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 Intl Momentum Factor ETF (the “Fund”) seeks to track the investment results of an index that measures the performance of international developed large- and mid-capitalization stocks exhibiting relatively higher momentum characteristics, as represented by the MSCI World ex USA Momentum Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

The inception date of the Fund was January 13, 2015. The first day of secondary market trading was January 15, 2015.

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.

International developed stocks with relatively higher momentum characteristics declined during the reporting period amid soaring inflation, rising interest rates, and Russia’s invasion of Ukraine. Stocks in Japan detracted the most from the Index’s performance, due in part to the weakness of the Japanese yen, which declined to a 24-year low against the U.S. dollar in July 2022. The Japanese information technology sector detracted as higher U.S. Treasury yields, rising commodities prices, and concerns over China’s coronavirus-related lockdowns drove declines for electronic equipment and instruments makers. Japanese professional services companies were similarly affected by the pessimistic economic news and declining investor sentiment, further detracting from the Index’s performance.

Equities in France also detracted significantly from the Index’s return, led by the consumer discretionary sector. The imposition of new lockdowns in major Chinese cities affected retail operations of French apparel accessories and luxury goods companies. The French industrials sector also declined, as supply-chain blockages led airplane manufacturers to decrease production in the aerospace and defense industry.

Swiss stocks further detracted from the Index’s performance. Swiss healthcare companies declined, as a failed drug trial for a promising lung cancer treatment weighed on the pharmaceuticals industry. The industrials sector declined amid recession fears and a resurgence of COVID-19 cases in China, which pressured machinery manufacturers.

Stocks in Sweden and the Netherlands were notable detractors. The decline in global markets lowered the valuations of Swedish venture capital firms’ portfolios, weighing on the diversified financial services industry. In the Netherlands, the information technology sector detracted, driven by the semiconductor equipment industry. A leading Dutch supplier of semiconductor manufacturing technology faced worsening supply-chain constraints as it attempted to meet demand in the midst of a global semiconductor shortage.

In terms of relative performance, the Index underperformed the broader market, as represented by the MSCI World ex USA Index. The momentum factor led to outperformance early in the reporting period due to favorable industry allocations, particularly an overweight in the semiconductors industry. However, stock selection in the healthcare, industrials, and financials sectors led to underperformance from December 2021 through May 2022. The most recent rebalance, in the spring of 2022, led to overweight positions in the energy and healthcare sectors and underweight positions in the consumer discretionary, information technology, and industrials sectors. The Index underperformed the broader market for the remainder of the reporting period.

The iShares MSCI Intl Quality Factor ETF (the “Fund”) seeks to track the investment results of an index that measures the performance of international developed large-and mid-capitalization stocks exhibiting relatively higher quality characteristics as identified through three fundamental variables: return on equity, earnings variability and debt-to-equity, as represented by the MSCI World ex USA Sector Neutral Quality Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

The inception date of the Fund was January 13, 2015. The first day of secondary market trading was January 15, 2015.

Stocks featuring high quality characteristics from international developed markets declined for the reporting period. Rising global inflation, interest rate increases from many central banks, the war between Russia and Ukraine, and China’s strict lockdown policies to control the spread of COVID-19 slowed global economic growth and drove down equity prices. In particular, central bank interest rate increases negatively impacted stocks with high quality characteristics, which usually exhibit a growth-oriented bias. Value stocks outperformed growth stocks for the reporting period.

Stocks in Switzerland detracted from the Index’s performance. Pharmaceutical companies in the healthcare sector experienced disruptions in clinical trials due to the war between Russia and Ukraine, as a significant number of patients in the trials come from those two countries. In the industrials sector, production slowed during the reporting period. Rising production costs and weakening demand raised the likelihood of limited production for the remainder of 2022.

Stocks in the U.K also detracted from the Index’s performance, driven by the financials sector. Interest rate increases weighed on the insurance industry, as did a court ruling that forced coverage of business clients’ financial losses incurred during the coronavirus pandemic. In addition, amid the turmoil in global equity markets, the asset management industry’s revenue base decreased as investors late in the reporting period withdrew assets from U.K. mutual funds at the fastest pace since 2018.

Stocks in Japan, the Netherlands, and Germany also detracted from the Index’s performance. In Japan, industrial output declined throughout the first half of 2022 amid weak demand for the country’s exports, partially tied to tariffs the U.S. and China placed on one another. In the Netherlands, ongoing supply-chain difficulties tied to pandemic-related disruptions left makers of semiconductor equipment short of necessary production materials. In Germany, the industrials sector encountered declining production during the reporting period.

In terms of relative performance, the Index marginally underperformed the broader global market, as measured by the MSCI World ex USA Index. The Index trailed the broader market primarily due to its positioning within the financials sector, namely the banks and capital markets industries. Positioning with the energy sector also detracted from relative returns. On the upside, an underweight position in German stocks contributed to relative performance, as Germany’s stock market declined 19% between an all-time high in early January 2022 and the end of the reporting period. An overweight position in Denmark also contributed to relative performance.

The iShares MSCI Intl Size Factor ETF (the “Fund”) seeks to track the investment results of an index composed of international developed large- and mid-capitalization stocks with relatively smaller average market capitalization, as represented by the MSCI World ex USA Low Size Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

The inception date of the Fund was June 16, 2015. The first day of secondary market trading was June 18, 2015.

Index performance through December 2, 2018 reflects the performance of the MSCI World ex USA Risk Weighted Index. Index performance beginning on December 3, 2018 reflects the performance of the MSCI World ex USA Low Size Index.

International developed market stocks with smaller-than-average capitalization declined for the reporting period. Rising global inflation, interest rate increases from many central banks, the war between Russia and Ukraine, and China’s strict lockdown policies to control the spread of COVID-19 slowed global economic growth and drove down equity prices. In that environment, smaller-capitalization stocks, which tend to be more exposed to economic cycles, trailed their large-capitalization counterparts.

Stocks in Japan, which represented approximately 29% of the Index on average, detracted the most from the Index’s performance. The Japanese yen weakened relative to the U.S. dollar, increasing costs for imported raw materials as the country’s exports continued a long-term downward trend. Within Japan, the industrials sector drove the decline as China’s latest round of coronavirus-related lockdowns disrupted production for Japanese industrial manufacturers while inflation raised prices for key raw materials. Similarly, in the consumer discretionary sector, supply constraints weighed on the retail industry, as did declining disposable incomes, tied to rising inflation.

Stocks in Germany, Sweden, and France also detracted from the Index’s performance. Concerns about recession increased across the E.U. in the first half of 2022, pushing the value of the euro to a 20-year low relative to the U.S. dollar. Interest rate increases by the Fed and the ECB heightened those concerns, as did surging natural gas costs. After invading Ukraine, Russia responded to global sanctions on its economy by drastically reducing gas shipments to the E.U., which normally relies on Russia for 40% of its gas needs, raising natural gas prices. Stocks in the U.K. also detracted from the Index’s performance. The homebuilding declined as an uncertain business outlook and weakening consumer demand halted growth in construction.

