iShares Trust

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended January 31, 2023, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the second half of the year, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly during the first half of the reporting period. Both large-and small-capitalization U.S. stocks fell, although equities began to recover in the second half of the period as inflation eased and economic growth resumed. Emerging market stocks and international equities from developed markets declined overall, pressured by rising interest rates and a strong U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to fluctuating inflation data and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and higher interest rates led to rising borrowing costs for corporate issuers.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates seven times. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. While the Fed suggested that additional rate hikes were likely, it also gave indications that the pace of increases would slow if inflation continued to subside.

Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth slowed in the last year, we believe that taming inflation requires a more substantial decline that lowers demand to a level more in line with the economy’s productive capacity. Although the Fed has decelerated the pace of interest rate hikes, it still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

While we favor an overweight to equities in the long-term, several factors lead us to take an underweight stance on equities overall in the near term. We believe that higher input costs and a deteriorating economic backdrop are likely to challenge corporate earnings, while the market’s concerns over excessive rate hikes could remain until the Fed indicates that its tightening cycle has ended. Nevertheless, we see opportunities in credit, where valuations are attractive and higher yields provide income opportunities. We believe that global investment-grade corporates, global inflation-linked bonds, and U.S. mortgage-backed securities offer strong opportunities for a six- to twelve-month horizon.

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

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of January 31, 2023

	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	(0.44)%	(8.22)%

U.S. small cap equities (Russell 2000^® Index)	3.25	(3.38)

International equities (MSCI Europe, Australasia, Far East Index)	9.52	(2.83)

Emerging market equities (MSCI Emerging Markets Index)	4.92	(12.12)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	1.58	1.79

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(5.60)	(11.62)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(2.37)	(8.36)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	0.73	(3.25)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	1.46	(5.22)

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

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

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.

SECTOR ALLOCATION


Sector		Percent of Total Investments^(a)
Industrials		18.0%
Health Care		17.7
Consumer Discretionary		15.3
Consumer Staples		14.6
Information Technology		13.8
Financials		8.9
Materials		5.1
Communication Services		4.4
Real Estate		1.0
Other (each representing less than 1%)		1.2

^(a)

Excludes money market funds.

GEOGRAPHIC ALLOCATION


Country/Geographic Region		Percent of Total Investments^(a)
Japan		21.3%
France		14.4
Switzerland		14.2
United Kingdom		10.6
Australia		7.9
Netherlands		6.9
Germany		6.0
Denmark		5.0
Hong Kong		3.2
Sweden		3.2

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

SECTOR ALLOCATION


Sector		Percent of Total Investments^(a)
Financials		28.7%
Industrials		12.4
Materials		10.9
Energy		8.8
Consumer Discretionary		8.2
Health Care		8.1
Consumer Staples		5.8
Utilities		5.8
Communication Services		4.5
Real Estate		4.1
Information Technology		2.7

^(a)

Excludes money market funds.

GEOGRAPHIC ALLOCATION


Country/Geographic Region		Percent of Total Investments^(a)
Japan		21.8%
United Kingdom		19.6
Germany		10.6
France		9.6
Australia		8.4
Switzerland		6.5
Spain		3.6
Sweden		3.4
Italy		3.3
Hong Kong		2.6

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

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

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, 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 — 7.9%
Ampol Ltd.		355,730	$	7,714,314
APA Group		1,748,924		13,088,789
Aristocrat Leisure Ltd.		886,860		21,411,660
ASX Ltd.		284,765		13,935,010
Aurizon Holdings Ltd.		2,731,555		7,139,626
Brambles Ltd.		2,052,952		17,457,381
Cochlear Ltd.		97,489		14,728,309
Coles Group Ltd.		1,979,664		24,899,470
Commonwealth Bank of Australia		1,258,240		98,220,808
Computershare Ltd.		805,350		13,563,585
CSL Ltd.		712,450		150,434,113
Dexus		1,595,299		9,249,637
Endeavour Group Ltd./Australia		2,093,893		9,831,999
Goodman Group		2,506,871		35,756,940
IDP Education Ltd.^(a)		311,428		6,930,345
IGO Ltd.		1,010,683		10,506,323
Insurance Australia Group Ltd.		3,654,397		12,690,887
James Hardie Industries PLC		660,531		14,821,341
Lottery Corp. Ltd. (The)^(b)		3,299,997		11,005,995
Medibank Pvt Ltd.		4,085,688		8,511,645
Mineral Resources Ltd.		252,612		15,992,885
National Australia Bank Ltd.		4,684,175		105,694,330
Northern Star Resources Ltd.		1,726,791		15,386,606
Orica Ltd.		667,668		7,006,210
Pilbara Minerals Ltd.^(b)		3,761,912		12,797,716
Qantas Airways Ltd.^(b)		893,217		4,031,828
QBE Insurance Group Ltd.		2,197,581		21,441,611
Ramsay Health Care Ltd.		176,560		8,343,114
REA Group Ltd.		78,724		7,059,315
Reece Ltd.^(a)		334,001		3,838,973
SEEK Ltd.		500,168		8,662,382
Sonic Healthcare Ltd.		439,291		9,839,044
Telstra Corp. Ltd.		2,999,771		8,669,886
Transurban Group		2,275,139		22,305,775
Treasury Wine Estates Ltd.		1,070,368		11,025,623
Wesfarmers Ltd.		1,676,190		59,096,922
WiseTech Global Ltd.		217,919		9,448,868
Woolworths Group Ltd.		1,797,789		45,946,889
Xero Ltd.^(b)		200,248		11,036,960

				889,523,114

Austria — 0.1%
Verbund AG		101,004		8,599,796


Belgium — 0.8%
Anheuser-Busch InBev SA/NV		643,209		38,825,211
Argenx SE^(b)		53,020		20,194,599
D’ieteren Group		37,047		7,080,251
Elia Group SA/NV		49,098		6,894,257
Sofina SA		14,884		3,536,024
UCB SA		93,819		7,702,972
Umicore SA		108,878		4,116,076

				88,349,390

Denmark — 5.0%
AP Moller - Maersk A/S, Class A		2,354		5,016,255
Carlsberg A/S, Class B		143,384		20,355,024
Chr Hansen Holding A/S		156,380		11,546,304
Coloplast A/S, Class B		175,141		21,145,550
Demant A/S^(b)		138,127		3,909,920


Security	Shares		Value

Denmark (continued)
DSV A/S		277,234	$	45,862,829
Genmab A/S^(b)		97,458		38,193,445
Novo Nordisk A/S, Class B		2,448,232		338,810,256
Novozymes A/S, Class B		303,096		15,772,068
Orsted A/S^(c)		98,193		8,744,281
Tryg A/S		533,769		12,248,982
Vestas Wind Systems A/S		1,495,537		43,761,797

				565,366,711

Finland — 0.4%
Elisa OYJ		73,335		4,178,124
Kone OYJ, Class B		176,397		9,620,001
Neste OYJ		626,625		29,954,102
Orion OYJ, Class B		79,236		4,245,039

				47,997,266

France — 14.3%
Accor SA^(b)		166,794		5,413,794
Aeroports de Paris^(b)		44,069		6,836,755
Air Liquide SA		773,987		123,238,980
Airbus SE		874,273		109,603,967
BioMerieux		61,735		6,293,629
Bureau Veritas SA		435,828		12,460,961
Capgemini SE		242,542		46,030,972
Carrefour SA		440,455		8,377,880
Dassault Aviation SA		24,182		4,129,397
Dassault Systemes SE		984,287		36,606,513
Edenred		367,783		20,032,944
Eiffage SA		62,186		6,642,121
Electricite de France SA		562,282		7,385,605
EssilorLuxottica SA		215,127		39,471,359
Eurofins Scientific SE		99,886		7,164,800
Getlink SE		333,618		5,642,737
Hermes International		46,819		87,622,185
Ipsen SA		36,411		3,824,429
Kering SA		110,687		69,063,895
La Francaise des Jeux SAEM^(c)		157,233		6,727,685
Legrand SA		395,184		35,236,211
L’Oreal SA		357,308		147,536,619
LVMH Moet Hennessy Louis Vuitton SE		409,346		357,349,077
Pernod Ricard SA		305,607		63,269,808
Remy Cointreau SA		34,437		6,484,113
Safran SA		505,240		72,651,243
Sartorius Stedim Biotech		40,988		14,297,771
Schneider Electric SE		802,420		130,164,998
Sodexo SA		131,155		13,001,764
Teleperformance		87,578		24,345,528
Thales SA		158,082		20,907,818
Ubisoft Entertainment SA^(b)		91,277		1,890,031
Valeo		306,058		6,688,823
Vinci SA		795,301		89,860,697
Wendel SE		39,775		4,211,697
Worldline SA/France^(b)(c)		354,508		16,082,569

