iShares Trust

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of July 31, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets. 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. Continued high inflation and the Fed’s statements led many analysts to anticipate that interest rates have room to rise before peaking, although investors’ inflation expectations began to decline near the end of the period.

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 believe that 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.

Sincerely,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.



Total Returns as of July 31, 2022

	6-Month		12-Month

U.S. large cap equities (S&P 500^® Index)		(7.81)%		(4.64)%

U.S. small cap equities (Russell 2000^® Index)		(6.42)		(14.29)

International equities (MSCI Europe, Australasia, Far East Index)		(11.27)		(14.32)

Emerging market equities (MSCI Emerging Markets Index)		(16.24)		(20.09)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.21		0.22

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(6.38)		(10.00)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(6.14)		(9.12)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(3.95)		(6.93)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		(6.58)		(8.03)

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 during the 12 months ended July 31, 2022 (“reporting period”). The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned -10.48% in U.S. dollar terms for the reporting period.

For the first five months 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 3.5% in July 2022 — identical to the pre-pandemic rate in February 2020. Although high inflation negatively impacted consumer sentiment, which declined significantly, consumer spending continued to increase.

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.

Stocks declined in Europe and economic growth stalled, with the Eurozone economy slowing substantially beginning in the fourth quarter of 2021. 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. 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 Core MSCI EAFE ETF (the “Fund”) seeks to track the investment results of an index composed of large-, mid- and small-capitalization developed market equities, excluding the U.S. and Canada, as represented by the MSCI EAFE IMI (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 October 18, 2012. The first day of secondary market trading was October 22, 2012.

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.

Large-, mid-, and small-capitalization stocks in developed markets outside the U.S. and Canada declined during the reporting period, as higher inflation, rising interest rates, and weakening global economies sent markets lower. Russia’s invasion of Ukraine also increased investor uncertainty, as international sanctions on Russia disrupted global economic activity, unsettled commodities markets and constrained companies that had connections to Russia. The combination of resilient consumer demand and persistent supply-chain disruptions contributed to higher inflation in many countries. This inflationary pressure led some of the world’s central banks to adopt less accommodative stances regarding monetary policy. The Chinese government’s imposition of new lockdowns to quell the spread of COVID-19 pressured Asian stocks.

Japanese stocks, particularly in the industrials sector, detracted the most from the Index’s return. Several companies in the industrials sector posted strong earnings during the reporting period, but they detracted from the Index’s performance due primarily to the weakness of the Japanese yen relative to the U.S. dollar. The Japanese yen hit a 24-year low in July 2022 against the U.S. dollar, weakening returns from the country as the Bank of Japan continued its low interest rate policy while other central banks raised interest rates. Japan’s gross domestic product shrank in the first quarter as supply chain disruptions, particularly in China, dampened exports and production. Japanese exports to China, the country’s largest export market, slowed amid China’s lockdown measures to limit the spread of the coronavirus, which idled factories and warehouses and slowed deliveries of goods.

European stocks, particularly in Germany, France, Sweden, and Switzerland also detracted from the Index’s return. The weakening euro, which reached parity with the U.S. dollar for the first time in 20 years, devalued returns from the continent. In addition, the war in Ukraine disrupted supply chains, weakened the economic outlook, and contributed to record-high inflation across the Eurozone as commodities and oil prices soared. The ECB raised interest rates in July 2022 for the first time in 11 years to fight growing inflation.

The iShares Core MSCI Europe ETF(the “Fund”) seeks to track the investment results of an index composed of large-, mid- and small-capitalization European equities, as represented by the MSCI Europe IMI (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 10, 2014. The first day of secondary market trading was June 12, 2014.

European equities declined for the reporting period amid soaring inflation, rising interest rates, and investor uncertainty escalated by the war in Ukraine. The euro fell sharply relative to the U.S. dollar, and Eurozone business growth slowed. Inflation in the E.U. rose to an annual rate of 9.6% in June 2022. These inflationary pressures along with ongoing supply chain disruptions deepened fears of a global economic slowdown. To combat inflation, the ECB raised its benchmark interest rate by 0.50% in July 2022, its first increase in 11 years.

German stocks detracted the most from the Index’s return amid recession concerns and disruptions to gas supplies resulting from Russia’s attack on Ukraine. Germany’s economy stalled in the second quarter of 2022, with manufacturers confirming that supply-chain-related shortages in materials and equipment were hurting their businesses. In the consumer discretionary sector, a slowing of automotive production across Europe dealt a blow to the profits of German automobile manufacturers, already weighed down by a semiconductor chip shortage and higher costs for energy and materials. Stocks of apparel makers in the consumer durables and apparel industry were pressured by falling sales in China, as stores in the country closed amid strict measures to combat a resurgence in COVID-19 cases. German industrials stocks also detracted from the Index’s performance as industrial conglomerates lost revenue after ceasing business operations in Russia. In the information technology sector, stocks of software and cloud companies sold off in anticipation of higher interest rates.

French equities also detracted notably from the Index’s return, led by the consumer discretionary sector, as COVID-related lockdowns in major Chinese cities dampened returns for apparel, accessories, and luxury goods companies. French aerospace and defense stocks weighed on the Index’s performance in the industrials sector, as supply chain blockages led airplane manufacturers to cut production.

Industrials stocks in Sweden detracted from the Index’s return as an exodus from Russia affected the stock prices of leading engineering firms. Swiss healthcare stocks also weighed on the Index’s performance, as a failed drug trial for a promising lung cancer treatment pressured pharmaceuticals stocks.

The iShares Core MSCI International Developed Markets ETF (the “Fund”) seeks to track the investment results of an index composed of large-, mid- and small-capitalization developed market equities, excluding the United States, as represented by the MSCI World ex USA IMI (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 March 21, 2017. The first day of secondary market trading was March 23, 2017.

Developed market stocks outside the U.S. declined during the reporting period, as higher inflation, rising interest rates, and weakening global economies sent equity markets lower. Russia’s invasion of Ukraine increased investor uncertainty, as international sanctions on Russia disrupted global economic activity, unsettled commodities markets, and constrained companies with connections to Russia. The combination of resilient consumer demand and persistent supply-chain disruptions contributed to higher inflation in many countries. This inflationary pressure led some of the world’s central banks to adopt less accommodative stances regarding monetary policy. The Chinese government’s imposition of new lockdowns to quell the spread of COVID-19 pressured Asian stocks.

Japanese stocks, particularly in the industrials sector, detracted the most from the Index’s performance, due in part to the weakness of the Japanese yen. The yen reached a 24-year low against the U.S. dollar in July 2022, as the Bank of Japan continued its low interest rate policy while some other central banks, including the Fed, raised interest rates. Japanese exports to China, the country’s largest export market, slowed as China imposed new lockdown measures to limit the spread of COVID-19, which idled factories and warehouses and slowed deliveries of goods.

German stocks also detracted from the Index’s performance as the war in Ukraine disrupted supply chains, weakened the economic outlook, and contributed to record high inflation across the Eurozone. Some German companies exited the Russian market due to the war, which led to write-offs and a sudden decline in earnings. In July 2022 the ECB raised interest rates for the first time in 11 years amid deteriorating business confidence and a worsening economic outlook.

French, Swedish, and Swiss stocks also weighed on the Index’s performance. The stocks of French luxury goods manufacturers declined as pandemic-related lockdowns in China dampened consumer spending in the market. The Swedish industrials sector declined as several companies stopped production in Russia after the start of the war. Swiss stocks detracted as the stocks of a major Swiss pharmaceutical company dropped sharply following disappointing test results for a potential lung cancer drug.

The iShares Core MSCI Pacific ETF (the “Fund”) seeks to track the investment results of an index composed of large-, mid- and small-capitalization Pacific region equities, as represented by the MSCI Pacific IMI (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 10, 2014. The first day of secondary market trading was June 12, 2014.

Stocks in the Pacific region declined during the reporting period as economic growth showed signs of slowing amid COVID-related restrictions and weakening consumer spending. Supply chain disruptions, rising energy costs, and slowing exports restricted growth.

Japanese stocks detracted the most from the Index’s return. The country’s economic recovery from the pandemic continued to lag behind many developed peers, weighed down by a weakening Japanese yen, which plumbed multi-decade lows against the U.S. dollar. The Bank of Japan continued its relatively accommodative monetary policy, in contrast to many other central banks. High costs for energy and some commodities strained the country’s import-dependent energy system and drove a widening trade deficit as imports surged. The government sharply revised growth estimates downward, citing expectations for slower export growth and higher wholesale inflation from food. Producer prices rose faster than consumer prices, pressuring profit margins.

Japan’s industrial sector was a significant detractor from the Index’s return. Capital goods stocks declined as factory output slowed and rising costs, lockdowns in China, and supply disruptions weighed on the industry’s outlook. Some commercial and professional services companies that rely heavily on internet technology declined despite strong earnings growth. Within the consumer discretionary sector, automobiles and components stocks declined as cost pressures outweighed strong vehicle sales and the export benefits of a weaker currency. Lockdowns and slowing growth in China weighed on automakers’ production and profit levels. Weakening growth in key markets, together with slowing demand for consumer electronics and concerns around corporate technology spending, worked against stocks in the technology hardware and equipment industry.

Materials stocks in Australia, where the challenging macroeconomic environment drove market declines, also weighed on the Index’s return. Several interest rate increases, inflation, and concerns around a global recession weighed on the Australian market. Rising costs, slowing demand, and easing metal prices weighed on the outlook for metals and mining companies.

