iShares Trust

The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

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

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of January 31, 2023

	6-Month	12-Month

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

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

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

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

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

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

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

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

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

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

The iShares MSCI ACWI ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization developed and emerging market equities, as represented by the MSCI ACWI (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

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

The iShares MSCI ACWI Low CarbonTarget ETF (the “Fund”) seeks to track the investment results of an index composed of large and mid-capitalization developed and emerging market equities with a lower carbon exposure than that of the broad market, as represented by the MSCI ACWI Low Carbon Target 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 December 8, 2014. The first day of secondary market trading was December 9, 2014.


SECTOR ALLOCATION

Sector	Percent of Total Investments	^(a)

Information Technology	20.3	%
Financials	17.5
Health Care	12.4
Consumer Discretionary	10.7
Industrials	10.0
Communication Services	7.8
Consumer Staples	7.4
Materials	4.4
Energy	4.2
Real Estate	2.8
Utilities	2.5

^(a)

Excludes money market funds.

The iShares MSCI All Country Asia ex Japan ETF (the “Fund”) seeks to track the investment results of an index composed of Asian equities, excluding Japan, as represented by the MSCI AC Asia ex Japan 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 iShares MSCI Europe Financials ETF (the “Fund”) seeks to track the investment results of an index composed of developed market European equities in the financials sector, as represented by the MSCI Europe Financials 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.

Certain sectors and markets performed exceptionally well based on market conditions during the six-months period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

The iShares MSCI Europe Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization developed market equities in Europe, as represented by the MSCI Europe Small Cap 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 iShares MSCI Kokusai ETF (the “Fund”) seeks to track the investment results of an index composed of developed market equities, excluding Japan, as represented by the MSCI Kokusai Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Past performance is not an indication of future results. 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 — 2.1%
Ampol Ltd.		100,778	$	2,185,459
APA Group		415,769		3,111,578
Aristocrat Leisure Ltd.		214,197		5,171,406
ASX Ltd.		72,287		3,537,373
Aurizon Holdings Ltd.		690,888		1,805,815
Australia & New Zealand Banking Group Ltd.		940,054		16,729,567
BHP Group Ltd.		1,621,813		56,799,348
BlueScope Steel Ltd.		158,701		2,164,123
Brambles Ltd.		539,257		4,585,599
Cochlear Ltd.		19,614		2,963,217
Coles Group Ltd.		456,502		5,741,711
Commonwealth Bank of Australia		544,725		42,522,356
Computershare Ltd.		167,279		2,817,288
CSL Ltd.		153,795		32,473,878
Dexus		422,313		2,448,595
Endeavour Group Ltd./Australia		428,628		2,012,648
Fortescue Metals Group Ltd.		546,501		8,632,285
Goodman Group		549,463		7,837,306
GPT Group (The)		849,451		2,753,526
IDP Education Ltd.^(a)		71,534		1,591,878
IGO Ltd.		216,751		2,253,185
Insurance Australia Group Ltd.		503,431		1,748,301
James Hardie Industries PLC		144,264		3,237,071
Lendlease Corp. Ltd.		235,561		1,438,407
Lottery Corp. Ltd. (The)^(b)		572,098		1,908,034
Macquarie Group Ltd.		114,530		15,279,325
Medibank Pvt Ltd.		1,101,895		2,295,559
Mineral Resources Ltd.		58,672		3,714,529
Mirvac Group		1,711,853		2,765,684
National Australia Bank Ltd.		1,027,220		23,178,325
Newcrest Mining Ltd.		275,894		4,383,706
Northern Star Resources Ltd.		436,214		3,886,894
Orica Ltd.		180,036		1,889,217
Origin Energy Ltd.		654,595		3,475,618
Pilbara Minerals Ltd.^(b)		843,172		2,868,402
Qantas Airways Ltd.^(b)		307,765		1,389,198
QBE Insurance Group Ltd.		528,271		5,154,295
Ramsay Health Care Ltd.		54,282		2,565,026
REA Group Ltd.		13,321		1,194,517
Reece Ltd.^(a)		88,631		1,018,716
Rio Tinto Ltd.		93,517		8,391,959
Santos Ltd.		1,161,337		5,928,476
Scentre Group		1,825,846		3,961,732
SEEK Ltd.		149,645		2,591,693
Sonic Healthcare Ltd.		109,134		2,444,335
South32 Ltd.		1,689,146		5,420,349
Stockland		900,369		2,515,872
Suncorp Group Ltd.		408,862		3,634,514
Telstra Corp. Ltd.		1,406,401		4,064,756
Transurban Group		1,011,865		9,920,463
Treasury Wine Estates Ltd.		274,823		2,830,891
Vicinity Ltd.		1,477,810		2,162,096
Washington H Soul Pattinson & Co. Ltd.		67,452		1,373,790
Wesfarmers Ltd.		358,624		12,643,897
Westpac Banking Corp.		1,117,971		18,810,833
WiseTech Global Ltd.^(a)		55,614		2,411,397
Woodside Energy Group Ltd.		609,545		15,783,480
Woolworths Group Ltd.		402,735		10,292,877


Security	Shares		Value

Australia (continued)
Xero Ltd.^(a)(b)		49,059	$	2,703,958


				411,416,333

Austria — 0.1%
Erste Group Bank AG		97,686		3,706,611
OMV AG		61,042		3,057,608
Verbund AG		20,185		1,718,614
voestalpine AG		44,859		1,490,511


				9,973,344

Belgium — 0.3%
Ageas SA/NV		62,017		3,027,792
Anheuser-Busch InBev SA/NV		275,106		16,605,875
Argenx SE^(b)		18,004		6,857,479
D’ieteren Group		6,728		1,285,824
Elia Group SA/NV		9,522		1,337,063
Groupe Bruxelles Lambert NV		54,143		4,631,675
KBC Group NV		78,216		5,793,246
Sofina SA^(a)		3,865		918,216
Solvay SA		15,592		1,816,959
UCB SA		42,120		3,458,246
Umicore SA		70,209		2,654,215
Warehouses De Pauw CVA		91,809		2,911,436


				51,298,026

Brazil — 0.5%
Ambev SA		1,502,406		4,042,879
Atacadao SA		94,443		306,047
B3 SA - Brasil, Bolsa, Balcao		2,111,207		5,389,997
Banco Bradesco SA		90,907		226,001
Banco BTG Pactual SA		428,261		1,823,967
Banco do Brasil SA		274,016		2,196,965
Banco Santander Brasil SA		29,400		167,667
BB Seguridade Participacoes SA		187,167		1,392,977
BRF SA^(b)		228,846		358,847
CCR SA		563,771		1,306,059
Centrais Eletricas Brasileiras SA		431,652		3,456,583
Cia. de Saneamento Basico do Estado de Sao Paulo		110,000		1,206,115
Cia. Siderurgica Nacional SA		191,583		698,203
Cosan SA		360,842		1,187,097
Energisa SA		20,142		167,642
Engie Brasil Energia SA		54,547		422,832
Equatorial Energia SA		346,331		1,911,667
Hapvida Participacoes e Investimentos SA^(b)(c)		1,434,118		1,454,939
Hypera SA		239,456		2,188,751
JBS SA		334,602		1,323,564
Klabin SA		258,411		984,510
Localiza Rent a Car SA		207,968		2,425,740
Localiza Rent a Car SA, NVS		908		10,591
Lojas Renner SA		277,063		1,180,559
Magazine Luiza SA^(b)		796,400		695,005
MercadoLibre Inc.^(b)		14,536		17,177,046
Natura & Co. Holding SA		347,441		995,857
Petro Rio SA^(b)		233,380		1,935,524
Petroleo Brasileiro SA		899,584		5,220,681
Raia Drogasil SA		353,267		1,727,955
Rede D’Or Sao Luiz SA^(c)		118,831		746,746
Rumo SA		482,148		1,745,736
Sendas Distribuidora SA		306,498		1,186,432
Suzano SA		241,829		2,208,536
Telefonica Brasil SA		208,453		1,717,295
Tim SA		335,031		778,129


