iShares Trust

The Markets in Review

Dear Shareholder,

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

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

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

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates four times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and began to reduce its balance sheet. Continued high inflation and the Fed’s statements led many analysts to anticipate that interest rates have room to rise before peaking, although investors’ inflation expectations began to decline near the end of the period.

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

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

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

Sincerely,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

Total Returns as of July 31, 2022


	6-Month	12-Month
U.S. large cap equities (S&P 500^® Index)	(7.81)%	(4.64)%
U.S. small cap equities (Russell 2000^® Index)	(6.42)	(14.29)
International equities (MSCI Europe, Australasia, Far East Index)	(11.27)	(14.32)
Emerging market equities (MSCI Emerging Markets Index)	(16.24)	(20.09)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.21	0.22
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(6.38)	(10.00)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(6.14)	(9.12)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(3.95)	(6.93)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(6.58)	(8.03)

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

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

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

The U.S. economy grew briskly over the final half of 2021, powered primarily by consumer spending. Record-high personal savings rates allowed consumers to spend at an elevated level, releasing pent-up demand for goods and services. Growth subsequently stalled in the first half of 2022, and the economy contracted amid lower inventories and faltering business investment. Despite the economic downturn, unemployment declined substantially, falling to 3.5% in July 2022 — identical to the pre-pandemic rate in February 2020. Although high inflation negatively impacted consumer sentiment, which declined significantly, consumer spending continued to increase.

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

Stocks declined in Europe and economic growth stalled, with the Eurozone economy slowing substantially beginning in the fourth quarter of 2021. Significantly higher inflation and Russia’s invasion of Ukraine negatively impacted equities. Russia is an important trading partner with many European countries, and new sanctions imposed limits on certain types of trade with Russia. Investors became concerned that the sharp rise in energy prices during the reporting period would constrain economic growth, as Europe relies on imported energy for much of its industrial and heating needs. The European Central Bank (“ECB”) responded to elevated inflation by raising interest rates in July 2022, the first such increase in over a decade.

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

The iShares 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.

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

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

European stocks, most notably in France, Germany, the Netherlands, and Switzerland, also detracted from the Index’s return. The decline of the euro, which reached parity with the U.S. dollar for the first time in 20 years, and a more modest weakening of the Swiss franc against the U.S. dollar devalued returns from the continent for U.S. investors. In addition, the war in Ukraine disrupted supply chains, clouded the outlook for economic growth, and contributed to record-high inflation across the Eurozone as commodities and oil prices soared. Late in the reporting period, the ECB and the Swiss central bank raised interest rates to fight growing inflation.


SECTOR ALLOCATION

Sector	Percent of Total Investments	^(a)
Industrials	20.3	%
Health Care	16.9
Consumer Discretionary	14.2
Information Technology	13.6
Consumer Staples	13.5
Financials	9.6
Materials	5.4
Communication Services	3.7
Real Estate	1.2
Other (each representing less than 1%)	1.6

^(a)

Excludes money market funds

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.

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

German stocks detracted the most from the Index’s performance, particularly in the industrials, consumer discretionary, and materials sectors. The weakening euro, which reached parity with the U.S. dollar for the first time in 20 years, devalued returns from Germany for U.S. investors. In addition, the war in Ukraine disrupted supply chains, clouded the economic outlook, and contributed to record-high inflation across the Eurozone as commodities and energy prices soared. Some companies incurred significant costs related to exiting the Russian market, which weighed on earnings. The ECB raised interest rates in July 2022 for the first time in 11 years to fight growing inflation. Similar factors negatively impacted stocks across Europe. In France, the financials and consumer discretionary sectors detracted the most, and in Italy, utilities and financials stocks led the decline.

Japanese stocks also weighed on the Index’s return, most notably in the consumer discretionary sector. The Japanese yen hit a 24-year low in July 2022 against the U.S. dollar, weakening returns from the country as the Bank of Japan continued its low interest rate policy while other central banks raised interest rates. Japan’s gross domestic product shrank in the first quarter as supply chain disruptions dampened exports and production. Lockdowns in China, Japan’s largest export market, idled factories and warehouses and slowed deliveries of goods.

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

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


Security	Shares		Value

Common Stocks

Australia — 7.9%
Ampol Ltd.		326,133	$	7,726,580
APA Group		817,223		6,700,698
Aristocrat Leisure Ltd.		830,706		20,724,495
ASX Ltd.		274,883		17,085,287
Brambles Ltd.		1,980,499		15,940,445
Cochlear Ltd.		90,761		13,680,122
Coles Group Ltd.		1,841,472		24,252,806
Commonwealth Bank of Australia		1,176,102		83,523,707
Computershare Ltd.		750,396		13,257,237
CSL Ltd.		663,466		135,092,943
Domino’s Pizza Enterprises Ltd.		82,147		4,200,164
Endeavour Group Ltd./Australia		1,856,936		10,345,796
Evolution Mining Ltd.		2,549,904		4,710,382
Goodman Group		2,317,073		33,910,504
IDP Education Ltd.^(a)		289,670		5,828,124
Macquarie Group Ltd.		330,371		42,281,993
Medibank Pvt Ltd.		1,913,200		4,600,351
Mineral Resources Ltd.		235,254		8,964,139
National Australia Bank Ltd.		4,450,002		96,104,505
Newcrest Mining Ltd.		1,227,976		16,548,519
Northern Star Resources Ltd.		1,599,921		8,792,572
Orica Ltd.		566,514		6,714,454
Qantas Airways Ltd.^(b)		649,555		2,093,093
QBE Insurance Group Ltd.		1,023,834		8,278,439
Ramsay Health Care Ltd.		164,671		8,135,037
REA Group Ltd.		73,244		6,461,902
Reece Ltd.^(a)		315,436		3,406,810
SEEK Ltd.		466,380		7,554,020
Sonic Healthcare Ltd.		629,188		15,151,800
Telstra Corp. Ltd.		1,996,355		5,456,057
Transurban Group		4,229,125		43,228,795
Treasury Wine Estates Ltd.		997,969		8,602,528
Washington H Soul Pattinson & Co. Ltd.		298,115		5,397,270
Wesfarmers Ltd.		1,562,459		51,194,769
WiseTech Global Ltd.		203,428		7,204,324
Woolworths Group Ltd.		1,669,781		43,930,405


				797,081,072

Austria — 0.1%
Verbund AG		94,095		10,347,203


Belgium — 0.8%
Anheuser-Busch InBev SA/NV		598,166		32,042,433
D’ieteren Group		34,508		5,663,663
Elia Group SA/NV		45,752		6,945,690
Groupe Bruxelles Lambert SA		91,546		8,103,201
Sofina SA		21,409		5,013,757
UCB SA		87,508		6,837,765
Umicore SA		287,999		10,432,005
Warehouses De Pauw CVA		206,095		7,006,034


				82,044,548

Denmark — 4.8%
AP Moller-Maersk A/S, Class A		2,751		7,369,860
Carlsberg A/S, Class B		48,693		6,298,045
Chr Hansen Holding A/S		145,885		9,548,583
Coloplast A/S, Class B		163,771		19,167,580
Demant A/S^(b)		133,332		5,079,379
DSV A/S		264,443		44,558,884
Genmab A/S^(b)		90,543		32,217,002


Security	Shares		Value

Denmark (continued)
GN Store Nord A/S		179,557	$	6,252,911
Novo Nordisk A/S, Class B		2,319,120		270,116,610
Novozymes A/S, Class B		283,600		18,116,442
Orsted A/S^(c)		91,496		10,651,656
Pandora A/S		131,382		9,760,593
Rockwool A/S, Class B		12,316		3,051,893
Tryg A/S		249,660		5,692,583
Vestas Wind Systems A/S		1,391,041		36,561,739


				484,443,760

Finland — 0.8%
Elisa OYJ		69,317		3,833,582
Kesko OYJ, Class B		377,671		9,340,999
Kone OYJ, Class B		162,420		7,422,827
Neste OYJ		582,857		29,971,255
Nokia OYJ		2,616,328		13,627,353
Orion OYJ, Class B		52,132		2,488,651
Stora Enso OYJ, Class R		760,744		11,765,429