Stocks in Hong Kong also broadly declined during the reporting period as economic growth slowed and the outlook for exports weakened. Chinese regulations and pandemic-related lockdowns in mainland China and Hong Kong weighed on equities listed in the city.

The iShares Core MSCI Total International Stock ETF (the “Fund”) seeks to track the investment results of an index composed of large-, mid- and small-capitalization non-U.S. equities, as represented by the MSCI ACWI ex USA IMI (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 October 18, 2012. The first day of secondary market trading was October 22, 2012.

Global stocks outside the U.S. declined for the reporting period as high inflation, rising interest rates, and weakening global economies weighed on equity markets. Chinese stocks detracted the most from the Index’s performance as economic growth slowed amid the imposition of new lockdowns to quell the spread of COVID-19. The lockdowns, affecting some of China’s largest cities, idled factories and warehouses and slowed deliveries of goods. The measures weighed on consumer spending and led to higher unemployment. In the consumer discretionary sector, a regulatory crackdown on large internet and direct marketing firms weakened investor sentiment. Concerns about delisting from U.S. exchanges, arising from audit requirements, also weighed on Chinese stocks.

Japanese stocks also detracted from the Index’s performance, due partly to the weakness of the Japanese yen. The yen decreased to a 24-year low against the U.S. dollar in July 2022, as the Bank of Japan continued its low interest rate policy while many other central banks, including the Fed, raised interest rates. Several companies in the Japanese industrials sector posted strong earnings during the reporting period, but they detracted from the Index’s return due primarily to the weakness of the Japanese yen. Japan’s gross domestic product shrank in the first quarter of 2022 as supply chain disruptions, particularly in China, dampened exports and production. Japanese exports to China, the country’s largest export market, slowed amid China’s pandemic-related lockdown measures.

German stocks also detracted from the Index’s performance as the war in Ukraine disrupted supply chains, weakened the economic outlook, and contributed to record high inflation across the Eurozone as commodities and oil prices increased. Some German companies exited the Russian market due to the war. German automakers declined as international sanctions against Russia disrupted the supply of critical parts manufactured there and in some cases halted vehicle sales and production.

Korean stocks also detracted from the Index’s performance. Foreign ownership of Korean stocks declined to the lowest level in six years as global inflation, rising interest rates, and geopolitical uncertainties precipitated an investor withdrawal. French stocks in the consumer discretionary sector further detracted. Apparel accessories and luxury goods manufacturers declined as pandemic-related lockdowns in China weighed on consumer spending in the market.

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 a Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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


Security	Shares		Value

Common Stocks

Australia — 8.9%
29Metals Ltd.^(a)		498,824	$	530,043
5E Advanced Materials Inc.^(a)(b)		1,319,351		2,155,371
Abacus Property Group		2,623,108		5,418,624
Accent Group Ltd.		1,284,743		1,184,902
Adbri Ltd.		2,529,823		4,511,466
AGL Energy Ltd.		3,391,508		19,974,942
Alkane Resources Ltd.^(a)		2,149,037		1,191,639
Allkem Ltd.^(a)		3,051,260		24,612,659
ALS Ltd.		2,479,172		20,362,516
Altium Ltd.		648,291		14,316,092
Alumina Ltd.		12,947,586		14,064,094
AMP Ltd.^(a)		16,227,627		12,427,274
Ampol Ltd.		1,224,378		29,007,352
Ansell Ltd.		685,197		12,579,980
APA Group		6,112,682		50,120,026
APM Human Services International Ltd.^(a)		1,438,707		3,344,645
Appen Ltd.		620,808		2,545,426
ARB Corp. Ltd.		498,545		11,706,835
Arena REIT		1,847,411		6,271,327
Aristocrat Leisure Ltd.		3,122,053		77,889,135
ASX Ltd.		995,580		61,880,036
Atlas Arteria Ltd.		4,942,539		26,894,037
AUB Group Ltd.		363,936		4,991,690
Aurizon Holdings Ltd.		9,489,417		26,857,854
Aussie Broadband Ltd.^(a)		978,056		2,499,243
Austal Ltd.		2,091,717		3,929,425
Australia & New Zealand Banking Group Ltd.		14,631,765		236,467,769
Australia & New Zealand Banking Group Ltd., New		975,451		15,607,445
Australian Agricultural Co. Ltd.^(a)		2,483,949		3,221,477
Australian Clinical Labs Ltd.		381,430		1,416,055
Australian Ethical Investment Ltd.		441,771		2,028,183
Australian Strategic Materials Ltd.^(a)		301,093		758,518
AVZ Minerals Ltd.^(a)(b)(c)		12,873,189		6,402,645
Bank of Queensland Ltd.		3,399,641		18,005,164
Bapcor Ltd.		2,073,541		9,722,121
Beach Energy Ltd.^(b)		9,373,518		12,079,837
Bega Cheese Ltd.		1,682,871		4,117,231
Bellevue Gold Ltd.^(a)		5,221,639		3,105,637
Bendigo & Adelaide Bank Ltd.		2,890,814		20,977,573
Betmakers Technology Group Ltd.^(a)(b)		3,833,095		1,361,337
BHP Group Ltd.		26,419,397		722,976,202
Blackmores Ltd.		91,239		4,982,253
BlueScope Steel Ltd.		2,549,446		29,946,758
Boral Ltd.		1,975,264		4,025,317
Boss Energy Ltd. ^(a)		1,668,367		2,685,703
BrainChip Holdings Ltd.^(a)(b)		8,265,542		6,348,832
Brambles Ltd.		7,432,461		59,821,660
Breville Group Ltd.		513,658		7,593,982
Brickworks Ltd.		356,724		5,274,275
BWP Trust		3,106,053		9,359,632
Calix Ltd.^(a)(b)		668,004		2,975,309
Capricorn Metals Ltd.^(a)		1,074,399		2,948,417
carsales.com Ltd.		1,810,371		26,391,973
Centuria Capital Group		2,219,934		3,265,577
Centuria Industrial REIT		2,779,145		6,200,665
Centuria Office REIT		721,300		945,137
Chalice Mining Ltd.^(a)(b)		1,708,698		5,853,438
Challenger Ltd.		2,943,457		14,539,976


Security	Shares		Value

Australia (continued)
Champion Iron Ltd.		1,693,417	$	5,777,749
Charter Hall Group		2,648,133		23,931,438
Charter Hall Long Wale REIT		3,348,238		10,739,017
Charter Hall Retail REIT		2,572,630		7,615,068
Charter Hall Social Infrastructure REIT		440,008		1,168,861
City Chic Collective Ltd.^(a)(b)		1,154,800		1,889,613
Cleanaway Waste Management Ltd.		10,945,569		21,086,527
Clinuvel Pharmaceuticals Ltd.^(b)		207,899		2,754,858
Cochlear Ltd.		344,406		51,911,242
Codan Ltd./Australia		564,812		3,460,672
Coles Group Ltd.		6,914,057		91,060,460
Collins Foods Ltd.^(b)		335,591		2,446,225
Commonwealth Bank of Australia		8,905,365		632,435,878
Computershare Ltd.		2,832,391		50,039,817
Core Lithium Ltd.^(a)(b)		7,612,440		6,310,389
Coronado Global Resources Inc.^(d)		3,940,289		3,919,911
Corporate Travel Management Ltd.^(a)(b)		703,299		9,378,843
Costa Group Holdings Ltd.		2,320,320		4,206,544
Credit Corp. Group Ltd.		350,708		5,962,310
Cromwell Property Group		11,580,873		6,846,138
CSL Ltd.		2,513,942		511,881,277
CSR Ltd.		2,977,778		9,556,601
Data#3 Ltd.		317,295		1,381,967
De Grey Mining Ltd.^(a)(b)		6,508,552		4,104,493
Deterra Royalties Ltd.		2,250,148		6,867,908
Dexus		5,718,412		38,427,753
Dexus Industria REIT		268,229		566,764
DGL Group Ltd./Au^(a)		588,052		1,031,693
Dicker Data Ltd.		155,461		1,231,626
Domain Holdings Australia Ltd.		2,063,574		5,166,530
Domino’s Pizza Enterprises Ltd.		318,367		16,278,057
Downer EDI Ltd.		3,782,514		14,725,918
Eagers Automotive Ltd.		696,404		6,156,517
Eclipx Group Ltd.^(a)(b)		1,475,337		2,731,933
Elders Ltd.		900,440		7,155,078
EML Payments Ltd.^(a)(b)		2,265,947		1,683,492
Endeavour Group Ltd./Australia		6,928,838		38,603,564
EVENT Hospitality and Entertainment Ltd.^(a)		576,659		5,767,976
Evolution Mining Ltd.		9,423,625		17,408,056
Firefinch Ltd.^(a)(b)(c)		5,815,203		812,617
Flight Centre Travel Group Ltd.^(a)(b)		822,934		10,007,883
Fortescue Metals Group Ltd.		8,791,860		113,138,558
G8 Education Ltd.		4,244,888		3,169,033
Genworth Mortgage Insurance Australia Ltd.		2,780,047		5,508,643
Glencore PLC		51,607,520		292,495,887
Gold Road Resources Ltd.		4,555,211		4,452,568
Goodman Group		8,782,005		128,525,174
Goulamina Holdings Pty. Ltd.^(a)		4,210,677		1,279,770
GPT Group (The)		10,020,760		32,238,783
GrainCorp Ltd., Class A		1,262,022		7,618,487
Grange Resources Ltd.		2,693,344		2,129,637
Growthpoint Properties Australia Ltd.		435,374		1,157,045
GUD Holdings Ltd.		871,751		5,393,332
GWA Group Ltd.		1,577,333		2,300,454
Hansen Technologies Ltd.		589,005		2,360,564
Harvey Norman Holdings Ltd.		3,461,913		10,102,338
Healius Ltd.		3,891,656		10,603,357
Home Consortium Ltd.		815,446		3,070,801
HomeCo Daily Needs REIT		7,492,784		7,273,680
HUB24 Ltd.		391,747		6,767,547


