iShares Trust

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

·  iShares Currency Hedged MSCI EAFE ETF | HEFA | Cboe BZX

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

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

·  iShares MSCI EAFE ETF | EFA | NYSE Arca

·  iShares MSCI EAFE Small-Cap ETF | SCZ | NASDAQ

Table of Contents

Market Overview

iShares Trust

Global Market Overview

Global equity markets advanced during the 12 months ended July 31, 2023 (“reporting period”), supported by continued economic growth and moderating inflation. The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned 12.91% in U.S. dollar terms for the reporting period. Despite concerns about the impact of higher interest rates and rising prices, the global economy continued to grow, albeit at a slower pace than during the initial post-pandemic recovery. Inflation began to subside in most regions of the world, and lower energy prices reduced pressure on consumers, leading consumer and business sentiment to improve. While the Russian invasion of Ukraine continued to disrupt trade in Europe and elsewhere, market adaptation lessened the economic impact of the ongoing war. The prices of oil, natural gas, and wheat all declined during the reporting period, easing pressure on the world’s economies.

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

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

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

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

Investment Objective

The iShares Currency Hedged MSCI ACWI ex U.S. ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization developed and emerging equities, excluding the U.S., while mitigating exposure to fluctuations between the value of the component currencies and the U.S. dollar, as represented by the MSCI ACWI ex USA 100% Hedged to USD Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI ACWI ex U.S. ETF.

Performance

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSETVALUE)

The inception date of the Fund was June 29, 2015. The first day of secondary market trading was July 1, 2015.

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

Portfolio Management Commentary

International stocks advanced notably during the reporting period in U.S. dollar terms, as the world economy showed resilience despite the challenges of inflation and higher interest rates. Stocks in Japan were the largest contributors to the Index’s performance, helped by Japan’s improving economy. After contracting in the third quarter and a flat fourth quarter in 2022, the Japanese economy rebounded with moderate growth in the first half of 2023. In October 2022, Japan lifted strict pandemic-related border controls, driving a significant increase in tourism and stimulating consumer spending. A series of corporate reforms also benefited Japanese stocks, boosting investor confidence and reorienting focus on corporate profits.

Among Japanese stocks, the industrials sector contributed the most to the Index’s return, as higher net fees and trading profits boosted earnings in the capital goods industry. Elevated energy prices early in the reporting period also bolstered capital goods companies that were involved in liquified natural gas projects.

European stocks, particularly from France and Germany, also contributed to the Index’s return. While economic growth in the Eurozone was tepid, inflation fell significantly and unemployment declined to a historic low. In France, the consumer discretionary sector was a source of strength, driven primarily by the textiles and apparel industry. Sales of luxury goods supported revenues in the industry, and European sales were particularly strong, helped by an increase in tourism from North America. In Germany, stocks in the industrials sector were buoyed by strong earnings guidance amid easing supply chain bottlenecks. The German information technology sector contributed amid robust sales of cloud-based enterprise software.

U.K. stocks also contributed to the Index’s performance, despite slow economic growth during the reporting period. The financials sector was the leading source of strength, as cost cutting and high interest rates benefited the banking industry. Swiss stocks also contributed as the healthcare sector was bolstered by the pharmaceuticals industry, where strong earnings enabled a significant stock buyback program. Swiss financials stocks also gained as the insurance industry benefited from robust profit growth and increased gross written premiums.

In terms of currency performance, the U.S. dollar was mixed against foreign currencies during the reporting period. Increasing interest rates and a robust economy drove the strength of the U.S. dollar against some foreign currencies. The Japanese yen and the Chinese yuan depreciated by approximately 6% and 5% respectively against the U.S. dollar. However, the euro and the British pound appreciated against the U.S. dollar by approximately 8% and 6%, respectively.

The negative performance of some foreign currencies meant hedging activity contributed to the Index’s return. A fully hedged investor seeks to bypass the currency fluctuations — both on the upside and on the downside — related to holding foreign-currency-denominated securities. The Index’s hedging activity offset the negative impact of foreign currency performance relative to the U.S. dollar, resulting in an Index return that was relatively close to the Index’s return measured in local currencies.

