iShares Trust

The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

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

Sincerely,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of July 31, 2022

	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	(7.81)%	(4.64)%

U.S. small cap equities (Russell 2000^® Index)	(6.42)	(14.29)

International equities (MSCI Europe, Australasia, Far East Index)	(11.27)	(14.32)

Emerging market equities (MSCI Emerging Markets Index)	(16.24)	(20.09)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.21	0.22

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(6.38)	(10.00)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(6.14)	(9.12)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(3.95)	(6.93)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(6.58)	(8.03)

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

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

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

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

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

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

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

The iShares MSCI 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.

Global stocks declined substantially during the reporting period, as global growth cooled in an environment of high inflation, rising interest rates, and volatility in commodities markets. U.S. stocks were the largest detractors from the Index’s return, as the recovery slowed and the economy contracted in the first half of 2022.

Among U.S. stocks, the communication services sector declined the most, driven primarily by weakness in the interactive media and services industry. A change to the data-tracking policies of a popular mobile platform impeded the ability of social media companies to target specific customer demographics, reducing the value of the advertising they sell. Consequently, revenues decreased, weighing heavily on stocks in this growth-oriented industry. The information technology sector also declined, as payment platforms in the IT services industry experienced slowing user growth. Consumers reoriented their spending back toward physical retail, negatively impacting growth in e-commerce transactions. Uncertainty around the sustainability of recent growth also pressured software providers amid a normalization of work and leisure activities.

Chinese stocks also detracted from the Index’s performance, as strict lockdowns to prevent the spread of COVID-19 weighed on economic activity. The consumer discretionary sector led the decline, particularly the internet and direct marketing retail industry. Stiff competition, both domestically and internationally, led to slower revenue growth and declining earnings. Increased regulatory scrutiny from the Chinese government also drove investor uncertainty surrounding the industry. The communication services sector was another source of weakness, constrained by new regulations that dampened revenue growth.

Stocks in Japan, which endured two quarters of economic contraction during the reporting period, also restrained the Index’s performance. The Japanese yen declined significantly relative to the U.S. dollar, reducing the value of Japanese assets denominated in U.S. dollars. The industrials sector declined the most amid a notable slowdown in industrial production.

German stocks further detracted from the Index’s return, as weakness in the automobiles industry weighed on the consumer discretionary sector. Supply chain problems, exacerbated by a global semiconductor shortage and Russia’s invasion of Ukraine, led to production difficulties that pressured the industry.

The iShares MSCI ACWI Low Carbon Target 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.

As the global economy recovered from the initial disruptions of the COVID-19 pandemic, rising economic activity drove higher energy use and global carbon emissions increased by 6% in 2021. This rise marked the largest single-year emissions increase on record, and more than reversed 2020’s decline. While increased fossil fuel use drove higher emissions, renewable energy generation reached an all-time high in 2021. Investor interest in lower-carbon investments appeared relatively strong as governments budgeted record amounts toward climate goals and Russia’s invasion of Ukraine led some countries to seek alternatives to Russian fossil fuels. However, as interest rates increased later in the reporting period, investors moved away from future-oriented growth stocks.

U.S. stocks were the largest detractors from the Index’s return as the reopening-led recovery cooled and the economy contracted in the first half of 2022. The communication services sector led the decline, driven primarily by weakness in the interactive media and services industry. A change to the tracking data policies of a popular mobile platform impeded the ability of social media companies to target specific customer demographics, reducing the value of the advertising they sell. The information technology sector also declined as payment platforms in the information technology services industry experienced slowing user growth.

Chinese stocks further detracted from the Index’s performance as strict lockdowns to prevent the spread of COVID-19 weighed on economic activity. The U.S. consumer discretionary sector stocks detracted, as the lockdowns significantly dampened consumer sentiment. Japanese industrials stocks also declined amid a notable slowdown in industrial production.

In terms of relative performance, the Index slightly underperformed the broader market, as represented by the MSCI ACWI Index, while tracking it fairly closely. The low-carbon investment process leads to underweight and overweight positions in industries with higher or lower carbon emissions, respectively. For the reporting period, the Index had underweight positions in the energy and materials sectors and overweight positions in the financials and industrials sectors. Stock selection and the underweight position in the energy sector, which performed well due to rising oil and gas prices, detracted from relative performance. However, stock selection in the information technology and financials sectors benefited the Index’s relative return.

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.

Stocks in Asia excluding Japan declined sharply for the reporting period as economic growth slowed and inflationary pressures rose. Chinese equities drove the majority of detraction from the Index’s return amid pandemic-related restrictions, a far-reaching regulatory crackdown, mounting stress in the property market, rising unemployment, weakness in consumer spending, and supply chain disruptions. Concerns about delisting from U.S. exchanges arising from audit requirements also weighed on Chinese stocks.

Within China, technology-related stocks drove the majority of detraction from the Index’s return, due to concerns surrounding slowing sales, lockdowns, and regulatory restrictions. The government’s campaign to rein in large internet firms by lessening their market advantages included billions of dollars in antitrust fines and restrictions on stock listings. While investor sentiment periodically shifted toward signs of an easing crackdown, further government statements repeatedly reignited uncertainty. In the information technology sector, stocks in the internet and direct marketing industry detracted the most from the Index’s return as regulations weakened companies’ competitive advantages, while concerns surrounding new customer growth and slowing consumption pressured profit margins and earnings. Growth in cloud businesses stagnated amid competition from government-backed rivals.

In the communication services sector, COVID-related restrictions and regulatory issues weighed on earnings and forward guidance. The media and entertainment industry declined amid rules limiting video game use and restrictions on key advertisers. Revenue growth slowed for media and video gaming firms, constraining earnings and raising concerns about future growth. While China resumed the approval of video games in April 2022 after a months-long suspension, titles from two of the country’s largest gaming companies were not included.

South Korean stocks also detracted significantly from the Index’s performance, led by the technology hardware and equipment industry in the information technology sector. Budgetary reductions from major chip customers amid global economic uncertainty slowed sales growth, reduced profits, and affected capacity expansion plans for chip producers. Memory prices weakened along with demand for personal computers and smartphones.

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.

European financials equities declined for the reporting period, as soaring inflation and rising interest rates squeezed borrowers, the euro fell sharply against the U.S. dollar, and Eurozone business growth slowed. While higher interest rates often benefit banks, which constituted approximately 46% of the Index on average during the reporting period, sharply rising prices limit customers’ ability to repay higher-interest loans. To combat inflation, the ECB raised its benchmark interest rate by 0.50% in July 2022, its first increase in 11 years, leading to concerns that European banks could face rising short-term financing costs and declining demand for loans.

Financials stocks in Sweden detracted the most from the Index’s return, namely venture capital firms in the diversified financial services industry, as the substantial decline in global markets lowered the valuations of many of their portfolio companies. In this difficult environment for capital, Swedish entrepreneurial investors sold some underlying assets to shore up finances, leading to stock price declines for the parent companies. The sharp sell-off in information technology and growth-oriented companies during the reporting period led to a slowdown in new investment deals undertaken by leading private investor conglomerates.

German financials stocks detracted notably from the Index’s performance, as rising interest rates and recession fears drove stocks of insurers lower. In addition, a leading German insurer settled lawsuits from investors for nearly $4 billion in the wake of a hedge fund collapse, with potential regulatory fines expected to increase those costs.

Banking stocks in Italy, Spain, and France also detracted from the Index’s return. As nations worldwide tightened sanctions against Russia for its war in Ukraine, uncertainty arose about the exposures of European lenders to Russian assets, including major financial institutions in all three countries. Among Eurozone nations, Italy and France had the highest exposure to Russian assets, according to data published in September 2021. Amid investor concerns about credit contagion, Italy’s two largest banks sought to reassure investors that they maintained sufficient capital to weather even a worst-case scenario of pulling entirely out of Russia.

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.

Small-capitalization European equities declined sharply during the reporting period, as higher inflation, rising interest rates, and weakening global economies sent markets lower. Russia’s invasion of Ukraine also increased investor uncertainty, as international sanctions on Russia disrupted global economic activity, unsettled commodities markets, and constrained companies that had connections to Russia. The combination of resilient consumer demand and persistent supply chain disruptions contributed to higher inflation in many countries. This inflationary pressure led some of the world’s central banks to raise interest rates.

Stocks in the U.K., particularly in the consumer discretionary sector, detracted the most from the Index’s performance. Stocks of several consumer discretionary companies dropped on diminished sales outlooks due to falling levels of consumer confidence, inflation rates at 40-year highs, and the slowing growth in the economy. In particular, internet and direct marketing retail companies experienced declining sales due to a reduction in online spending by consumers. British industrials stocks also weighed on the Index’s performance, particularly sellers of building supplies in the trading companies and distributors industry, as the costs of materials rose and the U.K. housing market cooled after the Bank of England raised interest rates to the highest levels in 13 years.

