV AG		325,258		14,477,689
voestalpine AG		256,852		7,641,787


				54,507,972

Belgium — 0.7%
Ageas SA/NV		348,300		14,967,145
Elia Group SA/NV		32,793		3,948,452
Groupe Bruxelles Lambert NV		191,878		14,546,211
KBC Group NV		545,642		35,593,098
Sofina SA^(a)		32,859		7,858,659
Syensqo SA^(b)		164,521		14,666,547
Umicore SA		463,524		10,543,530
Warehouses De Pauw CVA		389,243		11,388,140


				113,511,782

Denmark — 0.7%
AP Moller - Maersk A/S, Class A		4,296		7,789,809
AP Moller - Maersk A/S, Class B, NVS		10,627		19,594,052
Carlsberg A/S, Class B		76,279		9,814,623
Danske Bank A/S		1,507,234		40,471,429
Orsted A/S^(c)		412,382		23,243,809
Rockwool A/S, Class B		19,410		5,291,687
Tryg A/S		765,955		16,371,608


				122,577,017

Finland — 1.9%
Elisa OYJ		195,393		8,902,390
Fortum OYJ		997,895		13,641,370
Kesko OYJ, Class B		595,408		11,628,081
Kone OYJ, Class B		259,329		12,837,124


Security	Shares		Value

Finland (continued)
Neste OYJ		922,257	$	31,794,364
Nokia OYJ		11,816,498		42,719,277
Nordea Bank Abp		6,993,548		86,177,235
Sampo OYJ, Class A		984,104		41,190,104
Stora Enso OYJ, Class R		1,292,761		16,450,081
UPM-Kymmene OYJ		1,163,510		42,319,442
Wartsila OYJ Abp		1,052,674		15,528,576


				323,188,044

France — 10.6%
Aeroports de Paris SA		50,208		6,718,322
Alstom SA^(a)		639,070		8,058,932
Amundi SA^(c)		130,091		8,799,042
ArcelorMittal SA		1,119,050		30,818,655
Arkema SA		132,597		14,430,925
AXA SA		3,940,536		132,265,312
BNP Paribas SA		2,294,537		154,156,556
Bollore SE		1,576,815		10,414,910
Bouygues SA		415,810		15,232,197
Bureau Veritas SA		230,209		6,123,302
Carrefour SA		828,534		14,144,978
Cie. de Saint-Gobain		995,561		70,392,663
Cie. Generale des Etablissements Michelin SCA		1,481,869		49,201,995
Covivio SA/France		106,581		5,161,067
Credit Agricole SA		2,336,027		33,463,239
Danone SA		1,406,446		93,702,517
Eiffage SA		160,225		16,764,368
Engie SA		3,989,571		63,723,308
EssilorLuxottica SA		225,472		44,186,425
Eurazeo SE		92,752		7,900,638
Eurofins Scientific SE		100,777		6,068,466
Euronext NV^(c)		189,226		16,643,781
Gecina SA		101,939		11,242,503
Getlink SE		506,563		8,728,628
Ipsen SA		28,777		3,317,963
Klepierre SA		469,004		12,142,829
La Francaise des Jeux SAEM^(c)		234,274		9,495,968
Orange SA		4,067,280		48,367,778
Publicis Groupe SA		499,979		50,094,661
Renault SA		421,662		15,879,656
Sanofi SA		2,486,373		248,999,156
SEB SA		52,998		6,471,603
Societe Generale SA		1,614,153		41,491,835
Teleperformance SE		64,891		10,134,289
TotalEnergies SE		5,005,660		324,745,118
Unibail-Rodamco-Westfield, New^(b)		259,010		18,546,332
Veolia Environnement SA		1,484,667		48,376,153
Vinci SA		1,106,723		139,803,756
Vivendi SE		741,392		8,355,160
Worldline SA/France^(b)(c)		268,157		3,625,077


				1,818,190,063

Germany — 9.1%
Allianz SE, Registered		880,964		235,372,396
BASF SE		1,949,549		93,196,223
Bayer AG, Registered		2,145,923		66,773,858
Bayerische Motoren Werke AG		696,551		72,478,287
Commerzbank AG		2,298,066		26,390,052
Continental AG		239,800		19,589,416
Covestro AG^(b)(c)		274,080		14,472,925
Daimler Truck Holding AG		1,166,089		41,672,708
Deutsche Bank AG, Registered		4,233,705		54,689,838
Deutsche Lufthansa AG, Registered^(b)		1,304,276		10,845,540


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, 2024

iShares^® MSCI EAFE Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Germany (continued)
Deutsche Post AG, Registered		2,165,196	$	103,700,219
Deutsche Telekom AG, Registered		7,079,795		173,793,456
E.ON SE		4,904,050		66,348,247
Evonik Industries AG		515,103		9,475,909
Fresenius Medical Care AG & Co. KGaA		447,736		17,304,817
Fresenius SE & Co. KGaA		920,866		25,851,317
GEA Group AG		356,887		14,292,981
Heidelberg Materials AG		305,511		28,212,242
Henkel AG & Co. KGaA		226,535		15,492,877
LEG Immobilien SE^(b)		161,553		13,405,612
Mercedes-Benz Group AG		1,752,646		118,325,999
MTU Aero Engines AG		42,161		9,694,086
RWE AG		1,381,065		50,996,683
Siemens AG, Registered		1,079,051		193,175,859
Talanx AG^(b)		140,731		9,873,826
Volkswagen AG		64,328		9,081,897
Vonovia SE		1,601,621		49,894,262
Wacker Chemie AG		40,398		4,379,980