				1,616,549,375

Germany — 5.7%
adidas AG		256,049		41,228,037
Bechtle AG		121,690		5,128,108
Beiersdorf AG		149,351		18,157,737
Brenntag SE		228,954		17,090,961
Carl Zeiss Meditec AG, Bearer		59,699		8,615,653
Delivery Hero SE^(b)(c)		252,044		15,237,791


Security	Shares		Value

Germany (continued)
Deutsche Boerse AG		280,765	$	50,240,730
Deutsche Telekom AG, Registered		4,793,820		106,800,556
GEA Group AG		146,049		6,589,717
Hannover Rueck SE		44,709		9,078,988
HelloFresh SE^(b)		246,023		5,981,133
Infineon Technologies AG		1,933,776		69,636,156
Merck KGaA		191,406		39,951,827
MTU Aero Engines AG		79,177		19,787,326
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		134,526		48,591,778
Nemetschek SE		84,777		4,532,546
Puma SE		156,536		10,689,589
Rational AG		7,657		5,036,647
Rheinmetall AG		64,553		15,083,295
RWE AG		333,242		14,835,558
SAP SE		541,205		64,154,420
Scout24 SE^(c)		119,351		6,948,379
Siemens Healthineers AG^(c)		417,785		22,405,253
Symrise AG		196,712		20,912,385
Zalando SE^(b)(c)		331,926		15,479,373

				642,193,943

Hong Kong — 3.2%
AIA Group Ltd.		17,651,400		199,595,757
Budweiser Brewing Co. APAC Ltd.^(a)(c)		2,553,000		8,055,527
ESR Group Ltd.^(c)		2,968,200		5,942,593
Futu Holdings Ltd., ADR^(a)(b)		89,059		4,520,635
Galaxy Entertainment Group Ltd.		3,220,000		22,415,378
Hong Kong Exchanges & Clearing Ltd.		1,781,400		80,123,056
Sands China Ltd.^(b)		2,334,800		8,755,699
Techtronic Industries Co. Ltd.^(a)		2,026,500		26,125,197
WH Group Ltd.^(c)		6,200,000		3,818,359

				359,352,201

Ireland — 0.7%
Flutter Entertainment PLC, Class DI^(b)		247,389		38,427,671
Kerry Group PLC, Class A		235,913		22,105,068
Kingspan Group PLC		228,874		14,720,269

				75,253,008

Israel — 0.7%
Bezeq The Israeli Telecommunication Corp. Ltd.^(a)		3,083,730		5,110,396
Check Point Software Technologies Ltd.^(b)		148,486		18,887,419
CyberArk Software Ltd.^(b)		30,271		4,264,579
Elbit Systems Ltd.		39,479		6,627,895
ICL Group Ltd.		1,050,280		8,338,840
Mizrahi Tefahot Bank Ltd.		80,349		2,653,981
Nice Ltd.^(b)		94,140		19,468,931
Tower Semiconductor Ltd.^(b)		162,154		6,821,031
Wix.com Ltd.^(b)		84,969		7,390,604

				79,563,676

Italy — 1.2%
Amplifon SpA		186,330		5,145,177
DiaSorin SpA		37,709		4,908,949
Ferrari NV		186,677		46,647,627
FinecoBank Banca Fineco SpA		904,111		16,230,463
Infrastrutture Wireless Italiane SpA^(c)		504,429		5,527,925
Moncler SpA		304,147		19,035,845
Nexi SpA^(b)(c)		875,751		7,713,035
Prysmian SpA		377,543		15,417,977
Recordati Industria Chimica e Farmaceutica SpA		155,737		6,822,602
Telecom Italia SpA/Milano^(a)(b)		5,223,025		1,503,750


Security	Shares		Value

Italy (continued)
Tenaris SA		455,375	$	8,069,585

				137,022,935

Japan — 21.2%
Advantest Corp.		280,400		20,099,347
Aeon Co. Ltd.		962,300		19,728,761
Ajinomoto Co. Inc.		677,400		22,332,924
ANA Holdings Inc.^(b)		117,400		2,598,385
Asahi Intecc Co. Ltd.		321,800		5,645,717
Astellas Pharma Inc.		947,400		13,945,852
Azbil Corp.		171,300		4,830,396
Bandai Namco Holdings Inc.		296,500		19,828,065
Capcom Co. Ltd.		257,200		8,334,259
Chugai Pharmaceutical Co. Ltd.		989,800		25,660,645
CyberAgent Inc.		637,300		5,959,998
Daifuku Co. Ltd.		150,400		8,281,580
Daiichi Sankyo Co. Ltd.		2,590,600		81,362,797
Daikin Industries Ltd.		368,900		64,075,929
Denso Corp.		641,900		34,666,257
Disco Corp.		42,000		12,618,169
East Japan Railway Co.		156,500		8,726,159
Eisai Co. Ltd.		186,400		11,532,558
FANUC Corp.		184,400		32,581,554
Fast Retailing Co. Ltd.		86,500		52,536,582
Fuji Electric Co. Ltd.		66,400		2,687,738
Fujitsu Ltd.		289,500		41,218,813
GLP J-REIT		3,219		3,642,494
GMO Payment Gateway Inc.		62,400		5,773,992
Hamamatsu Photonics KK		206,000		11,006,636
Hankyu Hanshin Holdings Inc.		118,800		3,531,025
Hikari Tsushin Inc.		30,100		4,296,422
Hirose Electric Co. Ltd.		43,300		5,636,979
Hoshizaki Corp.		81,400		2,926,026
Hoya Corp.		533,300		58,648,023
Ibiden Co. Ltd.		166,300		6,490,504
Ito En Ltd.		39,000		1,391,510
ITOCHU Corp.		879,800		28,436,735
Itochu Techno-Solutions Corp.		142,200		3,520,517
Japan Airlines Co. Ltd.^(b)		105,900		2,245,881
Japan Exchange Group Inc.		743,100		11,372,823
JSR Corp.		263,200		5,922,042
Kakaku.com Inc.		200,000		3,334,417
Kao Corp.		350,800		14,179,980
Keio Corp.		75,211		2,760,581
Keisei Electric Railway Co. Ltd.		124,300		3,625,703
Keyence Corp.		287,048		132,147,931
Kikkoman Corp.		215,300		11,387,668
Kintetsu Group Holdings Co. Ltd.		88,200		2,872,231
Kirin Holdings Co. Ltd.		1,210,400		18,651,929
Kobayashi Pharmaceutical Co. Ltd.		80,000		5,743,368
Kobe Bussan Co. Ltd.		222,300		6,418,189
Koei Tecmo Holdings Co. Ltd.		173,300		3,151,661
Koito Manufacturing Co. Ltd.		310,700		5,240,942
Konami Group Corp.		137,300		6,751,518
Kose Corp.		50,100		5,527,677
Kubota Corp.		528,300		7,939,445
Kurita Water Industries Ltd.		154,800		6,999,784
Kyowa Kirin Co. Ltd.		399,800		8,915,918
Lasertec Corp.		112,100		21,223,097
M3 Inc.		652,900		17,852,184
Makita Corp.		115,600		3,079,217