Security	Shares		Value

Australia (continued)
IDP Education Ltd.		1,083,320	$	21,796,261
IGO Ltd.		3,587,262		28,109,190
Iluka Resources Ltd.		2,203,492		14,955,151
Imdex Ltd.		531,760		677,032
Imugene Ltd.^(a)		26,476,381		4,608,817
Incitec Pivot Ltd.		10,045,681		25,594,827
Ingenia Communities Group		1,788,885		5,865,757
Inghams Group Ltd.		1,874,217		3,885,840
Insignia Financial Ltd.		3,010,855		6,550,480
Insurance Australia Group Ltd.		12,710,414		39,994,125
Integral Diagnostics Ltd.		487,091		1,055,959
InvoCare Ltd.		728,972		5,655,085
ionner Ltd.^(a)(b)		6,443,246		2,556,452
IPH Ltd.		1,373,292		8,477,701
IRESS Ltd.		1,080,491		8,664,494
JB Hi-Fi Ltd.		633,130		18,747,242
Jervois Global Ltd.^(a)		6,761,304		1,906,524
Johns Lyng Group Ltd.		769,433		4,090,502
Judo Capital Holdings Ltd.^(a)(b)		2,858,567		2,641,021
Jumbo Interactive Ltd.		171,095		1,733,924
Karoon Energy Ltd.^(a)(b)		1,637,085		2,163,131
Kelsian Group Ltd.		611,363		2,633,091
Kogan.com Ltd.^(a)(b)		433,194		1,402,168
Lake Resources NL^(a)(b)		5,969,927		3,444,839
Lendlease Corp. Ltd.		3,561,113		25,798,972
Lifestyle Communities Ltd.		280,691		3,343,895
Link Administration Holdings Ltd.		2,902,106		8,947,517
Liontown Resources Ltd.^(a)(b)		8,714,468		8,185,972
Lottery Corp. Ltd. (The)^(a)(b)		11,536,492		36,594,894
Lovisa Holdings Ltd.^(b)		235,365		2,956,682
Lynas Rare Earths Ltd.^(a)		4,754,973		29,239,950
MA Financial Group Ltd.		170,809		740,020
Maas Group Holdings Ltd.^(b)		112,340		328,185
Macquarie Group Ltd.		1,894,860		242,510,565
Magellan Financial Group Ltd.		717,719		7,374,032
Mayne Pharma Group Ltd.^(a)		3,421,592		816,470
McMillan Shakespeare Ltd.		509,296		4,391,515
Medibank Pvt Ltd.		14,360,111		34,529,347
Megaport Ltd.^(a)(b)		868,828		5,965,316
Mesoblast Ltd.^(a)(b)		2,995,501		1,965,743
Metcash Ltd.		5,377,720		15,675,721
Mincor Resources NL^(a)		1,878,608		2,547,947
Mineral Resources Ltd.		888,700		33,863,102
Mirvac Group		20,341,557		30,817,176
Monadelphous Group Ltd.		585,447		4,250,178
Mount Gibson Iron Ltd.^(b)		3,130,242		1,154,260
Nanosonics Ltd.^(a)(b)		1,433,826		4,770,280
National Australia Bank Ltd.		16,876,544		364,474,423
National Storage REIT		6,410,052		11,208,720
Nearmap Ltd.^(a)(b)		2,430,773		2,380,438
Neometals Ltd.^(a)(b)		2,397,296		1,888,226
Netwealth Group Ltd.		606,092		5,506,299
New Hope Corp. Ltd.^(b)		2,836,153		8,786,629
Newcrest Mining Ltd.		4,606,602		62,079,750
NEXTDC Ltd.^(a)		2,445,103		20,354,364
nib holdings Ltd.		2,404,308		12,295,779
Nick Scali Ltd.^(b)		342,555		2,325,785
Nickel Mines Ltd.		5,983,881		4,595,437
Nine Entertainment Co. Holdings Ltd.		8,633,730		12,596,346
Northern Star Resources Ltd.		6,170,739		33,912,090


Security	Shares		Value

Australia (continued)
Novonix Ltd.^(a)		1,671,612	$	3,379,670
NRW Holdings Ltd.		2,232,582		3,056,356
Nufarm Ltd./Australia		1,672,895		6,092,445
Objective Corp. Ltd.		7,526		80,816
Omni Bridgeway Ltd.^(a)		1,270,816		3,687,268
oOh!media Ltd.^(b)		2,910,765		2,561,023
Orica Ltd.		2,107,650		24,980,351
Origin Energy Ltd.		9,057,774		38,027,830
Orora Ltd.		5,022,596		12,572,263
OZ Minerals Ltd.		1,841,128		24,588,714
Pact Group Holdings Ltd.		1,495,901		2,127,906
Paladin Energy Ltd.^(a)(b)		13,869,103		7,253,814
Pendal Group Ltd.		1,760,647		5,962,826
Perenti Global Ltd.		2,957,424		1,193,081
Perpetual Ltd.		293,486		6,264,185
Perseus Mining Ltd.		6,730,085		7,987,408
PEXA Group Ltd.^(a)(b)		272,025		2,780,647
Pilbara Minerals Ltd.^(a)(b)		12,766,748		25,172,588
Pinnacle Investment Management Group Ltd.		597,708		4,244,168
Platinum Asset Management Ltd.		2,723,528		3,496,953
PointsBet Holdings Ltd.^(a)(b)		1,082,025		2,452,103
PolyNovo Ltd.^(a)(b)		3,607,621		4,169,090
Premier Investments Ltd.		591,719		8,801,030
Pro Medicus Ltd.^(b)		270,907		9,489,565
PWR Holdings Ltd.		398,454		2,341,604
Qantas Airways Ltd.^(a)		4,706,473		15,165,901
QBE Insurance Group Ltd.		7,671,669		62,030,995
Qube Holdings Ltd.		9,384,410		18,253,914
Ramelius Resources Ltd.		4,640,809		3,516,214
Ramsay Health Care Ltd.		953,378		47,098,549
REA Group Ltd.		275,674		24,321,151
Red 5 Ltd.^(a)		10,967,338		2,034,181
Reece Ltd.		1,168,422		12,619,334
Regis Resources Ltd.		4,242,871		5,256,746
Reliance Worldwide Corp. Ltd.		4,531,830		14,159,098
Rio Tinto Ltd.		1,925,010		133,373,446
Rio Tinto PLC		5,846,416		352,945,075
Rural Funds Group		508,681		980,011
Sandfire Resources Ltd.		2,235,515		7,214,344
Santos Ltd.		16,728,886		86,963,104
Sayona Mining Ltd.^(a)(b)		34,730,432		4,848,670
Scentre Group		26,901,407		55,127,501
SEEK Ltd.		1,780,155		28,833,412
Select Harvests Ltd.^(b)		324,072		1,047,257
Seven Group Holdings Ltd.		985,523		12,210,470
Seven West Media Ltd.^(a)(b)		4,933,986		1,649,008
SG Fleet Group Ltd.		2,804		5,151
Shopping Centres Australasia Property Group		6,319,222		13,188,053
Sierra Rutile Holdings Ltd.^(a)		2,203,492		492,666
Sigma Healthcare Ltd.		952,267		413,610
Silver Lake Resources Ltd.^(a)		5,461,077		5,521,727
Sims Ltd.		980,908		10,200,461
SiteMinder Ltd.^(a)(b)		1,124,467		3,357,810
SmartGroup Corp. Ltd.		440,224		2,132,857
Sonic Healthcare Ltd.		2,397,446		57,734,129
South32 Ltd.		24,707,467		67,343,021
Southern Cross Media Group Ltd.^(b)		1,604,306		1,346,840
St. Barbara Ltd.		4,448,828		3,507,727
Star Entertainment Grp Ltd. (The)^(a)		4,617,745		10,005,049
Steadfast Group Ltd.		5,156,127		19,330,531


Security	Shares		Value

Australia (continued)
Stockland		12,391,490	$	33,577,054
Suncorp Group Ltd.		6,505,567		51,376,338
Super Retail Group Ltd.		896,293		6,256,846
Syrah Resources Ltd.^(a)		3,287,418		3,425,233
Tabcorp Holdings Ltd.		11,570,241		8,071,155
Tassal Group Ltd.		331,037		1,140,009
Technology One Ltd.		1,611,621		13,372,051
Telix Pharmaceuticals Ltd.^(a)		1,183,009		6,179,125
Telstra Corp. Ltd.		21,275,892		58,147,208
Temple & Webster Group Ltd.^(a)		546,899		2,032,999
Transurban Group		16,025,184		163,804,428
Treasury Wine Estates Ltd.		3,709,178		31,973,244
Tyro Payments Ltd.^(a)(b)		2,340,404		1,369,465
United Malt Grp Ltd.		1,370,570		3,539,535
Ventia Services Group Pty Ltd.		1,327,241		2,487,383
Vicinity Centres		20,102,798		29,414,312
Viva Energy Group Ltd.^(d)		5,057,861		9,501,546
Vulcan Energy Resources Ltd.^(a)(b)		451,969		2,495,901
Washington H Soul Pattinson & Co. Ltd.		1,172,736		21,231,983
Waypoint REIT Ltd.		3,819,807		7,036,443
Webjet Ltd.^(a)(b)		2,051,799		7,475,938
Wesfarmers Ltd.		5,881,202		192,700,595
West African Resources Ltd.^(a)(b)		5,282,588		4,917,982
Westgold Resources Ltd.		2,429,736		2,217,522
Westpac Banking Corp.		18,271,785		276,692,222
Whitehaven Coal Ltd.		4,880,548		21,488,465
WiseTech Global Ltd.		774,729		27,436,727
Woodside Energy Group Ltd.		9,777,476		220,780,089
Woolworths Group Ltd.		6,325,091		166,407,337
Worley Ltd.		1,694,725		17,103,664
Zip Co. Ltd.^(a)(b)		3,105,174		2,508,950