				78,450,096

France — 13.5%
Accor SA^(b)		153,738		3,989,333
Aeroports de Paris^(b)		26,883		3,714,473
Air Liquide SA		720,248		99,021,401
Airbus SE		812,412		87,595,631
BioMerieux		57,420		6,214,988
Bureau Veritas SA		406,595		11,214,137
Capgemini SE		225,549		43,020,501
Cie. de Saint-Gobain		343,327		16,009,276
Dassault Aviation SA		34,759		4,971,323
Dassault Systemes SE		918,622		39,401,231
Edenred		344,173		17,666,572
Eiffage SA^(a)		57,803		5,424,175
EssilorLuxottica SA		257,412		40,357,655
Eurofins Scientific SE		185,753		14,481,000
Getlink SE		601,833		12,045,281
Hermes International		43,604		59,822,238
Ipsen SA		52,368		5,297,397
Kering SA		103,198		59,079,922
La Francaise des Jeux SAEM^(c)		143,370		5,120,893
Legrand SA		368,430		30,162,855
L’Oreal SA		331,837		125,453,407
LVMH Moet Hennessy Louis Vuitton SE		382,327		265,470,279
Pernod Ricard SA		288,459		56,666,138
Remy Cointreau SA		31,885		6,299,111
Safran SA		470,605		51,726,798
Sartorius Stedim Biotech		37,823		15,130,689
Schneider Electric SE		744,676		102,991,542
SEB SA		12,351		1,039,836
Sodexo SA		122,299		9,937,232
Teleperformance		80,915		27,058,051
Thales SA		147,084		18,291,309
Ubisoft Entertainment SA^(b)		65,618		2,793,647
Valeo		186,604		4,008,258
Veolia Environnement SA		916,226		22,915,583
Vinci SA		735,818		70,534,587
Vivendi SE		996,161		9,456,887
Wendel SE		36,484		3,357,974
Worldline SA/France^(b)(c)		328,968		14,520,031


				1,372,261,641


Security	Shares		Value

Germany — 4.9%
adidas AG		238,064	$	41,183,042
Bechtle AG		111,437		5,154,391
Beiersdorf AG		139,049		14,339,390
Brenntag SE		211,834		14,880,298
Carl Zeiss Meditec AG, Bearer		55,699		8,128,702
Delivery Hero SE^(b)(c)		144,746		6,983,467
Deutsche Boerse AG		267,656		46,723,450
Deutsche Lufthansa AG, Registered^(a)(b)		541,664		3,334,404
Deutsche Post AG, Registered		478,304		19,103,396
Deutsche Telekom AG, Registered		2,231,699		42,399,993
E.ON SE		1,086,637		9,767,889
GEA Group AG		212,403		7,928,491
HelloFresh SE^(b)		228,741		6,322,339
Infineon Technologies AG		1,799,055		49,338,122
Knorr-Bremse AG		65,636		3,910,301
Merck KGaA		178,029		33,907,514
MTU Aero Engines AG		73,718		14,250,675
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		96,639		21,908,640
Nemetschek SE		80,167		5,366,905
Puma SE		145,947		9,854,890
QIAGEN NV^(b)		318,358		15,955,075
Rational AG		7,082		4,936,474
Rheinmetall AG		59,657		10,939,726
SAP SE		503,290		46,943,221
Scout24 SE^(c)		111,167		6,355,248
Siemens Healthineers AG^(c)		389,399		19,954,217
Symrise AG		183,048		21,359,066
Zalando SE^(b)(c)		307,998		8,671,104


				499,900,430

Hong Kong — 3.1%
AIA Group Ltd.		16,760,600		168,387,773
Budweiser Brewing Co. APAC Ltd.^(c)		2,536,000		7,022,019
ESR Group Ltd.^(b)(c)		2,969,800		7,722,745
Futu Holdings Ltd., ADR^(b)		116,405		4,842,448
Galaxy Entertainment Group Ltd.		3,090,000		18,382,635
Hong Kong Exchanges & Clearing Ltd.		1,417,700		65,058,869
Sands China Ltd.^(b)		3,758,800		8,816,416
SITC International Holdings Co. Ltd.		1,344,000		4,576,220
Techtronic Industries Co. Ltd.		1,981,500		21,987,954
WH Group Ltd.^(c)		4,676,500		3,541,686
Xinyi Glass Holdings Ltd.^(a)		1,114,000		2,197,179


				312,535,944

Ireland — 0.7%
Flutter Entertainment PLC, Class DI^(b)		229,142		23,005,721
James Hardie Industries PLC		614,901		15,186,030
Kerry Group PLC, Class A		219,369		23,154,642
Kingspan Group PLC		212,908		13,781,125


				75,127,518

Israel — 0.7%
Azrieli Group Ltd.		20,945		1,678,887
Check Point Software Technologies Ltd.^(a)(b)		142,396		17,742,542
Elbit Systems Ltd.		36,755		8,480,605
ICL Group Ltd.		979,026		8,921,293
Israel Discount Bank Ltd., Class A		603,290		3,430,222
Kornit Digital Ltd.^(a)(b)		65,620		1,785,520
Mizrahi Tefahot Bank Ltd.		107,068		3,980,364
Nice Ltd.^(b)		87,101		18,595,829
Tower Semiconductor Ltd.^(b)		151,051		7,200,289


Security	Shares		Value

Israel (continued)
Wix.com Ltd.^(a)(b)		39,816	$	2,362,283


				74,177,834

Italy — 1.0%
Amplifon SpA		172,754		5,712,652
Atlantia SpA		240,572		5,559,772
DiaSorin SpA		34,924		4,855,918
Ferrari NV		173,603		36,866,721
FinecoBank Banca Fineco SpA		297,483		3,697,108
Infrastrutture Wireless Italiane SpA^(c)		466,882		4,906,171
Moncler SpA		281,166		14,094,533
Nexi SpA^(b)(c)		726,469		6,597,820
Prysmian SpA		352,545		11,209,836
Recordati Industria Chimica e Farmaceutica SpA		144,871		6,424,926
Telecom Italia SpA/Milano^(a)(b)		9,103,120		2,019,613


				101,945,070

Japan — 21.9%
Advantest Corp.		261,700		15,565,126
Aeon Co. Ltd.		449,900		9,073,094
Ajinomoto Co. Inc.		642,200		16,900,121
ANA Holdings Inc.^(b)		111,000		2,072,223
Asahi Intecc Co. Ltd.		298,200		5,516,707
Astellas Pharma Inc.		897,800		14,060,791
Azbil Corp.		157,900		4,753,286
Bandai Namco Holdings Inc.		274,900		21,475,848
Capcom Co. Ltd.		241,200		6,704,764
Chubu Electric Power Co. Inc.		312,100		3,329,299
Chugai Pharmaceutical Co. Ltd.		925,500		25,999,872
CyberAgent Inc.		587,500		5,862,309
Daifuku Co. Ltd.		140,400		8,952,820
Daiichi Sankyo Co. Ltd.		2,414,100		64,009,145
Daikin Industries Ltd.		343,900		60,312,573
Denso Corp.		594,500		32,516,214
Disco Corp.		38,800		9,479,992
East Japan Railway Co.		143,900		7,512,582
Eisai Co. Ltd.		347,300		15,904,545
FANUC Corp.		263,700		45,477,824
Fast Retailing Co. Ltd.		80,400		48,689,459
Fuji Electric Co. Ltd.		60,800		2,746,086
Fujitsu Ltd.		270,200		36,223,646
GLP J-Reit		2,949		3,878,389
GMO Payment Gateway Inc.		58,000		4,819,969
Hakuhodo DY Holdings Inc.		162,900		1,675,532
Hamamatsu Photonics KK		194,800		8,851,882
Hankyu Hanshin Holdings Inc.		315,800		9,160,324
Hikari Tsushin Inc.		8,500		936,600
Hirose Electric Co. Ltd.		27,600		3,965,166
Hitachi Construction Machinery Co. Ltd.		147,800		3,260,743
Hitachi Metals Ltd.^(b)		193,600		2,976,959
Hoshizaki Corp.		76,600		2,285,132
Hoya Corp.		508,200		50,917,389
Ibiden Co. Ltd.		151,900		4,482,803
Isuzu Motors Ltd.		282,600		3,099,727
Ito En Ltd.		73,400		3,458,703
ITOCHU Corp.		1,061,300		30,894,083
Itochu Techno-Solutions Corp.		134,200		3,596,519
Japan Airlines Co. Ltd.^(b)		65,600		1,136,403
Japan Exchange Group Inc.		753,700		11,984,381
JSR Corp.		163,800		4,536,923
Kakaku.com Inc.		182,500		3,574,562