				1,548,781,512

Hong Kong — 2.1%
BOC Hong Kong Holdings Ltd.		8,108,500		19,434,396
CK Asset Holdings Ltd.		4,257,500		19,211,287
CK Hutchison Holdings Ltd.		5,844,500		30,185,791
CK Infrastructure Holdings Ltd.		1,415,000		8,403,460
CLP Holdings Ltd.		3,580,000		28,473,309
Galaxy Entertainment Group Ltd.		2,384,000		12,372,673
Hang Lung Properties Ltd.		3,983,088		4,624,203
Hang Seng Bank Ltd.		1,667,100		17,354,792
Henderson Land Development Co. Ltd.		3,165,794		8,248,859
HKT Trust & HKT Ltd., Class SS		8,072,000		9,696,569
Hong Kong & China Gas Co. Ltd.		24,876,650		17,702,895
Hongkong Land Holdings Ltd.		2,438,700		7,612,414
Jardine Matheson Holdings Ltd.		347,500		13,953,555
Link REIT		5,584,860		28,011,880
MTR Corp. Ltd.		3,316,500		10,789,602
New World Development Co. Ltd.^(a)		3,348,250		4,103,790
Power Assets Holdings Ltd.		3,080,500		18,036,897
Sands China Ltd.^(b)		3,440,400		9,030,256
Sino Land Co. Ltd.		8,116,000		8,477,680
SITC International Holdings Co. Ltd.		2,873,000		4,359,327
Sun Hung Kai Properties Ltd.		3,158,500		29,479,499
Swire Pacific Ltd., Class A		948,000		7,334,705
Swire Properties Ltd.		2,512,800		4,695,853
WH Group Ltd.^(c)		18,180,000		10,726,101
Wharf Holdings Ltd. (The)^(a)		2,332,276		6,814,183
Wharf Real Estate Investment Co. Ltd.		3,640,419		10,665,820
Xinyi Glass Holdings Ltd.		1,841,000		1,526,233


				351,326,029

Ireland — 0.2%
AIB Group PLC		1,718,183		7,546,988
Bank of Ireland Group PLC		1,497,210		13,768,313
Smurfit Kappa Group PLC		570,204		21,248,529


				42,563,830

Israel — 0.7%
Azrieli Group Ltd.		94,645		6,377,430
Bank Hapoalim BM		2,769,400		23,561,809
Bank Leumi Le-Israel BM		3,322,575		25,235,507
Elbit Systems Ltd.		20,810		4,292,755
ICL Group Ltd.		1,712,222		7,787,682
Isracard Ltd.		1		4
Israel Discount Bank Ltd., Class A		2,696,606		13,080,938


Security	Shares		Value

Israel (continued)
Mizrahi Tefahot Bank Ltd.		220,623	$	8,210,994
Teva Pharmaceutical Industries Ltd., ADR^(b)		2,451,785		29,666,598


				118,213,717

Italy — 3.9%
Assicurazioni Generali SpA		2,213,932		49,385,999
Banco BPM SpA		1,757,101		9,480,073
Enel SpA		17,765,779		121,222,586
Eni SpA		5,161,876		82,287,218
FinecoBank Banca Fineco SpA		1,361,783		19,634,678
Intesa Sanpaolo SpA		33,945,071		104,594,727
Leonardo SpA^(a)		748,917		13,071,643
Mediobanca Banca di Credito Finanziario SpA		1,227,819		16,261,235
Poste Italiane SpA^(c)		1,163,131		12,612,583
Snam SpA		4,473,421		21,847,936
Stellantis NV		4,832,594		106,445,826
Telecom Italia SpA/Milano^(a)(b)		22,019,496		6,636,837
Tenaris SA, NVS		1,048,008		16,552,539
Terna - Rete Elettrica Nazionale		3,119,816		26,306,441
UniCredit SpA		2,280,485		66,800,097


				673,140,418

Japan — 23.5%
AGC Inc.		426,900		16,054,958
Aisin Corp.		321,200		11,992,030
ANA Holdings Inc.^(b)		226,500		5,005,234
Asahi Group Holdings Ltd.		1,050,000		39,026,338
Asahi Kasei Corp.		2,734,800		20,739,467
Bridgestone Corp.		1,247,200		54,044,521
Brother Industries Ltd.		513,400		8,600,769
Canon Inc.		2,185,000		60,190,467
Central Japan Railway Co.		1,575,800		39,383,398
Chiba Bank Ltd. (The)		1,155,600		8,563,298
Chubu Electric Power Co. Inc.		1,404,500		18,220,138
Concordia Financial Group Ltd.		2,310,400		11,010,083
Dai Nippon Printing Co. Ltd.		445,900		12,904,321
Daito Trust Construction Co. Ltd.		135,200		15,379,069
Daiwa House Industry Co. Ltd.		1,293,600		40,000,625
Daiwa House REIT Investment Corp.		5,125		9,055,365
Daiwa Securities Group Inc.		2,922,200		20,943,004
Dentsu Group Inc.		225,900		5,995,672
East Japan Railway Co.		660,900		37,798,603
Eisai Co. Ltd.		274,800		12,939,955
ENEOS Holdings Inc.		6,280,850		25,365,546
Fuji Electric Co. Ltd.		138,300		6,926,065
FUJIFILM Holdings Corp.		815,100		51,665,030
Fujitsu Ltd.		135,000		18,685,923
GLP J-REIT		10,200		9,106,901
Hankyu Hanshin Holdings Inc.		250,300		7,658,059
Hikari Tsushin Inc.		15,800		2,753,147
Hitachi Construction Machinery Co. Ltd.		227,500		6,454,722
Hitachi Ltd.		1,316,400		103,403,679
Honda Motor Co. Ltd.		10,089,700		112,783,271
Hoshizaki Corp.		81,900		2,979,633
Hulic Co. Ltd.		837,000		9,242,442
Idemitsu Kosan Co. Ltd.		2,110,415		11,719,091
Iida Group Holdings Co. Ltd.		338,500		5,110,314
Inpex Corp.		1,375,400		18,695,063
Isuzu Motors Ltd.		1,287,700		17,570,591
ITOCHU Corp.		2,596,400		117,835,281
Japan Airlines Co. Ltd.		320,300		6,154,810
Japan Metropolitan Fund Invest		15,236		10,342,853
Japan Post Bank Co. Ltd.		3,164,000		32,905,113


