iShares Trust

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The Markets in Review

Dear Shareholder,

The 12-month reporting period as of August 31, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets of 2021. 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. As investors attempted to assess the Fed’s future trajectory, the Fed’s statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

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 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.

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of August 31, 2022

	6-Month		12-Month

U.S. large cap equities (S&P 500^® Index)	(8.84)	%	(11.23)	%

U.S. small cap equities (Russell 2000^® Index)	(9.31)		(17.88)

International equities (MSCI Europe, Australasia, Far East Index)	(13.97)		(19.80)

Emerging market equities (MSCI Emerging Markets Index)	(13.30)		(21.80)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.36		0.39

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(9.71)		(13.27)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(7.76)		(11.52)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(5.72)		(8.63)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(7.78)		(10.61)

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 in U.S. dollar terms during the 12 months ended August 31, 2022 (“reporting period”). The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned -15.88% in U.S. dollar terms for the reporting period.

For the first third 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 3.7% in August 2022 while the number of long-term unemployed dropped below the pre-pandemic level. Although high inflation negatively impacted consumer sentiment, which declined significantly, consumer spending continued to grow.

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. In that environment, the U.S. dollar significantly appreciated relative to most foreign currencies.

Stocks declined in Europe in U.S. dollar terms as economic growth stalled and the euro declined sharply relative to the U.S. dollar. 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 in U.S. dollar terms. 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 ESG Advanced MSCI EAFE ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization developed market companies excluding the U.S. and Canada that have a favorable environmental, social and governance rating while applying extensive screens for company involvement in controversial activities, as represented by the MSCI EAFE Choice ESG Screened Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

The inception date of the Fund was June 16, 2020. The first day of secondary market trading was June 18, 2020.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Investor interest in the environmental, social, and governance (“ESG”) attributes of companies was positive during the reporting period, even as equity markets declined. Countries around the world continued to advance measures to address ESG-related issues, including Japan, which published a draft code of conduct for ESG evaluation and data provision in July 2022. The U.K. Parliament passed laws requiring companies to provide a sustainability statement on climate-related disclosures in their annual reports. Similarly, French regulators issued a new decree that added biodiversity-related requirements to the climate disclosures for financial institutions.

With a negative global macro backdrop, the Index, which includes developed market stocks outside of North America, declined significantly for the reporting period. Japanese stocks detracted the most from the Index’s return. The country’s recovery from the pandemic continued to lag behind many developed peers, weighed down by a weakening Japanese yen. In the industrials sector, capital goods stocks declined as factory output slowed and costs rose, while lockdowns in China and supply disruptions weighed on Japanese producers. The information technology sector was pressured by the widening gap between U.S. and Japanese interest rates.

Stocks in Europe, including Germany, the Netherlands, France, and Switzerland also declined, as economic growth slowed and inflation rose in both the Eurozone and Switzerland. The war in Ukraine also weighed on European stocks, as sanctions against Russia created uncertainty surrounding energy supplies, exacerbated supply chain issues, and led many companies to suspend or exit their Russian operations.

In terms of relative performance, the Index significantly underperformed the broader market, as represented by the MSCI EAFE Index. Relative to the broader market, the ESG security selection process which overweights stocks with higher ESG ratings results in overweights and underweights to certain sectors that can materially affect performance. For example, significant overweights to Information Technology, Financials, and Industrials detracted from performance, while an underweight to Utilities was beneficial.


GEOGRAPHIC ALLOCATION


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


Japan		28.3%
United Kingdom		10.7
Switzerland		9.6
France		9.5
Netherlands		6.9
Germany		6.7
Australia		5.0
Hong Kong		4.2
Denmark		4.1
Sweden		4.1
Singapore		2.0
Spain		2.0
Finland		1.7
Italy		1.4
Israel		1.1
Other (each representing less than 1%)		2.7

The iShares ESG Advanced MSCI EM ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization emerging market companies that have a favorable environmental, social and governance rating while applying extensive screens for company involvement in controversial activities, as represented by the MSCI Emerging Markets Choice ESG Screened 5% Issuer Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

The inception date of the Fund was October 6, 2020. The first day of secondary market trading was October 8, 2020.

Investor interest in the environmental, social, and governance (“ESG”) attributes of companies was positive during the reporting period, even as equity markets declined. Many emerging market countries continued to advance ESG-related regulation and legislation. In China, a new set of voluntary guidelines for ESG reporting took effect in June 2022. The Taiwan Stock Exchange imposed a reporting requirement for listed companies that mandates disclosure of greenhouse gas emissions, energy management, and other ESG-related metrics. India released a proposal for regulating ESG impact ratings that would require ratings providers to be accredited by Indian authorities.

With a negative global macro backdrop, the Index, which consists of emerging market stocks, declined significantly for the reporting period. Within China, the consumer discretionary sector detracted substantially from the Index’s return. Automobiles manufacturers, including electric car makers, declined as pandemic-related restrictions slowed production and kept customers home, constraining sales. In the internet and direct marketing retail industry, government pressure to limit food delivery fees weighed on investor sentiment. The life sciences tools and services industry in the healthcare sector declined after a Chinese biologics manufacturer appeared on a U.S. list of firms prohibited from receiving certain technology exports.

Taiwanese stocks also detracted from the Index’s return, as a weaker consumer demand outlook weighed on Taiwan’s semiconductors industry in the information technology sector. In South Korea’s communication services sector, subscription sales on messaging apps fell amid billing changes instituted by a large provider of smartphone operating systems.

In terms of relative performance, the Index outperformed the broader market, as represented by the MSCI Emerging Markets Index. Relative to the broader market the ESG selection process favors stocks with higher ESG ratings, resulting in an overweight to Financials which was a drag on performance, and an underweight to Energy and Materials, which contributed positively. Communication Services contributed the most to outperformance due to a zero-weight exposure to Chinese conglomerate Tencent Holdings which underperformed the broader market.


GEOGRAPHIC ALLOCATION


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


China		31.4%
Taiwan		16.7
India		13.7
South Africa		6.3
South Korea		6.1
Brazil		4.9
Saudi Arabia		3.3
Indonesia		3.2
Thailand		2.9
Malaysia		2.3
United Arab Emirates		2.3
Qatar		1.2
Mexico		1.1
Other (each representing less than 1%)		4.6

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

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

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

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

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

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

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


Security	Shares		Value


Common Stocks

Australia — 4.9%
ASX Ltd.		9,138	$	486,436
Aurizon Holdings Ltd.		92,051		232,809
BlueScope Steel Ltd.		20,968		235,257
Brambles Ltd.		68,113		573,254
Cochlear Ltd.		3,114		453,327
Computershare Ltd.		25,806		430,385
CSL Ltd.		22,525		4,505,397
Dexus		54,445		322,041
Evolution Mining Ltd.		77,577		124,670
Fortescue Metals Group Ltd.		78,869		980,150
Goodman Group		78,010		1,037,376
GPT Group (The)		97,229		277,054
IDP Education Ltd.		10,179		200,390
James Hardie Industries PLC		20,425		462,940
Lendlease Corp. Ltd.		30,084		209,641
Medibank Pvt Ltd.		137,232		345,683
Mineral Resources Ltd.		8,004		341,030
Mirvac Group		182,168		259,431
Newcrest Mining Ltd.		41,201		495,304
Northern Star Resources Ltd.		51,219		270,705
Orica Ltd.		19,535		204,339
QBE Insurance Group Ltd.		68,507		561,672
Ramsay Health Care Ltd.		8,355		407,188
REA Group Ltd.		2,287		197,227
Reece Ltd.		9,129		98,834
Scentre Group		243,988		484,876
SEEK Ltd.		16,847		237,689
Sonic Healthcare Ltd.		21,505		497,303
Stockland		114,753		282,277
Suncorp Group Ltd.		59,348		438,300
Transurban Group		143,065		1,357,324
Vicinity Centres		181,957		238,220
WiseTech Global Ltd.		6,769		267,372


				17,515,901

Austria — 0.1%
Erste Group Bank AG		15,943		358,522
voestalpine AG		5,394		108,541


				467,063

Belgium — 0.6%
Ageas SA/NV		7,263		294,700
D’ieteren Group		1,326		199,897
Elia Group SA/NV		1,566		227,495
Groupe Bruxelles Lambert SA		4,514		341,241
KBC Group NV		11,537		550,228
Proximus SADP		7,314		93,100
Umicore SA		10,007		318,083
Warehouses De Pauw CVA		7,107		216,245