Security	Shares		Value

Brazil (continued)
TOTVS SA		231,716	$	1,372,594
Ultrapar Participacoes SA		234,821		610,147
Vale SA		1,256,174		23,387,311
Vibra Energia SA		369,840		1,199,213
WEG SA		517,752		3,900,250


				102,434,656

Canada — 3.2%
Agnico Eagle Mines Ltd.		143,103		8,081,440
Air Canada^(b)		52,213		886,077
Algonquin Power & Utilities Corp.		185,076		1,349,244
Alimentation Couche-Tard Inc.		287,648		13,135,540
AltaGas Ltd.		71,908		1,344,610
ARC Resources Ltd.		198,791		2,309,803
Bank of Montreal		216,901		21,827,849
Bank of Nova Scotia (The)		387,155		20,958,833
Barrick Gold Corp.		565,345		11,055,787
BCE Inc.		63,357		2,995,119
Brookfield Asset Management Ltd.^(a)(b)		115,588		3,773,735
Brookfield Corp.		462,378		17,201,692
Brookfield Renewable Corp., Class A		39,332		1,238,889
BRP Inc.		9,025		753,106
CAE Inc.^(b)		86,823		1,960,867
Cameco Corp.		146,345		4,094,866
Canadian Apartment Properties REIT		35,254		1,303,594
Canadian Imperial Bank of Commerce		296,300		13,526,182
Canadian National Railway Co.		191,456		22,789,674
Canadian Natural Resources Ltd.		386,205		23,705,507
Canadian Pacific Railway Ltd.		309,864		24,457,493
Canadian Tire Corp. Ltd., Class A, NVS		21,618		2,570,341
Canadian Utilities Ltd., Class A, NVS		108,309		3,010,234
CCL Industries Inc., Class B, NVS		71,584		3,347,993
Cenovus Energy Inc.^(a)		453,228		9,054,000
CGI Inc.^(b)		53,719		4,604,197
Constellation Software Inc./Canada		7,231		12,775,482
Descartes Systems Group Inc. (The)^(b)		20,473		1,494,065
Dollarama Inc.		105,674		6,319,552
Element Fleet Management Corp.		103,573		1,463,434
Emera Inc.		39,917		1,589,420
Empire Co. Ltd., Class A, NVS		33,415		961,603
Enbridge Inc.		670,391		27,449,477
Fairfax Financial Holdings Ltd.		9,044		5,987,440
First Quantum Minerals Ltd.		209,974		4,871,592
FirstService Corp.		11,505		1,644,189
Fortis Inc.		127,982		5,258,559
Franco-Nevada Corp.		64,238		9,422,668
George Weston Ltd.		15,637		2,011,638
GFL Environmental Inc.		59,976		1,850,825
Gildan Activewear Inc.		75,911		2,380,224
Great-West Lifeco Inc.		50,422		1,337,336
Hydro One Ltd.^(c)		58,036		1,586,825
iA Financial Corp. Inc.		21,307		1,315,203
Imperial Oil Ltd.		100,589		5,497,600
Intact Financial Corp.		50,796		7,369,247
Ivanhoe Mines Ltd., Class A^(a)(b)		194,148		1,823,945
Keyera Corp.		58,279		1,329,351
Kinross Gold Corp.		513,973		2,391,111
Loblaw Companies Ltd.		40,839		3,658,644
Lundin Mining Corp.		142,943		1,081,835
Magna International Inc.		97,730		6,344,683
Manulife Financial Corp.		640,747		12,679,620


Security	Shares		Value

Canada (continued)
Metro Inc.		55,150	$	2,993,449
National Bank of Canada		95,162		7,148,504
Northland Power Inc.		73,204		1,966,338
Nutrien Ltd.		179,067		14,822,772
Nuvei Corp.^(b)(c)		23,668		835,509
Onex Corp.		17,206		889,299
Open Text Corp.		116,650		3,912,735
Pan American Silver Corp.		76,897		1,401,490
Parkland Corp.		55,499		1,303,896
Pembina Pipeline Corp.		198,881		7,056,610
Power Corp. of Canada		218,294		5,921,033
Quebecor Inc., Class B		33,521		795,102
Restaurant Brands International Inc.		94,370		6,314,502
RioCan REIT		23,214		402,675
Ritchie Bros Auctioneers Inc.		36,730		2,221,108
Rogers Communications Inc., Class B, NVS		127,616		6,204,561
Royal Bank of Canada		453,046		46,361,838
Saputo Inc.		124,873		3,442,442
Shaw Communications Inc., Class B, NVS		158,524		4,718,012
Shopify Inc., Class A^(b)		383,092		18,878,917
Sun Life Financial Inc.		194,913		9,794,358
Suncor Energy Inc.		463,393		16,083,190
TC Energy Corp.		312,501		13,464,870
Teck Resources Ltd., Class B		164,241		7,105,116
TELUS Corp.		199,018		4,288,336
TFI International Inc.		26,161		2,913,681
Thomson Reuters Corp.		64,560		7,679,950
TMX Group Ltd.		18,367		1,810,265
Toromont Industries Ltd.		14,864		1,187,400
Toronto-Dominion Bank (The)		586,044		40,548,052
Tourmaline Oil Corp.		102,094		4,758,069
Waste Connections Inc.^(a)		86,354		11,476,447
West Fraser Timber Co. Ltd.		21,572		1,875,664
Wheaton Precious Metals Corp.		157,834		7,217,031
WSP Global Inc.		28,586		3,645,464


				624,670,925

Chile — 0.0%
Banco de Chile		12,857,790		1,405,038
Banco de Credito e Inversiones SA		34,569		1,042,079
Banco Santander Chile		23,731,034		997,642
Cia. Cervecerias Unidas SA		126,826		975,851
Cia. Sud Americana de Vapores SA		3,941,947		342,647
Empresas CMPC SA		411,029		706,770
Empresas COPEC SA		167,965		1,266,876
Enel Americas SA		10,346,594		1,369,747
Enel Chile SA		9,195,982		433,183
Falabella SA		218,063		506,964


				9,046,797

China — 3.8%
360 DigiTech Inc.		34,067		822,037
3SBio Inc.^(c)		696,000		758,099
AAC Technologies Holdings Inc.^(b)		220,500		587,587
Agricultural Bank of China Ltd., Class A		6,261,100		2,699,264
Agricultural Bank of China Ltd., Class H		8,868,000		3,191,886
Aier Eye Hospital Group Co. Ltd., Class A		342,302		1,672,348
Air China Ltd., Class H^(b)		862,000		769,233
Alibaba Group Holding Ltd.^(b)		4,850,476		66,687,542
Alibaba Health Information Technology Ltd.^(a)(b)		1,652,000		1,475,425
Aluminum Corp. of China Ltd., Class H		1,516,000		810,141


