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:

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

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

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

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

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

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

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

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of July 31, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

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

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

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

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

For its investment advisory services to the iShares MSCI EAFE Growth ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund as follows:

For its investment advisory services to the iShares MSCI EAFE Value ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund as follows:

Prior to June 30, 2022, for its investment advisory services to the iShares MSCI EAFE Value ETF, BFA was entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund as follows:

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

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

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

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

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

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended July 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:

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

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

For the year ended July 31, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

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

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

For the year ended July 31, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

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

Management has analyzed tax laws and regulations and their application to the Funds as of July 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of July 31, 2022, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

As of July 31, 2022, the tax components of accumulated net earnings (losses) were as follows:

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

As of July 31, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

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

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

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

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

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

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

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

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

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

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

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

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

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

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

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

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

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also

pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

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

The Internal Revenue Service (“IRS”) has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which the iShares MSCI EAFE Growth ETF and iShares MSCI EAFE Value ETF are able to pass through to its shareholders as a foreign tax credit in the current year, the iShares MSCI EAFE Growth ETF and iShares MSCI EAFE Value ETF will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Fund.

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

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

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (two of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of July 31, 2022, the related statements of operations for the year ended July 31, 2022, the statements of changes in net assets for each of the two years in the period ended July 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended July 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of July 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended July 31, 2022 and each of the financial highlights for each of the five years in the period ended July 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

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

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended July 31, 2022:

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended July 31, 2022:

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

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

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

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

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

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

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

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

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

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

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

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

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

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

Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

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

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,

including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate, and the Board and BFA agreed during the June 13-15, 2022 meeting to revise the Advisory Agreement for the Fund to provide for one or more additional breakpoints, as the assets of the Fund increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

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

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

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 384 funds as of July 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

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

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

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

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

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

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

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

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


	Average Annual Total Returns									Cumulative Total Returns
	1 Year			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



Futures contracts
Average notional value of contracts — long	$	96,158,952


	iShares MSCI EAFE Growth ETF			iShares MSCI EAFE Value ETF


ASSETS
Investments, at value — unaffiliated^(a)(b)	$	10,109,180,830		$	14,196,362,202
Investments, at value — affiliated^(c)		32,570,895			61,832,151
Cash		1,689,515			5,173
Foreign currency, at value^(d)		9,558,862			27,882,221
Foreign currency collateral pledged for futures contracts^(e)		1,891,796			5,227,260
Receivables:
Investments sold		2,942,936			—
Securities lending income — affiliated		42,016			24,926
Variation margin on futures contracts		277,963			895,379
Capital shares sold		57,016,654			—
Dividends — unaffiliated		2,944,044			20,236,499
Dividends — affiliated		2,578			3,932
Tax reclaims		12,875,859			24,347,972

Total assets		10,230,993,948			14,336,817,715


LIABILITIES
Collateral on securities loaned, at value		30,428,409			57,887,488
Payables:
Investments purchased		62,130,399			417,361
Capital shares redeemed		—			95,520
Investment advisory fees		2,670,564			4,051,405
Professional fees		146,637			1,052,490

Total liabilities		95,376,009			63,504,264


NET ASSETS	$	10,135,617,939		$	14,273,313,451


NET ASSETS CONSIST OF
Paid-in capital	$	10,792,354,774		$	16,880,630,754
Accumulated loss		(656,736,835	)		(2,607,317,303	)

NET ASSETS	$	10,135,617,939		$	14,273,313,451


NET ASSET VALUE
Shares outstanding		116,800,000			322,000,000

Net asset value	$	86.78		$	44.33

Shares authorized		Unlimited			Unlimited

Par value		None			None


^(a)Investments, at cost — unaffiliated	$	10,020,796,613		$	15,556,044,063
^(b)Securities loaned, at value	$	29,756,623		$	52,858,858
^(c)Investments, at cost — affiliated	$	32,565,899		$	61,825,185
^(d)Foreign currency, at cost	$	9,412,481		$	27,416,039
^(e)Foreign currency collateral pledged, at cost	$	1,977,438		$	5,418,459


		iShares MSCI EAFE Growth ETF			iShares MSCI EAFE Value ETF


INVESTMENT INCOME
Dividends — unaffiliated	$	185,128,157		$	718,950,013
Dividends — affiliated		12,123			60,922
Securities lending income — affiliated — net		246,449			1,182,053
Other income — unaffiliated		22,511			3,677,266
Foreign taxes withheld		(16,433,538	)		(53,758,369	)
Foreign withholding tax claims		1,469,664			22,670,278