				2,240,989

Brazil — 0.1%
Yara International ASA		8,106		342,863


Denmark — 4.1%
AP Moller - Maersk A/S, Class A		140		327,055
AP Moller - Maersk A/S, Class B, NVS		212		508,621
Chr Hansen Holding A/S		4,831		281,488
Demant A/S^(a)		4,581		141,114
DSV A/S		8,743		1,291,936
Genmab A/S^(a)		3,070		1,092,816


Security	Shares		Value


Denmark (continued)
GN Store Nord AS		5,737	$	162,258
Novo Nordisk A/S, Class B		77,423		8,277,587
Novozymes A/S, Class B		9,348		536,515
Pandora A/S		4,185		251,421
Rockwool A/S, Class B		420		86,450
Tryg A/S		18,024		407,266
Vestas Wind Systems A/S		47,930		1,199,261


				14,563,788

Finland — 1.7%
Elisa OYJ		6,905		369,267
Kesko OYJ, Class B		12,974		272,942
Kone OYJ, Class B		16,079		643,039
Nokia OYJ		250,223		1,260,965
Nordea Bank Abp		160,873		1,491,590
Orion OYJ, Class B		5,080		230,328
Sampo OYJ, Class A		22,504		1,018,088
Stora Enso OYJ, Class R		25,051		372,909
Wartsila OYJ Abp		20,996		173,117


				5,832,245

France — 9.5%
Accor SA^(a)		8,281		197,512
Aeroports de Paris^(a)		1,380		188,964
Air Liquide SA		24,431		3,061,518
Amundi SA^(b)		3,073		155,812
Arkema SA		2,835		239,335
AXA SA		88,044		2,073,579
BioMerieux		2,072		189,484
BNP Paribas SA		52,032		2,417,937
Bouygues SA		11,188		328,647
Bureau Veritas SA		14,010		347,727
Capgemini SE		7,580		1,309,657
Carrefour SA		28,429		474,494
Cie. Generale des Etablissements Michelin SCA		30,912		751,819
Covivio		2,214		123,602
Credit Agricole SA		57,024		524,830
Danone SA		30,360		1,597,552
Dassault Systemes SE		31,257		1,205,369
Edenred		11,536		583,484
Eiffage SA^(c)		4,009		352,611
Eurazeo SE		2,081		124,277
Eurofins Scientific SE		6,511		450,484
Gecina SA		2,075		184,671
Getlink SE		21,548		405,771
Hermes International		1,486		1,903,217
Ipsen SA		1,877		179,886
Klepierre SA		10,276		210,784
Legrand SA		13,041		943,577
L’Oreal SA		11,285		3,875,768
Publicis Groupe SA		10,482		511,787
Sartorius Stedim Biotech		1,300		475,490
Schneider Electric SE		25,344		3,012,321
SEB SA		1,187		87,915
Societe Generale SA		37,385		824,168
Sodexo SA		4,218		322,592
Ubisoft Entertainment SA^(a)		4,030		185,844
Unibail-Rodamco-Westfield^(a)(c)		5,619		288,870
Valeo		9,835		187,865
Vinci SA		24,955		2,302,184
Vivendi SE		34,376		311,600


Security	Shares		Value


France (continued)
Wendel SE		1,109	$	87,136
Worldline SA/France^(a)(b)		10,979		470,370


				33,470,510

Germany — 6.4%
adidas AG		8,026		1,190,120
Aroundtown SA		44,107		128,642
Bayerische Motoren Werke AG		15,387		1,133,693
Bechtle AG		3,534		135,386
Beiersdorf AG		4,712		475,629
Brenntag SE		7,179		470,709
Carl Zeiss Meditec AG, Bearer		1,863		231,867
Commerzbank AG^(a)		47,966		319,162
Continental AG		5,325		306,583
Covestro AG^(b)		9,117		274,895
Daimler Truck Holding AG^(a)		20,700		530,983
Deutsche Boerse AG		8,825		1,492,082
Deutsche Lufthansa AG, Registered^(a)(c)		28,014		166,551
Deutsche Post AG, Registered		46,409		1,693,888
Evonik Industries AG		10,351		192,996
GEA Group AG		6,624		230,428
Hannover Rueck SE		2,902		427,714
HeidelbergCement AG		6,908		311,948
HelloFresh SE^(a)		7,392		176,491
Henkel AG & Co. KGaA		5,184		324,204
Infineon Technologies AG		60,618		1,483,254
KION Group AG		3,036		121,309
Knorr-Bremse AG		3,391		164,345
LEG Immobilien SE		3,391		256,271
Merck KGaA		6,031		1,036,005
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		6,593		1,575,205
Nemetschek SE		2,484		146,333
Puma SE		5,350		327,011
Rational AG		210		113,266
SAP SE		48,783		4,164,141
Scout24 SE^(b)		3,824		220,312
Siemens Healthineers AG^(b)		13,317		652,150
Symrise AG		6,287		657,835
Telefonica Deutschland Holding AG		54,309		140,983
United Internet AG, Registered^(d)		4,968		112,379
Vonovia SE		33,223		899,397
Zalando SE^(a)(b)		10,713		248,037


				22,532,204

Hong Kong — 4.1%
AIA Group Ltd.		570,800		5,491,802
BOC Hong Kong Holdings Ltd.		176,000		605,757
Chow Tai Fook Jewellery Group Ltd.		82,800		166,652
CK Asset Holdings Ltd.		103,500		698,600
ESR Group Ltd.^(a)(b)		96,600		270,490
Futu Holdings Ltd., ADR^(a)		2,760		135,488
Hang Lung Properties Ltd.		92,000		152,997
Hang Seng Bank Ltd.		34,500		540,153
HKT Trust & HKT Ltd., Class SS		138,000		185,138
Hong Kong Exchanges & Clearing Ltd.		56,800		2,288,729
Link REIT		96,600		747,590
MTR Corp. Ltd.		72,500		371,296
New World Development Co. Ltd.		69,000		224,842
Sino Land Co. Ltd.		162,000		236,897
Sun Hung Kai Properties Ltd.		69,000		810,627


Security	Shares		Value


Hong Kong (continued)
Swire Pacific Ltd., Class A		34,500	$	238,903
Swire Properties Ltd.		41,400		95,415
Techtronic Industries Co. Ltd.		69,000		813,802
WH Group Ltd.^(b)		379,500		258,562
Wharf Real Estate Investment Co. Ltd.		71,000		323,063


				14,656,803

Ireland — 0.7%
CRH PLC		36,544		1,349,482
Kerry Group PLC, Class A		7,666		790,531
Smurfit Kappa Group PLC		11,665		391,123


				2,531,136

Israel — 1.1%
Bank Hapoalim BM		59,424		616,075
Bank Leumi Le-Israel BM		72,908		770,727
Check Point Software Technologies Ltd.^(a)		4,717		567,172
CyberArk Software Ltd.^(a)		1,794		258,838
Israel Discount Bank Ltd., Class A		58,420		357,159
Mizrahi Tefahot Bank Ltd.		6,868		279,326
Nice Ltd.^(a)		2,979		636,499
Wix.com Ltd.^(a)		2,567		162,466
ZIM Integrated Shipping Services Ltd.		3,933		141,942


				3,790,204

Italy — 1.4%
Amplifon SpA		5,390		140,468
Assicurazioni Generali SpA		53,497		784,627
DiaSorin SpA		1,109		145,483
Ferrari NV		5,887		1,136,440
FinecoBank Banca Fineco SpA		28,399		307,058
Infrastrutture Wireless Italiane SpA^(b)		15,600		144,579
Mediobanca Banca di Credito Finanziario SpA		29,082		230,210
Moncler SpA		9,269		412,394
Nexi SpA^(a)(b)		24,722		202,831
Poste Italiane SpA^(b)		24,655		197,043
Prysmian SpA		11,317		347,237
Recordati Industria Chimica e Farmaceutica SpA		4,842		197,554
Telecom Italia SpA/Milano^(a)		463,135		95,526
Terna - Rete Elettrica Nazionale		71,286		506,787