Due to its tilt toward smaller-than-average capitalization stocks, the Index underperformed the broader market, as measured by the MSCI World ex USA Index, on a relative performance basis. The size factor inherent in the Index historically tends to be sensitive to broader market cycles, outperforming as broader markets advance and underperforming as markets decline. Underweight positions in the pharmaceuticals, banking, and oil, gas, and consumable fuels industries also detracted from relative performance, while a small underweight in metals and mining contributed to relative performance.

The iShares MSCI Intl Value Factor ETF (the “Fund”) seeks to track the investment results of an index composed of international developed large- and mid-capitalization stocks with value characteristics and relatively lower valuations, as represented by the MSCI World ex USA Enhanced 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.

The inception date of the Fund was June 16, 2015. The first day of secondary market trading was June 18, 2015.

International developed market stocks declined during the reporting period; however, international DM equities with value exposure outperformed broad international developed markets on a relative basis. Rising global inflation, interest rate increases from many central banks, the war between Russia and Ukraine, and China’s strict policies aimed at controlling the spread of COVID-19 all contributed to widespread equity declines in international developed markets.

Japanese stocks detracted the most from the Index’s performance, driven by the information technology sector. Technology hardware and equipment companies declined as global shipments of personal computers decreased in the first half of 2022. Moreover, analysts concluded that many companies planned to decrease their technology hardware budgets, reducing demand expectations for hardware components. Manufacturing shutdowns and other impacts of pandemic-related lockdowns in China also weighed on the industry. The consumer discretionary sector also detracted as large automobiles manufacturers reduced vehicle production due to similar supply shortages and logistics problems.

German stocks also detracted significantly from the Index’s performance. In the consumer discretionary sector, automakers encountered supply disruptions. Sales of cars manufactured in Germany declined to a 30-year low in 2021, and the weak sales extended into the first half of 2022, as monthly sales at the end of the reporting period declined 13 – 18% from the same periods in the prior year.

French stocks also detracted from the Index’s return. The French financials sector drove the decline as large banks reconsidered their exposure to Russia in the wake of its Ukraine invasion, with some ultimately choosing to leave Russia altogether. France’s inflation reached a record high late in the reporting period, heightening recession fears across the E.U.

On the upside, stocks in the U.K. contributed to the Index’s return. Oil, gas, and consumable fuels companies within the energy sector benefited from surging oil and gas prices. The consumer staples sector also contributed as demand for tobacco products persisted despite rising inflation.

The Index outperformed the broader market as measured by the MSCI World ex USA Index. Value stocks, which generally have modest long-term growth expectations and relatively predictable cash flows, generally perform well relative to the broader market amid high or rising inflation. Stock selection in the IT services industry and an underweight position in the textile, apparel, and luxury goods industry contributed to relative performance, whereas an overweight in automobiles detracted from relative performance. From a country perspective, an underweight position in the Netherlands contributed to relative performance, while an overweight position in Italy detracted.

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in a Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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


Security	Shares		Value

Common Stocks

Australia — 8.5%
Ampol Ltd.		23,138	$	548,174
APA Group		183,465		1,504,294
ASX Ltd.		19,294		1,199,214
Aurizon Holdings Ltd.		174,635		494,269
BHP Group Ltd.		515,098		14,095,840
Coles Group Ltd.		125,761		1,656,315
Commonwealth Bank of Australia		129,311		9,183,331
Computershare Ltd.		107,514		1,899,448
Endeavour Group Ltd./Australia		148,080		825,018
Fortescue Metals Group Ltd.		192,201		2,473,350
Glencore PLC		1,478,172		8,377,834
Goodman Group		173,457		2,538,554
Lottery Corp. Ltd. (The)^(a)(b)		167,829		532,370
Macquarie Group Ltd.		34,456		4,409,795
Mineral Resources Ltd.		23,393		891,369
National Australia Bank Ltd.		331,678		7,163,087
Orica Ltd.		37,230		441,258
Origin Energy Ltd.		281,094		1,180,135
QBE Insurance Group Ltd.		124,963		1,010,416
Ramsay Health Care Ltd.		18,450		911,462
Rio Tinto Ltd.		31,569		2,187,244
South32 Ltd.		753,639		2,054,129
Telstra Corp. Ltd.		405,823		1,109,118
WiseTech Global Ltd.		10,166		360,025
Woodside Energy Group Ltd.		126,841		2,864,131


				69,910,180

Austria — 0.2%
OMV AG		9,120		388,420
Verbund AG		7,856		863,889


				1,252,309

Belgium — 0.3%
D’ieteren Group		2,980		489,096
Elia Group SA/NV		6,675		1,013,343
UCB SA		13,923		1,087,926


				2,590,365

Canada — 16.0%
Alimentation Couche-Tard Inc.		119,801		5,352,243
AltaGas Ltd.		29,820		664,374
ARC Resources Ltd.		123,749		1,735,607
Bank of Montreal		51,267		5,110,886
Bank of Nova Scotia (The)		71,627		4,363,455
Barrick Gold Corp.		172,116		2,712,351
BCE Inc.		7,665		387,275
Brookfield Asset Management Inc., Class A		68,791		3,413,362
Cameco Corp.		41,709		1,074,197
Canadian Imperial Bank of Commerce		52,528		2,657,267
Canadian National Railway Co.		34,238		4,337,535
Canadian Natural Resources Ltd.		197,462		10,903,548
Cenovus Energy Inc.		242,952		4,629,283
Constellation Software Inc.		1,115		1,896,741
Dollarama Inc.		41,404		2,509,363
Emera Inc.		24,435		1,158,447
Empire Co. Ltd., Class A, NVS		14,772		448,276
Enbridge Inc.		198,267		8,904,248
Fairfax Financial Holdings Ltd.		3,587		1,932,226
First Quantum Minerals Ltd.		51,743		945,520
Fortis Inc.		53,696		2,536,466
George Weston Ltd.		13,584		1,621,318


Security	Shares		Value

Canada (continued)
Gildan Activewear Inc.		9,269	$	271,653
Great-West Lifeco Inc.		12,731		309,390
Hydro One Ltd.^(c)		43,521		1,215,006
Imperial Oil Ltd.		39,685		1,901,893
Intact Financial Corp.		14,900		2,217,750
Ivanhoe Mines Ltd., Class A^(a)		43,047		267,584
Loblaw Companies Ltd.		34,255		3,118,274
Metro Inc.		35,001		1,938,168
Nutrien Ltd.		113,272		9,696,518
Pembina Pipeline Corp.		56,852		2,170,547
RioCan REIT		12,065		193,617
Rogers Communications Inc., Class B, NVS		46,091		2,118,915
Royal Bank of Canada		102,970		10,040,088
Shaw Communications Inc., Class B, NVS		34,262		926,817
Suncor Energy Inc.		203,193		6,896,074
Teck Resources Ltd., Class B		76,473		2,248,415
TELUS Corp.		63,072		1,452,003
Toromont Industries Ltd.		7,112		598,984
Toronto-Dominion Bank (The)		137,065		8,903,258
Tourmaline Oil Corp.		64,416		4,035,841
Wheaton Precious Metals Corp.		38,195		1,310,600
WSP Global Inc.		6,521		786,767