Security	Shares		Value

China (continued)
Anhui Conch Cement Co. Ltd., Class A		474,792	$	2,073,488
Anhui Conch Cement Co. Ltd., Class H		327,000		1,241,430
ANTA Sports Products Ltd.		357,400		5,421,260
Autohome Inc., ADR		24,127		841,067
AviChina Industry & Technology Co. Ltd., Class H		1,088,000		565,882
Baidu Inc.^(b)		716,960		12,052,124
Bank of China Ltd., Class H		25,950,000		9,878,246
Bank of Communications Co. Ltd., Class A		4,697,400		3,376,757
Bank of Communications Co. Ltd., Class H		736,000		454,921
Bank of Ningbo Co. Ltd., Class A		456,915		2,226,780
Bank of Shanghai Co. Ltd., Class A		3,031,251		2,691,717
BeiGene Ltd.^(b)		209,534		4,118,499
Beijing Capital International Airport Co. Ltd., Class H^(b)		552,000		419,827
Beijing Enterprises Holdings Ltd.		82,000		278,456
Beijing Enterprises Water Group Ltd.		1,340,000		342,418
Beijing Kingsoft Office Software Inc., Class A		17,200		718,226
Bilibili Inc.^(b)		66,408		1,657,326
BOC Aviation Ltd.^(a)(c)		70,100		583,789
Bosideng International Holdings Ltd.		1,128,000		628,608
BYD Co. Ltd., Class A		65,700		2,807,151
BYD Co. Ltd., Class H		237,500		7,521,041
BYD Electronic International Co. Ltd.^(a)		268,500		930,662
CGN Power Co. Ltd., Class H^(c)		5,503,000		1,285,825
China Cinda Asset Management Co. Ltd., Class H		554,000		78,656
China CITIC Bank Corp. Ltd., Class H		2,139,000		1,031,961
China Coal Energy Co. Ltd., Class H		695,000		557,722
China Communications Services Corp. Ltd., Class H		582,000		221,474
China Conch Venture Holdings Ltd.		585,500		1,242,481
China Construction Bank Corp., Class H		31,345,260		20,289,497
China Everbright Bank Co. Ltd., Class A		6,009,000		2,735,044
China Everbright Environment Group Ltd.		1,206,000		536,289
China Evergrande Group^(a)(b)(d)		740,000		100,714
China Feihe Ltd.^(c)		1,317,000		1,263,580
China Galaxy Securities Co. Ltd., Class H		1,924,500		1,037,409
China Gas Holdings Ltd.		933,400		1,453,134
China Hongqiao Group Ltd.		680,500		791,506
China International Capital Corp. Ltd., Class H^(a)(c)		828,400		1,851,164
China Jinmao Holdings Group Ltd.		1,386,000		318,357
China Lesso Group Holdings Ltd.		391,000		444,451
China Life Insurance Co. Ltd., Class H		2,377,000		4,375,515
China Literature Ltd.^(b)(c)		121,000		634,391
China Longyuan Power Group Corp. Ltd., Class H		1,059,000		1,461,887
China Medical System Holdings Ltd.		460,000		794,059
China Meidong Auto Holdings Ltd.^(a)		214,000		530,964
China Mengniu Dairy Co. Ltd.		1,081,000		5,214,606
China Merchants Bank Co. Ltd., Class A		769,400		4,717,456
China Merchants Bank Co. Ltd., Class H		1,096,288		7,110,663
China Merchants Port Holdings Co. Ltd.		444,000		622,410
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		884,222		1,948,074
China Minsheng Banking Corp. Ltd., Class A		4,642,400		2,401,568
China Minsheng Banking Corp. Ltd., Class H		13,500		5,047
China National Building Material Co. Ltd., Class H		1,060,000		972,610
China Oilfield Services Ltd., Class H		670,000		812,062
China Overseas Land & Investment Ltd.		1,217,000		3,286,229
China Overseas Property Holdings Ltd.		515,000		673,635
China Pacific Insurance Group Co. Ltd., Class A		734,097		2,815,456
China Pacific Insurance Group Co. Ltd., Class H		461,400		1,268,604
China Petroleum & Chemical Corp., Class H		8,111,200		4,379,799


Security	Shares		Value

China (continued)
China Power International Development Ltd.		2,104,000	$	904,525
China Railway Group Ltd., Class H		1,507,000		822,120
China Resources Beer Holdings Co. Ltd.		474,000		3,568,403
China Resources Cement Holdings Ltd.^(a)		506,000		292,632
China Resources Gas Group Ltd.		284,000		1,194,287
China Resources Land Ltd.		866,000		4,150,351
China Resources Mixc Lifestyle Services Ltd.^(c)		218,200		1,257,193
China Resources Power Holdings Co. Ltd.		612,000		1,274,766
China Ruyi Holdings Ltd.^(b)		1,608,000		429,951
China Shenhua Energy Co. Ltd., Class A		380,500		1,603,348
China Shenhua Energy Co. Ltd., Class H		750,000		2,334,465
China Southern Airlines Co. Ltd., Class H^(a)(b)		768,000		510,157
China State Construction Engineering Corp. Ltd., Class A		3,033,277		2,493,456
China State Construction International Holdings Ltd.		686,000		821,651
China Taiping Insurance Holdings Co. Ltd.		770,800		1,067,582
China Tourism Group Duty Free Corp. Ltd., Class A		48,592		1,539,035
China Tower Corp. Ltd., Class H^(c)		13,654,000		1,551,379
China Traditional Chinese Medicine Holdings Co. Ltd.		1,174,000		562,477
China Vanke Co. Ltd., Class A		788,496		2,138,919
China Vanke Co. Ltd., Class H		2,500		5,054
China Yangtze Power Co. Ltd., Class A		1,118,610		3,446,286
Chinasoft International Ltd.		930,000		817,630
Chongqing Zhifei Biological Products Co. Ltd., Class A		58,100		845,249
CITIC Ltd.		1,441,000		1,686,219
CITIC Securities Co. Ltd., Class A		595,023		1,894,457
CITIC Securities Co. Ltd., Class H		628,525		1,437,948
CMOC Group Ltd., Class H		1,476,000		854,314
Contemporary Amperex Technology Co. Ltd., Class A		49,000		3,399,869
COSCO SHIPPING Holdings Co. Ltd., Class H		1,371,800		1,422,941
COSCO SHIPPING Ports Ltd.^(a)		542,000		410,026
Country Garden Holdings Co. Ltd.^(a)		3,232,866		1,213,072
Country Garden Services Holdings Co. Ltd.		655,000		1,770,767
CRRC Corp. Ltd., Class A		445,400		353,446
CSPC Pharmaceutical Group Ltd.		3,045,120		3,472,054
Dali Foods Group Co. Ltd.^(a)(c)		1,218,000		543,142
Daqo New Energy Corp., ADR^(a)(b)		23,415		1,065,617
Dongfeng Motor Group Co. Ltd., Class H		670,000		399,465
Dongyue Group Ltd.		508,000		608,163
East Money Information Co. Ltd., Class A		389,000		1,303,870
ENN Energy Holdings Ltd.		248,200		3,739,560
Eve Energy Co. Ltd., Class A		110,700		1,454,591
Far East Horizon Ltd.^(a)		462,000		417,313
Flat Glass Group Co. Ltd., Class H		262,000		820,276
Foshan Haitian Flavouring & Food Co. Ltd., Class A		124,001		1,461,368
Fosun International Ltd.		744,000		690,763
Fuyao Glass Industry Group Co. Ltd., Class H^(c)		237,200		1,167,393
Ganfeng Lithium Co. Ltd., Class H^(a)(c)		134,840		1,231,518
Ganfeng Lithium Group Co. Ltd., Class A		29,500		347,018
GCL-Poly Energy Holdings Ltd.^(a)(b)		6,388,000		1,769,023
GDS Holdings Ltd., Class A^(a)(b)		327,988		956,448
Geely Automobile Holdings Ltd.^(a)		1,865,000		3,025,588
Genscript Biotech Corp.^(b)		464,000		1,572,272
GF Securities Co. Ltd., Class H		566,800		928,174
Great Wall Motor Co. Ltd., Class H		1,149,000		1,622,332
Greentown China Holdings Ltd.		259,000		381,862
Greentown Service Group Co. Ltd.		488,000		356,268
Guangdong Investment Ltd.		1,022,000		1,110,320
Guangzhou Automobile Group Co. Ltd., Class H		1,068,000		768,353