				7,936,282,756

Austria — 0.3%
ams-OSRAM AG^(a)(b)		1,423,448		11,749,928
ANDRITZ AG		347,123		16,241,817
AT&S Austria Technologie & Systemtechnik AG		141,391		7,064,493
BAWAG Group AG^(d)		437,970		20,220,967
CA Immobilien Anlagen AG		286,195		9,341,371
DO & CO AG^(a)(b)		37,278		3,114,620
Erste Group Bank AG		1,787,567		45,319,605
EVN AG		190,908		4,502,628
IMMOFINANZ AG^(b)		182,764		2,792,569
Kontron AG^(b)		301,191		4,487,879
Lenzing AG		81,740		6,596,286
Oesterreichische Post AG^(b)		188,769		5,439,722
OMV AG		774,903		33,003,059
Palfinger AG^(b)		9,539		236,421
Porr AG		10,364		128,753
Raiffeisen Bank International AG		751,788		9,107,726
S IMMO AG		297,952		6,949,727
Schoeller-Bleckmann Oilfield Equipment AG		25,051		1,432,395
Semperit AG Holding^(b)		67,318		1,365,027
Strabag SE		79,598		3,290,733
Telekom Austria AG		881,948		5,453,438
UNIQA Insurance Group AG		773,401		5,298,643
Verbund AG		354,529		38,985,955
Vienna Insurance Group AG Wiener Versicherung Gruppe		239,318		5,494,338
voestalpine AG		601,340		13,540,148


Security	Shares		Value

Austria (continued)
Wienerberger AG		611,686	$	14,079,481


				275,237,729

Belgium — 0.9%
Ackermans & van Haaren NV		114,102		16,773,177
Aedifica SA		184,543		19,160,249
Ageas SA/NV		837,090		36,535,039
AGFA-Gevaert NV^(a)		1,101,962		3,987,044
Anheuser-Busch InBev SA/NV		4,511,157		241,652,727
Barco NV		402,042		10,534,043
Bekaert SA		232,336		8,228,750
bpost SA^(b)		502,508		3,153,701
Cofinimmo SA		151,952		17,100,523
D’ieteren Group		145,706		23,914,157
Dredging Environmental & Marine Engineering NV^(a)		43,041		4,976,153
Econocom Group SA/NV		77,987		265,314
Elia Group SA/NV		182,698		27,735,698
Etablissements Franz Colruyt NV		274,068		7,571,403
Euronav NV		941,082		12,849,324
Fagron		443,368		6,762,603
Galapagos NV^(a)(b)		241,834		12,269,214
Gimv NV		154,857		8,360,649
Groupe Bruxelles Lambert SA		527,533		46,694,622
Immobel SA		2,645		158,907
Intervest Offices & Warehouses NV^(b)		18,118		512,935
Ion Beam Applications		128,465		2,242,563
KBC Ancora^(b)		254,845		8,925,949
KBC Group NV		1,293,444		67,746,668
Kinepolis Group NV^(a)(b)		93,790		4,619,416
Melexis NV		119,265		10,233,273
Mithra Pharmaceuticals SA^(a)(b)		73,029		493,668
Montea NV		49,772		5,033,319
Ontex Group NV^(a)(b)		379,015		2,478,038
Orange Belgium SA^(a)(b)		139,048		2,677,436
Proximus SADP		781,766		10,832,927
Recticel SA		104,883		1,610,077
Retail Estates NV		13,970		986,341
Shurgard Self Storage SA		30,906		1,594,164
Sofina SA		80,088		18,755,746
Solvay SA		381,649		33,521,347
Telenet Group Holding NV		220,959		3,533,860
Tessenderlo Group SA^(a)		193,871		6,076,055
UCB SA		657,115		51,346,142
Umicore SA		1,080,804		39,149,276
VGP NV		54,424		9,558,814
Warehouses De Pauw CVA		790,315		26,866,124
X-Fab Silicon Foundries SE^(a)(b)(d)		153,780		1,026,974
Xior Student Housing NV		124,270		5,435,948


				823,940,357

Denmark — 2.7%
ALK-Abello A/S^(a)		807,351		16,119,351
Alm Brand A/S		4,984,701		7,501,473
Ambu A/S, Class B^(b)		883,586		10,045,693
AP Moller - Maersk A/S, Class A		16,044		42,981,474
AP Moller - Maersk A/S, Class B, NVS		27,661		75,523,745
Bavarian Nordic A/S^(a)(b)		395,513		19,612,089
Better Collective A/S^(a)(b)		157,675		2,504,489
Carlsberg A/S, Class B		517,787		66,971,549
cBrain A/S		47,927		1,374,317
Chemometec A/S		86,248		10,302,526


Security	Shares		Value

Denmark (continued)
Chr Hansen Holding A/S		544,728	$	35,653,979
Coloplast A/S, Class B		617,968		72,326,304
D/S Norden A/S		178,057		7,769,984
Danske Bank A/S		3,559,460		49,776,549
Demant A/S^(a)		498,951		19,007,899
Dfds A/S		203,783		7,303,291
Drilling Co. of 1972 A/S (The)^(a)		113,474		5,385,247
DSV A/S		995,132		167,680,638
FLSmidth & Co. A/S		269,579		7,404,594
Genmab A/S^(a)		342,182		121,755,167
GN Store Nord A/S		691,310		24,074,251
H Lundbeck A/S		1,469,756		7,264,432
H Lundbeck A/S, Class A^(a)		367,453		1,751,854
ISS A/S^(a)		810,404		14,163,054
Jyske Bank A/S, Registered^(a)		282,849		14,803,333
Matas A/S		288,232		3,092,467
Netcompany Group A/S^(a)(d)		209,843		11,767,426
Nilfisk Holding A/S^(a)		91,566		2,164,128
NKT A/S^(a)		229,926		11,780,295
Novo Nordisk A/S, Class B		8,788,172		1,023,591,376
Novozymes A/S, Class B		1,063,381		67,929,057
NTG Nordic Transport Group A/S, Class A^(a)(b)		27,810		1,226,107
Orsted A/S^(d)		980,041		114,093,070
Pandora A/S		499,745		37,126,908
Per Aarsleff Holding A/S		133,044		4,091,638
Ringkjoebing Landbobank A/S		181,318		20,360,720
Rockwool A/S, Class B		44,623		11,057,536
Royal Unibrew A/S		265,007		22,600,747
Scandinavian Tobacco Group A/S, Class A^(d)		389,200		7,454,063
Schouw & Co. A/S		77,599		5,777,710
SimCorp A/S		225,398		16,823,314
Solar A/S, Class B		2,824		265,583
Spar Nord Bank A/S		553,053		6,336,895
Sydbank A/S		373,411		11,467,101
Topdanmark A/S		231,242		11,270,651
Tryg A/S		1,861,136		42,436,401
Vestas Wind Systems A/S		5,235,885		137,618,560
Zealand Pharma A/S^(a)(b)		200,193		3,610,571


				2,382,999,606

Finland — 1.2%
Aktia Bank OYJ^(b)		56,540		541,461
Anora Group OYJ		21,405		181,889
Cargotec OYJ, Class B		232,942		8,238,423
Caverion OYJ		533,702		2,661,685
Citycon OYJ		549,701		3,911,045
Elisa OYJ		740,916		40,976,418
Finnair OYJ^(a)(b)		3,879,257		1,594,814
Fortum OYJ		2,342,498		26,292,879
F-Secure OYJ^(a)		54,455		168,915
Harvia OYJ^(b)		89,711		1,914,272
Huhtamaki OYJ		513,607		20,019,662
Kamux Corp.		164,059		1,352,788
Kemira OYJ		642,964		8,163,845
Kempower OYJ^(a)(b)		87,782		1,234,778
Kesko OYJ, Class B		1,420,299		35,128,489
Kojamo OYJ^(b)		697,898		12,450,052
Kone OYJ, Class B		1,751,890		80,063,881
Konecranes OYJ		367,906		9,877,847
Marimekko OYJ		20,776		288,823
Metsa Board OYJ, Class B		1,108,618		9,883,080