Stocks in Sweden further detracted from the Index’s return amid slowing economic growth and the depreciation of Swedish krona against the U.S. dollar. Swedish industrials stocks declined as war-related supply-chain constraints and higher costs for materials and energy dampened the revenues of industrial machinery manufacturers. Consumer discretionary stocks in Sweden also declined, led by the leisure products industry, as steep inflation and weak consumer confidence across regions pressured the stocks of outdoor gear brands.

Stocks in Germany weighed on the Index’s performance amid recession fears as the country’s economy stalled in the second quarter of 2022. German healthcare stocks detracted, largely due to the decision of a major pharmaceutical conglomerate to discontinue the development of a potential treatment for chronic cough and endometriosis, which pressured the stock of its project partner, a life sciences tools and services company.

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.

Developed market stocks outside of Japan declined during the reporting period, as higher inflation, rising interest rates, and weakening global economies sent markets lower. Russia’s invasion of Ukraine increased investor uncertainty, as international sanctions on Russia disrupted global economic activity, unsettled commodities markets, and constrained companies with connections to Russia. The combination of resilient consumer demand and persistent supply chain disruptions contributed to higher inflation in many countries. This inflationary pressure led some of the world’s central banks to adopt less accommodative stances regarding monetary policy.

U.S. stocks detracted the most from the Index’s return, driven by companies in the communication services sector, which reported slowing revenue growth as advertisers reduced spending, citing inflationary pressures and slowing cooling U.S. economic growth. The U.S economy contracted slightly in the first two quarters of 2022 as business inventories and private investment declined. In addition, a change to the data tracking policies of a major technology platform reduced the effectiveness of targeted advertising. Some communications services companies declined due to falling subscriptions, as the deteriorating economic outlook led consumers to curb discretionary spending. Competition from newer entrants to the sector also drove the stocks of communication services companies lower, leading firms to suspend hiring and downgrade predictions for future growth. Despite high spending levels, robust job growth, and low unemployment, rising inflation rates precipitated a notable decrease in consumer confidence. In this environment, information technology stocks declined sharply during the first half of 2022. As pandemic-related restrictions continued to ease and consumers returned to shopping in stores, online shopping declined, further weakening the growth outlook for some information technology companies. Additionally, several companies suspended business in Russia following the invasion of Ukraine.

German stocks, particularly automobile manufacturers, also detracted from the Index’s performance as the economy slowed, prices climbed, and consumer confidence waned. The war in Ukraine disrupted supply chains and contributed to record-high inflation across the Eurozone as commodities and oil prices soared.

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

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

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

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

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

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

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


Security	Shares		Value

Common Stocks

Australia — 2.1%
Ampol Ltd.		94,602	$	2,241,263
APA Group		390,005		3,197,788
Aristocrat Leisure Ltd.		201,160		5,018,550
ASX Ltd.		67,717		4,208,934
Aurizon Holdings Ltd.		648,234		1,834,694
Australia & New Zealand Banking Group Ltd.		837,752		13,539,128
Australia & New Zealand Banking Group Ltd., New		55,850		893,613
BHP Group Ltd.		1,535,618		42,022,733
BlueScope Steel Ltd.		148,947		1,749,588
Brambles Ltd.		504,952		4,064,208
Cochlear Ltd.		16,264		2,451,422
Coles Group Ltd.		428,394		5,642,093
Commonwealth Bank of Australia		515,745		36,626,870
Computershare Ltd.		150,098		2,651,780
CSL Ltd.		145,540		29,634,415
Dexus		396,552		2,664,831
Domino’s Pizza Enterprises Ltd.		19,219		982,665
Endeavour Group Ltd./Australia		402,359		2,241,717
Evolution Mining Ltd.		539,934		997,408
Fortescue Metals Group Ltd.		514,733		6,623,871
Glencore PLC		3,102,619		17,584,710
Goodman Group		516,700		7,561,936
GPT Group (The)		797,759		2,566,550
IDP Education Ltd.		67,145		1,350,949
Insurance Australia Group Ltd.		503,431		1,584,078
Lendlease Corp. Ltd.		221,065		1,601,536
Lottery Corp. Ltd. (The)^(a)(b)		536,783		1,702,729
Macquarie Group Ltd.		105,991		13,565,085
Medibank Pvt Ltd.		1,058,110		2,544,259
Mineral Resources Ltd.		50,156		1,911,149
Mirvac Group		1,607,428		2,435,231
National Australia Bank Ltd.		971,469		20,980,338
Newcrest Mining Ltd.		258,952		3,489,704
Northern Star Resources Ltd.		409,889		2,252,598
Orica Ltd.		168,967		2,002,636
Origin Energy Ltd.		614,685		2,580,671
Qantas Airways Ltd.^(a)		288,817		930,669
QBE Insurance Group Ltd.		495,337		4,005,158
Ramsay Health Care Ltd.		50,830		2,511,091
REA Group Ltd.		10,307		909,328
Reece Ltd.^(b)		83,193		898,511
Rio Tinto Ltd.		88,097		6,103,761
Rio Tinto PLC		372,431		22,483,465
Santos Ltd.		1,091,077		5,671,833
Scentre Group		1,710,546		3,505,323
SEEK Ltd.		140,514		2,275,924
Sonic Healthcare Ltd.		109,134		2,628,112
South32 Ltd.		1,583,809		4,316,852
Stockland		845,121		2,290,013
Suncorp Group Ltd.		383,658		3,029,858
Telstra Corp. Ltd.		1,328,445		3,630,652
Transurban Group		954,011		9,751,603
Treasury Wine Estates Ltd.		258,043		2,224,340
Vicinity Centres		1,386,685		2,028,990
Washington H Soul Pattinson & Co. Ltd.		67,452		1,221,195
Wesfarmers Ltd.		338,542		11,092,502
Westpac Banking Corp.		1,057,068		16,007,330
WiseTech Global Ltd.		52,251		1,850,449


Security	Shares		Value

Australia (continued)
Woodside Energy Group Ltd.		561,539	$	12,679,819
Woolworths Group Ltd.		379,579		9,986,375


				387,034,883

Austria — 0.0%
Erste Group Bank AG		92,762		2,351,765
OMV AG		64,203		2,734,401
Verbund AG		18,266		2,008,629
voestalpine AG		42,400		954,705


				8,049,500

Belgium — 0.2%
Ageas SA/NV		58,253		2,542,469
Anheuser-Busch InBev SA/NV		225,420		12,075,252
D’ieteren Group		6,336		1,039,903
Elia Group SA/NV		9,522		1,445,551
Groupe Bruxelles Lambert SA		50,792		4,495,858
KBC Group NV		73,208		3,834,413
Proximus SADP		27,221		377,201
Sofina SA		3,697		865,798
Solvay SA		12,556		1,102,830
UCB SA		39,627		3,096,404
Umicore SA		65,968		2,389,517
Warehouses De Pauw CVA		21,332		725,164


				33,990,360

Brazil — 0.4%
Ambev SA		1,415,906		4,085,634
Americanas SA		175,838		475,780
Atacadao SA		94,443		340,054
B3 SA - Brasil, Bolsa, Balcao		1,982,099		4,248,367
Banco Bradesco SA		90,907		254,232
Banco BTG Pactual SA		407,368		1,773,835
Banco do Brasil SA		257,252		1,788,399
Banco Santander Brasil SA		29,400		160,748
BB Seguridade Participacoes SA		164,375		920,978
BRF SA^(a)		214,643		662,087
CCR SA		528,965		1,328,010
Centrais Eletricas Brasileiras SA		345,931		3,062,774
Cia. de Saneamento Basico do Estado de Sao Paulo		110,000		949,672
Cia. Siderurgica Nacional SA		191,583		544,672
Cosan SA		360,842		1,302,047
Energisa SA		20,142		171,441
Engie Brasil Energia SA		54,547		467,235
Equatorial Energia SA		316,235		1,516,358
Hapvida Participacoes e Investimentos SA^(c)		1,278,550		1,522,172
Hypera SA		207,941		1,711,642
JBS SA		314,013		1,938,419
Klabin SA		242,578		934,381
Localiza Rent a Car SA		180,993		2,015,231
Lojas Renner SA		277,063		1,354,230
Magazine Luiza SA^(a)		796,400		397,115
Natura & Co. Holding SA		326,041		981,759
Petro Rio SA^(a)		219,085		1,025,539
Petroleo Brasileiro SA		843,173		6,023,014
Raia Drogasil SA		353,267		1,432,431
Rede D’Or Sao Luiz SA^(c)		73,525		460,268
Rumo SA		452,467		1,533,846
Suzano SA		227,206		2,120,519
Telefonica Brasil SA		195,671		1,686,656
Tim SA		335,031		815,222
TOTVS SA		108,544		553,199


