iSHARES TRUST

The Markets in Review

Dear Shareholder,

Despite an uncertain economic landscape during the 12-month reporting period ended August 31, 2023, the resilience of the U.S. economy in the face of ever tighter financial conditions provided an encouraging backdrop for investors. While inflation was near multi-decade highs at the beginning of the period, it declined precipitously as commodity prices dropped. Labor shortages also moderated, although wages continued to grow and unemployment rates reached the lowest levels in decades. This robust labor market powered further growth in consumer spending, backstopping the economy.

Equity returns were solid, as the durability of consumer sentiment eased investors’ concerns about the economy’s trajectory. The U.S. economy resumed growth in the third quarter of 2022 and continued to expand thereafter. Most major classes of equities rose, as large-capitalization U.S. stocks and developed market equities advanced strongly. However, small-capitalization U.S. stocks and emerging market equities posted more modest gains.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market also faced inflationary headwinds, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates seven times during the 12-month period. Furthermore, the Fed wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity. However, the Fed declined to raise interest rates at its June 2023 meeting, the first time it paused its tightening in the current cycle, before again raising rates in July 2023.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has decelerated the pace of interest rate hikes and recently opted for two pauses, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period to keep inflation under control. Furthermore, ongoing structural changes may mean that the Fed will be hesitant to cut interest rates in the event of faltering economic activity lest inflation accelerate again. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt.

While we favor an overweight position to developed market equities in the long term, we prefer an underweight stance in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with macroeconomic constraints. Nevertheless, we are overweight on emerging market stocks in the near term as growth trends for emerging markets appear brighter. We also believe that stocks with an AI tilt should benefit from an investment cycle that is set to support revenues and margins. In credit, there are selective opportunities in the near term despite tightening credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries, U.S. inflation-linked bonds, U.S. mortgage-backed securities, and hard-currency emerging market bonds.

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

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.



Total Returns as of August 31, 2023

	6-Month	12-Month

U.S. large cap equities (S&P 500 Index)	14.50%	15.94%

U.S. small cap equities (Russell 2000 Index)	0.99	4.65

International equities (MSCI Europe, Australasia, Far East Index)	4.75	17.92

Emerging market equities (MSCI Emerging Markets Index)	3.62	1.25

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	2.47	4.25

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	0.11	(4.71)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	0.95	(1.19)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	1.04	1.70

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	4.55	7.19

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 advanced during the 12 months ended August 31, 2023 (“reporting period”), supported by continued economic growth and moderating inflation. The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned 13.95% in U.S. dollar terms for the reporting period. Despite concerns about the impact of higher interest rates and rising prices, the global economy continued to grow, albeit at a slower pace than during the initial post-coronavirus pandemic recovery. Inflation began to subside in most regions of the world, and lower energy prices reduced pressure on consumers, leading consumer and business sentiment to improve. While the Russian invasion of Ukraine continued to disrupt trade in Europe and elsewhere, market adaptation lessened the economic impact of the ongoing war. The prices of several key commodities, including oil, natural gas, and wheat, either stabilized or declined during the reporting period, easing pressure on the world’s economies.

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

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

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

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

The iShares ESG Advanced MSCI EAFE ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization developed market companies excluding the U.S. and Canada that have a favorable environmental, social and governance rating while applying extensive screens for company involvement in controversial activities, as represented by the MSCI EAFE Choice ESG Screened 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 16, 2020. The first day of secondary market trading was June 18, 2020.

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.

Investor interest in the environmental, social, and governance (“ESG”) attributes of companies was mixed during the reporting period. In Europe, ESG investments continued to attract net inflows, although the rate of net purchases slowed in the first half of 2023.

During the reporting period, the Index of international developed stocks with favorable ESG characteristics and screened for controversial activities advanced substantially. Japanese financials stocks gained the most, as the Bank of Japan modified its yield curve control policy, allowing banks to keep portions of their capital in higher-yielding investments. The semiconductors and semiconductor equipment industry in the information technology sector also gained amid efforts by the government to increase domestic semiconductor manufacturing with subsidies and incentives.

Stocks in Europe further contributed to the Index’s return, most notably France, Germany, and Switzerland. The French industrials sector benefited from rising demand for data center infrastructure, while the German information technology sector posted robust sales of cloud-based enterprise software. In Switzerland, the healthcare sector led the advance, as strong earnings enabled a significant stock buyback program.

In terms of relative performance, the Index was nearly in line with the broader market, as represented by the MSCI EAFE Index. The Index seeks companies that have a favorable environmental, social and governance rating while applying extensive screens for company involvement in Index held overweight positions in the information technology and industrials sectors and underweight positions in consumer staples and energy. Positioning in the information technology sector contributed to the Index’s relative performance, while the underweight position in energy and stock selection in industrials detracted.


GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	^(a)
Japan	30.1	%
France	9.7
Germany	9.5
United Kingdom	8.4
Switzerland	7.4
Netherlands	7.0
Denmark	5.4
Australia	5.0
Sweden	4.8
Hong Kong	3.1
Singapore	1.9
Spain	1.6
Italy	1.2
Finland	1.1
Ireland	1.0
Belgium	1.0
Other (each representing less than 1%)	1.8

The iShares ESG Advanced MSCI EM ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization emerging market companies that have a favorable environmental, social and governance rating while applying extensive screens for company involvement in controversial activities, as represented by the MSCI Emerging Markets Choice ESG Screened 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 October 6, 2020. The first day of secondary market trading was October 8, 2020.

Investor interest in the environmental, social, and governance (“ESG”) attributes of companies was mixed during the reporting period. Globally, fund flows to ESG-focused investments slowed in the first half of 2023, while remaining net positive.

During the reporting period, the Index of emerging market stocks with favorable ESG characteristics and screened for controversial activities posted a marginal advance. Taiwanese stocks contributed the most to the Index’s return, led by the information technology sector. Continued data center growth drove robust sales of high-end power units used in their construction, bolstering profits in the technology hardware, storage, and peripherals industry. The semiconductors and semiconductor equipment industry also posted gains, as increasing interest in artificial intelligence drove investments in additional capacity. The financials sector also contributed to the Index’s return. Mexican banks posted strong gains amid significantly higher interest rates.

On the downside, Chinese stocks detracted meaningfully from the Index’s return, as they were negatively impacted by slowing economic growth. The consumer discretionary sector declined as increased online competition from low-cost retailers pressured the broadline retail and the internet and direct marketing retail industries. The Chinese healthcare sector also declined, as life sciences tools and services stocks were pressured by a U.S. executive order introducing a national biotechnology and biomanufacturing initiative.

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 Index seeks companies that have a favorable environmental, social and governance rating while applying extensive screens for company involvement in controversial activities. The Index held a significant overweight position in the financials sector and underweight positions in the energy and materials sectors, relative to the broader market. Stock selection in the consumer discretionary sector and materials sector detracted from the Index’s relative performance, while stock selection in the financials sector contributed to relative performance.


GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	^(a)
China	30.4	%
Taiwan	16.6
India	15.4
South Korea	6.5
South Africa	5.3
Brazil	4.6
Saudi Arabia	3.1
Thailand	2.8
Indonesia	2.7
Mexico	2.2
Malaysia	2.1
United Arab Emirates	2.0
Poland	1.2
Other (each representing less than 1%)	5.1

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 — 5.0%
ASX Ltd.		11,920	$	443,607
Aurizon Holdings Ltd.		98,725		232,690
BlueScope Steel Ltd.		26,640		360,160
Brambles Ltd.		80,480		779,366
Cochlear Ltd.		3,840		674,014
Computershare Ltd.		32,880		534,528
CSL Ltd.		27,760		4,902,386
Dexus		61,600		307,822
Fortescue Metals Group Ltd.		97,920		1,348,103
Goodman Group		98,160		1,479,001
GPT Group (The)		114,808		310,855
IDP Education Ltd.		14,320		227,743
IGO Ltd.		38,560		344,120
Insurance Australia Group Ltd.		141,360		533,078
James Hardie Industries PLC^(a)		25,520		767,061
Lendlease Corp. Ltd.		38,960		196,184
Mineral Resources Ltd.		10,160		466,364
Mirvac Group		232,960		363,210
Newcrest Mining Ltd.		50,960		849,332
Northern Star Resources Ltd.		66,640		510,605
Orica Ltd.		26,400		267,454
Pilbara Minerals Ltd.		154,640		463,613
QBE Insurance Group Ltd.		86,400		833,404
Ramsay Health Care Ltd.		10,480		347,768
REA Group Ltd.		2,960		315,589
Reece Ltd.		12,720		167,335
Scentre Group		297,440		527,230
SEEK Ltd.		20,640		308,149
Sonic Healthcare Ltd.		25,920		538,726
Stockland		133,046		363,368
Suncorp Group Ltd.		72,560		636,431
Telstra Corp. Ltd.		231,680		601,005
Transurban Group		176,480		1,510,983
Vicinity Ltd.		226,884		273,679
WiseTech Global Ltd.		9,920		444,999
Xero Ltd.^(a)		8,560		692,877


				23,922,839

Austria — 0.3%
Erste Group Bank AG		19,440		693,500
Verbund AG		3,920		321,349
voestalpine AG		6,252		182,679


				1,197,528

Belgium — 1.0%
Ageas SA/NV		9,120		362,705
Argenx SE^(a)		3,280		1,648,477
D’ieteren Group		1,280		209,055
Elia Group SA/NV.		1,680		193,695
Groupe Bruxelles Lambert NV		5,600		450,931
KBC Group NV		14,720		965,780
Sofina SA		880		197,707
Umicore SA		12,962		343,470
Warehouses De Pauw CVA		9,600		274,335


				4,646,155

Denmark — 5.3%
AP Moller - Maersk A/S, Class A		162		289,507
AP Moller - Maersk A/S, Class B, NVS		320		580,916
Chr Hansen Holding A/S		5,921		386,076
Demant A/S^(a)		5,840		238,413


Security	Shares		Value

Denmark (continued)
DSV A/S		10,720	$	2,035,723
Genmab A/S^(a)		3,840		1,471,239
Novo Nordisk A/S, Class B		94,480		17,427,188
Novozymes A/S, Class B		12,080		522,892
Pandora A/S		4,880		505,364
Rockwool A/S, Class B		566		144,454
Tryg A/S		20,895		398,662
Vestas Wind Systems A/S^(a)		58,510		1,351,880


				25,352,314

Finland — 1.1%
Elisa OYJ		8,165		400,828
Kesko OYJ, Class B		16,000		312,325
Kone OYJ, Class B		19,840		902,506
Metso OYJ		39,040		448,395
Nokia OYJ		313,440		1,253,468
Orion OYJ, Class B		6,160		251,762
Sampo OYJ, Class A		27,120		1,190,407
Wartsila OYJ Abp		27,300		346,461


