iShares Trust

The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of August 31, 2022

	6-Month	12-Month

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The iShares Emergent Food and AgTech Multisector ETF (the “Fund”) seeks to track the investment results of an index composed of companies from U.S. and non-U.S. markets that are expected to benefit from creating or using agricultural technologies or innovative food products or services as representd by the Morningstar Global Food Innovation 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.

For the fiscal period ended August 31, 2022, the Fund did not have six months of performance and therefore line graphs are not presented.

The inception date of the Fund was April 25, 2022. The first day of secondary market trading was April 27, 2022.

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.

The iShares ESG Aware 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 that have positive environmental, social and governance characteristics, as identified by the index provider while exhibiting risk and return characteristics similar to those of the parent index, as represented by the MSCI EAFE Extended ESG Focus 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 inception date of the Fund was June 28, 2016. The first day of secondary market trading was June 30, 2016.

Index performance through May 31, 2018 reflects the performance of the MSCI EAFE ESG Focus Index. Index performance beginning on June 1, 2018 reflects the performance of the MSCI EAFE Extended ESG Focus Index.

Investor interest in the environmental, social, and governance (“ESG”) attributes of companies was positive during the reporting period, even as equity markets declined. Countries around the world continued to advance measures to address ESG-related issues, including Japan, which published a draft code of conduct for ESG evaluation and data provision in July 2022. The U.K. Parliament passed laws requiring companies to provide a sustainability statement on climate-related disclosures in their annual reports. Similarly, French regulators issued a new decree that added biodiversity-related requirements to the climate disclosures for financial institutions.

With a negative global macro backdrop, the Index, which includes developed market stocks outside of North America, declined significantly for the reporting period. Japanese stocks detracted the most from the Index’s return. The country’s recovery from the COVID-19 pandemic continued to lag behind many developed peers, weighed down by a weakening Japanese yen, which dropped to a two-decade low against the U.S. dollar. High costs for energy and certain commodities strained Japan’s import-dependent energy system, widening a trade deficit as imports surged. In the industrials sector, capital goods stocks declined as factory output slowed and costs rose, while lockdowns in China and supply disruptions weighed on Japanese producers.

Stocks in Europe, including Germany, France, the Netherlands, and Switzerland also declined, as economic growth slowed and inflation rose. The war in Ukraine weighed on European stocks, as sanctions against Russia created uncertainty surrounding energy supplies, exacerbated supply chain issues, and led many companies to suspend or exit their Russian operations.

In terms of relative performance, the Index slightly underperformed the broader market, as represented by the MSCI EAFE Index, while tracking it relatively closely. Relative to the broader market, the ESG security selection process leads to overweight positions in stocks with higher ESG ratings and underweight positions in stocks with lower ESG characteristics. Due to the ESG selection process, the Index held overweights to Information Technology, Industrials, and Financials which detracted from relative performance. Conversely, modest underweights to Health Care and Communication Services contributed positively to relative performance.

GEOGRAPHIC ALLOCATION



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

Japan		22.8%
United Kingdom		15.0
Switzerland		11.0
France		10.6
Australia		8.4
Germany		7.2
Netherlands		4.4
Sweden		3.2
Hong Kong		2.9
Denmark		2.9
Spain		2.4
Italy		1.8
Singapore		1.7
Finland		1.3
Norway		1.2
Other (each representing less than 1%)		3.2

The iShares ESG MSCI EM Leaders ETF (the “Fund”) seeks to track the investment results of an index composed of large and mid-capitalization stocks of emerging market companies with high environmental, social, and governance performance relative to their sector peers as determined by the index provider, as represented by the MSCI EM Extended ESG Leaders 5% Issuer Capped 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 inception date of the Fund was February 5, 2020. The first day of secondary market trading was February 7, 2020.

Investor interest in the environmental, social, and governance (“ESG”) attributes of companies was positive during the reporting period, even as equity markets declined. Globally, fund flows to ESG-focused investments slowed in the second quarter of 2022 while remaining net positive. Many emerging market countries continued to advance ESG-related regulation and legislation. In China, a new set of voluntary guidelines for ESG reporting took effect in June 2022. The Taiwan Stock Exchange imposed a reporting requirement for listed companies that mandated disclosure of greenhouse gas emissions, energy management, and other ESG-related metrics. India released a proposal for regulating ESG impact ratings that would require ratings providers to be accredited by Indian authorities.

With a negative global macro backdrop, the Index, which consists of emerging market stocks, declined significantly for the reporting period. Within China, the consumer discretionary sector detracted substantially from the Index’s return amid the government’s campaign to rein in large online companies, which included billions of dollars in antitrust fines. The internet and direct marketing retail industry weakened as competitive advantages eroded. Automobiles stocks, including those of electric car makers, declined along with vehicle sales as pandemic-related restrictions slowed production. The communication services sector was also negatively impacted by government fines.

South Korean stocks also declined, as sales in the communication services sector decreased amid business normalization following strong pandemic-related growth. Russian stocks further detracted from the Index’s performance. BlackRock suspended the purchase of Russian securities in its active and index funds on Monday, February 28, 2022, in response to the Russian attack on Ukraine. All major index providers began the removal of Russian securities from their indexes beginning the week of March 7.

In terms of relative performance, the Index underperformed the broader market, as represented by the MSCI Emerging Markets Index. Relative to the broader market the ESG selection process favors stocks with higher ESG ratings, resulting in an overweight to consumer discretionary and financials which was a drag on performance, and an underweight to information technology, which contributed positively. Security selection in the energy sector detracted from the Index’s relative performance.

The iShares MSCI Global Sustainable Development Goals ETF (the “Fund”) (formerly the iShares MSCI Global Impact ETF) seeks to track the investment results of an index composed of companies that derive a majority of their revenue from products and services that address at least one of the world’s major social and environmental challenges as identified by the United Nations Sustainable Development Goals, as represented by the MSCI ACWI Sustainable Impact 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 inception date of the Fund was April 20, 2016. The first day of secondary market trading was April 22, 2016.

The coronavirus pandemic reversed years of progress toward achieving the U.N. sustainable development goals (“SDGs”), lowering global life expectancy and disrupting essential health services. Furthermore, the war in Ukraine exacerbated food, energy, humanitarian, and refugee crises, delaying the transition to a more sustainable global economy. Despite these ongoing challenges, many countries continued to monitor their SDG implementation, with 44 nations presenting voluntary progress reviews to the U.N. in 2022, including 11 countries that presented for the first time.

With a negative global macro backdrop, the Index, which includes stocks oriented toward social and environmental challenges, declined significantly for the reporting period. Within China, the real estate sector detracted substantially from the Index’s return. Tighter credit and investor concerns about the sector’s level of indebtedness amid slowing economic growth drove steep declines. The real estate management and development industry was also negatively affected by multiple credit downgrades and the resignation of financial auditors covering several subsidiaries.

Japanese stocks also detracted from the Index’s return amid slowing industrial production and a steep decline in the value of the Japanese yen relative to the U.S. dollar. In the industrials sector, the unprofitable operation of some local routes weighed on the earnings of the railroads industry.

Stocks in several European countries, including Belgium and Denmark, also detracted from the Index’ return. The declining value of the euro relative to the U.S. dollar diminished the value of Eurozone stocks in U.S. dollar terms. The Belgian materials sector was also pressured by falling demand for cathode materials due to semiconductor shortages curtailing customer orders. Supply chain disruptions and higher costs negatively impacted a Danish manufacturer of wind turbines in the industrials sector.