Security	Shares		Value

China (continued)
H World Group Ltd., ADR		73,976	$	3,512,380
Haidilao International Holding Ltd.^(a)(b)(c)		398,000		1,085,231
Haier Smart Home Co. Ltd., Class H		878,200		3,238,905
Haitian International Holdings Ltd.		196,000		601,515
Haitong Securities Co. Ltd., Class H		892,800		615,876
Hangzhou Tigermed Consulting Co. Ltd., Class H^(c)		65,100		853,960
Hansoh Pharmaceutical Group Co. Ltd.^(c)		480,000		982,421
Hengan International Group Co. Ltd.		226,500		1,114,234
Hua Hong Semiconductor Ltd.^(b)(c)		182,000		703,758
Huaneng Power International Inc., Class H^(b)		1,992,000		972,573
Huatai Securities Co. Ltd., Class H^(c)		645,400		835,676
Hygeia Healthcare Holdings Co. Ltd.^(a)(b)(c)		143,800		1,141,286
Industrial & Commercial Bank of China Ltd., Class A		4,547,291		2,911,007
Industrial & Commercial Bank of China Ltd., Class H		17,803,260		9,523,297
Industrial Bank Co. Ltd., Class A		992,000		2,596,812
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		424,300		2,050,682
Inner Mongolia Yitai Coal Co. Ltd., Class B		515,400		774,630
Innovent Biologics Inc.^(b)(c)		402,000		2,189,473
iQIYI Inc., ADR^(a)(b)		110,496		740,323
JD Health International Inc.^(b)(c)		397,700		3,302,633
JD.com Inc., Class A		694,576		20,624,290
Jiangsu Expressway Co. Ltd., Class H		524,000		516,077
Jiangsu Hengrui Medicine Co. Ltd., Class A		286,918		1,797,847
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		58,600		1,529,137
Jiangxi Copper Co. Ltd., Class H		375,000		645,770
Jiumaojiu International Holdings Ltd.^(c)		307,000		786,589
JOYY Inc., ADR		20,970		748,210
Kanzhun Ltd., ADR^(a)(b)		59,009		1,433,329
KE Holdings Inc., ADR^(b)		212,202		3,891,785
Kingboard Holdings Ltd.		282,000		1,151,924
Kingboard Laminates Holdings Ltd.^(a)		494,000		602,343
Kingdee International Software Group Co. Ltd.^(a)(b)		864,000		1,885,689
Kingsoft Corp. Ltd.		335,800		1,236,429
Koolearn Technology Holding Ltd.^(a)(b)(c)		129,500		1,051,833
Kuaishou Technology^(b)(c)		562,900		4,952,849
Kunlun Energy Co. Ltd.		1,192,000		940,077
Kweichow Moutai Co. Ltd., Class A		23,232		6,371,307
Legend Biotech Corp., ADR^(a)(b)		26,843		1,355,572
Lenovo Group Ltd.		2,474,000		1,984,318
Li Auto Inc.^(b)		345,676		4,229,771
Li Ning Co. Ltd.		724,000		7,157,221
Longfor Group Holdings Ltd.^(c)		555,000		1,833,782
LONGi Green Energy Technology Co. Ltd., Class A		237,020		1,699,540
Lufax Holding Ltd., ADR		261,768		798,392
Luxshare Precision Industry Co. Ltd., Class A		290,540		1,407,408
Luzhou Laojiao Co. Ltd., Class A		35,100		1,237,443
Meituan, Class B^(b)(c)		1,630,720		36,456,175
Microport Scientific Corp.^(a)(b)		300,200		941,975
Minth Group Ltd.		244,000		716,140
Muyuan Foods Co. Ltd., Class A		177,012		1,311,211
NAURA Technology Group Co. Ltd., Class A		12,900		450,427
NetEase Inc.		662,290		11,750,424
New China Life Insurance Co. Ltd., Class H		231,500		620,874
New Oriental Education & Technology Group Inc.^(b)		492,430		2,090,276
Nine Dragons Paper Holdings Ltd.^(a)		456,000		408,783
NIO Inc., ADR^(a)(b)		423,859		5,115,978
Nongfu Spring Co. Ltd., Class H^(a)(c)		563,600		3,190,430
Orient Overseas International Ltd.^(a)		40,000		664,913


Security	Shares		Value

China (continued)
People’s Insurance Co. Group of China Ltd. (The), Class H		2,442,000	$	823,258
PetroChina Co. Ltd., Class H		6,712,000		3,590,584
Pharmaron Beijing Co. Ltd., Class H^(c)		109,800		804,825
PICC Property & Casualty Co. Ltd., Class H		1,996,000		1,876,543
Pinduoduo Inc., ADR^(a)(b)		165,395		16,205,402
Ping An Bank Co. Ltd., Class A		1,025,100		2,285,564
Ping An Healthcare and Technology Co. Ltd.^(a)(b)(c)		211,200		559,257
Ping An Insurance Group Co. of China Ltd., Class A		615,800		4,669,517
Ping An Insurance Group Co. of China Ltd., Class H		1,857,000		14,424,622
Poly Developments and Holdings Group Co. Ltd., Class A		873,599		2,036,232
Pop Mart International Group Ltd.^(a)(c)		153,600		498,053
Postal Savings Bank of China Co. Ltd., Class A		3,036,700		2,169,270
Postal Savings Bank of China Co. Ltd., Class H^(c)		1,333,000		907,116
Rongsheng Petrochemical Co. Ltd., Class A		188,700		371,054
SAIC Motor Corp. Ltd., Class A		707,313		1,578,333
Sany Heavy Equipment International Holdings Co. Ltd.^(a)		707,000		714,212
Sany Heavy Industry Co. Ltd., Class A		158,800		413,226
SF Holding Co. Ltd., Class A		246,800		2,154,747
Shaanxi Coal Industry Co. Ltd., Class A		591,100		1,714,616
Shandong Gold Mining Co. Ltd., Class H^(a)(c)		312,500		602,681
Shandong Weigao Group Medical Polymer Co. Ltd., Class H^(a)		904,800		1,504,121
Shanghai Baosight Software Co. Ltd., Class B		301,677		945,552
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		256,000		825,455
Shanghai Fudan Microelectronics Group Co. Ltd., Class H		169,000		704,450
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		346,100		277,362
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		419,200		739,131
Shanghai Pudong Development Bank Co. Ltd., Class A		3,123,865		3,414,338
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		32,100		1,390,113
Shenzhen International Holdings Ltd.		296,500		289,279
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		31,800		1,572,641
Shenzhou International Group Holdings Ltd.		225,700		2,842,379
Shimao Group Holdings Ltd.^(a)(b)(d)		279,000		64,398
Sino Biopharmaceutical Ltd.		3,519,000		2,047,662
Sinopharm Group Co. Ltd., Class H		450,800		1,104,907
Smoore International Holdings Ltd.^(a)(c)		536,000		808,002
Sunac China Holdings Ltd.^(b)(d)		673,000		138,080
Sungrow Power Supply Co. Ltd., Class A		85,000		1,646,171
Sunny Optical Technology Group Co. Ltd.		239,200		3,228,516
TAL Education Group, ADR^(b)		134,530		983,414
Tencent Holdings Ltd.		2,010,600		97,974,346
Tencent Music Entertainment Group, ADR^(a)(b)		229,292		1,923,760
Tingyi Cayman Islands Holding Corp.		750,000		1,247,709
Tongcheng Travel Holdings Ltd.^(b)		516,800		1,170,970
Tongwei Co. Ltd., Class A		221,000		1,386,615
Topsports International Holdings Ltd.^(c)		512,000		482,439
TravelSky Technology Ltd., Class H		444,000		922,878
Trip.com Group Ltd., ADR^(a)(b)		175,381		6,447,006
Tsingtao Brewery Co. Ltd., Class H		228,000		2,201,303
Uni-President China Holdings Ltd.		586,000		563,756
Vinda International Holdings Ltd.		204,000		562,988