				4,848,237

Japan — 28.2%
Advantest Corp.		7,500		424,765
Aeon Co. Ltd.		27,600		538,358
AGC Inc.^(c)		6,900		234,179
Ajinomoto Co. Inc.		20,700		572,145
ANA Holdings Inc.^(a)		7,000		134,584
Asahi Intecc Co. Ltd.		6,900		122,734
Asahi Kasei Corp.		59,600		435,544
Astellas Pharma Inc.		89,700		1,271,747
Azbil Corp.		6,900		196,604
Bridgestone Corp.		27,600		1,059,127
Brother Industries Ltd.		13,800		264,098
Canon Inc.		49,000		1,173,516
Capcom Co. Ltd.		6,900		188,333
Central Japan Railway Co.		6,900		812,337
Chiba Bank Ltd. (The)		20,700		111,818
Chugai Pharmaceutical Co. Ltd.		27,600		712,303
CyberAgent Inc.		20,700		201,810
Dai Nippon Printing Co. Ltd.		13,800		290,474
Daifuku Co. Ltd.		6,900		402,532
Dai-ichi Life Holdings Inc.		49,100		848,350


Security	Shares		Value


Japan (continued)
Daiichi Sankyo Co. Ltd.		82,800	$	2,488,288
Daikin Industries Ltd.		11,800		2,059,891
Daito Trust Construction Co. Ltd.		3,000		296,707
Daiwa House Industry Co. Ltd.		27,600		617,059
Daiwa House REIT Investment Corp.		69		159,514
Daiwa Securities Group Inc.		55,200		240,960
Denso Corp.		20,700		1,129,820
Dentsu Group Inc.		6,900		224,247
Disco Corp.		1,400		339,934
East Japan Railway Co.		13,800		714,794
Eisai Co. Ltd.		13,800		562,670
FANUC Corp.		8,900		1,433,783
Fast Retailing Co. Ltd.		2,600		1,520,302
FUJIFILM Holdings Corp.		17,500		888,419
Fujitsu Ltd.		9,000		1,059,059
GMO Payment Gateway Inc.		2,200		177,679
Hakuhodo DY Holdings Inc.		13,800		123,117
Hamamatsu Photonics KK		6,900		295,519
Hankyu Hanshin Holdings Inc.		13,800		413,842
Hirose Electric Co. Ltd.		1,300		184,207
Hitachi Construction Machinery Co. Ltd.		6,900		141,848
Hitachi Metals Ltd.^(a)		13,900		209,150
Hoshizaki Corp.		6,900		204,988
Hoya Corp.		17,300		1,764,198
Hulic Co. Ltd.		14,000		106,091
Ibiden Co. Ltd.		6,900		218,999
Itochu Techno-Solutions Corp.		6,900		174,136
Japan Exchange Group Inc.		20,700		308,476
Japan Metropolitan Fund Invest		347		275,579
Japan Real Estate Investment Corp.		69		319,579
JFE Holdings Inc.		20,700		222,392
JSR Corp.		6,900		153,917
Kajima Corp.		20,700		217,816
Kao Corp.		21,300		922,296
KDDI Corp.		75,900		2,322,625
Keio Corp.		6,900		262,547
Keisei Electric Railway Co. Ltd.		6,900		192,484
Keyence Corp.		9,100		3,416,811
Kikkoman Corp.		6,900		421,925
Kintetsu Group Holdings Co. Ltd.		6,900		234,301
Kobayashi Pharmaceutical Co. Ltd.		2,000		113,343
Kobe Bussan Co. Ltd.		6,900		175,711
Komatsu Ltd.		41,400		866,036
Konami Group Corp.		4,800		243,598
Kubota Corp.		49,000		760,981
Kurita Water Industries Ltd.		6,900		268,461
Kyocera Corp.		13,800		767,056
Kyowa Kirin Co. Ltd.		13,800		309,323
Lixil Corp.		13,800		239,975
M3 Inc.		20,700		673,635
Mazda Motor Corp.		27,600		244,428
MEIJI Holdings Co. Ltd.		6,900		328,708
MINEBEA MITSUMI Inc.		13,800		237,182
MISUMI Group Inc.		13,900		341,191
Mitsubishi Chemical Group Corp.		56,100		294,523
Mitsubishi Electric Corp.		89,700		906,879
Mitsubishi Estate Co. Ltd.		56,100		755,491
Mitsubishi HC Capital Inc.		27,900		135,211
Mitsubishi UFJ Financial Group Inc.		558,900		2,897,308
Mitsui Chemicals Inc.		6,900		155,012


Security	Shares		Value


Japan (continued)
Mitsui Fudosan Co. Ltd.		42,100	$	852,130
MonotaRO Co. Ltd.		13,800		247,603
MS&AD Insurance Group Holdings Inc.		20,700		617,604
Murata Manufacturing Co. Ltd.		27,600		1,486,161
NEC Corp.		11,600		423,071
NGK Insulators Ltd.		6,900		98,515
Nidec Corp.		21,200		1,408,358
Nihon M&A Center Holdings Inc.		14,500		179,702
Nintendo Co. Ltd.		5,200		2,128,603
Nippon Building Fund Inc.		69		343,686
Nippon Paint Holdings Co. Ltd.		34,500		266,076
Nippon Prologis REIT Inc.		69		173,585
Nippon Telegraph & Telephone Corp.		55,200		1,496,156
Nippon Yusen KK		6,900		526,292
Nissan Chemical Corp.		6,900		351,146
Nissin Foods Holdings Co. Ltd.		2,100		150,247
Nitori Holdings Co. Ltd.		3,800		363,286
Nitto Denko Corp.		6,900		425,266
Nomura Holdings Inc.		138,000		499,683
Nomura Real Estate Holdings Inc.		7,000		171,975
Nomura Real Estate Master Fund Inc.		207		253,174
Nomura Research Institute Ltd.		13,800		371,410
NTT Data Corp.		28,100		395,433
Obayashi Corp.		28,100		194,356
Odakyu Electric Railway Co. Ltd.		13,800		188,522
Oji Holdings Corp.		35,100		140,045
Omron Corp.		6,900		363,121
Ono Pharmaceutical Co. Ltd.		13,800		329,408
Open House Group Co. Ltd.		6,900		270,052
Oriental Land Co. Ltd./Japan		9,200		1,371,604
Otsuka Corp.		6,900		223,035
Otsuka Holdings Co. Ltd.		20,700		676,115
Pan Pacific International Holdings Corp.		18,200		326,792
Persol Holdings Co. Ltd.		7,000		140,519
Rakuten Group Inc.		41,400		200,925
Recruit Holdings Co. Ltd.		69,000		2,193,551
Renesas Electronics Corp.^(a)		55,200		522,664
Resona Holdings Inc.		96,600		355,608
Ricoh Co. Ltd.		27,600		216,921
Rohm Co. Ltd.		4,100		306,754
SCSK Corp.		6,900		112,355
Secom Co. Ltd.		9,500		605,238
Seiko Epson Corp.		13,800		216,851
Sekisui Chemical Co. Ltd.		13,800		188,140
Sekisui House Ltd.		28,100		477,830
SG Holdings Co. Ltd.		13,800		228,897
Sharp Corp./Japan		13,800		98,788
Shimadzu Corp.		13,800		403,044
Shimizu Corp.		27,600		151,344
Shin-Etsu Chemical Co. Ltd.		17,700		2,055,549
Shionogi & Co. Ltd.		13,800		673,783
Shiseido Co. Ltd.		20,700		781,918
Shizuoka Bank Ltd. (The)		21,000		121,524
SoftBank Corp.		131,100		1,437,280
SoftBank Group Corp.		55,200		2,186,556
Sompo Holdings Inc.		13,800		591,692
Sony Group Corp.		59,200		4,706,594
Square Enix Holdings Co. Ltd.		6,900		299,605
SUMCO Corp.		13,800		187,306
Sumitomo Chemical Co. Ltd.		69,000		271,606