In terms of relative performance, the Index significantly underperformed the broader market, as represented by the MSCI ACWI Index. The positive-impact security selection process leads to overweight and underweight positions in stocks with higher or lower sustainable impact attributes, respectively. For example, significant overweights to real estate detracted from performance, while an underweight to information technology was beneficial.

GEOGRAPHIC ALLOCATION



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

United States		25.7%
Japan		15.2
China		11.2
Denmark		7.9
United Kingdom		6.2
Canada		5.6
Hong Kong		5.5
Switzerland		4.7
Belgium		4.2
Sweden		2.5
Germany		2.0
Taiwan		1.8
Chile		1.5
France		1.4
Australia		1.1
Other (each representing less than 1%)		3.5

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.

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

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

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

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


Security	Shares		Value


Common Stocks

Australia — 0.4%
Nufarm Ltd./Australia		6,361	$	22,967


Canada — 5.5%
Nutrien Ltd.		3,125		286,886


Denmark — 1.9%
Chr Hansen Holding A/S		1,735		101,093


France — 3.7%
Danone SA		3,671		193,169


Germany — 9.0%
BASF SE		3,420		144,662
Bayer AG, Registered		4,410		233,236
GEA Group AG		2,772		96,429

				474,327

Japan — 3.0%
Kubota Corp.		10,000		155,302


Netherlands — 0.5%
Corbion NV		1,002		28,451


Norway — 5.6%
Austevoll Seafood ASA		1,493		16,003
Bakkafrost P/F		841		49,212
Grieg Seafood ASA		945		11,434
Mowi ASA		7,588		155,567
Salmar ASA		952		62,953

				295,169

Philippines — 0.6%
Monde Nissin Corp.^(a)(b)		100,000		29,349


United Kingdom — 6.1%
CNH Industrial NV		12,748		155,208
Croda International PLC		1,735		135,234
Genus PLC		1,112		32,502

				322,944

United States — 63.2%
AGCO Corp.		1,033		112,297
Archer-Daniels-Midland Co.		3,545		311,570
Beyond Meat Inc.^(b)(c)		1,025		25,010
Corteva Inc.		4,949		304,017
Deere & Co.		671		245,083


Security	Shares		Value


United States (continued)
Diversey Holdings Ltd.^(b)		860	$	5,272
Ecolab Inc.		1,024		167,762
Exponent Inc.		873		81,940
FMC Corp.		2,125		229,670
Hain Celestial Group Inc. (The)^(b)		1,511		30,613
Ingredion Inc.		1,118		97,344
International Flavors & Fragrances Inc.		1,594		176,105
International Paper Co.		4,764		198,278
Kellogg Co.		3,507		255,099
Mosaic Co. (The)		6,111		329,200
Neogen Corp.^(b)(c)		1,825		38,142
Packaging Corp. of America		1,581		216,471
Sealed Air Corp.		2,465		132,642
Sotera Health Co.^(b)		1,673		28,290
Trimble Inc.^(b)		2,669		168,814
Westrock Co.		4,300		174,537


				3,328,156


Total Long-Term Investments — 99.5% (Cost: $6,015,974)				5,237,813


Short-Term Securities

Money Market Funds — 1.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%^(d)(e)(f)		65,128		65,147


Total Short-Term Securities — 1.2% (Cost: $65,141)				65,147


Total Investments in Securities — 100.7% (Cost: $6,081,115)				5,302,960

Liabilities in Excess of Other Assets — (0.7)%				(37,711	)


Net Assets — 100.0%			$	5,265,249

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

^(b)	Non-income producing security.

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

^(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.

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

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

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

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

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

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


Security	Shares		Value

Common Stocks

Australia — 8.4%
APA Group		1,421,195	$	10,716,979
Aristocrat Leisure Ltd.		332,727		8,030,841
ASX Ltd.		214,984		11,444,086
Australia & New Zealand Banking Group Ltd.		1,374,464		21,247,212
BlueScope Steel Ltd.		596,083		6,687,945
Brambles Ltd.		1,727,006		14,534,872
Cochlear Ltd.		75,261		10,956,268
Coles Group Ltd.		983,017		11,765,899
Commonwealth Bank of Australia		736,949		48,699,215
Computershare Ltd.		570,560		9,515,627
CSL Ltd.		215,048		43,013,385
Dexus		1,731,077		10,239,276
Evolution Mining Ltd.		3,824,257		6,145,781
Fortescue Metals Group Ltd.		1,094,990		13,608,065
Goodman Group		651,048		8,657,626
GPT Group (The)		2,271,546		6,543,626
James Hardie Industries PLC		268,479		6,085,177
Lendlease Corp. Ltd.		930,324		6,482,976
Lottery Corp. Ltd. (The)^(a)		2,167,926		6,516,116
Macquarie Group Ltd.		185,773		22,228,341
Mineral Resources Ltd.		161,093		6,863,757
Mirvac Group		5,260,050		7,491,004
National Australia Bank Ltd.		1,199,921		24,881,719
Newcrest Mining Ltd.		539,632		6,487,271
Orica Ltd.		619,819		6,483,396
QBE Insurance Group Ltd.		799,617		6,555,865
Ramsay Health Care Ltd.		131,817		6,424,217
REA Group Ltd.		80,806		6,968,586
Rio Tinto Ltd.		213,103		13,534,890
Rio Tinto PLC		556,093		30,702,060
Santos Ltd.		1,767,220		9,433,920
SEEK Ltd.		421,585		5,948,009
South32 Ltd.		3,147,020		8,665,971
Stockland		2,919,805		7,182,323
Transurban Group		2,937,849		27,872,732
Vicinity Centres		4,956,519		6,489,120
Wesfarmers Ltd.		446,498		14,282,997
Westpac Banking Corp.		930,291		13,654,363
Woodside Energy Group Ltd.		1,232,465		28,628,327
Woolworths Group Ltd.		488,849		12,051,461


				533,721,301

Austria — 0.4%
Erste Group Bank AG		286,372		6,439,861
OMV AG		275,007		11,080,655
Verbund AG		61,578		5,884,249


				23,404,765

Belgium — 0.7%
Anheuser-Busch InBev SA/NV		456,993		22,070,258
KBC Group NV		259,979		12,399,047
UCB SA		90,189		6,337,294
Umicore SA		216,794		6,891,026


				47,697,625

Denmark — 2.9%
AP Moller - Maersk A/S, Class A		5,175		12,089,355
Carlsberg A/S, Class B		83,783		10,879,234
Coloplast A/S, Class B		56,974		6,508,196
DSV A/S		66,369		9,807,217
Genmab A/S^(a)		31,353		11,160,606


Security	Shares		Value

Denmark (continued)
Novo Nordisk A/S, Class B		872,430	$	93,274,806
Novozymes A/S, Class B		114,108		6,549,068
Orsted A/S^(b)		119,628		11,675,988
Pandora A/S		101,375		6,090,265
Vestas Wind Systems A/S		568,946		14,235,654


			182,270,389

Finland — 1.3%
Kesko OYJ, Class B		296,704		6,241,946
Neste OYJ		300,615		14,831,386
Nokia OYJ		2,778,237		14,000,550
Nordea Bank Abp		904,535		8,386,709
Orion OYJ, Class B		140,158		6,354,776
Sampo OYJ, Class A		156,857		7,096,261
Stora Enso OYJ, Class R		426,010		6,341,573
UPM-Kymmene OYJ		326,085		11,078,507
Wartsila OYJ Abp		841,769		6,940,592