				131,912,150

Denmark — 5.0%
AP Moller - Maersk A/S, Class A		344		921,567
AP Moller - Maersk A/S, Class B, NVS		540		1,474,380
Demant A/S^(a)		5,185		197,526
Novo Nordisk A/S, Class B		320,327		37,309,688
Tryg A/S		38,677		881,888


				40,785,049

Finland — 0.7%
Elisa OYJ		13,458		744,296
Nokia OYJ		389,060		2,026,450
Nordea Bank Abp		193,030		1,903,269
Stora Enso OYJ, Class R		65,023		1,005,625


				5,679,640

France — 8.2%
Aeroports de Paris^(a)		2,733		377,624
Air Liquide SA		60,917		8,375,013
Airbus SE		31,198		3,363,821
ArcelorMittal SA		36,073		890,063
AXA SA		122,267		2,817,338
Bureau Veritas SA		19,799		546,068
Capgemini SE		12,918		2,463,938
Carrefour SA		84,489		1,439,865
Cie. de Saint-Gobain		26,251		1,224,079
Dassault Aviation SA		5,063		724,124
EssilorLuxottica SA		17,758		2,784,141
Eurazeo SE		2,090		149,284
Getlink SE		60,351		1,207,884
Hermes International		1,549		2,125,141
Ipsen SA		3,166		320,264
Orange SA		207,111		2,116,350
Pernod Ricard SA		15,843		3,112,268
Publicis Groupe SA		13,220		703,507
Remy Cointreau SA		1,896		374,568
Sanofi		126,730		12,593,606
Schneider Electric SE		25,188		3,483,597
Teleperformance		3,233		1,081,118


Security	Shares		Value

France (continued)
Thales SA		18,180	$	2,260,858
TotalEnergies SE		224,240		11,453,586
Veolia Environnement SA		41,416		1,035,849
Vivendi SE		64,227		609,728


				67,633,682

Germany — 3.0%
Bayer AG, Registered		111,084		6,479,556
Deutsche Boerse AG		19,201		3,351,828
Deutsche Telekom AG, Registered		279,244		5,305,350
Mercedes-Benz Group AG		43,328		2,555,225
Merck KGaA		7,479		1,424,455
Nemetschek SE		2,706		181,157
Rheinmetall AG		8,805		1,614,635
RWE AG		73,252		3,013,437
Siemens Healthineers AG^(c)		12,850		658,481
Telefonica Deutschland Holding AG		116,845		310,647


				24,894,771

Hong Kong — 0.4%
BOC Hong Kong Holdings Ltd.		308,000		1,114,133
CK Asset Holdings Ltd.		166,000		1,175,235
CK Infrastructure Holdings Ltd.		60,500		379,382
Power Assets Holdings Ltd.		142,500		933,053


				3,601,803

Ireland — 0.1%
Kingspan Group PLC		9,053		585,983


Israel — 1.1%
Azrieli Group Ltd.		3,316		265,800
Bank Hapoalim BM		99,509		927,424
Bank Leumi Le-Israel BM		236,351		2,298,185
CyberArk Software Ltd.^(a)(b)		1,888		245,685
Elbit Systems Ltd.		5,389		1,243,422
ICL Group Ltd.		122,132		1,112,918
Israel Discount Bank Ltd., Class A		123,672		703,182
Mizrahi Tefahot Bank Ltd.		17,922		666,269
Tower Semiconductor Ltd.^(a)		20,658		984,724
ZIM Integrated Shipping Services Ltd.		8,202		408,624


				8,856,233

Italy — 1.1%
Assicurazioni Generali SpA		65,212		974,896
Atlantia SpA		63,196		1,460,500
Eni SpA		245,392		2,949,754
Mediobanca Banca di Credito Finanziario SpA		28,527		244,668
Snam SpA		173,740		871,746
Tenaris SA		73,800		1,032,760
Terna - Rete Elettrica Nazionale		190,855		1,461,148


				8,995,472

Japan — 16.0%
Ajinomoto Co. Inc.		59,000		1,552,643
Asahi Group Holdings Ltd.		23,300		810,056
Astellas Pharma Inc.		157,200		2,461,970
Bridgestone Corp.		31,000		1,209,181
Canon Inc.		98,100		2,320,832
Dai Nippon Printing Co. Ltd.		16,700		368,524
Dai-ichi Life Holdings Inc.		95,600		1,662,950
Daiwa Securities Group Inc.		84,300		389,148
Denso Corp.		26,200		1,433,011
Dentsu Group Inc.		21,500		751,028
Fuji Electric Co. Ltd.		8,800		397,460


Security	Shares		Value

Japan (continued)
Fujitsu Ltd.		10,400	$	1,394,248
Hitachi Ltd.		53,600		2,713,663
Idemitsu Kosan Co. Ltd.		23,200		603,311
Inpex Corp.		213,800		2,450,527
Isuzu Motors Ltd.		46,800		513,330
ITOCHU Corp.		134,300		3,909,427
JFE Holdings Inc.		25,200		284,126
KDDI Corp.		233,300		7,480,139
Konami Group Corp.		10,100		596,965
Marubeni Corp.		277,900		2,585,100
Mazda Motor Corp.		28,400		239,400
Mitsubishi Corp.		196,600		5,842,810
Mitsubishi Heavy Industries Ltd.		51,900		1,927,175
Mitsubishi UFJ Financial Group Inc.		1,466,500		8,262,982
Mitsui & Co. Ltd.		187,700		4,141,087
Mitsui OSK Lines Ltd.		52,400		1,436,855
MS&AD Insurance Group Holdings Inc.		42,600		1,381,575
Nexon Co. Ltd.		47,500		1,078,350
Nippon Sanso Holdings Corp.		8,200		138,274
Nippon Steel Corp.		50,200		746,987
Nippon Telegraph & Telephone Corp.		200,800		5,735,916
Nippon Yusen KK		24,800		1,948,072
Nissin Foods Holdings Co. Ltd.		5,200		376,616
Nomura Real Estate Holdings Inc.		9,900		240,168
NTT Data Corp.		66,500		1,006,477
Ono Pharmaceutical Co. Ltd.		52,200		1,467,806
Oriental Land Co. Ltd./Japan		20,800		3,158,037
ORIX Corp.		109,300		1,947,925
Osaka Gas Co. Ltd.		48,500		871,938
Persol Holdings Co. Ltd.		10,100		209,088
Renesas Electronics Corp.^(a)		74,800		712,459
Resona Holdings Inc.		277,200		1,077,268
Secom Co. Ltd.		20,200		1,349,159
Seven & i Holdings Co. Ltd.		91,600		3,733,635
Shimadzu Corp.		12,600		448,294
Shionogi & Co. Ltd.		21,300		1,092,508
Sompo Holdings Inc.		27,300		1,218,432
Sumitomo Chemical Co. Ltd.		71,800		282,169
Sumitomo Corp.		166,200		2,336,764
Sumitomo Metal Mining Co. Ltd.		25,500		801,817
Suntory Beverage & Food Ltd.		19,300		761,529
T&D Holdings Inc.		48,300		546,661
Takeda Pharmaceutical Co. Ltd.		127,400		3,737,940
Tokio Marine Holdings Inc.		79,900		4,677,340
Tokyo Electric Power Co. Holdings Inc.^(a)		211,000		830,362
Tokyo Electron Ltd.		10,600		3,648,450
Tokyo Gas Co. Ltd.		49,600		974,189
Toppan Inc.		23,800		404,968
Toshiba Corp.		32,300		1,310,331
Toyota Motor Corp.		1,279,400		20,765,972
Toyota Tsusho Corp.		11,100		378,837
Trend Micro Inc/Japan		14,900		865,902
USS Co. Ltd.		21,400		419,922
Yakult Honsha Co. Ltd.		15,600		950,032