				5,106,152

France — 9.7%
Accor SA		10,560		377,660
Aeroports de Paris		1,600		210,572
Air Liquide SA		30,320		5,478,102
Amundi SA^(b)		3,558		211,788
AXA SA		106,240		3,191,969
BioMerieux		2,402		248,078
BNP Paribas SA		60,720		3,926,619
Bouygues SA		11,040		381,210
Bureau Veritas SA		17,040		456,470
Capgemini SE		9,600		1,791,565
Carrefour SA		34,240		654,454
Cie. Generale des Etablissements Michelin SCA		40,320		1,261,450
Covivio		2,960		144,326
Credit Agricole SA		69,360		874,302
Dassault Systemes SE		38,800		1,537,664
Edenred		14,320		912,518
Eiffage SA		4,000		395,332
EssilorLuxottica SA		17,040		3,213,208
Eurazeo SE		2,411		142,061
Eurofins Scientific SE		7,840		482,573
Euronext NV^(b)		5,120		369,616
Gecina SA		2,885		308,625
Getlink SE		20,480		342,782
Hermes International		1,869		3,843,945
Ipsen SA		2,174		281,629
Klepierre SA		12,865		339,811
Legrand SA		15,520		1,529,021
Publicis Groupe SA		13,040		1,017,485
Sartorius Stedim Biotech		1,600		453,778
Schneider Electric SE		31,520		5,402,789
SEB SA		1,374		150,818
Sodexo SA		4,880		523,528
Teleperformance		3,360		464,257
Unibail-Rodamco-Westfield, New^(a)		6,880		367,218
Valeo		12,998		252,659
Vinci SA		30,960		3,448,574
Vivendi SE		41,040		373,787
Wendel SE		1,520		138,885


Security	Shares		Value

France (continued)
Worldline SA/France^(a)(b)		13,920	$	453,043


				45,954,171

Germany — 8.9%
adidas AG		9,360		1,867,975
Bayerische Motoren Werke AG		17,680		1,859,567
Bechtle AG		4,720		229,467
Beiersdorf AG		5,840		764,661
Brenntag SE		8,720		705,310
Carl Zeiss Meditec AG, Bearer		2,320		230,109
Commerzbank AG		60,640		666,280
Continental AG		6,320		468,806
Covestro AG^(a)(b)		11,120		590,520
Daimler Truck Holding AG		28,560		1,004,930
Deutsche Boerse AG		11,040		1,959,864
Deutsche Lufthansa AG, Registered^(a)		33,680		300,774
Deutsche Post AG, Registered		57,440		2,678,602
Evonik Industries AG		12,001		229,941
GEA Group AG		8,880		350,168
Hannover Rueck SE		3,524		749,479
HelloFresh SE^(a)		9,440		304,233
Henkel AG & Co. KGaA		6,009		415,271
Infineon Technologies AG		76,080		2,718,771
Knorr-Bremse AG		3,930		268,421
LEG Immobilien SE^(a)		4,240		305,350
Merck KGaA		7,318		1,313,765
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		7,907		3,069,175
Nemetschek SE		3,280		226,535
Rational AG		286		217,860
SAP SE		60,400		8,426,068
Scout24 SE^(b)		4,429		305,098
Siemens AG, Registered		44,000		6,610,154
Siemens Healthineers AG^(b)		15,920		796,991
Symrise AG, Class A		7,840		817,280
Talanx AG^(a)		3,600		242,004
Telefonica Deutschland Holding AG		51,120		97,187
Vonovia SE		42,480		1,019,235
Wacker Chemie AG		1,040		153,182
Zalando SE^(a)(b)		13,120		407,842


				42,370,875

Hong Kong — 3.1%
AIA Group Ltd.		672,000		6,080,425
BOC Hong Kong Holdings Ltd.		203,500		565,382
ESR Group Ltd.^(b)		128,000		192,067
Futu Holdings Ltd., ADR^(a)(c)		3,120		185,952
Hang Lung Properties Ltd.		160,000		213,098
Hang Seng Bank Ltd.		48,000		611,718
Henderson Land Development Co. Ltd.		80,000		219,691
HKT Trust & HKT Ltd., Class SS		240,000		255,760
Hong Kong Exchanges & Clearing Ltd.		65,200		2,527,034
Hongkong Land Holdings Ltd.		64,000		227,044
Link REIT		144,000		713,957
MTR Corp. Ltd.		83,500		348,401
New World Development Co. Ltd.		80,000		169,870
Sino Land Co. Ltd.		184,000		210,768
Sun Hung Kai Properties Ltd.		80,000		900,533
Swire Pacific Ltd., Class A.		40,000		329,815
Swire Properties Ltd.		80,000		167,182
WH Group Ltd.^(b)		520,000		267,797


Security	Shares		Value

Hong Kong (continued)
Wharf Real Estate Investment Co. Ltd.		82,000	$	341,742


				14,528,236

Ireland — 1.0%
AIB Group PLC		83,440		379,781
Bank of Ireland Group PLC		61,360		611,009
CRH PLC		42,000		2,416,413
Kerry Group PLC, Class A		9,207		859,014
Smurfit Kappa Group PLC		14,880		624,223


				4,890,440

Israel — 0.5%
Check Point Software Technologies Ltd.^(a)(c)		5,520		742,937
CyberArk Software Ltd.^(a)		2,400		398,496
Monday.com Ltd.^(a)		1,280		227,123
Nice Ltd.^(a)		3,680		717,245
Wix.com Ltd.^(a)		3,200		316,064


				2,401,865

Italy — 1.2%
Amplifon SpA		7,040		228,612
Assicurazioni Generali SpA		60,400		1,251,064
DiaSorin SpA		1,440		152,059
FinecoBank Banca Fineco SpA		34,960		477,814
Infrastrutture Wireless Italiane SpA^(b)		20,246		250,491
Mediobanca Banca di Credito Finanziario SpA		31,600		412,524
Moncler SpA		11,840		802,215
Nexi SpA^(a)(b)		33,840		242,778
Poste Italiane SpA^(b)		28,582		317,287
Prysmian SpA		15,200		621,019
Recordati Industria Chimica e Farmaceutica SpA		5,612		281,318
Telecom Italia SpA/Milano^(a)		514,223		159,528
Terna - Rete Elettrica Nazionale		88,240		727,677


				5,924,386

Japan — 30.0%
Advantest Corp.		10,800		1,351,842
Aeon Co. Ltd.		40,000		828,967
AGC Inc.		8,000		280,667
Ajinomoto Co. Inc.		24,000		1,016,708
ANA Holdings Inc.^(a)		8,100		182,859
Asahi Intecc Co. Ltd.		16,000		324,568
Asahi Kasei Corp.		88,000		568,030
Astellas Pharma Inc.		104,000		1,573,558
Azbil Corp.		8,000		266,508
Bridgestone Corp.		32,000		1,242,424
Brother Industries Ltd.		16,000		270,777
Canon Inc.		56,700		1,395,617
Capcom Co. Ltd.		8,000		337,466
Central Japan Railway Co.		8,000		1,025,756
Chiba Bank Ltd. (The)		32,000		228,493
Chugai Pharmaceutical Co. Ltd.		40,000		1,219,276
Concordia Financial Group Ltd.		64,000		283,586
CyberAgent Inc.		24,000		152,714
Dai Nippon Printing Co. Ltd.		12,200		333,370
Daifuku Co. Ltd.		16,000		295,289
Dai-ichi Life Holdings Inc.		56,000		1,040,793
Daiichi Sankyo Co. Ltd.		104,000		3,063,180
Daikin Industries Ltd.		14,600		2,523,735
Daito Trust Construction Co. Ltd.		3,400		374,967
Daiwa House Industry Co. Ltd.		32,000		888,825
Daiwa House REIT Investment Corp.		160		303,627
Daiwa Securities Group Inc.		88,000		500,425


Security	Shares		Value

Japan (continued)
Denso Corp.		24,000	$	1,638,063
Dentsu Group Inc.		8,000		238,928
Disco Corp.		5,000		988,222
East Japan Railway Co.		16,000		904,626
Eisai Co. Ltd.		16,000		1,011,459
FANUC Corp.		56,000		1,592,716
Fast Retailing Co. Ltd.		9,700		2,225,289
FUJIFILM Holdings Corp.		21,100		1,246,935
Fujitsu Ltd.		9,900		1,237,419
GLP J-Reit		240		226,482
GMO Payment Gateway Inc.		1,100		69,655
Hakuhodo DY Holdings Inc.		16,000		151,798
Hamamatsu Photonics KK		8,000		370,148
Hankyu Hanshin Holdings Inc.		16,000		574,262
Hikari Tsushin Inc.		1,100		183,002
Hirose Electric Co. Ltd.		1,700		205,827
Hitachi Construction Machinery Co. Ltd.		8,000		248,753
Hoshizaki Corp.		8,000		307,027
Hoya Corp.		19,500		2,163,543
Hulic Co. Ltd.		24,000		215,372
Ibiden Co. Ltd.		8,000		482,001
Isuzu Motors Ltd.		40,000		512,062
Itochu Techno-Solutions Corp.		8,000		237,532
Japan Airlines Co. Ltd.		8,000		164,750
Japan Exchange Group Inc.		32,000		558,328
Japan Metropolitan Fund Invest		402		269,939
Japan Post Bank Co. Ltd.		91,600		735,004
Japan Post Insurance Co. Ltd.		8,000		129,077
Japan Real Estate Investment Corp.		80		332,464
JFE Holdings Inc.		32,000		505,539
JSR Corp.		8,000		223,288
Kajima Corp.		24,000		400,866
Kao Corp.		24,600		950,240
KDDI Corp.		88,000		2,616,013
Keio Corp.		8,000		276,805
Keisei Electric Railway Co. Ltd.		8,000		306,335
Keyence Corp.		10,900		4,525,369
Kikkoman Corp.		8,000		462,128
Kintetsu Group Holdings Co. Ltd.		8,000		253,220
Kobayashi Pharmaceutical Co. Ltd.		2,900		143,187
Kobe Bussan Co. Ltd.		8,000		199,314
Koei Tecmo Holdings Co. Ltd.		8,000		124,403
Koito Manufacturing Co. Ltd.		16,000		271,528
Komatsu Ltd.		52,100		1,482,672
Konami Group Corp.		2,500		145,073
Kubota Corp.		56,700		912,502
Kurita Water Industries Ltd.		8,000		311,642
Kyocera Corp.		16,000		820,635
Kyowa Kirin Co. Ltd.		16,000		292,509
Lixil Corp.		16,000		200,410
Makita Corp.		12,300		337,168
MatsukiyoCocokara & Co.		6,000		353,283
McDonald’s Holdings Co. Japan Ltd.		4,600		183,058
MEIJI Holdings Co. Ltd.		16,000		401,201
MINEBEA MITSUMI Inc.		24,000		406,935
MISUMI Group Inc.		16,100		280,457
Mitsubishi Chemical Group Corp.		80,000		477,577
Mitsubishi Electric Corp.		120,000		1,563,368
Mitsubishi Estate Co. Ltd.		64,900		826,632
Mitsubishi HC Capital Inc.		48,000		311,849