			81,272,300

France — 10.5%
Air Liquide SA		178,204		22,331,253
Airbus SE		87,620		8,586,155
Alstom SA^(c)		302,195		6,192,955
AXA SA		1,140,717		26,865,734
BNP Paribas SA		513,149		23,846,132
Capgemini SE		74,043		12,793,000
Cie. de Saint-Gobain		168,536		6,788,249
Cie. Generale des Etablissements Michelin SCA		857,197		20,848,117
Covivio		120,225		6,711,872
Danone SA		464,813		24,458,594
Dassault Systemes SE		367,171		14,159,280
Edenred		143,287		7,247,367
Eiffage SA^(c)		72,742		6,398,016
Engie SA		836,282		9,932,605
EssilorLuxottica SA		155,877		23,215,919
Gecina SA		100,569		8,950,431
Hermes International		13,681		17,522,149
Kering SA		45,409		22,784,077
Klepierre SA		306,688		6,290,863
Legrand SA		83,477		6,039,951
L’Oreal SA		130,624		44,862,056
LVMH Moet Hennessy Louis Vuitton SE		121,288		78,263,117
Orange SA		752,770		7,623,586
Pernod Ricard SA		123,299		22,623,935
Publicis Groupe SA		130,072		6,350,804
Remy Cointreau SA^(c)		34,632		6,422,946
Safran SA		103,351		10,537,097
Sanofi		451,033		36,871,859
Schneider Electric SE		367,152		43,638,714
Societe Generale SA		686,701		15,138,603
Teleperformance		21,514		6,127,341
Thales SA		52,982		6,387,551
TotalEnergies SE		1,304,452		66,043,995
Unibail-Rodamco-Westfield^(a)(c)		117,948		6,063,642
Valeo		350,694		6,698,853
Vinci SA		115,001		10,609,237
Vivendi SE		747,901		6,779,314
Worldline SA/France^(a)(b)		172,895		7,407,285


				670,412,654

Germany — 6.9%
adidas AG		104,100		15,436,274


Security	Shares		Value

Germany (continued)
Allianz SE, Registered		261,617	$	44,222,797
BASF SE		331,512		14,022,577
Bayer AG, Registered		121,670		6,431,524
Bayerische Motoren Werke AG		167,542		12,344,269
Beiersdorf AG		69,661		7,031,581
Brenntag SE		94,869		6,220,320
Carl Zeiss Meditec AG, Bearer		50,505		6,285,801
Commerzbank AG^(a)		986,299		6,562,760
Deutsche Bank AG, Registered		898,680		7,497,580
Deutsche Boerse AG		133,072		22,499,080
Deutsche Post AG, Registered		361,780		13,204,655
Deutsche Telekom AG, Registered		493,225		9,295,925
E.ON SE		1,386,956		11,830,170
GEA Group AG		179,706		6,251,399
HeidelbergCement AG		135,922		6,137,894
HelloFresh SE^(a)		235,184		5,639,269
Henkel AG & Co. KGaA		145,557		9,103,040
Infineon Technologies AG		803,273		19,655,179
LEG Immobilien SE		81,846		6,185,407
Mercedes-Benz Group AG		424,799		23,816,648
Merck KGaA		116,432		20,000,687
MTU Aero Engines AG		44,801		7,901,209
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		85,069		20,324,751
Puma SE		142,032		8,681,503
Rheinmetall AG		39,358		6,247,884
SAP SE		653,016		55,616,957
Siemens AG, Registered		373,494		37,832,750
Symrise AG		58,707		6,142,759
Telefonica Deutschland Holding AG		2,478,676		6,434,503
Vonovia SE		304,912		8,254,433
Zalando SE^(a)(b)		248,706		5,758,252


				442,869,837

Hong Kong — 2.9%
AIA Group Ltd.		6,318,200		60,788,896
BOC Hong Kong Holdings Ltd.		4,103,500		14,123,428
Galaxy Entertainment Group Ltd.		1,136,000		6,349,879
Hang Lung Properties Ltd.		3,944,000		6,558,911
Hang Seng Bank Ltd.		560,800		8,780,234
Hong Kong Exchanges & Clearing Ltd.		598,900		24,132,390
MTR Corp. Ltd.		3,715,500		19,028,263
Sands China Ltd.^(a)		3,115,200		6,965,888
Sun Hung Kai Properties Ltd.		659,500		7,747,951
Swire Pacific Ltd., Class A		1,401,500		9,693,864
Swire Properties Ltd.		5,385,000		12,410,922
Techtronic Industries Co. Ltd.		504,500		5,950,191


				182,530,817

Ireland — 0.8%
CRH PLC		507,127		18,726,983
Flutter Entertainment PLC, Class DI^(a)		67,644		8,475,723
Kerry Group PLC, Class A		157,870		16,279,827
Kingspan Group PLC		108,493		6,142,740


				49,625,273

Israel — 0.7%
Bank Hapoalim BM		1,027,420		10,651,725
Bank Leumi Le-Israel BM		764,472		8,081,402
CyberArk Software Ltd.^(a)(c)		45,379		6,547,282
Elbit Systems Ltd.		32,473		6,932,539
Isracard Ltd.		1		4


Security	Shares		Value

Israel (continued)
Nice Ltd.^(a)		35,779	$	7,644,608
Wix.com Ltd.^(a)		95,821		6,064,511


				45,922,071

Italy — 1.7%
Amplifon SpA		230,514		6,007,406
Assicurazioni Generali SpA		629,456		9,232,072
Enel SpA		5,308,765		24,946,267
Eni SpA		933,124		11,022,923
Ferrari NV		32,285		6,232,372
Intesa Sanpaolo SpA		15,676,972		26,987,752
Moncler SpA		135,571		6,031,789
Prysmian SpA		210,200		6,449,514
Terna - Rete Elettrica Nazionale		948,663		6,744,245
UniCredit SpA		824,168		8,065,216


				111,719,556

Japan — 22.7%
Aeon Co. Ltd.		382,700		7,464,847
Ajinomoto Co. Inc.		454,400		12,559,544
Asahi Group Holdings Ltd.		355,400		11,915,937
Asahi Kasei Corp.		1,454,500		10,629,177
Astellas Pharma Inc.		1,158,500		16,424,957
Azbil Corp.		339,500		9,673,503
Bridgestone Corp.		359,500		13,795,518
Central Japan Railway Co.		57,900		6,816,566
Chugai Pharmaceutical Co. Ltd.		431,300		11,131,021
Dai Nippon Printing Co. Ltd.		306,200		6,445,153
Daifuku Co. Ltd.		106,300		6,201,333
Dai-ichi Life Holdings Inc.		500,500		8,647,642
Daiichi Sankyo Co. Ltd.		898,000		26,986,506
Daikin Industries Ltd.		142,000		24,788,525
Denso Corp.		246,600		13,459,599
East Japan Railway Co.		146,800		7,603,747
Eisai Co. Ltd.		168,000		6,849,893
ENEOS Holdings Inc.		3,669,800		13,867,895
FANUC Corp.		121,300		19,541,330
Fast Retailing Co. Ltd.		29,800		17,425,002
FUJIFILM Holdings Corp.		246,000		12,488,628
Fujitsu Ltd.		145,700		17,144,986
Hankyu Hanshin Holdings Inc.		518,100		15,537,051
Hitachi Construction Machinery Co. Ltd.		301,700		6,252,253
Hitachi Ltd.		491,100		24,536,358
Honda Motor Co. Ltd.		977,400		26,020,601
Hoya Corp.		186,500		19,018,667
Hulic Co. Ltd.		843,700		6,393,522
Ibiden Co. Ltd.		274,000		8,696,497
Idemitsu Kosan Co. Ltd.		341,900		9,014,964
Inpex Corp.		1,155,300		13,279,743
ITOCHU Corp.		1,195,700		32,906,526
Japan Post Holdings Co. Ltd.		945,200		6,520,728
JFE Holdings Inc.		612,100		6,576,128
JSR Corp.		282,100		6,292,755
Kao Corp.		248,700		10,768,779
KDDI Corp.		1,262,400		38,630,858
Keio Corp.		166,900		6,391,276
Keyence Corp.		70,900		26,621,092
Kikkoman Corp.		100,300		6,133,195
Kirin Holdings Co. Ltd.		747,500		12,305,171
Komatsu Ltd.		588,100		12,302,308
Kubota Corp.		604,900		9,394,235