Security	Shares		Value

Brazil (continued)
Ultrapar Participacoes SA		234,821	$	575,922
Vale SA		1,205,638		16,252,730
Vibra Energia SA		347,089		1,116,915
WEG SA		498,042		2,699,039


				71,202,572

Canada — 3.2%
Agnico Eagle Mines Ltd.		132,757		5,708,173
Air Canada^(a)(b)		52,213		709,058
Algonquin Power & Utilities Corp.		96,091		1,343,946
Alimentation Couche-Tard Inc.		269,927		12,059,290
AltaGas Ltd.		71,908		1,602,074
ARC Resources Ltd.		186,574		2,616,742
Bank of Montreal		203,504		20,287,627
Bank of Nova Scotia (The)		366,073		22,300,851
Barrick Gold Corp.		530,520		8,360,387
Bausch Health Companies Inc.^(a)		97,933		451,216
BCE Inc.		59,505		3,006,500
BlackBerry Ltd.^(a)(b)		147,846		908,631
Brookfield Asset Management Inc., Class A		436,369		21,652,326
Brookfield Renewable Corp., Class A		36,954		1,445,781
BRP Inc.		8,521		648,116
CAE Inc.^(a)		75,414		1,995,257
Cameco Corp.		137,355		3,537,517
Canadian Apartment Properties REIT		33,189		1,257,271
Canadian Imperial Bank of Commerce		280,325		14,180,980
Canadian National Railway Co.		183,892		23,296,864
Canadian Natural Resources Ltd.		377,993		20,872,192
Canadian Pacific Railway Ltd.		290,842		22,932,581
Canadian Tire Corp. Ltd., Class A, NVS		20,344		2,613,558
Canadian Utilities Ltd., Class A, NVS		101,674		3,291,076
CCL Industries Inc., Class B, NVS		67,219		3,376,829
Cenovus Energy Inc.		425,295		8,103,704
CGI Inc.^(a)		52,567		4,507,326
Constellation Software Inc.		6,839		11,633,910
Dollarama Inc.		99,097		6,005,949
Emera Inc.		39,917		1,892,438
Empire Co. Ltd., Class A, NVS		33,415		1,014,023
Enbridge Inc.		629,519		28,271,944
Fairfax Financial Holdings Ltd.		9,195		4,953,115
First Quantum Minerals Ltd.		197,032		3,600,444
FirstService Corp.		10,833		1,449,222
Fortis Inc.		120,102		5,673,320
Franco-Nevada Corp.		60,341		7,726,456
George Weston Ltd.		15,637		1,866,354
GFL Environmental Inc.		56,326		1,558,856
Gildan Activewear Inc.		73,252		2,146,849
Great-West Lifeco Inc.		50,422		1,225,358
Hydro One Ltd.^(c)		58,036		1,620,231
iA Financial Corp. Inc.		21,307		1,172,380
Imperial Oil Ltd.		94,416		4,524,860
Intact Financial Corp.		39,240		5,840,572
Ivanhoe Mines Ltd., Class A^(a)		182,151		1,132,265
Keyera Corp.		58,279		1,510,507
Kinross Gold Corp.		482,231		1,653,191
Lightspeed Commerce Inc.^(a)		43,323		929,691
Loblaw Companies Ltd.		40,839		3,717,623
Lundin Mining Corp.		128,554		724,813
Magna International Inc.		91,808		5,862,434
Manulife Financial Corp.		601,209		11,004,911
Metro Inc.		55,150		3,053,912


Security	Shares		Value

Canada (continued)
National Bank of Canada		86,363	$	6,059,674
Northland Power Inc.		68,729		2,253,128
Nutrien Ltd.		171,755		14,702,888
Nuvei Corp.^(a)(c)		22,352		781,286
Onex Corp.		17,206		919,588
Open Text Corp.		109,445		4,476,771
Pan American Silver Corp.		72,172		1,468,746
Parkland Corp.		52,096		1,461,723
Pembina Pipeline Corp.		186,702		7,128,078
Power Corp. of Canada		204,833		5,566,505
Quebecor Inc., Class B		33,521		744,737
Restaurant Brands International Inc.		88,614		4,750,577
RioCan REIT		21,814		350,067
Ritchie Bros Auctioneers Inc.		34,521		2,488,219
Rogers Communications Inc., Class B, NVS		119,806		5,507,773
Royal Bank of Canada		427,140		41,648,276
Saputo Inc.		117,287		2,897,027
Shaw Communications Inc., Class B, NVS		148,760		4,024,088
Shopify Inc., Class A^(a)		346,690		12,077,499
Sun Life Financial Inc.		182,875		8,491,467
Suncor Energy Inc.		477,408		16,202,532
TC Energy Corp.		293,255		15,634,313
Teck Resources Ltd., Class B		157,661		4,635,459
TELUS Corp.		218,599		5,032,446
TFI International Inc.		24,612		2,458,221
Thomson Reuters Corp.		60,634		6,808,452
TMX Group Ltd.		17,282		1,773,208
Toromont Industries Ltd.		7,611		641,011
Toronto-Dominion Bank (The)		552,139		35,864,997
Tourmaline Oil Corp.		95,901		6,008,463
Waste Connections Inc.		81,022		10,805,904
West Fraser Timber Co. Ltd.		25,783		2,413,903
Wheaton Precious Metals Corp.		148,163		5,083,973
WSP Global Inc.		25,825		3,115,819


				579,108,319

Chile — 0.0%
Banco de Chile		12,157,479		1,153,550
Banco de Credito e Inversiones SA		30,188		910,833
Banco Santander Chile		22,386,961		886,684
Cia. Cervecerias Unidas SA		119,581		690,069
Cia. Sud Americana de Vapores SA		3,698,352		400,166
Empresas CMPC SA		386,851		657,273
Empresas COPEC SA		158,813		1,300,677
Enel Americas SA		9,778,746		989,703
Enel Chile SA		9,195,982		263,296
Falabella SA		204,581		456,340


				7,708,591

China — 3.4%
360 DigiTech Inc.^(b)		29,781		432,420
3SBio Inc.^(c)		472,000		314,176
AAC Technologies Holdings Inc.		220,500		427,512
Agricultural Bank of China Ltd., Class A		5,876,000		2,481,936
Agricultural Bank of China Ltd., Class H		4,183,000		1,379,646
Aier Eye Hospital Group Co. Ltd., Class A		325,502		1,468,050
Air China Ltd., Class H^(a)		700,000		549,419
Alibaba Group Holding Ltd.^(a)		4,628,476		52,040,124
Alibaba Health Information Technology Ltd.^(a)(b)		1,652,000		992,023
A-Living Smart City Services Co. Ltd., Class A^(c)		180,750		220,472
Aluminum Corp. of China Ltd., Class H		1,516,000		555,238