14		2 0 2 4 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, 2024

iShares^® MSCI EAFE Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Japan (continued)
Japan Post Holdings Co. Ltd.		4,537,200	$	43,433,170
Japan Post Insurance Co. Ltd.		417,700		7,820,129
Japan Real Estate Investment Corp.		2,792		10,703,245
Japan Tobacco Inc.		2,621,200		69,087,975
JFE Holdings Inc.		1,261,000		19,909,699
JSR Corp.		137,100		3,739,356
Kajima Corp.		921,900		16,453,017
Kansai Electric Power Co. Inc. (The)		1,534,800		20,937,951
Kao Corp.		660,200		26,122,504
Kawasaki Kisen Kaisha Ltd.		197,100		9,603,457
KDDI Corp.		3,269,400		108,331,686
KDX Realty Investment Corp.		9,169		9,945,996
Keisei Electric Railway Co. Ltd.		140,900		6,375,706
Kirin Holdings Co. Ltd.		1,693,600		24,343,732
Koito Manufacturing Co. Ltd.		428,200		6,555,438
Komatsu Ltd.		2,020,800		57,491,661
Kose Corp.		48,300		3,159,914
Kubota Corp.		1,429,300		21,635,978
Kyocera Corp.		2,805,500		41,072,716
LY Corp.		5,901,900		18,361,001
Marubeni Corp.		3,128,300		53,358,359
Mazda Motor Corp.		1,239,600		15,028,223
MEIJI Holdings Co. Ltd.		512,800		12,401,867
Mitsubishi Chemical Group Corp.		2,791,100		16,829,607
Mitsubishi Corp.		7,535,900		129,880,801
Mitsubishi Electric Corp.		4,221,100		62,642,386
Mitsubishi Estate Co. Ltd.		2,461,000		34,099,404
Mitsubishi HC Capital Inc.		1,762,300		12,495,489
Mitsubishi Heavy Industries Ltd.		700,300		46,712,440
Mitsubishi UFJ Financial Group Inc.		24,942,600		233,626,020
Mitsui & Co. Ltd.		990,000		40,151,653
Mitsui Chemicals Inc.		364,300		10,721,444
Mitsui Fudosan Co. Ltd.		1,944,300		48,809,253
Mitsui OSK Lines Ltd.		749,900		26,936,757
Mizuho Financial Group Inc.		5,269,220		95,697,253
MS&AD Insurance Group Holdings Inc.		934,908		38,606,778
Murata Manufacturing Co. Ltd.		1,314,900		26,550,621
Nippon Building Fund Inc.		3,386		13,700,125
Nippon Express Holdings Inc.		158,300		9,422,225
Nippon Prologis REIT Inc.		4,951		8,808,827
Nippon Steel Corp.		1,868,800		44,972,032
Nippon Yusen KK		686,700		23,664,272
Nissan Motor Co. Ltd.		5,060,500		19,866,637
Nomura Holdings Inc.		6,571,400		35,394,517
Nomura Real Estate Holdings Inc.		239,500		6,554,086
Nomura Real Estate Master Fund Inc.		9,251		10,123,048
Obayashi Corp.		1,418,400		13,129,473
Odakyu Electric Railway Co. Ltd.		682,800		10,433,520
Oji Holdings Corp.		1,850,800		7,236,315
Omron Corp.		135,800		6,106,281
Open House Group Co. Ltd.		87,400		2,733,183
ORIX Corp.		2,562,500		49,479,993
Osaka Gas Co. Ltd.		834,200		17,565,626
Panasonic Holdings Corp.		2,407,600		22,676,647
Resona Holdings Inc.		4,634,700		25,584,744
Ricoh Co. Ltd.		1,168,800		9,186,761
Rohm Co. Ltd.		718,500		12,400,760
SBI Holdings Inc.		269,000		6,608,161
Secom Co. Ltd.		298,900		21,694,260
Seiko Epson Corp.		639,100		9,329,204
Sekisui Chemical Co. Ltd.		838,500		11,971,716
Sekisui House Ltd.		1,304,900		29,457,065


Security	Shares		Value

Japan (continued)
Sharp Corp./Japan^(b)		198,500	$	1,334,774
Shimizu Corp.		1,134,800		7,596,492
Shiseido Co. Ltd.		305,200		8,507,965
Shizuoka Financial Group Inc., NVS		1,020,400		9,326,460
SoftBank Corp.		6,280,300		83,439,080
SoftBank Group Corp.		1,461,000		63,072,250
Sompo Holdings Inc.		646,300		33,511,585
Subaru Corp.		1,341,400		26,760,001
SUMCO Corp.		763,400		11,573,463
Sumitomo Chemical Co. Ltd.		3,121,800		7,350,529
Sumitomo Corp.		2,270,900		52,225,788
Sumitomo Electric Industries Ltd.		1,565,400		20,806,672
Sumitomo Metal Mining Co. Ltd.		538,900		14,894,481
Sumitomo Mitsui Financial Group Inc.		2,775,500		144,363,048
Sumitomo Mitsui Trust Holdings Inc.		1,428,410		29,272,774
Sumitomo Realty & Development Co. Ltd.		622,700		19,583,376
Suntory Beverage & Food Ltd.		303,100		9,888,566
Suzuki Motor Corp.		805,300		36,172,996
T&D Holdings Inc.		546,800		9,054,321
Taisei Corp.		362,700		13,223,529
Takeda Pharmaceutical Co. Ltd.		3,456,300		101,582,313
Tobu Railway Co. Ltd.		205,800		5,450,255
Toho Co. Ltd./Tokyo		124,100		4,042,525
Tokyo Electric Power Co. Holdings Inc.^(b)		3,328,000		17,718,781
Tokyu Corp.		690,900		8,107,214
TOPPAN Holdings Inc.		545,600		15,039,158
Toray Industries Inc.		3,023,000		15,104,202
Tosoh Corp.		546,800		7,050,789
TOTO Ltd.		294,600		7,973,428
Toyota Industries Corp.		319,600		27,031,481
Toyota Motor Corp.		11,582,080		231,268,830
Toyota Tsusho Corp.		463,100		30,347,603
Trend Micro Inc./Japan^(b)		192,500		11,012,802
USS Co. Ltd.		153,600		2,904,792
West Japan Railway Co.		484,800		20,191,685
Yamaha Corp.		291,700		6,414,645
Yamaha Motor Co. Ltd.		1,946,700		18,399,713