Security	Shares		Value

China (continued)
Vipshop Holdings Ltd., ADR^(b)		137,835	$	2,132,307
Wanhua Chemical Group Co. Ltd., Class A		156,053		2,239,513
Want Want China Holdings Ltd.		1,672,000		1,088,974
Weibo Corp., ADR^(b)		20,779		472,722
Weichai Power Co. Ltd., Class H^(a)		649,000		980,046
Wens Foodstuffs Group Co. Ltd., Class A		745,116		2,226,448
Wuliangye Yibin Co. Ltd., Class A		108,600		3,380,221
WuXi AppTec Co. Ltd., Class A		144,259		2,004,382
WuXi AppTec Co. Ltd., Class H^(c)		57,212		743,414
Wuxi Biologics Cayman Inc., New^(b)(c)		1,173,500		9,799,195
Xiaomi Corp., Class B^(b)(c)		4,850,800		8,024,431
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		319,600		326,531
Xinyi Solar Holdings Ltd.^(a)		1,544,000		2,008,687
XPeng Inc.^(b)		267,334		1,406,981
Xtep International Holdings Ltd.		442,500		590,011
Yadea Group Holdings Ltd.^(a)(c)		446,000		1,016,816
Yankuang Energy Group Co. Ltd., Class H		576,000		1,852,445
Yihai International Holding Ltd.^(a)		194,000		690,341
Yuexiu Property Co. Ltd.		399,000		580,428
Yum China Holdings Inc.		146,446		9,022,538
Zai Lab Ltd., ADR^(a)(b)		34,306		1,445,655
Zhaojin Mining Industry Co. Ltd., Class H^(b)		478,000		550,087
Zhejiang Expressway Co. Ltd., Class H		528,000		455,943
ZhongAn Online P&C Insurance Co. Ltd., Class H^(b)(c)		208,900		696,251
Zhongsheng Group Holdings Ltd.		187,000		1,058,081
Zhuzhou CRRC Times Electric Co. Ltd.		216,100		1,151,239
Zijin Mining Group Co. Ltd., Class H		2,066,000		3,417,269
ZTE Corp., Class H		243,600		588,301
ZTO Express Cayman Inc., ADR		130,624		3,724,090


				735,669,672

Colombia — 0.0%
Interconexion Electrica SA ESP		26,649		108,673


Czech Republic — 0.0%
CEZ AS		79,432		3,225,082
Komercni Banka AS		48,322		1,630,935


				4,856,017

Denmark — 0.7%
AP Moller - Maersk A/S, Class A		2,214		4,717,922
AP Moller - Maersk A/S, Class B, NVS		437		950,602
Carlsberg A/S, Class B		34,456		4,891,429
Chr Hansen Holding A/S		37,200		2,746,659
Coloplast A/S, Class B		32,098		3,875,334
Danske Bank A/S		222,090		4,626,927
Demant A/S^(b)		24,815		702,431
DSV A/S		64,617		10,689,592
Genmab A/S^(b)		22,573		8,846,279
Novo Nordisk A/S, Class B		538,550		74,529,809
Novozymes A/S, Class B		71,692		3,730,604
Orsted A/S^(c)		53,689		4,781,112
Pandora A/S		37,014		3,082,189
Tryg A/S		135,373		3,106,553
Vestas Wind Systems A/S		336,847		9,856,680


				141,134,122

Egypt — 0.0%
Commercial International Bank Egypt SAE		636,678		1,047,227


Finland — 0.2%
Elisa OYJ		32,204		1,834,762


Security	Shares		Value

Finland (continued)
Fortum OYJ		154,746	$	2,326,180
Kesko OYJ, Class B		92,662		2,158,420
Kone OYJ, Class B		88,084		4,803,756
Neste OYJ		143,082		6,839,646
Nokia OYJ		1,790,270		8,488,594
Orion OYJ, Class B		27,418		1,468,909
Sampo OYJ, Class A		161,918		8,500,610
Stora Enso OYJ, Class R		215,120		3,075,220
UPM-Kymmene OYJ		180,785		6,552,772
Wartsila OYJ Abp		187,010		1,778,653


				47,827,522

France — 3.1%
Accor SA^(b)		76,675		2,488,714
Aeroports de Paris^(b)		5,652		876,837
Air Liquide SA		174,697		27,816,333
Airbus SE		192,904		24,183,572
Alstom SA		99,433		2,956,657
Amundi SA^(c)		12,544		821,255
ArcelorMittal SA		168,623		5,231,178
Arkema SA		28,719		2,906,011
AXA SA		589,379		18,388,048
BioMerieux		10,445		1,064,825
BNP Paribas SA		358,905		24,650,271
Bollore SE		77,745		435,012
Bouygues SA		88,029		2,900,022
Bureau Veritas SA		123,256		3,524,070
Capgemini SE		58,015		11,010,410
Carrefour SA		212,370		4,039,483
Cie. de Saint-Gobain		171,977		9,876,839
Cie. Generale des Etablissements Michelin SCA		251,624		7,956,302
Covivio		9,045		620,888
Credit Agricole SA		375,161		4,517,402
Danone SA		203,022		11,133,575
Dassault Systemes SE		174,229		6,479,732
Edenred		98,590		5,370,145
Eiffage SA		30,009		3,205,278
Electricite de France SA		147,922		1,942,963
Engie SA		612,498		8,697,388
EssilorLuxottica SA		96,754		17,752,359
Eurazeo SE		3,235		226,926
Eurofins Scientific SE		31,663		2,271,180
Euronext NV^(c)		17,934		1,453,226
Gecina SA		5,927		702,051
Getlink SE		217,663		3,681,501
Hermes International		10,433		19,525,454
Ipsen SA		10,773		1,131,542
Kering SA		24,972		15,581,447
Klepierre SA		40,707		1,033,158
La Francaise des Jeux SAEM^(c)		31,479		1,346,923
Legrand SA		95,733		8,535,943
L’Oreal SA		80,154		33,096,516
LVMH Moet Hennessy Louis Vuitton SE		89,449		78,086,796
Orange SA		634,458		6,714,311
Pernod Ricard SA		72,007		14,907,607
Publicis Groupe SA		91,066		6,423,762
Remy Cointreau SA		4,015		755,981
Renault SA^(b)		72,879		2,963,220
Safran SA		109,783		15,786,302
Sanofi		371,259		36,355,324
Sartorius Stedim Biotech		7,802		2,721,558


Security	Shares		Value

France (continued)
Schneider Electric SE		186,394	$	30,236,004
SEB SA		5,107		534,070
Societe Generale SA		251,823		7,495,907
Sodexo SA		15,854		1,571,652
Teleperformance		15,850		4,406,091
Thales SA		26,854		3,551,692
TotalEnergies SE		816,553		50,479,924
Ubisoft Entertainment SA^(b)		34,617		716,799
Unibail-Rodamco-Westfield^(a)(b)		41,889		2,710,858
Valeo		84,260		1,841,482
Veolia Environnement SA		238,297		7,073,240
Vinci SA		170,836		19,302,682
Vivendi SE		256,218		2,751,723
Wendel SE		17,652		1,869,136
Worldline SA/France^(b)(c)		81,847		3,713,061


				602,400,618

Germany — 2.0%
adidas AG		56,122		9,036,551
Allianz SE, Registered		127,939		30,591,983
Aroundtown SA^(a)		279,398		777,900
BASF SE		295,343		16,933,615
Bayer AG, Registered		319,231		19,870,513
Bayerische Motoren Werke AG		114,883		11,702,515
Bechtle AG		28,811		1,214,117
Beiersdorf AG		30,327		3,687,084
Brenntag SE		33,976		2,536,241
Carl Zeiss Meditec AG, Bearer		12,224		1,764,146
Commerzbank AG^(b)		358,327		4,096,191
Continental AG		36,111		2,535,541
Covestro AG^(c)		71,072		3,272,475
Daimler Truck Holding AG^(b)		146,631		4,927,332
Delivery Hero SE^(a)(b)(c)		53,862		3,256,328
Deutsche Bank AG, Registered		673,723		8,991,320
Deutsche Boerse AG		63,322		11,330,983
Deutsche Lufthansa AG, Registered^(b)		138,276		1,464,994
Deutsche Post AG, Registered		320,020		13,779,003
Deutsche Telekom AG, Registered		1,061,426		23,647,297
E.ON SE		751,583		8,194,442
Evonik Industries AG		44,116		980,634
Fresenius Medical Care AG & Co. KGaA^(a)		67,133		2,521,157
Fresenius SE & Co. KGaA		135,918		3,939,020
GEA Group AG		65,900		2,973,402
Hannover Rueck SE		12,410		2,520,080
HeidelbergCement AG		46,768		3,209,099
HelloFresh SE^(a)(b)		58,433		1,420,581
Henkel AG & Co. KGaA		37,850		2,529,071
Infineon Technologies AG		430,021		15,485,252
Knorr-Bremse AG		14,044		923,084
LEG Immobilien SE		19,241		1,504,148
Mercedes-Benz Group AG		260,588		19,390,881
Merck KGaA		45,542		9,505,899
MTU Aero Engines AG		19,123		4,779,078
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		45,156		16,310,678
Nemetschek SE		23,236		1,242,297
Puma SE		36,979		2,525,236
Rational AG		1,398		919,581
Rheinmetall AG		13,997		3,270,505
RWE AG		211,243		9,404,300
SAP SE		336,481		39,886,445