Security	Shares		Value

China (continued)
Anhui Conch Cement Co. Ltd., Class A		452,392	$	2,179,459
Anhui Conch Cement Co. Ltd., Class H		71,500		282,903
ANTA Sports Products Ltd.		344,800		3,796,543
Autohome Inc., ADR		22,671		809,128
AviChina Industry & Technology Co. Ltd., Class H		971,000		518,073
Baidu Inc.^(a)		674,960		11,666,277
Bank of China Ltd., Class H		23,492,000		8,353,407
Bank of Communications Co. Ltd., Class A		4,414,400		3,022,917
Bank of Communications Co. Ltd., Class H		736,000		438,077
Bank of Ningbo Co. Ltd., Class A		434,515		2,011,920
Bank of Shanghai Co. Ltd., Class A		2,851,951		2,519,953
BeiGene Ltd., ADR^(a)		16,154		2,715,164
Beijing Capital International Airport Co. Ltd., Class H^(a)		552,000		324,495
Beijing Enterprises Holdings Ltd.		82,000		262,808
Beijing Enterprises Water Group Ltd.		1,340,000		406,262
Bilibili Inc., ADR^(a)		10,166		248,457
Bilibili Inc., Class Z^(a)		44,742		1,093,638
Bosideng International Holdings Ltd.		1,128,000		658,356
BYD Co. Ltd., Class A		65,700		3,133,582
BYD Co. Ltd., Class H		206,500		7,555,003
BYD Electronic International Co. Ltd.^(b)		220,000		565,223
CanSino Biologics Inc., Class H^(c)		39,200		328,114
CGN Power Co. Ltd., Class H^(c)		6,382,000		1,471,584
China Cinda Asset Management Co. Ltd., Class H		554,000		76,314
China CITIC Bank Corp. Ltd., Class H		2,139,000		894,059
China Coal Energy Co. Ltd., Class H		641,000		498,651
China Communications Services Corp. Ltd., Class H		582,000		236,622
China Conch Venture Holdings Ltd.		585,500		1,135,101
China Construction Bank Corp., Class H		29,508,260		18,844,275
China Everbright Bank Co. Ltd., Class A		5,641,000		2,425,432
China Everbright Environment Group Ltd.		1,206,000		641,883
China Evergrande Group^(b)(d)		740,000		107,748
China Feihe Ltd.^(c)		1,237,000		1,086,178
China Galaxy Securities Co. Ltd., Class H		1,473,500		728,687
China Gas Holdings Ltd.		888,600		1,365,907
China Hongqiao Group Ltd.		680,500		709,132
China International Capital Corp. Ltd., Class H^(c)		562,800		1,034,835
China Jinmao Holdings Group Ltd.^(a)		1,386,000		321,644
China Lesso Group Holdings Ltd.		391,000		479,194
China Life Insurance Co. Ltd., Class H		2,265,000		3,373,536
China Literature Ltd.^(a)(c)		121,000		476,871
China Longyuan Power Group Corp. Ltd., Class H		1,059,000		1,701,347
China Medical System Holdings Ltd.		460,000		731,265
China Meidong Auto Holdings Ltd.		214,000		520,072
China Mengniu Dairy Co. Ltd.		947,000		4,399,755
China Merchants Bank Co. Ltd., Class A		724,600		3,769,429
China Merchants Bank Co. Ltd., Class H		1,040,288		5,620,986
China Merchants Port Holdings Co. Ltd.		444,000		716,105
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		838,322		1,702,233
China Minsheng Banking Corp. Ltd., Class A		4,360,000		2,351,999
China Minsheng Banking Corp. Ltd., Class H		13,500		4,403
China National Building Material Co. Ltd., Class H		1,060,000		1,063,947
China Oilfield Services Ltd., Class H		670,000		617,188
China Overseas Land & Investment Ltd.		1,161,000		3,208,330
China Overseas Property Holdings Ltd.		515,000		538,247
China Pacific Insurance Group Co. Ltd., Class A		694,897		2,082,050
China Pacific Insurance Group Co. Ltd., Class H		439,000		937,715
China Petroleum & Chemical Corp., Class H		7,775,200		3,665,666


Security	Shares		Value

China (continued)
China Power International Development Ltd.		2,025,000	$	1,147,118
China Railway Group Ltd., Class H		1,302,000		775,074
China Resources Beer Holdings Co. Ltd.		452,000		3,117,765
China Resources Cement Holdings Ltd.^(b)		506,000		311,240
China Resources Gas Group Ltd.		284,000		1,191,786
China Resources Land Ltd.		838,000		3,499,722
China Resources Mixc Lifestyle Services Ltd.^(c)		207,000		877,015
China Resources Power Holdings Co. Ltd.		612,000		1,152,238
China Ruyi Holdings Ltd.^(a)(b)		1,608,000		465,430
China Shenhua Energy Co. Ltd., Class A		363,700		1,514,190
China Shenhua Energy Co. Ltd., Class H		1,210,000		3,419,871
China Southern Airlines Co. Ltd., Class H^(a)		732,000		396,431
China State Construction Engineering Corp. Ltd., Class A		5,394,877		4,027,834
China State Construction International Holdings Ltd.		686,000		711,322
China Suntien Green Energy Corp. Ltd., Class H^(b)		664,000		325,691
China Taiping Insurance Holdings Co. Ltd.		737,200		777,360
China Tourism Group Duty Free Corp. Ltd., Class A		48,592		1,514,579
China Tower Corp. Ltd., Class H^(c)		12,870,000		1,655,759
China Traditional Chinese Medicine Holdings Co. Ltd.		1,174,000		498,385
China Vanke Co. Ltd., Class A		743,696		1,894,503
China Vanke Co. Ltd., Class H		136,900		260,394
China Yangtze Power Co. Ltd., Class A		1,051,410		3,722,848
Chinasoft International Ltd.		896,000		767,076
Chongqing Zhifei Biological Products Co. Ltd., Class A		58,100		856,730
CIFI Ever Sunshine Services Group Ltd.		232,000		167,277
CIFI Holdings Group Co. Ltd.		901,576		244,861
CITIC Ltd.		1,441,000		1,558,561
CITIC Securities Co. Ltd., Class A		1,171,883		3,410,277
CITIC Securities Co. Ltd., Class H		600,525		1,234,790
CMOC Group Ltd., Class H		1,476,000		724,624
Contemporary Amperex Technology Co. Ltd., Class A^(a)		49,000		3,715,294
COSCO SHIPPING Holdings Co. Ltd., Class H		1,315,800		1,974,071
COSCO SHIPPING Ports Ltd.		542,000		404,615
Country Garden Holdings Co. Ltd.^(b)		2,294,866		887,469
Country Garden Services Holdings Co. Ltd.		594,000		1,324,646
CSPC Pharmaceutical Group Ltd.		2,791,120		3,056,149
Dali Foods Group Co. Ltd.^(c)		1,218,000		579,932
Daqo New Energy Corp., ADR^(a)		22,015		1,424,371
Dongfeng Motor Group Co. Ltd., Class H		670,000		462,966
Dongyue Group Ltd.		508,000		552,519
East Money Information Co. Ltd., Class A		372,200		1,230,198
ENN Energy Holdings Ltd.		237,000		3,866,084
Far East Horizon Ltd.^(b)		462,000		380,798
Flat Glass Group Co. Ltd., Class H^(a)		195,000		706,808
Foshan Haitian Flavouring & Food Co. Ltd., Class A		118,401		1,451,804
Fosun International Ltd.		716,000		564,110
Fuyao Glass Industry Group Co. Ltd., Class H^(c)		237,200		1,150,650
Ganfeng Lithium Co. Ltd., Class H^(c)		161,840		1,463,400
GDS Holdings Ltd., ADR^(a)		35,561		984,328
Geely Automobile Holdings Ltd.^(b)		1,809,000		3,587,055
Genscript Biotech Corp.^(a)		404,000		1,462,739
GF Securities Co. Ltd., Class H		497,800		658,980
Great Wall Motor Co. Ltd., Class H		1,093,000		1,732,749
Greentown China Holdings Ltd.		259,000		511,955
Greentown Service Group Co. Ltd.		488,000		436,787
Guangdong Investment Ltd.		986,000		960,488
Guangzhou Automobile Group Co. Ltd., Class H		1,068,000		1,002,480


Security	Shares		Value

China (continued)
H World Group Ltd., ADR		69,453	$	2,663,523
Haidilao International Holding Ltd.^(a)(b)(c)		344,000		687,305
Haier Smart Home Co. Ltd., Class H		833,400		2,667,304
Haitian International Holdings Ltd.		196,000		469,052
Haitong Securities Co. Ltd., Class H		892,800		597,953
Hangzhou Tigermed Consulting Co. Ltd., Class H^(b)(c)		50,600		525,560
Hansoh Pharmaceutical Group Co. Ltd.^(c)		394,000		767,943
Hengan International Group Co. Ltd.		197,500		955,942
Hopson Development Holdings Ltd.		227,139		300,209
Hua Hong Semiconductor Ltd.^(a)(b)(c)		182,000		545,126
Huaneng Power International Inc., Class H^(a)		1,614,000		771,672
Huatai Securities Co. Ltd., Class H^(c)		645,400		851,354
Hutchmed China Ltd., ADR^(a)(b)		38,728		506,175
Hygeia Healthcare Holdings Co. Ltd.^(c)		121,800		700,413
Industrial & Commercial Bank of China Ltd., Class A		4,276,791		2,775,943
Industrial & Commercial Bank of China Ltd., Class H		14,933,260		7,895,030
Industrial Bank Co. Ltd., Class A		936,000		2,467,436
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		401,500		2,131,510
Inner Mongolia Yitai Coal Co. Ltd., Class B		387,100		610,368
Innovent Biologics Inc.^(a)(c)		376,500		1,573,789
iQIYI Inc., ADR^(a)(b)		103,714		396,187
JD Health International Inc.^(a)(b)(c)		339,650		2,576,255
JD.com Inc., Class A		630,226		18,801,246
Jiangsu Expressway Co. Ltd., Class H		350,000		305,432
Jiangsu Hengrui Medicine Co. Ltd., Class A		275,718		1,443,199
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		58,600		1,435,458
Jiangxi Copper Co. Ltd., Class H		375,000		459,376
Jinxin Fertility Group Ltd.^(c)		528,500		410,642
Jiumaojiu International Holdings Ltd.^(c)		307,000		667,995
JOYY Inc., ADR		19,738		511,017
Kanzhun Ltd., ADR^(a)(b)		43,192		1,015,444
KE Holdings Inc., ADR^(a)(b)		107,759		1,520,479
Kingboard Holdings Ltd.		282,000		825,049
Kingdee International Software Group Co. Ltd.^(a)(b)		864,000		1,865,481
Kingsoft Corp. Ltd.		303,600		1,013,708
Kuaishou Technology^(a)(c)		529,300		5,321,817
Kunlun Energy Co. Ltd.		1,192,000		877,511
Kweichow Moutai Co. Ltd., Class A		23,232		6,531,876
Legend Biotech Corp., ADR^(a)		18,891		892,411
Lenovo Group Ltd.^(b)		2,362,000		2,290,655
Li Auto Inc., ADR^(a)		173,387		5,694,029
Li Ning Co. Ltd.		698,000		5,661,919
Logan Group Co. Ltd.^(b)(d)		214,000		40,892
Longfor Group Holdings Ltd.^(c)		506,000		1,690,732
LONGi Green Energy Technology Co. Ltd., Class A		225,820		2,064,678
Lufax Holding Ltd., ADR		245,688		1,125,251
Luxshare Precision Industry Co. Ltd., Class A		279,340		1,405,957
Luzhou Laojiao Co. Ltd., Class A		35,100		1,156,374
Meituan, Class B^(a)(c)		1,254,800		28,149,366
Microport Scientific Corp.^(a)		289,000		681,415
Ming Yuan Cloud Group Holdings Ltd.		323,000		296,538
Minth Group Ltd.		244,000		652,270
MMG Ltd.^(a)(b)		904,000		267,405
Muyuan Foods Co. Ltd., Class A		171,412		1,517,287
NetEase Inc.		623,090		11,655,995
New China Life Insurance Co. Ltd., Class H		231,500		551,671
New Oriental Education & Technology Group Inc.^(a)		470,030		1,288,516
NIO Inc., ADR^(a)		401,562		7,922,818
Nongfu Spring Co. Ltd., Class H^(c)		541,200		3,243,513