Security	Shares		Value

Japan (continued)
McDonald’s Holdings Co. Japan Ltd.		128,200	$	5,064,846
MINEBEA MITSUMI Inc.		538,300		9,384,019
MISUMI Group Inc.		421,800		10,615,636
Mitsui Fudosan Co. Ltd.		1,342,400		25,161,465
MonotaRO Co. Ltd.		371,000		5,620,039
Murata Manufacturing Co. Ltd.		849,300		48,529,413
NEC Corp.		340,700		12,308,675
Nexon Co. Ltd.		704,200		16,980,054
Nidec Corp.		659,400		36,543,185
Nihon M&A Center Holdings Inc.		451,300		4,613,822
Nintendo Co. Ltd.		1,631,700		70,746,869
Nippon Paint Holdings Co. Ltd.		1,228,500		11,215,559
Nippon Prologis REIT Inc.		1,106		2,509,670
Nippon Sanso Holdings Corp.		257,700		4,203,310
Nippon Shinyaku Co. Ltd.		71,300		3,669,535
Nippon Telegraph & Telephone Corp.		1,764,900		52,921,441
Nissan Chemical Corp.		188,200		8,884,854
Nissin Foods Holdings Co. Ltd.		92,600		7,239,249
Nitori Holdings Co. Ltd.		79,000		10,456,100
Nitto Denko Corp.		210,900		13,632,031
Nomura Research Institute Ltd.		587,370		14,101,328
NTT Data Corp.		934,600		14,496,930
Obic Co. Ltd.		102,500		16,433,482
Odakyu Electric Railway Co. Ltd.		217,900		2,864,811
Olympus Corp.		1,799,300		33,826,139
Omron Corp.		178,900		10,351,257
Ono Pharmaceutical Co. Ltd.		534,600		11,600,116
Open House Group Co. Ltd.		119,900		4,535,849
Oracle Corp. Japan		57,000		3,904,889
Oriental Land Co. Ltd./Japan		191,900		31,974,349
Otsuka Corp.		110,500		3,635,399
Otsuka Holdings Co. Ltd.		578,500		18,558,516
Pan Pacific International Holdings Corp.		562,900		10,409,779
Persol Holdings Co. Ltd.		263,700		5,781,757
Rakuten Group Inc.^(b)		640,800		3,267,083
Recruit Holdings Co. Ltd.		2,130,300		68,511,003
Renesas Electronics Corp.^(b)		1,725,500		17,748,666
Rohm Co. Ltd.		127,800		10,240,804
SCSK Corp.		232,400		3,785,195
Secom Co. Ltd.		157,700		9,395,098
Sekisui Chemical Co. Ltd.		549,300		7,694,751
Seven & i Holdings Co. Ltd.		1,115,100		52,647,102
SG Holdings Co. Ltd.		427,800		6,601,517
Shimadzu Corp.		349,900		10,752,798
Shimano Inc.		108,900		19,420,724
Shin-Etsu Chemical Co. Ltd.		554,300		81,716,576
Shionogi & Co. Ltd.		254,300		12,118,536
Shiseido Co. Ltd.		591,700		30,754,196
SMC Corp.		85,200		43,273,979
Sony Group Corp.		1,865,800		166,712,093
Square Enix Holdings Co. Ltd.		126,700		5,991,802
Subaru Corp.		318,200		5,228,546
Suntory Beverage & Food Ltd.		133,200		4,497,863
Sysmex Corp.		248,200		16,476,771
TDK Corp.		576,100		20,581,898
Terumo Corp.		955,700		27,820,764
TIS Inc.		330,300		9,524,317
Tobu Railway Co. Ltd.		140,600		3,298,912
Toho Co. Ltd./Tokyo		105,800		3,907,558
Tokio Marine Holdings Inc.		2,712,600		56,814,602


Security	Shares		Value

Japan (continued)
Tokyo Electron Ltd.		220,500	$	77,070,075
Tokyu Corp.		393,300		5,057,595
Toshiba Corp.		577,600		19,838,625
TOTO Ltd.		103,900		4,037,855
Trend Micro Inc./Japan^(b)		98,600		4,882,082
Unicharm Corp.		593,900		22,654,691
USS Co. Ltd.		198,700		3,268,250
Welcia Holdings Co. Ltd.		140,200		3,133,563
West Japan Railway Co.		114,400		4,790,900
Yakult Honsha Co. Ltd.		189,600		13,535,146
Yamaha Corp.		208,400		8,103,440
Yamato Holdings Co. Ltd.		424,800		7,432,699
Yaskawa Electric Corp.		235,000		9,185,936
Yokogawa Electric Corp.		221,300		3,885,935
Z Holdings Corp.		3,959,400		11,520,739
ZOZO Inc.		186,400		4,832,086

				2,386,684,678

Netherlands — 6.8%
Adyen NV^(b)(c)		32,093		48,521,631
Akzo Nobel NV		269,118		20,045,245
ASM International NV		69,385		23,466,419
ASML Holding NV		601,133		397,738,231
Davide Campari-Milano NV		775,405		8,317,831
Heineken Holding NV		149,449		12,339,390
Heineken NV		383,898		38,366,343
IMCD NV		84,462		13,389,913
JDE Peet’s NV		97,278		2,915,707
Koninklijke DSM NV		168,143		21,623,524
Prosus NV		1,226,508		99,034,669
QIAGEN NV^(b)		336,018		16,391,998
Universal Music Group NV		1,074,433		27,465,049
Wolters Kluwer NV		388,788		42,386,842

				772,002,792

New Zealand — 0.2%
Auckland International Airport Ltd.^(b)		1,206,866		6,642,030
Fisher & Paykel Healthcare Corp. Ltd.		855,771		14,044,218
Meridian Energy Ltd.		959,073		3,314,753

				24,001,001

Norway — 0 2%
Adevinta ASA^(b)		431,002		3,694,909
Gjensidige Forsikring ASA		104,544		1,879,016
Kongsberg Gruppen ASA		131,440		5,232,849
Mowi ASA		613,429		11,343,322
Salmar ASA		72,536		3,372,899

				25,522,995

Portugal — 0.1%
Jeronimo Martins SGPS SA		419,980		9,118,071


Singapore — 1.5%
Capitaland Investment Ltd/Singapore		3,856,900		11,684,904
DBS Group Holdings Ltd.		2,681,400		73,406,733
Genting Singapore Ltd.		4,495,800		3,404,934
Grab Holdings Ltd., Class A^(a)(b)		1,924,060		7,292,187
Sea Ltd., ADR^(a)(b)		535,216		34,494,671
Singapore Airlines Ltd.		1,986,700		8,983,589
Singapore Exchange Ltd.		745,200		5,248,829
Singapore Technologies Engineering Ltd.		2,326,300		6,540,489
Singapore Telecommunications Ltd.		8,002,800		15,326,653


Security	Shares		Value

Singapore (continued)
UOL Group Ltd.		243,000	$	1,296,543

				167,679,532

Spain — 1.4%
Acciona SA		36,687		7,157,635
Aena SME SA^(b)(c)		72,235		10,853,234
Amadeus IT Group SA^(b)		667,188		42,035,481
Cellnex Telecom SA^(c)		805,019		31,547,072
Corp. ACCIONA Energias Renovables SA		97,924		4,004,514
EDP Renovaveis SA		213,878		4,652,078
Grifols SA^(b)		442,927		5,863,489
Industria de Diseno Textil SA		1,615,500		50,437,215