Security	Shares		Value

Japan (continued)
Kao Corp.		229,600	$	9,986,313
Keio Corp.		142,211		5,445,273
Keisei Electric Railway Co. Ltd.		192,000		5,264,031
Keyence Corp.		267,448		106,000,901
Kikkoman Corp.		200,800		11,906,378
Kintetsu Group Holdings Co. Ltd.		83,400		2,756,115
Kobayashi Pharmaceutical Co. Ltd.		73,500		4,896,562
Kobe Bussan Co. Ltd.		207,000		5,900,566
Koei Tecmo Holdings Co. Ltd.		81,850		2,857,411
Koito Manufacturing Co. Ltd.		144,200		4,740,098
Komatsu Ltd.		1,274,600		29,466,676
Konami Group Corp.		125,300		7,405,910
Kose Corp.		45,900		4,097,121
Kubota Corp.		492,400		8,175,484
Kurita Water Industries Ltd.		143,900		5,836,519
Kyowa Kirin Co. Ltd.		184,400		4,347,272
Lasertec Corp.		105,700		15,133,075
M3 Inc.		608,400		21,196,601
Makita Corp.		109,200		2,668,679
McDonald’s Holdings Co. Japan Ltd.		119,000		4,466,717
MINEBEA MITSUMI Inc.		499,400		8,983,269
MISUMI Group Inc.		389,900		9,700,049
Mitsubishi Heavy Industries Ltd.		440,500		16,356,849
Mitsui & Co. Ltd.		962,200		21,228,309
Mitsui Fudosan Co. Ltd.		1,254,300		28,032,869
MonotaRO Co. Ltd.		345,900		6,176,160
Murata Manufacturing Co. Ltd.		792,100		46,267,112
NEC Corp.		331,100		12,222,368
Nexon Co. Ltd.		679,500		15,426,078
Nidec Corp.		616,600		42,850,029
Nihon M&A Center Holdings Inc.		419,500		5,613,764
Nintendo Co. Ltd.		151,400		67,702,000
Nippon Paint Holdings Co. Ltd.		1,145,700		8,757,930
Nippon Prologis REIT Inc.		1,469		3,820,143
Nippon Sanso Holdings Corp.		237,800		4,009,945
Nippon Shinyaku Co. Ltd.		66,400		4,109,601
Nissan Chemical Corp.		176,400		9,019,884
Nissin Foods Holdings Co. Ltd.		86,300		6,250,370
Nitori Holdings Co. Ltd.		110,200		11,659,003
Nitto Denko Corp.		197,000		12,685,867
Nomura Research Institute Ltd.		463,170		13,915,618
NTT Data Corp.		870,100		13,168,963
Obic Co. Ltd.		95,400		15,251,563
Odakyu Electric Railway Co. Ltd.		406,400		5,828,757
Olympus Corp.		1,697,900		36,338,719
Omron Corp.		256,400		14,339,938
Ono Pharmaceutical Co. Ltd.		507,400		14,267,529
Open House Group Co. Ltd.		113,500		4,951,461
Oracle Corp. Japan		53,800		3,355,409
Oriental Land Co. Ltd./Japan		274,200		41,631,430
Otsuka Corp.		79,800		2,488,618
Otsuka Holdings Co. Ltd.		535,900		19,143,929
Pan Pacific International Holdings Corp.		524,300		8,163,597
Persol Holdings Co. Ltd.		242,900		5,028,462
Rakuten Group Inc.		606,200		3,005,259
Recruit Holdings Co. Ltd.		1,985,200		74,192,942
Renesas Electronics Corp.^(b)		1,606,200		15,298,810
Rohm Co. Ltd.		120,000		8,905,273
SCSK Corp.		140,800		2,479,523
Secom Co. Ltd.		186,100		12,429,631


Security	Shares		Value

Japan (continued)
Sekisui Chemical Co. Ltd.		182,200	$	2,563,456
SG Holdings Co. Ltd.		398,500		7,605,186
Shimadzu Corp.		325,400		11,577,383
Shimano Inc.		100,000		16,704,621
Shin-Etsu Chemical Co. Ltd.		517,500		66,288,765
Shionogi & Co. Ltd.		181,300		9,299,139
Shiseido Co. Ltd.		549,000		22,582,136
SMC Corp.		78,900		38,884,782
Sony Group Corp.		1,735,300		147,201,870
Square Enix Holdings Co. Ltd.		117,900		5,470,535
SUMCO Corp.		480,900		6,729,099
Sumitomo Metal Mining Co. Ltd.		223,000		7,011,968
Suntory Beverage & Food Ltd.		94,600		3,732,674
Sysmex Corp.		231,300		16,193,735
T&D Holdings Inc.		367,100		4,154,852
TDK Corp.		533,500		16,802,394
Terumo Corp.		886,500		30,268,293
TIS Inc.		312,700		8,866,334
Tobu Railway Co. Ltd.		260,400		6,183,167
Toho Co. Ltd./Tokyo		98,300		3,903,566
Tokio Marine Holdings Inc.		865,400		50,660,446
Tokyo Electric Power Co. Holdings Inc.^(b)		742,900		2,923,582
Tokyo Electron Ltd.		205,700		70,800,591
Tokyu Corp.		732,600		8,982,831
Toshiba Corp.		535,000		21,703,625
TOTO Ltd.		96,100		3,273,344
Trend Micro Inc/Japan		91,400		5,311,638
Unicharm Corp.		555,400		20,117,831
USS Co. Ltd.		150,300		2,949,264
Welcia Holdings Co. Ltd.		127,400		2,845,467
Yakult Honsha Co. Ltd.		176,400		10,742,670
Yamaha Corp.		193,600		8,257,824
Yamaha Motor Co. Ltd.		143,800		2,777,803
Yamato Holdings Co. Ltd.		402,400		7,041,598
Yaskawa Electric Corp.		329,400		11,536,870
Yokogawa Electric Corp.		204,400		3,624,680
Z Holdings Corp.		2,391,000		8,450,364
ZOZO Inc.		172,200		3,719,810


				2,217,979,440

Netherlands — 6.9%
Adyen NV^(b)(c)		29,813		53,626,784
Akzo Nobel NV		250,418		16,853,252
Argenx SE^(b)		43,359		15,839,104
ASM International NV		64,243		19,733,628
ASML Holding NV		559,786		321,741,413
Davide Campari-Milano NV		723,608		8,033,395
Euronext NV^(c)		124,291		10,127,052
Heineken Holding NV		49,108		3,880,453
Heineken NV		357,076		35,202,982
IMCD NV		78,801		12,619,892
JDE Peet’s NV		139,879		4,056,826
Just Eat Takeaway.com NV^(b)(c)		88,681		1,625,457
Koninklijke DSM NV		240,697		38,547,397
Koninklijke Philips NV		610,208		12,629,017
OCI NV		146,343		5,080,537
Prosus NV, Class N		1,143,127		74,571,877
Universal Music Group NV		1,004,767		22,744,406
Wolters Kluwer NV		361,510		39,260,803


				696,174,275


Security	Shares		Value

New Zealand — 0.3%
Auckland International Airport Ltd.^(b)		1,730,946	$	8,127,993
Fisher & Paykel Healthcare Corp. Ltd.		797,600		10,666,005
Xero Ltd.^(b)		185,753		12,237,164


				31,031,162

Norway — 0.4%
Adevinta ASA^(b)		406,921		3,094,372
Aker BP ASA		412,290		14,325,572
Kongsberg Gruppen ASA		124,298		4,580,223
Mowi ASA		570,007		13,152,962
Salmar ASA		81,691		5,851,421


				41,004,550

Portugal — 0.1%
Jeronimo Martins SGPS SA		391,726		9,067,260


Singapore — 1.4%
Capitaland Investment Ltd/Singapore		3,591,000		10,217,573
DBS Group Holdings Ltd.		1,248,500		28,488,706
Genting Singapore Ltd.		8,396,100		4,903,641
Grab Holdings Ltd., Class A^(a)(b)		1,509,133		4,451,942
Sea Ltd., ADR^(a)(b)		495,295		37,800,914
Singapore Airlines Ltd.^(a)(b)		1,206,800		4,774,281
Singapore Exchange Ltd.		657,000		4,709,764
Singapore Technologies Engineering Ltd.		2,161,100		6,301,248
Singapore Telecommunications Ltd.		11,388,800		21,537,050
United Overseas Bank Ltd.		570,900		11,390,216
Venture Corp. Ltd.^(a)		382,600		4,874,408