Security	Shares		Value

Japan (continued)
Mitsubishi UFJ Financial Group Inc.		664,000	$	5,297,178
Mitsui Chemicals Inc.		8,000		216,870
Mitsui Fudosan Co. Ltd.		51,500		1,127,495
Mizuho Financial Group Inc.		136,000		2,241,147
MonotaRO Co. Ltd.		16,000		188,964
MS&AD Insurance Group Holdings Inc.		24,000		861,879
Murata Manufacturing Co. Ltd.		32,000		1,790,185
NEC Corp.		13,200		695,783
NGK Insulators Ltd.		16,000		212,259
Nidec Corp.		24,000		1,248,827
Nintendo Co. Ltd.		64,000		2,744,121
Nippon Building Fund Inc.		80		337,859
Nippon Paint Holdings Co. Ltd.		64,000		494,500
Nippon Prologis REIT Inc.		152		305,699
Nippon Sanso Holdings Corp.		8,000		192,897
Nippon Telegraph & Telephone Corp.		1,800,000		2,078,344
Nippon Yusen KK		32,000		851,340
Nissan Chemical Corp.		8,000		342,641
Nissin Foods Holdings Co. Ltd.		3,500		305,663
Nitori Holdings Co. Ltd.		3,900		443,929
Nitto Denko Corp.		8,000		545,780
Nomura Real Estate Holdings Inc.		8,000		201,308
Nomura Real Estate Master Fund Inc.		240		282,143
Nomura Research Institute Ltd.		24,000		689,739
NTT Data Group Corp.		32,500		436,986
Obayashi Corp.		48,000		434,724
Odakyu Electric Railway Co. Ltd.		16,000		237,913
Oji Holdings Corp.		48,000		196,337
Omron Corp.		8,000		386,020
Ono Pharmaceutical Co. Ltd.		24,000		453,406
Open House Group Co. Ltd.		4,200		141,879
Oracle Corp. Japan		1,100		76,832
Oriental Land Co. Ltd./Japan		64,000		2,305,357
Otsuka Corp.		8,000		356,544
Otsuka Holdings Co. Ltd.		24,000		911,801
Pan Pacific International Holdings Corp.		24,000		478,204
Panasonic Holdings Corp.		128,000		1,477,549
Persol Holdings Co. Ltd.		8,100		138,440
Rakuten Group Inc.		80,000		311,283
Recruit Holdings Co. Ltd.		80,000		2,849,797
Renesas Electronics Corp.^(a)		72,000		1,199,496
Resona Holdings Inc.		136,000		720,463
Ricoh Co. Ltd.		32,000		260,685
Rohm Co. Ltd.		4,200		350,312
SCSK Corp.		8,000		138,675
Secom Co. Ltd.		10,600		741,870
Seiko Epson Corp.		16,000		250,534
Sekisui Chemical Co. Ltd.		24,000		368,097
Sekisui House Ltd.		32,500		662,330
SG Holdings Co. Ltd.		16,000		231,118
Sharp Corp./Japan^(a)		16,000		98,493
Shimadzu Corp.		16,000		470,187
Shimizu Corp.		32,000		215,294
Shin-Etsu Chemical Co. Ltd.		104,000		3,314,870
Shionogi & Co. Ltd.		16,000		702,709
Shiseido Co. Ltd.		24,000		973,901
Shizuoka Financial Group Inc., NVS		24,200		196,653
SoftBank Corp.		168,000		1,926,742
SoftBank Group Corp.		56,000		2,509,721
Sompo Holdings Inc.		16,000		696,280


Security	Shares		Value

Japan (continued)
Sony Group Corp.		72,000	$	5,989,855
Square Enix Holdings Co. Ltd.		4,600		174,608
SUMCO Corp.		24,000		320,538
Sumitomo Chemical Co. Ltd.		80,000		221,466
Sumitomo Electric Industries Ltd.		48,000		587,630
Sumitomo Metal Mining Co. Ltd.		16,000		496,538
Sumitomo Mitsui Financial Group Inc.		72,000		3,291,585
Sumitomo Realty & Development Co. Ltd.		16,000		409,013
Suntory Beverage & Food Ltd.		8,000		257,395
Sysmex Corp.		8,000		424,484
T&D Holdings Inc.		32,000		507,181
Taisei Corp.		8,000		269,248
TDK Corp.		24,000		873,531
Terumo Corp.		40,000		1,210,298
TIS Inc.		12,200		287,632
Tobu Railway Co. Ltd.		16,000		438,628
Tokio Marine Holdings Inc.		104,000		2,295,123
Tokyo Electron Ltd.		27,200		4,039,897
Tokyu Corp.		32,000		404,372
Toppan Inc.		16,000		386,495
Toray Industries Inc.		96,000		517,600
Tosoh Corp.		16,000		207,037
TOTO Ltd.		8,000		219,391
Toyota Industries Corp.		8,200		578,989
Trend Micro Inc./Japan		8,000		339,533
Unicharm Corp.		24,000		957,447
USS Co. Ltd.		16,000		279,395
Welcia Holdings Co. Ltd.		8,000		147,178
West Japan Railway Co.		12,200		528,187
Yakult Honsha Co. Ltd.		8,000		419,150
Yamaha Corp.		8,000		246,754
Yamaha Motor Co. Ltd.		16,000		414,020
Yamato Holdings Co. Ltd.		16,000		300,540
Yaskawa Electric Corp.		16,000		627,316
Yokogawa Electric Corp.		16,000		316,815
Z Holdings Corp.		184,000		552,527
Zensho Holdings Co. Ltd.		8,000		377,525
ZOZO Inc.		8,000		159,768


				142,652,657

Netherlands — 6.9%
ABN AMRO Bank NV, CVA^(b)		23,062		339,240
Adyen NV^(a)(b)		1,280		1,068,827
AerCap Holdings NV^(a)		9,089		559,155
Akzo Nobel NV		9,760		792,351
ASM International NV		2,720		1,309,325
ASML Holding NV		23,360		15,359,856
ASR Nederland NV		9,280		406,234
BE Semiconductor Industries NV		4,480		515,422
EXOR NV^(c)		6,240		552,221
Ferrovial SE		30,160		956,592
IMCD NV		3,216		442,947
ING Groep NV		210,560		2,983,427
JDE Peet’s NV		7,200		200,492
NN Group NV		14,400		554,335
OCI NV		6,080		153,771
Prosus NV		40,640		2,803,119
QIAGEN NV^(a)		13,200		602,283
Randstad NV		6,320		370,890
Universal Music Group NV		47,840		1,186,106


Security	Shares		Value

Netherlands (continued)
Wolters Kluwer NV		14,960	$	1,802,535


				32,959,128

New Zealand — 0.4%
Auckland International Airport Ltd.^(a)		72,000		335,231
EBOS Group Ltd.		8,880		200,933
Fisher & Paykel Healthcare Corp. Ltd.		33,200		448,390
Mercury NZ Ltd.		42,885		158,707
Meridian Energy Ltd.		72,800		232,874
Spark New Zealand Ltd.		107,367		324,818


				1,700,953

Norway — 0.7%
Adevinta ASA^(a)		15,769		111,865
DNB Bank ASA		53,600		1,059,487
Gjensidige Forsikring ASA		12,932		200,803
Mowi ASA		25,200		456,809
Orkla ASA		41,345		315,645
Salmar ASA		4,160		203,088
Telenor ASA		38,810		415,514
Yara International ASA		9,233		336,537


				3,099,748

Portugal — 0.1%
Jeronimo Martins SGPS SA		16,720		426,226


Singapore — 1.9%
CapitaLand Ascendas REIT		216,099		442,594
CapitaLand Integrated Commercial Trust		312,081		440,842
Capitaland Investment Ltd/Singapore		160,000		383,282
City Developments Ltd.		32,000		158,093
DBS Group Holdings Ltd.		104,000		2,559,819
Grab Holdings Ltd., Class A^(a)		107,040		403,540
Mapletree Logistics Trust		200,000		248,490
Oversea-Chinese Banking Corp. Ltd.		192,000		1,781,435
Seatrium Ltd.^(a)		2,568,000		275,279
Singapore Airlines Ltd.^(c)		88,000		447,140
Singapore Exchange Ltd.		42,500		302,553
United Overseas Bank Ltd.		72,000		1,512,530
UOL Group Ltd.		24,400		119,791


				9,075,388

Spain — 1.6%
Acciona SA		1,440		205,803
ACS Actividades de Construccion y Servicios SA		12,500		438,819
Aena SME SA^(b)		4,339		682,078
Amadeus IT Group SA		26,320		1,805,906
CaixaBank SA		241,840		979,510
Cellnex Telecom SA^(b)		32,800		1,254,451
Corp. ACCIONA Energias Renovables SA		4,880		145,015
EDP Renovaveis SA		19,445		355,632
Grifols SA^(a)		17,200		235,637
Redeia Corp. SA		7,817		126,942
Telefonica SA		299,680		1,241,775


				7,471,568

Sweden — 4.7%
Assa Abloy AB, Class B		59,120		1,330,551
Atlas Copco AB, Class A		156,160		2,064,624
Atlas Copco AB, Class B		89,840		1,034,296
Beijer Ref AB, Class B		22,000		252,168
Epiroc AB, Class A		37,520		719,836
Epiroc AB, Class B		22,050		360,925
EQT AB		21,440		430,972


Security	Shares		Value

Sweden (continued)
Essity AB, Class B		34,160	$	797,506
Fastighets AB Balder, Class B^(a)		37,859		180,952
Getinge AB, Class B		12,924		224,068
H & M Hennes & Mauritz AB, Class B		37,360		570,412
Hexagon AB, Class B		121,840		1,087,807
Holmen AB, Class B		5,184		196,495
Husqvarna AB, Class B		20,240		174,258
Industrivarden AB, Class A		7,940		206,829
Industrivarden AB, Class C		9,040		235,047
Indutrade AB		15,130		290,369
Investment AB Latour, Class B		8,480		154,087
Investor AB, Class A		1,223		23,339
Investor AB, Class B		99,120		1,907,844
Lifco AB, Class B		13,200		241,381
Nibe Industrier AB, Class B		88,640		663,477
Nordea Bank Abp		186,560		2,043,812
Sagax AB, Class B		11,280		234,593
Sandvik AB		62,320		1,178,584
Securitas AB, Class B		28,160		229,114
Skandinaviska Enskilda Banken AB, Class A		94,160		1,091,652
Skanska AB, Class B		19,680		288,680
SKF AB, Class B		19,520		316,055
Svenska Cellulosa AB SCA, Class B		34,240		455,802
Svenska Handelsbanken AB, Class A		87,280		728,269
Swedish Orphan Biovitrum AB^(a)(c)		9,040		174,367
Tele2 AB, Class B		30,640		216,465
Telia Co. AB		140,560		283,763
Volvo AB, Class A		11,440		233,991
Volvo AB, Class B		88,000		1,773,518
Volvo Car AB, Class B^(a)(c)		33,004		125,304