Security	Shares		Value

China (continued)
People’s Insurance Co. Group of China Ltd. (The), Class H		1,986,000	$	594,622
PetroChina Co. Ltd., Class H		6,376,000		2,977,333
Pharmaron Beijing Co. Ltd., Class H^(c)		103,500		842,031
PICC Property & Casualty Co. Ltd., Class H		1,780,000		1,827,155
Pinduoduo Inc., ADR^(a)(b)		139,671		6,845,276
Ping An Bank Co. Ltd., Class A		969,100		1,823,369
Ping An Healthcare and Technology Co. Ltd.^(a)(b)(c)		197,200		515,046
Ping An Insurance Group Co. of China Ltd., Class A		582,200		3,636,599
Ping An Insurance Group Co. of China Ltd., Class H		1,670,000		9,814,654
Poly Developments and Holdings Group Co. Ltd., Class A		823,199		2,031,815
Pop Mart International Group Ltd.^(c)		153,600		351,204
Postal Savings Bank of China Co. Ltd., Class A		2,856,200		1,986,515
Postal Savings Bank of China Co. Ltd., Class H^(c)		1,333,000		881,945
RLX Technology Inc., ADR^(a)(b)		196,489		318,312
SAIC Motor Corp. Ltd., Class A		668,113		1,605,839
Sany Heavy Equipment International Holdings Co. Ltd.^(b)		555,000		603,950
Seazen Group Ltd.^(a)		534,000		183,003
SF Holding Co. Ltd., Class A		235,600		1,741,602
Shandong Gold Mining Co. Ltd., Class H^(b)(c)		298,500		519,772
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		835,600		1,045,219
Shanghai Baosight Software Co. Ltd., Class B		132,380		444,076
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		210,000		761,028
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		330,800		290,912
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		258,500		389,279
Shanghai Pudong Development Bank Co. Ltd., Class A		2,937,765		3,161,500
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		32,100		1,303,655
Shenzhen International Holdings Ltd.		296,500		273,104
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		31,800		1,365,950
Shenzhou International Group Holdings Ltd.		225,700		2,373,949
Shimao Group Holdings Ltd.^(b)(d)		279,000		79,969
Sino Biopharmaceutical Ltd.		3,351,000		1,942,718
Sinopharm Group Co. Ltd., Class H		373,600		855,987
Sinotruk Hong Kong Ltd.		188,000		222,144
Smoore International Holdings Ltd.^(b)(c)		536,000		1,237,851
Sunac China Holdings Ltd.^(d)		673,000		171,467
Sunny Optical Technology Group Co. Ltd.		228,000		3,084,520
TAL Education Group, ADR^(a)		126,310		621,445
Tencent Holdings Ltd.		1,877,600		72,567,008
Tencent Music Entertainment Group, ADR^(a)(b)		210,271		885,241
Tingyi Cayman Islands Holding Corp.		750,000		1,234,640
Tongcheng Travel Holdings Ltd.^(a)		431,200		824,287
Topsports International Holdings Ltd.^(c)		512,000		427,064
TravelSky Technology Ltd., Class H		374,000		619,842
Trip.com Group Ltd., ADR^(a)(b)		164,600		4,243,388
Tsingtao Brewery Co. Ltd., Class H		206,000		2,012,226
Uni-President China Holdings Ltd.		586,000		536,051
Vipshop Holdings Ltd., ADR^(a)(b)		137,835		1,262,569
Wanhua Chemical Group Co. Ltd., Class A		150,453		1,868,302
Want Want China Holdings Ltd.^(b)		1,672,000		1,360,740
Weibo Corp., ADR^(a)(b)		20,779		399,372
Weichai Power Co. Ltd., Class H		649,000		927,868


Security	Shares		Value

China (continued)
Wens Foodstuffs Group Co. Ltd., Class A^(a)		712,016	$	2,538,554
Wharf Holdings Ltd. (The)		404,200		1,478,117
Wuliangye Yibin Co. Ltd., Class A		103,000		2,725,658
WuXi AppTec Co. Ltd., Class A		138,659		1,918,293
WuXi AppTec Co. Ltd., Class H^(c)		57,212		693,076
Wuxi Biologics Cayman Inc., New^(a)(c)		1,095,500		10,486,251
Xiaomi Corp., Class B^(a)(c)		4,564,600		7,179,136
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		319,600		570,965
Xinyi Solar Holdings Ltd.		1,524,000		2,588,987
XPeng Inc., ADR^(a)(b)		134,024		3,274,206
Xtep International Holdings Ltd.		379,500		617,171
Yadea Group Holdings Ltd.^(c)		446,000		961,858
Yankuang Energy Group Co. Ltd., Class H		576,000		1,799,891
Yihai International Holding Ltd.		194,000		568,278
Yuexiu Property Co. Ltd.		381,000		475,988
Yum China Holdings Inc.^(b)		137,505		6,697,869
Zai Lab Ltd., ADR^(a)(b)		32,234		1,306,444
Zhejiang Expressway Co. Ltd., Class H		528,000		424,972
ZhongAn Online P&C Insurance Co. Ltd., Class H^(a)(b)(c)		208,900		530,442
Zhongsheng Group Holdings Ltd.		187,000		1,070,562
Zhuzhou CRRC Times Electric Co. Ltd.		182,400		783,290
Zijin Mining Group Co. Ltd., Class H		2,048,000		2,399,869
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		637,800		331,595
ZTE Corp., Class H		229,200		493,225
ZTO Express Cayman Inc., ADR^(b)		126,930		3,248,139


				619,791,081

Colombia — 0.0%
Ecopetrol SA		2,735,222		1,454,702
Interconexion Electrica SA ESP		26,649		128,054


				1,582,756

Czech Republic — 0.0%
CEZ AS		80,814		3,672,446
Komercni Banka AS		47,505		1,200,281


				4,872,727

Denmark — 0.7%
AP Moller - Maersk A/S, Class A		2,102		5,631,205
AP Moller - Maersk A/S, Class B, NVS		588		1,605,436
Carlsberg A/S, Class B		34,249		4,429,830
Chr Hansen Holding A/S		34,978		2,289,409
Coloplast A/S, Class B		30,865		3,612,406
Danske Bank A/S		208,578		2,916,817
Demant A/S^(a)		24,815		945,345
DSV A/S		64,217		10,820,622
Genmab A/S^(a)		21,348		7,596,043
GN Store Nord A/S		37,562		1,308,063
Novo Nordisk A/S, Class B		519,181		60,470,960
Novozymes A/S, Class B		67,346		4,302,080
Orsted A/S^(c)		51,707		6,019,555
Pandora A/S		34,863		2,590,032
Tryg A/S		127,055		2,897,025
Vestas Wind Systems A/S		318,016		8,358,645