Security	Shares		Value

Japan (continued)
Kyocera Corp.		169,500	$	9,421,449
Kyowa Kirin Co. Ltd.		312,100		6,995,632
Lixil Corp.		347,300		6,097,281
M3 Inc.		187,300		5,999,566
Marubeni Corp.		1,329,400		13,855,382
Mazda Motor Corp.		774,900		6,862,594
Mitsubishi Chemical Group Corp.		1,476,500		7,751,563
Mitsubishi Corp.		653,400		21,392,725
Mitsubishi Estate Co. Ltd.		476,900		6,422,347
Mitsubishi Heavy Industries Ltd.		214,400		8,265,249
Mitsubishi UFJ Financial Group Inc.		5,680,200		29,445,857
Mizuho Financial Group Inc.		905,600		10,369,459
MS&AD Insurance Group Holdings Inc.		368,600		10,997,520
Murata Manufacturing Co. Ltd.		276,400		14,883,148
Nidec Corp.		93,000		6,178,174
Nintendo Co. Ltd.		59,608		24,400,341
Nippon Express Holdings Inc.		117,100		6,443,159
Nippon Paint Holdings Co. Ltd.		834,900		6,439,032
Nippon Steel Corp.		514,800		8,131,835
Nippon Telegraph & Telephone Corp.		313,400		8,494,479
Nippon Yusen KK		98,600		7,520,632
Nitto Denko Corp.		139,600		8,603,934
Nomura Holdings Inc.		2,770,500		10,031,677
Nomura Research Institute Ltd.		343,400		9,242,195
NTT Data Corp.		444,500		6,255,163
Obayashi Corp.		922,800		6,382,627
Olympus Corp.		297,300		6,331,669
Omron Corp.		294,700		15,508,961
Ono Pharmaceutical Co. Ltd.		276,700		6,604,874
Oriental Land Co. Ltd./Japan		105,400		15,713,817
ORIX Corp.		728,700		11,977,916
Panasonic Holdings Corp.		1,225,600		9,944,989
Recruit Holdings Co. Ltd.		725,200		23,054,538
Renesas Electronics Corp.^(a)		661,700		6,265,337
Resona Holdings Inc.		2,064,600		7,600,296
SCSK Corp.		395,500		6,490,840
Secom Co. Ltd.		98,800		6,294,470
Sekisui Chemical Co. Ltd.		500,200		6,819,381
Sekisui House Ltd.		692,600		11,777,403
Seven & i Holdings Co. Ltd.		212,600		8,445,638
SG Holdings Co. Ltd.		450,600		7,473,981
Shin-Etsu Chemical Co. Ltd.		121,200		14,075,288
Shionogi & Co. Ltd.		194,100		9,476,909
SoftBank Corp.		1,785,400		19,573,753
SoftBank Group Corp.		535,600		21,215,935
Sompo Holdings Inc.		292,200		12,528,434
Sony Group Corp.		733,000		58,275,918
Sumitomo Chemical Co. Ltd.		3,862,800		15,205,238
Sumitomo Metal Mining Co. Ltd.		271,100		8,530,600
Sumitomo Mitsui Financial Group Inc.		336,800		10,158,986
Sumitomo Mitsui Trust Holdings Inc.		313,100		9,738,408
Suntory Beverage & Food Ltd.		213,700		7,805,744
Sysmex Corp.		182,900		11,180,123
Takeda Pharmaceutical Co. Ltd.		642,194		17,750,273
TDK Corp.		235,800		8,244,091
Terumo Corp.		451,400		14,490,690
TIS Inc.		224,800		6,401,568
Tokio Marine Holdings Inc.		297,000		16,459,551
Tokyo Electron Ltd.		87,700		27,505,958
Tokyo Gas Co. Ltd.		359,300		6,740,900


Security	Shares		Value

Japan (continued)
Tokyu Corp.		655,100	$	7,787,660
Toray Industries Inc.		2,461,500		14,046,396
TOTO Ltd.		201,800		6,955,805
Toyota Motor Corp.		5,132,300		76,805,151
West Japan Railway Co.		182,400		7,098,712
Yamaha Corp.		168,900		6,588,597
Yamaha Motor Co. Ltd.		659,100		13,659,378
Yaskawa Electric Corp.		200,200		6,519,090
Yokogawa Electric Corp.		396,800		6,925,475


				1,444,385,777

Netherlands — 4.4%
Adyen NV^(a)(b)		9,800		15,122,817
Akzo Nobel NV		180,144		11,349,316
Argenx SE^(a)		26,161		9,851,231
ASM International NV		23,131		6,289,071
ASML Holding NV		217,148		105,993,273
Heineken NV		151,456		13,612,723
ING Groep NV		1,814,499		15,903,069
Koninklijke Ahold Delhaize NV		605,123		16,645,004
Koninklijke DSM NV		123,331		15,726,643
Koninklijke KPN NV		3,962,307		12,608,441
NN Group NV		157,535		6,474,368
Prosus NV		429,595		26,553,030
Stellantis NV		518,527		6,907,054
Wolters Kluwer NV		174,285		17,043,821


				280,079,861

New Zealand — 0.3%
Meridian Energy Ltd.		2,196,159		6,700,029
Spark New Zealand Ltd.		2,230,294		7,377,623
Xero Ltd.^(a)		111,360		6,551,210


				20,628,862

Norway — 1.2%
DNB Bank ASA		389,299		7,442,939
Equinor ASA		730,368		28,346,044
Kongsberg Gruppen ASA		186,391		6,370,964
Mowi ASA		294,900		6,045,959
Norsk Hydro ASA		1,015,698		6,978,962
Orkla ASA		1,248,682		10,456,346
Telenor ASA		918,572		10,051,929


				75,693,143

Portugal — 0.2%
Galp Energia SGPS SA		1,489,139		16,081,183


Singapore — 1.7%
Capitaland Investment Ltd./Singapore		4,357,900		11,473,375
City Developments Ltd.		1,918,800		11,140,942
DBS Group Holdings Ltd.		934,900		21,767,729
Keppel Corp. Ltd.		3,332,400		17,306,885
Oversea-Chinese Banking Corp. Ltd.		1,543,200		13,301,059
Sea Ltd., ADR^(a)(c)		98,355		6,098,010
Singapore Exchange Ltd.		813,100		5,517,705
Singapore Telecommunications Ltd.		3,495,800		6,562,866
United Overseas Bank Ltd.		630,400		12,292,456