Security	Shares		Value


Japan (continued)
Sumitomo Metal Mining Co. Ltd.		13,800	$	434,239
Sumitomo Mitsui Financial Group Inc.		62,100		1,873,138
Sumitomo Realty & Development Co. Ltd.		14,700		359,502
Suntory Beverage & Food Ltd.		6,900		252,034
Sysmex Corp.		6,900		421,776
T&D Holdings Inc.		20,700		226,069
Taisei Corp.		6,900		209,205
TDK Corp.		20,700		723,718
Terumo Corp.		27,600		886,006
TIS Inc.		10,600		301,853
Tobu Railway Co. Ltd.		6,900		163,020
Tokio Marine Holdings Inc.		28,300		1,568,368
Tokyo Electron Ltd.		7,200		2,258,186
Tokyu Corp.		27,600		328,102
Toppan Inc.		13,800		216,724
Toray Industries Inc.		62,100		354,370
Tosoh Corp.		13,800		178,432
TOTO Ltd.		6,900		237,835
Trend Micro Inc/Japan		6,900		424,820
Unicharm Corp.		20,700		719,360
USS Co. Ltd.		13,800		243,527
Welcia Holdings Co. Ltd.		3,000		62,830
West Japan Railway Co.		6,900		268,537
Yakult Honsha Co. Ltd.		6,900		408,105
Yamaha Corp.		6,900		269,161
Yamaha Motor Co. Ltd.		13,800		285,995
Yamato Holdings Co. Ltd.		13,800		215,129
Yaskawa Electric Corp.		13,800		449,368
Yokogawa Electric Corp.		13,800		240,856
Z Holdings Corp.		119,700		351,903
ZOZO Inc.		6,900		152,512


				99,859,113

Netherlands — 6.9%
ABN AMRO Bank NV, CVA^(b)		21,964		211,006
Adyen NV^(a)(b)		1,019		1,572,464
AerCap Holdings NV^(a)(c)		5,934		261,393
Akzo Nobel NV		8,317		523,982
Argenx SE^(a)		2,586		973,789
ASM International NV		2,159		587,009
ASML Holding NV		19,045		9,296,157
Euronext NV^(b)		4,128		305,071
EXOR NV		5,254		316,318
IMCD NV		2,776		382,965
ING Groep NV		182,128		1,596,250
JDE Peet’s NV		4,902		151,154
Just Eat Takeaway.com NV^(a)(b)		7,821		130,106
Koninklijke Ahold Delhaize NV		48,661		1,338,509
Koninklijke DSM NV		8,109		1,034,025
NN Group NV		13,187		541,959
OCI NV		4,547		170,707
Prosus NV		38,799		2,398,145
QIAGEN NV^(a)		10,486		475,608
Randstad NV		5,869		273,324
Universal Music Group NV		34,882		692,685
Wolters Kluwer NV		12,214		1,194,441


				24,427,067

New Zealand — 0.4%
Auckland International Airport Ltd.^(a)		58,380		269,235
Fisher & Paykel Healthcare Corp. Ltd.		26,988		323,092


Security	Shares		Value


New Zealand (continued)
Mercury NZ Ltd.		36,989	$	130,904
Meridian Energy Ltd.		55,695		169,914
Spark New Zealand Ltd.		92,605		306,329
Xero Ltd.^(a)		6,085		357,975


				1,557,449

Norway — 0.6%
Adevinta ASA^(a)		13,602		110,049
DNB Bank ASA		43,472		826,576
Gjensidige Forsikring ASA		9,118		185,027
Mowi ASA		18,592		381,168
Orkla ASA		35,328		295,833
Telenor ASA		33,475		366,317


				2,164,970

Portugal — 0.1%
Jeronimo Martins SGPS SA		12,424		275,462


Singapore — 2.0%
Ascendas Real Estate Investment Trust		158,899		320,246
CapitaLand Integrated Commercial Trust		252,381		373,277
Capitaland Investment Ltd./Singapore		124,900		328,834
City Developments Ltd.		21,100		122,511
DBS Group Holdings Ltd.		85,000		1,979,096
Grab Holdings Ltd., Class A^(a)		60,627		172,787
Oversea-Chinese Banking Corp. Ltd.		159,300		1,373,029
Singapore Airlines Ltd.^(a)		56,000		212,624
Singapore Exchange Ltd.		34,500		234,117
Singapore Telecommunications Ltd.		387,100		726,725
United Overseas Bank Ltd.		55,200		1,076,370
UOL Group Ltd.		21,100		104,399
Venture Corp. Ltd.^(c)		13,800		180,295


				7,204,310

South Korea — 0.1%
Delivery Hero SE^(a)(b)		7,377		306,154


Spain — 2.0%
Acciona SA		1,242		243,266
ACS Actividades de Construccion y Servicios SA		10,948		243,917
Aena SME SA^(a)(b)		3,745		459,967
Amadeus IT Group SA^(a)		21,199		1,119,082
CaixaBank SA		205,923		621,785
Cellnex Telecom SA^(b)		25,898		1,008,538
EDP Renovaveis SA		13,938		338,027
Ferrovial SA		23,700		594,275
Grifols SA^(a)		12,903		155,978
Industria de Diseno Textil SA		51,434		1,110,534
Red Electrica Corp. SA		7,817		142,916
Telefonica SA		250,566		1,034,090


				7,072,375

Sweden — 4.0%
Alleima AB, NVS		10,173		40,846
Assa Abloy AB, Class B		47,371		959,451
Atlas Copco AB, Class A		127,109		1,290,286
Atlas Copco AB, Class B		69,525		633,080
Electrolux AB, Class B		9,833		124,339
Embracer Group AB^(a)(c)		33,489		207,781
Epiroc AB, Class A		29,075		444,871
Epiroc AB, Class B		20,360		277,178
EQT AB		13,739		307,724
Essity AB, Class B		28,774		638,301
Fastighets AB Balder, Class B^(a)		27,417		151,402


Security	Shares		Value


Sweden (continued)
Getinge AB, Class B		11,152	$	206,552
H & M Hennes & Mauritz AB, Class B		35,986		373,727
Hexagon AB, Class B		90,811		928,001
Holmen AB, Class B		4,479		192,169
Husqvarna AB, Class B		20,016		134,676
Industrivarden AB, Class A		6,230		138,069
Industrivarden AB, Class C		7,345		161,134
Indutrade AB		13,051		241,652
Investment AB Latour, Class B		6,348		125,051
Investor AB, Class A		20,359		338,381
Investor AB, Class B		88,625		1,396,837
Kinnevik AB, Class B^(a)		10,492		149,312
Lifco AB, Class B		10,352		160,799
Nibe Industrier AB, Class B		70,481		660,036
Sagax AB, Class B		9,091		195,520
Sandvik AB		49,625		773,679
Skandinaviska Enskilda Banken AB, Class A		76,214		759,754
SKF AB, Class B		17,074		255,983
Svenska Cellulosa AB SCA, Class B		27,746		415,732
Svenska Handelsbanken AB, Class A		68,866		564,024
Swedish Orphan Biovitrum AB^(a)		7,797		172,324
Tele2 AB, Class B		27,395		291,750
Telia Co. AB		125,861		442,997
Volvo Car AB, Class B^(a)(c)		28,471		173,429


				14,326,847

Switzerland — 9.6%
ABB Ltd., Registered		75,997		2,094,752
Adecco Group AG, Registered		7,628		241,812
Alcon Inc.		23,539		1,549,877
Bachem Holding AG, Class A		1,745		120,835
Baloise Holding AG, Registered		2,298		331,644
Clariant AG, Registered^(a)		9,319		172,060
Coca-Cola HBC AG, Class DI		9,601		219,088
Geberit AG, Registered		1,694		782,704
Givaudan SA, Registered		449		1,432,568
Julius Baer Group Ltd.		10,025		484,405
Kuehne + Nagel International AG, Registered		2,564		592,569
Logitech International SA, Registered		7,910		393,569
Lonza Group AG, Registered		3,458		1,844,220
Novartis AG, Registered		100,983		8,168,315
Partners Group Holding AG		1,069		1,031,856
Schindler Holding AG, Participation Certificates, NVS		2,277		397,631
Schindler Holding AG, Registered		552		93,289
SGS SA, Registered		303		667,262
SIG Group AG		14,007		329,290
Sika AG, Registered		6,725		1,513,089
Sonova Holding AG, Registered		2,565		675,810
STMicroelectronics NV		31,675		1,103,879
Straumann Holding AG, Registered		5,325		583,528
Swiss Life Holding AG, Registered		1,457		761,540
Swiss Prime Site AG, Registered		3,665		315,198
Swiss Re AG		14,233		1,106,696
Swisscom AG, Registered		1,247		644,736
Temenos AG, Registered		3,044		249,286
UBS Group AG, Registered		164,634		2,608,908
VAT Group AG^(b)		1,247		298,166
Zurich Insurance Group AG		7,028		3,119,725