				156,550,718

Sweden — 3.2%
Alfa Laval AB		428,342		13,460,916
Assa Abloy AB, Class B		1,479,807		34,858,704
Atlas Copco AB, Class A		2,583,995		30,661,843
Atlas Copco AB, Class B		2,312,125		24,387,382
Embracer Group AB^(a)(b)		965,266		4,499,228
Epiroc AB, Class A		976,410		18,997,770
Epiroc AB, Class B		578,312		9,641,893
EQT AB		442,111		9,976,131
Essity AB, Class B		902,181		23,568,699
Evolution AB^(c)		270,839		30,439,881
Fastighets AB Balder, Class B^(b)		330,011		1,700,296
Getinge AB, Class B		339,519		7,648,540
Hexagon AB, Class B		2,882,919		33,048,346
Industrivarden AB, Class A		68,193		1,806,456
Industrivarden AB, Class C		228,630		6,023,180
Indutrade AB		405,260		8,999,698
Investment AB Latour, Class B		217,530		4,589,646
Investor AB, Class B		943,891		18,341,665
Kinnevik AB, Class B^(b)		363,132		5,612,984
L E Lundbergforetagen AB, Class B		39,643		1,835,758
Lifco AB, Class B		347,805		6,389,295
Nibe Industrier AB, Class B		2,245,131		24,256,992
Sagax AB, Class B		283,560		7,053,554
Sandvik AB		1,026,055		21,206,131
Svenska Cellulosa AB SCA, Class B		323,133		4,487,133
Swedish Orphan Biovitrum AB^(b)		253,202		5,646,547

				359,138,668

Switzerland — 14.2%
ABB Ltd., Registered		2,327,440		81,031,340
Alcon Inc.		739,995		55,838,914
Bachem Holding AG, Class A		49,818		4,405,597
Barry Callebaut AG, Registered		5,279		11,029,586
BKW AG		30,555		4,393,878
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		1,538		16,891,421
Chocoladefabriken Lindt & Spruengli AG, Registered		169		19,022,528
Cie. Financiere Richemont SA, Class A, Registered		772,893		119,147,025
Clariant AG, Registered		206,730		3,545,093
Coca-Cola HBC AG, Class DI		104,423		2,537,622
Credit Suisse Group AG, Registered		2,666,400		9,185,432
EMS-Chemie Holding AG, Registered		10,402		7,754,485
Geberit AG, Registered		53,137		30,234,014
Givaudan SA, Registered		13,662		44,295,345
Kuehne + Nagel International AG, Registered		80,059		19,090,594
Logitech International SA, Registered		256,499		15,009,491
Lonza Group AG, Registered		110,062		62,783,915


Security	Shares		Value

Switzerland (continued)
Nestle SA, Registered		4,070,888	$	496,685,158
Partners Group Holding AG		21,825		20,478,320
Roche Holding AG, Bearer		39,521		14,466,299
Roche Holding AG, NVS		1,039,806		324,596,625
Schindler Holding AG, Participation Certificates, NVS		29,831		6,358,099
Schindler Holding AG, Registered		34,835		7,046,734
SGS SA, Registered		4,668		11,383,544
SIG Group AG		453,421		11,238,475
Sika AG, Registered		215,861		61,336,224
Sonova Holding AG, Registered		79,150		19,793,171
STMicroelectronics NV		1,012,192		47,662,410
Straumann Holding AG		164,434		21,530,493
Swiss Re AG		290,406		30,408,674
Temenos AG, Registered		94,719		6,761,101
VAT Group AG^(c)		40,014		12,456,507

				1,598,398,114

United Kingdom — 10.5%
Ashtead Group PLC		652,375		42,971,141
Associated British Foods PLC		527,401		12,106,598
AstraZeneca PLC		2,291,446		300,207,967
Auto Trader Group PLC^(c)		1,394,134		10,816,364
BAE Systems PLC		1,621,990		17,170,449
Bunzl PLC		324,585		11,915,904
Burberry Group PLC		580,170		17,672,505
CNH Industrial NV		1,508,960		26,695,543
Compass Group PLC		2,601,630		62,147,745
Croda International PLC		134,268		11,444,566
Diageo PLC		3,367,317		147,239,541
Entain PLC		871,650		16,073,821
Experian PLC		1,362,873		49,839,547
Halma PLC		562,042		14,963,820
Informa PLC		2,146,752		17,755,243
InterContinental Hotels Group PLC		272,414		18,911,948
Intertek Group PLC		238,936		12,842,100
JD Sports Fashion PLC		3,820,708		7,701,092
London Stock Exchange Group PLC		487,220		44,602,494
Melrose Industries PLC		5,997,763		10,575,059
NMC Health PLC, NVS^(d)		50,450		1
Ocado Group PLC^(b)		298,961		2,392,402
Reckitt Benckiser Group PLC		1,057,920		75,388,331
RELX PLC		2,838,042		84,315,112
Rentokil Initial PLC		3,697,605		22,420,160
Rolls-Royce Holdings PLC^(b)		12,387,644		16,207,166
Sage Group PLC (The)		1,508,255		14,490,815
Segro PLC		1,163,495		11,976,540
Severn Trent PLC		130,202		4,531,145
Smiths Group PLC		187,763		4,008,178
Spirax-Sarco Engineering PLC		108,981		15,567,057
Standard Chartered PLC		1,295,487		10,881,590
Unilever PLC		1,318,860		67,128,728
Whitbread PLC		104,608		3,939,769

				1,186,900,441

Total Common Stocks — 99.3% (Cost: $10,433,338,034)				11,195,768,425


Preferred Stocks

Germany — 0.3%
Dr Ing hc F Porsche AG, Preference Shares, NVS^(b)		168,717		20,060,236


Security	Shares		Value

Germany (continued)
Sartorius AG, Preference Shares, NVS		36,064	$	16,171,533

				36,231,769


Total Preferred Stocks — 0.3% (Cost: $26,178,890)				36,231,769


Total Long-Term Investments — 99.6% (Cost: $10,459,516,924)				11,232,000,194


Short-Term Securities

Money Market Funds — 0.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.56%^(e)(f)(g)		57,669,528		57,704,129
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.18%^(e)(f)		3,430,000		3,430,000


Total Short-Term Securities — 0.5% (Cost: $61,088,429)				61,134,129


Total Investments — 100.1% (Cost: $10,520,605,353)				11,293,134,323

Liabilities in Excess of Other Assets — (0.1)%				(12,762,520	)


Net Assets — 100.0%			$	11,280,371,803

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 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 January 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

Australia — 8.4%
Australia & New Zealand Banking Group Ltd.		6,253,102	$	111,282,641
BHP Group Ltd.		10,594,615		371,045,997
BlueScope Steel Ltd.		988,488		13,479,497
Commonwealth Bank of Australia		1,779,292		138,895,201
Fortescue Metals Group Ltd.		3,542,292		55,952,460
GPT Group (The)		4,023,454		13,042,169
Lendlease Corp. Ltd.		1,452,223		8,867,716
Macquarie Group Ltd.		766,598		102,271,020
Mirvac Group		8,289,522		13,392,621
Newcrest Mining Ltd.		1,868,061		29,681,798
Origin Energy Ltd.		3,611,037		19,173,052
Qantas Airways Ltd.^(a)		691,060		3,119,326
Ramsay Health Care Ltd.		134,367		6,349,339
Rio Tinto Ltd.		776,358		69,668,236
Santos Ltd.		6,666,681		34,032,551
Scentre Group		10,874,711		23,596,016
Sonic Healthcare Ltd.		339,614		7,606,523
South32 Ltd.		9,664,268		31,011,947
Stockland		5,019,727		14,026,459
Suncorp Group Ltd.		2,646,451		23,525,208
Telstra Corp. Ltd.		4,227,147		12,217,226
Transurban Group		3,204,764		31,419,946
Vicinity Ltd.		8,061,767		11,794,690
Washington H Soul Pattinson & Co. Ltd.		451,548		9,196,642
Westpac Banking Corp.		7,322,229		123,202,861
Woodside Energy Group Ltd.		3,971,029		102,825,316

				1,380,676,458

Austria — 0.3%
Erste Group Bank AG		717,230		27,214,669
OMV AG		308,999		15,477,833
voestalpine AG		245,862		8,169,153

				50,861,655

Belgium — 1.2%
Ageas SA/NV		339,858		16,592,535
Anheuser-Busch InBev SA/NV		906,809		54,736,565
Argenx SE^(a)		40,404		15,389,336
Groupe Bruxelles Lambert NV		208,493		17,835,578
KBC Group NV		522,281		38,683,929
Sofina SA		11,481		2,727,566
Solvay SA		155,890		18,166,094
UCB SA		133,067		10,925,413
Umicore SA		283,836		10,730,272
Warehouses De Pauw CVA		336,744		10,678,786