				22,521,212

Switzerland — 7.3%
ABB Ltd., Registered		92,640		3,522,935
Adecco Group AG, Registered		8,839		380,210
Alcon Inc.		28,720		2,396,957
Bachem Holding AG, Class B		1,780		165,668
Baloise Holding AG, Registered		2,501		390,709
Banque Cantonale Vaudoise, Registered		1,680		182,019
Coca-Cola HBC AG, Class DI		12,640		364,119
DSM-Firmenich AG		10,800		999,010
Geberit AG, Registered		2,000		1,035,084
Givaudan SA, Registered		519		1,728,805
Helvetia Holding AG, Registered		2,000		304,149
Julius Baer Group Ltd.		12,080		838,466
Kuehne + Nagel International AG, Registered		3,120		937,388
Logitech International SA, Registered		9,440		653,083
Lonza Group AG, Registered		4,320		2,382,874
Partners Group Holding AG		1,352		1,457,327
Schindler Holding AG, Participation Certificates, NVS		2,320		516,661
Schindler Holding AG, Registered		1,360		285,374
SGS SA		8,800		799,241
SIG Group AG		17,280		454,558
Sika AG, Registered		8,480		2,396,297
Sonova Holding AG, Registered		2,960		782,128
STMicroelectronics NV		39,760		1,876,462
Straumann Holding AG		6,480		979,708
Swiss Life Holding AG, Registered		1,680		1,052,125
Swiss Prime Site AG, Registered		4,400		422,505
Swiss Re AG		17,640		1,712,978
Swisscom AG, Registered		1,445		879,845


Security	Shares		Value

Switzerland (continued)
Temenos AG, Registered		3,680	$	291,662
VAT Group AG^(b)		1,520		607,463
Zurich Insurance Group AG		8,820		4,135,636


				34,931,446

United Kingdom — 8.3%
3i Group PLC		56,400		1,420,233
abrdn PLC		114,720		239,314
Admiral Group PLC		12,160		383,089
Anglo American PLC		73,520		1,955,019
Antofagasta PLC		22,800		417,557
Ashtead Group PLC		25,360		1,769,070
Associated British Foods PLC		20,160		508,858
Auto Trader Group PLC^(b)		53,600		411,029
Aviva PLC		159,600		757,264
Barratt Developments PLC		57,453		329,348
Berkeley Group Holdings PLC		6,160		316,477
Bunzl PLC		19,600		701,857
Burberry Group PLC		21,680		598,577
CNH Industrial NV		57,840		797,488
Coca-Cola Europacific Partners PLC		11,920		764,191
Compass Group PLC		100,400		2,531,758
Croda International PLC		8,320		581,051
Endeavour Mining PLC		10,640		217,278
Halma PLC		21,520		583,373
Hikma Pharmaceuticals PLC		9,440		260,762
Informa PLC		81,040		748,769
InterContinental Hotels Group PLC		9,440		710,033
Intertek Group PLC		9,200		481,800
JD Sports Fashion PLC		148,480		272,535
Johnson Matthey PLC		10,320		212,759
Kingfisher PLC		110,320		326,932
Land Securities Group PLC		40,000		304,796
Legal & General Group PLC		346,160		956,404
Lloyds Banking Group PLC		3,754,960		2,006,134
London Stock Exchange Group PLC		23,120		2,391,859
M&G PLC		129,840		313,608
Mondi PLC		27,440		455,801
Ocado Group PLC^(a)		33,120		364,821
Pearson PLC		37,360		395,968
Persimmon PLC		18,320		246,977
Phoenix Group Holdings PLC		42,960		282,995
Prudential PLC		159,440		1,941,829
RELX PLC		109,680		3,574,990
Rentokil Initial PLC		144,400		1,099,384
Sage Group PLC (The)		59,360		729,451
Schroders PLC		46,160		240,138
Segro PLC		67,360		627,948
Severn Trent PLC		14,491		440,061
Spirax-Sarco Engineering PLC		4,240		543,340
St. James’s Place PLC		31,440		351,557
Standard Chartered PLC		137,360		1,235,925
Taylor Wimpey PLC		204,560		295,630
Vodafone Group PLC		1,331,600		1,234,463
Whitbread PLC		11,120		483,647
Wise PLC, Class A^(a)		35,600		288,718
WPP PLC		61,840		599,440


				39,702,305


Total Common Stocks — 99.0%
(Cost: $481,060,980)		.		470,835,592


Security	Shares		Value

Preferred Stocks

Germany — 0.5%
Bayerische Motoren Werke AG, Preference Shares, NVS		3,440	$	330,520
Dr Ing hc F Porsche AG, Preference Shares, NVS^(b)		6,880		758,794
Henkel AG & Co. KGaA, Preference Shares, NVS		9,440		723,395
Sartorius AG, Preference Shares, NVS		1,520		621,568


				2,434,277


Total Preferred Stocks — 0.5%
(Cost: $2,557,179)				2,434,277


Rights

Sweden — 0.0%
Swedish Orphan Biovitrum AB, (Expires 09/21/23, Strike Price SEK 142.00)^(a)(c)		8,814		7,962


Total Rights — 0.0% (Cost: $—)				7,962


Total Long-Term Investments — 99.5%
(Cost: $483,618,159)				473,277,831


Short-Term Securities

Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.52%^(d)(e)(f)		1,412,507		1,412,931


Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%^(d)(e)		40,000	$	40,000


Total Short-Term Securities — 0.3%
(Cost: $1,452,822)				1,452,931


Total Investments — 99.8%
(Cost: $485,070,981)				474,730,762

Other Assets Less Liabilities — 0.2%				1,145,007


Net Assets — 100.0%			$	475,875,769

^(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, 2023 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, 2023, 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

Brazil — 2.9%
Atacadao SA		11,072	$	22,940
B3 SA - Brasil, Bolsa, Balcao		98,224		256,467
Banco Bradesco SA		26,760		71,547
Banco do Brasil SA		14,608		138,940
CCR SA		16,768		42,190
Cia. de Saneamento Basico do Estado de Sao Paulo		5,712		66,808
Energisa SA		3,744		34,854
Equatorial Energia SA		17,408		111,295
Hapvida Participacoes e Investimentos SA^(a)(b)		89,280		76,803
Localiza Rent a Car SA		15,233		194,563
Lojas Renner SA		16,672		53,968
Natura & Co. Holding SA^(b)		15,040		46,104
Raia Drogasil SA		21,994		122,049
Rede D’Or Sao Luiz SA^(a)		9,984		57,782
Rumo SA		21,824		98,498
Sendas Distribuidora SA		23,296		54,617
Telefonica Brasil SA		6,944		57,983
Tim SA		14,032		40,832
TOTVS SA		8,976		50,281

				1,598,521

Chile — 0.5%
Banco de Chile		766,544		83,616
Banco de Credito e Inversiones SA		1,137		32,710
Banco Santander Chile		1,104,824		52,872
Cencosud SA		21,584		46,203
Empresas CMPC SA		19,552		35,500
Falabella SA		14,464		35,629

				286,530

China — 30.3%
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		3,200		10,846
3SBio Inc.^(a)		32,000		26,761
AAC Technologies Holdings Inc.		16,000		30,993
Agricultural Bank of China Ltd., Class A		88,000		41,826
Agricultural Bank of China Ltd., Class H		496,000		170,006
AIMA Technology Group Co. Ltd.		1,600		6,244
Air China Ltd., Class A^(b)		9,600		11,424
Air China Ltd., Class H^(b)		32,000		23,687
Akeso Inc.^(a)(b)		8,000		35,137
Alibaba Group Holding Ltd.^(b)		249,600		2,896,891
Alibaba Health Information Technology Ltd.^(b)		96,000		56,678
BAIC BluePark New Energy Technology Co. Ltd., Class A		8,000		5,650
Baidu Inc.^(b)		38,640		690,081
Bank of China Ltd., Class A		36,800		18,957
Bank of China Ltd., Class H		1,344,000		455,504
Bank of Communications Co. Ltd., Class A		40,000		30,519
Bank of Communications Co. Ltd., Class H		144,000		82,418
Bank of Hangzhou Co. Ltd., Class A		6,400		9,860
Bank of Ningbo Co. Ltd., Class A		6,400		23,007
Beijing Enterprises Water Group Ltd.		64,000		14,745
Beijing Kingsoft Office Software Inc., Class A		478		25,918
Beijing Shiji Information Technology Co. Ltd., Class A^(b)		2,576		4,800
Beijing Tongrentang Co. Ltd., Class A		1,600		12,363
Beiqi Foton Motor Co. Ltd.^(b)		14,400		7,084
BOC Aviation Ltd.^(a)		3,200		24,001
Bosideng International Holdings Ltd.		64,000		25,114
BYD Co. Ltd., Class A		1,800		61,736
BYD Co. Ltd., Class H		17,000		533,981