				4,014,535,379

Netherlands — 2.5%
ABN AMRO Bank NV, CVA^(c)		1,037,794		15,273,612
Aegon Ltd.		3,556,039		20,978,626
AerCap Holdings NV^(b)		437,775		33,516,054
ASR Nederland NV		350,006		16,494,555
EXOR NV, NVS		205,088		19,842,777
Ferrovial SE		420,666		16,042,193
Heineken Holding NV		282,549		23,708,015
ING Groep NV		7,906,151		112,334,269
JDE Peet’s NV		212,520		5,246,134
Koninklijke Ahold Delhaize NV		2,094,380		58,900,565
Koninklijke KPN NV		7,343,499		24,980,679
Koninklijke Philips NV^(b)		1,725,080		36,495,028
NN Group NV		590,218		24,191,992
OCI NV		233,777		6,677,603
Randstad NV		243,771		13,860,869


				428,542,971

New Zealand — 0.2%
Auckland International Airport Ltd.		2,938,634		15,151,283
EBOS Group Ltd.		341,007		7,809,166
Mercury NZ Ltd.		1,481,954		6,114,449
Spark New Zealand Ltd.		2,625,271		8,528,963


				37,603,861


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, 2024

iShares^® MSCI EAFE Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Norway — 1.2%
Aker BP ASA		688,884	$	18,284,068
DNB Bank ASA		2,017,679		39,223,095
Equinor ASA		1,963,973		56,203,178
Gjensidige Forsikring ASA		443,210		7,128,799
Mowi ASA		1,028,407		18,511,661
Norsk Hydro ASA		2,930,061		17,171,630
Orkla ASA		1,528,139		11,970,104
Salmar ASA		104,325		5,791,125
Telenor ASA		1,381,483		15,329,013
Yara International ASA		360,936		11,929,890


				201,542,563

Portugal — 0.2%
EDP - Energias de Portugal SA		6,840,675		30,512,398
Galp Energia SGPS SA		362,568		5,707,452


				36,219,850

Singapore — 1.4%
CapitaLand Integrated Commercial Trust		11,829,304		17,634,728
CapitaLand Investment Ltd./Singapore		5,671,300		12,450,133
City Developments Ltd.		1,104,800		5,014,455
Genting Singapore Ltd.		13,439,400		10,093,044
Jardine Cycle & Carriage Ltd.		220,400		4,252,844
Keppel Ltd.		3,175,000		16,871,190
Mapletree Logistics Trust		7,569,200		8,703,638
Mapletree Pan Asia Commercial Trust		5,214,500		5,646,854
Oversea-Chinese Banking Corp. Ltd.		7,396,400		70,749,298
Seatrium Ltd.^(b)		48,213,500		3,578,078
Singapore Airlines Ltd.		3,289,400		16,326,220
United Overseas Bank Ltd.		2,756,500		58,102,995
UOL Group Ltd.		518,200		2,406,301
Wilmar International Ltd.		4,083,500		9,999,218


				241,828,996

Spain — 3.7%
Acciona SA		61,214		7,918,320
ACS Actividades de Construccion y Servicios SA		457,099		18,037,351
Aena SME SA^(c)		82,316		14,562,291
Banco Bilbao Vizcaya Argentaria SA		13,030,467		121,957,829
Banco Santander SA		35,351,260		142,078,808
CaixaBank SA		9,018,098		38,453,081
EDP Renovaveis SA		441,955		7,156,680
Enagas SA		186,158		3,030,612
Endesa SA		741,507		14,690,702
Iberdrola SA		13,404,546		161,403,554
Iberdrola SA, NVS		231,113		2,782,818
Naturgy Energy Group SA		305,990		8,239,623
Redeia Corp. SA		396,106		6,591,251
Repsol SA		2,791,618		41,227,398
Telefonica SA		10,655,287		43,354,584


				631,484,902

Sweden — 2.4%
Boliden AB		596,237		15,825,720
Fastighets AB Balder, Class B^(b)		1,421,262		9,433,331
Holmen AB, Class B		166,161		6,548,286
Industrivarden AB, Class A		187,016		5,887,635
Industrivarden AB, Class C		210,232		6,607,398
L E Lundbergforetagen AB, Class B		162,139		8,454,058
Sandvik AB		1,162,154		24,423,693
Securitas AB, Class B		1,086,174		10,551,151
Skandinaviska Enskilda Banken AB, Class A		3,466,569		49,232,686
Skanska AB, Class B		741,685		12,860,520
SKF AB, Class B		757,967		14,935,828
Svenska Cellulosa AB SCA, Class B		1,328,196		18,081,950


Security	Shares		Value

Sweden (continued)
Svenska Handelsbanken AB, Class A		3,189,015	$	34,378,639
Swedbank AB, Class A		1,855,938		37,820,263
Tele2 AB, Class B		1,182,338		10,080,650
Telefonaktiebolaget LM Ericsson, Class B		6,400,693		35,482,086
Telia Co. AB		5,012,934		12,929,219
Volvo AB, Class A		436,519		10,731,883
Volvo AB, Class B		3,296,222		78,995,016
Volvo Car AB, Class B^(b)		1,321,307		3,444,649