				131,370,117

Netherlands — 1.2%
Aegon NV		155,928		684,868
Davide Campari-Milano NV		23,961		266,012
IMCD NV		2,984		477,884
Koninklijke Ahold Delhaize NV		99,560		2,741,755


Security	Shares		Value

Netherlands (continued)
Koninklijke KPN NV		378,978	$	1,250,245
NN Group NV		20,262		950,742
OCI NV		16,755		581,677
Wolters Kluwer NV		29,527		3,206,699


				10,159,882

New Zealand — 0.1%
Spark New Zealand Ltd.		159,378		512,492


Norway — 1.6%
Aker BP ASA		32,546		1,130,855
Equinor ASA		200,716		7,728,345
Kongsberg Gruppen ASA		18,077		666,114
Mowi ASA		42,332		976,815
Norsk Hydro ASA		183,532		1,243,472
Salmar ASA		7,156		512,575
Yara International ASA		13,617		580,320


				12,838,496

Portugal — 0.1%
Galp Energia SGPS SA		52,232		551,339
Jeronimo Martins SGPS SA		27,679		640,684


				1,192,023

Singapore — 1.4%
Capitaland Investment Ltd/Singapore		430,400		1,224,629
City Developments Ltd.		33,700		189,334
DBS Group Holdings Ltd.		152,900		3,488,925
Keppel Corp. Ltd.		206,400		1,031,212
Oversea-Chinese Banking Corp. Ltd.		213,500		1,809,348
Singapore Airlines Ltd.^(a)(b)		99,600		394,033
Singapore Telecommunications Ltd.		739,200		1,397,881
United Overseas Bank Ltd.		110,100		2,196,642


				11,732,004

Spain — 1.1%
Acciona SA		3,554		731,308
CaixaBank SA		474,113		1,423,635
EDP Renovaveis SA		16,990		441,898
Naturgy Energy Group SA		27,128		795,721
Red Electrica Corp. SA		18,676		367,177
Repsol SA		188,440		2,347,634
Telefonica SA		692,192		3,089,731


				9,197,104

Sweden — 1.4%
Boliden AB		36,771		1,228,845
Epiroc AB, Class A		35,821		633,376
Epiroc AB, Class B		18,902		300,231
Hexagon AB, Class B		109,621		1,290,737
Holmen AB, Class B		19,818		814,360
Investor AB, Class A		41,163		846,322
Investor AB, Class B		98,738		1,842,621
Lifco AB, Class B		10,677		207,838
Nibe Industrier AB, Class B		71,298		718,264
Svenska Cellulosa AB SCA, Class B		99,091		1,448,669
Tele2 AB, Class B		63,429		724,590
Telia Co. AB		316,639		1,169,774
Volvo Car AB, Class B^(a)(b)		50,418		375,401


				11,601,028

Switzerland — 13.3%
ABB Ltd., Registered		83,273		2,531,466
Baloise Holding AG, Registered		4,286		682,884
Barry Callebaut AG, Registered		335		742,247


Security	Shares		Value

Switzerland (continued)
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		109	$	1,205,394
Chocoladefabriken Lindt & Spruengli AG, Registered		13		1,499,187
Cie. Financiere Richemont SA, Class A, Registered		42,086		5,074,625
Kuehne + Nagel International AG, Registered		2,566		691,079
Nestle SA, Registered		283,319		34,714,304
Novartis AG, Registered		233,132		20,032,946
Roche Holding AG, Bearer		2,468		1,006,116
Roche Holding AG, NVS		67,244		22,325,312
Sika AG, Registered		9,228		2,280,123
Sonova Holding AG, Registered		4,297		1,547,701
Swiss Life Holding AG, Registered		3,403		1,802,693
Swisscom AG, Registered		3,422		1,850,061
UBS Group AG, Registered		264,553		4,322,881
Vifor Pharma AG ^(a)		6,451		1,127,070
Zurich Insurance Group AG		14,276		6,231,878


				109,667,967

United Kingdom — 18.8%
3i Group PLC		48,251		749,712
Anglo American PLC		118,474		4,282,225
AstraZeneca PLC		201,084		26,450,832
Aviva PLC		207,609		1,005,414
BAE Systems PLC		534,126		5,020,110
BP PLC		1,734,532		8,489,250
British American Tobacco PLC		298,428		11,693,493
BT Group PLC		618,764		1,221,640
Bunzl PLC		43,820		1,644,593
CNH Industrial NV		84,666		1,090,723
Diageo PLC		253,170		11,993,133
Ferguson PLC		11,136		1,400,894
GSK PLC		604,490		12,700,457
Haleon PLC^(a)		755,613		2,685,101
HSBC Holdings PLC		1,715,205		10,743,970
National Grid PLC		600,798		8,272,744
NatWest Group PLC		339,904		1,032,376
Pearson PLC		56,006		518,350
RELX PLC		192,871		5,710,802
Segro PLC		138,836		1,857,345
Severn Trent PLC		33,712		1,212,008
Shell PLC		1,097,047		29,265,169
SSE PLC		110,763		2,392,303
Tesco PLC		692,862		2,222,102
United Utilities Group PLC		72,535		963,739
WPP PLC		53,993		582,713


				155,201,198


Total Common Stocks — 99.6% (Cost: $834,795,387)				820,169,948


Preferred Stocks

Germany — 0.0%
Bayerische Motoren Werke AG, Preference Shares, NVS		2,944		223,523


Total Preferred Stocks — 0.0% (Cost: $253,640)				223,523


Total Long-Term Investments — 99.6% (Cost: $835,049,027)				820,393,471


Security	Shares		Value

Short-Term Securities

Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.93%^(d)(e)(f)		1,219,248	$	1,219,126
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.81%^(d)(e)		190,000		190,000


Total Short-Term Securities — 0.2% (Cost: $1,409,069)				1,409,126


Total Investments in Securities — 99.8% (Cost: $836,458,096)				821,802,597

Other Assets Less Liabilities — 0.2%				1,604,505


Net Assets — 100.0%			$	823,407,102

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 — 7.5%
Aristocrat Leisure Ltd.		330,989	$	8,257,530
ASX Ltd.		168,686		10,484,638
BHP Group Ltd.		3,471,616		95,002,008
Brambles Ltd.		771,371		6,208,535
Dexus		656,190		4,409,600
Fortescue Metals Group Ltd.		1,078,793		13,882,510
Goodman Group		1,649,628		24,142,406
Insurance Australia Group Ltd.		1,703,554		5,360,341
Medibank Pvt Ltd.		2,873,462		6,909,331
Mirvac Group		2,251,170		3,410,491
REA Group Ltd.		50,883		4,489,118
Rio Tinto Ltd.		278,685		19,308,564
Rio Tinto PLC		828,314		50,004,883
Stockland		1,310,704		3,551,597
Washington H Soul Pattinson & Co. Ltd.		233,496		4,227,365
Wesfarmers Ltd.		827,930		27,127,550
Woodside Energy Group Ltd.		610,080		13,775,898