Portfolio Information

Investment Objective

The iShares Currency Hedged MSCI EAFE ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization equities in Europe, Australasia, and the Far East while mitigating exposure to fluctuations between the value of the component currencies and the U.S. dollar, as represented by the MSCI EAFE 100% Hedged to USD Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI EAFE ETF.

Performance

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSETVALUE)

The inception date of the Fund was January 31, 2014. The first day of secondary market trading was February 4, 2014.

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

Portfolio Management Commentary

Large- and mid-capitalization stocks in developed markets outside the U.S. and Canada advanced for the reporting period in U.S. dollar terms, as the world economy showed resilience despite the challenges of inflation and higher interest rates. Stocks in Japan were the largest contributors to the Index’s performance, helped by Japan’s improving economy. After contracting in the third quarter and a flat fourth quarter in 2022, the Japanese economy rebounded with moderate growth in the first half of 2023. In October 2022, Japan lifted strict pandemic-related border controls, driving a significant increase in tourism and stimulating consumer spending. A series of corporate reforms benefited Japanese stocks, boosting investor confidence and reorienting focus on corporate profits.

Among Japanese stocks, the industrials sector contributed the most to the Index’s return, as higher net fees and trading profits boosted earnings in the capital goods industry. Stocks in the financials sector also gained, as the Bank of Japan eased its policy toward 10-year bond yields, allowing banks to keep portions of their capital in higher-yielding investments. The consumer discretionary sector advanced amid strength among automobile manufacturers, which benefited from the announcement of plans for the development of a line of all-electric vehicles.

European stocks, particularly from France and Germany, also gained for the reporting period. While economic growth in the Eurozone was tepid, inflation came down significantly and unemployment declined to a historic low. In France, the consumer discretionary sector was a source of strength, driven primarily by the textiles and apparel industry. Sales of luxury goods supported revenues in the industry, and European sales were particularly strong, helped by an increase in tourism from North America. In Germany, stocks in the industrials sector were buoyed by strong earnings guidance amid easing supply chain bottlenecks. The information technology sector also advanced, benefiting from strong sales of cloud-based enterprise software.

U.K. stocks also contributed to the Index’s performance, despite slow economic growth during the reporting period. The financials sector was the leading source of strength, as cost cutting and high interest rates benefited the banking industry.

In terms of currency performance, the U.S. dollar was mixed against foreign currencies during the reporting period. Increasing interest rates and a robust economy drove the strength of the U.S. dollar against some foreign currencies. The Japanese yen and the Australian dollar depreciated by approximately 6% and 4% respectively against the U.S. dollar. However, the euro and the British pound appreciated against the U.S. dollar by approximately 8% and 6%, respectively.

The negative performance of some foreign currencies meant hedging activity contributed to the Index’s return. A fully hedged investor seeks to bypass the currency fluctuations — both on the upside and on the downside — related to holding foreign-currency-denominated securities. The Index’s hedging activity offset the negative impact of foreign currency performance relative to the U.S. dollar, resulting in an Index return that was relatively close to the Index’s return measured in local currencies.

Portfolio Information

Investment Objective

The iShares Currency Hedged MSCI EAFE Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization developed market equities, excluding the U.S. and Canada, while mitigating exposure to fluctuations between the value of the component currencies and the U.S. dollar, as represented by the MSCI EAFE Small-Cap 100% Hedged to USD Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI EAFE Small-Cap ETF.

Performance

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSETVALUE)

The inception date of the Fund was June 29, 2015. The first day of secondary market trading was July 1, 2015.

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

Portfolio Management Commentary

Small-capitalization developed market stocks outside the U.S. and Canada advanced for the reporting period in U.S. dollar terms, as the world economy showed resilience despite the challenges of inflation and higher interest rates. Stocks in Japan were the largest contributors to the Index’s performance, helped by Japan’s improving economy. After contracting in the third quarter and a flat fourth quarter in 2022, the Japanese economy rebounded with moderate growth in the first half of 2023. In October 2022, Japan lifted strict pandemic-related border controls, driving a significant increase in tourism and stimulating consumer spending. A series of corporate reforms benefited Japanese stocks, boosting investor confidence and reorienting focus on corporate profits.