				406,704,661

Switzerland — 9.5%
Adecco Group AG, Registered		355,475		15,371,827
Avolta AG, Registered^(b)		140,748		5,377,254
Baloise Holding AG, Registered		100,474		16,049,828
Banque Cantonale Vaudoise, Registered		63,865		8,177,043
Barry Callebaut AG, Registered		2,785		4,067,791
Clariant AG, Registered		455,785		5,834,812
Coca-Cola HBC AG, Class DI		244,436		7,185,623
DSM-Firmenich AG		405,410		42,864,207
EMS-Chemie Holding AG, Registered		7,648		5,773,587
Helvetia Holding AG, Registered		82,148		11,863,851
Holcim AG		1,138,491		86,956,603
Julius Baer Group Ltd.		450,943		24,549,967
Kuehne + Nagel International AG, Registered		118,759		40,245,006
Novartis AG, Registered		4,477,254		463,009,483
Roche Holding AG, NVS		1,534,618		436,930,841
Sandoz Group AG^(b)		895,507		30,711,398
Schindler Holding AG, Registered		17,833		4,244,982
SGS SA		115,394		10,663,078
Siemens Energy AG^(a)(b)		1,154,764		17,156,290
Swatch Group AG (The), Bearer		63,516		14,910,943
Swatch Group AG (The), Registered		114,267		5,199,039
Swiss Life Holding AG, Registered		64,490		46,312,074
Swiss Prime Site AG, Registered		167,242		16,939,163
Swiss Re AG		231,006		26,450,287
Swisscom AG, Registered		56,630		33,880,797
UBS Group AG, Registered		2,514,461		75,264,372
Zurich Insurance Group AG		319,046		162,103,925


				1,618,094,071

United Kingdom — 16.7%
3i Group PLC		2,126,090		66,557,115
abrdn PLC		4,111,321		8,746,567
Admiral Group PLC		283,528		9,015,375
Anglo American PLC		2,775,606		66,164,012
Antofagasta PLC		864,304		18,837,718
Associated British Foods PLC		751,364		22,254,911
Aviva PLC		5,969,698		32,586,037
Barclays PLC		32,996,459		61,318,219
Barratt Developments PLC		2,124,535		14,479,405
Berkeley Group Holdings PLC		235,330		14,250,320
BP PLC		37,278,413		217,721,458
British American Tobacco PLC		4,640,722		136,825,217
BT Group PLC		14,156,730		20,056,284
Centrica PLC		11,998,911		20,998,684
Coca-Cola Europacific Partners PLC		450,115		31,012,924
Croda International PLC		152,198		9,212,025
DCC PLC		215,313		15,653,108
Endeavour Mining PLC		402,473		7,149,490
Glencore PLC		22,864,218		120,973,622
GSK PLC		8,926,895		176,553,748
Hargreaves Lansdown PLC		788,785		7,611,313
Hikma Pharmaceuticals PLC		353,555		8,625,700


16		2 0 2 4 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, 2024

iShares^® MSCI EAFE Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United Kingdom (continued)
HSBC Holdings PLC		27,665,693	$	216,005,498
Imperial Brands PLC		1,860,421		44,659,643
J Sainsbury PLC		3,613,477		12,336,989
Kingfisher PLC		4,124,467		11,467,358
Land Securities Group PLC		1,542,517		13,004,499
Legal & General Group PLC		13,063,874		42,019,196
Lloyds Banking Group PLC		138,805,116		74,407,222
M&G PLC		4,924,884		13,924,455
Melrose Industries PLC		2,992,474		22,304,366
Mondi PLC, NVS		967,237		17,332,530
National Grid PLC		8,056,037		107,299,192
NatWest Group PLC, NVS		12,593,694		35,541,145
Ocado Group PLC^(b)		640,783		4,389,305
Pearson PLC		1,401,880		17,197,951
Persimmon PLC		696,317		12,824,839
Phoenix Group Holdings PLC		1,637,442		10,454,462
Reckitt Benckiser Group PLC		783,743		56,665,319
Rio Tinto PLC		2,454,613		169,906,874
Schroders PLC		1,757,106		8,989,528
Segro PLC		2,551,499		28,337,125
Severn Trent PLC		298,418		9,809,305
Shell PLC		14,454,086		448,110,022
Smith & Nephew PLC		951,972		13,313,330
Smiths Group PLC		762,362		15,623,571
SSE PLC		2,380,795		50,706,010
St. James’s Place PLC		1,195,918		9,845,159
Standard Chartered PLC		5,008,668		37,853,214
Taylor Wimpey PLC		7,700,619		14,376,992
Tesco PLC		15,522,598		56,247,988
Unilever PLC		1,911,593		93,018,524
United Utilities Group PLC		1,494,074		20,123,327
Vodafone Group PLC		50,286,206		42,750,339
Whitbread PLC		211,909		9,605,399
WPP PLC		2,343,075		22,658,685


				2,849,712,613


Total Common Stocks — 98.8% (Cost: $16,042,786,310)				16,880,612,813


Preferred Stocks

Germany — 0.7%
Bayerische Motoren Werke AG, Preference Shares, NVS		128,443		12,550,226


Security	Shares		Value


Germany (continued)
Henkel AG & Co. KGaA, Preference Shares, NVS		370,249	$	28,382,741
Porsche Automobil Holding SE, Preference Shares, NVS		333,803		16,664,767
Volkswagen AG, Preference Shares, NVS		450,417		57,930,394


				115,528,128


Total Preferred Stocks — 0.7% (Cost: $152,390,194)				115,528,128


Rights

Spain — 0.0%
ACS Actividades de Construccion y Servicios SA, (Expires 02/09/24)^(b)		454,786		208,391


Total Rights — 0.0% (Cost: $225,898)				208,391


Total Long-Term Investments — 99.5% (Cost: $16,195,402,402)				16,996,349,332


Short-Term Securities

Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.51%^(d)(e)(f)		46,323,607		46,351,401
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.32%^(d)(e)		5,140,000		5,140,000


Total Short-Term Securities — 0.3% (Cost: $51,478,737)				51,491,401


Total Investments — 99.8% (Cost: $16,246,881,139)				17,047,840,733

Other Assets Less Liabilities — 0.2%				27,755,301


Net Assets — 100.0%			$	17,075,596,034

^(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)	Affiliate of the Fund.