Security	Shares		Value

Germany (continued)
Scout24 SE^(c)		30,594	$	1,781,122
Siemens AG, Registered		244,948		38,262,169
Siemens Healthineers AG^(c)		72,505		3,888,347
Symrise AG		37,068		3,940,686
Telefonica Deutschland Holding AG		210,293		619,391
United Internet AG, Registered^(e)		24,593		570,960
Volkswagen AG		2,798		489,762
Vonovia SE		237,243		6,701,618
Zalando SE^(b)(c)		73,477		3,426,601


				388,531,655

Greece — 0.0%
Alpha Services and Holdings SA^(b)		521,293		710,253
Eurobank Ergasias Services and Holdings SA, Class A^(b)		472,893		641,654
Hellenic Telecommunications Organization SA		56,482		890,396
JUMBO SA		65,225		1,171,291
OPAP SA		37,262		559,513


				3,973,107

Hong Kong — 0.7%
AIA Group Ltd.		3,966,000		44,846,118
BOC Hong Kong Holdings Ltd.		1,096,500		3,832,144
Budweiser Brewing Co. APAC Ltd.^(a)(c)		567,000		1,789,065
Chow Tai Fook Jewellery Group Ltd.^(a)		604,000		1,292,959
CK Asset Holdings Ltd.		681,516		4,357,279
CK Hutchison Holdings Ltd.		832,516		5,298,091
CK Infrastructure Holdings Ltd.		215,000		1,196,164
CLP Holdings Ltd.		541,500		4,023,307
ESR Group Ltd.^(c)		779,000		1,559,625
Futu Holdings Ltd., ADR^(a)(b)		23,708		1,203,418
Galaxy Entertainment Group Ltd.		788,000		5,485,502
Hang Lung Properties Ltd.		610,000		1,150,182
Hang Seng Bank Ltd.^(a)		239,900		3,995,106
Henderson Land Development Co. Ltd.		299,003		1,104,516
HK Electric Investments & HK Electric Investments Ltd., Class SS		1,345,500		930,054
HKT Trust & HKT Ltd., Class SS		1,215,000		1,591,864
Hong Kong & China Gas Co. Ltd.		3,946,040		3,961,902
Hong Kong Exchanges & Clearing Ltd.		364,600		16,398,825
Hongkong Land Holdings Ltd.^(a)		365,600		1,787,335
Jardine Matheson Holdings Ltd.		40,700		2,163,432
Link REIT		689,200		5,516,605
MTR Corp. Ltd.^(a)		432,500		2,314,527
New World Development Co. Ltd.		483,916		1,446,378
Power Assets Holdings Ltd.		450,000		2,546,175
Sands China Ltd.^(b)		758,000		2,842,565
Sino Land Co. Ltd.		1,996,000		2,593,757
SITC International Holdings Co. Ltd.		441,000		963,408
Sun Hung Kai Properties Ltd.		429,500		6,091,006
Swire Pacific Ltd., Class A		142,500		1,305,854
Swire Properties Ltd.		195,800		550,307
Techtronic Industries Co. Ltd.^(a)		415,000		5,350,090
WH Group Ltd.^(c)		1,850,000		1,139,349
Wharf Real Estate Investment Co. Ltd.		476,200		2,726,085
Xinyi Glass Holdings Ltd.		547,000		1,164,632


				144,517,626

Hungary — 0.0%
MOL Hungarian Oil & Gas PLC		58,719		438,815
OTP Bank Nyrt		86,735		2,613,455


Security	Shares		Value

Hungary (continued)
Richter Gedeon Nyrt		14,254	$	321,875


				3,374,145

India — 1.4%
Adani Enterprises Ltd.		70,536		2,572,421
Adani Green Energy Ltd.^(b)		71,884		1,080,501
Adani Ports & Special Economic Zone Ltd.		92,804		697,086
Adani Power Ltd.^(b)		243,984		669,919
Adani Total Gas Ltd.		85,553		2,210,177
Adani Transmission Ltd.^(b)		62,833		1,368,455
Ambuja Cements Ltd.		189,376		931,689
Apollo Hospitals Enterprise Ltd.		38,609		2,014,807
Asian Paints Ltd.		147,743		4,933,796
Aurobindo Pharma Ltd.		124,240		621,178
Avenue Supermarts Ltd.^(b)(c)		53,246		2,287,001
Axis Bank Ltd.		679,253		7,259,670
Bajaj Auto Ltd.		20,243		946,594
Bajaj Finance Ltd.		96,530		6,978,003
Bajaj Finserv Ltd.		154,606		2,549,299
Bandhan Bank Ltd.^(b)(c)		184,727		553,678
Bharat Electronics Ltd.		1,153,837		1,342,536
Bharat Forge Ltd.		59,083		632,828
Bharat Petroleum Corp. Ltd.		246,103		1,032,938
Bharti Airtel Ltd.		833,295		7,851,897
Biocon Ltd.		133,312		383,530
Britannia Industries Ltd.		39,180		2,070,680
Cholamandalam Investment and Finance Co. Ltd.		160,044		1,387,154
Cipla Ltd.		174,763		2,178,551
Coal India Ltd.		251,707		694,795
Colgate-Palmolive India Ltd.		32,670		580,488
Container Corp. of India Ltd.		90,484		696,866
Dabur India Ltd.		190,811		1,302,861
Divi’s Laboratories Ltd.		49,773		2,022,389
DLF Ltd.		194,177		848,560
Dr. Reddy’s Laboratories Ltd.		43,805		2,323,155
Eicher Motors Ltd.		51,413		2,055,296
GAIL India Ltd.		677,920		790,697
Godrej Consumer Products Ltd.^(b)		94,801		1,059,758
Godrej Properties Ltd.^(b)		39,457		572,388
Grasim Industries Ltd.		98,759		1,924,470
Havells India Ltd.		78,137		1,131,458
HCL Technologies Ltd.		384,293		5,299,247
HDFC Life Insurance Co. Ltd.^(c)		324,503		2,299,651
Hero MotoCorp Ltd.		41,752		1,413,736
Hindalco Industries Ltd.		488,139		2,817,651
Hindustan Unilever Ltd.		283,079		8,931,247
Housing Development Finance Corp. Ltd.		579,900		18,668,377
ICICI Bank Ltd.		1,598,271		16,352,175
ICICI Lombard General Insurance Co. Ltd.^(c)		50,179		694,267
Indian Hotels Co. Ltd. (The)		261,170		964,660
Indian Railway Catering & Tourism Corp. Ltd.		89,322		697,680
Indraprastha Gas Ltd.		104,676		544,958
Info Edge India Ltd.		29,885		1,348,677
Infosys Ltd.		1,113,624		20,975,433
InterGlobe Aviation Ltd.^(b)(c)		39,590		1,029,583
ITC Ltd.		1,119,301		4,830,478
JSW Steel Ltd.		311,745		2,740,529
Jubilant Foodworks Ltd.		142,340		851,039
Kotak Mahindra Bank Ltd.		211,538		4,491,223
Larsen & Toubro Ltd.		226,206		5,888,685
LTIMindtree Ltd.^(c)		30,540		1,641,391