				300,552,365

Austria — 0.3%
OMV AG		193,245		8,230,290
Verbund AG		45,509		5,004,419


				13,234,709

Belgium — 0.4%
Ageas SA/NV		102,635		4,479,535
Proximus SADP		82,023		1,136,592
Sofina SA		15,941		3,733,210
Umicore SA		83,111		3,010,477
Warehouses De Pauw CVA		79,275		2,694,890


				15,054,704

Canada — 6.4%
Alimentation Couche-Tard Inc.		342,572		15,304,786
ARC Resources Ltd.		972,296		13,636,669
Canadian National Railway Co.		340,709		43,163,657
Canadian Tire Corp. Ltd., Class A, NVS		29,068		3,734,315
CCL Industries Inc., Class B, NVS		59,774		3,002,820
CGI Inc.^(a)		89,728		7,693,674
Constellation Software Inc.		11,938		20,307,885
Franco-Nevada Corp.		68,609		8,785,145
Great-West Lifeco Inc.		209,226		5,084,622
iA Financial Corp. Inc.		85,940		4,728,697
IGM Financial Inc.		58,264		1,691,660
Intact Financial Corp.		143,774		21,399,652
Magna International Inc.		137,808		8,799,782
Manulife Financial Corp.		1,571,341		28,762,823
Onex Corp.		41,549		2,220,619
Power Corp. of Canada		393,216		10,685,968
Sun Life Financial Inc.		469,117		21,782,591
TMX Group Ltd.		41,480		4,256,028
Toromont Industries Ltd.		48,360		4,072,958
Tourmaline Oil Corp.		429,508		26,909,864
West Fraser Timber Co. Ltd.		32,579		3,050,171


				259,074,386

Denmark — 6.0%
AP Moller - Maersk A/S, Class A		2,125		5,692,822
AP Moller - Maersk A/S, Class B, NVS		3,593		9,810,087
Chr Hansen Holding A/S		36,216		2,370,439
Coloplast A/S, Class B		100,019		11,706,115


Security	Shares		Value

Denmark (continued)
DSV A/S		96,172	$	16,205,069
Novo Nordisk A/S, Class B		1,404,947		163,639,450
Novozymes A/S, Class B		113,344		7,240,444
Orsted A/S^(b)		81,623		9,502,274
Pandora A/S		88,140		6,548,071
Rockwool A/S, Class B		5,184		1,284,590
Tryg A/S		235,286		5,364,837


				239,364,198

Finland — 2.1%
Elisa OYJ		119,584		6,613,602
Kesko OYJ, Class B		107,215		2,651,766
Kone OYJ, Class B		308,446		14,096,424
Neste OYJ		776,777		39,942,870
Orion OYJ, Class B		70,184		3,350,408
Sampo OYJ, Class A		384,857		16,626,874


				83,281,944

France — 9.7%
Amundi SA^(b)		38,574		2,094,368
AXA SA		1,285,153		29,613,150
BioMerieux		21,485		2,325,479
Hermes International		25,350		34,778,776
Ipsen SA		20,617		2,085,557
Kering SA		49,453		28,311,395
La Francaise des Jeux SAEM^(b)		96,841		3,458,969
L’Oreal SA		112,785		42,639,195
LVMH Moet Hennessy Louis Vuitton SE		180,626		125,418,384
Sartorius Stedim Biotech		16,890		6,756,665
TotalEnergies SE		2,212,200		112,993,322


				390,475,260

Germany — 3.9%
adidas AG		86,970		15,045,068
Allianz SE, Registered		323,847		58,812,586
Bechtle AG		33,426		1,546,082
Beiersdorf AG		37,045		3,820,255
Brenntag SE		78,734		5,530,677
Deutsche Boerse AG		148,110		25,854,866
Deutsche Post AG, Registered		607,952		24,281,519
Hannover Rueck SE		44,087		6,253,610
Henkel AG & Co. KGaA		34,650		2,184,849
Knorr-Bremse AG		48,647		2,898,172
Nemetschek SE		29,159		1,952,095
Rational AG		3,481		2,426,414
Rheinmetall AG		23,842		4,372,076


				154,978,269

Hong Kong — 5.6%
AIA Group Ltd.		8,958,400		90,001,852
Chow Tai Fook Jewellery Group Ltd.		1,355,000		2,679,862
CK Asset Holdings Ltd.		1,061,500		7,515,130
CK Infrastructure Holdings Ltd.		362,500		2,273,155
CLP Holdings Ltd.		924,000		7,835,122
Hang Seng Bank Ltd.		527,500		8,508,900
Henderson Land Development Co. Ltd.		741,000		2,579,529
HK Electric Investments & HK Electric Investments Ltd., Class SS		1,231,500		1,113,855
Hong Kong & China Gas Co. Ltd.		5,524,370		5,834,465
Hong Kong Exchanges & Clearing Ltd.		1,322,800		60,703,866
Power Assets Holdings Ltd.		903,500		5,915,887
Sino Land Co. Ltd.		1,884,000		2,799,317
SITC International Holdings Co. Ltd.		1,147,000		3,905,450


Security	Shares		Value

Hong Kong (continued)
Sun Hung Kai Properties Ltd.		795,500	$	9,495,987
Swire Properties Ltd.		599,400		1,428,208
Techtronic Industries Co. Ltd.		866,500		9,615,222
Xinyi Glass Holdings Ltd.		1,463,000		2,885,523


				225,091,330

Ireland — 0.4%
James Hardie Industries PLC		280,900		6,937,305
Kingspan Group PLC		92,945		6,016,151
Smurfit Kappa Group PLC		79,559		2,883,807


				15,837,263

Israel — 0.6%
Azrieli Group Ltd.		18,585		1,489,717
Bank Hapoalim BM		750,422		6,993,936
Bank Leumi Le-Israel BM		985,441		9,582,043
Check Point Software Technologies Ltd.^(a)		60,976		7,597,609


				25,663,305

Italy — 2.5%
Assicurazioni Generali SpA		687,600		10,279,376
DiaSorin SpA		11,405		1,585,779
Enel SpA		3,635,873		18,329,396
Ferrari NV		107,181		22,761,196
FinecoBank Banca Fineco SpA		521,828		6,485,260
Moncler SpA		120,302		6,030,603
Recordati Industria Chimica e Farmaceutica SpA		62,903		2,789,704
Snam SpA		1,126,681		5,653,158
Stellantis NV		1,832,735		26,318,537