				125,793,473

Egypt — 0.0%
Commercial International Bank Egypt SAE		423,208		848,814


Security	Shares		Value

Finland — 0.3%
Elisa OYJ		32,204	$	1,781,045
Fortum OYJ		154,616		1,735,455
Kesko OYJ, Class B		86,900		2,149,312
Kone OYJ, Class B		76,639		3,502,512
Neste OYJ		134,700		6,926,447
Nokia OYJ		1,686,399		8,783,744
Nordea Bank Abp		972,471		9,588,530
Orion OYJ, Class B		27,418		1,308,867
Sampo OYJ, Class A		152,650		6,594,897
Stora Enso OYJ, Class R		201,732		3,119,924
UPM-Kymmene OYJ		170,155		5,392,171
Wartsila OYJ Abp		175,448		1,541,579


				52,424,483

France — 2.7%
Accor SA^(a)		71,958		1,867,231
Aeroports de Paris^(a)		5,652		780,947
Air Liquide SA		164,605		22,630,285
Airbus SE		182,889		19,719,400
Alstom SA^(b)		93,316		2,217,719
Amundi SA^(c)		12,544		681,074
ArcelorMittal SA		186,516		4,602,083
Arkema SA		26,955		2,553,597
AXA SA		553,747		12,759,720
BioMerieux		10,445		1,130,539
BNP Paribas SA		338,194		15,978,750
Bollore SE		77,745		392,524
Bouygues SA^(b)		82,656		2,498,669
Bureau Veritas SA		30,201		832,962
Capgemini SE		54,505		10,396,111
Carrefour SA		199,272		3,396,002
Cie Generale des Etablissements Michelin SCA		236,048		6,605,700
Cie. de Saint-Gobain		166,937		7,784,242
Covivio		9,045		572,038
Credit Agricole SA		352,094		3,244,134
Danone SA		190,587		10,508,806
Dassault Systemes SE		164,019		7,035,049
Edenred		92,551		4,750,689
Eiffage SA^(b)		15,205		1,426,822
Electricite de France SA		147,922		1,796,402
Engie SA		574,822		7,111,892
EssilorLuxottica SA		90,943		14,258,256
Eurazeo SE		3,235		231,068
Eurofins Scientific SE		31,663		2,468,396
Gecina SA		5,927		607,699
Getlink SE		204,214		4,087,205
Hermes International		9,873		13,545,201
Ipsen SA		10,773		1,089,766
Kering SA		23,450		13,424,913
Klepierre SA		40,707		904,511
La Francaise des Jeux SAEM^(c)		29,576		1,056,396
Legrand SA		89,851		7,355,977
L’Oreal SA		75,914		28,699,843
LVMH Moet Hennessy Louis Vuitton SE		84,581		58,729,155
Orange SA		434,726		4,442,218
Pernod Ricard SA		68,150		13,387,682
Publicis Groupe SA		85,528		4,551,402
Remy Cointreau SA		4,015		793,192
Renault SA^(a)		68,412		2,022,558
Safran SA		103,166		11,339,546
Sanofi		350,317		34,812,234


Security	Shares		Value

France (continued)
Sartorius Stedim Biotech		7,176	$	2,870,682
Schneider Electric SE		174,389		24,118,666
SEB SA		5,107		429,960
Societe Generale SA		231,568		5,188,603
Sodexo SA		14,360		1,166,801
Teleperformance		12,730		4,256,924
Thales SA		26,854		3,339,553
TotalEnergies SE		772,179		39,440,860
Ubisoft Entertainment SA^(a)		32,599		1,387,883
Unibail-Rodamco-Westfield^(a)(b)		39,422		2,238,568
Valeo		79,102		1,699,113
Veolia Environnement SA		223,668		5,594,125
Vinci SA		160,531		15,388,300
Vivendi SE		240,478		2,282,938
Wendel SE		16,579		1,525,925
Worldline SA/France^(a)(c)		76,834		3,391,309


				485,400,815

Germany — 1.7%
adidas AG		53,921		9,327,873
Allianz SE, Registered		121,672		22,096,376
Aroundtown SA^(b)		279,398		896,039
BASF SE		281,107		12,527,582
Bayer AG, Registered		303,464		17,701,127
Bayerische Motoren Werke AG		109,179		8,921,379
Bechtle AG		27,051		1,251,213
Beiersdorf AG		28,546		2,943,798
Brenntag SE		30,873		2,168,677
Carl Zeiss Meditec AG, Bearer		10,635		1,552,070
Commerzbank AG^(a)		336,310		2,304,103
Continental AG		33,989		2,421,415
Covestro AG^(c)		66,717		2,250,056
Daimler Truck Holding AG^(a)		137,773		3,764,641
Delivery Hero SE^(a)(c)		49,807		2,403,006
Deutsche Bank AG, Registered		638,104		5,581,465
Deutsche Boerse AG		60,151		10,500,277
Deutsche Lufthansa AG, Registered^(a)(b)		138,276		851,207
Deutsche Post AG, Registered		304,343		12,155,418
Deutsche Telekom AG, Registered		1,009,012		19,170,194
E.ON SE		710,927		6,390,594
Evonik Industries AG		44,116		940,980
Fresenius Medical Care AG & Co. KGaA		58,963		2,185,963
Fresenius SE & Co. KGaA		127,580		3,264,639
GEA Group AG		61,825		2,307,778
Hannover Rueck SE		12,410		1,760,322
HeidelbergCement AG		43,873		2,234,759
HelloFresh SE^(a)		54,884		1,516,979
Henkel AG & Co. KGaA		35,670		2,249,164
Infineon Technologies AG		421,403		11,556,752
KION Group AG		15,807		720,998
Knorr-Bremse AG		14,044		836,679
LEG Immobilien SE		18,126		1,646,661
Mercedes-Benz Group AG		247,875		14,618,176
Merck KGaA		43,138		8,216,090
MTU Aero Engines AG		18,003		3,480,221
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		42,949		9,736,796
Nemetschek SE		21,863		1,463,653
Puma SE		34,809		2,350,435
QIAGEN NV^(a)		55,502		2,781,581
Rational AG		1,032		719,351


Security	Shares		Value

Germany (continued)
Rheinmetall AG		13,203	$	2,421,127
RWE AG		200,379		8,243,180
SAP SE		319,755		29,824,415
Scout24 SE^(c)		28,719		1,641,822
Siemens AG, Registered		232,932		25,982,158
Siemens Healthineers AG^(c)		64,719		3,316,436
Symrise AG		33,493		3,908,151
Telefonica Deutschland Holding AG		210,293		559,091
Uniper SE^(b)		39,844		266,213
United Internet AG, Registered		24,593		647,808
Volkswagen AG		2,686		532,010
Vonovia SE		223,654		7,452,105
Zalando SE^(a)(c)		68,976		1,941,889


				308,502,892

Greece — 0.0%
Hellenic Telecommunications Organization SA		56,482		972,504
JUMBO SA		65,225		1,011,300
OPAP SA		37,262		516,239


				2,500,043

Hong Kong — 0.8%
AIA Group Ltd.		3,747,600		37,650,801
Alibaba Pictures Group Ltd.^(a)		3,820,000		325,949
BOC Hong Kong Holdings Ltd.		1,096,500		3,966,385
Budweiser Brewing Co. APAC Ltd.^(c)		567,000		1,569,986
Chow Tai Fook Jewellery Group Ltd.		555,800		1,099,238
CK Asset Holdings Ltd.		653,516		4,626,715
CK Hutchison Holdings Ltd.		804,516		5,336,577
CK Infrastructure Holdings Ltd.		215,000		1,348,216
CLP Holdings Ltd.		513,500		4,354,259
ESR Group Ltd.^(a)(c)		745,400		1,938,358
Futu Holdings Ltd., ADR^(a)(b)		22,276		926,682
Galaxy Entertainment Group Ltd.		586,000		3,486,157
Hang Lung Properties Ltd.		610,000		1,112,941
Hang Seng Bank Ltd.		228,700		3,689,072
Henderson Land Development Co. Ltd.		299,003		1,040,873
HK Electric Investments & HK Electric Investments Ltd., Class SS		1,345,500		1,216,965
HKT Trust & HKT Ltd., Class SS		1,215,000		1,702,355
Hong Kong & China Gas Co. Ltd.		3,778,040		3,990,110
Hong Kong Exchanges & Clearing Ltd.		357,000		16,382,885
Hongkong Land Holdings Ltd.^(b)		365,600		1,900,411
Jardine Matheson Holdings Ltd.		58,100		3,068,599
Kingboard Laminates Holdings Ltd.		494,000		452,743
Link REIT		650,000		5,443,314
MTR Corp. Ltd.		432,500		2,290,306
New World Development Co. Ltd.		483,916		1,618,165
Nine Dragons Paper Holdings Ltd.		366,000		301,856
Orient Overseas International Ltd.		40,000		1,394,029
Power Assets Holdings Ltd.		450,000		2,946,485
Sands China Ltd.^(a)		715,200		1,677,530
Sino Land Co. Ltd.		550,000		817,210
SITC International Holdings Co. Ltd.		441,000		1,501,572
Sun Hung Kai Properties Ltd.		429,500		5,126,998
Swire Pacific Ltd., Class A		136,000		774,536
Swire Properties Ltd.		195,800		466,538
Techtronic Industries Co. Ltd.		407,500		4,521,873
Vinda International Holdings Ltd.		204,000		541,841
WH Group Ltd.^(c)		3,430,500		2,598,044
Wharf Real Estate Investment Co. Ltd.		476,200		2,119,665