Security	Shares		Value

India (continued)
Lupin Ltd.		100,262	$	904,436
Mahindra & Mahindra Ltd.		277,247		4,686,463
Marico Ltd.		148,901		907,698
Maruti Suzuki India Ltd.		46,462		5,064,902
Nestle India Ltd.		10,094		2,348,360
NTPC Ltd.		1,318,446		2,761,444
Oil & Natural Gas Corp. Ltd.		689,900		1,229,303
Page Industries Ltd.		1,783		873,875
PI Industries Ltd.		20,687		759,686
Pidilite Industries Ltd.		44,530		1,242,305
Power Grid Corp. of India Ltd.		826,550		2,193,453
Reliance Industries Ltd.		956,091		27,580,725
Samvardhana Motherson International Ltd.		510,553		472,988
SBI Life Insurance Co. Ltd.^(c)		159,383		2,379,363
Shree Cement Ltd.		3,452		1,002,263
Shriram Finance Ltd.		73,228		1,155,220
Siemens Ltd.		19,968		715,633
SRF Ltd.		51,967		1,391,283
State Bank of India		653,803		4,439,999
Sun Pharmaceutical Industries Ltd.		326,029		4,127,991
Tata Consultancy Services Ltd.		310,807		12,828,140
Tata Consumer Products Ltd.		224,542		2,004,996
Tata Elxsi Ltd.		13,714		1,118,387
Tata Motors Ltd.^(b)		587,347		3,271,000
Tata Power Co. Ltd. (The)		518,245		1,354,103
Tata Steel Ltd.		2,560,259		3,770,596
Tech Mahindra Ltd.		227,450		2,840,057
Titan Co. Ltd.		124,027		3,617,481
Trent Ltd.		69,964		1,026,062
Tube Investments of India Ltd.		41,486		1,328,548
TVS Motor Co. Ltd.		65,592		833,900
UltraTech Cement Ltd.		34,886		3,028,290
UPL Ltd.		188,621		1,749,457
Varun Beverages Ltd.		77,783		1,092,416
Vedanta Ltd.		221,160		903,648
Wipro Ltd.		466,447		2,284,058
Yes Bank Ltd.^(b)		2,035,612		430,656
Zomato Ltd.^(b)		853,074		522,737


				283,280,178

Indonesia — 0.2%
Adaro Energy Indonesia Tbk PT		4,744,900		940,179
Aneka Tambang Tbk		2,744,500		425,258
Astra International Tbk PT		8,246,500		3,313,046
Bank Central Asia Tbk PT		15,094,300		8,566,150
Bank Jago Tbk PT^(b)		1,481,100		318,899
Bank Mandiri Persero Tbk PT		5,731,014		3,818,781
Bank Negara Indonesia Persero Tbk PT		3,694,288		2,264,565
Bank Rakyat Indonesia Persero Tbk PT		21,836,330		6,696,500
Barito Pacific Tbk PT		7,625,694		420,526
Charoen Pokphand Indonesia Tbk PT		3,027,345		1,177,721
Indah Kiat Pulp & Paper Tbk PT		682,500		380,337
Indofood Sukses Makmur Tbk PT		3,242,500		1,457,178
Kalbe Farma Tbk PT		8,902,700		1,225,719
Merdeka Copper Gold Tbk PT^(b)		5,651,332		1,789,779
Semen Indonesia Persero Tbk PT		1,905,702		944,021
Sumber Alfaria Trijaya Tbk PT		7,452,200		1,408,706
Telkom Indonesia Persero Tbk PT		14,432,400		3,729,803
Unilever Indonesia Tbk PT		3,264,000		1,016,023


Security	Shares		Value

Indonesia (continued)
United Tractors Tbk PT		901,506	$	1,480,053


				41,373,244

Ireland — 0.2%
Bank of Ireland Group PLC		228,037		2,436,312
CRH PLC		283,170		13,230,423
Flutter Entertainment PLC, Class DI^(b)		50,628		7,864,198
Kerry Group PLC, Class A		68,066		6,377,790
Kingspan Group PLC		35,332		2,272,414
Smurfit Kappa Group PLC		110,450		4,637,192


				36,818,329

Israel — 0.2%
Azrieli Group Ltd.		10,219		658,232
Bank Hapoalim BM		318,445		2,866,182
Bank Leumi Le-Israel BM		380,251		3,360,423
Bezeq The Israeli Telecommunication Corp. Ltd.		462,836		767,018
Check Point Software Technologies Ltd.^(b)		31,285		3,979,452
CyberArk Software Ltd.^(a)(b)		13,861		1,952,738
Elbit Systems Ltd.		9,213		1,546,716
ICL Group Ltd.		337,753		2,681,636
Isracard Ltd.		2		6
Israel Discount Bank Ltd., Class A		297,531		1,521,786
Mizrahi Tefahot Bank Ltd.		79,965		2,641,297
Nice Ltd.^(b)		22,398		4,632,092
Teva Pharmaceutical Industries Ltd., ADR^(a)(b)		381,536		4,021,389
Tower Semiconductor Ltd.^(b)		37,558		1,579,883
Wix.com Ltd.^(b)		19,636		1,707,939
ZIM Integrated Shipping Services Ltd.^(a)		26,723		506,401


				34,423,190

Italy — 0.6%
Amplifon SpA		34,862		962,653
Assicurazioni Generali SpA		332,694		6,494,622
DiaSorin SpA		8,340		1,085,699
Enel SpA		2,575,843		15,166,873
Eni SpA		786,793		12,107,349
Ferrari NV		42,559		10,634,820
FinecoBank Banca Fineco SpA		180,156		3,234,133
Infrastrutture Wireless Italiane SpA^(c)		45,609		499,819
Intesa Sanpaolo SpA		5,106,336		13,425,935
Mediobanca Banca di Credito Finanziario SpA		273,213		2,937,025
Moncler SpA		42,539		2,662,416
Nexi SpA^(b)(c)		172,714		1,521,151
Poste Italiane SpA^(c)		103,000		1,100,455
Prysmian SpA		119,440		4,877,652
Recordati Industria Chimica e Farmaceutica SpA		61,253		2,683,401
Snam SpA		779,136		3,968,552
Stellantis NV		678,850		10,672,194
Telecom Italia SpA/Milano^(a)(b)		3,379,017		972,846
Tenaris SA		186,548		3,305,770
Terna - Rete Elettrica Nazionale		698,924		5,529,789
UniCredit SpA		634,639		12,395,221


				116,238,375

Japan — 5.5%
Advantest Corp.		56,500		4,049,975
Aeon Co. Ltd.		190,800		3,911,719
AGC Inc.		58,300		2,148,111
Aisin Corp.		44,000		1,283,722
Ajinomoto Co. Inc.		144,200		4,754,071
ANA Holdings Inc.^(b)		130,800		2,894,963
Asahi Group Holdings Ltd.		141,100		4,659,438