				100,233,009

Japan — 12.9%
Advantest Corp.		115,300		6,857,696
Bandai Namco Holdings Inc.		121,000		9,452,811
Capcom Co. Ltd.		162,200		4,508,759
Chugai Pharmaceutical Co. Ltd.		441,500		12,402,964
CyberAgent Inc.		406,900		4,060,211
Daifuku Co. Ltd.		50,500		3,220,209
Daito Trust Construction Co. Ltd.		58,100		5,508,029
Daiwa House Industry Co. Ltd.		367,400		9,077,745
Disco Corp.		14,200		3,469,482
Hakuhodo DY Holdings Inc.		142,500		1,465,705
Hoya Corp.		209,200		20,960,090
Idemitsu Kosan Co. Ltd.		224,300		5,832,877
Itochu Techno-Solutions Corp.		39,300		1,053,228
Japan Exchange Group Inc.		455,400		7,241,193
Japan Real Estate Investment Corp.		603		2,911,864
Japan Tobacco Inc.		398,600		7,157,107
Kakaku.com Inc.		135,100		2,646,155
Kao Corp.		159,700		6,946,055
KDDI Corp.		1,054,400		33,806,508
Kikkoman Corp.		56,500		3,350,151
Kobayashi Pharmaceutical Co. Ltd.		19,500		1,299,088
Kobe Bussan Co. Ltd.		83,500		2,380,180
Koei Tecmo Holdings Co. Ltd.		38,490		1,343,699
Koito Manufacturing Co. Ltd.		51,200		1,683,031
Konami Group Corp.		61,300		3,623,163
Lasertec Corp.		52,800		7,559,379
M3 Inc.		220,700		7,689,168
Makita Corp.		114,100		2,788,427
McDonald’s Holdings Co. Japan Ltd.		53,900		2,023,160
MEIJI Holdings Co. Ltd.		42,600		2,224,146
MISUMI Group Inc.		167,400		4,164,627


Security	Shares		Value

Japan (continued)
MonotaRO Co. Ltd.		218,000	$	3,892,463
MS&AD Insurance Group Holdings Inc.		350,000		11,350,968
Nexon Co. Ltd.		316,900		7,194,296
Nihon M&A Center Holdings Inc.		237,900		3,183,586
Nintendo Co. Ltd.		100,100		44,762,022
Nippon Building Fund Inc.		709		3,761,065
Nippon Prologis REIT Inc.		1,035		2,691,524
Nippon Telegraph & Telephone Corp.		640,800		18,304,656
Nissan Chemical Corp.		67,800		3,466,826
Nitori Holdings Co. Ltd.		47,600		5,036,012
Nitto Denko Corp.		50,500		3,251,961
Nomura Research Institute Ltd.		129,900		3,902,754
Obic Co. Ltd.		29,100		4,652,206
Open House Group Co. Ltd.		46,400		2,024,210
Oracle Corp. Japan		30,000		1,871,046
Osaka Gas Co. Ltd.		189,500		3,406,849
Otsuka Corp.		44,500		1,387,763
Recruit Holdings Co. Ltd.		861,400		32,193,129
SCSK Corp.		56,900		1,002,023
Secom Co. Ltd.		103,400		6,906,093
Sekisui Chemical Co. Ltd.		181,300		2,550,793
Sekisui House Ltd.		299,500		5,304,563
SG Holdings Co. Ltd.		190,600		3,637,512
Shimadzu Corp.		92,000		3,273,261
Shimano Inc.		51,000		8,519,357
Shin-Etsu Chemical Co. Ltd.		154,000		19,726,512
SMC Corp.		32,000		15,770,760
Sompo Holdings Inc.		265,800		11,862,975
Square Enix Holdings Co. Ltd.		68,500		3,178,386
T&D Holdings Inc.		394,700		4,467,230
Tokio Marine Holdings Inc.		494,300		28,936,282
Tokyo Electron Ltd.		99,700		34,316,086
Tosoh Corp.		108,700		1,416,926
Trend Micro Inc/Japan		54,200		3,149,790
Unicharm Corp.		161,000		5,831,780
USS Co. Ltd.		136,300		2,674,549
Welcia Holdings Co. Ltd.		39,700		886,696
Yamaha Corp.		76,000		3,241,708
Yamaha Motor Co. Ltd.		148,000		2,858,935
ZOZO Inc.		125,600		2,713,171


				517,265,631

Netherlands — 5.9%
Adyen NV^(a)(b)		12,304		22,132,088
ASM International NV		24,351		7,479,937
ASML Holding NV		279,041		160,381,013
Euronext NV^(b)		59,109		4,816,116
NN Group NV		184,192		8,642,730
Randstad NV		66,863		3,379,455
Universal Music Group NV		510,575		11,557,630
Wolters Kluwer NV		174,801		18,983,784


				237,372,753

New Zealand — 0.3%
Fisher & Paykel Healthcare Corp. Ltd.		447,273		5,981,214
Mercury NZ Ltd.		341,181		1,304,989
Meridian Energy Ltd.		679,679		2,132,999
Spark New Zealand Ltd.		1,424,282		4,579,885


				13,999,087

Norway — 1.4%
Aker BP ASA		227,996		7,922,028


Security	Shares		Value

Norway (continued)
Equinor ASA		997,854	$	38,421,254
Gjensidige Forsikring ASA		220,949		4,621,314
Mowi ASA		130,525		3,011,876
Orkla ASA		249,707		2,155,539
Salmar ASA		24,340		1,743,443


				57,875,454

Singapore — 0.8%
Ascendas Real Estate Investment Trust		1,663,500		3,580,615
Oversea-Chinese Banking Corp. Ltd.		2,275,400		19,283,326
Singapore Exchange Ltd.		958,800		6,873,245
Singapore Technologies Engineering Ltd.		1,034,600		3,016,645


				32,753,831

Spain — 1.5%
EDP Renovaveis SA		138,256		3,595,939
Enagas SA		30,251		597,114
Endesa SA		291,694		5,346,582
Iberdrola SA		3,002,342		32,060,429
Iberdrola SA, NVS		83,398		889,025
Industria de Diseno Textil SA		683,597		16,602,489
Red Electrica Corp. SA		120,954		2,378,002


				61,469,580

Sweden — 3.8%
Alfa Laval AB		160,371		4,795,383
Assa Abloy AB, Class B		556,983		13,159,292
Atlas Copco AB, Class A		2,090,860		24,440,814
Atlas Copco AB, Class B		1,210,713		12,576,509
Boliden AB		122,733		4,101,598
Electrolux AB, Class B		144,994		2,091,367
Epiroc AB, Class A		500,445		8,848,711
Epiroc AB, Class B		301,682		4,791,790
EQT AB		317,766		8,625,216
Evolution AB^(b)		129,024		12,519,299
Husqvarna AB, Class B		231,426		1,844,403
Indutrade AB		168,316		3,956,024
Investment AB Latour, Class B		72,547		1,805,066
Kinnevik AB, Class B^(a)		185,981		3,349,866
Lifco AB, Class B		147,902		2,879,060
Nibe Industrier AB, Class B		820,770		8,268,523
Sagax AB, Class B		140,196		3,613,144
Sandvik AB		609,864		11,237,463
SKF AB, Class B		214,897		3,616,596
Volvo AB, Class A		108,993		2,030,924
Volvo AB, Class B		813,820		14,611,343