				33,928,307


Security	Shares		Value


United Kingdom — 10.6%
3i Group PLC		45,900	$	646,102
abrdn PLC		103,935		176,632
Admiral Group PLC		7,884		193,937
Antofagasta PLC		18,496		235,341
Ashtead Group PLC		21,254		1,044,163
Auto Trader Group PLC^(b)		43,472		328,243
AVEVA Group PLC		5,737		186,042
Aviva PLC		128,833		625,000
Barratt Developments PLC		49,555		245,336
Berkeley Group Holdings PLC		5,058		214,121
British Land Co. PLC (The)		42,022		209,615
Bunzl PLC		15,531		515,073
Burberry Group PLC		18,151		367,171
CNH Industrial NV		47,683		580,544
Coca-Cola Europacific Partners PLC		9,945		488,996
Compass Group PLC		83,598		1,798,281
Croda International PLC		6,348		494,794
Ferguson PLC		10,008		1,159,008
Halma PLC		17,757		427,144
Hikma Pharmaceuticals PLC		7,042		107,325
HSBC Holdings PLC		941,992		5,771,437
Informa PLC		68,935		436,127
InterContinental Hotels Group PLC		8,791		477,230
Intertek Group PLC		7,529		345,570
J Sainsbury PLC		83,602		197,331
JD Sports Fashion PLC		121,572		159,020
Kingfisher PLC		97,783		262,671
Land Securities Group PLC		33,655		253,840
Legal & General Group PLC		267,953		784,853
Lloyds Banking Group PLC		3,270,840		1,657,517
London Stock Exchange Group PLC		15,489		1,452,892
M&G PLC		121,580		275,918
Mondi PLC		22,082		374,851
NatWest Group PLC, NVS		249,326		711,493
Next PLC		6,082		409,573
Ocado Group PLC^(a)		25,211		211,876
Pearson PLC		30,719		307,435
Persimmon PLC		15,253		260,996
Phoenix Group Holdings PLC		35,820		250,188
Prudential PLC		128,349		1,347,044
Reckitt Benckiser Group PLC		33,328		2,571,641
RELX PLC		90,560		2,374,946
Rentokil Initial PLC		90,122		544,289
Sage Group PLC (The)		47,818		396,349
Schroders PLC		6,094		189,561
Segro PLC		57,454		626,994
Severn Trent PLC		13,190		426,058
Spirax-Sarco Engineering PLC		3,381		412,740
St. James’s Place PLC		25,425		325,438
Standard Chartered PLC		118,303		819,384
Taylor Wimpey PLC		163,254		204,808
United Utilities Group PLC		33,541		411,088
Vodafone Group PLC		1,259,559		1,686,363
Whitbread PLC		9,799		284,008
WPP PLC		51,546		443,968


				37,708,365


Total Common Stocks — 99.2% (Cost: $424,983,269)				351,622,362


Security	Shares		Value


Preferred Stocks

Germany — 0.3%
Bayerische Motoren Werke AG, Preference Shares, NVS		2,548	$	177,147
Henkel AG & Co. KGaA, Preference Shares, NVS		8,060		520,141
Sartorius AG, Preference Shares, NVS		1,158		482,452


				1,179,740


Total Preferred Stocks — 0.3% (Cost: $1,514,963)				1,179,740


Total Long-Term Investments — 99.5% (Cost: $426,498,232)				352,802,102


Short-Term Securities

Money Market Funds — 0.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%^(e)(f)(g)		1,630,636		1,631,126
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%^(e)(f)		30,000		30,000


Total Short-Term Securities — 0.5% (Cost: $1,660,521)				1,661,126


Total Investments in Securities — 100.0% (Cost: $428,158,753)				354,463,228

Liabilities in Excess of Other Assets — (0.0)%				(30,764	)


Net Assets — 100.0%			$	354,432,464

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 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 August 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

Brazil — 2.9%
Americanas SA		7,511	$	23,591
Atacadao SA		6,100		23,157
B3 SA - Brasil, Bolsa, Balcao		75,410		171,768
Banco Bradesco SA		19,128		58,240
Banco do Brasil SA		10,640		85,265
Banco Santander Brasil SA		4,830		27,268
CCR SA		15,030		39,840
Cia. de Saneamento Basico do Estado de Sao Paulo		4,240		40,058
Energisa SA		2,370		19,266
Hypera SA		5,059		41,883
Localiza Rent a Car SA		9,160		107,087
Lojas Renner SA		12,380		62,990
Natura & Co. Holding SA		10,960		30,379
Rede D’Or Sao Luiz SA^(a)		4,920		31,521
Rumo SA		16,030		62,272
Telefonica Brasil SA		6,000		47,447
Tim SA		10,620		24,149
TOTVS SA		6,660		36,549
WEG SA		20,850		113,380


				1,046,110

Chile — 0.4%
Banco de Chile		566,750		53,769
Banco de Credito e Inversiones SA		715		21,061
Banco Santander Chile		798,571		32,076
Falabella SA		10,190		24,013


				130,919

China — 31.3%
360 Security Technology Inc., Class A		5,489		5,794
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		2,000		5,859
3SBio Inc.^(a)		15,000		9,973
AAC Technologies Holdings Inc.		10,000		18,526
Agricultural Bank of China Ltd., Class A		63,000		25,967
Agricultural Bank of China Ltd., Class H		354,000		115,674
Alibaba Group Holding Ltd.^(b)		157,000		1,873,095
Alibaba Health Information Technology Ltd.^(b)		60,000		34,384
A-Living Smart City Services Co. Ltd., Class A^(a)		7,500		7,726
Baidu Inc.^(b)		27,240		486,250
Bank of China Ltd., Class A		23,000		10,111
Bank of China Ltd., Class H		980,000		341,989
Bank of Communications Co. Ltd., Class A		28,000		18,538
Bank of Communications Co. Ltd., Class H		110,000		62,675
Bank of Hangzhou Co. Ltd., Class A		4,000		8,280
Bank of Nanjing Co. Ltd., Class A		8,000		12,279
Bank of Ningbo Co. Ltd., Class A		5,000		21,495
Bank of Shanghai Co. Ltd., Class A		9,000		7,686
BeiGene Ltd., ADR^(b)		580		99,563
Beijing Enterprises Water Group Ltd.		40,000		10,275
Beijing Shiji Information Technology Co. Ltd., Class A		1,428		2,690
Beijing Sinnet Technology Co. Ltd., Class A		1,100		1,473
Bosideng International Holdings Ltd.		40,000		22,460
BYD Electronic International Co. Ltd.		10,000		26,421
CanSino Biologics Inc., Class H^(a)		2,000		12,483
China CITIC Bank Corp. Ltd., Class H		110,000		47,158
China Conch Venture Holdings Ltd.		20,000		40,816
China Construction Bank Corp., Class A		6,000		4,787
China Construction Bank Corp., Class H		1,190,000		735,638
China Everbright Bank Co. Ltd., Class A		28,000		11,612