				139,449,743

Spain — 1.4%
Acciona SA		34,189		7,035,087
Aena SME SA^(b)(c)		103,572		13,100,785
Amadeus IT Group SA^(b)		402,034		23,442,684
Cellnex Telecom SA^(c)		748,878		33,496,626
EDP Renovaveis SA		259,586		6,751,645
Ferrovial SA		432,744		11,588,072
Industria de Diseno Textil SA		1,503,161		36,507,203
Repsol SA		702,544		8,752,472
Siemens Gamesa Renewable Energy SA^(b)		330,489		6,080,752


				146,755,326

Sweden — 4.5%
Alfa Laval AB		405,734		12,132,181
Assa Abloy AB, Class B		1,380,628		32,618,746
Atlas Copco AB, Class A		3,701,085		43,263,313
Atlas Copco AB, Class B		2,163,409		22,472,818
Embracer Group AB^(a)(b)		884,890		6,743,325
Epiroc AB, Class A		909,700		16,085,028
Epiroc AB, Class B		539,678		8,572,019
EQT AB		448,985		12,186,932
Evolution AB^(c)		251,750		24,427,499
Fastighets AB Balder, Class B^(b)		875,520		5,592,887
Getinge AB, Class B		316,779		7,148,409
Hexagon AB, Class B		2,683,181		31,593,228
Holmen AB, Class B		84,968		3,491,499
Industrivarden AB, Class A		114,281		2,981,824
Industrivarden AB, Class C		135,372		3,492,631
Indutrade AB		373,288		8,773,595
Investment AB Latour, Class B		205,676		5,117,492
Investor AB, Class A		688,734		14,160,559
Investor AB, Class B		2,508,840		46,819,268
Kinnevik AB, Class B^(b)		329,926		5,942,585


Security	Shares		Value

Sweden (continued)
L E Lundbergforetagen AB, Class B		37,323	$	1,771,330
Lifco AB, Class B		323,291		6,293,181
Nibe Industrier AB, Class B		2,085,139		21,005,909
Sagax AB, Class B		263,721		6,796,642
Sandvik AB		1,470,834		27,101,851
Sinch AB^(a)(b)(c)		778,326		1,973,354
Svenska Cellulosa AB SCA, Class B		413,659		6,047,520
Swedish Match AB		2,177,964		22,800,060
Swedish Orphan Biovitrum AB^(b)		234,452		5,148,796
Telefonaktiebolaget LM Ericsson, Class B		4,022,358		30,595,034
Volvo AB, Class A		278,063		5,181,294
Volvo Car AB, Class B^(a)(b)		825,930		6,149,690


				454,480,499

Switzerland — 14.5%
ABB Ltd., Registered		1,470,303		44,696,623
Alcon Inc.		688,134		54,158,954
Bachem Holding AG, Class A		43,279		2,918,453
Barry Callebaut AG, Registered		4,920		10,901,058
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		1,469		16,245,174
Chocoladefabriken Lindt & Spruengli AG, Registered		149		17,182,991
Cie. Financiere Richemont SA, Class A, Registered		719,486		86,753,823
Clariant AG, Registered		195,352		3,660,025
Credit Suisse Group AG, Registered		1,449,388		8,430,460
EMS-Chemie Holding AG, Registered		9,694		7,697,857
Geberit AG, Registered		49,244		25,935,665
Givaudan SA, Registered		12,726		44,484,454
Kuehne + Nagel International AG, Registered		74,894		20,170,551
Logitech International SA, Registered		238,831		13,437,149
Lonza Group AG, Registered		102,709		62,421,530
Nestle SA, Registered		3,876,705		475,002,089
Partners Group Holding AG		31,764		34,678,218
Roche Holding AG, Bearer		36,816		15,008,581
Roche Holding AG, NVS		967,569		321,237,278
Schindler Holding AG, Participation Certificates, NVS		28,232		5,518,193
Schindler Holding AG, Registered		21,228		4,030,916
SGS SA, Registered		4,385		10,701,450
Siemens Energy AG^(b)		297,798		4,948,654
Sika AG, Registered		199,851		49,380,675
Sonova Holding AG, Registered		73,970		26,642,645
STMicroelectronics NV		941,406		35,626,121
Straumann Holding AG		153,217		20,722,674
Swiss Re AG		207,992		15,607,054
Temenos AG, Registered		87,990		6,983,987
VAT Group AG^(c)		37,319		10,866,224
Vifor Pharma AG^(b)		59,522		10,399,232


				1,466,448,758

United Kingdom — 9.9%
Ashtead Group PLC		611,996		34,449,076
Associated British Foods PLC		490,162		10,011,738
AstraZeneca PLC		1,066,866		140,336,842
Auto Trader Group PLC^(c)		1,301,437		10,033,446
AVEVA Group PLC		166,090		4,805,067
Barclays PLC		8,020,958		15,364,647
Bunzl PLC		464,215		17,422,291
Burberry Group PLC		550,026		12,091,529
CNH Industrial NV		1,411,191		18,179,890
Coca-Cola Europacific Partners PLC		283,549		15,345,672
Compass Group PLC		2,457,110		57,585,896


Security	Shares		Value

United Kingdom (continued)
Croda International PLC		192,239	$	17,580,256
Diageo PLC		3,188,601		151,049,949
Entain PLC^(b)		807,129		11,876,945
Experian PLC		1,269,050		44,432,300
Ferguson PLC		301,854		37,972,838
Halma PLC		523,305		14,737,774
Hikma Pharmaceuticals PLC		239,091		5,053,666
Informa PLC^(b)		2,059,518		14,978,140
InterContinental Hotels Group PLC		253,690		15,037,496
Intertek Group PLC		222,031		11,866,491
JD Sports Fashion PLC		3,551,395		5,640,900
London Stock Exchange Group PLC		458,527		44,748,878
Melrose Industries PLC		6,020,871		11,851,838
Next PLC		182,145		15,163,897
NMC Health PLC, NVS^(d)		50,450		1
Ocado Group PLC^(a)(b)		396,817		4,079,379
Prudential PLC		3,787,767		46,719,780
Reckitt Benckiser Group PLC		491,740		39,887,359
RELX PLC		2,664,286		78,888,018
Rentokil Initial PLC		2,560,498		16,906,861
Rolls-Royce Holdings PLC^(b)		11,523,029		12,593,966
Sage Group PLC (The)		911,099		7,851,954
Segro PLC		1,076,273		14,398,358
Severn Trent PLC		223,849		8,047,780
Smith & Nephew PLC		423,916		5,435,092
Spirax-Sarco Engineering PLC		101,284		14,778,240
Tesco PLC		3,678,595		11,797,753
Whitbread PLC		139,066		4,426,446

				1,003,428,449


Total Common Stocks — 99.6% (Cost: $10,010,508,784)				10,094,134,578


Preferred Stocks

Germany — 0.2%
Sartorius AG, Preference Shares, NVS		33,638		15,046,252


Total Preferred Stocks — 0.2% (Cost: $10,287,829)				15,046,252


Total Long-Term Investments — 99.8% (Cost: $10,020,796,613)				10,109,180,830


Security	Shares		Value

Short-Term Securities

Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.93%^(e)(f)(g)		30,383,933	$	30,380,895
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.81%^(e)(f)		2,190,000		2,190,000


Total Short-Term Securities — 0.3% (Cost: $32,565,899)				32,570,895


Total Investments in Securities — 100.1% (Cost: $10,053,362,512)				10,141,751,725

Liabilities in Excess of Other Assets — (0.1)%				(6,133,786	)


Net Assets — 100.0%			$	10,135,617,939

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

^(b)	Non-income producing security.

^(c)	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.

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

^(e)	Affiliate of the Fund.