				153,162,391

Switzerland — 13.3%
ABB Ltd., Registered		923,509		28,074,304
Baloise Holding AG, Registered		31,344		4,994,010
EMS-Chemie Holding AG, Registered		4,989		3,961,688
Geberit AG, Registered		34,142		17,981,794
Givaudan SA, Registered		3,338		11,668,168
Kuehne + Nagel International AG, Registered		46,040		12,399,554
Logitech International SA, Registered		112,295		6,317,960
Nestle SA, Registered		1,164,290		142,657,278
Partners Group Holding AG		28,000		30,568,886
Roche Holding AG, Bearer		17,582		7,167,559
Roche Holding AG, NVS		458,161		152,111,521
Schindler Holding AG, Participation Certificates, NVS		27,773		5,428,478
Schindler Holding AG, Registered		15,611		2,964,322
Sonova Holding AG, Registered		28,332		10,204,670


Security	Shares		Value

Switzerland (continued)
Straumann Holding AG		68,148	$	9,217,050
Swiss Re AG		218,051		16,361,849
Swisscom AG, Registered		15,679		8,476,653
Temenos AG, Registered		29,102		2,309,899
VAT Group AG^(b)		23,198		6,754,593
Zurich Insurance Group AG		121,937		53,228,955


				532,849,191

United Kingdom — 14.1%
abrdn PLC		1,404,053		2,846,608
Admiral Group PLC		219,915		5,139,761
Anglo American PLC		751,036		27,146,083
Ashtead Group PLC		249,403		14,038,822
Auto Trader Group PLC^(b)		1,120,072		8,635,210
Aviva PLC		1,959,570		9,489,852
BAE Systems PLC		1,776,471		16,696,586
Barratt Developments PLC		566,418		3,473,103
Berkeley Group Holdings PLC		70,202		3,638,110
British Land Co. PLC (The)		435,662		2,619,521
Bunzl PLC		198,555		7,451,898
Burberry Group PLC		279,754		6,149,988
Croda International PLC		59,729		5,462,217
Diageo PLC		1,053,340		49,898,671
Experian PLC		578,004		20,237,223
Ferguson PLC		190,852		24,008,932
GSK PLC		2,462,744		51,742,751
Haleon PLC^(a)		3,078,431		10,939,328
Halma PLC		166,308		4,683,712
Hargreaves Lansdown PLC		474,939		4,916,931
Hikma Pharmaceuticals PLC		82,523		1,744,288
Imperial Brands PLC		465,796		10,227,171
Intertek Group PLC		110,430		5,901,953
JD Sports Fashion PLC		1,394,854		2,215,533
Johnson Matthey PLC		78,145		2,043,061
London Stock Exchange Group PLC		226,387		22,093,713
Mondi PLC		190,767		3,620,226
National Grid PLC		1,620,983		22,320,277
Next PLC		88,858		7,397,588
Persimmon PLC		250,054		5,767,798
Prudential PLC		2,040,748		25,171,373
Reckitt Benckiser Group PLC		323,456		26,237,047
RELX PLC		1,319,661		39,074,424
Rentokil Initial PLC		1,044,050		6,893,819
Sage Group PLC (The)		428,102		3,689,431
Schroders PLC		104,366		3,785,532
Segro PLC		620,526		8,301,384
Spirax-Sarco Engineering PLC		52,063		7,596,457
St. James’s Place PLC		531,811		7,988,369
Taylor Wimpey PLC		1,986,402		3,091,792
Unilever PLC		1,359,675		66,220,098
WPP PLC		704,057		7,598,453


				568,195,094


Total Common Stocks — 99.4% (Cost: $3,970,272,179)				3,997,783,754


Security	Shares		Value

Preferred Stocks

Germany — 0.1%
Henkel AG & Co. KGaA, Preference Shares, NVS		56,906	$	3,635,343


Total Preferred Stocks — 0.1% (Cost: $5,370,562)				3,635,343

Total Long-Term Investments — 99.5% (Cost: $3,975,642,741)				4,001,419,097


Short-Term Securities

Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.81%^(c)(d)		910,000		910,000


Total Short-Term Securities — 0.0% (Cost: $910,000)				910,000


Total Investments in Securities — 99.5% (Cost: $3,976,552,741)				4,002,329,097

Other Assets Less Liabilities — 0.5%				19,547,811


Net Assets — 100.0%			$	4,021,876,908

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.


Security	Shares		Value

Common Stocks

Australia — 6.8%
Ampol Ltd.		742	$	17,579
APA Group		2,146		17,596
Aristocrat Leisure Ltd.		708		17,663
ASX Ltd.		312		19,392
Aurizon Holdings Ltd.		6,282		17,780
Australia & New Zealand Banking Group Ltd.		891		14,400
Australia & New Zealand Banking Group Ltd., New		59		944
BHP Group Ltd.		478		13,081
BlueScope Steel Ltd.		1,359		15,963
Brambles Ltd.		2,224		17,900
Cochlear Ltd.		117		17,635
Coles Group Ltd.		1,512		19,914
Commonwealth Bank of Australia		216		15,340
Computershare Ltd.		1,050		18,550
CSL Ltd.		81		16,493
Dexus		2,301		15,463
Domino’s Pizza Enterprises Ltd.		367		18,765
Endeavour Group Ltd./Australia		3,214		17,907
Evolution Mining Ltd.		6,948		12,835
Fortescue Metals Group Ltd.		1,206		15,519
Glencore PLC		2,583		14,640
Goodman Group		1,232		18,030
GPT Group (The)		4,938		15,886
IDP Education Ltd.		1,026		20,643
Insurance Australia Group Ltd.		5,736		18,049
Lendlease Corp. Ltd.		2,586		18,735
Lottery Corp. Ltd. (The)^(a)		5,757		18,262
Macquarie Group Ltd.		132		16,894
Medibank Pvt Ltd.		8,532		20,515
Mineral Resources Ltd.		423		16,118
Mirvac Group		11,597		17,569
National Australia Bank Ltd.		742		16,025
Newcrest Mining Ltd.		978		13,180
Northern Star Resources Ltd.		2,697		14,822
Orica Ltd.		1,623		19,236
Origin Energy Ltd.		3,621		15,202
Qantas Airways Ltd.^(a)		5,022		16,183
QBE Insurance Group Ltd.		1,966		15,896
Ramsay Health Care Ltd.		312		15,413
REA Group Ltd.		180		15,880
Reece Ltd.		1,311		14,159
Rio Tinto Ltd.		199		13,788
Rio Tinto PLC		276		16,662
Santos Ltd.		2,941		15,288
Scentre Group		8,166		16,734
SEEK Ltd.		834		13,508
Sonic Healthcare Ltd.		729		17,555
South32 Ltd.		5,248		14,304
Stockland		6,453		17,486
Suncorp Group Ltd.		2,056		16,237
Telstra Corp. Ltd.		6,852		18,727
Transurban Group		1,845		18,859
Treasury Wine Estates Ltd.		2,433		20,972
Vicinity Centres		13,722		20,078
Washington H Soul Pattinson & Co. Ltd.		891		16,131
Wesfarmers Ltd.		465		15,236
Westpac Banking Corp.		984		14,901
WiseTech Global Ltd.		561		19,868


Security	Shares		Value

Australia (continued)
Woodside Energy Group Ltd.		1,299	$	29,332
Woolworths Group Ltd.		666		17,522