Security	Shares		Value

China (continued)
By-health Co. Ltd., Class A		1,600	$	4,248
China CITIC Bank Corp. Ltd., Class H		160,000		71,211
China Conch Venture Holdings Ltd.		24,000		23,581
China Construction Bank Corp., Class A		9,600		7,918
China Construction Bank Corp., Class H		1,632,000		873,203
China Everbright Bank Co. Ltd., Class A		49,600		20,515
China Everbright Bank Co. Ltd., Class H		48,000		13,825
China Everbright Environment Group Ltd.		64,000		23,313
China Feihe Ltd.^(a)		64,000		38,478
China International Capital Corp. Ltd., Class A		1,600		8,578
China International Capital Corp. Ltd., Class H^(a)		25,600		49,168
China Jinmao Holdings Group Ltd.		96,000		13,593
China Jushi Co. Ltd., Class A		4,971		9,538
China Life Insurance Co. Ltd., Class A		3,200		15,692
China Life Insurance Co. Ltd., Class H		128,000		194,002
China Literature Ltd.^(a)(b)		6,400		25,702
China Medical System Holdings Ltd.		32,000		46,088
China Mengniu Dairy Co. Ltd.		55,000		184,936
China Minsheng Banking Corp. Ltd., Class A		39,376		20,443
China Minsheng Banking Corp. Ltd., Class H		112,000		35,973
China Overseas Land & Investment Ltd.		64,000		134,918
China Railway Signal & Communication Corp. Ltd., Class A		9,800		7,559
China Resources Land Ltd.		54,000		228,242
China Resources Mixc Lifestyle Services Ltd.^(a)		12,800		55,311
China Resources Pharmaceutical Group Ltd.^(a)		24,000		16,021
China Ruyi Holdings Ltd.^(b)		128,000		33,943
China Southern Airlines Co. Ltd., Class A^(b)		13,700		11,917
China Southern Airlines Co. Ltd., Class H^(b)		32,000		16,999
China Tourism Group Duty Free Corp. Ltd.^(a)		1,600		21,487
China Tourism Group Duty Free Corp. Ltd., Class A		1,600		23,987
China Vanke Co. Ltd., Class A		11,200		21,003
China Vanke Co. Ltd., Class H		36,800		42,928
China Zheshang Bank Co. Ltd., Class A		22,820		8,066
Chow Tai Fook Jewellery Group Ltd.^(c)		35,200		53,376
CITIC Securities Co. Ltd., Class A		12,800		39,115
CITIC Securities Co. Ltd., Class H		32,000		62,484
CMOC Group Ltd., Class A		30,400		23,908
CMOC Group Ltd., Class H		48,000		28,635
Contemporary Amperex Technology Co. Ltd., Class A		4,380		142,276
Country Garden Services Holdings Co. Ltd.		39,000		45,312
CSC Financial Co. Ltd., Class A		4,800		17,018
CSPC Pharmaceutical Group Ltd.		160,000		120,257
Dongfeng Motor Group Co. Ltd., Class H		32,000		11,738
Far East Horizon Ltd.		16,000		10,931
Foxconn Industrial Internet Co. Ltd., Class A		9,600		28,859
Ganfeng Lithium Co. Ltd., Class H^(a)(c)		6,400		30,570
Ganfeng Lithium Group Co. Ltd., Class A		1,600		10,429
GDS Holdings Ltd., Class A^(b)		16,000		23,756
Geely Automobile Holdings Ltd.		96,000		119,172
GEM Co. Ltd., Class A		7,200		6,193
Genscript Biotech Corp.^(b)		18,000		42,015
Great Wall Motor Co. Ltd., Class A		3,200		11,495
Great Wall Motor Co. Ltd., Class H		40,000		47,392
Greentown China Holdings Ltd.		16,000		19,001
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		1,624		6,902
Haier Smart Home Co. Ltd., Class A		6,400		20,670
Haier Smart Home Co. Ltd., Class H		41,600		128,847
Haitong Securities Co. Ltd., Class A		12,800		17,302


Security	Shares		Value

China (continued)
Haitong Securities Co. Ltd., Class H		38,400	$	23,826
Hangzhou Robam Appliances Co. Ltd., Class A		1,600		6,044
Hansoh Pharmaceutical Group Co. Ltd.^(a)		32,000		41,578
Huatai Securities Co. Ltd., Class A		8,000		17,486
Huatai Securities Co. Ltd., Class H^(a)		19,200		25,263
Huaxia Bank Co. Ltd., Class A		14,400		10,962
Hundsun Technologies Inc., Class A		1,978		9,786
Hygeia Healthcare Holdings Co. Ltd.^(a)		6,400		32,392
Industrial & Commercial Bank of China Ltd., Class A		67,200		42,657
Industrial & Commercial Bank of China Ltd., Class H		1,104,000		506,159
Industrial Bank Co. Ltd., Class A		22,400		48,689
Industrial Securities Co. Ltd., Class A		9,660		8,517
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		6,400		22,883
JD Health International Inc.^(a)(b)		19,200		103,561
JD.com Inc., Class A		40,000		664,324
Jiangsu Hengrui Medicine Co. Ltd., Class A		6,400		36,794
Jiumaojiu International Holdings Ltd.^(a)		16,000		25,662
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		3,200		5,018
Kanzhun Ltd., ADR^(b)		3,680		54,464
Kingboard Holdings Ltd.		8,000		18,154
Kingdee International Software Group Co. Ltd.^(b)		48,000		74,165
Kingsoft Corp. Ltd.		16,000		63,775
Koolearn Technology Holding Ltd.^(a)(b)(c)		8,000		40,526
Kuaishou Technology^(a)(b)		40,000		327,437
Li Auto Inc.^(b)		18,338		381,794
Longfor Group Holdings Ltd.^(a)		32,000		67,539
Meituan, Class B^(a)(b)		86,400		1,429,847
Microport Scientific Corp.^(b)		14,400		24,659
Ming Yang Smart Energy Group Ltd., Class A		3,200		6,562
MINISO Group Holding Ltd.^(b)		1,552		40,197
NavInfo Co. Ltd., Class A^(b)		3,200		4,529
NetEase Inc.		32,075		664,512
NIO Inc., ADR^(b)(c)		23,472		241,057
Nongfu Spring Co. Ltd., Class H^(a)		28,800		161,752
Orient Securities Co. Ltd., Class A		8,400		11,518
People’s Insurance Co. Group of China Ltd. (The), Class A		9,600		7,714
People’s Insurance Co. Group of China Ltd. (The), Class H		144,000		49,015
Pharmaron Beijing Co. Ltd., Class A		2,400		9,811
Ping An Bank Co. Ltd., Class A		20,800		31,810
Ping An Healthcare and Technology Co. Ltd.^(a)(b)(c)		9,600		23,963
Ping An Insurance Group Co. of China Ltd., Class A		11,200		75,197
Ping An Insurance Group Co. of China Ltd., Class H		112,000		670,560
Pop Mart International Group Ltd.^(a)		9,600		31,225
Postal Savings Bank of China Co. Ltd., Class A		33,600		22,446
Postal Savings Bank of China Co. Ltd., Class H^(a)		128,000		63,133
SF Holding Co. Ltd., Class A		4,800		28,666
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		44,800		44,607
Shanghai Electric Group Co. Ltd., Class A^(b)		14,883		9,133
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		3,200		12,272
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		8,000		18,782
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		3,200		7,857
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		12,800		21,045
Shanghai Pudong Development Bank Co. Ltd., Class A		30,400		29,179
Shanghai Putailai New Energy Technology Co. Ltd., Class A		2,230		10,029
Shanghai Rural Commercial Bank Co. Ltd.		9,399		7,519


Security	Shares		Value

China (continued)
Shenzhen Inovance Technology Co. Ltd., Class A		1,650	$	15,492
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		1,600		59,360
Sino Biopharmaceutical Ltd.		176,000		66,808
Sinopharm Group Co. Ltd., Class H		25,600		74,289
Sungrow Power Supply Co. Ltd., Class A		1,600		21,933
Sunny Optical Technology Group Co. Ltd.		12,800		104,514
TCL Technology Group Corp., Class A^(b)		19,760		11,123
Tongcheng Travel Holdings Ltd.^(b)		19,200		43,028
Topsports International Holdings Ltd.^(a)		32,000		26,060
Unisplendour Corp. Ltd., Class A^(b)		3,200		11,838
Vipshop Holdings Ltd., ADR^(b)		5,744		90,698
Want Want China Holdings Ltd.		80,000		52,911
WuXi AppTec Co. Ltd., Class A		3,260		36,596
WuXi AppTec Co. Ltd., Class H^(a)		6,440		70,571
Wuxi Biologics Cayman Inc.^(a)(b)		64,000		360,806
Xinyi Solar Holdings Ltd.		96,000		80,102
XPeng Inc.^(b)		18,136		162,997
Xtep International Holdings Ltd.		24,000		23,779
Yadea Group Holdings Ltd.^(a)		20,000		38,453
Yonyou Network Technology Co. Ltd., Class A		3,200		7,983
Yum China Holdings Inc.		7,024		377,119
Yunnan Baiyao Group Co. Ltd., Class A		2,140		16,073
Yunnan Chihong Zinc&Germanium Co. Ltd.		4,800		3,463
Zai Lab Ltd.^(b)		16,140		42,030
Zhejiang Expressway Co. Ltd., Class H		32,000		23,895
Zhejiang Weixing New Building Materials Co. Ltd., Class A		2,300		6,386
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		8,000		7,106

				16,959,734

Colombia — 0.1%
Bancolombia SA		4,240		30,164
Interconexion Electrica SA ESP		8,032		29,414

				59,578

Czech Republic — 0.1%
Komercni Banka AS		1,297		40,501
Moneta Money Bank AS^(a)		5,648		21,069

				61,570

Egypt — 0.1%
Commercial International Bank Egypt SAE		32,770		45,535


Greece — 0.6%
Alpha Services and Holdings SA^(b)		37,199		62,537
Eurobank Ergasias Services and Holdings SA, Class A^(b)		43,528		75,459
Hellenic Telecommunications Organization SA		3,302		49,346
JUMBO SA		1,996		61,728
National Bank of Greece SA^(b)		9,487		64,414
Piraeus Financial Holdings SA^(b)		11,280		39,043

				352,527

Hungary — 0.4%
OTP Bank Nyrt		4,112		167,677
Richter Gedeon Nyrt		2,380		59,730

				227,407

India — 15.4%
ABB India Ltd.		912		48,234
Adani Green Energy Ltd.^(b)		5,344		59,946
Ashok Leyland Ltd.		23,680		52,588
Asian Paints Ltd.		6,512		256,023


Security	Shares		Value

India (continued)
Astral Ltd.		2,016	$	47,585
AU Small Finance Bank Ltd.^(a)		3,008		26,258
Axis Bank Ltd.		38,588		453,355
Bajaj Auto Ltd.		1,168		65,038
Bajaj Finance Ltd.		4,624		399,682
Bandhan Bank Ltd.^(a)		12,397		34,344
Bank of Baroda		17,456		39,417
Berger Paints India Ltd.		4,249		36,863
Bharti Airtel Ltd.		37,792		390,733
Britannia Industries Ltd.		1,840		99,286
Cholamandalam Investment and Finance Co. Ltd.		6,992		94,682
Colgate-Palmolive India Ltd.		2,032		47,639
Cummins India Ltd.		2,368		48,848
DLF Ltd.		10,496		63,856
Eicher Motors Ltd.		2,304		92,811
Grasim Industries Ltd.		4,528		97,878
Havells India Ltd.		4,352		72,726
HCL Technologies Ltd.		16,160		228,610
HDFC Bank Ltd.		47,205		893,872
HDFC Life Insurance Co. Ltd.^(a)		16,144		125,621
Hero MotoCorp Ltd.		1,888		66,461
Hindustan Unilever Ltd.		13,968		422,530
ICICI Lombard General Insurance Co. Ltd.^(a)		4,178		66,247
ICICI Prudential Life Insurance Co. Ltd.^(a)		5,882		40,039
IDFC First Bank Ltd.^(b)		50,996		57,503
Indian Hotels Co. Ltd. (The), Class A		14,288		72,578
Info Edge India Ltd.		1,185		61,922
Infosys Ltd.		56,256		974,869
Kotak Mahindra Bank Ltd.		18,464		391,804
Mahindra & Mahindra Ltd.		15,936		303,001
Marico Ltd.		8,784		60,443
Mphasis Ltd.		1,264		37,043
Nestle India Ltd.		576		152,902
PI Industries Ltd.		1,392		60,984
SBI Cards & Payment Services Ltd.		4,816		47,472
Shriram Transport Finance Co. Ltd.		4,832		112,465
Siemens Ltd.		1,536		72,727
Sona Blw Precision Forgings Ltd.^(a)		6,880		49,498
State Bank of India		30,064		203,609
Supreme Industries Ltd.		955		51,423
Tata Consultancy Services Ltd.		15,520		628,620
Tata Consumer Products Ltd.		8,992		90,625
Tata Elxsi Ltd.		577		50,460
Tech Mahindra Ltd.		9,152		132,700
Titan Co. Ltd.		6,032		226,026
Torrent Pharmaceuticals Ltd		1,792		39,888
Trent Ltd.		3,088		76,384
TVS Motor Co. Ltd.		4,160		71,286
Wipro Ltd.		22,224		109,471
Zomato Ltd.^(b)		73,107		86,025