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

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


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) (continued)

January 31, 2024

iShares^® MSCI EAFE Value ETF

Affiliates




Affiliated Issuer	Value at 07/31/23		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/24		Shares Held at 01/31/24		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	20,634,209	$	25,708,045	^(a)	$	—	$	7,031	$	2,116	$	46,351,401		46,323,607	$	83,548	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		—		5,140,000	^(a)		—		—		—		5,140,000		5,140,000		331,128			—


								$	7,031	$	2,116	$	51,491,401			$	414,676		$	—

^(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		109		03/07/24	$	18,708	$	1,251,626
Euro STOXX 50 Index		454		03/15/24		22,826		450,508
FTSE 100 Index		343		03/15/24		33,035		(50,839	)


							$	1,651,295

Derivative Financial Instruments Categorized by Risk Exposure

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




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


Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	1,702,134	$	—	$	—	$	—	$	1,702,134


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	50,839	$	—	$	—	$	—	$	50,839

^(a)


18		2 0 2 4 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, 2024

iShares^® MSCI EAFE Value ETF

For the period ended January 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:




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


Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	2,874,228		$	—	$	—	$	—	$	2,874,228


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(455,717	)	$	—	$	—	$	—	$	(455,717	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	92,376,200

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


Assets
Investments
Long-Term Investments
Common Stocks	$	160,622,668	$	16,719,990,145		$	—	$	16,880,612,813
Preferred Stocks		—		115,528,128			—		115,528,128
Rights		208,391		—			—		208,391
Short-Term Securities
Money Market Funds		51,491,401		—			—		51,491,401


	$	212,322,460	$	16,835,518,273		$	—	$	17,047,840,733

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	—	$	1,702,134		$	—	$	1,702,134
Liabilities
Equity Contracts		—		(50,839	)		—		(50,839	)


	$	—	$	1,651,295		$	—		1,651,295

^(a)

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

See notes to financial statements.


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

Statements of Assets and Liabilities (unaudited)

January 31, 2024


	iShares MSCI EAFE Growth ETF			iShares MSCI EAFE Value ETF

ASSETS
Investments, at value — unaffiliated^(a)(b)	$	11,181,598,146		$	16,996,349,332
Investments, at value — affiliated^(c)		24,265,276			51,491,401
Cash		7,534			3,291
Foreign currency collateral pledged for futures contracts^(d)		1,831,666			4,194,052
Foreign currency, at value^(e)		8,886,619			23,349,383
Receivables:
Securities lending income — affiliated		9,419			11,543
Capital shares sold		1,216,551			—
Dividends — unaffiliated		3,722,302			18,551,183
Dividends — affiliated		10,177			15,441
Tax reclaims		18,556,171			33,104,131


Total assets		11,240,103,861			17,127,069,757


LIABILITIES
Collateral on securities loaned, at value		19,405,583			46,339,725
Payables:
Investments purchased		1,216,548			—
Investment advisory fees		3,253,955			4,717,774
Professional fees		127,467			—
Variation margin on futures contracts		139,473			416,224


Total liabilities		24,143,026			51,473,723


Commitments and contingent liabilities

NET ASSETS	$	11,215,960,835		$	17,075,596,034


NET ASSETS CONSIST OF
Paid-in capital	$	11,217,960,186		$	17,591,173,892
Accumulated loss		(1,999,351	)		(515,577,858	)


NET ASSETS	$	11,215,960,835		$	17,075,596,034


NET ASSET VALUE
Shares outstanding		115,600,000			332,000,000


Net asset value	$	97.02		$	51.43


Shares authorized		Unlimited			Unlimited


Par value		None			None


^(a) Investments, at cost — unaffiliated	$	10,185,761,543		$	16,195,402,402
^(b) Securities loaned, at value	$	18,057,750		$	43,867,989
^(c) Investments, at cost — affiliated	$	24,251,359		$	51,478,737
^(d) Foreign currency collateral pledged, at cost	$	1,859,374		$	4,264,814
^(e) Foreign currency, at cost	$	8,932,286		$	23,518,403


20		2 0 2 4 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, 2024


	iShares MSCI EAFE Growth ETF			iShares MSCI EAFE Value ETF


INVESTMENT INCOME
Dividends — unaffiliated	$	67,777,412		$	250,308,649
Dividends — affiliated		105,296			331,128
Interest — unaffiliated		66,583			134,255
Securities lending income — affiliated — net		53,372			83,548
Other income — unaffiliated		148,247			—
Foreign taxes withheld		(3,716,181	)		(13,724,338	)
Foreign withholding tax claims		1,126,422			—


Total investment income		65,561,151			237,133,242


EXPENSES
Investment advisory		19,782,415			27,694,204
Professional		128,930			3,782
Interest expense		15,050			—


Total expenses		19,926,395			27,697,986


Net investment income		45,634,756			209,435,256


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(250,879,817	)		52,081,877
Investments — affiliated		14,567			7,031
Foreign currency transactions		456,984			719,210
Futures contracts		1,363,513			2,874,228
In-kind redemptions — unaffiliated^(a)		292,682,405			125,178,802


		43,637,652			180,861,148

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(234,904,755	)		87,682,789
Investments — affiliated		(3,795	)		2,116
Foreign currency translations		(217,865	)		(1,057,263	)
Futures contracts		(365,974	)		(455,717	)


		(235,492,389	)		86,171,925


Net realized and unrealized gain (loss)		(191,854,737	)		267,033,073


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(146,219,981	)	$	476,468,329

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


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

Statements of Changes in Net Assets


	iShares MSCI EAFE Growth ETF						iShares MSCI EAFE Value ETF


	Six Months Ended 01/31/24 (unaudited)			Year Ended 07/31/23			Six Months Ended 01/31/24 (unaudited)			Year Ended 07/31/23

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	45,634,756		$	176,336,688		$	209,435,256		$	642,640,998
Net realized gain		43,637,652			96,447,934			180,861,148			51,124,366
Net change in unrealized appreciation (depreciation)		(235,492,389	)		1,144,191,883			86,171,925			2,074,500,708