				1,005,244

Austria — 0.4%
Erste Group Bank AG		549		13,919
OMV AG		309		13,160
Verbund AG		207		22,763
voestalpine AG		519		11,686


				61,528

Belgium — 1.3%
Ageas SA/NV		399		17,414
Anheuser-Busch InBev SA/NV		312		16,713
D’ieteren Group		99		16,248
Elia Group SA/NV		114		17,307
Groupe Bruxelles Lambert SA		192		16,995
KBC Group NV		261		13,670
Proximus SADP		1,023		14,176
Sofina SA		72		16,862
Solvay SA		174		15,283
UCB SA		180		14,065
Umicore SA		447		16,191
Warehouses De Pauw CVA		384		13,054


				187,978

Canada — 9.9%
Agnico Eagle Mines Ltd.		313		13,458
Air Canada^(a)		1,149		15,604
Algonquin Power & Utilities Corp.		1,443		20,182
Alimentation Couche-Tard Inc.		372		16,620
AltaGas Ltd.		772		17,200
ARC Resources Ltd.		300		4,208
Bank of Montreal		180		17,944
Bank of Nova Scotia (The)		255		15,534
Barrick Gold Corp.		802		12,639
Bausch Health Companies Inc.^(a)		1,668		7,685
BCE Inc.		313		15,814
BlackBerry Ltd.^(a)		2,865		17,608
Brookfield Asset Management Inc., Class A		343		17,019
Brookfield Renewable Corp., Class A		495		19,366
BRP Inc.		207		15,745
CAE Inc.^(a)		672		17,779
Cameco Corp.		813		20,938
Canadian Apartment Properties REIT		444		16,820
Canadian Imperial Bank of Commerce		300		15,176
Canadian National Railway Co.		153		19,383
Canadian Natural Resources Ltd.		261		14,412
Canadian Pacific Railway Ltd.		255		20,106
Canadian Tire Corp. Ltd., Class A, NVS		156		20,041
Canadian Utilities Ltd., Class A, NVS		522		16,897
CCL Industries Inc., Class B, NVS		390		19,592
Cenovus Energy Inc.		781		14,881
CGI Inc.^(a)		243		20,836
Constellation Software Inc.		12		20,413
Dollarama Inc.		334		20,243
Emera Inc.		315		14,934
Empire Co. Ltd., Class A, NVS		555		16,842
Enbridge Inc.		444		19,940
Fairfax Financial Holdings Ltd.		31		16,699
First Quantum Minerals Ltd.		598		10,927
FirstService Corp.		117		15,652


Security	Shares		Value

Canada (continued)
Fortis Inc.		342	$	16,155
Franco-Nevada Corp.		129		16,518
George Weston Ltd.		159		18,977
GFL Environmental Inc.		507		14,032
Gildan Activewear Inc.		513		15,035
Great-West Lifeco Inc.		588		14,290
Hydro One Ltd.^(b)		627		17,504
iA Financial Corp. Inc.		324		17,828
IGM Financial Inc.		617		17,914
Imperial Oil Ltd.		327		15,671
Intact Financial Corp.		123		18,308
Ivanhoe Mines Ltd., Class A^(a)		2,349		14,602
Keyera Corp.		684		17,728
Kinross Gold Corp.		3,013		10,329
Lightspeed Commerce Inc.^(a)		816		17,511
Loblaw Companies Ltd.		195		17,751
Lundin Mining Corp.		2,200		12,404
Magna International Inc.		234		14,942
Manulife Financial Corp.		969		17,737
Metro Inc.		325		17,997
National Bank of Canada		243		17,050
Northland Power Inc.		597		19,571
Nutrien Ltd.		160		13,697
Nuvei Corp.^(a)(b)


	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception

Fund NAV		(16.09	)%		4.10	%		5.07	%		(16.09	)%		22.24	%		45.22	%

Fund Market		(16.21	)		4.01			5.07			(16.21	)		21.73			45.24

Index		(16.18	)		4.19			5.26			(16.18	)		22.81			47.24


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	$ 872.10	$ 1.39			$ 1,000.00	$ 1,023.30	$ 1.51		0.30	%



Sector	Percent of Total Investments	^(a)

Health Care	18.9	%
Financials	16.9
Energy	13.9
Consumer Staples	12.2
Industrials	10.4
Materials	9.0
Consumer Discretionary	5.4
Communication Services	5.3
Utilities	4.4
Information Technology	2.7
Real Estate	0.9


	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception

Fund NAV		(13.78	)%		5.62	%		5.96	%		(13.78	)%		31.47	%		54.77	%

Fund Market		(13.65	)		5.61			6.00			(13.65	)		31.36			55.28

Index		(14.14	)		5.61			6.06			(14.14	)		31.39			55.89


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	$ 896.90	$ 1.41			$ 1,000.00	$ 1,023.30	$ 1.51		0.30	%


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		13
Disclosure of Expenses		13
Schedules of Investments		14
Financial Statements:
Statements of Assets and Liabilities		40
Statements of Operations		41
Statements of Changes in Net Assets		42
Financial Highlights		44
Notes to Financial Statements		48
Report of Independent Registered Public Accounting Firm		57
Important Tax Information		58
Board Review and Approval of Investment Advisory Contract		59
Supplemental Information		63
Trustee and Officer Information		64
General Information		67
Glossary of Terms Used in this Report		68


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 Intl Momentum Factor ETF


Fund Summary as of July 31, 2022 (continued)		iShares^® MSCI Intl Momentum Factor ETF



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

United Kingdom	18.9	%
Canada	16.1
Japan	16.0
Switzerland	13.4
Australia	8.5
France	8.2
Denmark	5.0
Germany	3.1
Norway	1.6
Singapore	1.4


Fund Summary as of July 31, 2022		iShares^® MSCI Intl Quality Factor ETF


Fund Summary as of July 31, 2022		iShares^® MSCI Intl Size Factor ETF


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


A B O U T F U N D P E R F O R M A N C E / S H A R E H O L D E R E X P E N S E S		13



		2022 Annual Report


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	$	—	$	1,219,198	^(a)	$	—		$	(129	)	$	57	$	1,219,126		1,219,248	$	14,988	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		300,000		—			(110,000	)^(a)		—			—		190,000		190,000		7,770			—

									$	(129	)	$	57	$	1,409,126			$	22,758		$	—


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Mini TOPIX Index		54		09/08/22	$	785	$	10,812
Euro STOXX 50 Index		11		09/16/22		415		26,553
FTSE 100 Index		18		09/16/22		1,616		48,437

							$	85,802


	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)	$	—	$	—	$	85,802	$	—	$	—	$	—	$	85,802



Futures contracts
Average notional value of contracts — long	$	3,244,790


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	136,911,000	$	683,258,948	$	—	$	820,169,948
Preferred Stocks		—		223,523		—		223,523
Money Market Funds		1,409,126		—		—		1,409,126

	$	138,320,126	$	683,482,471	$	—	$	821,802,597

Derivative financial instruments^(a)
Assets
Futures Contracts	$	—	$	85,802	$	—	$	85,802


Futures contracts
Average notional value of contracts — long	$	21,339,848