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

^(g)	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 July 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

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

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

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

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

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


Security	Shares		Value

Common Stocks

Australia — 9.6%
APA Group		1,197,144	$	9,815,804
Aurizon Holdings Ltd.		3,734,684		10,570,259
Australia & New Zealand Banking Group Ltd.		5,704,460		92,191,265
Australia & New Zealand Banking Group Ltd., New		383,614		6,137,914
BHP Group Ltd.		10,212,034		279,455,945
BlueScope Steel Ltd.		993,651		11,671,801
Commonwealth Bank of Australia		1,721,078		122,226,487
Dexus		2,176,227		14,624,255
Fortescue Metals Group Ltd.		3,410,295		43,885,578
Glencore PLC		19,948,658		113,062,988
GPT Group (The)		3,847,247		12,377,361
Insurance Australia Group Ltd.		4,984,070		15,682,693
Lendlease Corp. Ltd.		1,383,312		10,021,594
Lottery Corp. Ltd. (The)^(a)		4,502,166		14,281,316
Macquarie Group Ltd.		257,980		33,017,149
Medibank Pvt Ltd.		2,816,896		6,773,317
Mirvac Group		7,918,644		11,996,635
Origin Energy Ltd.		3,666,053		15,391,424
Qantas Airways Ltd.^(a)		944,152		3,042,388
QBE Insurance Group Ltd.		1,498,345		12,115,203
Ramsay Health Care Ltd.		128,674		6,356,722
Rio Tinto Ltd.		748,761		51,877,567
Rio Tinto PLC		2,261,550		136,528,590
Santos Ltd.		6,489,601		33,735,411
Scentre Group		10,479,523		21,475,082
South32 Ltd.		9,340,957		25,459,844
Stockland		4,794,769		12,992,321
Suncorp Group Ltd.		2,549,322		20,132,731
Telstra Corp. Ltd.		5,368,629		14,672,512
Vicinity Centres		7,771,847		11,371,727
Westpac Banking Corp.		7,062,403		106,946,967
Woodside Energy Group Ltd.		3,801,111		85,830,906


				1,365,721,756

Austria — 0.2%
Erste Group Bank AG		694,214		17,600,182
OMV AG		301,467		12,839,456
voestalpine AG		239,246		5,387,013

				35,826,651

Belgium — 0.8%
Ageas SA/NV		328,387		14,332,547
Anheuser-Busch InBev SA/NV		872,550		46,740,578
Groupe Bruxelles Lambert SA		72,599		6,426,106
KBC Group NV		504,470		26,422,606
Proximus SADP		304,969		4,225,954
Solvay SA		151,731		13,326,977
UCB SA		128,115		10,010,746


				121,485,514

Denmark — 0.8%
AP Moller - Maersk A/S, Class A		2,182		5,845,523
AP Moller - Maersk A/S, Class B, NVS		10,737		29,315,587
Carlsberg A/S, Class B		131,995		17,072,483
Danske Bank A/S		1,393,493		19,487,021
Orsted A/S^(b)		254,511		29,629,313
Tryg A/S		362,248		8,259,741


				109,609,668

Finland — 1.7%
Elisa OYJ		185,674		10,268,715


Security	Shares		Value

Finland (continued)
Fortum OYJ		924,605	$	10,378,035
Kone OYJ, Class B		445,969		20,381,422
Nokia OYJ		7,094,476		36,952,145
Nordea Bank Abp		6,674,655		65,811,867
Orion OYJ, Class B		142,563		6,805,600
Sampo OYJ, Class A		1,001,985		43,288,489
UPM-Kymmene OYJ		1,076,498		34,113,962
Wartsila OYJ Abp		950,638		8,352,811


				236,353,046

France — 8.5%
Accor SA^(a)		122,747		3,185,150
Aeroports de Paris^(a)		21,556		2,978,432
Alstom SA		641,288		15,240,653
Amundi SA^(b)		124,600		6,765,133
ArcelorMittal SA		1,229,429		30,334,849
Arkema SA		120,425		11,408,528
AXA SA		3,907,709		90,043,420
BNP Paribas SA		2,240,879		105,875,458
Bollore SE		1,796,901		9,072,300
Bouygues SA		460,933		13,933,881
Carrefour SA		1,246,880		21,249,383
Cie Generale des Etablissements Michelin SCA		1,370,060		38,340,532
Cie. de Saint-Gobain		499,989		23,314,396
Covivio		94,928		6,003,586
Credit Agricole SA^(c)		2,512,458		23,149,359
Danone SA		1,317,782		72,661,386
Eiffage SA		83,628		7,847,566
Electricite de France SA^(c)		1,144,059		13,893,737
Engie SA		3,683,972		45,579,346
EssilorLuxottica SA		202,183		31,698,723
Eurazeo SE		87,484		6,248,764
Gecina SA		92,260		9,459,473
Klepierre SA		432,048		9,600,126
Orange SA		4,007,974		40,955,207
Publicis Groupe SA		458,235		24,385,132
Renault SA^(a)		389,771		11,523,336
Sanofi		2,294,033		227,966,135
SEB SA		33,425		2,814,065
Societe Generale SA		1,606,315		35,991,721
TotalEnergies SE		5,001,336		255,455,008
Ubisoft Entertainment SA^(a)		96,319		4,100,724
Unibail-Rodamco-Westfield^(a)		238,592		13,548,384
Valeo		144,743		3,109,083


				1,217,732,976

Germany — 9.3%
Allianz SE, Registered		823,952		149,634,698
Aroundtown SA^(c)		2,005,686		6,432,304
BASF SE		1,852,720		82,566,789
Bayer AG, Registered		1,981,758		115,596,413
Bayerische Motoren Werke AG		666,460		54,458,663
Commerzbank AG^(a)		2,150,761		14,735,139
Continental AG		222,366		15,841,610
Covestro AG^(b)		390,951		13,184,971
Daimler Truck Holding AG^(a)		909,271		24,845,790
Delivery Hero SE^(a)(b)		117,387		5,663,495
Deutsche Bank AG, Registered		4,174,100		36,510,651
Deutsche Lufthansa AG, Registered^(a)(c)		430,057		2,647,367
Deutsche Post AG, Registered		1,299,602		51,905,925
Deutsche Telekom AG, Registered		3,255,906		61,858,876


Security	Shares		Value

Germany (continued)
E.ON SE		2,943,169	$	26,456,440
Evonik Industries AG		421,097		8,981,867
Fresenius Medical Care AG & Co. KGaA		413,959		15,346,898
Fresenius SE & Co. KGaA		844,766		21,616,680
Hannover Rueck SE		121,802		17,277,251
HeidelbergCement AG		296,564		15,106,080
Henkel AG & Co. KGaA		210,314		13,261,306
KION Group AG		147,503		6,727,997
Knorr-Bremse AG		52,471		3,125,989
LEG Immobilien SE		147,397		13,390,317
Mercedes-Benz Group AG		1,618,536		95,451,512
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		141,552		32,090,687
RWE AG		1,295,771		53,305,356
SAP SE		1,369,179		127,707,032
Siemens AG, Registered		1,543,189		172,133,414
Telefonica Deutschland Holding AG		2,090,260		5,557,226
Uniper SE^(c)		186,678		1,247,270
United Internet AG, Registered		194,712		5,128,942
Volkswagen AG		59,269		11,739,269
Vonovia SE		1,409,768		46,973,177


				1,328,507,401

Hong Kong — 2.9%
BOC Hong Kong Holdings Ltd.		7,436,000		26,898,352
Chow Tai Fook Jewellery Group Ltd.^(c)		4,020,000		7,950,585
CK Asset Holdings Ltd.		4,026,500		28,506,521
CK Hutchison Holdings Ltd.		5,418,000		35,939,093
CK Infrastructure Holdings Ltd.		1,282,000		8,039,132
CLP Holdings Ltd.		3,323,500		28,181,849
Hang Lung Properties Ltd.		4,059,088		7,405,783
Hang Seng Bank Ltd.^(c)		1,535,800		24,773,399
Henderson Land Development Co. Ltd.		2,919,794		10,164,228
HK Electric Investments & HK Electric Investments Ltd., Class SS		5,420,500		4,902,680
HKT Trust & HKT Ltd., Class SS		7,613,000		10,666,690
Hong Kong & China Gas Co. Ltd.^(c)		23,184,650		24,486,055
Hongkong Land Holdings Ltd.		2,296,200		11,935,785
Jardine Matheson Holdings Ltd.		430,300		22,726,645
Link REIT		4,240,400		35,510,505
MTR Corp. Ltd.		3,131,000		16,580,224
New World Development Co. Ltd.		3,035,250		10,149,563
Power Assets Holdings Ltd.		2,804,000		18,359,876
Sino Land Co. Ltd.		6,952,000		10,329,539
SITC International Holdings Co. Ltd.		969,000		3,299,373
Sun Hung Kai Properties Ltd.		2,924,500		34,910,138
Swire Pacific Ltd., Class A		1,006,000		5,729,291
Swire Properties Ltd.		2,350,800		5,601,321
WH Group Ltd.^(b)		10,892,500		8,249,292
Wharf Real Estate Investment Co. Ltd.		3,377,419		15,033,592
Xinyi Glass Holdings Ltd.		2,406,000		4,745,433