				196,466,074

Denmark — 0.6%
AP Moller - Maersk A/S, Class A		3,202		6,823,300
AP Moller - Maersk A/S, Class B, NVS		10,491		22,820,984
Danske Bank A/S		1,439,140		29,982,419
Orsted A/S^(b)		258,489		23,018,958
Pandora A/S		193,017		16,072,701
Rockwool A/S, Class B		18,554		5,319,657

				104,038,019

Finland — 1.5%
Elisa OYJ		192,798		10,984,304
Fortum OYJ		949,879		14,278,812
Kesko OYJ, Class B		581,030		13,534,210
Kone OYJ, Class B		462,049		25,198,341


Security	Shares		Value

Finland (continued)
Nokia OYJ		11,302,519	$	53,591,073
Orion OYJ, Class B		112,116		6,006,573
Sampo OYJ, Class A		1,003,356		52,675,662
Stora Enso OYJ, Class R		1,155,544		16,518,929
UPM-Kymmene OYJ		1,111,272		40,279,403
Wartsila OYJ Abp		989,061		9,406,966

				242,474,273

France — 9.6%
Accor SA^(a)		126,498		4,105,868
Alstom SA		670,384		19,933,979
Amundi SA^(b)		128,047		8,383,234
ArcelorMittal SA		1,101,819		34,181,647
Arkema SA		125,121		12,660,711
AXA SA		3,909,052		121,958,597
BNP Paribas SA		2,323,324		159,570,266
Bollore SE		1,868,210		10,453,333
Bouygues SA^(c)		478,470		15,762,686
Carrefour SA		619,954		11,792,124
Cie. de Saint-Gobain		1,032,060		59,272,408
Cie. Generale des Etablissements Michelin SCA		1,418,827		44,863,035
Covivio		99,496		6,829,839
Credit Agricole SA		2,523,751		30,389,078
Danone SA		1,342,670		73,631,021
Dassault Aviation SA		18,659		3,186,272
Eiffage SA		86,921		9,284,081
Electricite de France SA		426,739		5,605,240
Engie SA		3,820,668		54,252,965
EssilorLuxottica SA		304,213		55,816,799
Eurazeo SE		91,663		6,429,900
Eurofins Scientific SE		143,307		10,279,378
Euronext NV^(b)		180,025		14,587,766
Gecina SA		95,924		11,362,164
Getlink SE		458,731		7,758,869
Ipsen SA		28,096		2,951,063
Klepierre SA		449,056		11,397,198
Orange SA		4,154,384		43,964,810
Publicis Groupe SA		477,813		33,704,751
Renault SA^(a)		404,124		16,431,457
Sanofi		2,385,716		233,619,866
SEB SA		52,251		5,464,200
Societe Generale SA		1,685,850		50,181,973
TotalEnergies SE		5,203,748		321,699,636
Ubisoft Entertainment SA^(a)		67,977		1,407,569
Unibail-Rodamco-Westfield^(a)		247,255		16,001,177
Veolia Environnement SA		1,387,436		41,182,504
Vivendi SE		1,513,192		16,251,337

				1,586,608,801

Germany — 9.9%
Allianz SE, Registered		854,245		204,261,784
Aroundtown SA^(c)		2,098,472		5,842,567
BASF SE^(c)		1,920,899		110,135,554
Bayer AG, Registered		2,051,282		127,681,915
Bayerische Motoren Werke AG		692,454		70,536,575
Commerzbank AG^(a)		2,229,672		25,488,345
Continental AG		230,315		16,171,616
Covestro AG^(b)		405,176		18,656,125
Daimler Truck Holding AG^(a)		945,141		31,760,158
Deutsche Bank AG, Registered		4,323,324		57,697,882
Deutsche Lufthansa AG, Registered^(a)		1,262,069		13,371,255


Security	Shares		Value

Germany (continued)
Deutsche Post AG, Registered		2,073,086	$	89,260,227
E.ON SE		4,700,284		51,246,773
Evonik Industries AG		437,909		9,734,078
Fresenius Medical Care AG & Co. KGaA		431,905		16,220,049
Fresenius SE & Co. KGaA		883,462		25,603,485
GEA Group AG		112,835		5,091,104
Hannover Rueck SE		62,964		12,786,004
HeidelbergCement AG		304,773		20,912,734
Henkel AG & Co. KGaA		216,327		14,454,592
Knorr-Bremse AG		153,154		10,066,508
LEG Immobilien SE		154,777		12,099,550
Mercedes-Benz Group AG		1,678,087		124,869,855
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		102,390		36,984,019
RWE AG		871,916		38,816,718
SAP SE		1,419,529		168,270,913
Siemens AG, Registered		1,599,915		249,915,160
Telefonica Deutschland Holding AG		2,190,199		6,450,950
United Internet AG, Registered		200,663		4,658,662
Volkswagen AG		61,489		10,763,042
Vonovia SE		1,497,991		42,315,106

				1,632,123,305

Hong Kong — 2.6%
BOC Hong Kong Holdings Ltd.		7,739,000		27,046,931
CK Asset Holdings Ltd.		4,171,500		26,670,523
CK Hutchison Holdings Ltd.		5,584,500		35,539,485
CK Infrastructure Holdings Ltd.		1,335,000		7,427,342
CLP Holdings Ltd.		3,446,500		25,607,251
Hang Lung Properties Ltd.		4,224,088		7,964,708
Hang Seng Bank Ltd.		1,599,400		26,635,149
Henderson Land Development Co. Ltd.		3,043,794		11,243,760
HK Electric Investments & HK Electric Investments Ltd., Class SS^(c)		5,586,000		3,861,226
HKT Trust & HKT Ltd., Class SS		7,915,000		10,370,043
Hong Kong & China Gas Co. Ltd.^(c)		23,493,650		23,588,090
Hongkong Land Holdings Ltd.		2,347,500		11,476,395
Jardine Matheson Holdings Ltd.		334,600		17,785,854
Link REIT		4,416,800		35,353,658
MTR Corp. Ltd.^(c)		3,256,000		17,424,507
New World Development Co. Ltd.		3,158,250		9,439,701
Power Assets Holdings Ltd.		2,913,500		16,485,070
Sands China Ltd.^(a)		1,770,800		6,640,651
Sino Land Co. Ltd.		7,296,000		9,480,986
SITC International Holdings Co. Ltd.		2,836,000		6,195,524
Sun Hung Kai Properties Ltd.		3,020,000		42,828,493
Swire Pacific Ltd., Class A		1,047,000		9,594,592
Swire Properties Ltd.		2,428,600		6,825,717
WH Group Ltd.^(b)		8,785,500		5,410,677
Wharf Real Estate Investment Co. Ltd.^(c)		3,498,419		20,027,270
Xinyi Glass Holdings Ltd.		3,819,000		8,131,135

				429,054,738

Ireland — 0.8%
AIB Group PLC		2,254,806		9,471,516
Bank of Ireland Group PLC		2,231,308		23,838,946
CRH PLC		1,578,997		73,774,760
Smurfit Kappa Group PLC		521,275		21,885,486

				128,970,708

Israel — 0.7%
Azrieli Group Ltd.		89,012		5,733,494


Security	Shares		Value

Israel (continued)
Bank Hapoalim BM		2,647,542	$	23,829,348
Bank Leumi Le-Israel BM		3,218,326		28,441,575
CyberArk Software Ltd.^(a)		42,968		6,053,332
Isracard Ltd.		1		4
Israel Discount Bank Ltd., Class A		2,595,324		13,274,340
Mizrahi Tefahot Bank Ltd.		209,686		6,926,069
Teva Pharmaceutical Industries Ltd., ADR^(a)		2,336,907		24,631,000
ZIM Integrated Shipping Services Ltd.		179,477		3,401,089