				8,592,900

Indonesia — 2.7%
Bank Central Asia Tbk PT		944,000		568,293
Bank Negara Indonesia Persero Tbk PT		129,600		78,046
Bank Rakyat Indonesia Persero Tbk PT		1,156,847		421,435
Barito Pacific Tbk PT		492,862		34,623
Kalbe Farma Tbk PT		350,400		41,688
Merdeka Copper Gold Tbk PT^(b)		209,600		46,458
Sarana Menara Nusantara Tbk PT		337,600		22,829
Sumber Alfaria Trijaya Tbk PT		280,000		53,316


Security	Shares		Value

Indonesia (continued)
Telkom Indonesia Persero Tbk PT		833,600	$	203,764
Unilever Indonesia Tbk PT		132,800		32,000

				1,502,452

Kuwait — 0.6%
Gulf Bank KSCP		31,145		25,455
Kuwait Finance House KSCP		138,665		335,015

				360,470

Malaysia — 2.1%
AMMB Holdings Bhd		28,900		23,249
Axiata Group Bhd		51,200		26,055
CIMB Group Holdings Bhd		108,800		131,890
DiGi.Com Bhd^(c)		62,400		58,924
Gamuda Bhd		28,800		27,960
Hong Leong Bank Bhd		11,200		48,191
Hong Leong Financial Group Bhd		3,200		12,566
IHH Healthcare Bhd		36,800		47,020
Inari Amertron Bhd		48,000		32,652
Kuala Lumpur Kepong Bhd^(c)		8,000		37,153
Malayan Banking Bhd		92,800		182,164
Maxis Bhd^(c)		36,800		31,814
MR DIY Group M Bhd^(a)(c)		54,400		18,173
Nestle Malaysia Bhd		1,600		45,000
PPB Group Bhd		11,200		37,945
Press Metal Aluminium Holdings Bhd		60,800		63,555
Public Bank Bhd		246,200		224,419
RHB Bank Bhd		24,000		29,011
Sime Darby Bhd		46,400		22,971
Sime Darby Plantation Bhd		32,000		30,367
Telekom Malaysia Bhd		17,600		19,358

				1,150,437

Mexico — 2.1%
Arca Continental SAB de CV		8,500		82,754
Banco del Bajio SA^(a)		12,800		40,373
Gruma SAB de CV, Class B		3,280		54,754
Grupo Aeroportuario del Pacifico SAB de CV, Class B		6,400		117,584
Grupo Aeroportuario del Sureste SAB de CV, Class B		3,200		87,191
Grupo Financiero Banorte SAB de CV, Class O		44,800		379,462
Grupo Televisa SAB, CPO		36,800		32,655
Kimberly-Clark de Mexico SAB de CV, Class A		25,600		57,595
Wal-Mart de Mexico SAB de CV		89,600		352,977

				1,205,345

Netherlands — 0.1%
NEPI Rockcastle NV		8,144		48,877


Peru — 0.3%
Credicorp Ltd.		1,136		160,664


Philippines — 0.4%
BDO Unibank Inc.		39,768		97,773
PLDT Inc.		1,360		27,600
SM Prime Holdings Inc.		179,200		92,403

				217,776

Poland — 1.2%
Allegro.eu SA ^(a)(b)		8,289		66,300
Bank Polska Kasa Opieki SA		3,044		79,467
Budimex SA		208		22,687
CD Projekt SA		1,128		40,263
KGHM Polska Miedz SA		2,320		63,975
LPP SA		19		63,918


Security	Shares		Value

Poland (continued)
mBank SA^(b)		256	$	26,587
Powszechna Kasa Oszczednosci Bank Polski SA		14,784		133,511
Powszechny Zaklad Ubezpieczen SA		10,272		102,872
Santander Bank Polska SA^(b)		608		54,701

				654,281

Qatar — 0.8%
Commercial Bank PSQC (The)		55,200		85,982
Ooredoo QPSC		13,552		40,149
Qatar National Bank QPSC		78,320		335,008

				461,139

Russia — 0.0%
Magnit PJSC^(b)(d)		693		—
Moscow Exchange MICEX-RTS PJSC^(b)(d)		12,190		1
Novolipetsk Steel PJSC^(b)(d)		15,750		2
PhosAgro PJSC^(b)(d)		563		—
PhosAgro PJSC, New^(b)(d)		11		—
Polymetal International PLC^(b)(d)		3,451		1
Polyus PJSC^(b)(d)		329		—
TCS Group Holding PLC, GDR^(b)(d)(e)		1,183		—
VK Co. Ltd.^(b)(d)		1,337		—

				4

Saudi Arabia — 3.1%
Al Rajhi Bank		33,248		639,169
Alinma Bank		16,736		164,435
Bank AlBilad		8,227		93,951
Banque Saudi Fransi		9,648		98,650
Dr Sulaiman Al Habib Medical Services Group Co.		1,488		96,267
Etihad Etisalat Co.		6,240		75,117
Jarir Marketing Co.		9,648		37,968
Mobile Telecommunications Co.		7,360		26,491
Sahara International Petrochemical Co.		6,112		59,331
Saudi Basic Industries Corp.		15,312		360,615
Saudi Investment Bank (The)		8,528		37,709
Savola Group (The)		4,560		46,012

				1,735,715

South Africa — 5.3%
Absa Group Ltd.		14,280		137,681
Anglo American Platinum Ltd.		1,152		40,175
Aspen Pharmacare Holdings Ltd.		6,256		57,044
Bid Corp. Ltd.		5,756		129,485
Bidvest Group Ltd. (The)		4,816		72,667
Capitec Bank Holdings Ltd.		1,472		123,520
Clicks Group Ltd.		4,208		60,942
Discovery Ltd.^(b)		9,136		70,984
FirstRand Ltd.		85,536		332,343
Gold Fields Ltd.		15,184		194,259
Growthpoint Properties Ltd.		58,752		36,741
Impala Platinum Holdings Ltd.		14,464		74,463
Kumba Iron Ore Ltd.		1,120		24,635
MTN Group Ltd.		28,840		183,745
Naspers Ltd., Class N		3,328		566,913
Nedbank Group Ltd.		7,312		83,559
Northam Platinum Holdings Ltd.^(b)		6,096		40,188
Old Mutual Ltd.		81,584		54,821
Pepkor Holdings Ltd.^(a)		35,334		30,497
Remgro Ltd.		9,040		75,656
Sanlam Ltd.		29,888		107,856
Shoprite Holdings Ltd.		8,560		119,586
Standard Bank Group Ltd.		22,752		232,773


Security	Shares		Value

South Africa (continued)
Vodacom Group Ltd.		10,400	$	59,399
Woolworths Holdings Ltd.		15,968		62,722

				2,972,654

South Korea — 6.5%
Amorepacific Corp.		496		50,166
BGF retail Co. Ltd.		144		17,027
Celltrion Healthcare Co. Ltd.		1,776		86,936
CJ CheilJedang Corp.		144		32,540
Coway Co. Ltd.		912		29,780
DB Insurance Co. Ltd.		784		48,418
Hana Financial Group Inc.		5,024		150,130
Hanon Systems		3,344		23,024
HYBE Co. Ltd.^(b)		320		61,101
Hyundai Engineering & Construction Co. Ltd.		1,264		33,903
Industrial Bank of Korea		4,528		36,861
JYP Entertainment Corp.		480		40,746
KakaoBank Corp.		2,816		56,015
KB Financial Group Inc.		6,496		264,622
Korean Air Lines Co. Ltd.		3,056		52,627
KT Corp.		1,056		26,365
LG Display Co. Ltd.^(b)		3,872		39,173
LG Electronics Inc.		1,808		134,554
LG H&H Co. Ltd.		160		56,147
Lotte Chemical Corp.		328		33,851
Mirae Asset Securities Co. Ltd.		4,496		22,630
NCSoft Corp.		240		45,597
Netmarble Corp.^(a)(b)		320		10,361
NH Investment & Securities Co. Ltd.		2,224		17,316
POSCO Future M Co. Ltd.		528		179,205
Samsung Electro-Mechanics Co. Ltd.		944		96,536
Samsung Fire & Marine Insurance Co. Ltd.		528		98,356
Samsung Life Insurance Co. Ltd.		1,312		67,058
Samsung SDI Co. Ltd.		928		430,408
Samsung SDS Co. Ltd.		675		72,440
Samsung Securities Co. Ltd.		1,136		32,062
Shinhan Financial Group Co. Ltd.		7,536		202,429
SK Biopharmaceuticals Co. Ltd.^(b)		576		37,296
SK Bioscience Co. Ltd.^(b)		464		25,792
SK Hynix Inc.		9,248		850,355
SK IE Technology Co. Ltd.^(a)(b)		448		30,548
SKC Co. Ltd.		288		19,902
Woori Financial Group Inc.		10,220		91,945
Yuhan Corp.		886		48,771

				3,652,993

Taiwan — 16.6%
Accton Technology Corp.		9,000		134,229
Acer Inc.		48,000		55,036
Advantech Co. Ltd.		7,599		81,775
ASE Technology Holding Co. Ltd.		51,000		188,765
Asustek Computer Inc.		12,000		151,188
AUO Corp.		112,000		62,542
Cathay Financial Holding Co. Ltd.		160,080		228,888
Chailease Holding Co. Ltd.		25,821		143,937
Chang Hwa Commercial Bank Ltd.		99,015		53,735
China Airlines Ltd.		48,000		34,021
China Development Financial Holding Corp.^(b)		272,000		101,055
China Steel Corp.		192,000		159,696
Chunghwa Telecom Co. Ltd.		64,000		233,334
Compal Electronics Inc.		64,000		63,901