Security	Shares		Value

Finland (continued)
Metso Outotec OYJ		3,486,004	$	28,817,720
Musti Group OYJ		72,963		1,512,258
Neste OYJ		2,194,108		112,823,848
Nokia OYJ		28,003,047		145,856,108
Nokian Renkaat OYJ		675,839		7,993,672
Nordea Bank Abp		17,067,006		168,280,086
Oriola OYJ, Class B		763,394		1,549,530
Orion OYJ, Class B		551,925		26,347,514
Outokumpu OYJ		1,989,362		8,758,769
Puuilo OYJ		40,029		203,784
QT Group OYJ^(a)(b)		89,324		7,222,796
Remedy Entertainment OYJ^(b)		40,899		1,106,394
Revenio Group OYJ		112,278		5,783,379
Rovio Entertainment OYJ^(d)		73,198		496,466
Sampo OYJ, Class A		2,600,585		112,352,376
Sanoma OYJ		446,691		6,309,790
Spinnova OYJ^(a)(b)		7,356		56,416
Stora Enso OYJ, Class R		2,850,079		44,078,432
Talenom OYJ^(b)		156,762		1,796,239
TietoEVRY Oyj		455,038		12,376,994
Tokmanni Group Corp.		165,822		2,181,264
UPM-Kymmene OYJ		2,762,654		87,547,839
Uponor OYJ		357,133		5,376,718
Valmet OYJ		862,707		24,006,862
Wartsila OYJ Abp		2,412,782		21,199,985
WithSecure OYJ^(a)		54,455		98,845
YIT OYJ		1,009,915		3,435,353


				1,102,514,483

France — 9.9%
AB Science SA^(a)(b)		129,465		992,452
ABC arbitrage		498,501		3,566,450
Accor SA^(a)		869,269		22,556,578
Aeroports de Paris^(a)		155,189		21,442,745
Air France-KLM^(a)(b)		6,430,202		8,866,181
Air Liquide SA		2,728,687		375,146,352
Airbus SE		3,076,827		331,748,672
Albioma SA		215,384		10,975,839
ALD SA^(d)		592,935		7,023,923
Alstom SA^(b)		1,650,595		39,227,532
Altarea SCA^(b)		18,189		2,697,462
Alten SA		167,524		22,689,455
Amundi SA^(d)		315,605		17,135,712
Antin Infrastructure Partners SA^(b)		180,556		5,421,703
APERAM SA		268,400		8,750,986
ArcelorMittal SA		3,151,755		77,766,193
Arkema SA		305,924		28,981,877
Atos SE^(a)(b)		515,219		6,351,881
Aubay		2,258		120,064
AXA SA		10,058,975		231,784,023
Believe SA^(a)(b)		20,491		189,686
Beneteau SA		61,271		704,588
BioMerieux		215,561		23,331,749
BNP Paribas SA		5,797,589		273,920,363
Boiron SA		46,897		2,192,846
Bollore SE		4,742,045		23,941,917
Bonduelle SCA		112,176		1,508,559
Bouygues SA^(b)		1,190,796		35,997,443
Bureau Veritas SA		1,516,395		41,823,095
Capgemini SE		844,637		161,103,382
Carmila SA		299,599		4,741,969


Security	Shares		Value

France (continued)
Carrefour SA		3,211,771	$	54,735,140
Casino Guichard Perrachon SA^(a)(b)		237,167		2,792,407
CGG SA^(a)(b)		4,132,902		3,691,347
Chargeurs SA		71,142		1,219,639
Cie Generale des Etablissements Michelin SCA		3,509,861		98,221,930
Cie. de Saint-Gobain		2,576,589		120,145,878
Cie. des Alpes^(a)		4,493		78,883
Cie. Plastic Omnium SA		364,224		6,812,224
Coface SA^(a)		632,537		6,624,458
Covivio		246,128		15,566,013
Credit Agricole SA		6,381,595		58,798,926
Danone SA		3,390,973		186,975,386
Dassault Aviation SA		134,938		19,299,187
Dassault Systemes SE		3,459,099		148,366,532
Derichebourg SA		680,378		4,336,604
Edenred		1,284,020		65,909,388
Eiffage SA^(b)		429,817		40,333,589
Electricite de France SA^(b)		2,903,562		35,261,580
Elior Group SA^(a)(b)(d)		658,261		2,139,145
Elis SA		1,015,098		15,151,201
Engie SA		9,448,163		116,895,864
Equasens		23,672		2,062,204
Eramet SA		48,710		5,156,265
Esker SA		15,585		2,341,043
EssilorLuxottica SA		1,493,620		234,173,234
Etablissements Maurel et Prom SA		312,281		1,650,324
Eurazeo SE		250,441		17,888,377
Euroapi SA^(a)		256,264		4,323,161
Eurofins Scientific SE		696,803		54,321,622
Eutelsat Communications SA		864,922		6,581,816
Faurecia SE^(a)(b)		817,255		14,771,879
Fnac Darty SA		103,228		4,140,752
Gaztransport Et Technigaz SA		150,560		20,765,837
Gecina SA		237,875		24,389,465
Getlink SE		2,295,183		45,936,536
Hermes International		164,776		226,063,415
ICADE		173,567		8,689,916
ID Logistics Group^(a)		2,170		702,620
Imerys SA		203,495		6,895,717
Interparfums SA		36,340		1,823,117
Ipsen SA		197,595		19,988,145
IPSOS		233,015		11,943,345
JCDecaux SA^(a)(b)		328,106		5,291,202
Kaufman & Broad SA^(b)		53,064		1,473,254
Kering SA		390,451		223,529,669
Klepierre SA		1,108,904		24,639,897
Korian SA		405,333		5,997,423
La Francaise des Jeux SAEM^(d)		535,220		19,116,999
Legrand SA		1,385,051		113,392,212
LISI		113,966		2,685,206
LNA Sante SA		3,464		118,603
L’Oreal SA		1,257,401		475,369,654
LVMH Moet Hennessy Louis Vuitton SE		1,448,833		1,006,002,979
Maisons du Monde SA^(d)		211,700		2,262,747
McPhy Energy SA^(a)(b)		111,098		1,709,472
Mercialys SA		406,918		3,607,025
Mersen SA		131,688		4,632,971
Metropole Television SA		213,658		2,814,405
Neoen SA^(b)(d)		263,634		11,594,905
Nexans SA		160,206		15,386,920


Security	Shares		Value

France (continued)
Nexity SA		246,566	$	6,059,281
Orange SA		10,317,618		105,429,872
Orpea SA^(a)(b)		288,090		7,173,208
Pernod Ricard SA		1,093,351		214,782,618
Peugeot Invest		35,388		3,591,604
Publicis Groupe SA		1,175,202		62,538,775
Quadient SA		221,832		4,318,986
Remy Cointreau SA		120,325		23,771,069
Renault SA^(a)		981,225		29,009,304
Rexel SA		1,289,378		22,915,397
Rubis SCA		469,847		11,483,632
Safran SA		1,769,356		194,479,702
Sanofi		5,934,876		589,769,521
Sartorius Stedim Biotech		144,889		57,961,303
Schneider Electric SE		2,809,195		388,522,424
SCOR SE^(b)		809,735		14,249,324
SEB SA		128,265		10,798,684
SES SA		1,966,095		14,837,627
SES-Imagotag SA^(a)		4,475		434,699
SMCP SA^(a)(d)		141,508		770,489
Societe BIC SA		132,731		7,499,723
Societe Generale SA		4,112,165		92,138,775
Sodexo SA		458,314		37,239,655
SOITEC^(a)		144,584		23,143,095
Solutions 30 SE^(a)(b)		493,396		1,679,037
Somfy SA		38,280		4,840,438
Sopra Steria Group SACA		88,763		14,790,671
SPIE SA		664,313		15,953,428
Technicolor SA^(a)		1,032,630		3,301,289
Teleperformance		305,903		102,294,245
Television Francaise 1		378,775		2,609,261
Thales SA		549,650		68,354,259
TotalEnergies SE		12,938,914		660,885,489
Trigano SA		59,641		5,835,613
Ubisoft Entertainment SA^(a)		484,600		20,631,558
Unibail-Rodamco-Westfield^(a)		620,058		35,209,830
Valeo		1,071,370		23,013,053
Vallourec SA^(a)		474,750		4,399,043
Valneva SE^(a)(b)		450,012		4,475,629
Veolia Environnement SA		3,436,497		85,949,680
Verallia SA^(d)		383,993		9,828,939
Vicat SA		84,978		2,215,527
Vinci SA		2,784,730		266,940,713
Virbac SA		28,344		10,469,014
Vivendi SE		3,672,365		34,862,981
Voltalia SA^(a)(b)		147,242		3,122,308
Waga Energy SA^(a)(b)		26,019		928,086
Wavestone		41,778		2,181,552
Wendel SE		137,057		12,614,675
Worldline SA/France^(a)(d)		1,232,246		54,389,028


				8,804,985,444

Germany — 6.6%
1&1 AG		230,699		3,997,391
Aareal Bank AG^(a)		323,051		10,499,539
About You Holding SE^(a)(b)		77,972		704,108
Adesso SE		16,768		2,905,145
adidas AG		902,611		156,144,007
ADLER Group SA^(a)(b)(d)		396,225		1,405,317
AIXTRON SE		641,933		16,595,800
Allianz SE, Registered		2,131,672		387,124,608