Security	Shares		Value

Hong Kong (continued)
Xinyi Glass Holdings Ltd.		547,000	$	1,078,866


				136,405,105

Hungary — 0.0%
MOL Hungarian Oil & Gas PLC		58,719		432,314
OTP Bank Nyrt		82,440		1,701,923
Richter Gedeon Nyrt		14,254		291,569


				2,425,806

India — 1.5%
Adani Enterprises Ltd.		88,206		2,869,934
Adani Green Energy Ltd.^(a)		113,060		3,116,220
Adani Ports & Special Economic Zone Ltd.		191,696		1,852,882
Adani Power Ltd.^(a)		228,935		913,174
Adani Total Gas Ltd.		86,659		3,428,110
Adani Transmission Ltd.^(a)		88,206		3,476,396
Ambuja Cements Ltd.		124,367		589,911
Apollo Hospitals Enterprise Ltd.		36,341		1,939,571
Asian Paints Ltd.		138,671		5,858,134
Aurobindo Pharma Ltd.		116,547		806,121
Avenue Supermarts Ltd.^(a)(c)		50,019		2,690,312
Axis Bank Ltd.		577,306		5,304,169
Bajaj Auto Ltd.		20,243		1,002,298
Bajaj Finance Ltd.		90,928		8,322,228
Bajaj Finserv Ltd.		14,311		2,732,808
Bandhan Bank Ltd.^(c)		184,727		647,128
Bharat Electronics Ltd.		359,504		1,250,583
Bharat Forge Ltd.		59,083		547,640
Bharat Petroleum Corp. Ltd.		230,953		965,012
Bharti Airtel Ltd.^(a)		785,662		6,737,240
Biocon Ltd.		133,312		518,111
Britannia Industries Ltd.		36,816		1,816,013
Cholamandalam Investment and Finance Co. Ltd.		150,203		1,334,389
Cipla Ltd.		164,158		2,029,279
Coal India Ltd.		251,707		672,403
Colgate-Palmolive India Ltd.		32,670		655,194
Container Corp. of India Ltd.		90,484		816,085
Dabur India Ltd.		179,025		1,322,446
Divi’s Laboratories Ltd.		46,737		2,267,202
DLF Ltd.		194,177		950,214
Dr. Reddy’s Laboratories Ltd.		41,253		2,134,600
Eicher Motors Ltd.		48,307		1,892,521
GAIL India Ltd.		451,947		837,858
Godrej Consumer Products Ltd.^(a)		94,801		1,023,770
Godrej Properties Ltd.^(a)		37,086		708,487
Grasim Industries Ltd.		92,757		1,849,211
Havells India Ltd.		78,137		1,236,382
HCL Technologies Ltd.		361,228		4,344,129
HDFC Life Insurance Co. Ltd.^(c)		304,612		2,141,055
Hero MotoCorp Ltd.		39,259		1,401,661
Hindalco Industries Ltd.		458,430		2,412,822
Hindustan Unilever Ltd.		266,711		8,909,971
Housing Development Finance Corp. Ltd.		548,302		16,546,556
ICICI Bank Ltd.		1,412,389		14,689,912
ICICI Lombard General Insurance Co. Ltd.^(c)		50,179		774,639
Indian Railway Catering & Tourism Corp. Ltd.		83,845		678,219
Indraprastha Gas Ltd.		104,676		458,779
Info Edge India Ltd.		28,092		1,543,540
Infosys Ltd.		1,053,183		20,659,471
InterGlobe Aviation Ltd.^(a)(c)		39,590		938,769
ITC Ltd.		1,050,326		4,027,906


Security	Shares		Value

India (continued)
JSW Steel Ltd.		292,778	$	2,332,048
Jubilant Foodworks Ltd.		133,601		932,666
Kotak Mahindra Bank Ltd.		198,495		4,558,614
Larsen & Toubro Infotech Ltd.^(c)		14,120		847,529
Larsen & Toubro Ltd.		212,581		4,872,098
Lupin Ltd.		94,058		766,157
Mahindra & Mahindra Ltd.		259,766		3,832,849
Marico Ltd.		148,901		976,032
Maruti Suzuki India Ltd.		43,637		4,855,891
Mindtree Ltd.		22,539		976,418
Nestle India Ltd.		9,534		2,334,835
NTPC Ltd.		1,237,756		2,393,789
Oil & Natural Gas Corp. Ltd.		689,900		1,171,166
Page Industries Ltd.		1,783		1,102,668
PI Industries Ltd.		20,687		808,939
Pidilite Industries Ltd.		44,530		1,381,424
Piramal Enterprises Ltd.		34,329		770,396
Power Grid Corp. of India Ltd.		776,182		2,101,948
Reliance Industries Ltd.		904,758		28,775,216
Samvardhana Motherson International Ltd.		340,369		549,367
SBI Life Insurance Co. Ltd.^(c)		149,703		2,452,376
Shree Cement Ltd.		3,284		852,360
Shriram Transport Finance Co. Ltd.		68,768		1,203,725
Siemens Ltd.		19,968		680,604
SRF Ltd.		48,864		1,504,346
State Bank of India		613,932		4,114,003
Sun Pharmaceutical Industries Ltd.		305,818		3,647,556
Tata Consultancy Services Ltd.		293,445		12,274,447
Tata Consumer Products Ltd.		210,744		2,163,977
Tata Elxsi Ltd.		11,103		1,223,897
Tata Motors Ltd.^(a)		550,244		3,139,524
Tata Power Co. Ltd. (The)		486,301		1,369,025
Tata Steel Ltd.		2,398,680		3,264,764
Tech Mahindra Ltd.		213,352		2,837,030
Titan Co. Ltd.		116,192		3,460,394
Trent Ltd.		37,257		598,698
UltraTech Cement Ltd.		32,785		2,717,489
UPL Ltd.		177,005		1,660,579
Vedanta Ltd.		221,160		712,324
Wipro Ltd.		437,985		2,337,005
Yes Bank Ltd.^(a)		1,743,745		329,836
Zomato Ltd.^(a)		559,172		332,366


				275,857,840

Indonesia — 0.2%
Adaro Energy Indonesia Tbk PT		4,744,900		1,041,877
Adaro Minerals Indonesia Tbk PT^(a)		3,210,500		400,309
Aneka Tambang Tbk		2,576,500		340,359
Astra International Tbk PT		7,726,300		3,299,887
Bank Central Asia Tbk PT		14,226,800		7,074,417
Bank Jago Tbk PT^(a)		1,396,700		998,093
Bank Mandiri Persero Tbk PT		5,381,014		3,012,067
Bank Negara Indonesia Persero Tbk PT		3,474,288		1,843,859
Bank Rakyat Indonesia Persero Tbk PT		20,544,730		6,064,656
Barito Pacific Tbk PT		7,598,500		461,577
Charoen Pokphand Indonesia Tbk PT		2,851,145		1,076,448
Gudang Garam Tbk PT		125,300		235,274
Indah Kiat Pulp & Paper Tbk PT		682,500		349,987
Indofood Sukses Makmur Tbk PT		3,049,600		1,398,700
Kalbe Farma Tbk PT		8,902,700		972,822
Merdeka Copper Gold Tbk PT^(a)		4,764,832		1,307,700


Security	Shares		Value

Indonesia (continued)
Semen Indonesia Persero Tbk PT		1,576,000	$	694,456
Sumber Alfaria Trijaya Tbk PT		5,609,700		710,168
Telkom Indonesia Persero Tbk PT		13,508,500		3,858,298
Unilever Indonesia Tbk PT		3,064,100		933,014
United Tractors Tbk PT		851,106		1,860,017


				37,933,985

Ireland — 0.6%
CRH PLC		267,370		10,260,094
Flutter Entertainment PLC, Class DI^(a)		47,140		4,732,828
James Hardie Industries PLC		135,303		3,341,538
Kerry Group PLC, Class A		64,041		6,759,599
Kingspan Group PLC		28,810		1,864,816
Linde PLC		157,825		47,663,150
Seagate Technology Holdings PLC		66,450		5,314,671
Smurfit Kappa Group PLC		103,642		3,756,753
STERIS PLC		25,289		5,706,463
Trane Technologies PLC		75,616		11,114,796