Security	Shares		Value

Taiwan (continued)
CTBC Financial Holding Co. Ltd.		304,000	$	227,217
Delta Electronics Inc.		33,000		356,627
E Ink Holdings Inc.		16,000		91,453
E.Sun Financial Holding Co. Ltd.		241,895		185,512
Eclat Textile Co. Ltd.		3,000		47,795
Eva Airways Corp.		48,000		47,371
Evergreen Marine Corp. Taiwan Ltd.		18,000		60,112
Far Eastern New Century Corp.		48,000		42,372
Far EasTone Telecommunications Co. Ltd.		32,000		70,977
First Financial Holding Co. Ltd.		181,340		149,664
Fubon Financial Holding Co. Ltd.		131,650		262,531
Hotai Motor Co. Ltd.		5,100		108,480
Hua Nan Financial Holdings Co. Ltd.		144,037		92,683
Innolux Corp.		152,570		69,111
Inventec Corp.		48,000		84,559
Lite-On Technology Corp.		34,000		145,352
MediaTek Inc.		26,000		573,390
Mega Financial Holding Co. Ltd.		193,788		218,093
momo.com Inc.		1,100		17,942
Nan Ya Plastics Corp.		80,000		166,031
Nien Made Enterprise Co. Ltd.		3,000		28,116
President Chain Store Corp.		9,000		75,470
Shanghai Commercial & Savings Bank Ltd. (The)		67,225		89,913
Shin Kong Financial Holding Co. Ltd.^(b)		224,000		66,528
SinoPac Financial Holdings Co. Ltd.		180,383		96,820
Taishin Financial Holding Co. Ltd.		192,372		107,401
Taiwan Business Bank		98,688		41,295
Taiwan Cement Corp.		112,994		123,877
Taiwan Cooperative Financial Holding Co. Ltd.		169,973		140,073
Taiwan Mobile Co. Ltd.		32,000		93,619
Taiwan Semiconductor Manufacturing Co. Ltd.		161,000		2,766,455
Unimicron Technology Corp.		23,000		133,084
United Microelectronics Corp.		192,000		274,128
Voltronic Power Technology Corp.		1,000		45,388
Wistron Corp.		48,000		175,481
Wiwynn Corp.		1,000		48,735
WPG Holdings Ltd.		32,000		55,067
Yageo Corp.		4,775		72,538
Yuanta Financial Holding Co. Ltd.		179,249		137,157

				9,280,519

Thailand — 2.7%
Advanced Info Service PCL, NVDR		19,900		122,683
Airports of Thailand PCL, NVDR^(b)		73,600		152,319
Asset World Corp. PCL, NVDR		145,300		18,077
Bangkok Dusit Medical Services PCL, NVDR		190,400		152,195
Berli Jucker PCL, NVDR		18,500		17,820
BTS Group Holdings PCL, NVDR		143,200		30,042
Bumrungrad Hospital PCL, NVDR		9,600		70,968
Central Pattana PCL, NVDR		38,400		75,333
Central Retail Corp. PCL, NVDR		32,000		37,645
Charoen Pokphand Foods PCL, NVDR		73,300		43,325
CP ALL PCL, NVDR		102,400		190,680
Delta Electronics Thailand PCL, NVDR		56,000		173,311
Home Product Center PCL, NVDR		104,100		40,693
Indorama Ventures PCL, NVDR		30,400		25,160
Intouch Holdings PCL, NVDR		16,000		33,224
Kasikornbank PCL, NVDR		11,500		42,839
Krung Thai Bank PCL, NVDR		64,000		35,256
Krungthai Card PCL, NVDR^(c)		16,400		22,702
Minor International PCL, NVDR		56,000		53,134


Security	Shares		Value

Thailand (continued)
SCB X PCL, NVS		14,400	$	48,497
SCG Packaging PCL, NVDR		22,800		26,678
Siam Cement PCL (The), NVDR		14,400		128,647

				1,541,228

Turkey — 0.7%
Akbank TAS		52,112		56,059
Haci Omer Sabanci Holding AS		17,568		39,280
Pegasus Hava Tasimaciligi AS^(b)		784		25,648
Turk Hava Yollari AO^(b)		9,296		85,159
Turkcell Iletisim Hizmetleri AS		20,032		41,775
Turkiye Is Bankasi AS, Class C		60,992		48,016
Turkiye Sise ve Cam Fabrikalari AS		22,992		44,046
Yapi ve Kredi Bankasi AS		58,176		34,552

				374,535

United Arab Emirates — 2.0%
Abu Dhabi Commercial Bank PJSC		49,730		116,845
Abu Dhabi Islamic Bank PJSC		24,784		70,310
Aldar Properties PJSC		64,960		92,983
Dubai Islamic Bank PJSC		50,000		76,762
Emirates NBD Bank PJSC		32,672		145,383
Emirates Telecommunications Group Co. PJSC		58,736		317,267
First Abu Dhabi Bank PJSC		74,656		277,985

				1,097,535


Total Common Stocks — 97.6% (Cost: $56,902,388)				54,600,926


Preferred Stocks

Brazil — 1.7%
Banco Bradesco SA, Preference Shares, NVS		89,856		271,271
Gerdau SA, Preference Shares, NVS		19,280		100,643
Itau Unibanco Holding SA, Preference Shares, NVS		82,000		454,208
Itausa SA, Preference Shares, NVS		86,055		160,569

				986,691

Chile — 0.3%
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares		2,416		149,625


Colombia — 0.1%
Bancolombia SA, Preference Shares, NVS		7,600		50,536


Total Preferred Stocks — 2.1% (Cost: $1,113,008)				1,186,852


Rights

Brazil — 0.0%
Itausa SA, (Expires 09/29/23, Strike Price BRL 6.50)^(b)		1,213		679


Total Rights — 0.0% (Cost: $—)				679


Total Long-Term Investments — 99.7% (Cost: $58,015,396)				55,788,457


Security	Shares		Value

Short-Term Securities

Money Market Funds — 0.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.52%^(f)(g)(h)		393,721	$	393,840


Total Short-Term Securities — 0.7% (Cost: $393,872)				393,840


Total Investments — 100.4% (Cost: $58,409,268)				56,182,297
Liabilities in Excess of Other Assets — (0.4)%				(227,371	)


Net Assets — 100.0%			$	55,954,926

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

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

^(f)	Affiliate of the Fund.

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

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, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

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

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

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

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

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

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of August 31, 2023, if any, are disclosed in the Statements of Assets and Liabilities.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each of the following Funds, BFAis entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended August 31, 2023, the Funds paid BTC the following amounts for securities lending agent services:

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the year ended August 31, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

For the year ended August 31, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of August 31, 2023 and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of August 31, 2023, the tax components of accumulated net earnings (losses) were as follows:

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of August 31, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

The iShares ESG Advanced MSCI EM ETF, along with certain other iShares funds (“Participating Funds”), is a party to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 9, 2024. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

For the year ended August 31, 2023, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Syndicated Credit Agreement were as follows:

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

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (iv) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.

Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market

conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

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

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

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

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

Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedule of Investments.

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

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

Certain Funds invest a significant portion of their assets in securities of issuers located in China or with significant exposure to Chinese issuers. Investments in Chinese securities, including certain Hong Kong-listed securities, involve risks specific to China. China may be subject to considerable degrees of economic, political and social instability and demonstrates significantly higher volatility from time to time in comparison to developed markets. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries may disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation. Incidents involving China’s or the region’s security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and a fund’s investments. Reduction in spending on Chinese products and services, institution of tariffs or other trade barriers,

or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. In addition, measures may be taken to limit the flow of capital and/or sanctions may be imposed, which could prohibit or restrict the ability to own or transfer fund assets and may also include retaliatory actions, such as seizure of fund assets.

Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.

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

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

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

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

Management’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through the date the financial statements were available to be issued and the following item was noted:

Effective October 18, 2023, the Syndicated Credit Agreement to which the Participating Funds are party was amended to extend the maturity date to October 2024 under the same terms.

iShares Trust and Shareholders of each of the two funds listed in the table below

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (two of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2023, the related statements of operations for the year ended August 31, 2023, the statements of changes in net assets for each of the two years in the period ended August 31, 2023, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2023 and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

We have served as the auditor of one or more BlackRock investment companies since 2000.

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2023:

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended August 31, 2023:

iShares ESG Advanced MSCI EAFE ETF, iShares ESG Advanced MSCI EM ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA

and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

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

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 387 funds as of August 31, 2023. With the exception of Robert S. Kapito, Salim Ramji and Aaron Wasserman, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Wasserman is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

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

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

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

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

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

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.


	Average Annual Total Returns					Cumulative Total Returns


		1 Year		Since Inception			1 Year		Since Inception

Fund NAV		18.17	%	6.66	%		18.17	%	22.99	%
Fund Market		18.02		6.83			18.02		23.63
Index		17.64		6.72			17.64		23.19


Actual							Hypothetical 5% Return

	Beginning Account Value (03/01/23	)	Ending Account Value (08/31/23	)	Expenses Paid During the Period	^(a)		Beginning Account Value (03/01/23	)	Ending Account Value (08/31/23	)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00		$ 1,052.90		$ 0.62			$ 1,000.00		$ 1,024.60		$ 0.61		0.12	%


SECTOR ALLOCATION
Sector	Percent of Total Investments	^(a)
Financials	21.4	%
Industrials	20.4
Information Technology	14.5
Health Care	12.3
Consumer Discretionary	9.7
Materials	7.8
Communication Services	5.7
Real Estate	4.2
Consumer Staples	3.4
Utilities	0.6


	Average Annual Total Returns						Cumulative Total Returns

	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		1.06	%		1.42	%		1.06	%		4.19	%
Fund Market		1.16			1.49			1.16			4.38
Index		0.69			1.72			0.69			5.08


Actual							Hypothetical 5% Return

	Beginning Account Value (03/01/23	)	Ending Account Value (08/31/23	)	Expenses Paid During the Period	^(a)		Beginning Account Value (03/01/23	)	Ending Account Value (08/31/23	)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00		$ 1,032.50		$ 0.82			$ 1,000.00		$ 1,024.40		$ 0.82		0.16	%


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		9

Disclosure of Expenses		9

Schedules of Investments		10

Financial Statements

Statements of Assets and Liabilities		25

Statements of Operations		26

Statements of Changes in Net Assets		27

Financial Highlights		28

Notes to Financial Statements		30

Report of Independent Registered Public Accounting Firm		38

Important Tax Information		39

Board Review and Approval of Investment Advisory Contract		40

Supplemental Information		42

Trustee and Officer Information		43

General Information		46

Glossary of Terms Used in this Report		47


4		2 0 2 3 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, 2023		iShares^® ESG Advanced MSCI EAFE ETF


Fund Summary as of August 31, 2023 (continued)		iShares^® ESG Advanced MSCI EAFE ETF


Fund Summary as of August 31, 2023		iShares^® ESG Advanced MSCI EM ETF


A B O U T F U N D P E R F O R M A N C E / D I S C L O S U R E O F E X P E N S E S		9



Affiliated Issuer	Value at 08/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 08/31/23		Shares Held at 08/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,631,126	$	—		$	(223,813	)^(a)	$	6,114	$	(496	)	$	1,412,931		1,412,507	$	22,079	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		30,000		10,000	^(a)		—			—		—			40,000		40,000		6,255			—