Total investment income		170,445,366			692,782,163


EXPENSES
Investment advisory fees		39,210,640			51,236,794
Professional fees		149,435			2,636,405

Total expenses		39,360,075			53,873,199

Net investment income		131,085,291			638,908,964


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(308,646,945	)		(385,322,970	)
Investments — affiliated		(27,633	)		(18,089	)
In-kind redemptions — unaffiliated^(a)		778,858,068			239,560,762
Futures contracts		(1,261,118	)		623,103
Foreign currency transactions		(3,845,210	)		(12,386,916	)

		465,077,162			(157,544,110	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(2,957,429,352	)		(2,041,390,828	)
Investments — affiliated		(720	)		(2,156	)
Futures contracts		1,059,818			3,579,132
Foreign currency translations		(793,097	)		(1,709,990	)

		(2,957,163,351	)		(2,039,523,842	)

Net realized and unrealized loss		(2,492,086,189	)		(2,197,067,952	)


NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(2,361,000,898	)	$	(1,558,158,988	)


	iShares MSCI EAFE Growth ETF						iShares MSCI EAFE Value ETF
		Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/22			Year Ended 07/31/21

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	131,085,291		$	112,261,025		$	638,908,964		$	337,345,831
Net realized gain (loss)		465,077,162			524,736,372			(157,544,110	)		192,414,204
Net change in unrealized appreciation (depreciation)		(2,957,163,351	)		1,643,569,188			(2,039,523,842	)		1,632,862,528


Net increase (decrease) in net assets resulting from operations		(2,361,000,898	)		2,280,566,585			(1,558,158,988	)		2,162,622,563


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(185,249,184	)		(120,719,418	)		(793,319,046	)		(332,175,925	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		566,537,999			1,961,152,434			2,190,485,100			6,804,357,557


NET ASSETS
Total increase (decrease) in net assets		(1,979,712,083	)		4,120,999,601			(160,992,934	)		8,634,804,195
Beginning of year		12,115,330,022			7,994,330,421			14,434,306,385			5,799,502,190

End of year	$	10,135,617,939		$	12,115,330,022		$	14,273,313,451		$	14,434,306,385


	iShares MSCI EAFE Growth ETF


		Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18


Net asset value, beginning of year	$	108.95		$	86.52		$	80.40		$	80.65		$	75.38

Net investment income^(a)		1.19	^(b)		1.15			1.06			1.42			1.41
Net realized and unrealized gain (loss)^(c)		(21.67	)		22.53			6.06			(0.29	)		5.19

Net increase (decrease) from investment operations		(20.48	)		23.68			7.12			1.13			6.60

Distributions from net investment income^(d)		(1.69	)		(1.25	)		(1.00	)		(1.38	)		(1.33	)


Net asset value, end of year	$	86.78		$	108.95		$	86.52		$	80.40		$	80.65


Total Return^(e)
Based on net asset value		(18.92	)%^(b)		27.42	%		8.91	%		1.52	%		8.79	%


Ratios to Average Net Assets^(f)
Total expenses		0.36	%		0.36	%		0.39	%		0.40	%		0.40	%

Total expenses excluding professional fees for foreign withholding tax claims		0.36	%		0.36	%		N/A			0.40	%		N/A

Net investment income		1.19	%^(b)		1.15	%		1.31	%		1.86	%		1.77	%


Supplemental Data
Net assets, end of year (000)	$	10,135,618		$	12,115,330		$	7,994,330		$	3,955,693		$	3,516,376

Portfolio turnover rate^(g)		25	%		24	%		33	%		22	%		22	%


	iShares MSCI EAFE Value ETF


		Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18


Net asset value, beginning of year	$	51.48		$	39.94		$	47.08		$	52.87		$	53.18

Net investment income^(a)		2.06	^(b)		1.67			1.48			2.03			2.05
Net realized and unrealized gain (loss)^(c)		(6.66	)		11.39			(7.18	)		(5.81	)		(0.15	)

Net increase (decrease) from investment operations		(4.60	)		13.06			(5.70	)		(3.78	)		1.90

Distributions from net investment income^(d)		(2.55	)		(1.52	)		(1.44	)		(2.01	)		(2.21	)

Net asset value, end of year	$	44.33		$	51.48		$	39.94		$	47.08		$	52.87


Total Return^(e)
Based on net asset value		(9.23	)%^(b)		32.79	%		(12.48	)%		(7.05	)%		3.63	%


Ratios to Average Net Assets^(f)
Total expenses		0.35	%		0.36	%		0.39	%		0.39	%		0.38	%

Total expenses excluding professional fees for foreign withholding tax claims		0.33	%		0.36	%		N/A			0.39	%		N/A