				105,461,027

South Korea — 0.1%
Delivery Hero SE^(a)(b)		130,585		5,446,105


Spain — 2.3%
Amadeus IT Group SA^(a)		210,273		11,100,180


Security	Shares		Value

Spain (continued)
Banco Bilbao Vizcaya Argentaria SA		4,147,831	$	18,612,118
Banco Santander SA		7,406,323		17,928,459
CaixaBank SA		2,217,850		6,696,800
Cellnex Telecom SA^(b)		197,503		7,691,304
Endesa SA		399,047		6,844,461
Iberdrola SA		3,458,010		36,003,749
Industria de Diseno Textil SA		691,696		14,934,705
Naturgy Energy Group SA		314,699		8,677,712
Red Electrica Corp. SA		248,322		4,540,015
Repsol SA		783,650		10,178,108
Telefonica SA		1,623,812		6,701,496


				149,909,107

Sweden — 3.2%
Alfa Laval AB		229,336		6,115,798
Alleima AB, NVS		91,808		368,610
Assa Abloy AB, Class B		431,705		8,743,740
Atlas Copco AB, Class A		974,034		9,887,440
Atlas Copco AB, Class B		818,596		7,453,962
Boliden AB		632,323		20,248,340
Epiroc AB, Class A		505,935		7,741,218
EQT AB		277,313		6,211,210
Essity AB, Class B		522,205		11,584,211
Evolution AB^(b)		80,205		6,416,662
H & M Hennes & Mauritz AB, Class B		556,608		5,780,557
Holmen AB, Class B		152,468		6,541,567
Investor AB, Class A		559,314		9,296,189
Nibe Industrier AB, Class B		843,817		7,902,128
Sandvik AB		459,040		7,156,663
Skandinaviska Enskilda Banken AB, Class A		631,189		6,292,130
SKF AB, Class B		436,920		6,550,553
Svenska Cellulosa AB SCA, Class B		603,788		9,046,860
Svenska Handelsbanken AB, Class A		930,080		7,617,511
Swedbank AB, Class A		497,068		6,424,554
Tele2 AB, Class B		863,460		9,195,646
Telefonaktiebolaget LM Ericsson, Class B		1,611,789		12,053,639
Telia Co. AB		4,036,976		14,209,080
Volvo AB, Class A		778,344		12,953,651


				205,791,919

Switzerland — 10.9%
ABB Ltd., Registered		1,010,023		27,839,885
Alcon Inc.		209,350		13,784,220
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		948		10,026,394
Coca-Cola HBC AG, Class DI		269,043		6,139,383
Credit Suisse Group AG, Registered		1,371,698		7,078,130
Geberit AG, Registered		23,769		10,982,350
Givaudan SA, Registered		6,058		19,328,503
Holcim AG		178,702		7,921,056
Julius Baer Group Ltd.		132,064		6,410,677
Kuehne + Nagel International AG, Registered		53,624		12,393,094
Logitech International SA, Registered		121,934		6,066,939
Lonza Group AG, Registered		55,686		29,698,441
Nestle SA, Registered		1,357,372		158,843,644
Novartis AG, Registered		975,702		78,922,604
Partners Group Holding AG		6,998		6,754,844
Roche Holding AG, Bearer		16,618		6,347,386
Roche Holding AG, NVS		327,199		105,437,050
SGS SA, Registered		7,105		15,646,515
Sika AG, Registered		61,910		13,929,421


Security	Shares		Value

Switzerland (continued)
Sonova Holding AG, Registered		39,028	$	10,282,847
STMicroelectronics NV		401,391		13,988,545
Straumann Holding AG, Registered		58,126		6,369,606
Swiss Life Holding AG, Registered		20,231		10,574,275
Swiss Re AG		220,690		17,159,896
Swisscom AG, Registered		16,976		8,777,098
Temenos AG, Registered		79,984		6,550,217
UBS Group AG, Registered		1,915,731		30,358,045
VAT Group AG^(b)		24,960		5,968,098
Zurich Insurance Group AG		91,356		40,552,868


				694,132,031

United Kingdom — 14.9%
3i Group PLC		519,771		7,316,446
Anglo American PLC		707,666		22,740,468
Antofagasta PLC		520,158		6,618,434
Ashtead Group PLC		208,900		10,262,804
Associated British Foods PLC		349,279		6,168,615
AstraZeneca PLC		743,835		92,006,691
BAE Systems PLC		1,884,546		16,972,410
Barclays PLC		8,516,202		16,237,766
Barratt Developments PLC		1,329,396		6,581,556
Berkeley Group Holdings PLC		146,015		6,181,264
BP PLC		7,744,086		39,571,706
British Land Co. PLC (The)		1,300,731		6,488,319
BT Group PLC		3,875,083		6,778,684
Bunzl PLC		196,453		6,515,199
Burberry Group PLC		355,010		7,181,388
CNH Industrial NV		712,110		8,669,987
Coca-Cola Europacific Partners PLC		164,535		8,090,186
Compass Group PLC		493,909		10,624,503
Croda International PLC		147,042		11,461,180
DCC PLC		108,694		6,255,814
Diageo PLC		1,365,358		59,319,870
Entain PLC		426,867		6,280,335
Experian PLC		196,759		5,970,744
Ferguson PLC		160,539		18,591,720
GSK PLC		1,831,421		29,275,288
HSBC Holdings PLC		9,923,577		60,800,194
Informa PLC		1,036,858		6,559,830
InterContinental Hotels Group PLC		116,729		6,336,770
Intertek Group PLC		137,438		6,308,211
J Sainsbury PLC		3,395,794		8,015,291
Johnson Matthey PLC		260,304		6,073,103
Kingfisher PLC		2,583,372		6,939,629
Legal & General Group PLC		5,315,169		15,568,502
Lloyds Banking Group PLC		36,978,239		18,738,940
London Stock Exchange Group PLC		161,704		15,168,083
Melrose Industries PLC		3,882,191		6,126,298
Mondi PLC		502,997		8,538,585
National Grid PLC		2,323,316		28,929,583
NatWest Group PLC, NVS		2,749,062		7,844,903
Next PLC		91,343		6,151,203
Pearson PLC		641,365		6,418,766
Prudential PLC		1,280,326		13,437,230
Reckitt Benckiser Group PLC		355,077		27,398,304
RELX PLC		1,140,927		29,920,938
Rentokil Initial PLC		1,043,465		6,301,977
Sage Group PLC (The)		1,088,575		9,022,862
Schroders PLC		227,935		7,090,176
Segro PLC		1,478,466		16,134,466


Security	Shares		Value


United Kingdom (continued)
Shell PLC		3,272,287	$	87,052,466
Smiths Group PLC		354,090		6,117,200
SSE PLC		678,054		12,993,359
St. James’s Place PLC		557,785		7,139,616
Standard Chartered PLC		1,348,488		9,339,831
Tesco PLC		3,086,274		8,913,993
Unilever PLC		1,188,888		53,930,720
Vodafone Group PLC		11,879,660		15,905,104
WPP PLC		690,504		5,947,343


				953,324,853


Total Common Stocks — 99.1% (Cost: $6,736,789,085)				6,322,380,456


Preferred Stocks

Germany — 0.2%
Bayerische Motoren Werke AG, Preference Shares, NVS		92,950		6,462,268
Sartorius AG, Preference Shares, NVS		14,755		6,147,304


				12,609,572


Total Preferred Stocks — 0.2% (Cost: $11,367,337)				12,609,572


Total Long-Term Investments — 99.3% (Cost: $6,748,156,422)				6,334,990,028


Security	Shares		Value


Short-Term Securities

Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%^(d)(e)(f)		9,534,953	$	9,537,814
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%^(d)(e)		1,370,000		1,370,000


Total Short-Term Securities — 0.2% (Cost: $10,904,181)				10,907,814


Total Investments in Securities — 99.5% (Cost: $6,759,060,603)				6,345,897,842

Other Assets Less Liabilities — 0.5%				30,363,862


Net Assets — 100.0%			$	6,376,261,704

^(a)	Non-income producing security.