				112,290,251

Italy — 3.3%
Assicurazioni Generali SpA		2,313,067		45,154,094
Enel SpA		17,081,455		100,577,661
Eni SpA		5,211,602		80,197,314
Intesa Sanpaolo SpA		34,882,371		91,715,164
Mediobanca Banca di Credito Finanziario SpA		1,270,821		13,661,259
Poste Italiane SpA^(b)		1,101,677		11,770,345
Snam SpA		4,242,434		21,608,964
Stellantis NV		4,602,556		72,356,734
Telecom Italia SpA/Milano^(a)(c)		13,624,039		3,922,468
Tenaris SA		345,168		6,116,634
Terna - Rete Elettrica Nazionale		2,963,747		23,448,752
UniCredit SpA		4,017,789		78,471,988

				549,001,377

Japan — 21.7%
AGC Inc.		404,500		14,904,129
Aisin Corp.		308,900		9,012,314
ANA Holdings Inc.^(a)		165,200		3,656,330
Asahi Group Holdings Ltd.		954,300		31,513,125
Asahi Kasei Corp.		2,627,000		19,906,437
Astellas Pharma Inc.		2,495,700		36,737,030
Bridgestone Corp.		1,194,100		44,579,563
Brother Industries Ltd.		492,300		7,646,539
Canon Inc.		2,088,600		46,350,927
Central Japan Railway Co.		301,600		36,787,586
Chiba Bank Ltd. (The)		1,113,800		8,427,460
Chubu Electric Power Co. Inc.		1,351,000		14,551,717
Concordia Financial Group Ltd.		2,279,600		10,017,388
Dai Nippon Printing Co. Ltd.		463,600		10,945,429
Dai-ichi Life Holdings Inc.		2,050,300		48,105,705
Daito Trust Construction Co. Ltd.		130,100		12,856,293
Daiwa House Industry Co. Ltd.		1,254,200		30,119,629
Daiwa House REIT Investment Corp.		4,599		10,006,200
Daiwa Securities Group Inc.		2,799,300		13,210,170
Dentsu Group Inc.		452,700		14,580,958
East Japan Railway Co.		411,000		22,916,623
Eisai Co. Ltd.		264,200		16,346,040
ENEOS Holdings Inc.		6,390,850		22,880,498
FANUC Corp.		140,800		24,877,889
Fuji Electric Co. Ltd.		172,800		6,994,597
FUJIFILM Holdings Corp.		753,400		39,870,786
GLP J-REIT		4,426		5,008,287
Hakuhodo DY Holdings Inc.		492,700		5,324,777
Hankyu Hanshin Holdings Inc.		310,200		9,219,898
Hitachi Construction Machinery Co. Ltd.		224,300		5,289,738
Hitachi Ltd.		2,025,700		106,232,666
Honda Motor Co. Ltd.		3,409,600		84,341,609
Hoshizaki Corp.		114,700		4,123,036
Hulic Co. Ltd.		806,700		6,630,902
Idemitsu Kosan Co. Ltd.		433,283		10,832,408


Security	Shares		Value

Japan (continued)
Iida Group Holdings Co. Ltd.		300,800	$	5,014,474
Inpex Corp.		2,165,700		23,798,095
Isuzu Motors Ltd.		1,222,300		15,456,399
Ito En Ltd.		57,100		2,037,314
ITOCHU Corp.		1,239,000		40,046,732
Japan Airlines Co. Ltd.^(a)		150,500		3,191,739
Japan Metropolitan Fund Invest		14,567		11,261,515
Japan Post Bank Co. Ltd.		867,300		7,705,851
Japan Post Holdings Co. Ltd.		4,964,400		43,584,742
Japan Post Insurance Co. Ltd.		417,900		7,455,319
Japan Real Estate Investment Corp.		2,619		11,228,936
Japan Tobacco Inc.		2,509,700		51,177,565
JFE Holdings Inc.		1,025,400		13,520,564
Kajima Corp.		874,700		10,742,432
Kansai Electric Power Co. Inc. (The)		1,477,600		14,210,217
Kao Corp.		498,500		20,150,285
KDDI Corp.		3,373,300		105,393,471
Keio Corp.		109,200		4,008,129
Keisei Electric Railway Co. Ltd.		96,200		2,806,055
Kintetsu Group Holdings Co. Ltd.		234,300		7,629,974
Komatsu Ltd.		1,931,600		47,468,027
Kubota Corp.		1,386,800		20,841,230
Kyocera Corp.		671,300		34,834,697
Lixil Corp.		603,400		10,416,964
Makita Corp.		306,800		8,172,179
Marubeni Corp.		3,224,600		39,561,250
Mazda Motor Corp.		1,189,400		9,467,608
MEIJI Holdings Co. Ltd.		232,300		11,980,333
Mitsubishi Chemical Group Corp.		2,682,000		15,049,896
Mitsubishi Corp.		2,641,100		88,439,748
Mitsubishi Electric Corp.		4,030,900		44,423,546
Mitsubishi Estate Co. Ltd.		2,473,900		31,797,328
Mitsubishi HC Capital Inc.		1,387,400		7,081,493
Mitsubishi Heavy Industries Ltd.		668,100		26,196,173
Mitsubishi UFJ Financial Group Inc.		25,000,100		183,122,752
Mitsui & Co. Ltd.		2,997,400		88,431,488
Mitsui Chemicals Inc.		384,900		9,059,976
Mitsui OSK Lines Ltd.		720,600		17,884,365
Mizuho Financial Group Inc.		5,045,020		78,805,480
MS&AD Insurance Group Holdings Inc.		929,708		29,819,188
NGK Insulators Ltd.		496,800		6,876,351
Nippon Building Fund Inc.		3,197		13,972,050
Nippon Express Holdings Inc.		161,400		9,366,480
Nippon Prologis REIT Inc.		2,906		6,594,123
Nippon Steel Corp.		1,684,900		35,070,724
Nippon Yusen KK		1,013,600		24,112,380
Nissan Motor Co. Ltd.		4,862,800		17,471,745
Nisshin Seifun Group Inc.		417,830		5,233,525
Nitori Holdings Co. Ltd.		58,600		7,756,044
Nomura Holdings Inc.		6,086,700		24,290,985
Nomura Real Estate Holdings Inc.		249,400		5,496,887
Nomura Real Estate Master Fund Inc.		8,837		10,334,561
Obayashi Corp.		1,346,100		10,441,324
Odakyu Electric Railway Co. Ltd.		313,600		4,123,014
Oji Holdings Corp.		1,708,400		7,060,388
Omron Corp.		138,300		8,002,118
Oriental Land Co. Ltd./Japan		146,700		24,443,132
ORIX Corp.		2,493,000		43,834,371
Osaka Gas Co. Ltd.		785,100		12,669,067
Otsuka Corp.		83,400		2,743,821


Security	Shares		Value

Japan (continued)
Panasonic Holdings Corp.		4,611,800	$	42,766,921
Rakuten Group Inc.^(a)		915,500		4,667,626
Resona Holdings Inc.		4,519,800		25,011,324
Ricoh Co. Ltd.		1,198,100		9,300,391
SBI Holdings Inc.		513,800		10,892,196
Secom Co. Ltd.		220,400		13,130,498
Seiko Epson Corp.		589,600		9,143,515
Sekisui House Ltd.		1,288,800		24,357,366
Sharp Corp./Japan		473,800		3,938,257
Shimizu Corp.		1,145,100		6,419,080
Shionogi & Co. Ltd.		194,600		9,273,563
Shizuoka Financial Group Inc., NVS		935,900		7,928,602
SoftBank Corp.		6,007,100		68,733,796
SoftBank Group Corp.		2,522,400		119,415,596
Sompo Holdings Inc.		654,200		28,162,582
Subaru Corp.		835,100		13,722,059
SUMCO Corp.		730,100		10,817,721
Sumitomo Chemical Co. Ltd.		3,104,300		11,916,264
Sumitomo Corp.		2,355,800		42,286,443
Sumitomo Electric Industries Ltd.		1,497,100		17,989,393
Sumitomo Metal Mining Co. Ltd.		518,200		21,040,593
Sumitomo Mitsui Financial Group Inc.		2,731,300		118,705,204
Sumitomo Mitsui Trust Holdings Inc.		705,005		25,682,369
Sumitomo Realty & Development Co. Ltd.		648,800		15,815,880
Suntory Beverage & Food Ltd.		103,500		3,494,961
Suzuki Motor Corp.		769,000		28,831,490
T&D Holdings Inc.		1,115,400		17,853,369
Taisei Corp.		377,500		13,032,043
Takeda Pharmaceutical Co. Ltd.		3,143,700		98,829,654
Tobu Railway Co. Ltd.		200,700		4,709,044
Toho Co. Ltd./Tokyo		82,400		3,043,316
Tokyo Electric Power Co. Holdings Inc.^(a)		3,229,100		12,092,300
Tokyo Gas Co. Ltd.		823,100		17,235,463
Tokyu Corp.		553,700		7,120,239
Toppan Inc.		548,300		8,834,304
Toray Industries Inc.		2,905,000		17,848,459
Tosoh Corp.		545,800		7,140,925
TOTO Ltd.		149,900		5,825,548
Toyota Industries Corp.		307,800		18,736,592
Toyota Motor Corp.		22,178,680		325,709,723
Toyota Tsusho Corp.		446,000		18,884,599
Trend Micro Inc./Japan^(a)		140,900		6,976,525
USS Co. Ltd.		148,600		2,444,197
West Japan Railway Co.		298,200		12,488,168
Yamaha Motor Co. Ltd.		624,000		15,369,546
Yaskawa Electric Corp.		175,100		6,844,499
Yokogawa Electric Corp.		169,100		2,969,325