				421,074,944

Ireland — 0.5%
CRH PLC		1,545,175		59,294,763
Smurfit Kappa Group PLC		503,812		18,261,874


				77,556,637

Israel — 0.8%
Azrieli Group Ltd.		56,840		4,556,121
Bank Hapoalim BM		2,606,346		24,291,155
Bank Leumi Le-Israel BM		3,107,140		30,212,614


Security	Shares		Value

Israel (continued)
CyberArk Software Ltd.^(a)(c)		80,546	$	10,481,451
Isracard Ltd.		1		3
Israel Discount Bank Ltd., Class A		1,617,543		9,197,121
Mizrahi Tefahot Bank Ltd.		159,332		5,923,333
Teva Pharmaceutical Industries Ltd., ADR^(a)(c)		2,228,822		20,906,350
Wix.com Ltd.^(a)(c)		56,502		3,352,264
ZIM Integrated Shipping Services Ltd.		170,536		8,496,103


				117,416,515

Italy — 3.1%
Assicurazioni Generali SpA		2,229,136		33,324,791
Atlantia SpA		651,084		15,046,965
Enel SpA		16,406,030		82,707,132
Eni SpA		5,090,980		61,196,527
FinecoBank Banca Fineco SpA		796,140		9,894,399
Intesa Sanpaolo SpA		33,244,387		59,035,658
Mediobanca Banca di Credito Finanziario SpA		1,226,408		10,518,546
Poste Italiane SpA^(b)		1,059,721		8,901,989
Snam SpA		4,177,854		20,962,517
Stellantis NV		4,406,285		63,275,363
Telecom Italia SpA/Milano^(a)(c)		6,989,946		1,550,785
Tenaris SA		955,987		13,378,114
Terna - Rete Elettrica Nazionale		2,838,768		21,733,050
UniCredit SpA		4,265,575		42,185,198


				443,711,034

Japan — 22.8%
Aeon Co. Ltd.		662,400		13,358,563
AGC Inc.		391,400		14,267,792
Aisin Corp.		296,200		8,796,720
ANA Holdings Inc.^(a)		160,600		2,998,189
Asahi Group Holdings Ltd.		921,100		32,023,276
Asahi Kasei Corp.		2,534,800		20,335,190
Astellas Pharma Inc.		2,440,300		38,218,477
Bridgestone Corp.		1,152,200		44,942,545
Brother Industries Ltd.		480,000		8,991,087
Canon Inc.		2,018,100		47,743,844
Central Japan Railway Co.		289,900		33,946,384
Chiba Bank Ltd. (The)		1,066,900		5,917,940
Chubu Electric Power Co. Inc.		851,200		9,080,100
Concordia Financial Group Ltd.		2,189,100		7,447,313
Dai Nippon Printing Co. Ltd.		446,400		9,850,855
Dai-ichi Life Holdings Inc.		2,024,400		35,214,190
Daito Trust Construction Co. Ltd.		124,800		11,831,359
Daiwa House Industry Co. Ltd.		1,204,800		29,768,282
Daiwa House REIT Investment Corp.		4,430		10,662,103
Daiwa Securities Group Inc.		2,754,800		12,716,776
Dentsu Group Inc.		437,800		15,293,034
East Japan Railway Co.		396,900		20,720,944
ENEOS Holdings Inc.		6,167,050		23,856,629
Fuji Electric Co. Ltd.		165,700		7,483,987
FUJIFILM Holdings Corp.		725,700		41,453,451
GLP J-Reit		4,288		5,639,380
Hakuhodo DY Holdings Inc.		239,000		2,458,270
Hikari Tsushin Inc.		27,600		3,041,194
Hirose Electric Co. Ltd.		22,190		3,187,936
Hitachi Ltd.		1,953,600		98,906,949
Hitachi Metals Ltd.^(a)		153,500		2,360,347
Honda Motor Co. Ltd.		3,288,600		84,277,536
Hoshizaki Corp.		109,400		3,263,622
Hulic Co. Ltd.		772,700		6,197,123


Security	Shares		Value

Japan (continued)
Idemitsu Kosan Co. Ltd.		423,183	$	11,004,790
Iida Group Holdings Co. Ltd.		294,900		4,828,224
Inpex Corp.		2,090,200		23,957,397
Isuzu Motors Ltd.		771,000		8,456,791
ITOCHU Corp.		835,800		24,329,855
Japan Airlines Co. Ltd.^(a)		191,400		3,315,662
Japan Metropolitan Fund Invest		14,050		11,449,216
Japan Post Bank Co. Ltd.^(c)		829,400		6,634,917
Japan Post Holdings Co. Ltd.		4,937,700		35,550,606
Japan Post Insurance Co. Ltd.		401,500		6,491,393
Japan Real Estate Investment Corp.		2,527		12,202,785
Japan Tobacco Inc.		2,420,900		43,468,740
JFE Holdings Inc.		997,400		11,245,533
JSR Corp.		127,400		3,528,718
Kajima Corp.		849,900		9,702,205
Kansai Electric Power Co. Inc. (The)		1,426,000		14,457,826
Kao Corp.		620,500		26,988,271
KDDI Corp.		3,254,400		104,343,608
Kintetsu Group Holdings Co. Ltd.		224,200		7,409,124
Kirin Holdings Co. Ltd.		1,659,300		27,292,747
Kubota Corp.		1,339,300		22,236,852
Kyocera Corp.		646,800		35,954,879
Kyowa Kirin Co. Ltd.		275,500		6,494,975
Lixil Corp.		599,000		12,396,446
Makita Corp.		292,700		7,153,135
Marubeni Corp.		3,144,100		29,247,255
Mazda Motor Corp.		1,154,900		9,735,311
MEIJI Holdings Co. Ltd.		230,100		12,013,522
Mitsubishi Chemical Group Corp.		2,590,100		14,565,496
Mitsubishi Corp.		2,547,100		75,697,970
Mitsubishi Electric Corp.		3,892,500		41,082,327
Mitsubishi Estate Co. Ltd.		2,385,500		35,428,509
Mitsubishi HC Capital Inc.		1,327,500		6,432,933
Mitsubishi UFJ Financial Group Inc.		24,111,400		135,855,484
Mitsui & Co. Ltd.		1,407,900		31,061,460
Mitsui Chemicals Inc.		370,200		7,797,979
Mitsui OSK Lines Ltd.		695,300		19,065,754
Mizuho Financial Group Inc.		4,865,620		58,029,201
MS&AD Insurance Group Holdings Inc.		898,408		29,136,573
NGK Insulators Ltd.		478,000		6,991,335
Nippon Building Fund Inc.		3,097		16,428,801
Nippon Express Holdings Inc.		154,800		9,250,136
Nippon Prologis REIT Inc.		2,147		5,583,286
Nippon Steel Corp.		1,623,800		24,162,516
Nippon Telegraph & Telephone Corp.		2,411,200		68,876,696
Nippon Yusen KK		324,600		25,497,756
Nissan Motor Co. Ltd.		4,690,800		17,838,460
Nisshin Seifun Group Inc.		405,830		4,995,541
Nomura Holdings Inc.		5,874,600		22,414,603
Nomura Real Estate Holdings Inc.		238,400		5,783,432
Nomura Real Estate Master Fund Inc.		8,528		10,683,795
Obayashi Corp.		1,305,900		9,604,158
Oji Holdings Corp.		1,633,000		6,808,229
ORIX Corp.		2,407,700		42,909,594
Osaka Gas Co. Ltd.		759,200		13,648,971
Otsuka Corp.		115,300		3,595,709
Panasonic Holdings Corp.		4,453,400		36,767,873
Rakuten Group Inc.		885,600		4,390,395
Resona Holdings Inc.		4,367,900		16,974,738
Ricoh Co. Ltd.		1,152,900		9,272,844