Security	Shares		Value

Germany (continued)
Amadeus Fire AG		17,751	$	1,983,312
Aroundtown SA^(b)		5,306,426		17,017,892
Atoss Software AG		4,986		786,756
AURELIUS Equity Opportunities SE & Co. KGaA^(b)		109,239		2,605,846
Aurubis AG		173,157		12,501,429
Auto1 Group SE^(a)(b)(d)		452,564		3,903,534
BASF SE		4,768,265		212,498,560
Basler AG^(b)		14,520		553,231
Bayer AG, Registered		5,127,103		299,065,131
Bayerische Motoren Werke AG		1,718,880		140,455,401
BayWa AG		82,158		3,536,406
Bechtle AG		420,351		19,442,856
Beiersdorf AG		516,204		53,233,396
Bertrandt AG		40,274		1,504,161
Bike24 Holding AG^(a)(b)		12,977		38,558
Bilfinger SE		192,026		5,802,557
Borussia Dortmund GmbH & Co. KGaA^(a)(b)		540,010		2,106,457
Brenntag SE		799,630		56,170,081
CANCOM SE		223,832		7,651,660
Carl Zeiss Meditec AG, Bearer		212,414		30,999,661
Ceconomy AG		689,694		1,390,996
Cewe Stiftung & Co. KGaA^(b)		47,877		4,111,556
Commerzbank AG^(a)		5,499,432		37,677,314
CompuGroup Medical SE & Co. KgaA		141,131		6,117,788
Continental AG		567,542		40,432,344
Covestro AG^(d)		999,756		33,717,150
CropEnergies AG		50,237		740,344
CTS Eventim AG & Co. KGaA^(a)		321,548		17,711,916
Daimler Truck Holding AG^(a)		2,404,852		65,712,474
Datagroup SE		2,288		174,415
Delivery Hero SE^(a)(d)		860,527		41,517,289
Dermapharm Holding SE		93,582		5,272,268
Deutsche Bank AG, Registered		10,695,428		93,552,393
Deutsche Beteiligungs AG^(b)		145,792		4,207,883
Deutsche Boerse AG		984,987		171,944,550
Deutsche Euroshop^(c)		310,791		6,829,343
Deutsche Lufthansa AG, Registered^(a)(b)		3,048,934		18,768,788
Deutsche Pfandbriefbank AG^(d)		819,655		7,576,346
Deutsche Post AG, Registered		5,141,102		205,334,907
Deutsche Telekom AG, Registered		16,915,257		321,372,543
Deutz AG		799,893		3,339,469
DIC Asset AG		330,084		3,754,536
Duerr AG		302,074		7,510,372
E.ON SE		11,633,140		104,571,457
Eckert & Ziegler Strahlen- und Medizintechnik AG		74,795		3,316,622
ElringKlinger AG		65,638		525,352
Encavis AG		650,336		14,231,154
Energiekontor AG		10,784		1,058,397
Evonik Industries AG		1,085,090		23,144,630
Evotec SE^(a)		747,430		19,419,128
Fielmann AG		38,215		1,544,736
flatexDEGIRO AG^(a)(b)		354,880		3,609,561
Fraport AG Frankfurt Airport Services Worldwide^(a)		191,637		8,764,064
Freenet AG		640,134		15,073,006
Fresenius Medical Care AG & Co. KGaA		1,065,687		39,508,718
Fresenius SE & Co. KGaA		2,165,229		55,405,950
GEA Group AG		794,803		29,668,078
Gerresheimer AG^(b)		167,765		10,076,874
GFT Technologies SE		56,133		2,536,922
Global Fashion Group SA^(a)(b)		513,853		762,465


Security	Shares		Value

Germany (continued)
Grand City Properties SA		512,241	$	6,986,287
GRENKE AG^(b)		147,062		3,861,563
Hamborner REIT AG		555,375		4,886,411
Hamburger Hafen und Logistik AG		162,031		2,258,269
Hannover Rueck SE		310,995		44,113,715
HeidelbergCement AG		743,854		37,889,691
Heidelberger Druckmaschinen AG^(a)(b)		907,393		1,392,654
HelloFresh SE^(a)		866,957		23,962,454
Henkel AG & Co. KGaA		535,708		33,778,957
Hensoldt AG		189,222		4,851,552
HOCHTIEF AG		126,444		6,786,829
Hornbach Holding AG & Co. KGaA		53,503		4,199,454
Hugo Boss AG		309,456		18,286,490
Hypoport SE^(a)		24,038		4,996,339
Indus Holding AG		129,612		3,107,970
Infineon Technologies AG		6,801,818		186,536,223
Instone Real Estate Group SE^(b)(d)		241,037		2,640,811
Jenoptik AG		312,141		7,560,159
JOST Werke AG^(d)		20,903		869,003
K+S AG, Registered		994,135		20,962,553
KION Group AG		369,574		16,857,234
Kloeckner & Co. SE		459,952		4,507,813
Knorr-Bremse AG		374,064		22,285,068
Krones AG		89,008		7,755,277
KWS Saat SE & Co. KGaA		60,855		3,718,171
LANXESS AG		417,525		15,354,810
LEG Immobilien SE		382,230		34,723,780
MBB SE^(b)		694		76,681
Media and Games Invest SE^(a)(b)		294,370		718,440
Medios AG^(a)		73,383		2,133,409
Mercedes-Benz Group AG		4,164,920		245,621,916
Merck KGaA		668,093		127,245,406
METRO AG^(a)		723,292		5,878,266
MLP SE		600,016		3,507,768
MorphoSys AG^(a)(b)		187,214		4,162,427
MTU Aero Engines AG		276,418		53,435,295
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		731,152		165,756,540
Nagarro SE^(a)		42,278		4,958,259
Nemetschek SE		319,542		21,392,238
Nordex SE^(a)(b)		659,256		6,405,795
Norma Group SE		195,185		3,641,366
Northern Data AG^(a)(b)		25,881		632,820
PATRIZIA AG^(b)		312,093		4,025,459
Pfeiffer Vacuum Technology AG		38,052		6,016,428
PNE AG		24,305		386,891
ProSiebenSat.1 Media SE		905,208		7,741,988
Puma SE		564,796		38,137,150
PVA TePla AG^(a)		67,814		1,481,313
QIAGEN NV^(a)		1,201,092		60,194,854
Rational AG		26,304		18,335,077
Rheinmetall AG		228,428		41,888,456
RWE AG		3,349,178		137,778,300
Salzgitter AG^(b)		156,289		3,979,219
SAP SE		5,440,829		507,480,851
Scout24 SE^(d)		430,745		24,625,037
Secunet Security Networks AG		8,569		2,478,689
SGL Carbon SE^(a)		413,347		3,130,795
Siemens AG, Registered		3,978,366		443,762,704
Siemens Healthineers AG^(d)		1,482,121		75,949,256


Security	Shares		Value

Germany (continued)
Siltronic AG		91,777	$	7,451,225
Sirius Real Estate Ltd.		5,419,066		6,307,746
Sixt SE		80,094		9,778,010
SMA Solar Technology AG^(a)(b)		79,106		4,316,209
Software AG^(b)		282,487		7,631,806
Stabilus SE		141,646		7,982,882
Steico SE		28,476		2,327,212
Stratec SE		40,226		3,710,589
Stroeer SE & Co. KGaA		203,808		8,914,107
Suedzucker AG		409,740		5,780,349
Symrise AG		688,575		80,346,789
Synlab AG		391,163		7,406,714
TAG Immobilien AG		907,502		10,049,917
Takkt AG		197,088		2,687,516
TeamViewer AG^(a)(d)		799,881		8,328,100
Telefonica Deutschland Holding AG		5,396,636		14,347,654
thyssenkrupp AG^(a)		2,417,180		14,928,689
Tonies SE, Class A^(a)(b)		211,726		1,081,972
TUI AG^(a)(b)		5,404,989		8,733,592
Uniper SE^(b)		493,596		3,297,910
United Internet AG, Registered		504,886		13,299,288
Varta AG^(b)		101,310		8,247,081
VERBIO Vereinigte BioEnergie AG		116,252		7,214,407
Vitesco Technologies Group AG^(a)		103,257		5,616,055
Volkswagen AG		155,842		30,867,251
Vonovia SE		3,635,036		121,118,644
Vossloh AG^(b)		67,761		2,418,383
Wacker Neuson SE		200,336		3,854,635
Zalando SE^(a)(b)(d)		1,169,470		32,924,227
Zeal Network SE^(b)		64,623		2,067,300


				5,874,341,787

Hong Kong — 2.9%
AIA Group Ltd.		63,134,000		634,284,792
Apollo Future Mobility Group Ltd.^(a)(b)		8,772,000		352,199
ASMPT Ltd.		1,590,400		12,671,724
Atlas Corp.		465,437		5,436,304
Bank of East Asia Ltd. (The)		7,105,000		9,030,186
BOC Hong Kong Holdings Ltd.		19,485,500		70,485,184
Brightoil Petroleum Holdings Ltd.^(c)		6,240,000		8
Budweiser Brewing Co. APAC Ltd.^(b)(d)		9,121,400		25,256,563
Cafe de Coral Holdings Ltd.		1,612,000		2,459,862
Champion REIT		14,925,000		6,582,596
Chinese Estates Holdings Ltd.^(a)		567,500		156,197
Chow Sang Sang Holdings International Ltd.		1,001,000		1,034,779
Chow Tai Fook Jewellery Group Ltd.^(b)		10,446,800		20,661,238
CITIC Telecom International Holdings Ltd.		12,488,000		4,164,617
CK Asset Holdings Ltd.		10,346,516		73,250,510
CK Hutchison Holdings Ltd.		13,913,516		92,292,202
CK Infrastructure Holdings Ltd.		3,325,000		20,850,321
CK Life Sciences International Holdings Inc.^(b)		14,682,000		1,499,029
CLP Holdings Ltd.		8,492,500		72,012,744
C-Mer Eye Care Holdings Ltd.^(a)(b)		3,180,000		1,620,417
Comba Telecom Systems Holdings Ltd.^(a)(b)		9,912,000		1,791,862
Cowell e Holdings Inc.^(a)		1,200,000		2,107,897
Dah Sing Banking Group Ltd.		3,150,800		2,403,193
Dah Sing Financial Holdings Ltd.		812,800		2,134,454
EC Healthcare^(b)		2,212,000		1,901,495
E-Commodities Holdings Ltd.^(b)		6,706,000		1,532,463
ESR Group Ltd.^(a)(d)		10,510,800		27,332,559
Far East Consortium International Ltd.		6,976,000		2,250,421