				3,595,402,830

Netherlands — 2.3%
ABN AMRO Bank NV, CVA^(b)		847,019		14,058,438
Aegon NV		3,746,942		20,667,348
AerCap Holdings NV^(a)		283,295		17,907,077
EXOR NV, NVS^(a)		228,574		18,169,032
ING Groep NV^(a)		7,865,945		113,900,934
JDE Peet’s NV		74,929		2,245,842
Just Eat Takeaway.com NV^(a)(b)		383,317		9,833,450
Koninklijke Ahold Delhaize NV		2,187,020		65,275,905
Koninklijke DSM NV		128,306		16,500,407
Koninklijke KPN NV		6,908,553		23,619,259
Koninklijke Philips NV		1,861,376		32,137,495


Security	Shares		Value

Netherlands (continued)
NN Group NV		582,054	$	25,289,126
OCI NV		219,708		7,478,960
Randstad NV		251,668		16,131,501

				383,214,774

New Zealand — 0.2%
Auckland International Airport Ltd.^(a)		912,482		5,021,877
Mercury NZ Ltd.		1,460,697		5,674,732
Meridian Energy Ltd.		1,376,123		4,756,163
Spark New Zealand Ltd.		3,931,271		13,255,204

				28,707,976

Norway — 1.1%
Aker BP ASA		662,088		20,168,349
DNB Bank ASA		1,936,023		36,202,790
Equinor ASA		1,992,346		60,720,016
Gjensidige Forsikring ASA		272,596		4,899,490
Norsk Hydro ASA		2,818,027		22,848,134
Orkla ASA		1,573,501		11,747,313
Salmar ASA		48,678		2,263,510
Telenor ASA		1,466,722		15,354,541
Yara International ASA		348,281		15,474,571

				189,678,714

Portugal — 0.3%
EDP - Energias de Portugal SA		5,835,333		28,991,437
Galp Energia SGPS SA		1,051,075		14,387,161

				43,378,598

Singapore — 1.5%
CapitaLand Ascendas REIT		7,073,400		15,565,938
CapitaLand Integrated Commercial Trust		11,127,204		18,205,590
City Developments Ltd.		862,500		5,474,139
Genting Singapore Ltd.		6,434,400		4,873,150
Jardine Cycle & Carriage Ltd.		210,400		4,664,489
Keppel Corp. Ltd.		3,067,500		17,710,696
Mapletree Logistics Trust^(c)		7,021,400		9,077,209
Mapletree Pan Asia Commercial Trust		4,904,400		6,824,093
Oversea-Chinese Banking Corp. Ltd.^(c)		7,081,600		69,968,671
Singapore Telecommunications Ltd.		6,025,600		11,539,996
United Overseas Bank Ltd.		2,468,100		56,101,463
UOL Group Ltd.		621,400		3,315,521
Venture Corp. Ltd.		578,100		8,163,553
Wilmar International Ltd.		4,044,200		12,573,500

				244,058,008

Spain — 3.6%
ACS Actividades de Construccion y Servicios SA		477,321		14,125,702
Aena SME SA^(a)(b)		61,854		9,293,500
Banco Bilbao Vizcaya Argentaria SA		12,776,668		90,251,473
Banco Santander SA		35,123,671		122,755,099
CaixaBank SA		9,461,326		41,979,519
EDP Renovaveis SA		301,898		6,566,608
Enagas SA		186,158		3,338,053
Endesa SA		701,566		13,986,924
Ferrovial SA		1,058,364		31,230,471
Iberdrola SA		12,694,555		148,929,539
Iberdrola SA, NVS		210,559		2,459,631
Naturgy Energy Group SA		329,244		9,338,088
Red Electrica Corp. SA		396,106		7,010,638
Repsol SA		2,948,200		48,429,594
Telefonica SA		11,047,400		41,969,301

				591,664,140


Security	Shares		Value

Sweden — 3.4%
Atlas Copco AB, Class A		1,959,859	$	23,255,807
Boliden AB		572,850		25,707,777
Electrolux AB, Class B^(c)		464,945		6,585,410
Fastighets AB Balder, Class B^(a)		872,669		4,496,202
H & M Hennes & Mauritz AB, Class B^(c)		1,536,724		18,926,730
Holmen AB, Class B		198,043		8,168,396
Husqvarna AB, Class B		880,336		7,489,798
Industrivarden AB, Class A		178,174		4,719,889
Investor AB, Class A		1,039,657		20,750,084
Investor AB, Class B		2,474,252		48,079,600
L E Lundbergforetagen AB, Class B		103,845		4,808,774
Nordea Bank Abp		7,031,235		82,197,836
Sandvik AB		783,558		16,194,291
Securitas AB, Class B		1,029,298		9,421,736
Skandinaviska Enskilda Banken AB, Class A		3,379,536		40,912,017
Skanska AB, Class B		705,484		12,451,861
SKF AB, Class B		805,081		14,248,561
Svenska Cellulosa AB SCA, Class B		823,816		11,439,785
Svenska Handelsbanken AB, Class A		3,045,549		31,759,035
Swedbank AB, Class A		1,890,908		36,374,290
Tele2 AB, Class B		1,192,225		10,296,684
Telefonaktiebolaget LM Ericsson, Class B		6,104,304		35,407,774
Telia Co. AB		5,577,452		14,404,553
Volvo AB, Class A		417,493		8,672,885
Volvo AB, Class B		3,155,996		62,626,022
Volvo Car AB, Class B^(a)(c)		1,242,514		6,199,520

				565,595,317

Switzerland — 6.4%
Adecco Group AG, Registered		336,009		12,479,610
Baloise Holding AG, Registered		95,974		15,785,120
Banque Cantonale Vaudoise, Registered		62,803		5,969,869
Clariant AG, Registered		160,479		2,751,961
Coca-Cola HBC AG, Class DI		275,207		6,687,907
Credit Suisse Group AG, Registered		3,783,820		13,034,811
Holcim AG		1,159,334		69,310,443
Julius Baer Group Ltd.		445,746		28,592,072
Novartis AG, Registered		4,524,410		409,047,544
Partners Group Holding AG		16,672		15,643,279
Schindler Holding AG, Participation Certificates, NVS		42,675		9,095,635
SGS SA, Registered		6,719		16,385,182
Siemens Energy AG^(a)		917,351		19,180,716
Swatch Group AG (The), Bearer		60,322		21,840,698
Swatch Group AG (The), Registered		108,953		7,159,045
Swiss Life Holding AG, Registered		64,317		38,065,866
Swiss Prime Site AG, Registered		160,922		14,339,476
Swiss Re AG		221,431		23,186,239
Swisscom AG, Registered		53,967		31,886,702
UBS Group AG, Registered		7,002,824		149,477,898
Zurich Insurance Group AG		314,671		155,613,774