Security	Shares		Value

Japan (continued)
SBI Holdings Inc/Japan		501,500	$	10,174,145
SCSK Corp.		110,600		1,947,693
Secom Co. Ltd.		147,700		9,864,893
Seiko Epson Corp.		568,000		8,532,879
Sekisui Chemical Co. Ltd.		493,500		6,943,279
Sekisui House Ltd.		1,238,700		21,939,106
Seven & i Holdings Co. Ltd.		1,519,800		61,947,363
Sharp Corp./Japan		492,200		3,961,718
Shimizu Corp.		1,109,200		6,287,657
Shionogi & Co. Ltd.		268,000		13,746,107
Shizuoka Bank Ltd. (The)		897,700		5,432,357
SoftBank Corp.		5,793,400		66,984,748
SoftBank Group Corp.		2,433,300		102,215,084
Sompo Holdings Inc.		631,100		28,166,754
Subaru Corp.		1,237,100		21,526,659
Sumitomo Chemical Co. Ltd.		2,994,400		11,767,782
Sumitomo Corp.		2,271,200		31,932,963
Sumitomo Electric Industries Ltd.		1,446,300		16,124,491
Sumitomo Metal Mining Co. Ltd.		177,100		5,568,697
Sumitomo Mitsui Financial Group Inc.		2,633,500		82,618,400
Sumitomo Mitsui Trust Holdings Inc.		682,005		22,403,350
Sumitomo Realty & Development Co. Ltd.		625,800		17,280,254
Suntory Beverage & Food Ltd.		139,800		5,516,150
Suzuki Motor Corp.		743,400		24,368,154
T&D Holdings Inc.		532,700		6,029,119
Taisei Corp.		383,600		12,239,450
Takeda Pharmaceutical Co. Ltd.		3,031,800		88,953,593
Toho Co. Ltd./Tokyo		80,100		3,180,831
Tokyo Electric Power Co. Holdings Inc.^(a)		2,047,300		8,056,871
Tokyo Gas Co. Ltd.		802,700		15,765,756
Toppan Inc.		527,200		8,970,546
Toray Industries Inc.		2,787,600		15,268,625
Tosoh Corp.		522,700		6,813,498
TOTO Ltd.		142,300		4,847,002
Toyota Industries Corp.		296,400		18,047,633
Toyota Motor Corp.		21,392,780		347,226,722
Toyota Tsusho Corp.		429,800		14,668,833
Trend Micro Inc/Japan		134,500		7,816,360
USS Co. Ltd.		220,400		4,324,803
West Japan Railway Co.		442,800		16,264,361
Yamaha Motor Co. Ltd.		394,600		7,622,539
Yokogawa Electric Corp.		164,500		2,917,123
Z Holdings Corp.		1,870,800		6,611,853


				3,247,650,925

Malta — 0.0%
BGP Holdings PLC, NVS^(a)(d)		2,256,851		23


Netherlands — 2.1%
ABN AMRO Bank NV, CVA^(b)		858,977		8,759,756
Aegon NV		3,619,768		15,898,761
AerCap Holdings NV^(a)(c)		275,692		12,367,543
Argenx SE^(a)		34,050		12,438,513
EXOR NV		219,527		15,439,866
Heineken Holding NV		133,077		10,515,579
ING Groep NV		7,875,032		76,496,675
Just Eat Takeaway.com NV^(a)(b)		243,235		4,458,316
Koninklijke Ahold Delhaize NV		2,109,318		58,087,927
Koninklijke KPN NV		6,638,120		21,899,094
Koninklijke Philips NV		892,670		18,474,921
NN Group NV		574,900		26,975,684


Security	Shares		Value

Netherlands (continued)
Randstad NV		244,926	$	12,379,290


				294,191,925

New Zealand — 0.2%
Mercury NZ Ltd.		1,394,052		5,332,132
Meridian Energy Ltd.		2,620,831		8,224,808
Spark New Zealand Ltd.		3,754,622		12,073,268


				25,630,208

Norway — 1.3%
DNB Bank ASA		1,874,290		36,971,810
Equinor ASA		1,971,342		75,904,322
Gjensidige Forsikring ASA		409,236		8,559,478
Norsk Hydro ASA		2,717,344		18,410,632
Orkla ASA		1,520,491		13,125,290
Telenor ASA		1,405,455		17,068,053
Yara International ASA		338,949		14,445,107


				184,484,692

Portugal — 0.3%
EDP - Energias de Portugal SA		5,677,587		28,722,360
Galp Energia SGPS SA		1,015,277		10,716,837


				39,439,197

Singapore — 1.5%
Ascendas Real Estate Investment Trust		6,884,200		14,817,954
CapitaLand Integrated Commercial Trust		10,884,904		17,195,099
City Developments Ltd.		839,300		4,715,384
DBS Group Holdings Ltd.		1,829,300		41,741,601
Keppel Corp. Ltd.		2,983,700		14,907,111
Mapletree Commercial Trust		4,648,100		6,402,628
Mapletree Logistics Trust^(c)		6,673,300		8,517,085
Oversea-Chinese Banking Corp. Ltd.^(c)		6,830,500		57,886,421
Singapore Airlines Ltd.^(a)(c)		962,600		3,808,190
Singapore Exchange Ltd.		260,500		1,867,418
United Overseas Bank Ltd.		1,547,700		30,878,679
UOL Group Ltd.		970,100		5,241,332
Wilmar International Ltd.		3,936,400		11,470,300


				219,449,202

Spain — 3.3%
ACS Actividades de Construccion y Servicios SA		477,973		11,489,350
Amadeus IT Group SA^(a)		334,555		19,507,969
Banco Bilbao Vizcaya Argentaria SA		13,604,347		61,650,401
Banco Santander SA		35,233,520		88,149,699
CaixaBank SA		8,962,243		26,911,232
EDP Renovaveis SA		206,192		5,362,906
Enagas SA		186,158		3,674,509
Endesa SA		702,226		12,871,395
Ferrovial SA		382,193		10,234,411
Grifols SA^(c)		665,951		9,717,306
Iberdrola SA		11,797,891		125,983,465
Iberdrola SA, NVS		333,436		3,554,424
Naturgy Energy Group SA^(c)		335,246		9,833,465
Red Electrica Corp. SA		389,421		7,656,166
Repsol SA		1,908,384		23,775,133
Telefonica SA		11,195,637		49,973,860


				470,345,691

Sweden — 2.2%
Boliden AB		552,416		18,461,117
Electrolux AB, Class B		461,297		6,653,665
Essity AB, Class B		1,228,268		31,265,655
H & M Hennes & Mauritz AB, Class B		1,475,284		18,875,577


Security	Shares		Value

Sweden (continued)
Holmen AB, Class B		67,921	$	2,791,005
Husqvarna AB, Class B		841,224		6,704,330
Industrivarden AB, Class A		95,959		2,503,766
Industrivarden AB, Class C		108,133		2,789,858
L E Lundbergforetagen AB, Class B		100,988		4,792,838
Securitas AB, Class B		640,498		6,476,919
Skandinaviska Enskilda Banken AB, Class A		3,279,443		35,527,606
Skanska AB, Class B		683,321		11,657,424
SKF AB, Class B		776,532		13,068,597
Svenska Cellulosa AB SCA, Class B		615,042		8,991,654
Svenska Handelsbanken AB, Class A		2,930,089		26,347,099
Swedbank AB, Class A		1,819,234		25,196,672
Tele2 AB, Class B		1,161,076		13,263,707
Telia Co. AB		5,365,367		19,821,526
Volvo AB, Class B		3,031,742		54,431,964


				309,620,979

Switzerland — 6.7%
ABB Ltd., Registered		1,159,473		35,247,515
Adecco Group AG, Registered		324,698		11,438,138
Baloise Holding AG, Registered		92,717		14,772,513
Clariant AG, Registered		155,785		2,918,716
Coca-Cola HBC AG, Class DI		411,170		10,119,555
Credit Suisse Group AG, Registered		3,511,798		20,426,603
Holcim AG		1,114,132		52,240,139
Julius Baer Group Ltd.		446,937		23,111,132
Novartis AG, Registered		4,419,821		379,793,582
Schindler Holding AG, Participation Certificates, NVS		40,999		8,013,616
Schindler Holding AG, Registered		17,070		3,241,367
SGS SA, Registered		6,444		15,726,372
Siemens Energy AG^(a)		443,624		7,371,916
Swatch Group AG (The), Bearer		59,316		15,790,916
Swatch Group AG (The), Registered		107,966		5,391,681
Swiss Life Holding AG, Registered		63,594		33,688,048
Swiss Prime Site AG, Registered		155,475		14,158,111
Swiss Re AG		303,225		22,753,033
Swisscom AG, Registered		52,076		28,154,229
UBS Group AG, Registered		7,095,111		115,936,402
Zurich Insurance Group AG		303,519		132,494,641