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

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

^(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.

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

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

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

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


Security	Shares		Value

Common Stocks

Brazil — 3.0%
Americanas SA		11,000	$	34,549
Atacadao SA		9,263		35,165
Banco Bradesco SA		29,895		91,023
Banco Santander Brasil SA		7,807		44,074
CCR SA		26,313		69,748
Cia. de Saneamento Basico do Estado de Sao Paulo		6,857		64,782
Cosan SA		25,710		98,740
Energisa SA		3,246		26,387
Equatorial Energia SA		21,416		99,538
Hapvida Participacoes e Investimentos SA^(a)		89,899		125,801
Hypera SA		8,429		69,783
Klabin SA		15,596		56,449
Localiza Rent a Car SA		14,882		173,982
Lojas Renner SA		18,529		94,276
Natura & Co. Holding SA		11,737		32,533
Petro Rio SA^(b)		14,379		75,483
Raia Drogasil SA		22,717		95,018
Rede D’Or Sao Luiz SA^(a)		7,084		45,385
Rumo SA		27,330		106,170
Telefonica Brasil SA		9,537		75,417
Tim SA		17,433		39,642
TOTVS SA		11,434		62,748
Ultrapar Participacoes SA		12,183		31,685
WEG SA		34,442		187,291


				1,835,669

Chile — 0.4%
Cencosud SA		30,869		43,156
Empresas CMPC SA		23,507		44,588
Empresas COPEC SA		8,472		73,079
Enel Americas SA		416,186		45,090
Falabella SA		12,313		29,015


				234,928

China — 31.3%
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		4,500		13,182
3SBio Inc.^(a)		38,000		25,265
AAC Technologies Holdings Inc.		15,000		27,789
Air China Ltd., Class A^(b)		8,000		11,892
Air China Ltd., Class H^(b)		36,000		28,838
Alibaba Group Holding Ltd.^(b)		267,416		3,190,418
Alibaba Health Information Technology Ltd.^(b)		104,000		59,599
A-Living Smart City Services Co. Ltd., Class A^(a)		12,500		12,876
Angel Yeast Co. Ltd., Class A		1,700		11,918
Anjoy Foods Group Co. Ltd., Class A		400		8,955
Baidu Inc.^(b)		10,250		182,968
Baidu Inc., ADR^(b)		4,300		619,071
Baoshan Iron & Steel Co. Ltd., Class A		23,000		17,699
BBMG Corp., Class A		25,400		9,612
Beijing Capital International Airport Co. Ltd., Class H^(b)		38,000		23,851
Beijing Enterprises Water Group Ltd.		92,000		23,633
BOC Aviation Ltd.^(a)		4,300		34,419
BYD Co. Ltd., Class A		2,200		91,006
BYD Co. Ltd., Class H		16,500		508,453
By-health Co. Ltd., Class A		4,000		10,767
CanSino Biologics Inc., Class H^(a)		1,200		7,530
CECEP Wind Power Corp, Class A		13,700		9,863
China Communications Services Corp. Ltd., Class H		40,000		17,176
China Conch Venture Holdings Ltd.		30,000		61,386


Security	Shares		Value

China (continued)
China Construction Bank Corp., Class H		1,902,000	$	1,175,784
China Eastern Airlines Corp. Ltd., Class A^(b)		9,800		6,945
China Everbright Environment Group Ltd.		77,000		38,058
China Feihe Ltd.^(a)		73,000		60,419
China Gas Holdings Ltd.		62,600		88,585
China Jushi Co. Ltd., Class A		4,078		8,484
China Lesso Group Holdings Ltd.		22,000		26,149
China Medical System Holdings Ltd.		28,000		41,439
China Mengniu Dairy Co. Ltd.		64,000		289,810
China Merchants Bank Co. Ltd., Class A		23,900		120,709
China Merchants Bank Co. Ltd., Class H		78,500		401,458
China Overseas Land & Investment Ltd.		77,000		206,935
China Resources Cement Holdings Ltd.		58,000		35,752
China Resources Gas Group Ltd.		18,700		72,807
China Resources Mixc Lifestyle Services Ltd.^(a)		13,600		61,673
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		1,100		6,272
China Ruyi Holdings Ltd.^(b)		108,000		27,407
China Southern Airlines Co. Ltd., Class A^(b)		14,500		13,474
China Southern Airlines Co. Ltd., Class H^(b)		46,000		24,829
China Suntien Green Energy Corp. Ltd., Class H		35,000		15,741
China Three Gorges Renewables Group Co. Ltd., Class A		35,300		31,073
China Vanke Co. Ltd., Class H		30,800		60,276
CIFI Holdings Group Co. Ltd.		63,400		16,046
CITIC Ltd.		111,000		114,427
CMOC Group Ltd., Class A		27,200		19,298
CMOC Group Ltd., Class H		75,000		33,444
Contemporary Amperex Technology Co. Ltd., Class A^(b)		2,800		194,080
Country Garden Services Holdings Co. Ltd.		38,000		74,676
CSPC Pharmaceutical Group Ltd.		179,360		181,947
Dali Foods Group Co. Ltd.^(a)		43,500		19,886
ENN Energy Holdings Ltd.		16,100		233,891
ENN Natural Gas Co. Ltd., Class A		4,700		13,925
Eve Energy Co. Ltd., Class A		1,900		25,849
Far East Horizon Ltd.		23,000		17,436
Fosun International Ltd.		42,000		30,983
Ganfeng Lithium Co. Ltd., Class A		2,120		26,133
Ganfeng Lithium Co. Ltd., Class H^(a)		7,840		68,878
Genscript Biotech Corp.^(b)		24,000		77,093
Gotion High-tech Co. Ltd., Class A		3,600		17,775
Greentown Service Group Co. Ltd.		30,000		21,674
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		1,600		6,292
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		1,100		10,593
Hansoh Pharmaceutical Group Co. Ltd.^(a)		24,000		47,883
Henan Shuanghui Investment & Development Co. Ltd., Class A		2,600		10,091
Hopson Development Holdings Ltd.		15,530		21,354
Huadong Medicine Co. Ltd., Class A		1,100		6,715
Huatai Securities Co. Ltd., Class A		11,800		22,356
Huatai Securities Co. Ltd., Class H^(a)		35,200		47,049
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		8,200		42,352
Jafron Biomedical Co. Ltd., Class A		1,100		7,456
Jiangsu Eastern Shenghong Co. Ltd., Class A		4,500		12,476
Jiangsu Zhongtian Technology Co. Ltd., Class A		3,600		11,541
Jinxin Fertility Group Ltd.^(a)		39,000		25,396
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A		1,200		5,958
Kingdee International Software Group Co. Ltd.^(b)		54,000		104,809
Kingfa Sci & Tech Co. Ltd., Class A		9,000		13,956