				1,065,533,847

United Kingdom — 19.5%
3i Group PLC		2,035,494		39,711,936
abrdn PLC		4,503,510		11,861,497
Admiral Group PLC		379,903		10,327,783
Anglo American PLC		2,657,529		114,620,226
Antofagasta PLC		828,371		17,798,831
Aviva PLC		5,861,679		33,058,977
BAE Systems PLC		4,248,369		44,973,399
Barclays PLC		33,562,903		77,154,097


Security	Shares		Value

United Kingdom (continued)
Barratt Developments PLC		2,148,280	$	12,210,235
Berkeley Group Holdings PLC		228,086		11,679,748
BP PLC		39,351,270		237,691,414
British American Tobacco PLC		4,462,577		171,067,518
British Land Co. PLC (The)		1,838,445		10,061,574
BT Group PLC		14,515,434		22,363,832
Bunzl PLC		251,303		9,225,634
Coca-Cola Europacific Partners PLC		430,375		24,195,682
Croda International PLC		101,877		8,683,663
DCC PLC		207,394		11,812,727
Glencore PLC		20,431,953		136,830,373
GSK PLC		8,506,428		149,415,535
Haleon PLC^(a)		10,609,156		42,514,918
Hargreaves Lansdown PLC		742,906		8,178,816
Hikma Pharmaceuticals PLC		351,166		7,428,601
HSBC Holdings PLC		41,760,990		307,709,417
Imperial Brands PLC		1,890,044		47,414,063
J Sainsbury PLC		3,703,630		12,011,167
Johnson Matthey PLC		382,461		10,683,193
Kingfisher PLC		4,137,848		14,275,234
Land Securities Group PLC		1,480,097		12,966,843
Legal & General Group PLC		12,491,276		39,309,276
Lloyds Banking Group PLC		142,636,535		92,827,197
M&G PLC		5,245,537		13,099,780
Mondi PLC		1,021,937		19,271,527
National Grid PLC		7,654,635		97,312,563
NatWest Group PLC, NVS		11,114,835		42,403,724
Next PLC		270,929		22,182,084
Ocado Group PLC^(a)(c)		787,245		6,299,840
Pearson PLC		1,392,046		15,875,141
Persimmon PLC		671,051		11,720,106
Phoenix Group Holdings PLC		1,566,568		12,416,426
Prudential PLC		5,749,894		95,534,784
Rio Tinto PLC		2,351,653		184,137,313
Schroders PLC		1,527,154		9,031,263
Segro PLC		890,748		9,168,994
Severn Trent PLC		344,323		11,982,745
Shell PLC		15,192,618		446,021,205
Smith & Nephew PLC		1,814,840		25,063,546
Smiths Group PLC		491,774		10,497,904
SSE PLC		2,242,596		47,867,472
St. James’s Place PLC		1,142,491		17,324,428
Standard Chartered PLC		3,393,183		28,501,425
Taylor Wimpey PLC		7,374,225		10,699,417
Tesco PLC		15,560,545		47,294,404
Unilever PLC		3,460,125		176,117,094
United Utilities Group PLC		1,435,317		18,781,217
Vodafone Group PLC		55,240,321		63,736,988
Whitbread PLC		275,459		10,374,395
WPP PLC		2,279,194		26,629,498

				3,229,408,689


Total Common Stocks — 98.9% (Cost: $15,911,249,666)				16,349,208,552


Security	Shares		Value

Preferred Stocks

Germany — 0.6%
Bayerische Motoren Werke AG, Preference Shares, NVS		123,737	$	11,722,700
Henkel AG & Co. KGaA, Preference Shares, NVS		371,639		26,497,962
Porsche Automobil Holding SE, Preference Shares, NVS		322,198		19,266,369
Volkswagen AG, Preference Shares, NVS		388,305		53,854,279

				111,341,310


Total Preferred Stocks — 0.6% (Cost: $146,507,577)				111,341,310


Rights

Spain — 0.0%
ACS Actividades de Construccion y Servicios SA, (Expires 02/17/23)^(a)		477,321		242,180


Total Rights — 0.0% (Cost: $245,247)				242,180


Total Long-Term Investments — 99.5% (Cost: $16,058,002,490)				16,460,792,042


Short-Term Securities

Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.56%^(d)(e)(f)		59,580,597		59,616,346
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.18%^(d)(e)		4,080,000		4,080,000


Total Short-Term Securities — 0.4% (Cost: $63,659,778)				63,696,346


Total Investments — 99.9% (Cost: $16,121,662,268)				16,524,488,388

Other Assets Less Liabilities — 0.1%				10,888,554


Net Assets — 100.0%			$	16,535,376,942

^(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.

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 January 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:


				Average Annual Total Returns									Cumulative Total Returns

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

Fund NAV		5.73	%		(7.27	)%		3.13	%		5.76	%		(7.27	)%		16.66	%		75.10%
Fund Market		5.45			(7.09	)		3.18			5.79			(7.09	)		16.97			75.49
Index		5.83			(6.60	)		3.23			5.97			(6.60	)		17.23			78.50


				Average Annual Total Returns									Cumulative Total Returns

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

Fund NAV		13.11	%		0.35	%		0.65	%		3.59	%		0.35	%		3.29	%		42.28%
Fund Market		13.27			0.49			0.67			3.57			0.49			3.41			42.01
Index		13.36			0.66			0.61			3.68			0.66			3.08			43.57


Affiliated Issuer	Value at 07/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/23		Shares Held at 01/31/23		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	30,380,895	$	27,257,928	^(a)	$	—	$	24,602	$	40,704	$	57,704,129		57,669,528	$	224,769	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,190,000		1,240,000	^(a)		—		—		—		3,430,000		3,430,000		51,440			2

								$	24,602	$	40,704	$	61,134,129			$	276,209		$	2


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

Long Contracts
TOPIX Index		110		03/09/23	$	16,782	$	469,067
Euro STOXX 50 Index		489		03/17/23		22,277		1,219,896
FTSE 100 Index		82		03/17/23		7,865		258,752

							$	1,947,715



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

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	1,947,715	$	—	$	—	$	—	$	1,947,715


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
Semi-Annual Report:
Fund Summary		4
About Fund Performance		6
Disclosure of Expenses		6
Schedules of Investments		7
Financial Statements:
Statements of Assets and Liabilities		21
Statements of Operations		22
Statements of Changes in Net Assets		23
Financial Highlights		24
Notes to Financial Statements		26
Statement Regarding Liquidity Risk Management Program		34
General Information		35
Glossary of Terms Used in this Report		36


Fund Summary as of January 31, 2023		iShares^® MSCI EAFE Growth ETF


4		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of January 31, 2023		iShares^® MSCI EAFE Value ETF



Futures contracts
Average notional value of contracts — long			$43,877,838



	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks
Australia	$	—	$	889,523,114	$	—	$	889,523,114
Austria		—		8,599,796		—		8,599,796
Belgium		—		88,349,390		—		88,349,390
Denmark		—		565,366,711		—		565,366,711
Finland		—		47,997,266		—		47,997,266
France		—		1,616,549,375		—		1,616,549,375
Germany		—		642,193,943		—		642,193,943
Hong Kong		4,520,635		354,831,566		—		359,352,201
Ireland		—		75,253,008		—		75,253,008
Israel		30,542,602		49,021,074		—		79,563,676
Italy		—		137,022,935		—		137,022,935
Japan		—		2,386,684,678		—		2,386,684,678
Netherlands		—		772,002,792		—		772,002,792
New Zealand		—		24,001,001		—		24,001,001
Norway		—		25,522,995		—		25,522,995
Portugal		—		9,118,071		—		9,118,071
Singapore		41,786,858		125,892,674		—		167,679,532
Spain		—		156,550,718		—		156,550,718



	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)	$	—	$	—	$	3,258,157	$	—	$	—	$	—	$	3,258,157