Security	Shares		Value

Japan (continued)
Asahi Intecc Co. Ltd.		77,900	$	1,366,692
Asahi Kasei Corp.		449,600		3,406,903
Astellas Pharma Inc.		602,100		8,862,991
Azbil Corp.		39,900		1,125,118
Bandai Namco Holdings Inc.		58,000		3,878,677
Bridgestone Corp.		170,900		6,380,242
Brother Industries Ltd.		80,500		1,250,348
Canon Inc.		374,600		8,313,252
Capcom Co. Ltd.		63,100		2,044,680
Central Japan Railway Co.		49,100		5,988,960
Chubu Electric Power Co. Inc.		166,400		1,792,306
Chugai Pharmaceutical Co. Ltd.		218,100		5,654,260
Concordia Financial Group Ltd.		347,300		1,526,162
CyberAgent Inc.		119,900		1,121,299
Dai Nippon Printing Co. Ltd.		63,600		1,501,573
Daifuku Co. Ltd.		33,200		1,828,115
Dai-ichi Life Holdings Inc.		338,300		7,937,453
Daiichi Sankyo Co. Ltd.		574,100		18,030,720
Daikin Industries Ltd.		80,800		14,034,522
Daito Trust Construction Co. Ltd.		17,400		1,719,443
Daiwa House Industry Co. Ltd.		223,300		5,362,552
Daiwa House REIT Investment Corp.		631		1,372,888
Daiwa Securities Group Inc.		468,600		2,211,369
Denso Corp.		132,200		7,139,553
Dentsu Group Inc.		66,500		2,141,890
Disco Corp.		9,000		2,703,893
East Japan Railway Co.		109,000		6,077,645
Eisai Co. Ltd.		81,100		5,017,653
ENEOS Holdings Inc.		1,023,980		3,666,049
FANUC Corp.		67,900		11,997,221
Fast Retailing Co. Ltd.		18,600		11,296,884
Fuji Electric Co. Ltd.		40,700		1,647,454
FUJIFILM Holdings Corp.		116,900		6,186,481
Fujitsu Ltd.		71,500		10,180,121
GLP J-REIT		1,334		1,509,502
GMO Payment Gateway Inc.		14,200		1,313,953
Hakuhodo DY Holdings Inc.		70,500		761,918
Hamamatsu Photonics KK		64,400		3,440,910
Hankyu Hanshin Holdings Inc.		66,400		1,973,569
Hikari Tsushin Inc.		6,500		927,799
Hirose Electric Co. Ltd.		9,200		1,197,695
Hitachi Construction Machinery Co. Ltd.		31,000		731,083
Hitachi Ltd.		335,200		17,578,708
Honda Motor Co. Ltd.		498,200		12,323,730
Hoshizaki Corp.		41,300		1,484,581
Hoya Corp.		118,000		12,976,686
Hulic Co. Ltd.		124,800		1,025,829
Ibiden Co. Ltd.		36,500		1,424,554
Idemitsu Kosan Co. Ltd.		65,400		1,635,050
Iida Group Holdings Co. Ltd.		36,200		603,471
Inpex Corp.		319,800		3,514,167
Isuzu Motors Ltd.		173,100		2,188,908
Ito En Ltd.		22,300		795,658
ITOCHU Corp.		365,200		11,803,928
Itochu Techno-Solutions Corp.		33,500		829,376
Japan Airlines Co. Ltd.^(b)		42,000		890,718
Japan Exchange Group Inc.		174,400		2,669,116
Japan Metropolitan Fund Invest		2,328		1,799,740
Japan Post Bank Co. Ltd.		130,300		1,157,699
Japan Post Holdings Co. Ltd.		772,000		6,777,742


Security	Shares		Value

Japan (continued)
Japan Post Insurance Co. Ltd.		50,200	$	895,566
Japan Real Estate Investment Corp.		361		1,547,784
Japan Tobacco Inc.		359,600		7,332,929
JFE Holdings Inc.		154,000		2,030,590
JSR Corp.		63,100		1,419,760
Kajima Corp.		124,100		1,524,106
Kakaku.com Inc.		47,400		790,257
Kansai Electric Power Co. Inc. (The)		248,700		2,391,771
Kao Corp.		147,700		5,970,305
KDDI Corp.		529,600		16,546,522
Keio Corp.		29,800		1,093,793
Keisei Electric Railway Co. Ltd.		43,200		1,260,100
Keyence Corp.		63,600		29,279,453
Kikkoman Corp.		44,800		2,369,566
Kintetsu Group Holdings Co. Ltd.		51,600		1,680,353
Kirin Holdings Co. Ltd.		259,300		3,995,741
Kobayashi Pharmaceutical Co. Ltd.		18,400		1,320,975
Kobe Bussan Co. Ltd.		45,000		1,299,229
Koei Tecmo Holdings Co. Ltd.		68,200		1,240,296
Koito Manufacturing Co. Ltd.		62,800		1,059,321
Komatsu Ltd.		274,500		6,745,689
Konami Group Corp.		28,100		1,381,775
Kose Corp.		9,700		1,070,229
Kubota Corp.		338,800		5,091,584
Kurita Water Industries Ltd.		38,800		1,754,468
Kyocera Corp.		113,000		5,863,728
Kyowa Kirin Co. Ltd.		80,900		1,804,147
Lasertec Corp.		24,200		4,581,614
Lixil Corp.		77,400		1,336,216
M3 Inc.		141,000		3,855,350
Makita Corp.		62,900		1,675,457
Marubeni Corp.		490,700		6,020,190
Mazda Motor Corp.		173,300		1,379,466
McDonald’s Holdings Co. Japan Ltd.^(a)		35,500		1,402,512
MEIJI Holdings Co. Ltd.		36,600		1,887,560
MINEBEA MITSUMI Inc.		128,800		2,245,331
MISUMI Group Inc.		107,800		2,713,052
Mitsubishi Chemical Group Corp.		384,600		2,158,162
Mitsubishi Corp.		393,900		13,190,117
Mitsubishi Electric Corp.		584,400		6,440,527
Mitsubishi Estate Co. Ltd.		343,500		4,415,046
Mitsubishi Heavy Industries Ltd.		94,800		3,717,104
Mitsubishi UFJ Financial Group Inc.		3,896,300		28,539,933
Mitsui & Co. Ltd.		451,600		13,323,434
Mitsui Chemicals Inc.		45,000		1,059,233
Mitsui Fudosan Co. Ltd.		259,700		4,867,724
Mitsui OSK Lines Ltd.		103,500		2,568,737
Mizuho Financial Group Inc.		772,290		12,063,517
MonotaRO Co. Ltd.		88,700		1,343,659
MS&AD Insurance Group Holdings Inc.		140,000		4,490,320
Murata Manufacturing Co. Ltd.		177,500		10,142,436
NEC Corp.		64,700		2,337,456
Nexon Co. Ltd.		152,000		3,665,107
NGK Insulators Ltd.		79,500		1,100,382
Nidec Corp.		140,300		7,775,264
Nihon M&A Center Holdings Inc.		119,400		1,220,674
Nintendo Co. Ltd.		353,500		15,326,971
Nippon Building Fund Inc.		505		2,207,033


				Average Annual Total Returns									Cumulative Total Returns

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

Fund NAV		2.51	%		(8.12	)%		5.67	%		8.44	%		(8.12	)%		31.74	%		124.77	%
Fund Market		2.37			(8.07	)		5.69			8.44			(8.07	)		31.88			124.75
Index		2.45			(7.99	)		5.53			8.24			(7.99	)		30.88			120.73


Actual					Hypothetical 5% Return


	Beginning Account Value (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	^(a)		Beginning Account Value (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,025.10	$ 1.63			$ 1,000.00	$ 1,023.60	$ 1.63		0.32	%


				Average Annual Total Returns									Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception

Fund NAV		2.44	%		(8.52	)%		5.80	%		7.63	%		(8.52	)%		32.59	%		82.08	%
Fund Market		2.27			(8.72	)		5.76			7.61			(8.72	)		32.30			81.79
Index		2.30			(8.50	)		5.55			7.35			(8.50	)		31.01			78.13


Actual					Hypothetical 5% Return


	Beginning Account Value (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	^(a)		Beginning Account Value (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,024.40	$ 1.02			$ 1,000.00	$ 1,024.20	$ 1.02		0.20	%


GEOGRAPHIC ALLOCATION

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

United States	58.8	%
Japan	5.7
China	4.2
Canada	3.8
United Kingdom	3.7
France	2.9
Switzerland	2.6
Australia	1.9
Germany	1.8
Taiwan	1.6


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


	Page

The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		10
Disclosure of Expenses		10
Schedules of Investments		11
Financial Statements:
Statements of Assets and Liabilities		91
Statements of Operations		93
Statements of Changes in Net Assets		95
Financial Highlights		98
Notes to Financial Statements		104
Statement Regarding Liquidity Risk Management Program		116
General Information		117
Glossary of Terms Used in this Report		118


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


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


Fund Summary as of January 31, 2023		iShares^® MSCI ACWI Low Carbon Target ETF


Fund Summary as of January 31, 2023		iShares^® MSCI All Country Asia ex Japan ETF


Fund Summary as of January 31, 2023		iShares^® MSCI Europe Financials ETF


INDUSTRY ALLOCATION

Industry	Percent of Total Investments	^(a)

Banks	48.7	%
Insurance	30.6
Capital Markets	15.4
Diversified Financial Services	5.3


Fund Summary as of January 31, 2023		iShares^® MSCI Europe Small-Cap ETF


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


GEOGRAPHIC ALLOCATION

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

United Kingdom	25.1	%
Switzerland	14.5
Germany	13.4
France	10.9
Sweden	9.1
Italy	7.2
Spain	6.9
Netherlands	5.2
Belgium	2.2
Finland	1.4