				952,788,225

United Kingdom — 20.1%
3i Group PLC		1,976,132		30,704,640
abrdn PLC		4,057,996		8,227,272
Admiral Group PLC		364,738		8,524,503
Anglo American PLC		2,564,283		92,685,621
Antofagasta PLC		799,069		11,369,698
AstraZeneca PLC		1,562,840		205,577,860
Aviva PLC		5,707,380		27,639,834
BAE Systems PLC		6,347,396		59,657,513
Barclays PLC		21,972,090		42,088,914
Barratt Developments PLC		2,071,485		12,701,715
Berkeley Group Holdings PLC		227,363		11,782,737
BP PLC		39,282,643		192,259,455
British American Tobacco PLC		4,391,877		172,089,692
British Land Co. PLC (The)		1,787,449		10,747,461
BT Group PLC		13,961,157		27,563,829
DCC PLC		199,753		13,041,735
GSK PLC		8,204,158		172,371,023
Haleon PLC^(a)		10,230,227		36,353,520
Hargreaves Lansdown PLC		735,997		7,619,603


Security	Shares		Value

United Kingdom (continued)
HSBC Holdings PLC		40,855,117	$	255,914,692
Imperial Brands PLC		1,822,886		40,023,886
J Sainsbury PLC		3,553,462		9,585,714
Johnson Matthey PLC		376,470		9,842,614
Kingfisher PLC		4,151,263		13,134,060
Land Securities Group PLC		1,427,722		12,758,165
Legal & General Group PLC		12,019,249		38,383,675
Lloyds Banking Group PLC		143,213,572		79,291,352
M&G PLC		5,265,939		13,726,733
Mondi PLC		981,004		18,616,724
National Grid PLC		7,352,934		101,246,912
NatWest Group PLC		11,363,143		34,512,776
Ocado Group PLC^(a)		591,156		6,077,233
Pearson PLC		1,379,560		12,768,175
Persimmon PLC		645,663		14,892,999
Phoenix Group Holdings PLC		1,506,236		11,867,060
Reckitt Benckiser Group PLC		719,518		58,363,511
Sage Group PLC (The)		732,113		6,309,432
Schroders PLC		256,646		9,308,987
Segro PLC		854,131		11,426,547
Severn Trent PLC		178,933		6,432,968
Shell PLC		15,348,707		409,446,904
Smith & Nephew PLC		1,155,570		14,815,741
Smiths Group PLC		783,559		14,787,476
SSE PLC		2,151,190		46,462,246
St. James’s Place PLC		1,110,791		16,685,267
Standard Chartered PLC		5,265,257		36,291,777
Taylor Wimpey PLC		7,399,765		11,517,575
Tesco PLC		9,999,566		32,069,964
Unilever PLC		5,166,273		251,612,412
United Utilities Group PLC		1,377,974		18,308,500
Vodafone Group PLC		54,345,601		80,086,784
Whitbread PLC		202,932		6,459,289
WPP PLC		2,294,987		24,768,380


				2,870,803,155


Total Common Stocks — 98.7% (Cost: $15,413,175,036)				14,089,400,364


Preferred Stocks

Germany — 0.8%
Bayerische Motoren Werke AG, Preference Shares, NVS		116,049		8,811,031


Security	Shares		Value

Germany (continued)
Henkel AG & Co. KGaA, Preference Shares, NVS		359,457	$	22,963,298
Porsche Automobil Holding SE, Preference Shares, NVS		309,049		22,369,495
Volkswagen AG, Preference Shares, NVS		373,563		52,818,014


				106,961,838


Total Preferred Stocks — 0.8% (Cost: $142,869,027)				106,961,838


Total Long-Term Investments — 99.5% (Cost: $15,556,044,063)				14,196,362,202


Short-Term Securities

Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.93%^(e)(f)(g)		57,877,939		57,872,151
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.81%^(e)(f)		3,960,000		3,960,000


Total Short-Term Securities — 0.4% (Cost: $61,825,185)				61,832,151


Total Investments in Securities — 99.9% (Cost: $15,617,869,248)				14,258,194,353

Other Assets Less Liabilities — 0.1%				15,119,098


Net Assets — 100.0%			$	14,273,313,451

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

^(e)	Affiliate of the Fund.

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

^(g)	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 July 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(18.92	)%		4.44	%		6.70	%		(18.92	)%		24.27	%		91.24	%
Fund Market		(18.82	)		4.44			6.80			(18.82	)		24.25			93.15
Index		(19.11	)		4.56			6.92			(19.11	)		24.97			95.30


Actual							Hypothetical 5% Return
	Beginning Account Value (02/01/22)		Ending Account Value (07/31/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (02/01/22)		Ending Account Value (07/31/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	877.10	$	1.72		$	1,000.00	$	1,023.00	$	1.86		0.37	%


	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(9.23	)%		0.32	%		4.31	%		(9.23	)%		1.63	%		52.50	%
Fund Market		(9.47	)		0.28			4.34			(9.47	)		1.40			52.95
Index		(9.89	)		0.27			4.40			(9.89	)		1.35			53.88


Actual							Hypothetical 5% Return
	Beginning Account Value (02/01/22)		Ending Account Value (07/31/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (02/01/22)		Ending Account Value (07/31/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	887.20	$	1.68		$	1,000.00	$	1,023.00	$	1.81		0.36	%


Affiliated Issuer	Value at 07/31/21		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 07/31/22		Shares Held at 07/31/22		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	9,848,791	$	20,560,457	^(a)	$	—		$	(27,633	)	$	(720	)	$	30,380,895		30,383,933	$	247,861	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		3,140,000		—			(950,000	)^(a)		—			—			2,190,000		2,190,000		10,711			—

									$	(27,633	)	$	(720	)	$	32,570,895			$	258,572		$	—


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		24
Statements of Operations		25
Statements of Changes in Net Assets		26
Financial Highlights		27
Notes to Financial Statements		29
Report of Independent Registered Public Accounting Firm		38
Important Tax Information		39
Board Review and Approval of Investment Advisory Contract		40
Supplemental Information		44
Trustee and Officer Information		45
General Information		48
Glossary of Terms Used in this Report		49


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


Fund Summary as of July 31, 2022		iShares^® MSCI EAFE Growth ETF


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


GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	^(a)
Japan	21.9	%
Switzerland	14.5
France	13.6
United Kingdom	9.9
Australia	7.9
Netherlands	6.9
Germany	5.1
Denmark	4.8
Sweden	4.5
Hong Kong	3.1


Fund Summary as of July 31, 2022		iShares^® MSCI EAFE Value ETF



Sector	Percent of Total Investments	^(a)
Financials	25.2	%
Industrials	10.5
Health Care	9.8
Materials	9.4
Consumer Discretionary	8.7
Energy	8.7
Consumer Staples	8.2
Communication Services	6.1
Utilities	6.1
Real Estate	4.7
Information Technology	2.6


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


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

Long Contracts
TOPIX Index		68		09/08/22	$ 9,881	$	3,986
Euro STOXX 50 Index		281		09/16/22	10,607		647,581
FTSE 100 Index		63		09/16/22	5,656		150,473

						$	802,040



		2022 Annual Report


	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)	$ —	$ —	$802,040	$ —	$ —	$ —	$802,040


Futures contracts
Average notional value of contracts — long		$38,713,496



	Level 1		Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	94,730,553	$	9,999,404,024	$	1	$	10,094,134,578
Preferred Stocks		—		15,046,252		—		15,046,252
Money Market Funds		32,570,895		—		—		32,570,895

	$	127,301,448	$	10,014,450,276	$	1	$	10,141,751,725

Derivative financial instruments^(a)
Assets
Futures Contracts	$	—	$	802,040	$	—	$	802,040