									$	6,114	$	(496	)	$	1,452,931			$	28,334		$	—



Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Euro STOXX 50 Index		33		09/15/23	$	1,540	$	(1,755	)

							$	35,658



	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)	$	—	$	—	$	37,413	$	—	$	—	$	—	$	37,413


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	1,755	$	—	$	—	$	—	$	1,755



		2023 Annual Report



Futures contracts:
Average notional value of contracts — long	$	2,391,327




	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	4,937,600	$	465,897,992	$	—	$	470,835,592
Preferred Stocks		—		2,434,277		—		2,434,277
Rights		7,962		—		—		7,962



Futures contracts:
Average notional value of contracts — long	$	97,074


	iShares ESG Advanced MSCI EAFE ETF			iShares ESG Advanced MSCI EM ETF

ASSETS
Investments, at value — unaffiliated^(a)(b)	$	473,277,831		$	55,788,457
Investments, at value — affiliated^(c)		1,452,931			393,840
Cash		9,296			578,159
Cash pledged for futures contracts		145,000			5,000
Foreign currency, at value^(d)		1,285,726			157,149
Receivables:
Investments sold		15,801,983			1,339,221
Securities lending income — affiliated		438			485
Capital shares sold		710,505			—
Dividends — unaffiliated		612,900			39,113
Dividends — affiliated		64			371
Tax reclaims		643,658			740
Variation margin on futures contracts		995			—

Total assets		493,941,327			58,302,535


LIABILITIES
Bank borrowings		—			452,080
Collateral on securities loaned, at value		1,407,441			393,945
Payables:
Investments purchased		16,610,861			1,446,330
Deferred foreign capital gain tax		—			45,581
Investment advisory fees		47,256			7,704
Variation margin on futures contracts		—			1,969

Total liabilities		18,065,558			2,347,609

Commitments and contingent liabilities

NET ASSETS	$	475,875,769		$	55,954,926


NET ASSETS CONSIST OF
Paid-in capital	$	503,764,925		$	61,754,429
Accumulated loss		(27,889,156	)		(5,799,503	)

NET ASSETS	$	475,875,769		$	55,954,926


NET ASSET VALUE
Shares outstanding		8,000,000			1,600,000

Net asset value	$	59.48		$	34.97

Shares authorized		Unlimited			Unlimited

Par value		None			None


^(a) Investments, at cost — unaffiliated	$	483,618,159		$	58,015,396
^(b) Securities loaned, at value	$	1,363,214		$	370,384
^(c) Investments, at cost — affiliated	$	1,452,822		$	393,872
^(d) Foreign currency, at cost	$	1,301,603		$	157,531


	iShares ESG Advanced MSCI EAFE ETF			iShares ESG Advanced MSCI EM ETF

INVESTMENT INCOME
Dividends — unaffiliated	$	11,834,299		$	1,440,424
Dividends — affiliated		6,255			3,199
Securities lending income — affiliated — net		22,079			2,831
Foreign taxes withheld		(1,249,424	)		(181,419	)

Total investment income		10,613,209			1,265,035


EXPENSES
Investment advisory		503,234			72,928
Commitment costs		—			896
Interest expense		—			725

Total expenses		503,234			74,549

Net investment income		10,109,975			1,190,486


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated^(a)		(5,033,455	)		(2,284,798	)
Investments — affiliated		6,114			(49	)
Foreign currency transactions		(47,041	)		(21,978	)
Futures contracts		505,008			9,386

		(4,569,374	)		(2,297,439	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated^(b)		63,355,802			1,962,769
Investments — affiliated		(496	)		(54	)
Foreign currency translations		45,154			1,299
Futures contracts		48,787			(5,376	)

		63,449,247			1,958,638

Net realized and unrealized gain (loss)		58,879,873			(338,801	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	68,989,848		$	851,685


^(a) Net of foreign capital gain tax and capital gain tax refund, if applicable of	$	—		$	(20,094	)
^(b) Net of increase in deferred foreign capital gain tax of	$	—		$	(34,990	)


	iShares ESG Advanced MSCI EAFE ETF						iShares ESG Advanced MSCI EM ETF
	Year Ended 08/31/23			Year Ended 08/31/22			Year Ended 08/31/23			Year Ended 08/31/22

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	10,109,975		$	9,021,180		$	1,190,486		$	840,274
Net realized loss		(4,569,374	)		(13,145,851	)		(2,297,439	)		(1,585,361	)
Net change in unrealized appreciation (depreciation)		63,449,247			(94,638,332	)		1,958,638			(6,761,697	)

Net increase (decrease) in net assets resulting from operations		68,989,848			(98,763,003	)		851,685			(7,506,784	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(8,971,067	)		(9,431,637	)		(1,013,727	)		(523,636	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		61,424,524			216,781,420			20,649,127			29,948,355


NET ASSETS
Total increase in net assets		121,443,305			108,586,780			20,487,085			21,917,935
Beginning of year		354,432,464			245,845,684			35,467,841			13,549,906

End of year	$	475,875,769		$	354,432,464		$	55,954,926		$	35,467,841


	iShares ESG Advanced MSCI EAFE ETF
		Year Ended 08/31/23			Year Ended 08/31/22			Year Ended 08/31/21			Period From 06/16/20 to 08/31/20	^(a)

Net asset value, beginning of period	$	51.37		$	70.24		$	55.79		$	51.37

Net investment income^(b)		1.37			1.65			1.36			0.18
Net realized and unrealized gain (loss)^(c)		7.93			(18.86	)		13.91			4.24

Net increase (decrease) from investment operations		9.30			(17.21	)		15.27			4.42

Distributions from net investment income^(d)		(1.19	)		(1.66	)		(0.82	)		—


Net asset value, end of period	$	59.48		$	51.37		$	70.24		$	55.79


Total Return^(e)
Based on net asset value		18.17	%		(24.82	)%		27.47	%		8.60	%^(f)


Ratios to Average Net Assets^(g)
Total expenses		0.12	%		0.12	%		0.12	%		0.12	%^(h)

Net investment income		2.41	%		2.73	%		2.06	%		1.64	%^(h)


Supplemental Data
Net assets, end of period (000)	$	475,876		$	354,432		$	245,846		$	11,158

Portfolio turnover rate⁽ⁱ⁾		16	%		18	%		28	%		6	%^(f)


	iShares ESG Advanced MSCI EM ETF
		Year Ended 08/31/23			Year Ended 08/31/22			Period From 10/06/20 to 08/31/21	^(a)

Net asset value, beginning of period	$	35.47		$	45.17		$	35.39

Net investment income^(b)		0.91			1.08			0.71
Net realized and unrealized gain (loss)^(c)		(0.55	)		(9.94	)		9.42

Net increase (decrease) from investment operations		0.36			(8.86	)		10.13

Distributions from net investment income^(d)		(0.86	)		(0.84	)		(0.35	)


Net asset value, end of period	$	34.97		$	35.47		$	45.17


Total Return^(e)
Based on net asset value		1.06	%		(19.91	)%		28.74	%^(f)


Ratios to Average Net Assets^(g)
Total expenses		0.16	%		0.16	%		0.16	%^(h)

Net investment income		2.61	%		2.72	%		1.83	%^(h)


Supplemental Data
Net assets, end of period (000)	$	55,955		$	35,468		$	13,550

Portfolio turnover rate⁽ⁱ⁾		24	%		31	%		51	%^(f)



iShares ETF		Diversification Classification
ESG Advanced MSCI EAFE		Diversified^(a)
ESG Advanced MSCI EM		Diversified^(a)



iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	^(a)		Non-Cash Collateral Received, at Fair Value	^(a)		Net Amount
ESG Advanced MSCI EAFE
Barclays Capital, Inc.	$	2,035	$	(2,035	)	$	—		$	—
Goldman Sachs & Co. LLC		179,456		(179,456	)		—			—
J.P. Morgan Securities LLC		168,292		(168,292	)		—			—
Morgan Stanley		377,089		(377,089	)		—			—

RBC Capital Markets LLC		636,342		(636,342	)		—			—


ESG Advanced MSCI EM	$	1,363,214	$	(1,363,214	)	$	—		$	—
BofA Securities, Inc.	$	7,219	$	(7,219	)	$	—		$	—
GOLDMAN SACHS & CO.		21,456		(21,456	)		—			—
HSBC BANK PLC		22,993		(22,993	)		—			—
J.P. Morgan Securities LLC		7,800		(7,717	)		—			83	^(b)
Jefferies LLC		203,993		(203,993	)		—			—
Macquarie Bank Limited		57,125		(57,125	)		—			—
UBS AG		49,798		(49,798	)		—			—

	$	370,384	$	(370,301	)	$	—		$	83



iShares ETF	Investment Advisory Fees
ESG Advanced MSCI EAFE		0.12	%
ESG Advanced MSCI EM		0.16



iShares ETF	Amounts
ESG Advanced MSCI EAFE	$	6,103
ESG Advanced MSCI EM		739



iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
ESG Advanced MSCI EAFE	$	28,291,555	$	27,682,775	$	(271,958	)
ESG Advanced MSCI EM		461,526		1,116,644		(331,972	)



iShares ETF	In-kind Purchases		In-kind Sales
ESG Advanced MSCI EAFE	$	57,342,061	$	—
ESG Advanced MSCI EM		3,848,937		—


iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	^(a)		Net Unrealized Gains (Losses)	^(b)		Total
ESG Advanced MSCI EAFE	$	2,938,022	$	(15,791,410	)	$	(15,035,768	)	$	(27,889,156	)
ESG Advanced MSCI EM		778,678		(3,339,116	)		(3,239,065	)		(5,799,503	)



iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
ESG Advanced MSCI EAFE	$	489,798,754	$	36,515,845	$	(51,546,285	)	$	(15,030,440	)
ESG Advanced MSCI EM		59,375,744		3,431,629		(6,625,076	)		(3,193,447	)



iShares ETF	Maximum Amount Borrowed		Average Borrowing		Weighted Average Interest Rates
ESG Advanced MSCI EM	$	452,000	$	12,373		5.19	%


	Year Ended 08/31/23				Year Ended 08/31/22
iShares ETF	Shares		Amount		Shares			Amount
ESG Advanced MSCI EAFE
Shares sold		1,100,000	$	61,424,524		3,500,000		$	223,468,417
Shares redeemed		—		—		(100,000	)		(6,686,997	)

		1,100,000	$	61,424,524		3,400,000		$	216,781,420

ESG Advanced MSCI EM
Shares sold		600,000	$	20,649,127		700,000		$	29,948,355



iShares ETF	Qualified Dividend Income
ESG Advanced MSCI EAFE	$	10,391,233
ESG Advanced MSCI EM		719,754



iShares ETF	Foreign Source Income Earned		Foreign Taxes Paid
ESG Advanced MSCI EAFE	$	11,829,452	$	1,139,160
ESG Advanced MSCI EM		1,439,829		204,920