Net increase (decrease) in net assets resulting from operations		(146,219,981	)		1,416,976,505			476,468,329			2,768,266,072


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(72,895,047	)		(151,624,443	)		(317,872,736	)		(577,034,652	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(1,502,485,384	)		1,536,591,246			(190,831,205	)		643,286,775


NET ASSETS
Total increase (decrease) in net assets		(1,721,600,412	)		2,801,943,308			(32,235,612	)		2,834,518,195
Beginning of period		12,937,561,247			10,135,617,939			17,107,831,646			14,273,313,451


End of period	$	11,215,960,835		$	12,937,561,247		$	17,075,596,034		$	17,107,831,646

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


22		2 0 2 4 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

(For a share outstanding throughout each period)


	iShares MSCI EAFE Growth ETF


	Six Months Ended 01/31/24 (unaudited)				Year Ended 07/31/23			Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19


Net asset value, beginning of period		$	96.55		$	86.78		$	108.95		$	86.52		$	80.40		$	80.65

Net investment income^(a)			0.38	^(b)		1.39	^(b)		1.19	^(b)		1.15			1.06			1.42
Net realized and unrealized gain (loss)^(c)			0.75			9.48			(21.67	)		22.53			6.06			(0.29	)


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


Distributions from net investment income^(d)			(0.66	)		(1.10	)		(1.69	)		(1.25	)		(1.00	)		(1.38	)


Net asset value, end of period		$	97.02		$	96.55		$	86.78		$	108.95		$	86.52		$	80.40


Total Return^(e)
Based on net asset value			1.19	%^(b)(f)		12.58	%^(b)		(18.92	)%^(b)		27.42	%		8.91	%		1.52	%


Ratios to Average Net Assets^(g)

Total expenses			0.36	%^(h)		0.36	%		0.36	%		0.36	%		0.39	%		0.40	%


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


Net investment income			0.82	%^(b)(h)		1.57	%^(b)		1.19	%^(b)		1.15	%		1.31	%		1.86	%


Supplemental Data

Net assets, end of period (000)		$	11,215,961		$	12,937,561		$	10,135,618		$	12,115,330		$	7,994,330		$	3,955,693


Portfolio turnover rate⁽ⁱ⁾			11	%		19	%		25	%		24	%		33	%		22	%

^(a)

Based on average shares outstanding.

^(b)

Reflects the 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, 2024 and year ended July 31, 2023 and July 31, 2022:

• Net investment income per share by $0.01, $0.03 and $0.01

• Total return by 0.01%, 0.03% and 0.01%.

• Ratio of net investment income to average net assets by 0.02%, 0.03% and 0.01%.

^(c)

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

^(d)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)

Where applicable, assumes the reinvestment of distributions.

^(f)

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.


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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI EAFE Value ETF


	Six Months Ended 01/31/24 (unaudited)				Year Ended 07/31/23			Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19


Net asset value, beginning of period		$	50.92		$	44.33		$	51.48		$	39.94		$	47.08		$	52.87

Net investment income^(a)			0.62			1.99	^(b)		2.06	^(b)		1.67			1.48			2.03
Net realized and unrealized gain (loss)^(c)			0.85			6.45			(6.66	)		11.39			(7.18	)		(5.81	)


Net increase (decrease) from investment operations			1.47			8.44			(4.60	)		13.06			(5.70	)		(3.78	)


Distributions from net investment income^(d)			(0.96	)		(1.85	)		(2.55	)		(1.52	)		(1.44	)		(2.01	)


Net asset value, end of period		$	51.43		$	50.92		$	44.33		$	51.48		$	39.94		$	47.08


Total Return^(e)
Based on net asset value			2.92	%^(f)		19.39	%^(b)		(9.23	)%^(b)		32.79	%		(12.48	)%		(7.05	)%


Ratios to Average Net Assets^(g)

Total expenses			0.33	%^(h)		0.34	%		0.35	%		0.36	%		0.39	%		0.39	%


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


Net investment income			2.47	%^(h)		4.29	%^(b)		4.17	%^(b)		3.42	%		3.36	%		4.17	%


Supplemental Data

Net assets, end of period (000)		$	17,075,596		$	17,107,832		$	14,273,313		$	14,434,306		$	5,799,502		$	5,423,659


Portfolio turnover rate⁽ⁱ⁾			13	%		22	%		26	%		25	%		27	%		21	%

^(a)

Based on average shares outstanding.

^(b)

Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2023 and July 31, 2022 respectively:

• Net investment income per share by $0.02 and $0.06 .

• Total return by 0.04% and 0.12%.

• Ratio of net investment income to average net assets by 0.04% and 0.13%.

^(c)

^(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.


24		2 0 2 4 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)

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

MSCI EAFE Growth		Diversified
MSCI EAFE Value		Diversified

2.	*SIGNIFICANT ACCOUNTING POLICIES*

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

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

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

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

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of January 31, 2024, if any, are disclosed in the Statements of Assets and Liabilities.

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

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

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

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


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

Notes to Financial Statements (unaudited) (continued)

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

3.	*INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*

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

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

•

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

•

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

•

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

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

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

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

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

•

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

•

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

•

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

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


26		2 0 2 4 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)

4.	*SECURITIES AND OTHER INVESTMENTS*

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

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

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

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




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


MSCI EAFE Growth
BofA Securities, Inc.	$	7,432,255	$	(7,432,255	)	$	—		$	—
Goldman Sachs & Co. LLC		2,695,835		(2,695,835	)		—			—
HSBC Bank PLC		546,995		(546,995	)		—			—
SG Americas Securities LLC		1,804,162		(1,804,162	)		—			—
State Street Bank & Trust Co.		3,900,343		(3,900,343	)		—			—
Virtu Americas LLC		1,678,160		(1,678,160	)		—			—


	$	18,057,750	$	(18,057,750	)	$	—		$	—


MSCI EAFE Value
BofA Securities, Inc.	$	2,969,193	$	(2,969,193	)	$	—		$	—
Goldman Sachs & Co. LLC		20,160,110		(20,160,110	)		—			—
J.P. Morgan Securities LLC		9,589,519		(9,589,519	)		—			—
Morgan Stanley		11,149,167		(11,149,167	)		—			—


	$	43,867,989	$	(43,867,989	)	$	—		$	—

^(a)

Collateral received, if any, 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 Statements of Assets and Liabilities.