Security	Shares		Value


China (continued)
China Everbright Bank Co. Ltd., Class H		40,000	$	12,263
China Feihe Ltd.^(a)		40,000		33,106
China Galaxy Securities Co. Ltd., Class A		6,000		8,574
China Galaxy Securities Co. Ltd., Class H		35,000		19,135
China International Capital Corp. Ltd., Class A		400		2,404
China International Capital Corp. Ltd., Class H^(a)		20,000		35,186
China Jushi Co. Ltd., Class A		3,171		6,597
China Lesso Group Holdings Ltd.		10,000		11,886
China Life Insurance Co. Ltd., Class A		2,000		8,889
China Life Insurance Co. Ltd., Class H		90,000		129,346
China Medical System Holdings Ltd.		20,000		29,600
China Mengniu Dairy Co. Ltd.		40,000		181,131
China Minsheng Banking Corp. Ltd., Class A		24,976		13,001
China Minsheng Banking Corp. Ltd., Class H		75,000		23,857
China Railway Signal & Communication Corp. Ltd., Class A		4,200		2,688
China Resources Land Ltd.		40,000		164,358
China Resources Mixc Lifestyle Services Ltd.^(a)		8,000		36,278
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		1,000		5,702
China Ruyi Holdings Ltd.^(b)		40,000		10,151
China Southern Airlines Co. Ltd., Class A^(b)		6,900		6,412
China Southern Airlines Co. Ltd., Class H^(b)		20,000		10,795
China Three Gorges Renewables Group Co. Ltd., Class A		21,000		18,486
China Vanke Co. Ltd., Class A		8,000		19,232
China Vanke Co. Ltd., Class H		20,000		39,045
China Zheshang Bank Co. Ltd., Class A^(b)		11,000		5,168
CIFI Holdings Group Co. Ltd.		41,600		10,529
CMOC Group Ltd., Class A		20,000		14,190
CMOC Group Ltd., Class H		30,000		13,377
Contemporary Amperex Technology Co. Ltd., Class A^(b)		1,700		117,834
Country Garden Services Holdings Co. Ltd.		20,000		39,303
CSC Financial Co. Ltd., Class A		3,000		11,513
CSPC Pharmaceutical Group Ltd.		100,000		101,442
Dali Foods Group Co. Ltd.^(a)		25,000		11,429
Dongfeng Motor Group Co. Ltd., Class H		40,000		25,362
Far East Horizon Ltd.		20,000		15,151
Fuyao Glass Industry Group Co. Ltd., Class A		1,700		9,597
Fuyao Glass Industry Group Co. Ltd., Class H^(a)		8,000		38,175
GDS Holdings Ltd., ADR^(b)		250		6,810
GDS Holdings Ltd., Class A^(b)		9,000		30,738
Geely Automobile Holdings Ltd.		70,000		140,645
GEM Co. Ltd., Class A		3,800		4,575
Genscript Biotech Corp.^(b)		14,000		44,971
Great Wall Motor Co. Ltd., Class A		2,000		9,643
Great Wall Motor Co. Ltd., Class H		40,000		60,013
Greentown Service Group Co. Ltd.		20,000		14,449
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		1,024		4,027
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		400		3,852
Guolian Securities Co. Ltd., Class A		2,000		3,198
Haitong Securities Co. Ltd., Class A		10,000		13,674
Haitong Securities Co. Ltd., Class H		28,000		18,332
Hangzhou Robam Appliances Co. Ltd., Class A		1,000		3,628
Hangzhou Tigermed Consulting Co. Ltd., Class H^(a)		2,000		19,802
Hansoh Pharmaceutical Group Co. Ltd.^(a)		20,000		39,903
Hopson Development Holdings Ltd.		9,900		13,612
Huadong Medicine Co. Ltd., Class A		1,700		10,325
Huatai Securities Co. Ltd., Class A		6,000		11,367
Huatai Securities Co. Ltd., Class H^(a)		18,000		24,059
Huaxia Bank Co. Ltd., Class A		9,000		6,685


Security	Shares		Value


China (continued)
Hundsun Technologies Inc., Class A		1,378	$	6,679
Hygeia Healthcare Holdings Co. Ltd.^(a)(b)		4,000		21,590
Industrial & Commercial Bank of China Ltd., Class A		47,000		29,766
Industrial & Commercial Bank of China Ltd., Class H		693,000		352,074
Industrial Bank Co. Ltd., Class A		15,000		37,001
Industrial Securities Co. Ltd., Class A^(b)		8,060		7,211
Jafron Biomedical Co. Ltd., Class A		700		4,745
Jinxin Fertility Group Ltd.^(a)		20,000		13,024
Jiumaojiu International Holdings Ltd.^(a)		10,000		19,674
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		1,000		1,576
Keda Industrial Group Co. Ltd.		1,000		2,620
Kingdee International Software Group Co. Ltd.^(b)		30,000		58,227
Legend Biotech Corp., ADR^(b)		600		27,894
Lenovo Group Ltd.		80,000		65,889
Li Auto Inc., ADR^(b)(c)		6,750		194,197
Longfor Group Holdings Ltd.^(a)		25,000		81,144
LONGi Green Energy Technology Co. Ltd., Class A		5,600		41,205
Meituan, Class B^(a)(b)		54,000		1,296,929
Microport Scientific Corp.^(b)		8,000		15,897
Ming Yang Smart Energy Group Ltd., Class A		2,000		7,728
Ming Yuan Cloud Group Holdings Ltd.		10,000		8,196
NetEase Inc.		26,075		465,631
NIO Inc., ADR^(b)		16,930		332,894
Orient Securities Co. Ltd., Class A		5,400		6,741
Ovctek China Inc., Class A		1,000		6,149
People’s Insurance Co. Group of China Ltd. (The), Class H		100,000		30,906
Pharmaron Beijing Co. Ltd., Class A		1,000		9,852
Pharmaron Beijing Co. Ltd., Class H^(a)		2,000		13,229
Ping An Healthcare and Technology Co. Ltd.^(a)(b)		6,000		16,243
Pop Mart International Group Ltd.^(a)		8,000		20,674
Postal Savings Bank of China Co. Ltd., Class A		17,000		11,064
Postal Savings Bank of China Co. Ltd., Class H^(a)		100,000		59,697
Sangfor Technologies Inc., Class A		700		9,742
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		32,000		43,410
Shanghai Electric Group Co. Ltd., Class A^(b)		9,483		5,806
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		2,000		11,658
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		5,000		16,085
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		2,000		4,993
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		9,000		13,084
Shanghai Pudong Development Bank Co. Ltd., Class A		21,000		22,057
Shengyi Technology Co. Ltd., Class A		2,000		4,589
Shenzhen Inovance Technology Co. Ltd., Class A		2,050		17,721
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		1,000		43,041
Shenzhou International Group Holdings Ltd.		10,000		104,513
Sino Biopharmaceutical Ltd.		130,000		68,278
Sinopharm Group Co. Ltd., Class H		16,000		35,645
Sungrow Power Supply Co. Ltd., Class A		1,000		16,001
Sunny Optical Technology Group Co. Ltd.		9,000		122,872
TCL Technology Group Corp., Class A		11,000		6,581
Titan Wind Energy Suzhou Co. Ltd., Class A		1,000		1,991
Tongcheng Travel Holdings Ltd.^(b)		16,000		32,771
Topsports International Holdings Ltd.^(a)		20,000		15,786
Transfar Zhilian Co. Ltd., Class A		3,000		2,412
Trip.com Group Ltd., ADR^(b)(c)		6,730		173,096
Unisplendour Corp. Ltd., Class A		2,000		4,986
Vipshop Holdings Ltd., ADR^(b)		5,370		62,346
Want Want China Holdings Ltd.		60,000		42,265
Wharf Holdings Ltd. (The)		20,000		75,319
WuXi AppTec Co. Ltd., Class A		2,060		26,599
WuXi AppTec Co. Ltd., Class H^(a)		4,040		45,608


Security	Shares		Value


China (continued)
Wuxi Biologics Cayman Inc., New^(a)(b)		45,000	$	396,994
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		2,000		3,693
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		10,000		14,902
Xinyi Solar Holdings Ltd.		60,000		82,513
XPeng Inc., ADR^(b)		5,190		96,119
Yadea Group Holdings Ltd.^(a)		20,000		38,148
Yonyou Network Technology Co. Ltd., Class A		3,000		8,677
Yum China Holdings Inc.		5,190		260,071
Yunnan Baiyao Group Co. Ltd., Class A		1,540		11,647
Zhejiang Expressway Co. Ltd., Class H		20,000		15,238
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A		700		4,149
Zhejiang Weixing New Building Materials Co. Ltd., Class A		700		2,109
Zhongsheng Group Holdings Ltd.		10,000		47,284
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		5,000		4,158
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		18,000		8,114


				11,096,594

Colombia — 0.1%
Bancolombia SA		3,530		27,258
Interconexion Electrica SA ESP		5,190		22,464


				49,722

Czech Republic — 0.1%
Komercni Banka AS		960		22,484
Moneta Money Bank AS^(a)		3,920		12,425


				34,909

Egypt — 0.1%
Commercial International Bank Egypt SAE		20,445		40,492


Greece — 0.3%
Alpha Services and Holdings SA^(b)		28,059		25,913
Eurobank Ergasias Services and Holdings SA, Class A^(b)		33,799		31,359
Hellenic Telecommunications Organization SA		2,386		37,958
National Bank of Greece SA^(b)		7,040		22,720