Among Japanese stocks, the consumer discretionary sector contributed the most to the Index’s return. Consumer spending in Japan rose during the reporting period, although it remained below pre-pandemic levels. However, the improving economy and decelerating inflation helped drive improved consumer confidence later in the reporting period, and solid exports favored makers of consumer goods selling abroad. The capital goods industry in the industrials sector also contributed amid strong earnings guidance. Within the information technology sector, the semiconductors and semiconductor equipment industry advanced due in part to government efforts to increase domestic semiconductor manufacturing with subsidies and incentives.

Italian stocks contributed notably to the Index’s performance, as investors were attracted by their relatively low valuations while inflation declined substantially and unemployment hit a 14-year low. Banking stocks in the financials sector gained the most, helped by higher interest rates as the ECB increased interest rates to the highest levels since 2008.

Swiss stocks also contributed amid strength in the industrials sector. Continued strong demand for improved energy efficiency and high-quality drinking water benefited the sales of casting and piping products, bolstering the machinery industry’s sales. Germany’s industrials sector was also a source of strength, as supply chain improvements drove increased profits from sales of industrial trucks in the construction machinery industry.

In terms of currency performance, the U.S. dollar was mixed against foreign currencies during the reporting period. Increasing interest rates and a robust economy drove the strength of the U.S. dollar against some foreign currencies. The Japanese yen and the Australian dollar depreciated by approximately 6% and 4% respectively against the U.S. dollar. However, the euro and the British pound appreciated against the U.S. dollar by approximately 8% and 6%, respectively.

The negative performance of some foreign currencies meant hedging activity contributed to the Index’s return. A fully hedged investor seeks to bypass the currency fluctuations — both on the upside and on the downside — related to holding foreign-currency-denominated securities. The Index’s hedging activity offset the negative impact of foreign currency performance relative to the U.S. dollar, resulting in an Index return that was relatively close to the Index’s return measured in local currencies.

Portfolio Information

Investment Objective

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

Performance

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Portfolio Management Commentary

International stocks advanced notably during the reporting period, as the world economy showed resilience despite the challenges of inflation and higher interest rates. Stocks in Japan were the largest contributors to the Index’s performance, helped by Japan’s improving economy. After contracting in the third quarter and a flat fourth quarter in 2022, the Japanese economy rebounded with moderate growth in the first half of 2023. In October 2022, Japan lifted strict pandemic-related border controls, driving a significant increase in tourism and stimulating consumer spending. A series of corporate reforms also benefited Japanese stocks, boosting investor confidence and reorienting focus on corporate profits.

Among Japanese stocks, the industrials sector contributed the most to the Index’s return, as higher net fees and trading profits boosted earnings in the capital goods industry. Elevated energy prices early in the reporting period also bolstered capital goods companies that were involved in liquified natural gas projects.

European stocks, particularly from France and Germany, also contributed to the Index’s return. While economic growth in the Eurozone was tepid, inflation fell significantly and unemployment declined to a historic low. In France, the consumer discretionary sector was a source of strength, driven primarily by the textiles and apparel industry. Sales of luxury goods supported revenues in the industry, and European sales were particularly strong, helped by an increase in tourism from North America. In Germany, stocks in the industrials sector were buoyed by strong earnings guidance amid easing supply chain bottlenecks. The German information technology sector contributed amid robust sales of cloud-based enterprise software.

U.K. stocks also contributed to the Index’s performance, despite slow economic growth during the reporting period. The financials sector was the leading source of strength, as cost cutting and high interest rates benefited the banking industry. Swiss stocks also contributed as the healthcare sector was bolstered by the pharmaceuticals industry, where strong earnings enabled a significant stock buyback program. Swiss financials stocks also gained as the insurance industry benefited from robust profit growth and increased gross written premiums.