Security	Shares		Value

China (continued)
Kunlun Energy Co. Ltd.		82,000	$	71,400
Lenovo Group Ltd.		148,000		121,895
Li Auto Inc., ADR^(b)		10,952		315,089
Longfor Group Holdings Ltd.^(a)		34,500		111,979
Meituan, Class B^(a)(b)		87,300		2,096,702
Microport Scientific Corp.^(b)		10,700		21,262
Ming Yang Smart Energy Group Ltd., Class A		3,800		14,684
NetEase Inc.		41,300		737,510
Orient Securities Co. Ltd., Class A		8,900		11,158
Ovctek China Inc., Class A		1,960		12,052
Pharmaron Beijing Co. Ltd., Class H^(a)		4,200		27,782
Ping An Healthcare and Technology Co. Ltd.^(a)(b)(c)		12,200		33,027
Pop Mart International Group Ltd.^(a)		13,400		34,630
Postal Savings Bank of China Co. Ltd., Class A		31,700		20,697
Postal Savings Bank of China Co. Ltd., Class H^(a)		165,000		98,500
SF Holding Co. Ltd., Class A		6,300		44,888
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		54,000		73,255
Shanghai Electric Group Co. Ltd., Class A^(b)		17,000		10,408
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		2,500		14,607
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		11,000		35,387
Shanghai M&G Stationery Inc., Class A		1,900		12,186
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		6,000		14,979
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		19,200		27,913
Shanghai Putailai New Energy Technology Co. Ltd., Class A		1,100		10,093
Shenzhen Inovance Technology Co. Ltd., Class A		3,750		32,417
Shenzhen International Holdings Ltd.		26,500		22,843
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		1,500		64,561
Sino Biopharmaceutical Ltd.		216,000		113,447
Sinopharm Group Co. Ltd., Class H		24,400		54,358
Sinotrans Ltd., Class A		12,100		6,585
Skshu Paint Co. Ltd., Class A^(b)		600		8,072
Sungrow Power Supply Co. Ltd., Class A		1,900		30,402
Tencent Holdings Ltd.		76,100		3,145,270
Tongcheng Travel Holdings Ltd.^(b)		26,800		54,891
Topchoice Medical Corp., Class A^(b)		700		11,739
Uni-President China Holdings Ltd.		28,000		24,107
Unisplendour Corp. Ltd., Class A		4,100		10,221
Vinda International Holdings Ltd.		7,000		19,576
Vipshop Holdings Ltd., ADR^(b)(c)		9,170		106,464
Want Want China Holdings Ltd.		95,000		66,920
Wharf Holdings Ltd. (The)		24,000		90,383
WuXi AppTec Co. Ltd., Class A		3,392		43,798
WuXi AppTec Co. Ltd., Class H^(a)		7,460		84,216
Wuxi Biologics Cayman Inc., New^(a)(b)		71,000		626,369
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		8,100		14,958
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		17,000		25,333
Xinyi Solar Holdings Ltd.		100,000		137,522
XPeng Inc., ADR^(b)(c)		8,169		151,290
Yadea Group Holdings Ltd.^(a)		22,000		41,963
Yihai International Holding Ltd.		11,000		27,702
Yum China Holdings Inc.		8,219		411,854
Yunnan Baiyao Group Co. Ltd., Class A		2,240		16,940
Yunnan Energy New Material Co. Ltd., Class A		900		25,054
Zhejiang Chint Electrics Co. Ltd., Class A		3,900		17,778
Zhejiang Expressway Co. Ltd., Class H		20,000		15,238
Zhejiang Huayou Cobalt Co. Ltd., Class A		2,210		23,785
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A		900		5,335
Zhejiang Weixing New Building Materials Co. Ltd., Class A		1,800		5,424


Security	Shares		Value

China (continued)
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		12,900	$	10,728


				18,925,589

Colombia — 0.1%
Bancolombia SA		4,353		33,613
Interconexion Electrica SA ESP		10,143		43,902


				77,515

Czech Republic — 0.1%
Komercni Banka AS		1,617		37,872
Moneta Money Bank AS^(a)		7,349		23,293


				61,165

Egypt — 0.1%
Commercial International Bank Egypt SAE		30,572		60,282


Greece — 0.2%
Alpha Services and Holdings SA^(b)		62,141		57,387
Eurobank Ergasias Services and Holdings SA, Class A^(b)		52,838		49,024


				106,411

Hungary — 0.3%
MOL Hungarian Oil & Gas PLC		8,627		59,443
OTP Bank Nyrt		4,518		96,084


				155,527

India — 15.6%
Adani Green Energy Ltd.^(b)		6,502		196,463
Adani Total Gas Ltd.		5,531		257,952
Asian Paints Ltd.		7,563		318,393
Axis Bank Ltd.		45,763		426,488
Berger Paints India Ltd.		5,098		42,636
Britannia Industries Ltd.		2,130		99,666
Colgate-Palmolive India Ltd.		2,121		44,535
Dabur India Ltd.		12,061		87,941
Eicher Motors Ltd.		2,757		115,064
GAIL India Ltd.		31,116		52,854
Grasim Industries Ltd.		5,122		106,750
Havells India Ltd.		5,214		90,263
HCL Technologies Ltd.		22,048		256,459
Hero MotoCorp Ltd.		2,263		79,715
Hindalco Industries Ltd.		26,790		145,298
Hindustan Unilever Ltd.		16,507		546,480
Housing Development Finance Corp. Ltd.		34,344		1,039,779
ICICI Prudential Life Insurance Co. Ltd.^(a)		6,924		51,116
Indraprastha Gas Ltd.		5,991		31,323
Info Edge India Ltd.		1,681		90,426
Infosys Ltd.		67,210		1,238,754
Kotak Mahindra Bank Ltd.		10,771		255,533
Lupin Ltd.		4,515		37,729
Mahindra & Mahindra Ltd.		16,923		274,671
Marico Ltd.		9,416		61,815
Nestle India Ltd.		646		160,840
PI Industries Ltd.		1,580		67,560
Piramal Pharma Ltd., NVS		9,872		26,522
Reliance Industries Ltd.		60,311		1,975,791
Shree Cement Ltd.		218		59,845
Shriram Transport Finance Co. Ltd.		3,784		63,512
Siemens Ltd.		1,423		51,092
State Bank of India		34,747		228,773
Tata Consultancy Services Ltd.		18,330		731,029
UPL Ltd.		9,868		94,516


Security	Shares		Value

India (continued)
Zomato Ltd.^(b)		43,898	$	31,379


				9,438,962

Indonesia — 2.1%
Aneka Tambang Tbk		160,600		21,475
Bank Central Asia Tbk PT		1,091,700		602,861
Bank Negara Indonesia Persero Tbk PT		148,900		85,404
Barito Pacific Tbk PT		596,000		32,901
Indah Kiat Pulp & Paper Tbk PT		59,800		33,497
Kalbe Farma Tbk PT		416,300		47,075
Merdeka Copper Gold Tbk PT^(b)		247,057		71,046
Telkom Indonesia Persero Tbk PT		968,000		296,431
Tower Bersama Infrastructure Tbk PT		97,000		18,416
Unilever Indonesia Tbk PT		151,400		46,787