				117,950

Hungary — 0.3%
OTP Bank Nyrt		2,810		59,760
Richter Gedeon Nyrt		1,670		33,671


				93,431

India — 13.7%
Adani Green Energy Ltd.^(b)		3,900		117,842
Apollo Hospitals Enterprise Ltd.		1,240		66,623
Asian Paints Ltd.		4,740		199,548
AU Small Finance Bank Ltd.^(a)		2,110		16,594
Axis Bank Ltd.		28,031		261,235
Bajaj Auto Ltd.		850		43,294
Bajaj Finance Ltd.		3,360		303,244
Bandhan Bank Ltd.^(a)		7,750		26,747
Berger Paints India Ltd.		2,989		24,998
Bharti Airtel Ltd.		27,060		245,121
Britannia Industries Ltd.		1,340		62,700
Cholamandalam Investment and Finance Co. Ltd.		5,150		50,455
Colgate-Palmolive India Ltd.		1,550		32,545
Dabur India Ltd.		7,410		54,029
Eicher Motors Ltd.		1,670		69,698
Havells India Ltd.		3,050		52,801
HCL Technologies Ltd.		13,370		155,518
HDFC Life Insurance Co. Ltd.^(a)		11,680		83,701
Hero MotoCorp Ltd.		1,380		48,611


Security	Shares		Value


India (continued)
Hindustan Unilever Ltd.		10,160	$	336,357
ICICI Lombard General Insurance Co. Ltd.^(a)		3,042		48,865
ICICI Prudential Life Insurance Co. Ltd.^(a)		4,440		32,778
Info Edge India Ltd.		881		47,392
Infosys Ltd.		41,522		765,296
Kotak Mahindra Bank Ltd.		6,880		163,222
Mahindra & Mahindra Ltd.		10,680		173,343
Marico Ltd.		6,290		41,293
Mphasis Ltd.		1,040		27,360
Nestle India Ltd.		410		102,081
PI Industries Ltd.		950		40,621
Piramal Pharma Ltd., NVS		5,600		15,045
SBI Cards & Payment Services Ltd.		2,980		34,169
Shriram Transport Finance Co. Ltd.		2,370		39,779
Siemens Ltd.		890		31,955
State Bank of India		22,130		145,703
Tata Consultancy Services Ltd.		11,272		449,545
Tata Elxsi Ltd.		430		47,964
Tech Mahindra Ltd.		7,200		95,929
Titan Co. Ltd.		4,430		143,551
Trent Ltd.		2,280		39,877
Wipro Ltd.		16,830		86,173
Zomato Ltd.^(b)		28,933		20,682


				4,844,284

Indonesia — 3.2%
Bank Central Asia Tbk PT		685,000		378,273
Bank Mandiri Persero Tbk PT		229,000		136,274
Bank Negara Indonesia Persero Tbk PT		93,000		53,342
Bank Rakyat Indonesia Persero Tbk PT		842,047		245,902
Barito Pacific Tbk PT		346,000		19,100
Kalbe Farma Tbk PT		249,700		28,236
Sumber Alfaria Trijaya Tbk PT		206,000		30,256
Telkom Indonesia Persero Tbk PT		610,000		186,801
Tower Bersama Infrastructure Tbk PT		60,000		11,391
Unilever Indonesia Tbk PT		93,000		28,740


				1,118,315

Kuwait — 0.6%
Gulf Bank KSCP		20,000		22,709
Kuwait Finance House KSCP		63,098		184,182


				206,891

Malaysia — 2.3%
AMMB Holdings Bhd		22,100		20,541
Axiata Group Bhd		32,000		21,700
CIMB Group Holdings Bhd		84,000		100,453
DiGi.Com Bhd		37,000		30,881
HAP Seng Consolidated Bhd		8,000		12,423
Hong Leong Bank Bhd		8,000		37,236
IHH Healthcare Bhd		21,000		28,984
Inari Amertron Bhd		38,000		22,617
Kuala Lumpur Kepong Bhd		5,000		25,852
Malayan Banking Bhd		59,000		118,029
Maxis Bhd		28,000		24,002
MR DIY Group M Bhd^(a)		29,000		14,000
Nestle Malaysia Bhd		1,000		29,674
PPB Group Bhd		8,000		31,460
Press Metal Aluminium Holdings Bhd		46,200		48,967
Public Bank Bhd		179,000		187,957
RHB Bank Bhd		19,000		24,278
Sime Darby Bhd		32,000		16,304


Security	Shares		Value


Malaysia (continued)
Telekom Malaysia Bhd		14,000	$	18,611


				813,969

Mexico — 1.1%
Arca Continental SAB de CV		5,000		34,038
Coca-Cola Femsa SAB de CV		7,000		42,799
Grupo Aeroportuario del Sureste SAB de CV, Class B		2,400		50,833
Grupo Financiero Banorte SAB de CV, Class O		32,000		188,984
Grupo Televisa SAB, CPO		30,000		37,808
Industrias Penoles SAB de CV		1,700		13,973
Kimberly-Clark de Mexico SAB de CV, Class A		18,000		24,382


				392,817

Peru — 0.3%
Credicorp Ltd.		890		114,712


Philippines — 0.7%
Bank of the Philippine Islands		22,200		37,482
BDO Unibank Inc.		25,100		57,395
Converge Information and Communications Technology Solutions Inc.^(b)		27,000		8,326
Globe Telecom Inc.		300		11,194
GT Capital Holdings Inc.		1,200		10,278
Monde Nissin Corp.^(a)(b)		75,000		22,011
SM Prime Holdings Inc.		141,000		94,783


				241,469

Poland — 0.7%
Allegro.eu SA^(a)(b)		4,570		23,970
Bank Polska Kasa Opieki SA		2,264		31,320
CD Projekt SA		870		15,515
KGHM Polska Miedz SA		1,760		32,981
LPP SA		10		18,006
mBank SA^(b)		194		8,913
Orange Polska SA		8,080		10,297
Powszechna Kasa Oszczednosci Bank Polski SA		11,110		55,423
Powszechny Zaklad Ubezpieczen SA		7,640		45,732
Santander Bank Polska SA		450		20,448


				262,605

Qatar — 1.2%
Commercial Bank PSQC (The)		39,620		78,722
Ooredoo QPSC		9,490		23,410
Qatar National Bank QPSC		56,970		318,956


				421,088

Romania — 0.1%
NEPI Rockcastle SA		5,720		30,479


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


				6

Saudi Arabia — 3.3%
Al Rajhi Bank		24,180		578,864
Almarai Co. JSC		3,020		42,504
Bank AlBilad^(b)		6,143		82,537


Security	Shares		Value


Saudi Arabia (continued)
Dr Sulaiman Al Habib Medical Services Group Co.		1,080	$	57,383
Etihad Etisalat Co.		4,550		44,302
Saudi Basic Industries Corp.		11,070		294,077
Saudi Investment Bank (The)		6,030		32,083
Savola Group (The)		3,350		29,019


				1,160,769

South Africa — 6.3%
Absa Group Ltd.		9,960		103,157
Anglo American Platinum Ltd.		650		45,376
Aspen Pharmacare Holdings Ltd.		4,650		39,905
Bid Corp. Ltd.		4,110		77,995
Bidvest Group Ltd. (The)		3,560		44,675
Capitec Bank Holdings Ltd.		1,080		128,418
Clicks Group Ltd.		2,920		50,805
Discovery Ltd.^(b)		6,270		44,924
FirstRand Ltd.		62,320		232,772
Foschini Group Ltd. (The)		4,180		31,031
Gold Fields Ltd.		11,060		89,324
Growthpoint Properties Ltd.		42,260		31,432
Impala Platinum Holdings Ltd.		10,360		108,556
Kumba Iron Ore Ltd.		800		17,711
Mr. Price Group Ltd.		3,250		35,207
MTN Group Ltd.		20,890		151,203
MultiChoice Group		4,680		31,587
Naspers Ltd., Class N		2,690		379,307
Nedbank Group Ltd.		5,680		67,044
Old Mutual Ltd.		59,080		35,000
Pepkor Holdings Ltd.^(a)		20,750		24,362
Remgro Ltd.		6,600		48,942
Sanlam Ltd.		21,590		67,120
Shoprite Holdings Ltd.		6,210		84,208
SPAR Group Ltd. (The)		2,420		22,122
Standard Bank Group Ltd.		16,532		147,525
Vodacom Group Ltd.		7,670		56,456
Woolworths Holdings Ltd.		12,760		41,717