Portfolio Information

Investment Objective

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

Performance

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Portfolio Management Commentary

Large- and mid-capitalization stocks in developed markets outside the U.S. and Canada advanced for the reporting period, as the world economy showed resilience despite the challenges of inflation and higher interest rates. Stocks in Japan were the largest contributors to the Index’s performance, helped by Japan’s improving economy. After contracting in the third quarter and a flat fourth quarter in 2022, the Japanese economy rebounded with moderate growth in the first half of 2023. In October 2022, Japan lifted strict pandemic-related border controls, driving a significant increase in tourism and stimulating consumer spending. A series of corporate reforms benefited Japanese stocks, boosting investor confidence and reorienting focus on corporate profits.

Among Japanese stocks, the industrials sector contributed the most to the Index’s return, as higher net fees and trading profits boosted earnings in the capital goods industry. Stocks in the financials sector also gained, as the Bank of Japan eased its policy toward 10-year bond yields, allowing banks to keep portions of their capital in higher-yielding investments. The consumer discretionary sector advanced amid strength among automobile manufacturers, which benefited from the announcement of plans for the development of a line of all-electric vehicles.

European stocks, particularly from France and Germany, also gained for the reporting period. While economic growth in the Eurozone was tepid, inflation came down significantly and unemployment declined to a historic low. In France, the consumer discretionary sector was a source of strength, driven primarily by the textiles and apparel industry. Sales of luxury goods supported revenues in the industry, and European sales were particularly strong, helped by an increase in tourism from North America. In Germany, stocks in the industrials sector were buoyed by strong earnings guidance amid easing supply chain bottlenecks. The information technology sector also advanced, benefiting from strong sales of cloud-based enterprise software.

U.K. stocks also contributed to the Index’s performance, despite slow economic growth during the reporting period. The financials sector was the leading source of strength, as cost cutting and high interest rates benefited the banking industry.

Portfolio Information

Investment Objective

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

Performance

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Portfolio Management Commentary

Small-capitalization developed market stocks outside the U.S. and Canada advanced for the reporting period, as the world economy showed resilience despite the challenges of inflation and higher interest rates. Stocks in Japan were the largest contributors to the Index’s performance, helped by Japan’s improving economy. After contracting in the third quarter and a flat fourth quarter in 2022, the Japanese economy rebounded with moderate growth in the first half of 2023. In October 2022, Japan lifted strict pandemic-related border controls, driving a significant increase in tourism and stimulating consumer spending. A series of corporate reforms benefited Japanese stocks, boosting investor confidence and reorienting focus on corporate profits.

Among Japanese stocks, the consumer discretionary sector contributed the most to the Index’s return. Consumer spending in Japan rose during the reporting period, although it remained below pre-pandemic levels. However, the improving economy and decelerating inflation helped drive improved consumer confidence later in the reporting period, and solid exports favored makers of consumer goods selling abroad. The capital goods industry in the industrials sector also contributed, as the low value of the Japanese yen relative to the U.S. dollar drove strong earnings guidance. Within the information technology sector, the semiconductors and semiconductor equipment industry advanced amid government efforts to increase domestic semiconductor manufacturing with subsidies and incentives.

Italian stocks contributed notably to the Index’s performance, as investors were attracted by their relatively low valuations while inflation declined substantially and unemployment hit a 14-year low. Banking stocks in the financials sector gained the most, helped by higher interest rates as the ECB increased interest rates to the highest levels since 2008.

Swiss stocks also contributed amid strength in the industrials sector and the growing value of the Swiss franc relative to the U.S. dollar. Continued strong demand for improved energy efficiency and high-quality drinking water benefited the sales of casting and piping products, bolstering the machinery industry’s sales. Germany’s industrials sector was also a source of strength, as supply chain improvements drove increased profits from sales of industrial trucks in the construction machinery industry.

Portfolio Information

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. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

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.

Affiliates

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

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts

Forward Foreign Currency Exchange Contracts (continued)

Forward Foreign Currency Exchange Contracts (continued)