Net investment income		4.17	%^(b)		3.42	%		3.36	%		4.17	%		3.75	%


Supplemental Data
Net assets, end of year (000)	$	14,273,313		$	14,434,306		$	5,799,502		$	5,423,659		$	5,561,771

Portfolio turnover rate^(g)		26	%		25	%		27	%		21	%		22	%


iShares ETF	Diversification Classification
MSCI EAFE Growth		Diversified
MSCI EAFE Value		Diversified




iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	^(a)		Non-Cash Collateral Received, at Fair Value	^(a)		Net Amount

MSCI EAFE Growth
BNP Paribas SA	$	5,382,691	$	(5,382,691	)	$	—		$	—
BofA Securities, Inc.		4,624,257		(4,624,257	)		—			—
Citigroup Global Markets, Inc.		2,251,786		(2,251,786	)		—			—
Goldman Sachs & Co. LLC		3,452,257		(3,363,102	)		—			89,155	^(b)
J.P. Morgan Securities LLC		1,653,584		(1,653,584	)		—			—
Macquarie Bank Ltd.		378,366		(378,366	)		—			—
Morgan Stanley		7,985,133		(7,918,436	)		—			66,697	^(b)
National Financial Services LLC		1,747,728		(1,747,728	)		—			—
Scotia Capital (USA), Inc.		310,590		(310,590	)		—			—
UBS Securities LLC		1,970,231		(1,970,231	)		—			—

	$	29,756,623	$	(29,600,771	)	$	—		$	155,852


MSCI EAFE Value
BNP Paribas SA	$	1,545,661	$	(1,545,661	)	$	—		$	—
BofA Securities, Inc.		17,137,693		(17,137,693	)		—			—
Citigroup Global Markets, Inc.		10,481,881		(10,481,881	)		—			—
Goldman Sachs & Co. LLC		2,971,967		(2,971,967	)		—			—
J.P. Morgan Securities LLC		5,232,372		(5,232,372	)		—			—
Morgan Stanley		8,283,822		(8,283,822	)		—			—
UBS Securities LLC		2,935,021		(2,935,021	)		—			—
Virtu Americas LLC		1,683,710		(1,683,710	)		—			—
Wells Fargo Bank N.A.		2,586,731		(2,586,731	)		—			—

	$	52,858,858	$	(52,858,858	)	$	—		$	—



Average Daily Net Assets	Investment Advisory Fees
First $3 billion		0.4000	%
Over $3 billion, up to and including $4.5 billion		0.3800
Over $4.5 billion, up to and including $6 billion		0.3610
Over $6 billion, up to and including $7.5 billion		0.3430
Over $7.5 billion, up to and including $9 billion		0.3258
Over $9 billion, up to and including $10.5 billion		0.3095
Over $10.5 billion		0.2940



iShares ETF	Fees Paid to BTC
MSCI EAFE Growth	$	68,553
MSCI EAFE Value		272,822



iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
MSCI EAFE Growth	$	1,963,432,316	$	1,663,220,092	$	(116,795,056	)
MSCI EAFE Value		2,007,177,597		1,965,331,680		(177,508,623	)



iShares ETF	In-kind Purchases		In-kind Sales
MSCI EAFE Growth	$	2,806,223,740	$	2,373,914,802
MSCI EAFE Value		3,296,202,362		1,398,433,877



iShares ETF	Paid-in Capital		Accumulated Earnings (Loss)
MSCI EAFE Growth	$	766,392,561	$	(766,392,561	)
MSCI EAFE Value		194,789,670		(194,789,670	)



iShares ETF		Non-expiring Capital Loss Carryforwards	^(a)		Net Unrealized Gains (Losses)	^(b)		Qualified Late-Year Losses	^(c)		Total
MSCI EAFE Growth	$	(677,396,974	)	$	36,106,288		$	(15,446,149	)	$	(656,736,835	)
MSCI EAFE Value		(936,771,230	)		(1,665,989,903	)		(4,556,170	)		(2,607,317,303	)



iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)

MSCI EAFE Growth	$	10,105,204,539	$	797,150,338	$	(760,599,166	)	$	36,551,172
MSCI EAFE Value		15,922,913,894		469,096,830		(2,133,595,341	)		(1,664,498,511	)


iShares ETF	Qualified Dividend Income
MSCI EAFE Growth	$	182,220,748
MSCI EAFE Value		762,423,705


iShares ETF	Foreign Source Income Earned		Foreign Taxes Paid
MSCI EAFE Growth	$	194,777,443	$	12,720,214
MSCI EAFE Value		817,649,767		21,869,174