				100,514,708

Israel — 0.2%
Azrieli Group Ltd.		10,219		819,124
Bank Hapoalim BM		207,863		1,937,284
Bank Leumi Le-Israel BM		273,349		2,657,939
Check Point Software Technologies Ltd.^(a)		29,582		3,685,917
CyberArk Software Ltd.^(a)(b)		11,340		1,475,674
Elbit Systems Ltd.^(b)		9,213		2,125,747
ICL Group Ltd.		316,677		2,885,693
Isracard Ltd.		2		6
Israel Discount Bank Ltd., Class A		254,417		1,446,579
Kornit Digital Ltd.^(a)		16,093		437,890
Mizrahi Tefahot Bank Ltd.		75,033		2,789,430
Nice Ltd.^(a)		21,030		4,489,848
Teva Pharmaceutical Industries Ltd., ADR^(a)(b)		357,998		3,358,021
Tower Semiconductor Ltd.^(a)		35,339		1,684,537
Wix.com Ltd.^(a)(b)		17,393		1,031,927
ZIM Integrated Shipping Services Ltd.		25,155		1,253,222


				32,078,838

Italy — 0.5%
Amplifon SpA		32,817		1,085,197
Assicurazioni Generali SpA		304,638		4,554,230
Atlantia SpA		161,534		3,733,154
DiaSorin SpA		7,892		1,097,323
Enel SpA		2,433,240		12,266,606
Eni SpA		743,379		8,935,846
Ferrari NV		40,150		8,526,344
FinecoBank Banca Fineco SpA		157,701		1,959,902
Infrastrutture Wireless Italiane SpA^(c)		45,609		479,276
Intesa Sanpaolo SpA		4,629,842		8,221,712
Mediobanca Banca di Credito Finanziario SpA		256,574		2,200,561
Moncler SpA		42,539		2,132,432
Nexi SpA^(a)(c)		162,117		1,472,353
Poste Italiane SpA^(c)		103,000		865,232
Prysmian SpA		53,729		1,708,415
Recordati Industria Chimica e Farmaceutica SpA		57,548		2,552,213
Snam SpA		730,054		3,663,070
Stellantis NV		638,587		9,170,270
Telecom Italia SpA/Milano^(a)(b)		3,170,292		703,359
Tenaris SA		177,613		2,485,522
Terna - Rete Elettrica Nazionale		656,508		5,026,096


Security	Shares		Value

Italy (continued)
UniCredit SpA		643,808	$	6,367,059


				89,206,172

Japan — 5.4%
Advantest Corp.		53,500		3,182,018
Aeon Co. Ltd.		185,200		3,734,912
AGC Inc.		58,300		2,125,223
Aisin Corp.		44,000		1,306,738
Ajinomoto Co. Inc.		138,600		3,647,394
Asahi Group Holdings Ltd.		135,500		4,710,839
Asahi Intecc Co. Ltd.		69,100		1,278,352
Asahi Kasei Corp.		427,200		3,427,171
Astellas Pharma Inc.		568,500		8,903,497
Azbil Corp.		28,300		851,919
Bandai Namco Holdings Inc.		57,300		4,476,414
Bridgestone Corp.		162,200		6,326,750
Brother Industries Ltd.		80,500		1,507,880
Canon Inc.		281,600		6,662,042
Capcom Co. Ltd.		56,900		1,581,679
Central Japan Railway Co.		38,500		4,508,230
Chubu Electric Power Co. Inc.		166,400		1,775,057
Chugai Pharmaceutical Co. Ltd.		206,900		5,812,397
Concordia Financial Group Ltd.		677,600		2,305,194
CyberAgent Inc.		119,900		1,196,410
Dai Nippon Printing Co. Ltd.		92,000		2,030,194
Daifuku Co. Ltd.		28,300		1,804,593
Dai-ichi Life Holdings Inc.		321,500		5,592,453
Daiichi Sankyo Co. Ltd.		540,500		14,331,197
Daikin Industries Ltd.		73,400		12,872,762
Daito Trust Construction Co. Ltd.		17,400		1,649,565
Daiwa House Industry Co. Ltd.		152,400		3,765,510
Daiwa House REIT Investment Corp.		903		2,173,336
Daiwa Securities Group Inc.		446,200		2,059,759
Denso Corp.		126,600		6,924,395
Dentsu Group Inc.		66,500		2,322,948
Disco Corp.		9,000		2,198,967
East Japan Railway Co.		77,600		4,051,260
Eisai Co. Ltd.		71,000		3,251,433
ENEOS Holdings Inc.		967,980		3,744,536
FANUC Corp.		59,800		10,313,136
Fast Retailing Co. Ltd.		16,800		10,173,917
Fuji Electric Co. Ltd.		40,700		1,838,251
FUJIFILM Holdings Corp.		111,300		6,357,681
Fujitsu Ltd.		57,900		7,762,210
GLP J-Reit		1,710		2,248,913
GMO Payment Gateway Inc.		14,200		1,180,061
Hakuhodo DY Holdings Inc.		66,300		681,938
Hamamatsu Photonics KK		53,700		2,440,175
Hankyu Hanshin Holdings Inc.		66,400		1,926,047
Hikari Tsushin Inc.		6,500		716,223
Hirose Electric Co. Ltd.		12,800		1,838,918
Hitachi Ltd.		281,100		14,231,543
Hitachi Metals Ltd.^(a)		78,900		1,213,234
Honda Motor Co. Ltd.		475,800		12,193,411
Hoshizaki Corp.		31,200		930,759
Hoya Corp.		112,400		11,261,540
Hulic Co. Ltd.		124,800		1,000,907
Ibiden Co. Ltd.		36,500		1,077,171
Idemitsu Kosan Co. Ltd.		65,400		1,700,714
Iida Group Holdings Co. Ltd.		36,200		592,681
Inpex Corp.		319,800		3,665,475


	Page


The Markets in Review		2
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		17
Disclosure of Expenses		17
Schedules of Investments		18
Financial Statements:
Statements of Assets and Liabilities		96
Statements of Operations		98
Statements of Changes in Net Assets		100
Financial Highlights		103
Notes to Financial Statements		109
Report of Independent Registered Public Accounting Firm		122
Important Tax Information		123
Board Review and Approval of Investment Advisory Contract		124
Supplemental Information		132
Trustee and Officer Information		134
General Information		137
Glossary of Terms Used in this Report		138


	Average Annual Total Returns									Cumulative Total Returns

	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		(10.30	)%		8.04	%		9.54	%		(10.30	)%		47.23	%		148.83	%
Fund Market		(10.27	)		8.05			9.60			(10.27	)		47.27			150.19
Index		(10.48	)		7.86			9.35			(10.48	)		45.99			144.37


Actual					Hypothetical 5% Return


	Beginning Account Value (02/01/22)	Ending Account Value (07/31/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (02/01/22)	Ending Account Value (07/31/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 896.30	$ 1.50			$ 1,000.00	$ 1,023.20	$ 1.61		0.32	%


SECTOR ALLOCATION


Sector	Percent of Total Investments^(a)


Information Technology		21.9%
Financials		14.1
Health Care		12.5
Consumer Discretionary		11.6
Industrials		9.5
Communication Services		7.5
Consumer Staples		7.4
Energy		5.0
Materials		4.6
Utilities		3.1
Real Estate		2.8


	Average Annual Total Returns								Cumulative Total Returns


	1 Year			5 Years			Since Inception		1 Year			5 Years			Since Inception

Fund NAV		(10.78	)%		8.00	%		7.81%		(10.78	)%		46.94	%		77.73	%
Fund Market		(10.87	)		7.91			7.81		(10.87	)		46.30			77.76
Index		(11.08	)		7.76			7.52		(11.08	)		45.32			74.13


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


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


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


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


GEOGRAPHIC ALLOCATION


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


United States		61.2%
Japan		5.4
United Kingdom		3.7
China		3.4
Canada		3.2
France		2.7
Switzerland		2.7
Australia		2.1
Germany		1.8
Taiwan		1.6


Fund Summary as of July 31, 2022		iShares^® MSCI ACWI Low Carbon Target ETF


Fund Summary as of July 31, 2022		iShares^® MSCI All Country Asia ex Japan ETF


Fund Summary as of July 31, 2022		iShares^® MSCI Europe Financials ETF


INDUSTRY ALLOCATION

Sector	Percent of Total Investments	^(a)

Banks	45.4	%
Insurance	30.6
Capital Markets	17.5
Diversified Financial Services	6.5


Fund Summary as of July 31, 2022		iShares^® MSCI Europe Small-Cap ETF


Fund Summary as of July 31, 2022		iShares^® MSCI Kokusai 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		17