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


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

Notes to Financial Statements (unaudited) (continued)

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.

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



Average Daily Net Assets	Investment Advisory Fees

First $3 billion		0.4000	%
Over $3 billion, up to and including $4.5 billion		0.3800
Over $4.5 billion, up to and including $6 billion		0.3610
Over $6 billion, up to and including $7.5 billion		0.3430
Over $7.5 billion, up to and including $9 billion		0.3258
Over $9 billion, up to and including $10.5 billion		0.3095
Over $10.5 billion		0.2940

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



Average Daily Net Assets	Investment Advisory Fees

First $3 billion		0.4000	%
Over $3 billion, up to and including $4.5 billion		0.3800
Over $4.5 billion, up to and including $6 billion		0.3610
Over $6 billion, up to and including $7.5 billion		0.3430
Over $7.5 billion, up to and including $9 billion		0.3258
Over $9 billion, up to and including $10.5 billion		0.3096
Over $10.5 billion, up to and including $12 billion		0.2941
Over $12 billion, up to and including $13.5 billion		0.2793
Over $13.5 billion, up to and including $15 billion		0.2653
Over $15 billion		0.2520

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.


28		2 0 2 4 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 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, 2024, the Funds paid BTC the following amounts for securities lending agent services:



iShares ETF	Amounts

MSCI EAFE Growth	$	16,556
MSCI EAFE Value		21,960

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, 2024, 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 EAFE Growth	$	1,069,376,065	$	979,712,525	$	(190,426,932	)
MSCI EAFE Value		1,019,601,177		1,168,114,180		57,940,540

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.

7.	*PURCHASES AND SALES*

For the six months ended January 31, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:



iShares ETF	Purchases		Sales

MSCI EAFE Growth	$	1,229,667,512	$	1,245,987,651
MSCI EAFE Value		2,178,132,421		2,280,596,314

For the six months ended January 31, 2024, in-kind transactions were as follows:



iShares ETF	In-kind Purchases		In-kind Sales

MSCI EAFE Growth	$	379,942,640	$	1,883,982,768
MSCI EAFE Value		601,914,359		794,251,205

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, 2024, 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, 2023, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:



iShares ETF	Non-Expiring Capital Loss Carryforwards

MSCI EAFE Growth	$	(991,427,803	)
MSCI EAFE Value		(1,169,804,663	)


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

Notes to Financial Statements (unaudited) (continued)

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, 2024, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:



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

MSCI EAFE Growth	$	10,279,194,556	$	1,636,429,479	$	(708,752,559)		$	927,676,920
MSCI EAFE Value		16,575,987,882		1,956,911,065		(1,483,406,919	)		473,504,146

9.	*PRINCIPAL RISKS*

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

BFA uses an indexing approach to try to achieve each Fund’s investment objective. The Fund is not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

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.

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

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore each Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by each Fund, and each Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. Each Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

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

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

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


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Notes to Financial Statements (unaudited) (continued)

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

Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. These events and actions have adversely affected, and may in the future adversely affect, the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but have been, and may continue to be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

Certain Funds invest a significant portion of their assets in securities 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.

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

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

10.

CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:




	Six Months Ended 01/31/24						Year Ended 07/31/23

iShares ETF	Shares			Amount			Shares			Amount


MSCI EAFE Growth
Shares sold		4,400,000		$	424,451,977			32,800,000		$	2,965,743,755
Shares redeemed		(22,800,000	)		(1,926,937,361	)		(15,600,000	)		(1,429,152,509	)


		(18,400,000	)	$	(1,502,485,384	)		17,200,000		$	1,536,591,246

MSCI EAFE Value
Shares sold		12,800,000		$	620,254,600			55,200,000		$	2,579,661,094
Shares redeemed		(16,800,000	)		(811,085,805	)		(41,200,000	)		(1,936,374,319	)


		(4,000,000	)	$	(190,831,205	)		14,000,000		$	643,286,775

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. Authorized Participants 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. Authorized Participants 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.


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

Notes to Financial Statements (unaudited) (continued)

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.

11.

FOREIGN WITHHOLDING TAX CLAIMS

The Internal Revenue Service has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which the iShares MSCI EAFE Growth ETF is able to pass through to its shareholders as a foreign tax credit in the current year, the iShares MSCI EAFE Growth ETF will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Fund.

12.

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.


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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 MSCI EAFE Growth ETF and iShares MSCI EAFE Value 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 8, 2023 (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 40Act 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, 2022 through September 30, 2023 (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, delays in the repatriation of the local currency in certain non-U.S. countries, the continued illiquidity of Russian equity securities and the suspension of select sanctions in Venezuela.

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 utilized for liquidity classifications. 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. The Committee also considered that ETFs generally do not engage in borrowing.

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. However, there were no ETFs with persistent deviations of fund premium/discount or bid/ask spreads from long-term averages over the Program Reporting Period.

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. There were no ETFs for which the custom baskets accepted by the ETF had a significant change in its liquidity profile.

There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. 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.


S T A T E M E N T R E G A R D I N G L I Q U I D I T Y R I S K M A N A G E M E N T P R O G R A M		33

Supplemental Information (unaudited)

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

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


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General Information

Electronic Delivery

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

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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


G E N E R A L I N F O R M A T I O N		35

Glossary of Terms Used in this Report


Portfolio Abbreviation

ADR		American Depositary Receipt

NVS		Non-Voting Shares

REIT		Real Estate Investment Trust


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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-702-0124