				1,255,893

Kuwait — 0.5%
Kuwait Finance House KSCP		102,965		300,553


Malaysia — 2.3%
AMMB Holdings Bhd		37,500		34,854
Axiata Group Bhd		55,600		37,704
CIMB Group Holdings Bhd		138,600		165,747
DiGi.Com Bhd		63,500		52,999
HAP Seng Consolidated Bhd		12,300		19,101
Hartalega Holdings Bhd		18,500		6,862
IHH Healthcare Bhd		36,400		50,238
Kuala Lumpur Kepong Bhd		8,700		44,982
Malayan Banking Bhd		94,200		188,447
Malaysia Airports Holdings Bhd^(b)		17,663		23,080
Maxis Bhd		39,700		34,032
MISC Bhd		27,000		42,721
Nestle Malaysia Bhd		1,500		44,510
Petronas Dagangan Bhd		6,000		31,505
Petronas Gas Bhd		16,200		62,605
PPB Group Bhd		13,100		51,516
Press Metal Aluminium Holdings Bhd		70,700		74,935
Public Bank Bhd		295,200		309,972
QL Resources Bhd		26,900		30,654
RHB Bank Bhd		28,900		36,928
Sime Darby Bhd		55,000		28,022
Telekom Malaysia Bhd		22,700		30,177
Top Glove Corp. Bhd		73,500		13,160

				1,414,751

Mexico — 1.9%
Arca Continental SAB de CV		9,600		65,353
Cemex SAB de CV, NVS^(b)		279,069		103,474
Coca-Cola Femsa SAB de CV		10,100		61,754
Fomento Economico Mexicano SAB de CV		37,800		236,915
Gruma SAB de CV, Class B		4,325		47,128
Grupo Aeroportuario del Sureste SAB de CV, Class B		3,945		83,557
Grupo Bimbo SAB de CV, Series A		28,100		92,363
Grupo Financiero Banorte SAB de CV, Class O		52,500		310,051
Grupo Televisa SAB, CPO		49,000		61,753
Industrias Penoles SAB de CV		3,030		24,904
Kimberly-Clark de Mexico SAB de CV, Class A		31,900		43,211


				1,130,463

Peru — 0.3%
Credicorp Ltd.		1,433		184,699


Philippines — 0.7%
Globe Telecom Inc.		560		20,894


Security	Shares		Value

Philippines (continued)
GT Capital Holdings Inc.		2,400	$	20,556
JG Summit Holdings Inc.		53,238		48,412
Monde Nissin Corp.^(a)(b)		131,000		38,447
SM Investments Corp.		4,400		64,948
SM Prime Holdings Inc.		238,800		160,527
Universal Robina Corp.		18,150		39,394


				393,178

Poland — 0.7%
Bank Polska Kasa Opieki SA		2,897		40,077
CD Projekt SA		750		13,423
KGHM Polska Miedz SA		3,067		57,474
Polski Koncern Naftowy ORLEN SA		8,495		110,029
Polskie Gornictwo Naftowe i Gazownictwo SA^(b)		39,067		46,409
Powszechna Kasa Oszczednosci Bank Polski SA		16,199		80,809
Powszechny Zaklad Ubezpieczen SA		11,010		65,904
Santander Bank Polska SA		586		26,707


				440,832

Qatar — 1.2%
Commercial Bank PSQC (The)		61,417		122,030
Qatar Fuel QSC		9,092		46,956
Qatar Gas Transport Co. Ltd.		48,581		52,705
Qatar National Bank QPSC		92,000		515,078


				736,769

Romania — 0.1%
NEPI Rockcastle SA		10,585		56,403


Russia — 0.0%
Gazprom PJSC^(b)(d)		244,340		40
LUKOIL PJSC^(d)		8,544		2
Mobile TeleSystems PJSC^(d)		18,946		3
Moscow Exchange MICEX-RTS PJSC^(b)(d)		30,360		5
Novatek PJSC^(d)		18,630		3<


	Cumulative Total Returns

	Since Inception

Fund NAV		(12.00)	%
Fund Market		(11.54)
Index		(11.74)


Actual							Hypothetical 5% Return


	Beginning Account Value (04/25/22)	^(a)	Ending Account Value (08/31/22	)	Expenses Paid During the Period	^(b)		Beginning Account Value (03/01/22	)	Ending Account Value (08/31/22	)	Expenses Paid During the Period	^(b)	Annualized Expense Ratio

	$ 1,000.00		$ 880.00		$ 1.55			$ 1,000.00		$ 1,022.80		$ 2.40		0.47	%



Sector		Percent of Total Investments^(a)

Materials		50.7%
Consumer Staples		23.6
Industrials		16.2
Health Care		6.3
Information Technology		3.2


	Average Annual Total Returns									Cumulative Total Returns

	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception

Fund NAV		(20.54	)%		1.89	%		5.75	%		(20.54	)%		9.82	%		41.25	%
Fund Market		(20.60	)		1.77			5.75			(20.60	)		9.18			41.23
Index		(20.18	)		2.03			5.92			(20.18	)		10.56			42.63


Actual						Hypothetical 5% Return


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

	$ 1,000.00	$ 857.90		$ 0.94			$ 1,000.00		$ 1,024.20		$ 1.02		0.20	%

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


		Page

The Markets in Review		2
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		12
Disclosure of Expenses		12
Schedules of Investments		13
Financial Statements
Statements of Assets and Liabilities		34
Statements of Operations		35
Statements of Changes in Net Assets		36
Financial Highlights		38
Notes to Financial Statements		42
Report of Independent Registered Public Accounting Firm		52
Important Tax Information		53
Board Review and Approval of Investment Advisory Contract		54
Supplemental Information		60
Trustee and Officer Information		62
General Information		65
Glossary of Terms Used in this Report		66


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


Fund Summary as of August 31, 2022		iShares^® Emergent Food and AgTech Multisector ETF


Fund Summary as of August 31, 2022		iShares^® ESG Aware MSCI EAFE ETF


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



Sector		Percent of Total Investments^(a)

Financials		17.8%
Industrials		15.1
Health Care		12.7
Consumer Discretionary		11.2
Consumer Staples		10.8
Information Technology		8.6
Materials		7.5
Energy		5.7
Communication Services		4.6
Utilities		3.0
Real Estate		3.0


Fund Summary as of August 31, 2022		iShares^® ESG MSCI EM Leaders ETF


Fund Summary as of August 31, 2022		iShares^® MSCI Global Sustainable Development Goals ETF




Affiliated Issuer	Value at 04/25/22^(a)		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	65,132	^(b)	$	—		$	9	$	6	$	65,147		65,128	$	900	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares^(d)		—		—			0	^(b)		—		—		—		—		9			—


									$	9	$	6	$	65,147			$	909		$	—




	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)	$	—	$	—	$	278	$	—	$	—	$	—	$	278




Futures contracts
Average notional value of contracts — long	$	20,219




	Level 1		Level 2		Level 3		Total


Investments
Assets
Common Stocks	$	3,647,544	$	1,590,269	$	—	$	5,237,813
Money Market Funds		65,147		—		—		65,147


	$	3,712,691	$	1,590,269	$	—	$	5,302,960


Derivative financial instruments^(a)
Assets
Futures Contracts	$	278	$	—	$	—	$	278




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


BlackRock Cash Funds: Institutional, SL Agency Shares	$	11,009,959	$	—		$	(1,472,804	)^(a)	$	(2,974	)	$	3,633	$	9,537,814		9,534,953	$	163,802	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,190,000		180,000	^(a)		—			—			—		1,370,000		1,370,000		12,309			—


									$	(2,974	)	$	3,633	$	10,907,814			$	176,111		$	—




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


Long Contracts
TOPIX Index		89		09/08/22	$	12,481	$	(1,237	)
SPI 200 Index		43		09/15/22		5,028		68,564




Futures contracts
Average notional value of contracts — long	$	46,108,683