Security	Shares		Value

Hong Kong (continued)
First Pacific Co. Ltd.		14,170,250	$	5,654,498
Fortune REIT		7,233,000		6,176,554
Fosun Tourism Group^(a)(b)(d)		1,265,600		1,808,336
Futu Holdings Ltd., ADR^(a)(b)		316,115		13,150,384
Galaxy Entertainment Group Ltd.		11,381,000		67,706,397
Guotai Junan International Holdings Ltd.		24,856,000		2,504,199
Haitong International Securities Group Ltd.^(b)		18,518,299		2,216,772
Hang Lung Group Ltd.		5,390,000		9,721,546
Hang Lung Properties Ltd.		10,467,000		19,096,981
Hang Seng Bank Ltd.^(b)		4,060,400		65,496,750
Health and Happiness H&H International Holdings Ltd.		1,074,500		1,292,104
Henderson Land Development Co. Ltd.		7,461,570		25,974,811
HK Electric Investments & HK Electric Investments Ltd., Class SS		14,437,000		13,057,835
HKBN Ltd.		4,960,500		5,510,333
HKT Trust & HKT Ltd., Class SS		19,976,200		27,988,957
Hong Kong & China Gas Co. Ltd.		58,591,864		61,880,753
Hong Kong Exchanges & Clearing Ltd.		6,394,800		293,460,148
Hong Kong Technology Venture Co. Ltd.^(b)		2,927,000		1,824,674
Hongkong Land Holdings Ltd.		5,987,800		31,124,944
Hsin Chong Group Holdings Ltd.^(a)(c)		7,490,000		10
Hutchison Telecommunications Hong Kong Holdings Ltd.		12,936,000		2,338,499
Hysan Development Co. Ltd.		2,920,000		8,951,514
IGG Inc.		4,249,000		1,704,059
Jardine Matheson Holdings Ltd.		1,115,700		58,926,604
Johnson Electric Holdings Ltd.		2,065,750		2,641,520
K Wah International Holdings Ltd.		299,000		111,170
Kerry Logistics Network Ltd.		2,467,387		4,952,860
Kerry Properties Ltd.		3,027,000		7,280,346
Lifestyle International Holdings Ltd.^(a)		3,287,000		1,128,389
Link REIT		11,033,500		92,398,160
LK Technology Holdings Ltd.		2,717,500		4,747,600
Luk Fook Holdings International Ltd.		1,498,000		3,657,562
Man Wah Holdings Ltd.		9,266,400		7,253,751
MECOM Power and Construction Ltd.		3,726,000		1,082,216
Melco International Development Ltd.^(a)(b)		4,893,000		3,318,425
Melco Resorts & Entertainment Ltd., ADR^(a)(b)		1,122,029		5,778,449
MGM China Holdings Ltd.^(a)		4,278,800		2,297,121
MTR Corp. Ltd.		7,999,000		42,358,740
New World Development Co. Ltd.		7,826,000		26,169,337
Nissin Foods Co. Ltd.		55,000		39,987
NWS Holdings Ltd.		8,054,166		7,988,202
Pacific Basin Shipping Ltd.		27,178,000		12,997,492
Pacific Textiles Holdings Ltd.		5,169,000		2,055,463
PAX Global Technology Ltd.		2,208,000		2,065,837
PCCW Ltd.		23,285,000		12,462,312
Perfect Medical Health Management Ltd.		1,615,000		758,978
Power Assets Holdings Ltd.		7,378,000		48,309,260
Prosperity REIT		8,620,000		2,635,448
Realord Group Holdings Ltd.^(a)(b)		2,398,000		3,009,075
Sa Sa International Holdings Ltd.^(a)(b)		9,204,000		1,523,795
Sands China Ltd.^(a)		12,452,000		29,206,663
Shangri-La Asia Ltd.^(a)		8,958,000		7,306,511
Shun Tak Holdings Ltd.^(a)		10,386,000		1,947,006
Sino Land Co. Ltd.		16,676,000		24,777,818
SITC International Holdings Co. Ltd.		7,250,000		24,685,709
SJM Holdings Ltd.^(a)(b)		10,957,000		4,470,325
SmarTone Telecommunications Holdings Ltd.		2,217,000		1,157,401


Security	Shares		Value

Hong Kong (continued)
Stella International Holdings Ltd.		455,000	$	443,413
Sun Hung Kai & Co. Ltd.		1,041,000		479,989
Sun Hung Kai Properties Ltd.		7,507,500		89,618,007
SUNeVision Holdings Ltd.		1,797,000		1,175,267
Sunlight REIT		2,582,000		1,233,455
Swire Pacific Ltd., Class A		2,721,000		15,496,422
Swire Properties Ltd.		5,969,000		14,222,514
Techtronic Industries Co. Ltd.		7,164,000		79,496,193
Texhong Textile Group Ltd.		1,247,500		1,160,995
Theme International Holdings Ltd.^(a)(b)		24,500,000		3,220,062
United Energy Group Ltd.		40,810,000		4,689,300
United Laboratories International Holdings Ltd. (The)		4,430,000		2,337,001
Value Partners Group Ltd.^(b)		7,726,000		2,565,706
Vesync Co. Ltd.		785,000		503,129
Vitasoy International Holdings Ltd.		4,276,000		6,443,487
Vobile Group Ltd.^(a)(b)		8,315,000		4,251,157
VSTECS Holdings Ltd.		2,100,000		1,603,914
VTech Holdings Ltd.		895,800		6,106,707
WH Group Ltd.^(d)		43,543,000		32,976,721
Wharf Real Estate Investment Co. Ltd.^(b)		8,694,000		38,698,795
Wynn Macau Ltd.^(a)		8,241,600		5,419,871
Xinyi Glass Holdings Ltd.		9,590,000		18,914,674
Yue Yuen Industrial Holdings Ltd.		4,004,000		5,325,133
Zensun Enterprises Ltd.^(b)		2,745,999		839,552


				2,552,917,870

Ireland — 0.6%
AIB Group PLC		4,220,908		9,601,077
Bank of Ireland Group PLC		5,282,731		30,258,208
C&C Group PLC^(a)		2,230,449		5,390,825
Cairn Homes PLC^(a)		3,659,046		4,061,343
CRH PLC		3,971,260		152,393,690
Dalata Hotel Group PLC^(a)		1,187,731		4,376,410
Flutter Entertainment PLC, Class DI^(a)		863,549		86,699,808
Glanbia PLC		960,721		11,291,903
Glenveagh Properties PLC^(a)(d)		1,786,722		1,983,103
Grafton Group PLC		1,266,136		13,096,231
Greencore Group PLC^(a)		2,869,967		3,516,016
Irish Residential Properties REIT PLC		1,557,963		2,155,995
James Hardie Industries PLC		2,325,852		57,440,885
Kerry Group PLC, Class A		823,648		86,936,964
Kingspan Group PLC		794,575		51,431,311
Origin Enterprises PLC		680,483		2,762,533
Smurfit Kappa Group PLC		1,269,058		46,000,050
Uniphar PLC^(a)		708,275		2,341,791


				571,738,143

Israel — 1.1%
AFI Properties Ltd.^(b)		62,884		3,289,408
Africa Israel Residences Ltd.^(b)		32,678		1,884,150
Airport City Ltd.^(a)		492,325		9,517,907
Alony Hetz Properties & Investments Ltd.		945,622		13,799,664
Altshuler Shaham Penn Ltd.^(b)		421,184		1,221,044
Amot Investments Ltd.		1,033,566		7,085,999
Arad Investment & Industrial Development Ltd.^(b)		16,675		2,040,800
Ashtrom Group Ltd.^(b)		110,906		2,584,706
AudioCodes Ltd.^(b)		126,375		3,098,335
Azorim-Investment Development & Construction Co. Ltd.		57,531		219,739
Azrieli Group Ltd.		227,016		18,196,909
Bank Hapoalim BM		6,286,668		58,591,770