				2,237,881

South Korea — 6.0%
Amorepacific Corp.		360		32,811
AMOREPACIFIC Group		350		9,060
BGF retail Co. Ltd.		100		11,978
CJ CheilJedang Corp.		100		30,334
CJ Corp.		170		9,891
CJ ENM Co. Ltd.		130		9,554
Coway Co. Ltd.		690		32,737
DB Insurance Co. Ltd.		550		24,494
GS Engineering & Construction Corp.		830		18,566
Hana Financial Group Inc.		3,770		109,883
Hankook Tire & Technology Co. Ltd.		910		25,655
Hanon Systems		2,280		17,436
HYBE Co. Ltd.^(b)		230		30,821
Hyundai Engineering & Construction Co. Ltd.		940		33,874
Kakao Corp.		3,850		209,069
KB Financial Group Inc.		4,820		176,937
LG Corp.		1,150		70,174
LG Display Co. Ltd.		2,880		33,284
LG Electronics Inc.		1,310		98,027
LG H&H Co. Ltd.		120		63,545
Lotte Chemical Corp.		217		28,176
Mirae Asset Securities Co. Ltd.		3,950		19,264


Security	Shares		Value


South Korea (continued)
NCSoft Corp.	200	$	56,202
Netmarble Corp.^(a)	270		12,730
POSCO Chemical Co. Ltd.	337		41,894
Samsung Fire & Marine Insurance Co. Ltd.	380		55,227
Samsung Life Insurance Co. Ltd.	990		45,692
Samsung SDS Co. Ltd.	413		39,416
Samsung Securities Co. Ltd.	740		18,630
Shinhan Financial Group Co. Ltd.	5,750		155,787
SK Biopharmaceuticals Co. Ltd.^(b)	380		20,203
SK Chemicals Co. Ltd.	145		10,511
SK Hynix Inc.	6,750		474,578
SKC Co. Ltd.	260		23,618
Woori Financial Group Inc.	6,808		61,585
Yuhan Corp.	620		26,220


			2,137,863

Taiwan — 16.6%
Accton Technology Corp.	7,000		64,460
Acer Inc.	40,000		28,729
ASE Technology Holding Co. Ltd.	40,000		111,280
Asustek Computer Inc.	10,000		83,210
AUO Corp.	100,000		54,603
Cathay Financial Holding Co. Ltd.	100,000		145,483
Chailease Holding Co. Ltd.	17,315		111,175
Chang Hwa Commercial Bank Ltd.	60,600		35,003
China Airlines Ltd.	30,000		22,192
China Development Financial Holding Corp.	190,000		83,010
China Steel Corp.	150,000		142,060
Chunghwa Telecom Co. Ltd.	50,000		198,404
Compal Electronics Inc.	50,000		37,228
CTBC Financial Holding Co. Ltd.	220,000		168,510
Delta Electronics Inc.	25,000		214,041
E Ink Holdings Inc.	10,000		77,758
E.Sun Financial Holding Co. Ltd.	160,232		147,639
Eclat Textile Co. Ltd.	2,000		29,273
Eva Airways Corp.	30,000		32,831
Evergreen Marine Corp. Taiwan Ltd.	30,000		85,972
Far Eastern New Century Corp.	40,000		42,862
Far EasTone Telecommunications Co. Ltd.	20,000		49,051
First Financial Holding Co. Ltd.	133,059		115,439
Fubon Financial Holding Co. Ltd.	90,143		169,023
Hotai Motor Co. Ltd.	3,000		60,113
Hua Nan Financial Holdings Co. Ltd.	105,037		79,725
Innolux Corp.	120,000		47,267
Lite-On Technology Corp.	20,000		43,041
MediaTek Inc.	19,000		411,098
Mega Financial Holding Co. Ltd.	133,250		156,292
Micro-Star International Co. Ltd.	10,000		37,436
President Chain Store Corp.	7,000		61,513
Shanghai Commercial & Savings Bank Ltd. (The)	40,000		65,108
SinoPac Financial Holdings Co. Ltd.	131,200		74,379
Taishin Financial Holding Co. Ltd.	137,941		68,464
Taiwan Cement Corp.	70,994		91,390
Taiwan Cooperative Financial Holding Co. Ltd.	120,165		108,520
Taiwan Mobile Co. Ltd.	20,000		65,373
Taiwan Semiconductor Manufacturing Co. Ltd.	108,180		1,706,639
Unimicron Technology Corp.	16,000		78,396
United Microelectronics Corp.	150,000		199,570
Vanguard International Semiconductor Corp.	10,000		24,175
Voltronic Power Technology Corp.	1,000		57,002
Win Semiconductors Corp.	4,000		23,233


	Average Annual Total Returns						Cumulative Total Returns

	1 Year			Since Inception			1 Year			Since Inception

Fund NAV		(24.82	)%		1.82	%		(24.82	)%		4.08	%
Fund Market		(24.50	)		2.12			(24.50	)		4.75
Index		(24.49	)		2.11			(24.49	)		4.72


Actual					Hypothetical 5% Return


	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 847.80	$ 0.56			$ 1,000.00	$ 1,024.60	$ 0.61		0.12	%


	Average Annual Total Returns						Cumulative Total Returns

	1 Year			Since Inception			1 Year			Since Inception

Fund NAV		(19.91	)%		1.62	%		(19.91	)%		3.10	%
Fund Market		(20.16	)		1.66			(20.16	)		3.19
Index		(19.55	)		2.27			(19.55	)		4.36


Actual					Hypothetical 5% Return


	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 861.60	$ 0.75			$ 1,000.00	$ 1,024.40	$ 0.82		0.16	%




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


Euro STOXX 50 Index		26		09/16/22	$	917	$	(19,479	)


							$	(13,129	)

Futures contracts

Average notional value of contracts — long


2		T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T


	Page

The Markets in Review		2
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		9
Disclosure of Expenses		9
Schedules of Investments		10
Financial Statements
Statements of Assets and Liabilities		25
Statements of Operations		26
Statements of Changes in Net Assets		27
Financial Highlights		28
Notes to Financial Statements		30
Report of Independent Registered Public Accounting Firm		39
Important Tax Information		40
Board Review and Approval of Investment Advisory Contract		41
Supplemental Information		43
Trustee and Officer Information		44
General Information		47
Glossary of Terms Used in this Report		48


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 August 31, 2022		iShares^® ESG Advanced MSCI EAFE ETF


Fund Summary as of August 31, 2022 (continued)		iShares^® ESG Advanced MSCI EAFE ETF


SECTOR ALLOCATION


Sector	Percent of Total Investments^(a)


Financials		21.9%
Industrials		17.4
Information Technology		13.8
Health Care		13.1
Consumer Discretionary		8.9
Materials		6.9
Communication Services		6.5
Consumer Staples		6.0
Real Estate		4.8
Utilities		0.7


Fund Summary as of August 31, 2022		iShares^® ESG Advanced MSCI EM ETF


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




Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	27,552	$	1,603,634	^(a)	$	—	$	(665	)	$	605	$	1,631,126		1,630,636	$	7,965	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		20,000		10,000	^(a)		—		—			—		30,000		30,000		544			—


								$	(665	)	$	605	$	1,661,126			$	8,509		$	—




	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)	$	—	$	—	$	6,350	$	—	$	—	$	—	$	6,350


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	19,479	$	—	$	—	$	—	$	19,479




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


Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(108,861	)	$	—	$	—	$	—	$	(108,861	)


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(14,867	)	$	—	$	—	$	—	$	(14,867	)




	Level 1		Level 2			Level 3		Total


Investments
Assets
Common Stocks	$	2,229,928	$	349,392,434		$	—	$	351,622,362
Preferred Stocks		—		1,179,740			—		1,179,740
Money Market Funds		1,661,126		—			—		1,661,126


	$	3,891,054	$	350,572,174		$	—	$	354,463,228

Derivative financial instruments^(a)
Assets
Futures Contracts	$	—	$	6,350		$	—	$	6,350
Liabilities
Futures Contracts		—		(19,479	)		—		(19,479	)


	$	—	$	(13,129	)	$	—	$	(13,129	)