Security	Shares		Value

Israel (continued)
Bank Leumi Le-Israel BM		8,055,618	$	78,329,678
Bezeq The Israeli Telecommunication Corp. Ltd.		11,308,410		19,361,632
Big Shopping Centers Ltd.		36,404		4,849,014
Blue Square Real Estate Ltd.^(b)		1,909		148,865
Camtek Ltd./Israel^(a)(b)		146,599		4,326,435
Cellcom Israel Ltd.^(a)(b)		522,784		2,867,315
Cellebrite DI Ltd.^(a)(b)		12,133		61,272
Check Point Software Technologies Ltd.^(a)(b)		543,891		67,768,819
Clal Insurance Enterprises Holdings Ltd.^(a)		352,271		6,891,025
Cognyte Software Ltd.^(a)(b)		331,498		1,495,056
CyberArk Software Ltd.^(a)(b)		210,715		27,420,343
Danel Adir Yeoshua Ltd.		29,549		3,747,698
Danya Cebus Ltd.		41,043		1,056,416
Delek Automotive Systems Ltd.		271,723		3,419,467
Delek Group Ltd.^(a)		45,329		6,882,624
Delta Galil Industries Ltd.		37,815		1,847,795
Doral Group Renewable Energy Resources Ltd.^(a)(b)		346,957		1,213,512
Elbit Systems Ltd.		138,297		31,909,733
Elco Ltd.		15,874		1,101,478
Electra Consumer Products 1970 Ltd.^(b)		69,806		3,284,955
Electra Ltd./Israel		9,695		5,810,236
Electra Real Estate Ltd.		50,656		836,254
Electreon Wireless Ltd.^(a)(b)		22,913		554,933
Energix-Renewable Energies Ltd.		1,173,081		4,754,730
Enlight Renewable Energy Ltd.^(a)(b)		4,796,488		10,927,020
Equital Ltd.^(a)		4,140		146,802
Fattal Holdings 1998 Ltd.^(a)		28,916		3,381,745
FIBI Holdings Ltd.		11,872		552,063
First International Bank Of Israel Ltd. (The)		455,651		19,264,953
Fiverr International Ltd.^(a)		171,290		5,494,983
Formula Systems 1985 Ltd.		42,763		4,448,769
Fox Wizel Ltd.^(b)		45,537		5,789,786
G City Ltd.		756,996		4,673,067
Gav-Yam Lands Corp. Ltd.		—		4
Gilat Satellite Networks Ltd.^(a)(b)		129,301		873,085
Harel Insurance Investments & Financial Services Ltd.		951,243		9,726,575
Hilan Ltd.		33,462		1,949,712
ICL Group Ltd.		3,725,118		33,944,827
Inmode Ltd.^(a)(b)		390,852		12,991,920
Isracard Ltd.		500,179		1,563,610
Israel Canada T.R Ltd.^(b)		732,273		2,828,327
Israel Corp. Ltd.^(a)		27,511		12,252,710
Israel Discount Bank Ltd., Class A		6,654,886		37,838,740
Israel Land Development - Urban Renewal Ltd.		85,025		1,358,801
Isras Investment Co. Ltd.		9,475		1,875,171
Ituran Location and Control Ltd.^(b)		151,151		3,839,235
Kornit Digital Ltd.^(a)(b)		261,334		7,110,898
M Yochananof & Sons Ltd.		2,277		131,217
Magic Software Enterprises Ltd.		134,036		2,682,294
Malam - Team Ltd.^(b)		4,606		103,295
Matrix IT Ltd.^(b)		174,206		4,427,096
Maytronics Ltd.^(b)		199,659		2,630,963
Mega Or Holdings Ltd.		98,492		3,300,302
Melisron Ltd.^(a)		154,516		11,691,443
Menora Mivtachim Holdings Ltd.^(a)		26,826		536,936
Migdal Insurance & Financial Holdings Ltd.		3,635,543		5,678,257
Mivne Real Estate KD Ltd.^(b)		3,241,680		11,009,857
Mizrahi Tefahot Bank Ltd.		863,883		32,115,748
Nano Dimension Ltd., ADR^(a)(b)		1,302,062		4,283,784


Security	Shares		Value

Israel (continued)
Nano-X Imaging Ltd.^(a)(b)		203,167	$	2,446,131
Nayax Ltd.^(a)		72,183		194,357
Neto Malinda Trading Ltd.^(a)(b)		59,404		2,241,668
Nice Ltd.^(a)		332,668		71,023,723
Nova Ltd.^(a)		139,318		14,796,042
Oil Refineries Ltd.		14,733,268		5,552,207
One Software Technologies Ltd.^(b)		198,300		3,256,877
OPC Energy Ltd.^(a)(b)		310,499		3,591,038
OY Nofar Energy Ltd.^(a)(b)		79,502		2,337,032
Partner Communications Co. Ltd.^(a)(b)		767,305		6,124,092
Paz Oil Co. Ltd.^(a)(b)		66,550		8,207,808
Perion Network Ltd.^(a)(b)		132,177		2,549,722
Phoenix Holdings Ltd. (The)		688,504		7,357,087
Plus500 Ltd.		570,953		11,587,756
Prashkovsky Investments and Construction Ltd.		8,368		270,894
Property & Building Corp. Ltd.^(a)(b)		7,376		707,990
RADA Electronic Industries Ltd.^(a)(b)		218,087		2,207,040
Radware Ltd.^(a)		313,818		7,258,610
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.^(b)		73,475		5,748,447
Reit 1 Ltd.		902,345		5,228,760
Retailors Ltd.^(b)		15,743		355,904
Sapiens International Corp. NV		153,870		4,035,729
Sella Capital Real Estate Ltd.		1,083,598		3,213,920
Shapir Engineering and Industry Ltd.		699,778		6,231,258
Shikun & Binui Ltd.^(a)(b)		1,660,547		7,827,110
Shufersal Ltd.^(b)		1,445,497		9,445,162
SimilarWeb Ltd.^(a)(b)		98,566		821,055
Sisram Medical Ltd.^(b)(d)		250,000		355,478
Strauss Group Ltd.		332,447		8,833,560
Summit Real Estate Holdings Ltd.^(b)		93,775		1,708,729
Taboola.com Ltd.^(a)		82,489		216,121
Tadiran Group Ltd.^(b)		19,338		2,991,927
Taro Pharmaceutical Industries Ltd.^(a)(b)		48,633		1,735,712
Teva Pharmaceutical Industries Ltd., ADR^(a)		5,693,988		53,409,607
Tower Semiconductor Ltd.^(a)(b)		606,998		28,934,348
Tremor International Ltd.^(a)(b)		467,340		2,455,178
Wix.com Ltd.^(a)(b)		300,922		17,853,702
YH Dimri Construction & Development Ltd.^(b)		4,220		352,069
ZIM Integrated Shipping Services Ltd.		431,756		21,510,084


				997,867,645

Italy — 2.1%
A2A SpA		8,035,575		10,357,034
ACEA SpA		321,461		4,642,098
Amplifon SpA		645,433		21,343,263
Anima Holding SpA^(d)		1,843,058		6,470,680
Antares Vision SpA^(a)		142,978		1,529,752
Ascopiave SpA		309,593		879,804
Assicurazioni Generali SpA		5,737,286		85,770,387
Atlantia SpA		2,572,548		59,453,220
Autogrill SpA^(a)		1,135,804		7,410,246
Azimut Holding SpA		604,803		10,579,894
Banca Generali SpA^(b)		389,872		11,342,775
Banca IFIS SpA		173,417		2,333,266
Banca Mediolanum SpA		1,167,945		7,734,599
Banca Monte dei Paschi di Siena SpA^(a)(b)		705,325		299,120
Banca Popolare di Sondrio SPA		2,703,716		8,972,473
Banco BPM SpA		7,620,635		19,738,003
BFF Bank SpA^(d)		783,851		5,507,281
Biesse SpA^(b)		32,573		464,506


		Page

The Markets in Review		2
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		15
Disclosure of Expenses		15
Schedules of Investments		16
Financial Statements:
Statements of Assets and Liabilities		133
Statements of Operations		135
Statements of Changes in Net Assets		137
Financial Highlights		140
Notes to Financial Statements		145
Report of Independent Registered Public Accounting Firm		157
Important Tax Information		158
Board Review and Approval of Investment Advisory Contract		159
Supplemental Information		163
Trustee and Officer Information		165
General Information		168
Glossary of Terms Used in this Report		169


	Average Annual Total Returns									Cumulative Total Returns

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

Fund NAV		(14.58	)%		2.89	%		5.44	%		(14.58	)%		15.33	%		67.99	%
Fund Market		(14.52	)		2.88			5.46			(14.52	)		15.25			68.31
Index		(15.26	)		2.56			5.20			(15.26	)		13.47			64.15


	Actual					Hypothetical 5% Return


Beginning Account Value (02/01/22)			Ending Account Value (07/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (02/01/22)	Ending Account Value (07/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

		$ 1,000.00	$ 882.70	$ 0.33			$ 1,000.00	$ 1,024.40	$ 0.35		0.07	%



Sector	Percent of Total Investments	^(a)

Industrials	16.5	%
Financials	16.3
Health Care	12.5
Consumer Discretionary	11.6
Consumer Staples	10.2
Information Technology	8.4
Materials	7.7
Communication Services	4.8
Energy	4.3
Real Estate	4.3
Utilities	3.4


	Average Annual Total Returns									Cumulative Total Returns

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

Fund NAV		(15.80	)%		2.80	%		2.20	%		(15.80	)%		14.83	%		19.36	%
Fund Market		(15.81	)		2.74			2.20			(15.81	)		14.49			19.37
Index		(16.48	)		2.50			1.92			(16.48	)		13.14			16.72


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


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 July 31, 2022		iShares^® Core MSCI EAFE ETF


Fund Summary as of July 31, 2022 (continued)		iShares^® Core MSCI EAFE ETF



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

Japan	23.6	%
United Kingdom	15.2
France	10.0
Switzerland	9.8
Australia	9.0
Germany	7.1
Netherlands	4.2
Sweden	3.7
Hong Kong	2.9
Denmark	2.7


Fund Summary as of July 31, 2022		iShares^® Core MSCI Europe ETF


Fund Summary as of July 31, 2022		iShares^® Core MSCI International Developed Markets ETF


Fund Summary as of July 31, 2022		iShares^® Core MSCI Pacific ETF


Fund Summary as of July 31, 2022		iShares^® Core MSCI Total International Stock ETF


A B O U T F U N D P E R F O R M A N C E / S H A R E H O L D E R E X P E N S E S		15